(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
☑ | Accelerated filer | ☐ | ||
Non-accelerated filer | ☐ | Smaller reporting company | ||
Emerging growth company |
Description | Page |
Part I - Financial Information | |
Part II - Other Information | |
(Dollars in thousands, except per share data) | At June 30, 2019 | At December 31, 2018 | |||||
(Unaudited) | |||||||
Assets: | |||||||
Cash and due from banks | $ | $ | |||||
Investments | |||||||
Debt securities held to maturity | |||||||
Debt securities available for sale | |||||||
Loans and leases held for sale | |||||||
Loans and leases: | |||||||
Consumer real estate: | |||||||
First mortgage lien | |||||||
Junior lien | |||||||
Total consumer real estate | |||||||
Commercial | |||||||
Leasing and equipment finance | |||||||
Inventory finance | |||||||
Auto finance | |||||||
Other | |||||||
Total loans and leases | |||||||
Allowance for loan and lease losses | ( | ) | ( | ) | |||
Net loans and leases | |||||||
Premises and equipment, net | |||||||
Goodwill, net | |||||||
Other assets | |||||||
Total assets | $ | $ | |||||
Liabilities and Equity: | |||||||
Deposits: | |||||||
Checking | $ | $ | |||||
Savings | |||||||
Money market | |||||||
Certificates of deposit | |||||||
Total deposits | |||||||
Borrowings: | |||||||
Short-term borrowings | |||||||
Long-term borrowings | |||||||
Total borrowings | |||||||
Accrued expenses and other liabilities | |||||||
Total liabilities | |||||||
Equity: | |||||||
Preferred stock, par value $0.01 per share, 30,000,000 shares authorized; | |||||||
7,000 shares issued | |||||||
Common stock, par value $0.01 per share, 280,000,000 shares authorized; | |||||||
173,083,763 and 173,584,846 shares issued | |||||||
Additional paid-in capital | |||||||
Retained earnings, subject to certain restrictions | |||||||
Accumulated other comprehensive income (loss) | ( | ) | |||||
Treasury stock at cost, 10,313,700 and 9,661,619 shares and other | ( | ) | ( | ) | |||
Total TCF Financial Corporation stockholders' equity | |||||||
Non-controlling interest in subsidiaries | |||||||
Total equity | |||||||
Total liabilities and equity | $ | $ |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands, except per share data) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Interest income: | |||||||||||||||
Loans and leases | $ | $ | $ | $ | |||||||||||
Debt securities available for sale | |||||||||||||||
Debt securities held to maturity | |||||||||||||||
Loans held for sale and other | |||||||||||||||
Total interest income | |||||||||||||||
Interest expense: | |||||||||||||||
Deposits | |||||||||||||||
Borrowings | |||||||||||||||
Total interest expense | |||||||||||||||
Net interest income | |||||||||||||||
Provision for credit losses | |||||||||||||||
Net interest income after provision for credit losses | |||||||||||||||
Non-interest income: | |||||||||||||||
Leasing and equipment finance | |||||||||||||||
Fees and service charges | |||||||||||||||
Card revenue | |||||||||||||||
ATM revenue | |||||||||||||||
Gains on sales of loans, net | |||||||||||||||
Servicing fee income | |||||||||||||||
Gains (losses) on debt securities, net | |||||||||||||||
Other | |||||||||||||||
Total non-interest income | |||||||||||||||
Non-interest expense: | |||||||||||||||
Compensation and employee benefits | |||||||||||||||
Occupancy and equipment | |||||||||||||||
Lease financing equipment depreciation | |||||||||||||||
Foreclosed real estate and repossessed assets, net | |||||||||||||||
Merger-related expenses | |||||||||||||||
Other | |||||||||||||||
Total non-interest expense | |||||||||||||||
Income before income tax expense | |||||||||||||||
Income tax expense | |||||||||||||||
Income after income tax expense | |||||||||||||||
Income attributable to non-controlling interest | |||||||||||||||
Net income attributable to TCF Financial Corporation | |||||||||||||||
Preferred stock dividends | |||||||||||||||
Impact of preferred stock redemption | |||||||||||||||
Net income available to common stockholders | $ | $ | $ | $ | |||||||||||
Earnings per common share: | |||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||
Diluted | |||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||
Basic | |||||||||||||||
Diluted |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Net income attributable to TCF Financial Corporation | $ | $ | $ | $ | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Net unrealized gains (losses) on debt securities available for sale and interest-only strips | ( | ) | ( | ) | |||||||||||
Net unrealized gains (losses) on net investment hedges | ( | ) | ( | ) | |||||||||||
Foreign currency translation adjustment | ( | ) | ( | ) | |||||||||||
Recognized postretirement prior service cost | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Total other comprehensive income (loss), net of tax | ( | ) | ( | ) | |||||||||||
Comprehensive income | $ | $ | $ | $ |
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 Interest | Total Equity | ||||||||||||||||||||||
