Delaware | 41-1591444 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | [X] | Accelerated filer | [ ] |
Non-accelerated filer | [ ] (Do not check if smaller reporting company) | Smaller reporting company | [ ] |
Outstanding at | |
Class | October 27, 2016 |
Common Stock, $.01 par value | 170,998,862 shares |
Pages | |
(Dollars in thousands, except per-share data) | At September 30, 2016 | At December 31, 2015 | |||||
(Unaudited) | |||||||
Assets: | |||||||
Cash and due from banks | $ | 656,481 | $ | 889,337 | |||
Investments | 59,707 | 70,537 | |||||
Securities held to maturity | 185,230 | 201,920 | |||||
Securities available for sale | 1,419,821 | 888,885 | |||||
Loans and leases held for sale | 386,673 | 157,625 | |||||
Loans and leases: | |||||||
Consumer real estate: | |||||||
First mortgage lien | 2,313,044 | 2,624,956 | |||||
Junior lien | 2,674,280 | 2,839,316 | |||||
Total consumer real estate | 4,987,324 | 5,464,272 | |||||
Commercial | 3,150,199 | 3,145,832 | |||||
Leasing and equipment finance | 4,236,224 | 4,012,248 | |||||
Inventory finance | 2,261,086 | 2,146,754 | |||||
Auto finance | 2,731,900 | 2,647,596 | |||||
Other | 17,886 | 19,297 | |||||
Total loans and leases | 17,384,619 | 17,435,999 | |||||
Allowance for loan and lease losses | (155,841 | ) | (156,054 | ) | |||
Net loans and leases | 17,228,778 | 17,279,945 | |||||
Premises and equipment, net | 424,456 | 445,934 | |||||
Goodwill | 225,640 | 225,640 | |||||
Other assets | 497,370 | 529,786 | |||||
Total assets | $ | 21,084,156 | $ | 20,689,609 | |||
Liabilities and Equity: | |||||||
Deposits: | |||||||
Checking | $ | 5,830,057 | $ | 5,690,559 | |||
Savings | 4,670,281 | 4,717,457 | |||||
Money market | 2,450,576 | 2,408,180 | |||||
Certificates of deposit | 4,283,292 | 3,903,793 | |||||
Total deposits | 17,234,206 | 16,719,989 | |||||
Short-term borrowings | 1,514 | 5,381 | |||||
Long-term borrowings | 713,996 | 1,034,557 | |||||
Total borrowings | 715,510 | 1,039,938 | |||||
Accrued expenses and other liabilities | 682,060 | 622,765 | |||||
Total liabilities | 18,631,776 | 18,382,692 | |||||
Equity: | |||||||
Preferred stock, par value $0.01 per share, 30,000,000 shares authorized; | |||||||
4,006,900 shares issued | 263,240 | 263,240 | |||||
Common stock, par value $0.01 per share, 280,000,000 shares authorized; | |||||||
170,993,800 and 169,887,030 shares issued, respectively | 1,710 | 1,699 | |||||
Additional paid-in capital | 860,487 | 851,836 | |||||
Retained earnings, subject to certain restrictions | 1,350,215 | 1,240,347 | |||||
Accumulated other comprehensive income (loss) | 6,895 | (15,346 | ) | ||||
Treasury stock at cost, 42,566 shares, and other | (49,093 | ) | (50,860 | ) | |||
Total TCF Financial Corporation stockholders' equity | 2,433,454 | 2,290,916 | |||||
Non-controlling interest in subsidiaries | 18,926 | 16,001 | |||||
Total equity | 2,452,380 | 2,306,917 | |||||
Total liabilities and equity | $ | 21,084,156 | $ | 20,689,609 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In thousands, except per-share data) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Interest income: | |||||||||||||||
Loans and leases | $ | 210,765 | $ | 207,250 | $ | 639,698 | $ | 620,390 | |||||||
Securities available for sale | 7,126 | 4,161 | 19,020 | 10,784 | |||||||||||
Securities held to maturity | 1,049 | 1,361 | 3,484 | 4,150 | |||||||||||
Investments and other | 13,786 | 10,832 | 36,870 | 31,155 | |||||||||||
Total interest income | 232,726 | 223,604 | 699,072 | 666,479 | |||||||||||
Interest expense: | |||||||||||||||
Deposits | 15,851 | 12,302 | 46,735 | 34,454 | |||||||||||
Borrowings | 4,857 | 6,032 | 15,677 | 17,306 | |||||||||||
Total interest expense | 20,708 | 18,334 | 62,412 | 51,760 | |||||||||||
Net interest income | 212,018 | 205,270 | 636,660 | 614,719 | |||||||||||
Provision for credit losses | 13,894 | 10,018 | 45,986 | 35,337 | |||||||||||
Net interest income after provision for credit losses | 198,124 | 195,252 | 590,674 | 579,382 | |||||||||||
Non-interest income: | |||||||||||||||
Fees and service charges | 35,093 | 36,991 | 102,532 | 107,258 | |||||||||||
Card revenue | 13,747 | 13,803 | 41,193 | 40,606 | |||||||||||
ATM revenue | 5,330 | 5,739 | 15,639 | 16,401 | |||||||||||
Subtotal | 54,170 | 56,533 | 159,364 | 164,265 | |||||||||||
Gains on sales of auto loans, net | 11,624 | 10,423 | 33,687 | 27,444 | |||||||||||
Gains on sales of consumer real estate loans, net | 13,528 | 7,143 | 33,751 | 27,860 | |||||||||||
Servicing fee income | 10,393 | 8,049 | 28,778 | 22,607 | |||||||||||
Subtotal | 35,545 | 25,615 | 96,216 | 77,911 | |||||||||||
Leasing and equipment finance | 28,289 | 27,165 | 87,850 | 75,774 | |||||||||||
Other | 2,270 | 3,070 | 7,518 | 8,657 | |||||||||||
Fees and other revenue | 120,274 | 112,383 | 350,948 | 326,607 | |||||||||||
Gains (losses) on securities, net | (600 | ) | (131 | ) | (716 | ) | (268 | ) | |||||||
Total non-interest income | 119,674 | 112,252 | 350,232 | 326,339 | |||||||||||
Non-interest expense: | |||||||||||||||
Compensation and employee benefits | 117,155 | 116,708 | 359,721 | 348,682 | |||||||||||
Occupancy and equipment | 37,938 | 34,159 | 111,830 | 107,138 | |||||||||||
FDIC insurance | 4,082 | 4,832 | 11,946 | 15,089 | |||||||||||
Advertising and marketing | 5,488 | 5,793 | 17,053 | 17,466 | |||||||||||
Other | 49,851 | 45,750 | 143,186 | 139,770 | |||||||||||
Subtotal | 214,514 | 207,242 | 643,736 | 628,145 | |||||||||||
Operating lease depreciation | 10,038 | 9,485 | 29,453 | 25,801 | |||||||||||
Foreclosed real estate and repossessed assets, net | 4,243 | 5,680 | 11,298 | 18,253 | |||||||||||
Other credit costs, net | 83 | (123 | ) | 41 | (39 | ) | |||||||||
Total non-interest expense | 228,878 | 222,284 | 684,528 | 672,160 | |||||||||||
Income before income tax expense | 88,920 | 85,220 | 256,378 | 233,561 | |||||||||||
Income tax expense | 30,257 | 30,528 | 86,766 | 82,258 | |||||||||||
Income after income tax expense | 58,663 | 54,692 | 169,612 | 151,303 | |||||||||||
Income attributable to non-controlling interest | 2,371 | 2,117 | 7,580 | 6,672 | |||||||||||
Net income attributable to TCF Financial Corporation | 56,292 | 52,575 | 162,032 | 144,631 | |||||||||||
Preferred stock dividends | 4,847 | 4,847 | 14,541 | 14,541 | |||||||||||
Net income available to common stockholders | $ | 51,445 | $ | 47,728 | $ | 147,491 | $ | 130,090 | |||||||
Net income per common share: | |||||||||||||||
Basic | $ | 0.31 | $ | 0.29 | $ | 0.88 | $ | 0.79 | |||||||
Diluted | $ | 0.31 | $ | 0.29 | $ | 0.88 | $ | 0.78 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Net income attributable to TCF Financial Corporation | $ | 56,292 | $ | 52,575 | $ | 162,032 | $ | 144,631 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Securities available for sale and interest-only strips: | |||||||||||||||
Unrealized gains (losses) arising during the period | (7,624 | ) | 9,972 | 32,639 | 2,971 | ||||||||||
Reclassification of net (gains) losses to net income | 425 | 281 | 1,448 | 871 | |||||||||||
Net investment hedges: | |||||||||||||||
Unrealized gains (losses) arising during the period | 904 | 2,858 | (2,691 | ) | 5,772 | ||||||||||
Foreign currency translation adjustment: | |||||||||||||||
Unrealized gains (losses) arising during the period | (957 | ) | (3,049 | ) | 2,791 | (6,318 | ) | ||||||||
Recognized postretirement prior service cost: | |||||||||||||||
Reclassification of net (gains) losses to net income | (12 | ) | (12 | ) | (35 | ) | (35 | ) | |||||||
Income tax (expense) benefit | 2,396 | (4,947 | ) | (11,911 | ) | (3,618 | ) | ||||||||
Total other comprehensive income (loss) | (4,868 | ) | 5,103 | 22,241 | (357 | ) | |||||||||
Comprehensive income | $ | 51,424 | $ | 57,678 | $ | 184,273 | $ | 144,274 |
TCF Financial Corporation | |||||||||||||||||||||||||||||||
Number of Shares Issued | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock and Other | Total | Non- controlling Interests | Total Equity | ||||||||||||||||||||||
(Dollars in thousands) | Preferred | Common | |||||||||||||||||||||||||||||
Balance, December 31, 2014 | 4,006,900 | 167,503,568 | $ | 263,240 | $ | 1,675 | $ | 817,130 | $ | 1,099,914 | $ | (10,910 | ) | $ | (49,400 | ) | $ | 2,121,649 | $ | 13,715 | $ | 2,135,364 | |||||||||
Net income | — | — | — | — | — | 144,631 | — | — | 144,631 | 6,672 | 151,303 | ||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | (357 | ) | — | (357 | ) | — | (357 | ) | |||||||||||||||||
Net investment by (distribution to) non-controlling interest | — | — | — | — | — | — | — | — | — | (1,887 | ) | (1,887 | ) | ||||||||||||||||||
Dividends on preferred stock | — | — | — | — | — | (14,541 | ) | — | — | (14,541 | ) | — | (14,541 | ) | |||||||||||||||||
Dividends on common stock | — | — | — | — | — | (24,825 | ) | — | — | (24,825 | ) | — | (24,825 | ) | |||||||||||||||||
Grants of restricted stock | — | 753,054 | — | 8 | (8 | ) | — | — | — | — | — | — | |||||||||||||||||||
Common shares purchased by TCF employee benefit plans | — | 1,219,012 | — | 12 | 19,261 | — | — | — | 19,273 | — | 19,273 | ||||||||||||||||||||
Cancellation of shares of restricted stock | — | (133,822 | ) | — | (1 | ) | (540 | ) | — | — | — | (541 | ) | — | (541 | ) | |||||||||||||||
Cancellation of common shares for tax withholding | — | (68,670 | ) | — | (1 | ) | (1,093 | ) | — | — | — | (1,094 | ) | — | (1,094 | ) | |||||||||||||||
Net amortization of stock compensation | — | — | — | — | 7,520 | — | — | — | 7,520 | — | 7,520 | ||||||||||||||||||||
Exercise of stock options | — | 200,000 | — | 2 | 2,568 | — | — | — | 2,570 | — | 2,570 | ||||||||||||||||||||
Stock compensation tax (expense) benefit | — | — | — | — | 362 | — | — | — | 362 | — | 362 | ||||||||||||||||||||
Change in shares held in trust for deferred compensation plans, at cost | — | — | — | — | 1,043 | — | — | (1,043 | ) | — | — | — | |||||||||||||||||||
Balance, September 30, 2015 | 4,006,900 | 169,473,142 | $ | 263,240 | $ | 1,695 | $ | 846,243 | $ | 1,205,179 | $ | (11,267 | ) | $ | (50,443 | ) | $ | 2,254,647 | $ | 18,500 | $ | 2,273,147 | |||||||||
Balance, December 31, 2015 | 4,006,900 | 169,887,030 | $ | 263,240 | $ | 1,699 | $ | 851,836 | $ | 1,240,347 | $ | (15,346 | ) | $ | (50,860 | ) | $ | 2,290,916 | $ | 16,001 | $ | 2,306,917 | |||||||||
Net income | — | — | — | — | — | 162,032 | — | — | 162,032 | 7,580 | 169,612 | ||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | 22,241 | — | 22,241 | — | 22,241 | ||||||||||||||||||||
Net investment by (distribution to) non-controlling interest | — | — | — | — | — | — | — | — | — | (4,655 | ) | (4,655 | ) | ||||||||||||||||||
Dividends on preferred stock | — | — | — | — | — | (14,541 | ) | — | — | (14,541 | ) | — | (14,541 | ) | |||||||||||||||||
Dividends on common stock | — | — | — | — | — | (37,623 | ) | — | — | (37,623 | ) | — | (37,623 | ) | |||||||||||||||||
Grants of restricted stock | — | 880,017 | — | 9 | (9 | ) | — | — | — | — | — | — | |||||||||||||||||||
Common shares purchased by TCF employee benefit plans | — | 511,420 | — | 5 | 5,833 | — | — | — | 5,838 | — | 5,838 | ||||||||||||||||||||
Cancellation of shares of restricted stock | — | (205,483 | ) | — | (2 | ) | (1,187 | ) | — | — | — | (1,189 | ) | — | (1,189 | ) | |||||||||||||||
Cancellation of common shares for tax withholding | — | (129,355 | ) | — | (1 | ) | (1,638 | ) | — | — | — | (1,639 | ) | — | (1,639 | ) | |||||||||||||||
Net amortization of stock compensation | — | — | — | — | 8,443 | — | — | — | 8,443 | — | 8,443 | ||||||||||||||||||||
Exercise of stock options | — | 50,171 | — | — | (684 | ) | — | — | — | (684 | ) | — | (684 | ) | |||||||||||||||||
Stock compensation tax (expense) benefit | — | — | — | — | (340 | ) | — | — | — | (340 | ) | — | (340 | ) | |||||||||||||||||
Change in shares held in trust for deferred compensation plans, at cost | — | — | — | — | (1,767 | ) | — | — | 1,767 | — | — | — | |||||||||||||||||||
Balance, September 30, 2016 | 4,006,900 | 170,993,800 | $ | 263,240 | $ | 1,710 | $ | 860,487 | $ | 1,350,215 | $ | 6,895 | $ | (49,093 | ) | $ | 2,433,454 | $ | 18,926 | $ | 2,452,380 |
Nine Months Ended September 30, | |||||||
(In thousands) | 2016 | 2015 | |||||
Cash flows from operating activities: | |||||||
Net income attributable to TCF Financial Corporation | $ | 162,032 | $ | 144,631 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Provision for credit losses | 45,986 | 35,337 | |||||
Depreciation and amortization | 135,103 | 111,284 | |||||
Proceeds from sales of loans and leases held for sale | 867,669 | 751,200 | |||||
Gains on sales of assets, net | (75,660 | ) | (62,256 | ) | |||
Net income attributable to non-controlling interest | 7,580 | 6,672 | |||||
Originations of loans and leases held for sale, net of repayments | (904,503 | ) | (704,018 | ) | |||
Net change in other assets and accrued expenses and other liabilities | 107,742 | 72,747 | |||||
Other, net | (21,562 | ) | (22,915 | ) | |||
Net cash provided by (used in) operating activities | 324,387 | 332,682 | |||||
Cash flows from investing activities: | |||||||
Loan and lease originations and purchases, net of principal collected on loans and leases | (1,358,906 | ) | (1,529,968 | ) | |||
Purchases of equipment for lease financing | (840,650 | ) | (752,536 | ) | |||
Proceeds from sales of loans and lease receivables | 1,926,290 | 1,318,995 | |||||
Proceeds from sales of lease equipment | 11,348 | 6,677 | |||||
Proceeds from sales of securities | — | 177 | |||||
Purchases of securities | (584,524 | ) | (377,432 | ) | |||
Proceeds from maturities of and principal collected on securities | 101,166 | 70,485 | |||||
Purchases of Federal Home Loan Bank stock | (92,080 | ) | (107,000 | ) | |||
Redemption of Federal Home Loan Bank stock | 102,966 | 116,004 | |||||
Proceeds from sales of real estate owned | 53,045 | 51,017 | |||||
Purchases of premises and equipment | (22,192 | ) | (38,455 | ) | |||
Other, net | 16,937 | 17,669 | |||||
Net cash provided by (used in) investing activities | (686,600 | ) | (1,224,367 | ) | |||
Cash flows from financing activities: | |||||||
Net change in deposits | 514,217 | 599,238 | |||||
Net change in short-term borrowings | (4,084 | ) | 32,298 | ||||
Proceeds from long-term borrowings | 3,241,585 | 3,656,133 | |||||
Payments on long-term borrowings | (3,570,356 | ) | (3,706,122 | ) | |||
Net investment by (distribution to) non-controlling interest | (4,655 | ) | (1,887 | ) | |||
Dividends paid on preferred stock | (14,541 | ) | (14,541 | ) | |||
Dividends paid on common stock | (37,623 | ) | (24,825 | ) | |||
Stock compensation tax (expense) benefit | (340 | ) | 362 | ||||
Common shares sold to TCF employee benefit plans | 5,838 | 19,273 | |||||
Exercise of stock options | (684 | ) | 2,570 | ||||
Net cash provided by (used in) financing activities | 129,357 | 562,499 | |||||
Net change in cash and due from banks | (232,856 | ) | (329,186 | ) | |||
Cash and due from banks at beginning of period | 889,337 | 1,115,250 | |||||
Cash and due from banks at end of period | $ | 656,481 | $ | 786,064 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid (received) for: | |||||||
Interest on deposits and borrowings | $ | 59,753 | $ | 46,881 | |||
Income taxes, net | (12,235 | ) | 43,119 | ||||
Transfer of loans to other assets | 76,417 | 80,233 |
At September 30, 2016 | At December 31, 2015 | ||||||||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. Government sponsored enterprises and federal agencies | $ | 791,208 | $ | 14,120 | $ | 53 | $ | 805,275 | $ | 627,521 | $ | 655 | $ | 6,246 | $ | 621,930 | |||||||||||||||
Other | 22 | — | — | 22 | 34 | — | — | 34 | |||||||||||||||||||||||
Obligations of states and political subdivisions | 597,594 | 17,573 | 643 | 614,524 | 262,189 | 4,732 | — | 266,921 | |||||||||||||||||||||||
Total securities available for sale | $ | 1,388,824 | $ | 31,693 | $ | 696 | $ | 1,419,821 | $ | 889,744 | $ | 5,387 | $ | 6,246 | $ | 888,885 | |||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. Government sponsored enterprises and federal agencies | $ | 181,558 | $ | 12,158 | $ | 32 | $ | 193,684 | $ | 197,410 | $ | 5,247 | $ | 214 | $ | 202,443 | |||||||||||||||
Other | 872 | — | — | 872 | 1,110 | — | — | 1,110 | |||||||||||||||||||||||
Other securities | 2,800 | — | — | 2,800 | 3,400 | — | — | 3,400 | |||||||||||||||||||||||
Total securities held to maturity | $ | 185,230 | $ | 12,158 | $ | 32 | $ | 197,356 | $ | 201,920 | $ | 5,247 | $ | 214 | $ | 206,953 |
At September 30, 2016 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
U.S. Government sponsored enterprises and federal agencies | $ | 32,870 | $ | 53 | $ | — | $ | — | $ | 32,870 | $ | 53 | |||||||||||
Obligations of states and political subdivisions | 74,474 | 643 | — | — | 74,474 | 643 | |||||||||||||||||
Total securities available for sale | $ | 107,344 | $ | 696 | $ | — | $ | — | $ | 107,344 | $ | 696 | |||||||||||
Securities held to maturity: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
U.S. Government sponsored enterprises and federal agencies | $ | 1,964 | $ | 32 | $ | — | $ | — | $ | 1,964 | $ | 32 | |||||||||||
Total securities held to maturity | $ | 1,964 | $ | 32 | $ | — | $ | — | $ | 1,964 | $ | 32 |
At December 31, 2015 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
U.S. Government sponsored enterprises and federal agencies | $ | 552,127 | $ | 6,246 | $ | — | $ | — | $ | 552,127 | $ | 6,246 | |||||||||||
Total securities available for sale | $ | 552,127 | $ | 6,246 | $ | — | $ | — | $ | 552,127 | $ | 6,246 | |||||||||||
Securities held to maturity: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
U.S. Government sponsored enterprises and federal agencies | $ | 12,333 | $ | 100 | $ | 1,732 | $ | 114 | $ | 14,065 | $ | 214 | |||||||||||
Total securities held to maturity | $ | 12,333 | $ | 100 | $ | 1,732 | $ | 114 | $ | 14,065 | $ | 214 |
At September 30, 2016 | At December 31, 2015 | ||||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||
Securities available for sale: | |||||||||||||||
Due in one year or less | $ | 1 | $ | 1 | $ | 1 | $ | 1 | |||||||
Due in 1-5 years | 22 | 22 | 38 | 38 | |||||||||||
Due in 5-10 years | 307,812 | 320,329 | 268,638 | 272,511 | |||||||||||
Due after 10 years | 1,080,989 | 1,099,469 | 621,067 | 616,335 | |||||||||||
Total securities available for sale | $ | 1,388,824 | $ | 1,419,821 | $ | 889,744 | $ | 888,885 | |||||||
Securities held to maturity: | |||||||||||||||
Due in one year or less | $ | — | $ | — | $ | 100 | $ | 100 | |||||||
Due in 1-5 years | 1,200 | 1,200 | 1,900 | 1,900 | |||||||||||
Due in 5-10 years | 1,600 | 1,600 | 1,400 | 1,400 | |||||||||||
Due after 10 years | 182,430 | 194,556 | 198,520 | 203,553 | |||||||||||
Total securities held to maturity | $ | 185,230 | $ | 197,356 | $ | 201,920 | $ | 206,953 |
(Dollars in thousands) | At September 30, 2016 | At December 31, 2015 | Percent Change | |||||||
Consumer real estate: | ||||||||||
First mortgage lien | $ | 2,313,044 | $ | 2,624,956 | (11.9 | )% | ||||
Junior lien | 2,674,280 | 2,839,316 | (5.8 | ) | ||||||
Total consumer real estate | 4,987,324 | 5,464,272 | (8.7 | ) | ||||||
Commercial: | ||||||||||
Commercial real estate: | ||||||||||
Permanent | 2,214,685 | 2,267,218 | (2.3 | ) | ||||||
Construction and development | 301,363 | 326,211 | (7.6 | ) | ||||||
Total commercial real estate | 2,516,048 | 2,593,429 | (3.0 | ) | ||||||
Commercial business | 634,151 | 552,403 | 14.8 | |||||||
Total commercial | 3,150,199 | 3,145,832 | 0.1 | |||||||
Leasing and equipment finance | 4,236,224 | 4,012,248 | 5.6 | |||||||
Inventory finance | 2,261,086 | 2,146,754 | 5.3 | |||||||
Auto finance | 2,731,900 | 2,647,596 | 3.2 | |||||||
Other | 17,886 | 19,297 | (7.3 | ) | ||||||
Total loans and leases(1) | $ | 17,384,619 | $ | 17,435,999 | (0.3 | ) |
(1) | Loans and leases are reported at historical cost including net direct fees and costs associated with originating and acquiring loans and leases, lease residuals, unearned income and unamortized purchase premiums and discounts. The aggregate amount of these loan and lease adjustments was $62.5 million and $73.7 million at September 30, 2016 and December 31, 2015, respectively. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
(In thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||||||
Consumer Real Estate Loans | Consumer Auto Loans | Consumer Real Estate Loans | Consumer Auto Loans | Consumer Real Estate Loans | Consumer Auto Loans | Consumer Real Estate Loans | Consumer Auto Loans | ||||||||||||||||||||||||
Sales proceeds, net(1) | $ | 450,666 | $ | 631,511 | $ | 250,994 | $ | 452,249 | $ | 1,129,251 | $ | 1,614,213 | $ | 898,387 | $ | 1,113,036 | |||||||||||||||
Recorded investment in loans sold, including accrued interest | (438,900 | ) | (619,324 | ) | (246,793 | ) | (441,477 | ) | (1,107,327 | ) | (1,603,413 | ) | (878,468 | ) | (1,084,348 | ) | |||||||||||||||
Securitization receivable | — | — | — | — | — | 18,620 | — | — | |||||||||||||||||||||||
Interest-only strips, initial value | 2,513 | — | 2,711 | — | 13,426 | 5,695 | 6,948 | — | |||||||||||||||||||||||
Net gains(2) | $ | 14,279 | $ | 12,187 | $ | 6,912 | $ | 10,772 | $ | 35,350 | $ | 35,115 | $ | 26,867 | $ | 28,688 |
(1) | Includes transaction fees and other sales related costs. |