(Dollars in thousands) | Preferred | Common | |||||||||||||||||||||||||||||
Balance, March 31, 2019 | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net investment by (distribution to) non-controlling interest | — | — | — | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||||
Repurchases of 1,324,920 shares of common stock | — | — | — | — | — | — | — | ( | ) | ( | ) | — | ( | ) | |||||||||||||||||
Dividends on 5.70% Series C Preferred Stock | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Dividends on common stock of $0.15 per common share | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Stock compensation plans, net of tax | — | ( | ) | — | ( | ) | ( | ) | — | — | — | ||||||||||||||||||||
Change in shares held in trust for deferred compensation plans, at cost | — | — | — | — | — | — | ( | ) | — | ||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ |
Balance, March 31, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | ( | ) | — | ( | ) | — | ( | ) | |||||||||||||||||
Net investment by (distribution to) non-controlling interest | — | — | — | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||||
Repurchases of 2,780,835 shares of common stock | — | — | — | — | — | — | — | ( | ) | ( | ) | — | ( | ) | |||||||||||||||||
Dividends on 5.70% Series C Preferred Stock | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Dividends on common stock of $0.15 per common share | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Common stock warrants exercised | — | — | ( | ) | — | — | — | — | |||||||||||||||||||||||
Stock compensation plans, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in shares held in trust for deferred compensation plans, at cost | — | — | — | — | ( | ) | — | — | — | ||||||||||||||||||||||
Balance, June 30, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ |
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 Interest | Total Equity | ||||||||||||||||||||||
(Dollars in thousands) | Preferred | Common | |||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net investment by (distribution to) non-controlling interest | — | — | — | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||||
Repurchases of 1,324,920 shares of common stock | — | — | — | — | — | — | — | ( | ) | ( | ) | — | ( | ) | |||||||||||||||||
Dividends on 5.70% Series C Preferred Stock | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Dividends on common stock of $0.30 per common share | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Stock compensation plans, net of tax | — | ( | ) | — | ( | ) | ( | ) | — | — | ( | ) | — | ( | ) | ||||||||||||||||
Change in shares held in trust for deferred compensation plans, at cost | — | — | — | — | — | — | ( | ) | — | ||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||
Balance, December 31, 2017 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||
Change in accounting principle | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Balance, January 1, 2018 | ( | ) | ( | ) | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | ( | ) | — | ( | ) | ( | ) | ||||||||||||||||||
Net investment by (distribution to) non-controlling interest | — | — | — | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||||
Redemption of Series B Preferred Stock | ( | ) | — | ( | ) | — | — | ( | ) | — | — | ( | ) | ( | ) | ||||||||||||||||
Repurchases of 5,348,006 shares of common stock | — | — | — | — | — | — | — | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Dividends on 6.45% Series B Preferred Stock | — | — | — | — | — | ( | ) | — | — | ( | ) | ( | ) | ||||||||||||||||||
Dividends on 5.70% Series C Preferred Stock | — | — | — | — | — | ( | ) | — | — | ( | ) | ( | ) | ||||||||||||||||||
Dividends on common stock of $0.30 per common share | — | — | — | — | — | ( | ) | — | — | ( | ) | ( | ) | ||||||||||||||||||
Common stock warrants exercised | — | — | ( | ) | — | — | — | ||||||||||||||||||||||||
Common shares purchased by TCF employee benefit plans | — | — | — | — | — | — | |||||||||||||||||||||||||
Stock compensation plans, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||
Change in shares held in trust for deferred compensation plans, at cost | — | — | — | — | ( | ) | — | — | |||||||||||||||||||||||
Balance, June 30, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ |
Six Months Ended June 30, | |||||||
(In thousands) | 2019 | 2018 | |||||
Cash flows from operating activities: | |||||||
Net income | $ | $ | |||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Provision for credit losses | |||||||
Depreciation and amortization | |||||||
Provision (benefit) for deferred income taxes | |||||||
Proceeds from sales of loans and leases held for sale | |||||||
Originations of loans and leases held for sale, net of repayments | ( | ) | ( | ) | |||
Gains on sales of assets, net | ( | ) | ( | ) | |||
Net change in other assets and accrued expenses and other liabilities | ( | ) | |||||
Other, net | ( | ) | ( | ) | |||
Net cash provided by (used in) operating activities | |||||||
Cash flows from investing activities: | |||||||
Proceeds from sales of debt securities available for sale | |||||||
Proceeds from maturities of and principal collected on debt securities | |||||||
Purchases of debt securities | ( | ) | ( | ) | |||
Redemption of Federal Home Loan Bank stock | |||||||
Purchases of Federal Home Loan Bank stock | ( | ) | ( | ) | |||
Proceeds from sales of loans and leases | |||||||
Loan and lease originations and purchases, net of principal collected on loans and leases | ( | ) | ( | ) | |||
Proceeds from sales of assets | |||||||
Purchases of premises and equipment and lease equipment | ( | ) | ( | ) | |||
Other, net | |||||||
Net cash provided by (used in) investing activities | ( | ) | ( | ) | |||
Cash flows from financing activities: | |||||||
Net change in deposits | |||||||
Net change in short-term borrowings | |||||||
Proceeds from long-term borrowings | |||||||
Payments on long-term borrowings | ( | ) | ( | ) | |||
Payments on liabilities related to acquisition and portfolio purchase | ( | ) | |||||
Redemption of Series B preferred stock | ( | ) | |||||
Repurchases of common stock | ( | ) | ( | ) | |||
Common shares sold to TCF employee benefit plans | |||||||
Dividends paid on preferred stock | ( | ) | ( | ) | |||
Dividends paid on common stock | ( | ) | ( | ) | |||
Exercise of stock options | ( | ) | |||||
Net investment by (distribution to) non-controlling interest | ( | ) | ( | ) | |||
Net cash provided by (used in) financing activities | |||||||
Net change in cash and due from banks | ( | ) | ( | ) | |||
Cash and due from banks at beginning of period | |||||||
Cash and due from banks at end of period | $ | $ | |||||
Supplemental disclosures of cash flow information and non-cash investing and financing activities: | |||||||
Cash paid (received) for: | |||||||
Interest on deposits and borrowings | $ | $ | |||||
Income taxes, net | ( | ) | |||||
Transfer of loans and leases to other assets | |||||||
Transfer of loans and leases from held for investment to held for sale, net | |||||||
Operating lease right-of-use assets arising from obtaining operating lease liabilities | |||||||
Pricing of subordinated bank notes due in 2029 |
At June 30, 2019 | At December 31, 2018 | ||||||||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. Government sponsored enterprises and federal agencies | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||||||||||
Total debt securities available for sale | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Debt securities held to maturity: | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. Government sponsored enterprises and federal agencies | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Other securities | |||||||||||||||||||||||||||||||
Total debt securities held to maturity | $ | $ | $ | $ | $ | $ | $ | $ |
At June 30, 2019 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
U.S. Government sponsored enterprises and federal agencies | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Total debt securities available for sale | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Debt securities held to maturity: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
U.S. Government sponsored enterprises and federal agencies | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Total debt securities held to maturity | $ | $ | $ | $ | $ | $ |
At December 31, 2018 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
U.S. Government sponsored enterprises and federal agencies | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||
Total debt securities available for sale | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Debt securities held to maturity: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
U.S. Government sponsored enterprises and federal agencies | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Total debt securities held to maturity | $ | $ | $ | $ | $ | $ |
At June 30, 2019 | At December 31, 2018 | ||||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||
Debt securities available for sale: | |||||||||||||||
Due in 1-5 years | $ | $ | $ | $ | |||||||||||
Due in 5-10 years | |||||||||||||||
Due after 10 years | |||||||||||||||
Total debt securities available for sale | $ | $ | $ | $ | |||||||||||
Debt securities held to maturity: | |||||||||||||||
Due in 1-5 years | $ | $ | $ | $ | |||||||||||
Due in 5-10 years | |||||||||||||||
Due after 10 years | |||||||||||||||
Total debt securities held to maturity | $ | $ | $ | $ |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Taxable interest income | $ | $ | $ | $ | |||||||||||
Tax-exempt interest income | |||||||||||||||
Total interest income | $ | $ | $ | $ |
(In thousands) | At June 30, 2019 | At December 31, 2018 | |||||
Consumer real estate: | |||||||
First mortgage lien | $ | $ | |||||
Junior lien | |||||||
Total consumer real estate | |||||||
Commercial: | |||||||
Commercial real estate: | |||||||
Permanent | |||||||
Construction and development | |||||||
Total commercial real estate | |||||||