(2) | Excludes subsequent adjustments and valuation adjustments while held for sale. |
(In thousands) | At September 30, 2016 | At December 31, 2015 | ||||
Interest-only strips attributable to: | ||||||
Consumer real estate loan sales | $ | 27,238 | $ | 19,182 | ||
Consumer auto loan sales | 15,907 | 25,150 | ||||
Contractual liabilities attributable to: | ||||||
Consumer real estate loan sales | $ | 772 | $ | 702 | ||
Consumer auto loan sales | 173 | 185 |
(In thousands) | Consumer Real Estate | Commercial | Leasing and Equipment Finance | Inventory Finance | Auto Finance | Other | Total | ||||||||||||||||||||
At or For the Three Months Ended September 30, 2016: | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 64,765 | $ | 31,161 | $ | 20,124 | $ | 12,084 | $ | 29,772 | $ | 666 | $ | 158,572 | |||||||||||||
Charge-offs | (4,058 | ) | (4 | ) | (2,513 | ) | (697 | ) | (6,756 | ) | (2,216 | ) | (16,244 | ) | |||||||||||||
Recoveries | 1,838 | 80 | 671 | 129 | 999 | 1,062 | 4,779 | ||||||||||||||||||||
Net (charge-offs) recoveries | (2,220 | ) | 76 | (1,842 | ) | (568 | ) | (5,757 | ) | (1,154 | ) | (11,465 | ) | ||||||||||||||
Provision for credit losses | 1,402 | 411 | 2,367 | 335 | 8,361 | 1,018 | 13,894 | ||||||||||||||||||||
Other | (1,855 | ) | — | — | (44 | ) | (3,261 | ) | — | (5,160 | ) | ||||||||||||||||
Balance, end of period | $ | 62,092 | $ | 31,648 | $ | 20,649 | $ | 11,807 | $ | 29,115 | $ | 530 | $ | 155,841 | |||||||||||||
At or For the Three Months Ended September 30, 2015: | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 74,687 | $ | 30,205 | $ | 17,669 | $ | 10,879 | $ | 22,061 | $ | 614 | $ | 156,115 | |||||||||||||
Charge-offs | (6,310 | ) | (487 | ) | (1,583 | ) | (463 | ) | (4,594 | ) | (1,901 | ) | (15,338 | ) | |||||||||||||
Recoveries | 1,832 | 514 | 702 | 319 | 915 | 1,115 | 5,397 | ||||||||||||||||||||
Net (charge-offs) recoveries | (4,478 | ) | 27 | (881 | ) | (144 | ) | (3,679 | ) | (786 | ) | (9,941 | ) | ||||||||||||||
Provision for credit losses | 780 | (226 | ) | 1,389 | 546 | 6,750 | 779 | 10,018 | |||||||||||||||||||
Other | (660 | ) | — | — | (160 | ) | (1,410 | ) | — | (2,230 | ) | ||||||||||||||||
Balance, end of period | $ | 70,329 | $ | 30,006 | $ | 18,177 | $ | 11,121 | $ | 23,722 | $ | 607 | $ | 153,962 |
(In thousands) | Consumer Real Estate | Commercial | Leasing and Equipment Finance | Inventory Finance | Auto Finance | Other | Total | ||||||||||||||||||||
At or For the Nine Months Ended September 30, 2016: | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 67,992 | $ | 30,185 | $ | 19,018 | $ | 11,128 | $ | 26,486 | $ | 1,245 | $ | 156,054 | |||||||||||||
Charge-offs | (14,550 | ) | (668 | ) | (6,125 | ) | (2,084 | ) | (18,683 | ) | (5,524 | ) | (47,634 | ) | |||||||||||||
Recoveries | 5,094 | 330 | 1,834 | 696 | 2,743 | 3,435 | 14,132 | ||||||||||||||||||||
Net (charge-offs) recoveries | (9,456 | ) | (338 | ) | (4,291 | ) | (1,388 | ) | (15,940 | ) | (2,089 | ) | (33,502 | ) | |||||||||||||
Provision for credit losses | 8,963 | 1,801 | 5,922 | 1,925 | 26,001 | 1,374 | 45,986 | ||||||||||||||||||||
Other | (5,407 | ) | — | — | 142 | (7,432 | ) | — | (12,697 | ) | |||||||||||||||||
Balance, end of period | $ | 62,092 | $ | 31,648 | $ | 20,649 | $ | 11,807 | $ | 29,115 | $ | 530 | $ | 155,841 | |||||||||||||
At or For the Nine Months Ended September 30, 2015: | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 85,361 | $ | 31,367 | $ | 18,446 | $ | 10,020 | $ | 18,230 | $ | 745 | $ | 164,169 | |||||||||||||
Charge-offs | (27,074 | ) | (3,944 | ) | (5,447 | ) | (1,812 | ) | (12,943 | ) | (5,226 | ) | (56,446 | ) | |||||||||||||
Recoveries | 5,626 | 2,878 | 2,205 | 626 | 2,253 | 3,902 | 17,490 | ||||||||||||||||||||
Net (charge-offs) recoveries | (21,448 | ) | (1,066 | ) | (3,242 | ) | (1,186 | ) | (10,690 | ) | (1,324 | ) | (38,956 | ) | |||||||||||||
Provision for credit losses | 8,660 | (295 | ) | 2,973 | 2,627 | 20,186 | 1,186 | 35,337 | |||||||||||||||||||
Other | (2,244 | ) | — | — | (340 | ) | (4,004 | ) | — | (6,588 | ) | ||||||||||||||||
Balance, end of period | $ | 70,329 | $ | 30,006 | $ | 18,177 | $ | 11,121 | $ | 23,722 | $ | 607 | $ | 153,962 |
At September 30, 2016 | |||||||||||||||||||||||||||
(In thousands) | Consumer Real Estate | Commercial | Leasing and Equipment Finance | Inventory Finance | Auto Finance | Other | Total | ||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 37,035 | $ | 31,516 | $ | 18,447 | $ | 11,582 | $ | 27,723 | $ | 528 | $ | 126,831 | |||||||||||||
Individually evaluated for impairment | 25,057 | 132 | 2,202 | 225 | 1,392 | 2 | 29,010 | ||||||||||||||||||||
Total | $ | 62,092 | $ | 31,648 | $ | 20,649 | $ | 11,807 | $ | 29,115 | $ | 530 | $ | 155,841 | |||||||||||||
Loans and leases outstanding: | |||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 4,779,921 | $ | 3,101,536 | $ | 4,219,280 | $ | 2,259,513 | $ | 2,722,343 | $ | 17,878 | $ | 17,100,471 | |||||||||||||
Individually evaluated for impairment | 207,403 | 48,663 | 16,924 | 1,573 | 9,556 | 8 | 284,127 | ||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | 20 | — | 1 | — | 21 | ||||||||||||||||||||
Total | $ | 4,987,324 | $ | 3,150,199 | $ | 4,236,224 | $ | 2,261,086 | $ | 2,731,900 | $ | 17,886 | $ | 17,384,619 |
At December 31, 2015 | |||||||||||||||||||||||||||
(In thousands) | Consumer Real Estate | Commercial | Leasing and Equipment Finance | Inventory Finance | Auto Finance | Other | Total | ||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 38,819 | $ | 30,170 | $ | 16,994 | $ | 10,929 | $ | 23,471 | $ | 1,243 | $ | 121,626 | |||||||||||||
Individually evaluated for impairment | 29,173 | 15 | 2,024 | 199 | 3,015 | 2 | 34,428 | ||||||||||||||||||||
Total | $ | 67,992 | $ | 30,185 | $ | 19,018 | $ | 11,128 | $ | 26,486 | $ | 1,245 | $ | 156,054 | |||||||||||||
Loans and leases outstanding: | |||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 5,248,829 | $ | 3,092,398 | $ | 3,997,544 | $ | 2,145,605 | $ | 2,637,269 | $ | 19,286 | $ | 17,140,931 | |||||||||||||
Individually evaluated for impairment | 215,443 | 53,434 | 14,669 | 1,149 | 10,308 | 11 | 295,014 | ||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | 35 | — | 19 | — | 54 | ||||||||||||||||||||
Total | $ | 5,464,272 | $ | 3,145,832 | $ | 4,012,248 | $ | 2,146,754 | $ | 2,647,596 | $ | 19,297 | $ | 17,435,999 |
At September 30, 2016 | |||||||||||||||||||||||
(In thousands) | Current-59 Days Delinquent and Accruing | 60-89 Days Delinquent and Accruing | 90 Days or More Delinquent and Accruing | Total Accruing | Non-accrual | Total | |||||||||||||||||
Consumer real estate: | |||||||||||||||||||||||
First mortgage lien | $ | 2,191,920 | $ | 6,546 | $ | 1,339 | $ | 2,199,805 | $ | 113,239 | $ | 2,313,044 | |||||||||||
Junior lien | 2,627,405 | 696 | — | 2,628,101 | 46,179 | 2,674,280 | |||||||||||||||||
Total consumer real estate | 4,819,325 | 7,242 | 1,339 | 4,827,906 | 159,418 | 4,987,324 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial real estate | 2,510,197 | 258 | — | 2,510,455 | 5,593 | 2,516,048 | |||||||||||||||||
Commercial business | 630,562 | — | — | 630,562 | 3,589 | 634,151 | |||||||||||||||||
Total commercial | 3,140,759 | 258 | — | 3,141,017 | 9,182 | 3,150,199 | |||||||||||||||||
Leasing and equipment finance | 4,217,716 | 4,902 | 1,184 | 4,223,802 | 12,288 | 4,236,090 | |||||||||||||||||
Inventory finance | 2,259,303 | 175 | 35 | 2,259,513 | 1,573 | 2,261,086 | |||||||||||||||||
Auto finance | 2,718,904 | 3,471 | 1,944 | 2,724,319 | 7,581 | 2,731,900 | |||||||||||||||||
Other | 17,873 | 5 | 3 | 17,881 | 5 | 17,886 | |||||||||||||||||
Subtotal | 17,173,880 | 16,053 | 4,505 | 17,194,438 | 190,047 | 17,384,485 | |||||||||||||||||
Portfolios acquired with deteriorated credit quality | 130 | 4 | — | 134 | — | 134 | |||||||||||||||||
Total | $ | 17,174,010 | $ | 16,057 | $ | 4,505 | $ | 17,194,572 | $ | 190,047 | $ | 17,384,619 |
At December 31, 2015 | |||||||||||||||||||||||
(In thousands) | Current-59 Days Delinquent and Accruing | 60-89 Days Delinquent and Accruing | 90 Days or More Delinquent and Accruing | Total Accruing | Non-accrual | Total | |||||||||||||||||
Consumer real estate: | |||||||||||||||||||||||
First mortgage lien | $ | 2,489,235 | $ | 8,649 | $ | 2,916 | $ | 2,500,800 | $ | 124,156 | $ | 2,624,956 | |||||||||||
Junior lien | 2,793,684 | 1,481 | 38 | 2,795,203 | 44,113 | 2,839,316 | |||||||||||||||||
Total consumer real estate | 5,282,919 | 10,130 | 2,954 | 5,296,003 | 168,269 | 5,464,272 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial real estate | 2,586,692 | — | — | 2,586,692 | 6,737 | 2,593,429 | |||||||||||||||||
Commercial business | 548,814 | 1 | — | 548,815 | 3,588 | 552,403 | |||||||||||||||||
Total commercial | 3,135,506 | 1 | — | 3,135,507 | 10,325 | 3,145,832 | |||||||||||||||||
Leasing and equipment finance | 3,998,469 | 1,728 | 564 | 4,000,761 | 11,262 | 4,012,023 | |||||||||||||||||
Inventory finance | 2,145,538 | 87 | 31 | 2,145,656 | 1,098 | 2,146,754 | |||||||||||||||||
Auto finance | 2,634,496 | 2,343 | 1,230 | 2,638,069 | 9,509 | 2,647,578 | |||||||||||||||||
Other | 19,274 | 13 | 7 | 19,294 | 3 | 19,297 | |||||||||||||||||
Subtotal | 17,216,202 | 14,302 | 4,786 | 17,235,290 | 200,466 | 17,435,756 | |||||||||||||||||
Portfolios acquired with deteriorated credit quality | 242 | 1 | — | 243 | — | 243 | |||||||||||||||||
Total | $ | 17,216,444 | $ | 14,303 | $ | 4,786 | $ | 17,235,533 | $ | 200,466 | $ | 17,435,999 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Contractual interest due on non-accrual loans and leases | $ | 5,127 | $ | 5,428 | $ | 15,604 | $ | 15,992 | |||||||
Interest income recognized on non-accrual loans and leases | 1,048 | 1,021 | 3,097 | 3,319 | |||||||||||
Unrecognized interest income | $ | 4,079 | $ | 4,407 | $ | 12,507 | $ | 12,673 |
(In thousands) | At September 30, 2016 | At December 31, 2015 | |||||
Consumer real estate loans to customers in bankruptcy: | |||||||
0-59 days delinquent and accruing | $ | 15,273 | $ | 26,020 | |||
Non-accrual | 23,493 | 20,264 | |||||
Total consumer real estate loans to customers in bankruptcy | $ | 38,766 | $ | 46,284 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Loan balance:(1) | |||||||||||||||
Consumer real estate: | |||||||||||||||
First mortgage lien | $ | 2,150 | $ | 158 | $ | 6,635 | $ | 1,456 | |||||||
Junior lien | 179 | 248 | 676 | 799 | |||||||||||
Total consumer real estate | 2,329 | 406 | 7,311 | 2,255 | |||||||||||
Auto finance | 334 | 282 | 1,233 | 676 | |||||||||||
Defaulted TDR loans modified during the applicable period | $ | 2,663 | $ | 688 | $ | 8,544 | $ | 2,931 |
(1) | The loan balances presented are not materially different than the pre-modification loan balances as TCF's loan modifications generally do not forgive principal amounts. |
At September 30, 2016 | At December 31, 2015 | ||||||||||||||||||||||
(In thousands) | Unpaid Contractual Balance | Loan Balance | Related Allowance Recorded | Unpaid Contractual Balance | Loan Balance | Related Allowance Recorded | |||||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||
Consumer real estate: | |||||||||||||||||||||||
First mortgage lien | $ | 128,615 | $ | 108,903 | $ | 17,899 | $ | 145,749 | $ | 123,728 | $ | 20,880 | |||||||||||
Junior lien | 64,977 | 53,281 | 6,232 | 70,122 | 58,366 | 6,837 | |||||||||||||||||
Total consumer real estate | 193,592 | 162,184 | 24,131 | 215,871 | 182,094 | 27,717 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial real estate | 12,762 | 12,762 | 129 | 298 | 298 | 12 | |||||||||||||||||
Commercial business | 14 | 14 | 3 | 16 | 16 | 3 | |||||||||||||||||
Total commercial | 12,776 | 12,776 | 132 | 314 | 314 | 15 | |||||||||||||||||
Leasing and equipment finance | 10,670 | 10,670 | 1,356 | 7,259 | 7,259 | 822 | |||||||||||||||||
Inventory finance | 1,179 | 1,185 | 225 | 867 | 873 | 199 | |||||||||||||||||
Auto finance | 6,052 | 5,705 | 1,327 | 8,275 | 8,062 | 2,942 | |||||||||||||||||
Other | 7 | 8 | 2 | 21 | 11 | 2 | |||||||||||||||||
Total impaired loans with an allowance recorded | 224,276 | 192,528 | 27,173 | 232,607 | 198,613 | 31,697 | |||||||||||||||||
Impaired loans without an allowance recorded: | |||||||||||||||||||||||
Consumer real estate: | |||||||||||||||||||||||
First mortgage lien | 18,853 | 13,331 | — | 7,100 | 3,228 | — | |||||||||||||||||
Junior lien | 27,369 | 2,217 | — | 26,031 | 520 | — | |||||||||||||||||
Total consumer real estate | 46,222 | 15,548 | — | 33,131 | 3,748 | — | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial real estate | 20,039 | 14,301 | — | 37,598 | 31,157 | — | |||||||||||||||||
Commercial business | 4,041 | 3,589 | — | 3,738 | 3,585 | — | |||||||||||||||||
Total commercial | 24,080 | 17,890 | — | 41,336 | 34,742 | — | |||||||||||||||||
Inventory finance | 385 | 388 | — | 274 | 276 | — | |||||||||||||||||
Auto finance | 3,708 | 2,336 | — | 2,003 | 1,177 | — | |||||||||||||||||
Other | 85 | — | — | 2 | — | — | |||||||||||||||||
Total impaired loans without an allowance recorded | 74,480 | 36,162 | — | 76,746 | 39,943 | — | |||||||||||||||||
Total impaired loans | $ | 298,756 | $ | 228,690 | $ | 27,173 | $ | 309,353 | $ | 238,556 | $ | 31,697 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||
(In thousands) | Average Loan Balance | Interest Income Recognized | Average Loan Balance | Interest Income Recognized | Average Loan Balance | Interest Income Recognized | Average Loan Balance | Interest Income Recognized | |||||||||||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||||||||||
Consumer real estate: | |||||||||||||||||||||||||||||||
First mortgage lien | $ | 114,966 | $ | 944 | $ | 126,426 | $ | 1,513 | $ | 116,315 | $ | 2,762 | $ | 113,365 | $ | 3,971 | |||||||||||||||
Junior lien | 54,651 | 675 | 60,298 | 906 | 55,824 | 1,993 | 57,387 | 2,446 | |||||||||||||||||||||||
Total consumer real estate | 169,617 | 1,619 | 186,724 | 2,419 | 172,139 | 4,755 | 170,752 | 6,417 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||
Commercial real estate | 12,926 | 100 | 19,183 | 174 | 6,530 | 230 | 36,143 | 777 | |||||||||||||||||||||||
Commercial business | 15 | — | 18 | — | 15 | — | 17 | — | |||||||||||||||||||||||
Total commercial | 12,941 | 100 | 19,201 | 174 | 6,545 | 230 | 36,160 | 777 | |||||||||||||||||||||||
Leasing and equipment finance | 10,844 | 3 | 6,084 | 8 | 8,963 | 21 | 7,123 | 16 | |||||||||||||||||||||||
Inventory finance | 777 | 10 | 1,869 | 17 | 1,030 | 41 | 1,529 | 66 | |||||||||||||||||||||||
Auto finance | 5,871 | 33 | 5,309 | 8 | 6,883 | 72 | 4,557 | 8 | |||||||||||||||||||||||
Other | 8 | — | 17 | 1 | 10 | — | 53 | 2 | |||||||||||||||||||||||
Total impaired loans with an allowance recorded | 200,058 | 1,765 | 219,204 | 2,627 | 195,570 | 5,119 | 220,174 | 7,286 | |||||||||||||||||||||||
Impaired loans without an allowance recorded: | |||||||||||||||||||||||||||||||
Consumer real estate: | |||||||||||||||||||||||||||||||
First mortgage lien | 8,023 | 120 | 5,633 | 138 | 8,280 | 228 | 20,422 | 919 | |||||||||||||||||||||||
Junior lien | 1,348 | 170 | 286 | 408 | 1,368 | 485 | 3,975 | 1,403 | |||||||||||||||||||||||
Total consumer real estate | 9,371 | 290 | 5,919 | 546 | 9,648 | 713 | 24,397 | 2,322 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||
Commercial real estate | 15,101 | 170 | 37,109 | 507 | 22,729 | 606 | 41,988 | 1,674 | |||||||||||||||||||||||
Commercial business | 3,869 | — | 2,014 | — | 3,587 | — | 2,077 | 5 | |||||||||||||||||||||||
Total commercial | 18,970 | 170 | 39,123 | 507 | 26,316 | 606 | 44,065 | 1,679 | |||||||||||||||||||||||
Inventory finance | 333 | 35 | 497 | 22 | 332 | 69 | 693 | 77 | |||||||||||||||||||||||
Auto finance | 2,241 | — | 1,134 | — | 1,757 | — | 909 | — | |||||||||||||||||||||||
Total impaired loans without an allowance recorded | 30,915 | 495 | 46,673 | 1,075 | 38,053 | 1,388 | 70,064 | 4,078 | |||||||||||||||||||||||
Total impaired loans | $ | 230,973 | $ | 2,260 | $ | 265,877 | $ | 3,702 | $ | 233,623 | $ | 6,507 | $ | 290,238 | $ | 11,364 |
At September 30, 2016 | At December 31, 2015 | ||||||||||||||||||
(Dollars in thousands) | Weighted-Average Rate | Amount | % of Total | Weighted-Average Rate | Amount | % of Total | |||||||||||||
Checking: | |||||||||||||||||||
Non-interest bearing | — | % | $ | 3,350,978 | 19.4 | % | — | % | $ | 3,187,581 | 19.1 | % | |||||||
Interest bearing | 0.01 | 2,479,079 | 14.4 | 0.02 | 2,502,978 | 14.9 | |||||||||||||
Total checking | 0.01 | 5,830,057 | 33.8 | 0.01 | 5,690,559 | 34.0 | |||||||||||||
Savings | 0.03 | 4,670,281 | 27.1 | 0.06 | 4,717,457 | 28.2 | |||||||||||||
Money market | 0.62 | 2,450,576 | 14.2 | 0.63 | 2,408,180 | 14.5 | |||||||||||||
Certificates of deposit | 1.06 | 4,283,292 | 24.9 | 0.91 | 3,903,793 | 23.3 | |||||||||||||
Total deposits | 0.36 | $ | 17,234,206 | 100.0 | % | 0.30 | $ | 16,719,989 | 100.0 | % |
(In thousands) | Denominations $100 Thousand or Greater | Denominations Less Than $100 Thousand | Total | ||||||||
Maturity: | |||||||||||
Three months or less | $ | 355,778 | $ | 341,958 | $ | 697,736 | |||||
Over three through six months | 382,681 | 383,483 | 766,164 | ||||||||
Over six through 12 months | 756,120 | 756,972 | 1,513,092 | ||||||||
Over 12 months | 660,307 | 645,993 | 1,306,300 | ||||||||
Total | $ | 2,154,886 | $ | 2,128,406 | $ | 4,283,292 |
At September 30, 2016 | At December 31, 2015 | ||||||||||||
(Dollars in thousands) | Amount | Rate | Amount | Rate | |||||||||
Period end balance: | |||||||||||||
Securities sold under repurchase agreements | $ | 1,514 | 0.10 | % | $ | 5,381 | 0.03 | % | |||||
Total | $ | 1,514 | 0.10 | $ | 5,381 | 0.03 | |||||||
Average daily balances for the period ended: | |||||||||||||
Federal funds purchased | $ | 113 | 0.75 | % | $ | 225 | 0.45 | % | |||||
Securities sold under repurchase agreements | 5,771 | 0.39 | 16,431 | 0.06 | |||||||||
Line of Credit - TCF Commercial Finance Canada, Inc. | 1,834 | 1.75 | 2,166 | 1.96 | |||||||||
Total | $ | 7,718 | 0.72 | $ | 18,822 | 0.28 | |||||||
Maximum month-end balances for the period ended: | |||||||||||||
Securities sold under repurchase agreements | $ | 3,391 | N.A. | $ | 62,995 | N.A. | |||||||
Line of Credit - TCF Commercial Finance Canada, Inc. | 5,907 | N.A. | 5,519 | N.A. | |||||||||
N.A. Not Applicable. |
At September 30, 2016 | At December 31, 2015 | ||||||||||||||||||||
(Dollars in thousands) | Stated Maturity | Amount | Stated Rate | Amount | Stated Rate | ||||||||||||||||
Federal Home Loan Bank advances | 2016 | $ | 150,000 | 0.71 | % | - | 0.72 | % | $ | 447,000 | 0.54 | % | - | 1.17 | % | ||||||
2017 | — | — | 125,000 | 0.49 | - | 0.51 | |||||||||||||||
2018 | 150,000 | 0.54 | — | — | |||||||||||||||||
Subtotal | 300,000 | 572,000 | |||||||||||||||||||
Subordinated bank notes | 2016 | — | — | 74,992 | 5.50 | ||||||||||||||||
2022 | 108,603 | 6.25 | 108,454 | 6.25 | |||||||||||||||||
2025 | 148,003 | 4.60 | 147,861 | 4.60 | |||||||||||||||||
Hedge-related basis adjustment(1) | 7,659 | (209 | ) | ||||||||||||||||||
Subtotal | 264,265 | 331,098 | |||||||||||||||||||
Discounted lease rentals | 2016 | 15,154 | 2.46 | - | 6.88 | 48,120 | 2.39 | - | 7.95 | ||||||||||||
2017 | 56,434 | 2.45 | - | 7.88 | 41,969 | 2.45 | - | 7.88 | |||||||||||||
2018 | 40,221 | 2.55 | - | 7.95 | 24,496 | 2.55 | - | 7.95 | |||||||||||||
2019 | 21,566 | 2.53 | - | 6.00 | 9,329 | 2.53 | - | 6.00 | |||||||||||||
2020 | 10,093 | 2.64 | - | 6.90 | 2,035 | 2.95 | - | 5.15 | |||||||||||||
2021 | 3,508 | 2.88 | - | 4.57 | 83 | 4.57 | |||||||||||||||
Subtotal | 146,976 | 126,032 | |||||||||||||||||||
Other long-term borrowings | 2016 | — | — | 2,685 | 1.36 | ||||||||||||||||
2017 | 2,755 | 1.36 | 2,742 | 1.36 | |||||||||||||||||
Subtotal | 2,755 | 5,427 | |||||||||||||||||||
Total long-term borrowings | $ | 713,996 | $ | 1,034,557 |
(1) | Related to subordinated bank notes with a stated maturity of 2025. |
TCF | TCF Bank | ||||||||||||||||||||
At September 30, | At December 31, | At September 30, | At December 31, | Well-capitalized Standard | Minimum Capital Requirement(1) | ||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Regulatory Capital: | |||||||||||||||||||||
Common equity Tier 1 capital | $ | 1,936,029 | $ | 1,814,442 | $ | 2,110,923 | $ | 1,992,584 | |||||||||||||
Tier 1 capital | 2,215,312 | 2,092,195 | 2,129,849 | 2,008,585 | |||||||||||||||||
Total capital | 2,596,697 | 2,487,060 | 2,546,708 | 2,425,682 | |||||||||||||||||
Regulatory Capital Ratios: | |||||||||||||||||||||
Common equity Tier 1 capital ratio | 10.35 | % | 10.00 | % | 11.29 | % | 10.99 | % | 6.50 | % | 4.50 | % | |||||||||
Tier 1 risk-based capital ratio | 11.85 | 11.54 | 11.39 | 11.07 | 8.00 | 6.00 | |||||||||||||||
Total risk-based capital ratio | 13.89 | 13.71 | 13.62 | 13.37 | 10.00 | 8.00 | |||||||||||||||
Tier 1 leverage ratio | 10.66 | 10.46 | 10.25 | 10.04 | 5.00 | 4.00 |
(1) | Excludes capital conservation buffer of 0.625% as of September 30, 2016. |
Restricted Stock | Stock Options | |||||||||||||||||||||||||||||||||||
Shares | Price Range | Weighted- Average Grant Date Fair Value | Shares | Price Range | Weighted- Average Remaining Contractual Life in Years | Weighted- Average Exercise Price | ||||||||||||||||||||||||||||||
Outstanding at December 31, 2015 | 3,273,086 | $ | 6.16 | - | $ | 16.28 | $ | 13.09 | 1,379,000 | $ | 12.85 | - | $ | 15.75 | 2.17 | $ | 14.07 | |||||||||||||||||||
Granted | 834,000 | 9.48 | - | 13.05 | 12.05 | — | — | - | — | — | — | |||||||||||||||||||||||||
Exercised | — | — | - | — | — | (800,000 | ) | 12.85 | - | 12.85 | — | 12.85 | ||||||||||||||||||||||||
Forfeited/canceled | (205,483 | ) | 6.16 | - | 15.96 | 13.54 | (118,000 | ) | 15.75 | - | 15.75 | — | 15.75 | |||||||||||||||||||||||
Vested | (401,225 | ) | 9.65 | - | 15.96 | 13.10 | — | — | - | — | — | — | ||||||||||||||||||||||||
Outstanding at September 30, 2016 | 3,500,378 | 7.73 | - | 16.28 | 12.81 | 461,000 | 15.75 | - | 15.75 | 1.31 | 15.75 | |||||||||||||||||||||||||
Exercisable at September 30, 2016 | N.A. | N.A. | 461,000 | 15.75 | - | 15.75 | 15.75 |
Pension Plan | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Interest cost | $ | 321 | $ | 303 | $ | 961 | $ | 911 | |||||||
Return on plan assets | (147 | ) | (159 | ) | (440 | ) | (479 | ) | |||||||
Net periodic benefit plan (income) cost | $ | 174 | $ | 144 | $ | 521 | $ | 432 |
Postretirement Plan | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Interest cost | $ | 37 | $ | 39 | $ | 113 | $ | 115 | |||||||
Amortization of prior service cost | (12 | ) | (12 | ) | (35 | ) | (35 | ) | |||||||
Net periodic benefit plan (income) cost | $ | 25 | $ | 27 | $ | 78 | $ | 80 |
At September 30, 2016 | |||||||||||||||
(In thousands) | Notional Amount | Gross Amounts Recognized | Gross Amounts Offset | Net Amount Presented | |||||||||||
Derivative Assets: | |||||||||||||||
Derivatives designated as hedges: | |||||||||||||||
Interest rate contracts | $ | 150,000 | $ | 8,990 | $ | (3,703 | ) | $ | 5,287 | ||||||
Forward foreign exchange contracts | 59,649 | 447 | (182 | ) | 265 | ||||||||||
Derivatives not designated as hedges: | |||||||||||||||
Forward foreign exchange contracts | 194,259 | 2,196 | (1,504 | ) | 692 | ||||||||||
Interest rate contracts | 126,451 | 3,827 | — | 3,827 | |||||||||||
Interest rate lock commitments | 52,088 | 866 | — | 866 | |||||||||||
Total derivative assets | $ | 16,326 | $ | (5,389 | ) | $ | 10,937 | ||||||||
Derivative Liabilities: | |||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||
Forward foreign exchange contracts | 202,486 | 835 | (791 | ) | 44 | ||||||||||
Interest rate contracts | 126,451 | 4,002 | (4,002 | ) | — | ||||||||||
Other contracts | 13,804 | 387 | (387 | ) | — | ||||||||||
Interest rate lock commitments | 374 | 4 | — | 4 | |||||||||||
Total derivative liabilities | $ | 5,228 | $ | (5,180 | ) | $ | 48 | ||||||||
At December 31, 2015 | |||||||||||||||
(In thousands) | Notional Amount | Gross Amounts Recognized | Gross Amounts Offset | Net Amount Presented | |||||||||||
Derivative Assets: | |||||||||||||||
Derivatives designated as hedges: | |||||||||||||||
Forward foreign exchange contracts | $ | 47,409 | $ | 858 | $ | — | $ | 858 | |||||||
Derivatives not designated as hedges: | |||||||||||||||
Forward foreign exchange contracts | 260,678 | 5,057 | (2,081 | ) | 2,976 | ||||||||||
Interest rate contracts | 111,347 | 2,093 | — | 2,093 | |||||||||||
Interest rate lock commitments | 50,667 | 729 | — | 729 | |||||||||||
Total derivative assets | $ | 8,737 | $ | (2,081 | ) | $ | 6,656 | ||||||||
Derivative Liabilities: | |||||||||||||||
Derivatives designated as hedges: | |||||||||||||||
Interest rate contracts | $ | 150,000 | $ | 142 | $ | (142 | ) | $ | — | ||||||
Derivatives not designated as hedges: | |||||||||||||||
Forward foreign exchange contracts | 187,902 | 1,192 | (1,081 | ) | 111 | ||||||||||
Interest rate contracts | 111,347 | 2,175 | (2,175 | ) | — | ||||||||||
Other contracts | 13,804 | 305 | (305 | ) | — | ||||||||||
Interest rate lock commitments | 3,218 | 13 | — | 13 | |||||||||||
Total derivative liabilities | $ | 3,827 | $ | (3,703 | ) | $ | 124 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | Income Statement Location | 2016 | 2015 | 2016 | 2015 | |||||||||||
Consolidated Statements of Income: | ||||||||||||||||
Fair value hedges: | ||||||||||||||||
Interest rate contracts | Other non-interest income | $ | (1,407 | ) | $ | 6,296 | $ | 9,132 | $ | 2,029 | ||||||
Non-derivative hedged items | Other non-interest income | 1,333 | (5,425 | ) | (7,868 | ) | (1,862 | ) | ||||||||
Not designated as hedges: | ||||||||||||||||
Forward foreign exchange contracts | Other non-interest expense | 5,979 | 26,574 | (23,459 | ) | 55,866 | ||||||||||
Interest rate lock commitments | Gains on sales of consumer real estate loans, net | (91 | ) | 189 | 146 | 359 | ||||||||||
Interest rate contracts | Other non-interest income | 27 | (48 | ) | (92 | ) | (28 | ) | ||||||||
Other contracts | Other non-interest expense | — | — | (319 | ) | — | ||||||||||
Net gain (loss) recognized | $ | 5,841 | $ | 27,586 | $ | (22,460 | ) | $ | 56,364 | |||||||
Consolidated Statements of Comprehensive Income: | ||||||||||||||||
Net investment hedges: | ||||||||||||||||
Forward foreign exchange contracts | Other comprehensive income (loss) | $ | 904 | $ | 2,858 | $ | (2,691 | ) | $ | 5,772 | ||||||
Net unrealized gain (loss) | $ | 904 | $ | 2,858 | $ | (2,691 | ) | $ | 5,772 |
Fair Value Measurements at September 30, 2016 | |||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Recurring Fair Value Measurements: | |||||||||||||||
Securities available for sale: | |||||||||||||||
Mortgage-backed securities: | |||||||||||||||
U.S. Government sponsored enterprises and federal agencies | $ | — | $ | 805,275 | $ | — | $ | 805,275 | |||||||
Other | — | — | 22 | 22 | |||||||||||
Obligations of states and political subdivisions | — | 614,524 | — | 614,524 | |||||||||||
Loans and leases held for sale | — | — | 6,331 | 6,331 | |||||||||||
Interest-only strips | — | — | 43,145 | 43,145 | |||||||||||
Forward foreign exchange contracts(1) | — | 2,643 | — | 2,643 | |||||||||||
Interest rate contracts(1) | — | 12,817 | — | 12,817 | |||||||||||
Interest rate lock commitments(1) | — | — | 866 | 866 | |||||||||||
Forward loan sales commitments | — | — | 3 | 3 | |||||||||||
Assets held in trust for deferred compensation plans | 22,156 | — | — | 22,156 | |||||||||||
Total assets | $ | 22,156 | $ | 1,435,259 | $ | 50,367 | $ | 1,507,782 | |||||||
Forward foreign exchange contracts(1) | $ | — | $ | 835 | $ | — | $ | 835 | |||||||
Interest rate contracts(1) | — | 4,002 | — | 4,002 | |||||||||||
Interest rate lock commitments(1) | — | — | 4 | 4 | |||||||||||
Forward loan sales commitments | — | — | 199 | 199 | |||||||||||
Liabilities held in trust for deferred compensation plans | 22,156 | — | — | 22,156 | |||||||||||
Other contracts(1) | — | — | 387 | 387 | |||||||||||
Total liabilities | $ | 22,156 | $ | 4,837 | $ | 590 | $ | 27,583 | |||||||
Non-recurring Fair Value Measurements: | |||||||||||||||
Securities held to maturity | $ | — | $ | — | $ | 3,272 | $ | 3,272 | |||||||
Loans | — | — | 122,457 | 122,457 | |||||||||||
Other real estate owned: | |||||||||||||||
Consumer | — | — | 19,906 | 19,906 | |||||||||||
Commercial | — | — | 3,874 | 3,874 | |||||||||||
Repossessed and returned assets | — | 2,641 | 2,218 | 4,859 | |||||||||||
Total non-recurring fair value measurements | $ | — | $ | 2,641 | $ | 151,727 | $ | 154,368 |
(1) | As permitted under GAAP, TCF has elected to net derivative receivables and derivative payables when a legally enforceable master netting agreement exists as well as the related cash collateral received and paid. For purposes of this table, the derivative receivable and derivative payable balances are presented gross of this netting adjustment. |
Fair Value Measurements at December 31, 2015 | |||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Recurring Fair Value Measurements: | |||||||||||||||
Securities available for sale: | |||||||||||||||
Mortgage-backed securities: | |||||||||||||||
U.S. Government sponsored enterprises and federal agencies | $ | — | $ | 621,930 | $ | — | $ | 621,930 | |||||||
Other | — | — | 34 | 34 | |||||||||||
Obligations of states and political subdivisions | — | 266,921 | — | 266,921 | |||||||||||
Loans and leases held for sale | — | — | 10,568 | 10,568 | |||||||||||
Interest-only strips | — | — | 44,332 | 44,332 | |||||||||||
Forward foreign exchange contracts(1) | — | 5,915 | — | 5,915 | |||||||||||
Interest rate contracts(1) | — | 2,093 | — | 2,093 | |||||||||||
Interest rate lock commitments(1) | — | — | 729 | 729 | |||||||||||
Forward loan sales commitments | — | — | 284 | 284 | |||||||||||
Assets held in trust for deferred compensation plans | 19,731 | — | — | 19,731 | |||||||||||
Total assets | $ | 19,731 | $ | 896,859 | $ | 55,947 | $ | 972,537 | |||||||
Forward foreign exchange contracts(1) | $ | — | $ | 1,192 | $ | — | $ | 1,192 | |||||||
Interest rate contracts(1) | — | 2,317 | — | 2,317 | |||||||||||
Interest rate lock commitments(1) | — | — | 13 | 13 | |||||||||||
Forward loan sales commitments | — | — | 19 | 19 | |||||||||||
Liabilities held in trust for deferred compensation plans | 19,731 | — | — | 19,731 | |||||||||||
Other contracts(1) | — | — | 305 | 305 | |||||||||||
Total liabilities | $ | 19,731 | $ | 3,509 | $ | 337 | $ | 23,577 | |||||||
Non-recurring Fair Value Measurements: | |||||||||||||||
Securities held to maturity | $ | — | $ | — | $ | 1,110 | $ | 1,110 | |||||||
Loans | — | — | 130,797 | 130,797 | |||||||||||
Other real estate owned: | |||||||||||||||
Consumer | — | — | 37,619 | 37,619 | |||||||||||
Commercial | — | — | 5,249 | 5,249 | |||||||||||
Repossessed and returned assets | — | 2,673 | 2,197 | 4,870 | |||||||||||
Total non-recurring fair value measurements | $ | — | $ | 2,673 | $ | 176,972 | $ | 179,645 |
(1) | As permitted under GAAP, TCF has elected to net derivative receivables and derivative payables when a legally enforceable master netting agreement exists as well as the related cash collateral received and paid. For purposes of this table, the derivative receivable and derivative payable balances are presented gross of this netting adjustment. |
(In thousands) | Securities Available for Sale | Loans and Leases Held for Sale | Interest-only Strips | Interest Rate Lock Commitments | Forward Loan Sales Commitments | Other Contracts | |||||||||||||||||
At or For the Three Months Ended September 30, 2016: | |||||||||||||||||||||||
Asset (liability) balance, beginning of period | $ | 25 | $ | 7,565 | $ | 48,411 | $ | 953 | $ | (317 | ) | $ | (466 | ) | |||||||||
Total net gains (losses) included in: | |||||||||||||||||||||||
Net income | — | (72 | ) | (819 | ) | (91 | ) | 121 | — | ||||||||||||||
Other comprehensive income (loss) | — | — | 784 | — | — | — | |||||||||||||||||
Sales | — | (95,901 | ) | — | — | — | — | ||||||||||||||||
Originations | — | 94,739 | 2,513 | — | — | — | |||||||||||||||||
Principal paydowns / settlements | (3 | ) | — | (7,744 | ) | — | — | 79 | |||||||||||||||
Asset (liability) balance, end of period | $ | 22 | $ | 6,331 | $ | 43,145 | $ | 862 | $ | (196 | ) | $ | (387 | ) | |||||||||
At or For the Three Months Ended September 30, 2015: | |||||||||||||||||||||||
Asset (liability) balance, beginning of period | $ | 45 | $ | 4,962 | $ | 55,944 | $ | 455 | $ | (5 | ) | $ | (465 | ) | |||||||||
Total net gains (losses) included in: | |||||||||||||||||||||||
Net income | — | 18 | 1,520 | 188 | (13 | ) | — | ||||||||||||||||
Sales | — | (76,677 | ) | — | — | — | — | ||||||||||||||||
Originations | — | 77,502 | 2,711 | — | — | — | |||||||||||||||||
Principal paydowns / settlements | (7 | ) | — | (9,476 | ) | — | — | 79 | |||||||||||||||
Asset (liability) balance, end of period | $ | 38 | $ | 5,805 | $ | 50,699 | $ | 643 | $ | (18 | ) | $ | (386 | ) | |||||||||
(In thousands) | Securities Available for Sale | Loans and Leases Held for Sale | Interest-only Strips | Interest Rate Lock Commitments | Forward Loan Sales Commitments | Other Contracts | |||||||||||||||||
At or For the Nine Months Ended September 30, 2016: | |||||||||||||||||||||||
Asset (liability) balance, beginning of period | $ | 34 | $ | 10,568 | $ | 44,332 | $ | 716 | $ | 265 | $ | (305 | ) | ||||||||||
Total net gains (losses) included in: | |||||||||||||||||||||||
Net income | — | 126 | 1,697 | 146 | (461 | ) | (318 | ) | |||||||||||||||
Other comprehensive income (loss) | — | — | 784 | — | — | — | |||||||||||||||||
Sales | — | (257,641 | ) | — | — | — | — | ||||||||||||||||
Originations | — | 253,278 | 19,121 | — | — | — | |||||||||||||||||
Principal paydowns / settlements | (12 | ) | — | (22,789 | ) | — | — | 236 | |||||||||||||||
Asset (liability) balance, end of period | $ | 22 | $ | 6,331 | $ | 43,145 | $ | 862 | $ | (196 | ) | $ | (387 | ) | |||||||||
At or For the Nine Months Ended September 30, 2015: | |||||||||||||||||||||||
Asset (liability) balance, beginning of period | $ | 55 | $ | 3,308 | $ | 69,789 | $ | 285 | $ | (23 | ) | $ | (621 | ) | |||||||||
Total net gains (losses) included in: | |||||||||||||||||||||||
Net income | — | 50 | 5,309 | 358 | 5 | — | |||||||||||||||||
Sales | — | (212,940 | ) | — | — | — | — | ||||||||||||||||
Originations | — | 215,387 | 6,948 | — | — | — | |||||||||||||||||
Principal paydowns / settlements | (17 | ) | — | (31,347 | ) | — | — | 235 | |||||||||||||||
Asset (liability) balance, end of period | $ | 38 | $ | 5,805 | $ | 50,699 | $ | 643 | $ | (18 | ) | $ | (386 | ) |
(In thousands) | At September 30, 2016 | At December 31, 2015 | |||||
Fair value carrying amount | $ | 6,331 | $ | 10,568 | |||
Aggregate unpaid principal amount | 6,202 | 10,547 | |||||
Fair value carrying amount less aggregate unpaid principal | $ | 129 | $ | 21 |
Carrying Amount | Estimated Fair Value at September 30, 2016 | ||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Financial instrument assets: | |||||||||||||||||||
Investments | $ | 59,707 | $ | — | $ | 59,707 | $ | — | $ | 59,707 | |||||||||
Securities held to maturity | 185,230 | — | 193,684 | 3,672 | 197,356 | ||||||||||||||
Loans and leases held for sale | 386,673 | — | — | 400,494 | 400,494 | ||||||||||||||
Loans: | |||||||||||||||||||
Consumer real estate | 4,987,324 | — | — | 5,120,863 | 5,120,863 | ||||||||||||||
Commercial real estate | 2,516,048 | — | — | 2,477,768 | 2,477,768 | ||||||||||||||
Commercial business | 634,151 | — | — | 611,307 | 611,307 | ||||||||||||||
Equipment finance | 1,997,295 | — | — | 1,987,842 | 1,987,842 | ||||||||||||||
Inventory finance | 2,261,086 | — | — | 2,246,040 | 2,246,040 | ||||||||||||||
Auto finance | 2,731,900 | — | — | 2,741,674 | 2,741,674 | ||||||||||||||
Other | 17,886 | — | — | 13,642 | 13,642 | ||||||||||||||
Allowance for loan losses(1) | (155,841 | ) | — | — | — | — | |||||||||||||
Securitization receivable(2) | 18,743 | — | — | 18,743 | 18,743 | ||||||||||||||
Total financial instrument assets | $ | 15,640,202 | $ | — | $ | 253,391 | $ | 15,622,045 | $ | 15,875,436 | |||||||||
Financial instrument liabilities: | |||||||||||||||||||
Deposits | $ | 17,234,206 | $ | 12,950,914 | $ | 4,308,873 | $ | — | $ | 17,259,787 | |||||||||
Long-term borrowings | 713,996 | — | 714,964 | 2,755 | 717,719 | ||||||||||||||
Total financial instrument liabilities | $ | 17,948,202 | $ | 12,950,914 | $ | 5,023,837 | $ | 2,755 | $ | 17,977,506 | |||||||||
Financial instruments with off-balance sheet risk:(3) | |||||||||||||||||||
Commitments to extend credit | $ | 21,469 | $ | — | $ | 21,469 | $ | — | $ | 21,469 | |||||||||
Standby letters of credit | (35 | ) | — | (35 | ) | — | (35 | ) | |||||||||||
Total financial instruments with off-balance sheet risk | $ | 21,434 | $ | — | $ | 21,434 | $ | — | $ | 21,434 |
(1) | Expected credit losses are included in the estimated fair values. |
(2) | Carrying amounts are included in other assets. |
(3) | Positive amounts represent assets, negative amounts represent liabilities. |
Carrying Amount | Estimated Fair Value at December 31, 2015 | ||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Financial instrument assets: | |||||||||||||||||||
Investments | $ | 70,537 | $ | — | $ | 70,537 | $ | — | $ | 70,537 | |||||||||
Securities held to maturity | 201,920 | — | 202,443 | 4,510 | 206,953 | ||||||||||||||
Loans and leases held for sale | 157,625 | — | — | 165,387 | 165,387 | ||||||||||||||
Loans: | |||||||||||||||||||
Consumer real estate | 5,464,272 | — | — | 5,543,273 | 5,543,273 | ||||||||||||||
Commercial real estate | 2,593,429 | — | — | 2,556,018 | 2,556,018 | ||||||||||||||
Commercial business | 552,403 | — | — | 531,274 | 531,274 | ||||||||||||||
Equipment finance | 1,909,672 | — | — | 1,888,664 | 1,888,664 | ||||||||||||||
Inventory finance | 2,146,754 | — | — | 2,132,435 | 2,132,435 | ||||||||||||||
Auto finance | 2,647,596 | — | — | 2,650,429 | 2,650,429 | ||||||||||||||
Other | 19,297 | — | — | 14,699 | 14,699 | ||||||||||||||
Allowance for loan losses(1) | (156,054 | ) | — | — | — | — | |||||||||||||
Total financial instrument assets | $ | 15,607,451 | $ | — | $ | 272,980 | $ | 15,486,689 | $ | 15,759,669 | |||||||||
Financial instrument liabilities: | |||||||||||||||||||
Deposits | $ | 16,719,989 | $ | 12,816,196 | $ | 3,927,434 | $ | — | $ | 16,743,630 | |||||||||
Long-term borrowings | 1,034,557 | — | 1,035,846 | 5,427 | 1,041,273 | ||||||||||||||
Total financial instrument liabilities | $ | 17,754,546 | $ | 12,816,196 | $ | 4,963,280 | $ | 5,427 | $ | 17,784,903 | |||||||||
Financial instruments with off-balance sheet risk:(2) | |||||||||||||||||||
Commitments to extend credit | $ | 23,937 | $ | — | $ | 23,937 | $ | — | $ | 23,937 | |||||||||
Standby letters of credit | (35 | ) | — | (35 | ) | — | (35 | ) | |||||||||||
Total financial instruments with off-balance sheet risk | $ | 23,902 | $ | — | $ | 23,902 | $ | — | $ | 23,902 |
(1) | Expected credit losses are included in the estimated fair values. |
(2) | Positive amounts represent assets, negative amounts represent liabilities. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(Dollars in thousands, except per-share data) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Basic Earnings Per Common Share: | |||||||||||||||
Net income available to common stockholders | $ | 51,445 | $ | 47,728 | $ | 147,491 | $ | 130,090 | |||||||
Earnings allocated to participating securities | 13 | 12 | 38 | 34 | |||||||||||
Earnings allocated to common stock | $ | 51,432 | $ | 47,716 | $ | 147,453 | $ | 130,056 | |||||||
Weighted-average common shares outstanding for basic earnings per common share | 167,366,069 | 165,990,432 | 167,155,393 | 165,479,029 | |||||||||||
Basic earnings per common share | $ | 0.31 | $ | 0.29 | $ | 0.88 | $ | 0.79 | |||||||
Diluted Earnings Per Common Share: | |||||||||||||||
Earnings allocated to common stock | $ | 51,432 | $ | 47,716 | $ | 147,453 | $ | 130,056 | |||||||
Weighted-average common shares outstanding used in basic earnings per common share calculation | 167,366,069 | 165,990,432 | 167,155,393 | 165,479,029 | |||||||||||
Net dilutive effect of: | |||||||||||||||
Non-participating restricted stock | 516,083 | 355,408 | 478,641 | 312,402 | |||||||||||
Stock options | 85,467 | 210,280 | 73,866 | 221,908 | |||||||||||
Weighted-average common shares outstanding for diluted earnings per common share | 167,967,619 | 166,556,120 | 167,707,900 | 166,013,339 | |||||||||||
Diluted earnings per common share | $ | 0.31 | $ | 0.29 | $ | 0.88 | $ | 0.78 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Loan and lease processing | $ | 7,035 | $ | 6,626 | $ | 19,526 | $ | 17,950 | |||||||
Professional fees | 3,993 | 5,034 | 13,170 | 15,793 | |||||||||||
Card processing and issuance cost | 3,952 | 3,914 | 11,634 | 12,855 | |||||||||||
Outside processing | 3,728 | 3,383 | 10,941 | 10,413 | |||||||||||
Travel | 2,888 | 2,704 | 9,185 | 8,372 | |||||||||||
Telecommunications | 2,696 | 2,720 | 8,477 | 8,918 | |||||||||||
Other | 25,559 | 21,369 | 70,253 | 65,469 | |||||||||||
Total other expense | $ | 49,851 | $ | 45,750 | $ | 143,186 | $ | 139,770 |
(In thousands) | Consumer Banking | Wholesale Banking | Enterprise Services | Consolidated | |||||||||||
At or For the Three Months Ended September 30, 2016: | |||||||||||||||
Net interest income | $ | 140,887 | $ | 85,721 | $ | (14,590 | ) | $ | 212,018 | ||||||
Provision for credit losses | 10,720 | 3,174 | — | 13,894 | |||||||||||
Non-interest income | 89,373 | 30,393 | (92 | ) | 119,674 | ||||||||||
Non-interest expense | 165,668 | 61,382 | 1,828 | 228,878 | |||||||||||
Income tax expense (benefit) | 19,367 | 17,355 | (6,465 | ) | 30,257 | ||||||||||
Income (loss) after income tax expense (benefit) | 34,505 | 34,203 | (10,045 | ) | 58,663 | ||||||||||
Income attributable to non-controlling interest | — | 2,371 | — | 2,371 | |||||||||||
Preferred stock dividends | — | — | 4,847 | 4,847 | |||||||||||
Net income (loss) available to common stockholders | $ | 34,505 | $ | 31,832 | $ | (14,892 | ) | $ | 51,445 | ||||||
Total assets | $ | 8,759,858 | $ | 9,902,952 | $ | 2,421,346 | $ | 21,084,156 | |||||||
Revenues from external customers: | |||||||||||||||
Interest income | $ | 111,107 | $ | 112,834 | $ | 8,785 | $ | 232,726 | |||||||
Non-interest income | 89,373 | 30,393 | (92 | ) | 119,674 | ||||||||||
Total | $ | 200,480 | $ | 143,227 | $ | 8,693 | $ | 352,400 | |||||||
At or For the Three Months Ended September 30, 2015: | |||||||||||||||
Net interest income | $ | 136,160 | $ | 83,717 | $ | (14,607 | ) | $ | 205,270 | ||||||
Provision for credit losses | 8,284 | 1,734 | — | 10,018 | |||||||||||