Commercial business | |||||||
Total commercial | |||||||
Leasing and equipment finance | |||||||
Inventory finance | |||||||
Auto finance | |||||||
Other | |||||||
Total loans and leases(1) | $ | $ |
(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 $( |
(In thousands) | At June 30, 2019 | ||
Carrying amount | $ | ||
Unguaranteed residual assets | |||
Net direct fees and costs and unearned income | ( | ) | |
Total net investment in direct financing and sales-type leases | $ |
Quarter Ended | Six Months Ended | ||||||
(In thousands) | June 30, 2019 | ||||||
Interest income - loans and leases: | |||||||
Interest income on net investment in direct financing and sales-type leases | $ | $ | |||||
Leasing and equipment finance non-interest income: | |||||||
Lease income from operating lease payments | |||||||
Profit (loss) recorded on commencement date on sales-type leases | |||||||
Other(1) | |||||||
Total leasing and equipment finance non-interest income | |||||||
Total lease income | $ | $ |
(1) | Other leasing and equipment finance non-interest income consists of gains (losses) on sales of leased equipment, fees and service charges on leases and gains (losses) on sales of leases. |
(In thousands) | |||
2019 | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
Thereafter | |||
Equipment under leases not yet commenced | |||
Total undiscounted future minimum lease payments receivable for direct financing and sales-type leases | |||
Third-party residual value guarantees | |||
Total carrying amount of direct financing and sales-type leases | $ |
(In thousands) | |||
2019 | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
Thereafter | |||
Total undiscounted future minimum lease payments | $ |
(In thousands) | At June 30, 2019 | At December 31, 2018 | |||||
Interest-only strips | $ | $ | |||||
Contractual liabilities related to consumer real estate loan sales |
(In thousands) | Consumer Real Estate | Commercial | Leasing and Equipment Finance | Inventory Finance | Auto Finance | Other | Total | ||||||||||||||||||||
At or For the Quarter Ended June 30, 2019: | |||||||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Recoveries | |||||||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Provision for credit losses | ( | ) | |||||||||||||||||||||||||
Other(1) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
At or For the Quarter Ended June 30, 2018: | |||||||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Recoveries | |||||||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Provision for credit losses | ( | ) | |||||||||||||||||||||||||
Other(1) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
(In thousands) | Consumer Real Estate | Commercial | Leasing and Equipment Finance | Inventory Finance | Auto Finance | Other | Total | ||||||||||||||||||||
At or For the Six Months Ended June 30, 2019: | |||||||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Recoveries | |||||||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Provision for credit losses | |||||||||||||||||||||||||||
Other(1) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
At or For the Six Months Ended June 30, 2018: | |||||||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Recoveries | |||||||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Provision for credit losses | ( | ) | |||||||||||||||||||||||||
Other(1) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | $ |
(1) | Primarily includes the transfer of the allowance for loan and lease losses to loans and leases held for sale. |
At June 30, 2019 | |||||||||||||||||||||||||||
(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 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Individually evaluated for impairment | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Loans and leases outstanding: | |||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Individually evaluated for impairment | |||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
At December 31, 2018 | |||||||||||||||||||||||||||
(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 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Individually evaluated for impairment | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Loans and leases outstanding: | |||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Individually evaluated for impairment | |||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
At June 30, 2019 | |||||||||||||||||||||||
(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 | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Junior lien | |||||||||||||||||||||||
Total consumer real estate | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Commercial business | |||||||||||||||||||||||
Total commercial | |||||||||||||||||||||||
Leasing and equipment finance | |||||||||||||||||||||||
Inventory finance | |||||||||||||||||||||||
Auto finance | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||
Portfolios acquired with deteriorated credit quality | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
At December 31, 2018 | |||||||||||||||||||||||
(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 | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Junior lien | |||||||||||||||||||||||
Total consumer real estate | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Commercial business | |||||||||||||||||||||||
Total commercial | |||||||||||||||||||||||
Leasing and equipment finance | |||||||||||||||||||||||
Inventory finance | |||||||||||||||||||||||
Auto finance | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||
Portfolios acquired with deteriorated credit quality | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Contractual interest due on non-accrual loans and leases | $ | $ | $ | $ | |||||||||||
Interest income recognized on non-accrual loans and leases | |||||||||||||||
Unrecognized interest income | $ | $ | $ | $ |
(In thousands) | At June 30, 2019 | At December 31, 2018 | |||||
0-59 days delinquent and accruing | $ | $ | |||||
Non-accrual | |||||||
Total consumer real estate loans to customers in bankruptcy | $ | $ |
At June 30, 2019 | At December 31, 2018 | ||||||||||||||||||||||
(In thousands) | Accruing TDR Loans | Non-accrual TDR Loans | Total TDR Loans | Accruing TDR Loans | Non-accrual TDR Loans | Total TDR Loans | |||||||||||||||||
Consumer real estate | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Commercial | |||||||||||||||||||||||
Leasing and equipment finance | |||||||||||||||||||||||
Inventory finance | |||||||||||||||||||||||
Auto finance | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Quarter Ended June 30, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
(In thousands) | Contractual Interest Due | Interest Income | Unrecognized Interest | Contractual Interest Due | Interest Income | Unrecognized Interest | |||||||||||||||||
Consumer real estate: | |||||||||||||||||||||||
First mortgage lien | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Junior lien | |||||||||||||||||||||||
Total consumer real estate | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
(In thousands) | Contractual Interest Due | Interest Income | Unrecognized Interest | Contractual Interest Due | Interest Income | Unrecognized Interest | |||||||||||||||||
Consumer real estate: | |||||||||||||||||||||||
First mortgage lien | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Junior lien | |||||||||||||||||||||||
Total consumer real estate | $ | $ | $ | $ | $ | $ |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Defaulted TDR loan balances modified during the applicable period:(1) | |||||||||||||||
Consumer real estate: | |||||||||||||||
First mortgage lien | $ | $ | $ | $ | |||||||||||
Junior lien | |||||||||||||||
Total consumer real estate | |||||||||||||||
Commercial business | |||||||||||||||
Leasing and equipment finance | |||||||||||||||
Auto finance | |||||||||||||||
Defaulted TDR loan balances modified during the applicable period | $ | $ | $ | $ |
(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 June 30, 2019 | At December 31, 2018 | ||||||||||||||||||||||
(In thousands) | Unpaid Contractual Balance | Loan and Lease Balance | Related Allowance Recorded | Unpaid Contractual Balance | Loan Balance | Related Allowance Recorded | |||||||||||||||||
Impaired loans and leases with an allowance recorded: | |||||||||||||||||||||||
Consumer real estate: | |||||||||||||||||||||||
First mortgage lien | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Junior lien | |||||||||||||||||||||||
Total consumer real estate | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Commercial business | |||||||||||||||||||||||
Total commercial | |||||||||||||||||||||||
Leasing and equipment finance | |||||||||||||||||||||||
Inventory finance | |||||||||||||||||||||||
Auto finance | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total impaired loans and leases with an allowance recorded | |||||||||||||||||||||||
Impaired loans and leases without an allowance recorded: | |||||||||||||||||||||||
Consumer real estate: | |||||||||||||||||||||||
First mortgage lien | — | — | |||||||||||||||||||||
Junior lien | — | — | |||||||||||||||||||||
Total consumer real estate | — | — | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial real estate | — | — | |||||||||||||||||||||
Commercial business | — | — | |||||||||||||||||||||
Total commercial | — | — | |||||||||||||||||||||
Inventory finance | — | — | |||||||||||||||||||||
Auto finance | — | — | |||||||||||||||||||||
Other | — | — | |||||||||||||||||||||
Total impaired loans and leases without an allowance recorded | — | — | |||||||||||||||||||||
Total impaired loans and leases | $ | $ | $ | $ | $ | $ |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||
(In thousands) | Average Loan and Lease Balance | Interest Income Recognized | Average Loan Balance | Interest Income Recognized | Average Loan and Lease Balance | Interest Income Recognized | Average Loan Balance | Interest Income Recognized | |||||||||||||||||||||||