Non-interest income | 81,518 | 29,856 | 878 | 112,252 | |||||||||||
Non-interest expense | 160,624 | 59,430 | 2,230 | 222,284 | |||||||||||
Income tax expense (benefit) | 18,311 | 18,526 | (6,309 | ) | 30,528 | ||||||||||
Income (loss) after income tax expense (benefit) | 30,459 | 33,883 | (9,650 | ) | 54,692 | ||||||||||
Income attributable to non-controlling interest | — | 2,117 | — | 2,117 | |||||||||||
Preferred stock dividends | — | — | 4,847 | 4,847 | |||||||||||
Net income (loss) available to common stockholders | $ | 30,459 | $ | 31,766 | $ | (14,497 | ) | $ | 47,728 | ||||||
Total assets | $ | 8,859,028 | $ | 9,336,974 | $ | 1,927,780 | $ | 20,123,782 | |||||||
Revenues from external customers: | |||||||||||||||
Interest income | $ | 110,420 | $ | 106,629 | $ | 6,555 | $ | 223,604 | |||||||
Non-interest income | 81,518 | 29,856 | 878 | 112,252 | |||||||||||
Total | $ | 191,938 | $ | 136,485 | $ | 7,433 | $ | 335,856 |
(In thousands) | Consumer Banking | Wholesale Banking | Enterprise Services | Consolidated | |||||||||||
At or For the Nine Months Ended September 30, 2016: | |||||||||||||||
Net interest income | $ | 420,886 | $ | 257,917 | $ | (42,143 | ) | $ | 636,660 | ||||||
Provision for credit losses | 36,278 | 9,708 | — | 45,986 | |||||||||||
Non-interest income | 254,130 | 94,794 | 1,308 | 350,232 | |||||||||||
Non-interest expense | 491,632 | 184,217 | 8,679 | 684,528 | |||||||||||
Income tax expense (benefit) | 52,824 | 52,866 | (18,924 | ) | 86,766 | ||||||||||
Income (loss) after income tax expense (benefit) | 94,282 | 105,920 | (30,590 | ) | 169,612 | ||||||||||
Income attributable to non-controlling interest | — | 7,580 | — | 7,580 | |||||||||||
Preferred stock dividends | — | — | 14,541 | 14,541 | |||||||||||
Net income (loss) available to common stockholders | $ | 94,282 | $ | 98,340 | $ | (45,131 | ) | $ | 147,491 | ||||||
Total assets | $ | 8,759,858 | $ | 9,902,952 | $ | 2,421,346 | $ | 21,084,156 | |||||||
Revenues from external customers: | |||||||||||||||
Interest income | $ | 336,176 | $ | 338,461 | $ | 24,435 | $ | 699,072 | |||||||
Non-interest income | 254,130 | 94,794 | 1,308 | 350,232 | |||||||||||
Total | $ | 590,306 | $ | 433,255 | $ | 25,743 | $ | 1,049,304 | |||||||
At or For the Nine Months Ended September 30, 2015: | |||||||||||||||
Net interest income | $ | 402,127 | $ | 254,247 | $ | (41,655 | ) | $ | 614,719 | ||||||
Provision for credit losses | 30,184 | 5,153 | — | 35,337 | |||||||||||
Non-interest income | 239,782 | 84,463 | 2,094 | 326,339 | |||||||||||
Non-interest expense | 482,900 | 180,225 | 9,035 | 672,160 | |||||||||||
Income tax expense (benefit) | 47,850 | 53,947 | (19,539 | ) | 82,258 | ||||||||||
Income (loss) after income tax expense (benefit) | 80,975 | 99,385 | (29,057 | ) | 151,303 | ||||||||||
Income attributable to non-controlling interest | — | 6,672 | — | 6,672 | |||||||||||
Preferred stock dividends | — | — | 14,541 | 14,541 | |||||||||||
Net income (loss) available to common stockholders | $ | 80,975 | $ | 92,713 | $ | (43,598 | ) | $ | 130,090 | ||||||
Total assets | $ | 8,859,028 | $ | 9,336,974 | $ | 1,927,780 | $ | 20,123,782 | |||||||
Revenues from external customers: | |||||||||||||||
Interest income | $ | 325,826 | $ | 322,347 | $ | 18,306 | $ | 666,479 | |||||||
Non-interest income | 239,782 | 84,463 | 2,094 | 326,339 | |||||||||||
Total | $ | 565,608 | $ | 406,810 | $ | 20,400 | $ | 992,818 |
Three Months Ended September 30, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
(In thousands) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||
Securities available for sale and interest-only strips: | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | $ | (7,624 | ) | $ | 2,896 | $ | (4,728 | ) | $ | 9,972 | $ | (3,766 | ) | $ | 6,206 | ||||||||
Reclassification of net (gains) losses to net income | 425 | (161 | ) | 264 | 281 | (106 | ) | 175 | |||||||||||||||
Net unrealized gains (losses) | (7,199 | ) | 2,735 | (4,464 | ) | 10,253 | (3,872 | ) | 6,381 | ||||||||||||||
Net investment hedges: | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | 904 | (343 | ) | 561 | 2,858 | (1,079 | ) | 1,779 | |||||||||||||||
Foreign currency translation adjustment:(1) | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | (957 | ) | — | (957 | ) | (3,049 | ) | — | (3,049 | ) | |||||||||||||
Recognized postretirement prior service cost: | |||||||||||||||||||||||
Reclassification of net (gains) losses to net income | (12 | ) | 4 | (8 | ) | (12 | ) | 4 | (8 | ) | |||||||||||||
Total other comprehensive income (loss) | $ | (7,264 | ) | $ | 2,396 | $ | (4,868 | ) | $ | 10,050 | $ | (4,947 | ) | $ | 5,103 | ||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
(In thousands) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||
Securities available for sale and interest-only strips: | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | $ | 32,639 | $ | (12,396 | ) | $ | 20,243 | $ | 2,971 | $ | (1,122 | ) | $ | 1,849 | |||||||||
Reclassification of net (gains) losses to net income | 1,448 | (550 | ) | 898 | 871 | (329 | ) | 542 | |||||||||||||||
Net unrealized gains (losses) | 34,087 | (12,946 | ) | 21,141 | 3,842 | (1,451 | ) | 2,391 | |||||||||||||||
Net investment hedges: | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | (2,691 | ) | 1,022 | (1,669 | ) | 5,772 | (2,180 | ) | 3,592 | ||||||||||||||
Foreign currency translation adjustment:(1) | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | 2,791 | — | 2,791 | (6,318 | ) | — | (6,318 | ) | |||||||||||||||
Recognized postretirement prior service cost: | |||||||||||||||||||||||
Reclassification of net (gains) losses to net income | (35 | ) | 13 | (22 | ) | (35 | ) | 13 | (22 | ) | |||||||||||||
Total other comprehensive income (loss) | $ | 34,152 | $ | (11,911 | ) | $ | 22,241 | $ | 3,261 | $ | (3,618 | ) | $ | (357 | ) |
(1) | Foreign investments are deemed to be permanent in nature and therefore TCF does not provide for taxes on foreign currency translation adjustments. |
(In thousands) | Securities Available for Sale and Interest-only Strips | Net Investment Hedges | Foreign Currency Translation Adjustment | Recognized Postretirement Prior Service Cost | Total | ||||||||||||||
At or For the Three Months Ended September 30, 2016: | |||||||||||||||||||
Balance, beginning of period | $ | 15,898 | $ | 5,019 | $ | (9,316 | ) | $ | 162 | $ | 11,763 | ||||||||
Other comprehensive income (loss) | (4,728 | ) | 561 | (957 | ) | — | (5,124 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 264 | — | — | (8 | ) | 256 | |||||||||||||
Net other comprehensive income (loss) | (4,464 | ) | 561 | (957 | ) | (8 | ) | (4,868 | ) | ||||||||||
Balance, end of period | $ | 11,434 | $ | 5,580 | $ | (10,273 | ) | $ | 154 | $ | 6,895 | ||||||||
At or For the Three Months Ended September 30, 2015: | |||||||||||||||||||
Balance, beginning of period | $ | (12,881 | ) | $ | 4,349 | $ | (8,029 | ) | $ | 191 | $ | (16,370 | ) | ||||||
Other comprehensive income (loss) | 6,206 | 1,779 | (3,049 | ) | — | 4,936 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 175 | — | — | (8 | ) | 167 | |||||||||||||
Net other comprehensive income (loss) | 6,381 | 1,779 | (3,049 | ) | (8 | ) | 5,103 | ||||||||||||
Balance, end of period | $ | (6,500 | ) | $ | 6,128 | $ | (11,078 | ) | $ | 183 | $ | (11,267 | ) | ||||||
(In thousands) | Securities Available for Sale and Interest-only Strips | Net Investment Hedges | Foreign Currency Translation Adjustment | Recognized Postretirement Prior Service Cost | Total | ||||||||||||||
At or For the Nine Months Ended September 30, 2016: | |||||||||||||||||||
Balance, beginning of period | $ | (9,707 | ) | $ | 7,249 | $ | (13,064 | ) | $ | 176 | $ | (15,346 | ) | ||||||
Other comprehensive income (loss) | 20,243 | (1,669 | ) | 2,791 | — | 21,365 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 898 | — | — | (22 | ) | 876 | |||||||||||||
Net other comprehensive income (loss) | 21,141 | (1,669 | ) | 2,791 | (22 | ) | 22,241 | ||||||||||||
Balance, end of period | $ | 11,434 | $ | 5,580 | $ | (10,273 | ) | $ | 154 | $ | 6,895 | ||||||||
At or For the Nine Months Ended September 30, 2015: | |||||||||||||||||||
Balance, beginning of period | $ | (8,891 | ) | $ | 2,536 | $ | (4,760 | ) | $ | 205 | $ | (10,910 | ) | ||||||
Other comprehensive income (loss) | 1,849 | 3,592 | (6,318 | ) | — | (877 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 542 | — | — | (22 | ) | 520 | |||||||||||||
Net other comprehensive income (loss) | 2,391 | 3,592 | (6,318 | ) | (22 | ) | (357 | ) | |||||||||||
Balance, end of period | $ | (6,500 | ) | $ | 6,128 | $ | (11,078 | ) | $ | 183 | $ | (11,267 | ) |
Three Months Ended September 30, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest(1) | Yields and Rates(1)(2) | Average Balance | Interest(1) | Yields and Rates(1)(2) | |||||||||||||||
Assets: | |||||||||||||||||||||
Investments and other | $ | 331,107 | $ | 2,380 | 2.86 | % | $ | 463,312 | $ | 2,937 | 2.52 | % | |||||||||
Securities held to maturity | 187,414 | 1,049 | 2.24 | 205,264 | 1,361 | 2.65 | |||||||||||||||
Securities available for sale:(3) | |||||||||||||||||||||
Taxable | 747,890 | 4,167 | 2.23 | 601,889 | 3,658 | 2.43 | |||||||||||||||
Tax-exempt(4) | 570,013 | 4,553 | 3.19 | 92,484 | 774 | 3.35 | |||||||||||||||
Loans and leases held for sale | 558,649 | 11,406 | 8.12 | 348,215 | 7,895 | 9.00 | |||||||||||||||
Loans and leases:(5) | |||||||||||||||||||||
Consumer real estate: | |||||||||||||||||||||
Fixed-rate | 2,216,945 | 32,041 | 5.75 | 2,637,875 | 37,988 | 5.72 | |||||||||||||||
Variable-rate | 2,918,631 | 38,796 | 5.29 | 2,968,507 | 38,287 | 5.12 | |||||||||||||||
Total consumer real estate | 5,135,576 | 70,837 | 5.49 | 5,606,382 | 76,275 | 5.40 | |||||||||||||||
Commercial: | |||||||||||||||||||||
Fixed-rate | 944,347 | 11,675 | 4.92 | 1,137,744 | 14,484 | 5.05 | |||||||||||||||
Variable- and adjustable-rate | 2,147,768 | 21,121 | 3.91 | 1,980,280 | 18,958 | 3.80 | |||||||||||||||
Total commercial | 3,092,115 | 32,796 | 4.22 | 3,118,024 | 33,442 | 4.26 | |||||||||||||||
Leasing and equipment finance | 4,147,488 | 46,422 | 4.48 | 3,821,590 | 43,863 | 4.59 | |||||||||||||||
Inventory finance | 2,272,409 | 34,665 | 6.07 | 2,036,054 | 29,915 | 5.83 | |||||||||||||||
Auto finance | 2,670,272 | 27,251 | 4.06 | 2,361,057 | 24,557 | 4.13 | |||||||||||||||
Other | 9,252 | 136 | 5.85 | 9,833 | 157 | 6.31 | |||||||||||||||
Total loans and leases | 17,327,112 | 212,107 | 4.88 | 16,952,940 | 208,209 | 4.88 | |||||||||||||||
Total interest-earning assets | 19,722,185 | 235,662 | 4.76 | 18,664,104 | 224,834 | 4.79 | |||||||||||||||
Other assets(6) | 1,303,670 | 1,217,396 | |||||||||||||||||||
Total assets | $ | 21,025,855 | $ | 19,881,500 | |||||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||
Non-interest bearing deposits: | |||||||||||||||||||||
Retail | $ | 1,771,840 | $ | 1,649,995 | |||||||||||||||||
Small business | 894,761 | 852,211 | |||||||||||||||||||
Commercial and custodial | 583,430 | 516,461 | |||||||||||||||||||
Total non-interest bearing deposits | 3,250,031 | 3,018,667 | |||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Checking | 2,434,934 | 88 | 0.01 | 2,399,119 | 135 | 0.02 | |||||||||||||||
Savings | 4,661,565 | 399 | 0.03 | 4,860,509 | 638 | 0.05 | |||||||||||||||
Money market | 2,496,590 | 3,823 | 0.61 | 2,297,893 | 3,571 | 0.62 | |||||||||||||||
Certificates of deposit | 4,304,990 | 11,541 | 1.07 | 3,400,282 | 7,958 | 0.93 | |||||||||||||||
Total interest-bearing deposits | 13,898,079 | 15,851 | 0.45 | 12,957,803 | 12,302 | 0.38 | |||||||||||||||
Total deposits | 17,148,110 | 15,851 | 0.37 | 15,976,470 | 12,302 | 0.31 | |||||||||||||||
Borrowings: | |||||||||||||||||||||
Short-term borrowings | 8,485 | 19 | 0.86 | 30,326 | 17 | 0.22 | |||||||||||||||
Long-term borrowings | 729,737 | 4,838 | 2.65 | 1,057,903 | 6,015 | 2.27 | |||||||||||||||
Total borrowings | 738,222 | 4,857 | 2.63 | 1,088,229 | 6,032 | 2.21 | |||||||||||||||
Total interest-bearing liabilities | 14,636,301 | 20,708 | 0.56 | 14,046,032 | 18,334 | 0.52 | |||||||||||||||
Total deposits and borrowings | 17,886,332 | 20,708 | 0.46 | 17,064,699 | 18,334 | 0.43 | |||||||||||||||
Other liabilities | 708,048 | 578,718 | |||||||||||||||||||
Total liabilities | 18,594,380 | 17,643,417 | |||||||||||||||||||
Total TCF Financial Corp. stockholders' equity | 2,409,312 | 2,218,614 | |||||||||||||||||||
Non-controlling interest in subsidiaries | 22,163 | 19,469 | |||||||||||||||||||
Total equity | 2,431,475 | 2,238,083 | |||||||||||||||||||
Total liabilities and equity | $ | 21,025,855 | $ | 19,881,500 | |||||||||||||||||
Net interest income and margin | $ | 214,954 | 4.34 | $ | 206,500 | 4.40 |
(1) | Interest and yields are presented on a fully tax-equivalent basis. |
(2) | Annualized. |
(3) | Average balances and yields of securities available for sale are based upon historical amortized cost and exclude equity securities. |
(4) | The yield on tax-exempt securities available for sale is computed on a tax-equivalent basis using a statutory federal income tax rate of 35% for all periods presented. |
(5) | Average balances of loans and leases include non-accrual loans and leases and are presented net of unearned income. |
(6) | Includes leased equipment and related initial direct costs under operating leases of $138.2 million and $107.5 million for the third quarter of 2016 and 2015, respectively. |
Nine Months Ended September 30, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest(1) | Yields and Rates(1)(2) | Average Balance | Interest(1) | Yields and Rates(1)(2) | |||||||||||||||
Assets: | |||||||||||||||||||||
Investments and other | $ | 334,210 | $ | 6,992 | 2.79 | % | $ | 559,443 | $ | 9,650 | 2.31 | % | |||||||||
Securities held to maturity | 193,780 | 3,484 | 2.40 | 208,891 | 4,150 | 2.65 | |||||||||||||||
Securities available for sale:(3) | |||||||||||||||||||||
Taxable | 695,721 | 11,838 | 2.27 | 548,161 | 10,239 | 2.49 | |||||||||||||||
Tax-exempt(4) | 457,308 | 11,049 | 3.22 | 33,640 | 839 | 3.33 | |||||||||||||||
Loans and leases held for sale | 475,017 | 29,878 | 8.40 | 322,022 | 21,505 | 8.93 | |||||||||||||||
Loans and leases:(5) | |||||||||||||||||||||
Consumer real estate: | |||||||||||||||||||||
Fixed-rate | 2,324,648 | 100,386 | 5.77 | 2,774,523 | 121,044 | 5.83 | |||||||||||||||
Variable-rate | 2,959,168 | 117,625 | 5.31 | 2,853,636 | 109,476 | 5.13 | |||||||||||||||
Total consumer real estate | 5,283,816 | 218,011 | 5.51 | 5,628,159 | 230,520 | 5.48 | |||||||||||||||
Commercial: | |||||||||||||||||||||
Fixed-rate | 979,913 | 36,233 | 4.94 | 1,201,022 | 45,168 | 5.03 | |||||||||||||||
Variable- and adjustable-rate | 2,140,039 | 63,601 | 3.97 | 1,938,947 | 55,972 | 3.86 | |||||||||||||||
Total commercial | 3,119,952 | 99,834 | 4.27 | 3,139,969 | 101,140 | 4.31 | |||||||||||||||
Leasing and equipment finance | 4,057,755 | 135,900 | 4.47 | 3,767,954 | 131,086 | 4.64 | |||||||||||||||
Inventory finance | 2,422,979 | 105,633 | 5.82 | 2,145,535 | 91,671 | 5.71 | |||||||||||||||
Auto finance | 2,708,470 | 83,748 | 4.13 | 2,198,983 | 68,041 | 4.14 | |||||||||||||||
Other | 9,617 | 413 | 5.75 | 10,721 | 555 | 6.92 | |||||||||||||||
Total loans and leases | 17,602,589 | 643,539 | 4.88 | 16,891,321 | 623,013 | 4.93 | |||||||||||||||
Total interest-earning assets | 19,758,625 | 706,780 | 4.78 | 18,563,478 | 669,396 | 4.82 | |||||||||||||||
Other assets(6) | 1,295,913 | 1,220,205 | |||||||||||||||||||
Total assets | $ | 21,054,538 | $ | 19,783,683 | |||||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||
Non-interest bearing deposits: | |||||||||||||||||||||
Retail | $ | 1,780,397 | $ | 1,665,489 | |||||||||||||||||
Small business | 870,024 | 826,581 | |||||||||||||||||||
Commercial and custodial | 575,513 | 501,297 | |||||||||||||||||||
Total non-interest bearing deposits | 3,225,934 | 2,993,367 | |||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Checking | 2,451,330 | 261 | 0.01 | 2,400,338 | 423 | 0.02 | |||||||||||||||
Savings | 4,679,737 | 1,081 | 0.03 | 5,011,341 | 2,539 | 0.07 | |||||||||||||||
Money market | 2,509,033 | 11,663 | 0.62 | 2,236,811 | 10,588 | 0.63 | |||||||||||||||
Certificates of deposit | 4,239,676 | 33,730 | 1.06 | 3,187,577 | 20,904 | 0.88 | |||||||||||||||
Total interest-bearing deposits | 13,879,776 | 46,735 | 0.45 | 12,836,067 | 34,454 | 0.36 | |||||||||||||||
Total deposits | 17,105,710 | 46,735 | 0.36 | 15,829,434 | 34,454 | 0.29 | |||||||||||||||
Borrowings: | |||||||||||||||||||||
Short-term borrowings | 7,718 | 42 | 0.72 | 15,606 | 47 | 0.40 | |||||||||||||||
Long-term borrowings | 877,123 | 15,635 | 2.38 | 1,156,104 | 17,259 | 1.99 | |||||||||||||||
Total borrowings | 884,841 | 15,677 | 2.36 | 1,171,710 | 17,306 | 1.97 | |||||||||||||||
Total interest-bearing liabilities | 14,764,617 | 62,412 | 0.56 | 14,007,777 | 51,760 | 0.49 | |||||||||||||||
Total deposits and borrowings | 17,990,551 | 62,412 | 0.46 | 17,001,144 | 51,760 | 0.41 | |||||||||||||||
Other liabilities | 683,198 | 587,168 | |||||||||||||||||||
Total liabilities | 18,673,749 | 17,588,312 | |||||||||||||||||||
Total TCF Financial Corp. stockholders' equity | 2,358,387 | 2,175,676 | |||||||||||||||||||
Non-controlling interest in subsidiaries | 22,402 | 19,695 | |||||||||||||||||||
Total equity | 2,380,789 | 2,195,371 | |||||||||||||||||||
Total liabilities and equity | $ | 21,054,538 | $ | 19,783,683 | |||||||||||||||||
Net interest income and margin | $ | 644,368 | 4.35 | $ | 617,636 | 4.45 |
(1) | Interest and yields are presented on a fully tax-equivalent basis. |
(2) | Annualized. |
(3) | Average balances and yields of securities available for sale are based upon historical amortized cost and exclude equity securities. |
(4) | The yield on tax-exempt securities available for sale is computed on a tax-equivalent basis using a statutory federal income tax rate of 35% for all periods presented. |
(5) | Average balances of loans and leases include non-accrual loans and leases and are presented net of unearned income. |
(6) | Includes leased equipment and related initial direct costs under operating leases of $134.6 million and $97.5 million for the nine months ended September 30, 2016 and 2015, respectively. |
Three Months Ended September 30, | Change | |||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | $ | % | ||||||||||||||||
Consumer real estate | $ | 1,402 | 10.1 | % | $ | 780 | 7.8 | % | $ | 622 | 79.7 | % | ||||||||
Commercial | 411 | 3.0 | (226 | ) | (2.3 | ) | 637 | N.M. | ||||||||||||
Leasing and equipment finance | 2,367 | 17.0 | 1,389 | 13.9 | 978 | 70.4 | ||||||||||||||
Inventory finance | 335 | 2.4 | 546 | 5.4 | (211 | ) | (38.6 | ) | ||||||||||||
Auto finance | 8,361 | 60.2 | 6,750 | 67.4 | 1,611 | 23.9 | ||||||||||||||
Other | 1,018 | 7.3 | 779 | 7.8 | 239 | 30.7 | ||||||||||||||
Total | $ | 13,894 | 100.0 | % | $ | 10,018 | 100.0 | % | $ | 3,876 | 38.7 | |||||||||
Nine Months Ended September 30, | Change | |||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | $ | % | ||||||||||||||||
Consumer real estate | $ | 8,963 | 19.5 | % | $ | 8,660 | 24.5 | % | $ | 303 | 3.5 | % | ||||||||
Commercial | 1,801 | 3.9 | (295 | ) | (0.8 | ) | 2,096 | N.M. | ||||||||||||
Leasing and equipment finance | 5,922 | 12.9 | 2,973 | 8.4 | 2,949 | 99.2 | ||||||||||||||
Inventory finance | 1,925 | 4.2 | 2,627 | 7.4 | (702 | ) | (26.7 | ) | ||||||||||||
Auto finance | 26,001 | 56.5 | 20,186 | 57.1 | 5,815 | 28.8 | ||||||||||||||
Other | 1,374 | 3.0 | 1,186 | 3.4 | 188 | 15.9 | ||||||||||||||
Total | $ | 45,986 | 100.0 | % | $ | 35,337 | 100.0 | % | $ | 10,649 | 30.1 |
At September 30, 2016 | At December 31, 2015 | ||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Tax-equivalent Yield | Amortized Cost | Fair Value | Tax-equivalent Yield | |||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Due in one year or less | $ | 1 | $ | 1 | 8.21 | % | $ | 1 | $ | 1 | 9.00 | % | |||||||||
Due in 1-5 years | 22 | 22 | 2.21 | 38 | 38 | 2.65 | |||||||||||||||
Due in 5-10 years | 58,094 | 59,140 | 1.93 | 70,338 | 70,350 | 1.93 | |||||||||||||||
Due after 10 years | 733,113 | 746,134 | 2.26 | 557,178 | 551,575 | 2.46 | |||||||||||||||
Obligations of states and political subdivisions: | |||||||||||||||||||||
Due in 5-10 years | 249,718 | 261,189 | 3.15 | 198,300 | 202,161 | 3.19 | |||||||||||||||
Due after 10 years | 347,876 | 353,335 | 3.18 | 63,889 | 64,760 | 3.40 | |||||||||||||||
Total securities available for sale | $ | 1,388,824 | $ | 1,419,821 | 2.64 | $ | 889,744 | $ | 888,885 | 2.65 | |||||||||||
Securities held to maturity: | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Due after 10 years | $ | 182,430 | $ | 194,556 | 2.58 | % | $ | 198,520 | $ | 203,553 | 2.64 | % | |||||||||
Other securities: | |||||||||||||||||||||
Due in one year or less | — | — | — | 100 | 100 | 2.00 | |||||||||||||||
Due in 1-5 years | 1,200 | 1,200 | 2.92 | 1,900 | 1,900 | 2.63 | |||||||||||||||
Due in 5-10 years | 1,600 | 1,600 | 3.25 | 1,400 | 1,400 | 3.36 | |||||||||||||||
Total securities held to maturity | $ | 185,230 | $ | 197,356 | 2.59 | $ | 201,920 | $ | 206,953 | 2.64 |
At September 30, 2016 | At December 31, 2015 | Change | ||||||||||||||||||
(Dollars in thousands) | Amount | % of Total | Amount | % of Total | $ | % | ||||||||||||||