Impaired loans and leases with an allowance recorded: | |||||||||||||||||||||||||||||||
Consumer real estate: | |||||||||||||||||||||||||||||||
First mortgage lien | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Junior lien | |||||||||||||||||||||||||||||||
Total consumer real estate | |||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||
Commercial business | |||||||||||||||||||||||||||||||
Total commercial | |||||||||||||||||||||||||||||||
Leasing and equipment finance | |||||||||||||||||||||||||||||||
Inventory finance | |||||||||||||||||||||||||||||||
Auto finance | |||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||
Total impaired loans and leases with an allowance recorded | |||||||||||||||||||||||||||||||
Impaired loans and leases without an allowance recorded: | |||||||||||||||||||||||||||||||
Consumer real estate: | |||||||||||||||||||||||||||||||
First mortgage lien | |||||||||||||||||||||||||||||||
Junior lien | |||||||||||||||||||||||||||||||
Total consumer real estate | |||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||
Commercial business | |||||||||||||||||||||||||||||||
Total commercial | |||||||||||||||||||||||||||||||
Inventory finance | |||||||||||||||||||||||||||||||
Auto finance | |||||||||||||||||||||||||||||||
Total impaired loans and leases without an allowance recorded | |||||||||||||||||||||||||||||||
Total impaired loans and leases | $ | $ | $ | $ | $ | $ | $ | $ |
(In thousands) | At June 30, 2019 | At December 31, 2018 | |||||
Other real estate owned | $ | $ | |||||
Repossessed and returned assets | |||||||
Consumer real estate loans in process of foreclosure |
(In thousands) | |||
2019 | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
Thereafter | |||
Total undiscounted future minimum operating lease payments | |||
Discount | ( | ) | |
Total operating lease liabilities | $ |
At June 30, 2019 | ||
Weighted-average discount rate | % | |
Weighted-average remaining lease term (years) |
Quarter Ended | Six Months Ended | ||||||
(In thousands) | June 30, 2019 | ||||||
Lease expense | $ | $ | |||||
Short-term and variable lease cost | |||||||
Sublease income | ( | ) | ( | ) | |||
Total lease cost for operating leases | $ | $ |
(In thousands) | At June 30, 2019 | At December 31, 2018 | ||||
FHLB advances | $ | $ | ||||
Subordinated bank notes | ||||||
Discounted lease rentals | ||||||
Capital lease obligation | ||||||
Total long-term borrowings | $ | $ |
TCF | TCF Bank | ||||||||||||||||||||
At June 30, | At December 31, | At June 30, | At December 31, | Well-capitalized Standard | Minimum Capital Requirement | ||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Regulatory Capital: | |||||||||||||||||||||
Common equity Tier 1 capital | $ | $ | $ | $ | |||||||||||||||||
Tier 1 capital | |||||||||||||||||||||
Total capital | |||||||||||||||||||||
Regulatory Capital Ratios: | |||||||||||||||||||||
Common equity Tier 1 capital ratio | % | % | % | % | % | % | |||||||||||||||
Tier 1 risk-based capital ratio | |||||||||||||||||||||
Total risk-based capital ratio | |||||||||||||||||||||
Tier 1 leverage ratio |
Shares | Weighted-average Grant Date Fair Value | |||||
Outstanding at December 31, 2018 | $ | |||||
Granted | ||||||
Forfeited/canceled | ( | ) | ||||
Vested | ( | ) | ||||
Outstanding at June 30, 2019 |
Pension Plan | |||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Interest cost | $ | $ | $ | $ | |||||||||||
Return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Net periodic benefit plan (income) cost | $ | $ | $ | $ |
Postretirement Plan | |||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Interest cost | $ | $ | $ | $ | |||||||||||
Amortization of prior service cost | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Net periodic benefit plan (income) cost | $ | $ | $ | $ |
At June 30, 2019 | |||||||||||
Fair Value | |||||||||||
(In thousands) | Notional Amount | Derivative Assets | Derivative Liabilities | ||||||||
Derivatives designated as hedging instruments: | |||||||||||
Interest rate contracts | $ | $ | $ | ||||||||
Forward foreign exchange contracts | |||||||||||
Total derivatives designated as hedging instruments | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Interest rate contracts | |||||||||||
Forward foreign exchange contracts | |||||||||||
Interest rate lock commitments | |||||||||||
Other contracts | |||||||||||
Total derivatives not designated as hedging instruments | |||||||||||
Total derivatives before netting | |||||||||||
Netting(1) | ( | ) | ( | ) | |||||||
Total derivatives, net | $ | $ |
At December 31, 2018 | |||||||||||
Fair Value | |||||||||||
(In thousands) | Notional Amount | Derivative Assets | Derivative Liabilities | ||||||||
Derivatives designated as hedging instruments: | |||||||||||
Interest rate contracts | $ | $ | $ | ||||||||
Forward foreign exchange contracts | |||||||||||
Total derivatives designated as hedging instruments | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Interest rate contracts | |||||||||||
Forward foreign exchange contracts | |||||||||||
Interest rate lock commitments | |||||||||||
Other contracts | |||||||||||
Total derivatives not designated as hedging instruments | |||||||||||
Total derivatives before netting | |||||||||||
Netting(1) | ( | ) | ( | ) | |||||||
Total derivatives, net | $ | $ |
(1) | Includes balance sheet netting of derivative asset and derivative liability balances, related cash collateral and portfolio level counterparty valuation adjustments. |
At June 30, 2019 | |||||||||||
(In thousands) | Gross Amounts Recognized | Gross Amounts Offset(1) | Net Amount Presented | ||||||||
Derivative assets: | |||||||||||
Interest rate contracts | $ | $ | ( | ) | $ | ||||||
Interest rate lock commitments | |||||||||||
Total derivative assets | $ | $ | ( | ) | $ | ||||||
Derivative liabilities: | |||||||||||
Interest rate contracts | $ | $ | ( | ) | $ | ||||||
Forward foreign exchange contracts | ( | ) | |||||||||
Interest rate lock commitments | |||||||||||
Other contracts | ( | ) | |||||||||
Total derivative liabilities | $ | $ | ( | ) | $ |
At December 31, 2018 | |||||||||||
(In thousands) | Gross Amounts Recognized | Gross Amounts Offset(1) | Net Amount Presented | ||||||||
Derivative assets: | |||||||||||
Interest rate contracts | $ | $ | ( | ) | $ | ||||||
Forward foreign exchange contracts | ( | ) | |||||||||
Interest rate lock commitments | |||||||||||
Total derivative assets | $ | $ | ( | ) | $ | ||||||
Derivative liabilities: | |||||||||||
Interest rate contracts | $ | $ | ( | ) | $ | ||||||
Forward foreign exchange contracts | ( | ) | |||||||||
Interest rate lock commitments | |||||||||||
Other contracts | ( | ) | |||||||||
Total derivative liabilities | $ | $ | ( | ) | $ |
(1) | Includes the amounts with counterparties subject to enforceable master netting arrangements that have been offset in the Consolidated Statements of Financial Condition. |
Carrying Amount of the Hedged Liability | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability | ||||||||||||||
(In thousands) | At June 30, 2019 | At December 31, 2018 | At June 30, 2019 | At December 31, 2018 | |||||||||||
Subordinated bank note - 2025 | $ | $ | $ | $ | ( | ) |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Gain (loss) on fair value hedge: | |||||||||||||||
Hedged item | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Derivative designated as a hedging instrument | ( | ) | ( | ) | |||||||||||
Income statement line where the gain (loss) on the fair value hedge was recorded: | |||||||||||||||
Interest expense - borrowings | $ | $ | $ | $ |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Forward foreign exchange contracts | $ | ( | ) | $ | $ | ( | ) | $ |
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | Location of Gain (Loss) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Interest rate contracts | Other non-interest income | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Forward foreign exchange contracts | Other non-interest expense | ( | ) | ( | ) | |||||||||||
Interest rate lock commitments | Gains on sales of loans, net | |||||||||||||||
Other contracts | Other non-interest expense | |||||||||||||||
Net gain (loss) recognized | $ | ( | ) | $ | $ | ( | ) | $ |
At June 30, 2019 | |||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Recurring fair value measurements through net income: | |||||||||||||||
Assets: | |||||||||||||||
Loans held for sale | $ | $ | $ | $ | |||||||||||
Interest rate contracts(1) | |||||||||||||||
Interest rate lock commitments(1) | |||||||||||||||
Forward loan sales commitments | |||||||||||||||
Assets held in trust for deferred compensation plans | |||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||
Liabilities: | |||||||||||||||
Interest rate contracts(1) | $ | $ | $ | $ | |||||||||||
Forward foreign exchange contracts(1) | |||||||||||||||
Interest rate lock commitments(1) | |||||||||||||||
Other contracts(1) | |||||||||||||||
Forward loan sales commitments | |||||||||||||||
Liabilities held in trust for deferred compensation plans | |||||||||||||||
Total liabilities | $ | $ | $ | $ | |||||||||||
Recurring fair value measurements through other comprehensive income: | |||||||||||||||
Assets: | |||||||||||||||
Debt securities available for sale: | |||||||||||||||
Mortgage-backed securities: | |||||||||||||||
U.S. Government sponsored enterprises and federal agencies | $ | $ | $ | $ | |||||||||||
Other | |||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||
Interest-only strips | |||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||
Liabilities: | |||||||||||||||
Forward foreign exchange contracts(1) | $ | $ | $ | $ | |||||||||||
Total liabilities | $ | $ | $ | $ | |||||||||||
Non-recurring fair value measurements: | |||||||||||||||
Loans and leases | $ | $ | $ | $ | |||||||||||
Other real estate owned | |||||||||||||||
Repossessed and returned assets | |||||||||||||||
Total non-recurring fair value measurements | $ | $ | $ | $ |