Consumer real estate: | ||||||||||||||||||||
First mortgage lien | $ | 2,313,044 | 13.3 | % | $ | 2,624,956 | 15.0 | % | $ | (311,912 | ) | (11.9 | )% | |||||||
Junior lien | 2,674,280 | 15.4 | 2,839,316 | 16.3 | (165,036 | ) | (5.8 | ) | ||||||||||||
Total consumer real estate | 4,987,324 | 28.7 | 5,464,272 | 31.3 | (476,948 | ) | (8.7 | ) | ||||||||||||
Commercial: | ||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Permanent | 2,214,685 | 12.8 | 2,267,218 | 13.0 | (52,533 | ) | (2.3 | ) | ||||||||||||
Construction and development | 301,363 | 1.7 | 326,211 | 1.9 | (24,848 | ) | (7.6 | ) | ||||||||||||
Total commercial real estate | 2,516,048 | 14.5 | 2,593,429 | 14.9 | (77,381 | ) | (3.0 | ) | ||||||||||||
Commercial business | 634,151 | 3.6 | 552,403 | 3.2 | 81,748 | 14.8 | ||||||||||||||
Total commercial | 3,150,199 | 18.1 | 3,145,832 | 18.1 | 4,367 | 0.1 | ||||||||||||||
Leasing and equipment finance | 4,236,224 | 24.4 | 4,012,248 | 23.0 | 223,976 | 5.6 | ||||||||||||||
Inventory finance | 2,261,086 | 13.0 | 2,146,754 | 12.3 | 114,332 | 5.3 | ||||||||||||||
Auto finance | 2,731,900 | 15.7 | 2,647,596 | 15.2 | 84,304 | 3.2 | ||||||||||||||
Other | 17,886 | 0.1 | 19,297 | 0.1 | (1,411 | ) | (7.3 | ) | ||||||||||||
Total loans and leases | $ | 17,384,619 | 100.0 | % | $ | 17,435,999 | 100.0 | % | (51,380 | ) | (0.3 | ) |
At September 30, 2016 | At December 31, 2015 | ||||||||||||
(Dollars in thousands) | 60 Days or More Delinquent and Accruing | Percentage of Portfolio | 60 Days or More Delinquent and Accruing | Percentage of Portfolio | |||||||||
Consumer real estate: | |||||||||||||
First mortgage lien | $ | 6,489 | 0.33 | % | $ | 10,248 | 0.46 | % | |||||
Junior lien | 696 | 0.03 | 1,519 | 0.05 | |||||||||
Total consumer real estate | 7,185 | 0.16 | 11,767 | 0.23 | |||||||||
Commercial | 258 | 0.01 | 1 | — | |||||||||
Leasing and equipment finance | 6,086 | 0.14 | 2,292 | 0.06 | |||||||||
Inventory finance | 210 | 0.01 | 118 | 0.01 | |||||||||
Auto finance | 5,415 | 0.20 | 3,573 | 0.14 | |||||||||
Other | 8 | 0.06 | 20 | 0.13 | |||||||||
Subtotal | 19,162 | 0.11 | 17,771 | 0.11 | |||||||||
Delinquencies in acquired portfolios | 1,400 | 0.48 | 1,318 | 0.41 | |||||||||
Total | $ | 20,562 | 0.12 | $ | 19,089 | 0.11 |
(Dollars in thousands) | At September 30, 2016 | December 31, 2015 | |||||
Consumer real estate | $ | 101,911 | $ | 106,787 | |||
Commercial | 21,484 | 24,731 | |||||
Leasing and equipment finance | 4,347 | 2,904 | |||||
Inventory finance | — | 51 | |||||
Auto finance | 1,976 | 799 | |||||
Other | 8 | 11 | |||||
Total | $ | 129,726 | $ | 135,283 | |||
Over 60-day delinquency as a percentage of total accruing TDR loans | 0.86 | % | 1.54 | % |
(Dollars in thousands) | At September 30, 2016 | At December 31, 2015 | |||||
Consumer real estate: | |||||||
First mortgage lien | $ | 113,239 | $ | 124,156 | |||
Junior lien | 46,179 | 44,113 | |||||
Total consumer real estate | 159,418 | 168,269 | |||||
Commercial: | |||||||
Commercial real estate | 5,593 | 6,737 | |||||
Commercial business | 3,589 | 3,588 | |||||
Total commercial | 9,182 | 10,325 | |||||
Leasing and equipment finance | 12,288 | 11,262 | |||||
Inventory finance | 1,573 | 1,098 | |||||
Auto finance | 7,581 | 9,509 | |||||
Other | 5 | 3 | |||||
Total non-accrual loans and leases | 190,047 | 200,466 | |||||
Other real estate owned | 33,712 | 49,982 | |||||
Total non-accrual loans and leases and other real estate owned | $ | 223,759 | $ | 250,448 | |||
Non-accrual loans and leases as a percentage of total loans and leases | 1.09 | % | 1.15 | % | |||
Non-accrual loans and leases and other real estate owned as a percentage of total loans and leases and other real estate owned | 1.28 | 1.43 | |||||
Allowance for loan and lease losses as a percentage of non-accrual loans and leases | 82.00 | 77.85 |
(In thousands) | At September 30, 2016 | At December 31, 2015 | |||||
Consumer real estate | $ | 75,821 | $ | 79,055 | |||
Commercial | 5,435 | 7,016 | |||||
Leasing and equipment finance | 642 | 641 | |||||
Inventory finance | 312 | 172 | |||||
Auto finance | 6,065 | 8,440 | |||||
Total | $ | 88,275 | $ | 95,324 |
At or For the Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||
(In thousands) | Consumer Real Estate | Commercial | Leasing and Equipment Finance | Inventory Finance | Auto Finance | Other | Total | ||||||||||||||||||||
Balance, beginning of period | $ | 163,589 | $ | 9,822 | $ | 13,156 | $ | 645 | $ | 8,327 | $ | 3 | $ | 195,542 | |||||||||||||
Additions | 19,981 | — | 4,122 | 3,134 | 1,366 | 94 | 28,697 | ||||||||||||||||||||
(Charge-offs) recoveries | (2,707 | ) | 2 | (1,740 | ) | (280 | ) | (871 | ) | (74 | ) | (5,670 | ) | ||||||||||||||
Transfers to other assets | (10,226 | ) | — | (1,228 | ) | — | (233 | ) | — | (11,687 | ) | ||||||||||||||||
Return to accrual status | (4,170 | ) | — | (1,013 | ) | (264 | ) | — | — | (5,447 | ) | ||||||||||||||||
Payments received | (6,942 | ) | (3,211 | ) | (1,009 | ) | (1,657 | ) | (1,008 | ) | (18 | ) | (13,845 | ) | |||||||||||||
Other, net | (107 | ) | 2,569 | — | (5 | ) | — | — | 2,457 | ||||||||||||||||||
Balance, end of period | $ | 159,418 | $ | 9,182 | $ | 12,288 | $ | 1,573 | $ | 7,581 | $ | 5 | $ | 190,047 |
At or For the Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||
(In thousands) | Consumer Real Estate | Commercial | Leasing and Equipment Finance | Inventory Finance | Auto Finance | Other | Total | ||||||||||||||||||||
Balance, beginning of period | $ | 168,269 | $ | 10,325 | $ | 11,262 | $ | 1,098 | $ | 9,509 | $ | 3 | $ | 200,466 | |||||||||||||
Additions | 70,108 | 5,325 | 15,985 | 6,256 | 4,181 | 151 | 102,006 | ||||||||||||||||||||
(Charge-offs) recoveries | (10,468 | ) | (646 | ) | (4,070 | ) | (1,156 | ) | (2,139 | ) | (102 | ) | (18,581 | ) | |||||||||||||
Transfers to other assets | (30,004 | ) | — | (3,203 | ) | (166 | ) | (966 | ) | — | (34,339 | ) | |||||||||||||||
Return to accrual status | (17,027 | ) | — | (1,966 | ) | (839 | ) | — | — | (19,832 | ) | ||||||||||||||||
Payments received | (21,282 | ) | (13,451 | ) | (5,720 | ) | (3,725 | ) | (2,945 | ) | (47 | ) | (47,170 | ) | |||||||||||||
Sales | — | (900 | ) | — | — | — | — | (900 | ) | ||||||||||||||||||
Other, net | (178 | ) | 8,529 | — | 105 | (59 | ) | — | 8,397 | ||||||||||||||||||
Balance, end of period | $ | 159,418 | $ | 9,182 | $ | 12,288 | $ | 1,573 | $ | 7,581 | $ | 5 | $ | 190,047 |
At September 30, 2016 | |||||||||||||||||||||||||||
Accruing Non-classified | Accruing Classified | Total Accruing | Total Non-accrual | Total Loans and Leases | |||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | |||||||||||||||||||||||
Consumer real estate | $ | 4,767,057 | $ | 47,218 | $ | 13,631 | $ | — | $ | 4,827,906 | $ | 159,418 | $ | 4,987,324 | |||||||||||||
Commercial | 3,059,374 | 46,394 | 35,249 | — | 3,141,017 | 9,182 | 3,150,199 | ||||||||||||||||||||
Leasing and equipment finance | 4,173,242 | 25,748 | 24,946 | — | 4,223,936 | 12,288 | 4,236,224 | ||||||||||||||||||||
Inventory finance | 2,002,714 | 126,579 | 130,220 | — | 2,259,513 | 1,573 | 2,261,086 | ||||||||||||||||||||
Auto finance | 2,715,690 | 184 | 8,445 | — | 2,724,319 | 7,581 | 2,731,900 | ||||||||||||||||||||
Other | 17,872 | — | 9 | — | 17,881 | 5 | 17,886 | ||||||||||||||||||||
Total loans and leases | $ | 16,735,949 | $ | 246,123 | $ | 212,500 | $ | — | $ | 17,194,572 | $ | 190,047 | $ | 17,384,619 | |||||||||||||
Percent of total loans and leases | 96.3 | % | 1.4 | % | 1.2 | % | — | % | 98.9 | % | 1.1 | % | 100.0 | % |
At December 31, 2015 | |||||||||||||||||||||||||||
Accruing Non-classified | Accruing Classified | Total Accruing | Total Non-accrual | Total Loans and Leases | |||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | |||||||||||||||||||||||
Consumer real estate | $ | 5,210,975 | $ | 62,722 | $ | 22,306 | $ | — | $ | 5,296,003 | $ | 168,269 | $ | 5,464,272 | |||||||||||||
Commercial | 3,035,320 | 65,382 | 34,805 | — | 3,135,507 | 10,325 | 3,145,832 | ||||||||||||||||||||
Leasing and equipment finance | 3,969,191 | 19,806 | 11,989 | — | 4,000,986 | 11,262 | 4,012,248 | ||||||||||||||||||||
Inventory finance | 1,887,505 | 138,945 | 119,206 | — | 2,145,656 | 1,098 | 2,146,754 | ||||||||||||||||||||
Auto finance | 2,632,589 | — | 5,498 | — | 2,638,087 | 9,509 | 2,647,596 | ||||||||||||||||||||
Other | 19,274 | — | 20 | — | 19,294 | 3 | 19,297 | ||||||||||||||||||||
Total loans and leases | $ | 16,754,854 | $ | 286,855 | $ | 193,824 | $ | — | $ | 17,235,533 | $ | 200,466 | $ | 17,435,999 | |||||||||||||
Percent of total loans and leases | 96.1 | % | 1.7 | % | 1.1 | % | — | % | 98.9 | % | 1.1 | % | 100.0 | % |
At September 30, 2016 | At December 31, 2015 | ||||||||||||
(Dollars in thousands) | Credit Loss Reserves | Percentage of Portfolio | Credit Loss Reserves | Percentage of Portfolio | |||||||||
Consumer real estate: | |||||||||||||
First mortgage lien | $ | 36,005 | 1.56 | % | $ | 36,888 | 1.41 | % | |||||
Junior lien | 26,087 | 0.98 | 31,104 | 1.10 | |||||||||
Consumer real estate | 62,092 | 1.24 | 67,992 | 1.24 | |||||||||
Commercial: | |||||||||||||
Commercial real estate | 22,140 | 0.88 | 22,215 | 0.86 | |||||||||
Commercial business | 9,508 | 1.50 | 7,970 | 1.44 | |||||||||
Total commercial | 31,648 | 1.00 | 30,185 | 0.96 | |||||||||
Leasing and equipment finance | 20,649 | 0.49 | 19,018 | 0.47 | |||||||||
Inventory finance | 11,807 | 0.52 | 11,128 | 0.52 | |||||||||
Auto finance | 29,115 | 1.07 | 26,486 | 1.00 | |||||||||
Other | 530 | 2.96 | 1,245 | 6.45 | |||||||||
Total allowance for loan and lease losses | 155,841 | 0.90 | 156,054 | 0.90 | |||||||||
Other credit loss reserves: | |||||||||||||
Reserves for unfunded commitments | 1,018 | N.A. | 1,044 | N.A. | |||||||||
Total credit loss reserves | $ | 156,859 | 0.90 | $ | 157,098 | 0.90 |
(In thousands) | At September 30, 2016 | At December 31, 2015 | |||||
Other real estate owned:(1) | |||||||
Consumer real estate | $ | 26,785 | $ | 42,912 | |||
Commercial real estate | 6,927 | 7,070 | |||||
Total other real estate owned | 33,712 | 49,982 | |||||
Repossessed and returned assets | 8,831 | 7,969 | |||||
Total other real estate owned and repossessed and returned assets | $ | 42,543 | $ | 57,951 |
(1) | Includes properties owned and foreclosed properties subject to redemption. |
At or For the Three Months Ended September 30, 2016 | |||||||||||
(In thousands) | Consumer | Commercial | Total | ||||||||
Balance, beginning of period | $ | 29,190 | $ | 7,602 | $ | 36,792 | |||||
Transferred in, net of charge-offs | 10,124 | — | 10,124 | ||||||||
Sales | (11,366 | ) | (1,631 | ) | (12,997 | ) | |||||
Write-downs | (1,912 | ) | (72 | ) | (1,984 | ) | |||||
Other, net | 749 | 1,028 | 1,777 | ||||||||
Balance, end of period | $ | 26,785 | $ | 6,927 | $ | 33,712 | |||||
At or For the Nine Months Ended September 30, 2016 | |||||||||||
(In thousands) | Consumer | Commercial | Total | ||||||||
Balance, beginning of period | $ | 42,912 | $ | 7,070 | $ | 49,982 | |||||
Transferred in, net of charge-offs | 30,360 | — | 30,360 | ||||||||
Sales | (42,861 | ) | (5,079 | ) | (47,940 | ) | |||||
Write-downs | (5,984 | ) | (771 | ) | (6,755 | ) | |||||
Other, net | 2,358 | 5,707 | 8,065 | ||||||||
Balance, end of period | $ | 26,785 | $ | 6,927 | $ | 33,712 |
(Dollars in thousands) | At September 30, 2016 | At December 31, 2015 | ||||||
Computation of tangible common equity to tangible assets: | ||||||||
Total equity | $ | 2,452,380 | $ | 2,306,917 | ||||
Less: Non-controlling interest in subsidiaries | 18,926 | 16,001 | ||||||
Total TCF Financial Corporation stockholders' equity | 2,433,454 | 2,290,916 | ||||||
Less: Preferred stock | 263,240 | 263,240 | ||||||
Total common stockholders' equity | (a) | 2,170,214 | 2,027,676 | |||||
Less: | ||||||||
Goodwill | 225,640 | 225,640 | ||||||
Other intangibles(1) | 2,028 | 3,126 | ||||||
Tangible common equity | (b) | $ | 1,942,546 | $ | 1,798,910 | |||
Total assets | (c) | $ | 21,084,156 | $ | 20,689,609 | |||
Less: | ||||||||
Goodwill | 225,640 | 225,640 | ||||||
Other intangibles(1) | 2,028 | 3,126 | ||||||
Tangible assets | (d) | $ | 20,856,488 | $ | 20,460,843 | |||
Common equity to assets | (a) / (c) | 10.29 | % | 9.80 | % | |||
Tangible common equity to tangible assets | (b) / (d) | 9.31 | % | 8.79 | % |
(1) | Includes non-mortgage servicing assets. |
Impact on Net Interest Income | |||||||||||
(Dollars in millions) | September 30, 2016 | December 31, 2015 | |||||||||
Immediate Change in Interest Rates: | |||||||||||
+200 basis points | $ | 100.0 | 11.6 | % | $ | 93.9 | 11.1 | % | |||
+100 basis points | 53.6 | 6.2 | 50.4 | 5.9 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Maximum Number of Shares that May Yet be Purchased Under the Plan | ||||||||
July 1 to July 31, 2016 | ||||||||||||
Share repurchase program(1) | — | $ | — | — | 5,384,130 | |||||||
Employee transactions(2) | 1,148 | $ | 12.47 | N.A. | N.A. | |||||||
August 1 to August 31, 2016 | ||||||||||||
Share repurchase program(1) | — | $ | — | — | 5,384,130 | |||||||
Employee transactions(2) | 8,649 | $ | 13.63 | N.A. | N.A. | |||||||
September 1 to September 30, 2016 | ||||||||||||
Share repurchase program(1) | — | $ | — | — | 5,384,130 | |||||||
Employee transactions(2) | — | $ | — | N.A. | N.A. | |||||||
Total | ||||||||||||
Share repurchase program(1) | — | $ | — | — | 5,384,130 | |||||||
Employee transactions(2) | 9,797 | $ | 13.50 | N.A. | N.A. |
(1) | The current share repurchase authorization was approved by the Board of Directors on April 14, 2007 and was announced in a press release dated April 16, 2007. The authorization was for a repurchase of up to an additional 5% of TCF's common stock outstanding at the time of the authorization, or 6.5 million shares. TCF has not repurchased shares since October 2007. Future repurchases will be based upon capital levels, growth expectations and market opportunities and may be subject to regulatory approval. The ability to repurchase shares in the future may be adversely affected by new legislation or regulations or by changes in regulatory policies. This authorization does not have an expiration date. |
(2) | Represents restricted stock withheld pursuant to the terms of awards granted on or prior to April 22, 2015 under the TCF Financial Incentive Stock Program to offset tax withholding obligations that occur upon vesting and release of restricted stock. The TCF Financial Incentive Stock Program provides that the value of shares withheld shall be the average of the high and low prices of common stock of TCF Financial Corporation on the date the relevant transaction occurs. |
TCF FINANCIAL CORPORATION | ||
/s/ Craig R. Dahl | ||
Craig R. Dahl, | ||
Vice Chairman, President and Chief Executive Officer | ||
(Principal Executive Officer) | ||
/s/ Brian W. Maass | ||
Brian W. Maass, | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial Officer) | ||
/s/ Susan D. Bode | ||
Susan D. Bode, | ||
Senior Vice President and Chief Accounting Officer | ||
(Principal Accounting Officer) |
Exhibit Number | Description | |
3.1 | Amended and Restated Bylaws [incorporated by reference to Exhibit 3.1 to TCF Financial Corporation's Current Report on Form 8-K filed on July 26, 2016 (No. 161784576)] | |
31.1# | Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2# | Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1# | Certification of the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2# | Certification of the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101# | Financial statements from the Quarterly Report on Form 10-Q of the Company for the period ended September 30, 2016, formatted in XBRL: (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements |
1. | I have reviewed this Quarterly Report on Form 10-Q of TCF Financial Corporation for the quarter ended September 30, 2016; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Craig R. Dahl | ||
Craig R. Dahl | ||
Vice Chairman, President and Chief Executive Officer | ||
(Principal Executive Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of TCF Financial Corporation for the quarter ended September 30, 2016; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Brian W. Maass | ||
Brian W. Maass | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial Officer) |
1. | This statement is provided pursuant to 18 U.S.C. § 1350 in connection with the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 (the “Periodic Report”); |
2. | The Periodic Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
3. | The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods indicated therein. |
/s/ Craig R. Dahl | ||
Craig R. Dahl | ||
Vice Chairman, President and Chief Executive Officer | ||
(Principal Executive Officer) |
* | A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to TCF Financial Corporation and will be retained by TCF Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request. |
1. | This statement is provided pursuant to 18 U.S.C. § 1350 in connection with the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 (the “Periodic Report”); |
2. | The Periodic Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
3. | The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods indicated therein. |
/s/ Brian W. Maass | ||
Brian W. Maass | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial Officer) |
* | A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to TCF Financial Corporation and will be retained by TCF Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request. |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 27, 2016 |
|
Document and Entity Information | ||
Entity Registrant Name | TCF FINANCIAL CORP | |
Entity Central Index Key | 0000814184 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 170,998,862 |
Consolidated Statements of Financial Condition (Parenthetical) - $ / shares |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 30,000,000 | 30,000,000 |
Preferred stock, shares issued (shares) | 4,006,900 | 4,006,900 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 280,000,000 | 280,000,000 |
Common stock, shares issued (shares) | 170,993,800 | 169,887,030 |
Treasury stock at cost, shares (shares) | 42,566 | 42,566 |
Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Interest income: | ||||
Loans and leases | $ 210,765 | $ 207,250 | $ 639,698 | $ 620,390 |
Securities available for sale | 7,126 | 4,161 | 19,020 | 10,784 |
Securities held to maturity | 1,049 | 1,361 | 3,484 | 4,150 |
Investments and other | 13,786 | 10,832 | 36,870 | 31,155 |
Total interest income | 232,726 | 223,604 | 699,072 | 666,479 |
Interest expense: | ||||
Deposits | 15,851 | 12,302 | 46,735 | 34,454 |
Borrowings | 4,857 | 6,032 | 15,677 | 17,306 |
Total interest expense | 20,708 | 18,334 | 62,412 | 51,760 |
Net interest income | 212,018 | 205,270 | 636,660 | 614,719 |
Provision for credit losses | 13,894 | 10,018 | 45,986 | 35,337 |
Net interest income after provision for credit losses | 198,124 | 195,252 | 590,674 | 579,382 |
Non-interest income: | ||||
Fees and service charges | 35,093 | 36,991 | 102,532 | 107,258 |
Card revenue | 13,747 | 13,803 | 41,193 | 40,606 |
ATM revenue | 5,330 | 5,739 | 15,639 | 16,401 |
Subtotal | 54,170 | 56,533 | 159,364 | 164,265 |
Gains on sales of auto loans, net | 11,624 | 10,423 | 33,687 | 27,444 |
Gains on sales of consumer real estate loans, net | 13,528 | 7,143 | 33,751 | 27,860 |
Servicing fee income | 10,393 | 8,049 | 28,778 | 22,607 |
Subtotal | 35,545 | 25,615 | 96,216 | 77,911 |
Leasing and equipment finance | 28,289 | 27,165 | 87,850 | 75,774 |
Other | 2,270 | 3,070 | 7,518 | 8,657 |
Fees and other revenue | 120,274 | 112,383 | 350,948 | 326,607 |
Gains (losses) on securities, net | (600) | (131) | (716) | (268) |
Total non-interest income | 119,674 | 112,252 | 350,232 | 326,339 |
Non-interest expense: | ||||
Compensation and employee benefits | 117,155 | 116,708 | 359,721 | 348,682 |
Occupancy and equipment | 37,938 | 34,159 | 111,830 | 107,138 |
FDIC insurance | 4,082 | 4,832 | 11,946 | 15,089 |
Advertising and marketing | 5,488 | 5,793 | 17,053 | 17,466 |
Other | 49,851 | 45,750 | 143,186 | 139,770 |
Subtotal | 214,514 | 207,242 | 643,736 | 628,145 |
Operating lease depreciation | 10,038 | 9,485 | 29,453 | 25,801 |
Foreclosed real estate and repossessed assets, net | 4,243 | 5,680 | 11,298 | 18,253 |
Other credit costs, net | 83 | (123) | 41 | (39) |
Total non-interest expense | 228,878 | 222,284 | 684,528 | 672,160 |
Income before income tax expense | 88,920 | 85,220 | 256,378 | 233,561 |
Income tax expense | 30,257 | 30,528 | 86,766 | 82,258 |
Income after income tax expense | 58,663 | 54,692 | 169,612 | 151,303 |
Income attributable to non-controlling interest | 2,371 | 2,117 | 7,580 | 6,672 |
Net income attributable to TCF Financial Corporation | 56,292 | 52,575 | 162,032 | 144,631 |
Preferred stock dividends | 4,847 | 4,847 | 14,541 | 14,541 |
Net income available to common stockholders | $ 51,445 | $ 47,728 | $ 147,491 | $ 130,090 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.31 | $ 0.29 | $ 0.88 | $ 0.79 |
Diluted (in dollars per share) | $ 0.31 | $ 0.29 | $ 0.88 | $ 0.78 |
Basis of Presentation (Notes) |
9 Months Ended |
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Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation TCF Financial Corporation (together with its direct and indirect subsidiaries, "we," "us," "our," "TCF" or the "Company"), a Delaware corporation, is a national bank holding company based in Wayzata, Minnesota. References herein to "TCF Financial" or the "Holding Company" refer to TCF Financial Corporation on an unconsolidated basis. TCF's principal subsidiary, TCF National Bank ("TCF Bank"), is headquartered in Sioux Falls, South Dakota. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore do not include all of the information and notes necessary for complete financial statements in conformity with U.S. generally accepted accounting principles ("GAAP"). The information in this Quarterly Report on Form 10-Q is written with the presumption that the users of the interim financial statements have read or have access to the Company's most recent Annual Report on Form 10-K, which contains the latest audited financial statements and notes thereto, together with Management's Discussion and Analysis of Financial Condition and Results of Operations at December 31, 2015, and for the year then ended. All significant intercompany accounts and transactions have been eliminated in consolidation. Accounting policies in effect at December 31, 2015 remain significantly unchanged and have been followed similarly as in previous periods. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited consolidated financial statements contain all the significant adjustments, consisting of normal recurring items, considered necessary for fair presentation. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. Effective January 1, 2016, the Company retrospectively adopted Accounting Standards Update ("ASU") No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which required that debt issuance costs be presented as a direct deduction from debt. Accordingly, the Company reclassified unamortized debt issuance costs of $2.1 million from Other assets to a reduction in Long-term borrowings on the Consolidated Statement of Financial Condition as of December 31, 2015. The adoption of this ASU did not impact results of operations, retained earnings or cash flows. Effective January 1, 2016, the Company changed its reportable segments to align with the way the Company is now managed. The revised presentation of previously reported segment data has been applied retroactively to all periods presented in these financial statements. The new reportable segments are Consumer Banking, Wholesale Banking and Enterprise Services. Previously, the Company's reportable segments were Lending, Funding and Support Services. The reportable segments follow GAAP as described in Note 1, Summary of Significant Accounting Policies, in Item 8 of TCF's 2015 Annual Report on Form 10-K, except for the accounting for intercompany interest income and interest expense, which are eliminated in consolidation, and presenting net interest income on a fully tax-equivalent basis. See Note 16, Business Segments for a description of the new segments. |
Cash and Due from Banks |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Due from Banks | Cash and Due from Banks At September 30, 2016 and December 31, 2015, TCF Bank was required by Federal Reserve regulations to maintain reserves of $103.8 million and $101.6 million, respectively, in cash on hand or at the Federal Reserve Bank. TCF maintains cash balances that are restricted as to their use in accordance with certain contractual agreements primarily related to the sale and servicing of auto loans. Cash payments received on loans serviced for third parties are generally held in separate accounts until remitted. TCF may also retain cash balances for collateral on certain borrowings, forward foreign exchange contracts, interest rate contracts and other contracts. TCF maintained restricted cash totaling $51.2 million and $58.3 million at September 30, 2016 and December 31, 2015, respectively. TCF had cash held in interest-bearing accounts of $398.0 million and $609.5 million at September 30, 2016 and December 31, 2015, respectively. |
Securities Available for Sale and Securities Held to Maturity |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale and Securities Held to Maturity | Securities Available for Sale and Securities Held to Maturity Securities consisted of the following:
There were no sales of securities available for sale during the third quarter and first nine months of 2016. During the third quarter and first nine months of 2015, TCF sold $0.2 million of securities available for sale and received cash proceeds of $0.2 million. At September 30, 2016 and December 31, 2015, mortgage-backed securities with a carrying value of $8.5 million and $17.1 million, respectively, were pledged as collateral to secure certain deposits and borrowings. There were no impairment charges recognized on securities available for sale during the third quarter and first nine months of 2016 and 2015. Unrealized losses on securities available for sale are due to changes in interest rates. TCF has the ability and intent to hold these investments until a recovery of fair value occurs. TCF recorded $0.6 million and $0.7 million of impairment charges for the third quarter and first nine months of 2016, respectively, on securities held to maturity compared with $0.2 million and $0.3 million for the same periods in 2015. The following tables show the gross unrealized losses and fair value of securities available for sale and securities held to maturity at September 30, 2016 and December 31, 2015, aggregated by investment category and the length of time the securities were in a continuous loss position:
The amortized cost and fair value of securities available for sale and securities held to maturity by final contractual maturity at September 30, 2016 and December 31, 2015 are shown below. The remaining contractual principal maturities do not consider possible prepayments. Remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay.
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Loans and Leases |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases | Loans and Leases Loans and leases consisted of the following:
The consumer real estate junior lien portfolio was comprised of $2.4 billion of home equity lines of credit ("HELOCs") and $292.2 million of amortizing consumer real estate junior lien mortgage loans at September 30, 2016, compared with $2.5 billion and $345.3 million at December 31, 2015, respectively. At both September 30, 2016 and December 31, 2015, $1.8 billion of the consumer real estate junior lien HELOCs had a 10-year interest-only draw period and a 20-year amortization repayment period and all were within the 10-year interest-only draw period and will not convert to amortizing loans until the year 2021 or later. At September 30, 2016 and December 31, 2015, $561.4 million and $664.5 million, respectively, of the consumer real estate junior lien HELOCs were interest-only revolving draw loans with no defined amortization period and original draw periods of 5 to 40 years. As of September 30, 2016, 18.2% of these loans mature prior to the year 2021. The following table summarizes the carrying value of consumer real estate loans and consumer auto loans sold with servicing retained, cash received, securitization receivable recorded, interest-only strips received and recognized net gains for the three and nine months ended September 30, 2016 and 2015. No servicing assets or liabilities related to consumer real estate or consumer auto loans were recorded within TCF's Consolidated Statements of Financial Condition, as the contractual servicing fees are adequate to compensate TCF for its servicing responsibilities based on the amount demanded by the marketplace.
TCF has two consumer real estate loan sale programs; one that sells nationally originated consumer real estate junior lien loans and the other that originates first mortgage lien loans in our primary banking markets and sells the loans through a correspondent relationship. Included in the consumer real estate recognized net gains for the third quarter and first nine months of 2016 were $2.1 million and $5.7 million, respectively, on the recorded investments of $95.9 million and $257.5 million, respectively, in first mortgage lien loans sold related to the correspondent lending program, including accrued interest. Included in the consumer real estate recognized net gains for the third quarter and first nine months of 2015 were $1.7 million and $4.7 million, respectively, on the recorded investments of $76.7 million and $212.9 million, respectively, in first mortgage lien loans sold related to the correspondent lending program, including accrued interest. Included in the consumer auto loans sold in the table above are amounts related to the completion of securitizations. During the third quarter and first nine months of 2016, TCF transferred the recorded investment of $519.3 million and $933.6 million, respectively, in consumer auto loans, including accrued interest, with servicing retained, to trusts in securitization transactions, received net sales proceeds of $525.7 million and $926.0 million, respectively, recorded a securitization receivable of $18.6 million in the first nine months of 2016 and recognized net gains of $6.4 million and $11.0 million, respectively, which qualified for sale accounting. During the third quarter and first nine months of 2015, TCF transferred the recorded investment of $441.5 million and $880.8 million, respectively, in consumer auto loans, including accrued interest, with servicing retained, to trusts in securitization transactions, received net sales proceeds of $452.2 million and $902.8 million, respectively, and recognized net gains of $10.8 million and $22.0 million, respectively, which qualified for sale accounting. These trusts are considered variable interest entities due to their limited capitalization and special purpose nature. TCF has concluded it is not the primary beneficiary of the trusts and they are not consolidated. Total interest-only strips and the contractual liabilities related to loan sales are shown below.
TCF recorded $0.2 million and $0.8 million of impairment charges on consumer real estate loan interest-only strips for the third quarter and first nine months of 2016, respectively, compared with none for the same periods in 2015. TCF recorded $2.3 million of impairment charges on consumer auto loan interest-only strips for both the third quarter and first nine months of 2016, compared with $0.4 million and $0.9 million for the same periods in 2015. TCF's agreements to sell auto and consumer real estate loans typically contain certain representations and warranties regarding the loans sold. These representations and warranties generally relate to, among other things, the ownership of the loan, the validity, priority and perfection of the lien securing the loan, accuracy of information supplied to the buyer, the loan's compliance with the criteria set forth in the agreement, payment delinquency and compliance with applicable laws and regulations. TCF may be required to repurchase loans in the event of an unremedied breach of these representations or warranties. During the nine months ended September 30, 2016 and 2015, losses related to repurchases pursuant to such representations and warranties were immaterial. The majority of such repurchases were of consumer auto loans where TCF typically has contractual agreements with the automobile dealerships that originated the loans requiring the dealers to repurchase such contracts from TCF. |
Allowance for Loan and Lease Losses and Credit Quality Information |
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Allowance for Loan and Lease Losses and Credit Quality Information | Allowance for Loan and Lease Losses and Credit Quality Information The following tables provide the allowance for loan and lease losses and other related information. TCF's key credit quality indicator is the receivable's payment performance status, defined as accruing or non-accruing.
The following tables provide information regarding the allowance for loan and lease losses and balances by type of allowance methodology:
Accruing and Non-accrual Loans and Leases The following tables set forth information regarding TCF's accruing and non-accrual loans and leases. Non-accrual loans and leases are those which management believes have a higher risk of loss. Delinquent balances are determined based on the contractual terms of the loan or lease.
The following table provides interest income recognized on loans and leases in non-accrual status and contractual interest that would have been recorded had the loans and leases performed in accordance with their original contractual terms:
The following table provides information regarding consumer real estate loans to customers currently involved in ongoing Chapter 7 or Chapter 13 bankruptcy proceedings which have not yet been discharged, dismissed or completed:
Loan Modifications for Borrowers with Financial Difficulties Included within loans and leases in the previous tables are certain loans that have been modified in order to maximize collection of loan balances. If, for economic or legal reasons related to the customer's financial difficulties, TCF grants a concession, the modified loan is classified as a troubled debt restructuring ("TDR") loan. All loans classified as TDR loans are considered to be impaired. TDR loans consist primarily of consumer real estate and commercial loans. Total TDR loans at September 30, 2016 and December 31, 2015 were $218.0 million and $230.6 million, respectively, of which $129.7 million and $135.3 million, respectively, were accruing. TCF held consumer real estate TDR loans of $177.7 million and $185.8 million at September 30, 2016 and December 31, 2015, respectively, of which $101.9 million and $106.8 million, respectively, were accruing. TCF also held $26.9 million and $31.7 million of commercial TDR loans at September 30, 2016 and December 31, 2015, respectively, of which $21.5 million and $24.7 million, respectively, were accruing. TDR loans for the remaining classes of finance receivables were not material at September 30, 2016 or December 31, 2015. Unfunded commitments to consumer real estate and commercial loans classified as TDRs were $0.4 million at both September 30, 2016 and December 31, 2015. At September 30, 2016 and December 31, 2015, no additional funds were committed to leasing and equipment finance, inventory finance or auto finance loans classified as TDRs. When a loan is modified as a TDR, principal balances are generally not forgiven. Loan modifications to troubled borrowers are not reported as TDR loans in the calendar years after modification if the loans were modified to an interest rate equal to or greater than the yields of new loan originations with comparable risk at the time of restructuring and if the loan is performing based on the restructured terms; however, these loans are still considered impaired and follow TCF's impaired loan reserve policies. During the nine months ended September 30, 2016 and 2015, $0.1 million and $9.0 million, respectively, of commercial loans were removed from TDR status as they were restructured at market terms and were performing. Unrecognized interest represents the difference between interest income recognized on accruing TDR loans and the contractual interest that would have been recorded under the original contractual terms. For the three months ended September 30, 2016, unrecognized interest income for consumer real estate first mortgage lien accruing TDR loans and consumer real estate junior lien accruing TDR loans was $0.5 million and $0.2 million, respectively. The average yield for the same period on consumer real estate accruing TDR loans was 4.3%, which compares to the original contractual average rate of 6.7%. For the three months ended September 30, 2015, unrecognized interest income for consumer real estate first mortgage lien accruing TDR loans and consumer real estate junior lien accruing TDR loans was $0.5 million and $0.2 million, respectively. The average yield for the same period on consumer real estate accruing TDR loans was 4.1%, which compares to the original contractual average rate of 6.8%. The unrecognized interest income for the remaining classes of finance receivables was not material for the three months ended September 30, 2016 and 2015. For the nine months ended September 30, 2016, unrecognized interest income for consumer real estate first mortgage lien accruing TDR loans and consumer real estate junior lien accruing TDR loans was $1.5 million and $0.5 million, respectively. The average yield for the same period on consumer real estate accruing TDR loans was 4.2%, which compares to the original contractual average rate of 6.7%. For the nine months ended September 30, 2015, unrecognized interest income for consumer real estate first mortgage lien accruing TDR loans and consumer real estate junior lien accruing TDR loans was $1.6 million and $0.6 million, respectively. The average yield for the same period on consumer real estate accruing TDR loans was 4.0%, which compares to the original contractual average rate of 6.7%. The unrecognized interest income for the remaining classes of finance receivables was not material for the nine months ended September 30, 2016 and 2015. The table below summarizes TDR loans that defaulted during the three and nine months ended September 30, 2016 and 2015, which were modified during the respective reporting period or within one year of the beginning of the respective reporting period. TCF considers a loan to have defaulted when under the modified terms it becomes 90 or more days delinquent, has been transferred to non-accrual status, has been charged down or has been transferred to other real estate owned or repossessed and returned assets.
Consumer real estate TDR loans are evaluated separately in TCF's allowance methodology. Impairment is generally based upon the present value of the expected future cash flows discounted at the loan's initial effective interest rate, unless the loans are collateral dependent, in which case loan impairment is based upon the fair value of the collateral less selling expenses. The allowance on accruing consumer real estate TDR loans was $20.2 million, or 19.8% of the outstanding balance, at September 30, 2016, and $22.4 million, or 21.0% of the outstanding balance, at December 31, 2015. In determining impairment for consumer real estate accruing TDR loans, TCF utilized assumed remaining re-default rates ranging from 9% to 33% in 2016 and 10% to 33% in 2015, depending on modification type and actual experience. At September 30, 2016, 1.1% of accruing consumer real estate TDR loans were more than 60 days delinquent, compared with 2.0% at December 31, 2015. Consumer real estate TDR loans generally remain on accruing status following modification if they are less than 90 days past due and payment in full under the modified terms of the loan is expected based on a current credit evaluation and historical payment performance. Of the non-accrual TDR balance at September 30, 2016, $51.2 million, or 67.6%, were loans discharged in Chapter 7 bankruptcy that were not reaffirmed by the borrower, of which 76.3% were current. Of the non-accrual TDR balance at December 31, 2015, $51.5 million, or 65.1%, were loans discharged in Chapter 7 bankruptcy that were not reaffirmed, of which 77.2% were current. All eligible loans are re-aged to current delinquency status upon modification. Commercial TDR loans are individually evaluated for impairment based upon the present value of the expected future cash flows discounted at the loan's initial effective interest rate, unless the loans are collateral dependent, in which case impairment is based upon the fair value of collateral less estimated selling costs; however if payment or satisfaction of the loan is dependent on the operation, rather than the sale of the collateral, the impairment does not include selling costs. The allowance on accruing commercial TDR loans was less than $0.1 million, or 0.1% of the outstanding balance, at both September 30, 2016 and December 31, 2015. No accruing commercial TDR loans were 60 days or more delinquent at September 30, 2016 and December 31, 2015. Impaired Loans TCF considers impaired loans to include non-accrual commercial loans, non-accrual equipment finance loans and non-accrual inventory finance loans, as well as all TDR loans. Non-accrual impaired loans, including non-accrual TDR loans, are included in non-accrual loans and leases within the previous tables. Accruing TDR loans have been disclosed by delinquency status within the previous tables of accruing and non-accrual loans and leases. In the following tables, the loan balance of impaired loans represents the amount recorded within loans and leases on the Consolidated Statements of Financial Condition, whereas the unpaid contractual balance represents the balances legally owed by the borrowers. The following table summarizes impaired loans:
The average loan balance of impaired loans and interest income recognized on impaired loans during the three and nine months ended September 30, 2016 and 2015 are included within the table below.
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Deposits |
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Deposits | Deposits Deposits consisted of the following:
Certificates of deposit had the following remaining maturities at September 30, 2016:
The aggregate amount of certificates of deposit with balances equal to or greater than the Federal Deposit Insurance Corporation insurance limit of $250,000 were $599.3 million and $484.2 million at September 30, 2016 and December 31, 2015, respectively. |
Short-term Borrowings |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Borrowings | Short-term Borrowings Selected information for short-term borrowings (borrowings with an original maturity of one year or less) consisted of the following:
At September 30, 2016, the securities sold under short-term repurchase agreements were related to TCF Bank's Repurchase Investment Sweep Agreement product and were collateralized by mortgage-backed securities having a period end fair value of $7.4 million. |
Long-term Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Borrowings | Long-term Borrowings Long-term borrowings consisted of the following:
At September 30, 2016, TCF Bank had pledged loans secured by residential and commercial real estate and Federal Home Loan Bank ("FHLB") stock with an aggregate carrying value of $4.1 billion as collateral for FHLB advances. At September 30, 2016, $150.0 million of FHLB advances outstanding were prepayable monthly at TCF's option. |
Regulatory Capital Requirements |
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Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements | Regulatory Capital Requirements TCF and TCF Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possible additional discretionary, actions by the federal banking agencies that could have a material adverse effect on TCF. In general, TCF Bank may not declare or pay a dividend to TCF Financial in excess of 100% of its net retained earnings for the current year combined with its net retained earnings for the preceding two calendar years, which was $445.4 million at September 30, 2016, without prior approval of the Office of the Comptroller of the Currency ("OCC"). The OCC also has the authority to prohibit the payment of dividends by a national bank when it determines such payments would constitute an unsafe and unsound banking practice. TCF Bank's ability to make capital distributions in the future may require regulatory approval and may be restricted by its regulatory authorities. TCF Bank's ability to make any such distributions will also depend on its earnings and ability to meet minimum regulatory capital requirements in effect during future periods. These capital adequacy standards may be higher in the future than existing minimum regulatory capital requirements. The following table presents regulatory capital information for TCF and TCF Bank:
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Stock Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation | Stock Compensation The following table reflects TCF's restricted stock and stock option transactions under the TCF Financial 2015 Omnibus Incentive Plan ("Omnibus Incentive Plan") and the TCF Financial Incentive Stock Program ("Incentive Stock Program") during the nine months ended September 30, 2016:
N.A. Not Applicable. Unrecognized stock compensation expense for restricted stock awards and options was $27.0 million, excluding estimated forfeitures, with a weighted-average remaining amortization period of 2.0 years at September 30, 2016. At September 30, 2016, there were 50,000 and 1,050,000 shares of performance-based restricted stock outstanding under the Omnibus Incentive Plan and Incentive Stock Program, respectively, that will vest only if certain performance goals and service conditions are achieved. Failure to achieve the performance and service conditions will result in all or a portion of the shares being forfeited. The number of restricted stock units granted under the Omnibus Incentive Plan was 228,867 at target and the actual restricted stock units granted will depend on actual performance with a maximum total payout of 150% of target. The weighted-average remaining amortization period of the restricted stock units was 1.9 years at September 30, 2016. Valuation and related assumption information for TCF's stock option plans related to options issued in 2008 have not changed significantly from December 31, 2015 and no stock options were subsequently issued under the Incentive Stock Program. As of September 30, 2016, no stock options were issued under the Omnibus Incentive Plan. |
Employee Benefit Plans |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans The following tables set forth the net periodic benefit plan (income) cost included in compensation and employee benefits expense for the TCF Cash Balance Pension Plan (the "Pension Plan") and health care benefits for eligible retired employees (the "Postretirement Plan") for the three and nine months ended September 30, 2016 and 2015:
TCF made no cash contributions to the Pension Plan in either of the nine months ended September 30, 2016 or 2015. During the three and nine months ended September 30, 2016 and 2015, TCF contributed $0.1 million and $0.3 million, respectively, to the Postretirement Plan. |
Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments All derivative instruments are recognized within other assets or other liabilities at fair value within the Consolidated Statements of Financial Condition. The Company's derivative instruments are subject to master netting arrangements and collateral arrangements and qualify for offset in the Consolidated Statements of Financial Condition. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Company's policy is to recognize amounts subject to master netting arrangements and collateral arrangements on a net basis in the Consolidated Statements of Financial Condition. The value of derivative instruments will vary over their contractual terms as the related underlying rates fluctuate. The accounting for changes in the fair value of a derivative instrument depends on whether or not the contract has been designated and qualifies as a hedge. To qualify as a hedge, a contract must be highly effective at reducing the risk associated with the exposure being hedged. In addition, for a contract to be designated as a hedge, the risk management objective and strategy must be documented at inception. Hedge documentation must also identify the hedging instrument, the asset or liability and type of risk to be hedged and how the effectiveness of the contract is assessed prospectively and retrospectively. To assess effectiveness, TCF uses statistical methods such as regression analysis. A contract that has been, and is expected to continue to be, effective at offsetting changes in fair values or the net investment must be assessed and documented at least quarterly. If it is determined that a contract is not highly effective at hedging the designated exposure, hedge accounting is discontinued. Upon origination of a derivative instrument, the contract is designated either as a hedge of the exposure to changes in the fair value of an asset or liability due to changes in market risk ("fair value hedge"), a hedge of the volatility of an investment in foreign operations driven by changes in foreign currency exchange rates ("net investment hedge"), or is not designated as a hedge. Fair Value Hedges During the first quarter of 2015, TCF Bank entered into an interest rate swap agreement related to its contemporaneously issued subordinated debt, which settles through a central clearing house. The swap was designated as a fair value hedge and effectively converts the fixed interest rate to a floating rate based on the three-month London InterBank Offered Rate plus a fixed number of basis points on the $150.0 million notional amount through February 27, 2025, the maturity date of the subordinated debt. In exchange, TCF Bank will receive 4.60% fixed-rate interest on the $150.0 million notional amount from the swap counterparty. The interest rate swap substantially offsets the change in fair value of the hedged underlying debt that is attributable to the changes in market risk. The gains and losses related to changes in the fair value of the interest rate swap as well as the offsetting changes in fair value of the hedged debt are reflected in non-interest income. Net Investment Hedges Forward foreign exchange contracts, that generally settle within 34 days, are used to manage the foreign exchange risk associated with the Company's net investment in TCF Commercial Finance Canada, Inc., a wholly-owned indirect Canadian subsidiary of TCF Bank. Changes in net investment hedges recorded within other comprehensive income (loss) are subsequently reclassified to non-interest expense during the period in which the foreign investment is substantially liquidated or when other elements of the currency translation adjustment are reclassified to income. Derivatives Not Designated as Hedges Certain of TCF's forward foreign exchange contracts are not designated as hedges and are generally settled within 34 days. Changes in the fair value of these forward foreign exchange contracts are reflected in non-interest expense. TCF executes interest rate swap agreements with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged with offsetting interest rate swaps that TCF executes with a third party and settles through a central clearing house, minimizing TCF's net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are reflected in non-interest income. These contracts have original fixed maturity dates ranging from three to seven years. TCF enters into interest rate lock commitments in conjunction with the sale of certain consumer real estate loans. These interest rate lock commitments are agreements to extend credit under certain specified terms and conditions at fixed rates and have original lock expirations of up to 60 days. They are not designated as hedges and accordingly, changes in the valuation of these commitments are reflected in non-interest income. During the second quarter of 2012, TCF sold its Visa® Class B stock. In conjunction with the sale, TCF and the purchaser entered into a derivative transaction whereby TCF may receive or be required to make cash payments whenever the conversion ratio of the Visa Class B stock into Visa Class A stock is adjusted. The fair value of this derivative has been determined using estimated future cash flows using probability weighted scenarios for multiple estimates of Visa's aggregate exposure to covered litigation matters, which include consideration of amounts funded by Visa into its escrow account for the covered litigation matters. Changes, if any, in the valuation of this swap agreement, which has no determinable maturity date, are reflected in non-interest expense. The following tables summarize TCF's outstanding derivative instruments as of September 30, 2016 and December 31, 2015. See Note 13, Fair Value Disclosures, for additional information.
The following table summarizes the pre-tax impact of derivative activity within the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income:
TCF executes all of its forward foreign exchange contracts in the over-the-counter market with large financial institutions pursuant to International Swaps and Derivatives Association, Inc. agreements. These agreements include credit risk-related features that enhance the creditworthiness of these instruments as compared with other obligations of the respective counterparty with whom TCF has transacted by requiring that additional collateral be posted under certain circumstances. The amount of collateral required depends on the contract and is determined daily based on market and currency exchange rate conditions. At September 30, 2016, credit risk-related contingent features existed on forward foreign exchange contracts with a notional value of $121.9 million. In the event TCF is rated less than BB- by Standard and Poor's, the contracts could be terminated or TCF may be required to provide approximately $2.4 million in additional collateral. There were no forward foreign exchange contracts containing credit risk-related features in a net liability position at September 30, 2016. At September 30, 2016, TCF had posted $2.8 million, $1.4 million and $0.4 million of cash collateral related to its interest rate contracts, other contracts and forward foreign exchange contracts, respectively, and had received $1.2 million of cash collateral related to its forward foreign exchange contracts. |
Fair Values Disclosures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | Fair Value Disclosures TCF uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company's fair values are based on the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Securities available for sale, certain loans and leases held for sale, interest-only strips, forward foreign exchange contracts, interest rate contracts, interest rate lock commitments, forward loan sales commitments, assets and liabilities held in trust for deferred compensation plans and other contracts are recorded at fair value on a recurring basis. From time to time we may be required to record at fair value other assets on a non-recurring basis, such as certain securities held to maturity, loans, other real estate owned, repossessed and returned assets and the securitization receivable. These non-recurring fair value adjustments typically involve application of lower of cost or fair value accounting or write-downs of individual assets. The following is a discussion of the fair value hierarchy and the valuation methodologies used for assets and liabilities recorded at fair value on a recurring or non-recurring basis and for estimating fair value of financial instruments not recorded at fair value. TCF groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the degree and reliability of estimates and assumptions used to determine fair value as follows: Level 1, which includes valuations that are based on prices obtained from independent pricing sources for the same instruments traded in active markets; Level 2, which includes valuations that are based on prices obtained from independent pricing sources that are based on observable transactions of similar instruments, but not quoted markets; and Level 3, for which valuations are generated from Company model-based techniques that use significant unobservable inputs. Such unobservable inputs reflect estimates of assumptions that market participants would use in pricing the asset or liability. Investments The carrying value of investments in FHLB stock and Federal Reserve Bank stock, categorized as Level 2, approximates fair value based on redemption at par value. Securities Held to Maturity Securities held to maturity consist primarily of securities of U.S. Government sponsored enterprises and federal agencies. The fair value of securities of U.S. Government sponsored enterprises and federal agencies, categorized as Level 2, is estimated using prices obtained from independent asset pricing services that are based on observable transactions, but not quoted markets. Management reviews the prices obtained from independent asset pricing services for unusual fluctuations and comparisons to current market trading activity. The fair value of other mortgage-backed securities and other securities, categorized as Level 3, is estimated based on discounted cash flows using consideration of credit exposure and other internal pricing methods. There is no observable secondary market for these securities. Securities Available for Sale Securities available for sale consist primarily of securities of U.S. Government sponsored enterprises and federal agencies, and obligations of states and political subdivisions. The fair value of these securities, categorized as Level 2, is recorded using prices obtained from independent asset pricing services that are based on observable transactions, but not quoted markets. Management reviews the prices obtained from independent asset pricing services for unusual fluctuations and comparisons to current market trading activity. Loans and Leases Held for Sale Loans and leases held for sale are generally carried at the lower of cost or fair value. Estimated fair values are based upon recent loan sale transactions and any available price quotes on loans with similar coupons, maturities and credit quality. Certain other loans and leases held for sale are recorded at fair value under the elected fair value option. TCF relies on internal valuation models which utilize quoted investor prices to estimate the fair value of these loans. Loans and leases held for sale are categorized as Level 3. Loans The fair value of loans, categorized as Level 3, is estimated based on discounted expected cash flows and recent sales of similar loans. The discounted cash flows include assumptions for prepayment estimates over each loan's remaining life, consideration of the current interest rate environment compared with the weighted average rate of each portfolio, a credit risk component based on the historical and expected performance of each portfolio and a liquidity adjustment related to the current market environment. TCF also uses pricing data from recent sales of loans with similar risk characteristics as data points to validate the assumptions used in estimating the fair value of certain loans. Loans for which repayment is expected to be provided solely by the value of the underlying collateral, categorized as Level 3 and recorded at fair value on a non-recurring basis, are valued based on the fair value of that collateral less estimated selling costs. Such loans include non-accrual impaired loans as well as certain delinquent non-accrual consumer real estate and auto finance loans. The fair value of the collateral is determined based on internal estimates and assessments provided by third-party appraisers. Interest-only Strips The fair value of interest-only strips, categorized as Level 3, represents the present value of future cash flows expected to be received by TCF on certain assets. TCF uses available market data, along with its own empirical data and discounted cash flow models, to arrive at the estimated fair value of its interest-only strips. The present value of the estimated expected future cash flows to be received is determined by using discount, loss and prepayment rates that TCF believes are commensurate with the risks associated with the cash flows and what a market participant would use. These assumptions are inherently subject to volatility and uncertainty and, as a result, the estimated fair value of the interest-only strips may fluctuate significantly from period to period. Forward Foreign Exchange Contracts TCF's forward foreign exchange contracts are currency contracts executed in over-the-counter markets and are recorded at fair value using a cash flow model that includes key inputs such as foreign exchange rates and, in accordance with GAAP, an assessment of the risk of counterparty non-performance. The risk of counterparty non-performance is based on external assessments of credit risk. The fair value of these contracts, categorized as Level 2, is based on observable transactions, but not quoted markets. Interest Rate Contracts TCF executes interest rate swap agreements with commercial banking customers to facilitate the customer's risk management strategy. These interest rate swaps are simultaneously hedged by offsetting interest rate swaps TCF executes with a third party, minimizing TCF's net risk exposure resulting from such transactions. TCF has an interest rate swap agreement to convert its $150.0 million of fixed-rate subordinated notes to floating rate debt. These derivative instruments are recorded at fair value. The fair value of these swap agreements, categorized as Level 2, is determined using a cash flow model which considers the forward curve, the discount curve and credit valuation adjustments related to counterparty and/or borrower non-performance risk. Interest Rate Lock Commitments and Forward Loan Sales Commitments TCF's interest rate lock commitments are derivative instruments which are carried at fair value. The related forward loan sales commitments to sell the resulting loans held for sale are also recorded at fair value under the elected fair value option. TCF relies on internal valuation models to estimate the fair value of these instruments. The valuation models utilize estimated rates of successful loan closings and quoted investor prices. While these models use both Level 2 and 3 inputs, TCF has determined that the majority of the inputs significant in the valuation of these commitments fall within Level 3 and therefore they are categorized as Level 3. Other Real Estate Owned and Repossessed and Returned Assets The fair value of other real estate owned, categorized as Level 3, is based on independent appraisals, real estate brokers' price opinions or automated valuation methods, less estimated selling costs. Certain properties require assumptions that are not observable in an active market in the determination of fair value. The fair value of repossessed and returned assets is based on available pricing guides, auction results or price opinions, less estimated selling costs. Assets acquired through foreclosure, repossession or returned to TCF are initially recorded at the lower of the loan or lease carrying amount or fair value less estimated selling costs at the time of transfer to other real estate owned or repossessed and returned assets. Other real estate owned at September 30, 2016 and December 31, 2015 was $33.7 million and $50.0 million, respectively. Repossessed and returned assets at September 30, 2016 and December 31, 2015 was $8.8 million and $8.0 million, respectively. Other real estate owned and repossessed and returned assets were written down $2.0 million and $7.0 million, which was included in foreclosed real estate and repossessed assets, net expense for the three and nine months ended September 30, 2016, respectively, compared with $2.9 million and $10.4 million for the same periods in 2015. Securitization Receivable TCF executed a consumer auto loan securitization during the second quarter of 2016 with a related receivable representing a cash reserve account posted at the inception of the securitization. The fair value of the securitization receivable, categorized as Level 3, is estimated based on discounted cash flows using interest rates for borrowings of similar remaining maturities plus a spread based on management's judgment. Assets and Liabilities Held in Trust for Deferred Compensation Plans Assets held in trust for deferred compensation plans include investments in publicly traded securities, excluding TCF common stock reported in treasury and other equity, and U.S. Treasury notes. The fair value of these assets, categorized as Level 1, is based upon prices obtained from independent asset pricing services based on active markets. The fair value of the liabilities equals the fair value of the assets. Other Contracts TCF has a swap agreement related to the sale of TCF's Visa Class B stock, categorized as Level 3. The fair value of the Visa agreement is based upon TCF's estimated exposure related to the Visa covered litigation through a probability analysis of the funding and estimated settlement amounts. Deposits The fair value of checking, savings and money market deposits, categorized as Level 1, is deemed equal to the amount payable on demand. The fair value of certificates of deposit, categorized as Level 2, is estimated based on discounted cash flows using currently offered market rates. The intangible value of long-term relationships with depositors is not taken into account in the fair values disclosed. Long-term Borrowings The fair value of TCF's long-term borrowings, categorized as Level 2, is estimated based on observable market prices and discounted cash flows using interest rates for borrowings of similar remaining maturities and characteristics. The fair value of other long-term borrowings, categorized as Level 3, is based on unobservable inputs determined at the time of origination. Financial Instruments with Off-Balance Sheet Risk The fair value of TCF's commitments to extend credit and standby letters of credit, categorized as Level 2, is estimated using fees currently charged to enter into similar agreements. Substantially all commitments to extend credit and standby letters of credit have floating interest rates and do not expose TCF to interest rate risk; therefore fair value is approximately equal to carrying value. The following tables present the balances of assets and liabilities measured at fair value on a recurring and non-recurring basis:
Management assesses the appropriate classification of financial assets and liabilities within the fair value hierarchy by monitoring the level of availability of observable market information. Changes in markets or economic conditions, as well as changes to Company valuation models may require the transfer of financial instruments from one fair value level to another. Such transfers, if any, are recorded at the fair values as of the beginning of the quarter in which the transfer occurred. TCF had no transfers in the nine months ended September 30, 2016 and 2015. The following table presents changes in Level 3 assets and liabilities measured at fair value on a recurring basis:
Fair Value Option TCF Bank originates first mortgage lien loans in its primary banking markets and sells the loans through a correspondent relationship. TCF elected the fair value option for these loans. This election facilitates the offsetting of changes in fair values of the loans held for sale and the derivative financial instruments used to economically hedge them. The following table presents the difference between the aggregate fair value and aggregate unpaid principal balance of these loans held for sale:
Differences between the fair value carrying amount and the aggregate unpaid principal balance include changes in fair value recorded at and subsequent to funding and gains and losses on the related loan commitment prior to funding. No loans recorded under the fair value option were delinquent or on non-accrual status at September 30, 2016 or December 31, 2015. The net gain from initial measurement of the correspondent lending loans held for sale, any subsequent changes in fair value while the loans are outstanding and any actual adjustment to the gains realized upon sales of the loans totaled $2.1 million and $5.9 million for the third quarter and first nine months of 2016, respectively, compared with $1.7 million and $4.7 million for the same periods in 2015, and is included in gains on sales of consumer real estate loans, net. This amount excludes the impact from the interest rate lock commitments and forward loan sales commitments which are also included in gains on sales of consumer real estate loans, net. Disclosures About Fair Value of Financial Instruments Management discloses the estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. These fair value estimates were made at September 30, 2016 and December 31, 2015, based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price at which an asset could be sold or a liability could be settled. However, given there is no active market or observable market transactions for many of the Company's financial instruments, the estimates of fair values are subjective in nature, involve uncertainties and include matters of significant judgment. Changes in assumptions could significantly affect the estimated values. The following tables present the carrying amounts and estimated fair values of the Company's financial instruments, excluding short-term financial assets and liabilities as their carrying amounts approximate fair value and excluding financial instruments recorded at fair value on a recurring basis. This information represents only a portion of TCF's balance sheet and not the estimated value of the Company as a whole. Non-financial instruments such as the intangible value of TCF's branches and core deposits, leasing operations, goodwill, premises and equipment and the future revenues from TCF's customers are not reflected in this disclosure. Therefore, this information is of limited use in assessing the value of TCF.
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share | Earnings Per Common Share TCF's restricted stock awards that pay non-forfeitable common stock dividends meet the criteria of a participating security. Accordingly, earnings per share is calculated using the two-class method under which earnings are allocated to both common shares and participating securities.
All shares of restricted stock are deducted from weighted-average shares outstanding for the computation of basic earnings per common share. Shares of performance-based restricted stock and restricted stock units are included in the calculation of diluted earnings per common share, using the treasury stock method, at the beginning of the quarter in which the performance goals have been achieved. All other shares of restricted stock, which vest over specified time periods, stock options and warrants are included in the calculation of diluted earnings per common share using the treasury stock method. For the three and nine months ended September 30, 2016, there were 5.1 million of outstanding shares related to non-participating restricted stock, stock options and warrants that were not included in the computation of diluted earnings per share because they were anti-dilutive. For the three and nine months ended September 30, 2015, there were 4.4 million and 4.6 million, respectively, of outstanding shares related to non-participating restricted stock, stock options and warrants that were not included in the computation of diluted earnings per share because they were anti-dilutive. |
Other Expense |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expense | Other Expense Other expense consisted of the following:
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Business Segments |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments Effective January 1, 2016, the Company changed its reportable segments to align with the way the Company is now managed. The revised presentation of previously reported segment data has been applied retroactively to all periods presented in these financial statements. The new reportable segments are Consumer Banking, Wholesale Banking and Enterprise Services. Consumer Banking is comprised of all of the Company's consumer-facing businesses and includes retail banking, consumer real estate and auto finance. Wholesale Banking is comprised of commercial real estate and business lending, leasing and equipment finance and inventory finance. Enterprise Services is comprised of (i) corporate treasury, which includes TCF's investment and borrowing portfolios and management of capital, debt and market risks; (ii) corporate functions, such as information technology, risk and credit management, bank operations, finance and human resources, that provide services to the operating segments; (iii) the Holding Company; (iv) and eliminations. TCF evaluates performance and allocates resources based on each reportable segment's net income or loss. The reportable segments follow GAAP as described in Note 1, Summary of Significant Accounting Policies, in Item 8 of TCF's 2015 Annual Report on Form 10-K, except for the accounting for intercompany interest income and interest expense, which are eliminated in consolidation, and presenting net interest income on a fully tax-equivalent basis. TCF generally accounts for inter-segment sales and transfers at cost. The following tables set forth certain information for each of TCF's reportable segments, including a reconciliation of TCF's consolidated totals:
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Litigation Contingencies |
9 Months Ended |
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Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation Contingencies | Litigation Contingencies From time to time TCF is a party to legal proceedings arising out of its lending, leasing and deposit operations, including foreclosure proceedings and other collection actions as part of its lending and leasing collections activities. TCF may also be subject to regulatory examinations and enforcement actions brought by federal regulators, including the Securities and Exchange Commission, the Federal Reserve, the OCC and the Consumer Financial Protection Bureau ("CFPB") and TCF's regulatory authorities may impose sanctions on TCF for failures related to regulatory compliance. From time to time borrowers and other customers, and employees and former employees have also brought actions against TCF, in some cases claiming substantial damages. TCF and other financial services companies are subject to the risk of class action litigation. Litigation is often unpredictable and the actual results of litigation cannot be determined and therefore the ultimate resolution of a matter and the possible range of loss associated with certain potential outcomes cannot be established. Except as discussed below, based on our current understanding of TCF's pending legal proceedings, management does not believe that judgments or settlements arising from pending or threatened legal matters, individually or in the aggregate, would have a material adverse effect on the consolidated financial position, operating results or cash flows of TCF. On October 29, 2015, TCF received a Notice and Opportunity to Respond and Advise letter ("NORA Letter") from the CFPB notifying TCF that the CFPB's Office of Enforcement is considering recommending that the CFPB take legal action against TCF related to compliance with laws relating to unfair, deceptive and abusive acts and practices and Regulation E, §1005.17, in connection with TCF's practices in administering checking account overdraft program "opt-in" requirements. The purpose of a NORA Letter is to ensure that potential subjects of enforcement actions have the opportunity to present their positions to the CFPB before an enforcement action is recommended or commenced and TCF has provided the CFPB with a written statement setting forth the reasons of law and policy why it believes that the CFPB should not take action. TCF is in discussions with the CFPB and is seeking to reach an appropriate resolution of the matter. We are currently unable to predict the ultimate timing or outcome of this matter. There can be no assurance that the CFPB will not utilize its enforcement authority through settlement, administrative proceedings or litigation and seek remediation, disgorgement, penalties, other monetary relief, injunctive relief or changes to TCF's business practices or operations, which could have a material adverse effect on TCF. |
Accumulated Other Comprehensive Income |
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Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The components of other comprehensive income (loss) and the related tax effects are presented in the table below.
Reclassifications of net (gains) losses to net income for securities available for sale and interest-only strips were recorded in the Consolidated Statements of Income in gains (losses) on securities, net for sales of securities, in interest income for those securities that were previously transferred to held to maturity and in other non-interest expense for interest-only strips. During 2014, TCF transferred $191.7 million of available for sale mortgage-backed securities to held to maturity. At September 30, 2016 and 2015, the unrealized holding loss on the transferred securities retained in accumulated other comprehensive income (loss) totaled $13.3 million and $15.1 million, respectively. These amounts are amortized over the remaining lives of the transferred securities. The tax effect of these reclassifications was recorded in income tax expense in the Consolidated Statements of Income. See Note 11, Employee Benefit Plans, for additional information regarding TCF's recognized postretirement prior service cost. Accumulated other comprehensive income (loss) balances are presented in the table below.
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Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | TCF Financial Corporation (together with its direct and indirect subsidiaries, "we," "us," "our," "TCF" or the "Company"), a Delaware corporation, is a national bank holding company based in Wayzata, Minnesota. References herein to "TCF Financial" or the "Holding Company" refer to TCF Financial Corporation on an unconsolidated basis. TCF's principal subsidiary, TCF National Bank ("TCF Bank"), is headquartered in Sioux Falls, South Dakota. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore do not include all of the information and notes necessary for complete financial statements in conformity with U.S. generally accepted accounting principles ("GAAP"). The information in this Quarterly Report on Form 10-Q is written with the presumption that the users of the interim financial statements have read or have access to the Company's most recent Annual Report on Form 10-K, which contains the latest audited financial statements and notes thereto, together with Management's Discussion and Analysis of Financial Condition and Results of Operations at December 31, 2015, and for the year then ended. All significant intercompany accounts and transactions have been eliminated in consolidation. Accounting policies in effect at December 31, 2015 remain significantly unchanged and have been followed similarly as in previous periods. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited consolidated financial statements contain all the significant adjustments, consisting of normal recurring items, considered necessary for fair presentation. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. |
New Accounting Pronouncement | Effective January 1, 2016, the Company retrospectively adopted Accounting Standards Update ("ASU") No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which required that debt issuance costs be presented as a direct deduction from debt. Accordingly, the Company reclassified unamortized debt issuance costs of $2.1 million from Other assets to a reduction in Long-term borrowings on the Consolidated Statement of Financial Condition as of December 31, 2015. The adoption of this ASU did not impact results of operations, retained earnings or cash flows. |
Change in Segment Reporting | Effective January 1, 2016, the Company changed its reportable segments to align with the way the Company is now managed. The revised presentation of previously reported segment data has been applied retroactively to all periods presented in these financial statements. The new reportable segments are Consumer Banking, Wholesale Banking and Enterprise Services. Previously, the Company's reportable segments were Lending, Funding and Support Services. The reportable segments follow GAAP as described in Note 1, Summary of Significant Accounting Policies, in Item 8 of TCF's 2015 Annual Report on Form 10-K, except for the accounting for intercompany interest income and interest expense, which are eliminated in consolidation, and presenting net interest income on a fully tax-equivalent basis. See Note 16, Business Segments for a description of the new segments. |
Securities Available for Sale and Securities Held to Maturity (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of securities | Securities consisted of the following:
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Schedule of gross unrealized losses and fair value of securities available for sale and securities held to maturity that are in a loss position | The following tables show the gross unrealized losses and fair value of securities available for sale and securities held to maturity at September 30, 2016 and December 31, 2015, aggregated by investment category and the length of time the securities were in a continuous loss position:
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Schedule of amortized cost and fair value of securities available for sale and securities held to maturity by contractual maturity | The amortized cost and fair value of securities available for sale and securities held to maturity by final contractual maturity at September 30, 2016 and December 31, 2015 are shown below. The remaining contractual principal maturities do not consider possible prepayments. Remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay.
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Loans and Leases (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information about loans and leases | Loans and leases consisted of the following:
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Loan sales transaction table | The following table summarizes the carrying value of consumer real estate loans and consumer auto loans sold with servicing retained, cash received, securitization receivable recorded, interest-only strips received and recognized net gains for the three and nine months ended September 30, 2016 and 2015. No servicing assets or liabilities related to consumer real estate or consumer auto loans were recorded within TCF's Consolidated Statements of Financial Condition, as the contractual servicing fees are adequate to compensate TCF for its servicing responsibilities based on the amount demanded by the marketplace.
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Interest only strips and contractual liabilites | Total interest-only strips and the contractual liabilities related to loan sales are shown below.
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Allowance for Loan and Lease Losses and Credit Quality Information (Tables) |
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Allowance for loan and lease losses and other information | The following tables provide the allowance for loan and lease losses and other related information. TCF's key credit quality indicator is the receivable's payment performance status, defined as accruing or non-accruing.
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Allowance for loan and lease losses and balances by type of allowance methodology | The following tables provide information regarding the allowance for loan and lease losses and balances by type of allowance methodology:
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Information regarding accruing and non-accruing loans and leases | The following tables set forth information regarding TCF's accruing and non-accrual loans and leases. Non-accrual loans and leases are those which management believes have a higher risk of loss. Delinquent balances are determined based on the contractual terms of the loan or lease.
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Interest income recognized on loans and leases in non-accrual status and contractual interest | The following table provides interest income recognized on loans and leases in non-accrual status and contractual interest that would have been recorded had the loans and leases performed in accordance with their original contractual terms:
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Summary of consumer real estate loans to customers in bankruptcy | The following table provides information regarding consumer real estate loans to customers currently involved in ongoing Chapter 7 or Chapter 13 bankruptcy proceedings which have not yet been discharged, dismissed or completed:
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Schedule of accruing loans that were restructured within 12 months and defaulted | The table below summarizes TDR loans that defaulted during the three and nine months ended September 30, 2016 and 2015, which were modified during the respective reporting period or within one year of the beginning of the respective reporting period. TCF considers a loan to have defaulted when under the modified terms it becomes 90 or more days delinquent, has been transferred to non-accrual status, has been charged down or has been transferred to other real estate owned or repossessed and returned assets.
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Impaired loans included in previous amounts disclosed within performing and non-accrual loans and leases and loan modifications for borrowers with financial difficulties | The following table summarizes impaired loans:
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Average balance of impaired loans and interest income recognized on impaired loans | The average loan balance of impaired loans and interest income recognized on impaired loans during the three and nine months ended September 30, 2016 and 2015 are included within the table below.
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Deposits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of deposits | Deposits consisted of the following:
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Schedule of certificates of deposit remaining maturities | Certificates of deposit had the following remaining maturities at September 30, 2016:
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Short-term Borrowings (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of selected information for short-term borrowings (borrowings with an original maturity of one year or less) | Selected information for short-term borrowings (borrowings with an original maturity of one year or less) consisted of the following:
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Long-term Borrowings (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information about long-term borrowings | Long-term borrowings consisted of the following:
|
Regulatory Capital Requirements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of regulatory capital information for TCF and TCF Bank | The following table presents regulatory capital information for TCF and TCF Bank:
|
Stock Compensation (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock and Stock Option Transactions under the Company Financial Incentive Stock Program | The following table reflects TCF's restricted stock and stock option transactions under the TCF Financial 2015 Omnibus Incentive Plan ("Omnibus Incentive Plan") and the TCF Financial Incentive Stock Program ("Incentive Stock Program") during the nine months ended September 30, 2016:
N.A. Not Applicable. |
Employee Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of net periodic benefit cost included in compensation and employee benefits expense for cash balance Pension Plan and Postretirement Plan | The following tables set forth the net periodic benefit plan (income) cost included in compensation and employee benefits expense for the TCF Cash Balance Pension Plan (the "Pension Plan") and health care benefits for eligible retired employees (the "Postretirement Plan") for the three and nine months ended September 30, 2016 and 2015:
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Derivative Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of derivative instruments | The following tables summarize TCF's outstanding derivative instruments as of September 30, 2016 and December 31, 2015. See Note 13, Fair Value Disclosures, for additional information.
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Schedule of pre-tax impact of derivative activity | The following table summarizes the pre-tax impact of derivative activity within the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income:
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Fair Values Disclosures (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances of assets and liabilities measured at fair value on a recurring and non-recurring basis | The following tables present the balances of assets and liabilities measured at fair value on a recurring and non-recurring basis:
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Schedule of reconciliation of the net derivative assets and liabilities measured at fair value on a recurring basis | The following table presents changes in Level 3 assets and liabilities measured at fair value on a recurring basis:
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Schedule of reconciliation of the assets measured at fair value on a recurring basis | The following table presents changes in Level 3 assets and liabilities measured at fair value on a recurring basis:
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Fair value, option, quantitative disclosures | The following table presents the difference between the aggregate fair value and aggregate unpaid principal balance of these loans held for sale:
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of assets and liabilities, including hierarchy level | The following tables present the carrying amounts and estimated fair values of the Company's financial instruments, excluding short-term financial assets and liabilities as their carrying amounts approximate fair value and excluding financial instruments recorded at fair value on a recurring basis. This information represents only a portion of TCF's balance sheet and not the estimated value of the Company as a whole. Non-financial instruments such as the intangible value of TCF's branches and core deposits, leasing operations, goodwill, premises and equipment and the future revenues from TCF's customers are not reflected in this disclosure. Therefore, this information is of limited use in assessing the value of TCF.
|
Earnings Per Common Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of basic and diluted earnings per common share | TCF's restricted stock awards that pay non-forfeitable common stock dividends meet the criteria of a participating security. Accordingly, earnings per share is calculated using the two-class method under which earnings are allocated to both common shares and participating securities.
|
Other Expense (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expense | Other expense consisted of the following:
|
Business Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reportable segments, including a reconciliation of consolidated totals | The following tables set forth certain information for each of TCF's reportable segments, including a reconciliation of TCF's consolidated totals:
|
Accumulated Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of components of other comprehensive income and the related tax effects | The components of other comprehensive income (loss) and the related tax effects are presented in the table below.
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Schedule of accumulated other comprehensive income | Accumulated other comprehensive income (loss) balances are presented in the table below.
|
Cash and Due from Banks (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Cash and Cash Equivalents [Abstract] | ||
Reserve in cash on hand or at the Federal Reserve as required by Federal Reserve regulations | $ 103.8 | $ 101.6 |
Total restricted cash balance | 51.2 | 58.3 |
Cash held in interest-bearing accounts | $ 398.0 | $ 609.5 |
Basis of Presentation (Details) - Accounting Standards Update 2015-03 $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Long-term borrowings | |
New Accounting Pronouncements or Change in Accounting Principle | |
Reclassification of unamortized debt issuance costs | $ (2.1) |
Other assets | |
New Accounting Pronouncements or Change in Accounting Principle | |
Reclassification of unamortized debt issuance costs | $ 2.1 |
Securities Available for Sale and Securities Held to Maturity (Details 3) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Amortized cost, securities available for sale | ||
Due in one year or less | $ 1 | $ 1 |
Due in 1-5 years | 22 | 38 |
Due in 5-10 years | 307,812 | 268,638 |
Due after 10 years | 1,080,989 | 621,067 |
Amortized Cost | 1,388,824 | 889,744 |
Fair value, securities available for sale | ||
Due in one year or less | 1 | 1 |
Due in 1-5 years | 22 | 38 |
Due in 5-10 years | 320,329 | 272,511 |
Due after 10 years | 1,099,469 | 616,335 |
Fair Value | 1,419,821 | 888,885 |
Amortized cost, securities held to maturity | ||
Due in one year or less | 0 | 100 |
Due in 1-5 years | 1,200 | 1,900 |
Due in 5-10 years | 1,600 | 1,400 |
Due after 10 years | 182,430 | 198,520 |
Amortized Cost | 185,230 | 201,920 |
Fair value, securities held to maturity | ||
Due in one year or less | 0 | 100 |
Due in 1-5 years | 1,200 | 1,900 |
Due in 5-10 years | 1,600 | 1,400 |
Due after 10 | 194,556 | 203,553 |
Fair Value | $ 197,356 | $ 206,953 |
Loans and Leases (Details 2) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
HELOCs | ||
HELOCs included in consumer real estate junior lien portfolio | $ 2,400.0 | $ 2,500.0 |
Amortizing junior lien mortgage loans included in consumer real estate junior lien portfolio | 292.2 | 345.3 |
Portion of HELOCs in initial interest-only draw period | $ 1,800.0 | 1,800.0 |
Initial Interest-only Draw Period | 10 years | |
Loans and Leases Receivable Consumer Home Equity Amortization Repayment Period | 20 years | |
HELOCs with interest-only revolving draw programs | $ 561.4 | $ 664.5 |
Loans and Leases Receivable Percentage of Consumer Home Equity Line of Credit with Interest only Revolving Draw Programs Maturing Prior to Specified Period | 18.20% | |
Minimum | ||
HELOCs | ||
Draw period for the HELOCs | 5 years | |
Maximum | ||
HELOCs | ||
Draw period for the HELOCs | 40 years |
Loans and Leases (Details 4) - Consumer Borrower - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Consumer Real Estate Loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest-only strips | $ 27,238 | $ 27,238 | $ 19,182 | ||
Contractual liabilities related to sale of loans | 772 | 772 | 702 | ||
Impairment related to consumer real estate interest-only strips | 200 | $ 0 | 800 | $ 0 | |
Auto Finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest-only strips | 15,907 | 15,907 | 25,150 | ||
Contractual liabilities related to sale of loans | 173 | 173 | $ 185 | ||
Impairment related to auto finance interest-only strips | $ 2,300 | $ 400 | $ 2,300 | $ 900 |
Allowance for Loan and Lease Losses and Credit Quality Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Allowance for loan and lease losses | ||||
Balance, beginning of period | $ 158,572 | $ 156,115 | $ 156,054 | $ 164,169 |
Charge-offs | (16,244) | (15,338) | (47,634) | (56,446) |
Recoveries | 4,779 | 5,397 | 14,132 | 17,490 |
Net (charge-offs) recoveries | (11,465) | (9,941) | (33,502) | (38,956) |
Provision for credit losses | 13,894 | 10,018 | 45,986 | 35,337 |
Other | (5,160) | (2,230) | (12,697) | (6,588) |
Balance, end of period | 155,841 | 153,962 | 155,841 | 153,962 |
Consumer Real Estate | ||||
Allowance for loan and lease losses | ||||
Balance, beginning of period | 64,765 | 74,687 | 67,992 | 85,361 |
Charge-offs | (4,058) | (6,310) | (14,550) | (27,074) |
Recoveries | 1,838 | 1,832 | 5,094 | 5,626 |
Net (charge-offs) recoveries | (2,220) | (4,478) | (9,456) | (21,448) |
Provision for credit losses | 1,402 | 780 | 8,963 | 8,660 |
Other | (1,855) | (660) | (5,407) | (2,244) |
Balance, end of period | 62,092 | 70,329 | 62,092 | 70,329 |
Commercial | ||||
Allowance for loan and lease losses | ||||
Balance, beginning of period | 31,161 | 30,205 | 30,185 | 31,367 |
Charge-offs | (4) | (487) | (668) | (3,944) |
Recoveries | 80 | 514 | 330 | 2,878 |
Net (charge-offs) recoveries | 76 | 27 | (338) | (1,066) |
Provision for credit losses | 411 | (226) | 1,801 | (295) |
Other | 0 | 0 | 0 | 0 |
Balance, end of period | 31,648 | 30,006 | 31,648 | 30,006 |
Leasing and Equipment Finance | ||||
Allowance for loan and lease losses | ||||
Balance, beginning of period | 20,124 | 17,669 | 19,018 | 18,446 |
Charge-offs | (2,513) | (1,583) | (6,125) | (5,447) |
Recoveries | 671 | 702 | 1,834 | 2,205 |
Net (charge-offs) recoveries | (1,842) | (881) | (4,291) | (3,242) |
Provision for credit losses | 2,367 | 1,389 | 5,922 | 2,973 |
Other | 0 | 0 | 0 | 0 |
Balance, end of period | 20,649 | 18,177 | 20,649 | 18,177 |
Inventory Finance | ||||
Allowance for loan and lease losses | ||||
Balance, beginning of period | 12,084 | 10,879 | 11,128 | 10,020 |
Charge-offs | (697) | (463) | (2,084) | (1,812) |
Recoveries | 129 | 319 | 696 | 626 |
Net (charge-offs) recoveries | (568) | (144) | (1,388) | (1,186) |
Provision for credit losses | 335 | 546 | 1,925 | 2,627 |
Other | (44) | (160) | 142 | (340) |
Balance, end of period | 11,807 | 11,121 | 11,807 | 11,121 |
Auto Finance | ||||
Allowance for loan and lease losses | ||||
Balance, beginning of period | 29,772 | 22,061 | 26,486 | 18,230 |
Charge-offs | (6,756) | (4,594) | (18,683) | (12,943) |
Recoveries | 999 | 915 | 2,743 | 2,253 |
Net (charge-offs) recoveries | (5,757) | (3,679) | (15,940) | (10,690) |
Provision for credit losses | 8,361 | 6,750 | 26,001 | 20,186 |
Other | (3,261) | (1,410) | (7,432) | (4,004) |
Balance, end of period | 29,115 | 23,722 | 29,115 | 23,722 |
Other | ||||
Allowance for loan and lease losses | ||||
Balance, beginning of period | 666 | 614 | 1,245 | 745 |
Charge-offs | (2,216) | (1,901) | (5,524) | (5,226) |
Recoveries | 1,062 | 1,115 | 3,435 | 3,902 |
Net (charge-offs) recoveries | (1,154) | (786) | (2,089) | (1,324) |
Provision for credit losses | 1,018 | 779 | 1,374 | 1,186 |
Other | 0 | 0 | 0 | 0 |
Balance, end of period | $ 530 | $ 607 | $ 530 | $ 607 |
Allowance for Loan and Lease Losses and Credit Quality Information (Details 5) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Loan Modifications for Borrowers with Financial Difficulties | ||||
Minimum period for loans to be delinquent to be considered in default | 90 days | 90 days | ||
Loan Balance | $ 2,663 | $ 688 | $ 8,544 | $ 2,931 |
Consumer Real Estate Loan | Consumer Borrower | ||||
Loan Modifications for Borrowers with Financial Difficulties | ||||
Loan Balance | 2,329 | 406 | 7,311 | 2,255 |
Consumer Real Estate Loan | Consumer Borrower | First mortgage lien | ||||
Loan Modifications for Borrowers with Financial Difficulties | ||||
Loan Balance | 2,150 | 158 | 6,635 | 1,456 |
Consumer Real Estate Loan | Consumer Borrower | Junior lien | ||||
Loan Modifications for Borrowers with Financial Difficulties | ||||
Loan Balance | 179 | 248 | 676 | 799 |
Auto Finance | ||||
Loan Modifications for Borrowers with Financial Difficulties | ||||
Loan Balance | $ 334 | $ 282 | $ 1,233 | $ 676 |
Employee Benefit Plans (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Pension Plan | ||||
Net periodic benefit plan (income) cost included in compensation and employee benefits expense | ||||
Interest cost | $ 321,000 | $ 303,000 | $ 961,000 | $ 911,000 |
Return on plan assets | (147,000) | (159,000) | (440,000) | (479,000) |
Net periodic benefit plan (income) cost | 174,000 | 144,000 | 521,000 | 432,000 |
TCF contributions | 0 | 0 | ||
Postretirement Plan | ||||
Net periodic benefit plan (income) cost included in compensation and employee benefits expense | ||||
Interest cost | 37,000 | 39,000 | 113,000 | 115,000 |
Amortization of prior service cost | (12,000) | (12,000) | (35,000) | (35,000) |
Net periodic benefit plan (income) cost | 25,000 | 27,000 | 78,000 | 80,000 |
TCF contributions | $ 100,000 | $ 100,000 | $ 300,000 | $ 300,000 |
Fair Values Disclosures (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Measurement of fair value on a non-recurring basis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
OREO and repossessed assets, written down | $ 2.0 | $ 2.9 | $ 7.0 | $ 10.4 |
Subordinated bank notes | Maturity Year 2025 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Instrument, Face Amount | $ 150.0 | $ 150.0 |
Fair Values Disclosures (Details 4) - Loans and leases held for sale - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair value carrying amount | $ 6,331 | $ 6,331 | $ 10,568 | ||
Aggregate unpaid principal amount | 6,202 | 6,202 | 10,547 | ||
Fair value carrying amount less aggregate unpaid principal | 129 | 129 | $ 21 | ||
Gain (Loss) on Sales of Consumer Loans | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Net gain from initial measurement of the above loans and subsequent changes in fair value for loans outstanding | $ 2,100 | $ 1,700 | $ 5,900 | $ 4,700 |
Earnings Per Common Share (Details 2) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Non-participating restricted stock, stock options and warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 5.1 | 4.4 | 5.1 | 4.6 |
Other Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Other Income and Expenses [Abstract] | ||||
Loan and lease processing | $ 7,035 | $ 6,626 | $ 19,526 | $ 17,950 |
Professional fees | 3,993 | 5,034 | 13,170 | 15,793 |
Card processing and issuance cost | 3,952 | 3,914 | 11,634 | 12,855 |
Outside processing | 3,728 | 3,383 | 10,941 | 10,413 |
Travel | 2,888 | 2,704 | 9,185 | 8,372 |
Telecommunications | 2,696 | 2,720 | 8,477 | 8,918 |
Other | 25,559 | 21,369 | 70,253 | 65,469 |
Total other expense | $ 49,851 | $ 45,750 | $ 143,186 | $ 139,770 |
Business Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Segment Reporting Information | |||||
Net interest income | $ 212,018 | $ 205,270 | $ 636,660 | $ 614,719 | |
Provision for credit losses | 13,894 | 10,018 | 45,986 | 35,337 | |
Non-interest income | 119,674 | 112,252 | 350,232 | 326,339 | |
Non-interest expense | 228,878 | 222,284 | 684,528 | 672,160 | |
Income tax expense (benefit) | 30,257 | 30,528 | 86,766 | 82,258 | |
Income after income tax expense | 58,663 | 54,692 | 169,612 | 151,303 | |
Income attributable to non-controlling interest | 2,371 | 2,117 | 7,580 | 6,672 | |
Preferred stock dividends | 4,847 | 4,847 | 14,541 | 14,541 | |
Net income available to common stockholders | 51,445 | 47,728 | 147,491 | 130,090 | |
Total assets | 21,084,156 | 20,123,782 | 21,084,156 | 20,123,782 | $ 20,689,609 |
Revenues from external customers: | |||||
Interest income | 232,726 | 223,604 | 699,072 | 666,479 | |
Non-interest income | 119,674 | 112,252 | 350,232 | 326,339 | |
Total | 352,400 | 335,856 | 1,049,304 | 992,818 | |
Operating | Consumer Banking | |||||
Segment Reporting Information | |||||
Net interest income | 140,887 | 136,160 | 420,886 | 402,127 | |
Provision for credit losses | 10,720 | 8,284 | 36,278 | 30,184 | |
Non-interest income | 89,373 | 81,518 | 254,130 | 239,782 | |
Non-interest expense | 165,668 | 160,624 | 491,632 | 482,900 | |
Income tax expense (benefit) | 19,367 | 18,311 | 52,824 | 47,850 | |
Income after income tax expense | 34,505 | 30,459 | 94,282 | 80,975 | |
Income attributable to non-controlling interest | 0 | 0 | 0 | 0 | |
Preferred stock dividends | 0 | 0 | 0 | 0 | |
Net income available to common stockholders | 34,505 | 30,459 | 94,282 | 80,975 | |
Total assets | 8,759,858 | 8,859,028 | 8,759,858 | 8,859,028 | |
Revenues from external customers: | |||||
Interest income | 111,107 | 110,420 | 336,176 | 325,826 | |
Non-interest income | 89,373 | 81,518 | 254,130 | 239,782 | |
Total | 200,480 | 191,938 | 590,306 | 565,608 | |
Operating | Wholesale Banking | |||||
Segment Reporting Information | |||||
Net interest income | 85,721 | 83,717 | 257,917 | 254,247 | |
Provision for credit losses | 3,174 | 1,734 | 9,708 | 5,153 | |
Non-interest income | 30,393 | 29,856 | 94,794 | 84,463 | |
Non-interest expense | 61,382 | 59,430 | 184,217 | 180,225 | |
Income tax expense (benefit) | 17,355 | 18,526 | 52,866 | 53,947 | |
Income after income tax expense | 34,203 | 33,883 | 105,920 | 99,385 | |
Income attributable to non-controlling interest | 2,371 | 2,117 | 7,580 | 6,672 | |
Preferred stock dividends | 0 | 0 | 0 | 0 | |
Net income available to common stockholders | 31,832 | 31,766 | 98,340 | 92,713 | |
Total assets | 9,902,952 | 9,336,974 | 9,902,952 | 9,336,974 | |
Revenues from external customers: | |||||
Interest income | 112,834 | 106,629 | 338,461 | 322,347 | |
Non-interest income | 30,393 | 29,856 | 94,794 | 84,463 | |
Total | 143,227 | 136,485 | 433,255 | 406,810 | |
Operating | Enterprise Services | |||||
Segment Reporting Information | |||||
Net interest income | (14,590) | (14,607) | (42,143) | (41,655) | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Non-interest income | (92) | 878 | 1,308 | 2,094 | |
Non-interest expense | 1,828 | 2,230 | 8,679 | 9,035 | |
Income tax expense (benefit) | (6,465) | (6,309) | (18,924) | (19,539) | |
Income after income tax expense | (10,045) | (9,650) | (30,590) | (29,057) | |
Income attributable to non-controlling interest | 0 | 0 | 0 | 0 | |
Preferred stock dividends | 4,847 | 4,847 | 14,541 | 14,541 | |
Net income available to common stockholders | (14,892) | (14,497) | (45,131) | (43,598) | |
Total assets | 2,421,346 | 1,927,780 | 2,421,346 | 1,927,780 | |
Revenues from external customers: | |||||
Interest income | 8,785 | 6,555 | 24,435 | 18,306 | |
Non-interest income | (92) | 878 | 1,308 | 2,094 | |
Total | $ 8,693 | $ 7,433 | $ 25,743 | $ 20,400 |
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