(1) | As permitted under GAAP, TCF has elected to net derivative assets and derivative liabilities 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 assets and derivative liabilities are presented gross of this netting adjustment. |
At December 31, 2018 | |||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Recurring fair value measurements through net income: | |||||||||||||||
Assets: | |||||||||||||||
Loans held for sale | $ | $ | $ | $ | |||||||||||
Interest rate contracts(1) | |||||||||||||||
Forward foreign exchange contracts(1) | |||||||||||||||
Interest rate lock commitments(1) | |||||||||||||||
Forward loan sales commitments | |||||||||||||||
Assets held in trust for deferred compensation plans | |||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||
Liabilities: | |||||||||||||||
Interest rate contracts(1) | $ | $ | $ | $ | |||||||||||
Forward foreign exchange contracts(1) | |||||||||||||||
Interest rate lock commitments(1) | |||||||||||||||
Other contracts(1) | |||||||||||||||
Forward loan sales commitments | |||||||||||||||
Liabilities held in trust for deferred compensation plans | |||||||||||||||
Total liabilities | $ | $ | $ | $ | |||||||||||
Recurring fair value measurements through other comprehensive income: | |||||||||||||||
Assets: | |||||||||||||||
Debt securities available for sale: | |||||||||||||||
Mortgage-backed securities: | |||||||||||||||
U.S. Government sponsored enterprises and federal agencies | $ | $ | $ | $ | |||||||||||
Other | |||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||
Interest-only strips | |||||||||||||||
Forward foreign exchange contracts(1) | |||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||
Non-recurring fair value measurements: | |||||||||||||||
Loans | $ | $ | $ | $ | |||||||||||
Other real estate owned | |||||||||||||||
Repossessed and returned assets | |||||||||||||||
Total non-recurring fair value measurements | $ | $ | $ | $ |
(1) | As permitted under GAAP, TCF has elected to net derivative assets and derivative liabilities 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 assets and derivative liabilities are presented gross of this netting adjustment. |
(In thousands) | Debt Securities Available for Sale | Loans Held for Sale | Interest-only Strips | Interest Rate Lock Commitments | Other Contracts | Forward Loan Sales Commitments | |||||||||||||||||
At or For the Quarter Ended June 30, 2019: | |||||||||||||||||||||||
Asset (liability) balance, beginning of period | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | |||||||||||||
Total net gains (losses) included in: | |||||||||||||||||||||||
Net income | ( | ) | |||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Sales | ( | ) | |||||||||||||||||||||
Originations | |||||||||||||||||||||||
Principal paydowns / settlements | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Asset (liability) balance, end of period | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | |||||||||||||
At or For the Quarter Ended June 30, 2018: | |||||||||||||||||||||||
Asset (liability) balance, beginning of period | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Total net gains (losses) included in: | |||||||||||||||||||||||
Net income | ( | ) | |||||||||||||||||||||
Other comprehensive income (loss) | ( | ) | |||||||||||||||||||||
Sales | ( | ) | |||||||||||||||||||||
Originations | |||||||||||||||||||||||
Principal paydowns / settlements | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Asset (liability) balance, end of period | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
(In thousands) | Debt Securities Available for Sale | Loans Held for Sale | Interest-only Strips | Interest Rate Lock Commitments | Other Contracts | Forward Loan Sales Commitments | |||||||||||||||||
At or For the Six Months Ended June 30, 2019: | |||||||||||||||||||||||
Asset (liability) balance, beginning of period | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | |||||||||||||
Total net gains (losses) included in: | |||||||||||||||||||||||
Net income | ( | ) | |||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Sales | ( | ) | |||||||||||||||||||||
Originations | |||||||||||||||||||||||
Principal paydowns / settlements | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Asset (liability) balance, end of period | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | |||||||||||||
At or For the Six Months Ended June 30, 2018: | |||||||||||||||||||||||
Asset (liability) balance, beginning of period | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Total net gains (losses) included in: | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Sales | ( | ) | |||||||||||||||||||||
Originations | |||||||||||||||||||||||
Principal paydowns / settlements | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Asset (liability) balance, end of period | $ | $ | $ | $ | $ | ( | ) | $ |
(In thousands) | At June 30, 2019 | At December 31, 2018 | |||||
Fair value carrying amount | $ | $ | |||||
Aggregate unpaid principal amount | |||||||
Fair value carrying amount less aggregate unpaid principal | $ | $ |
At June 30, 2019 | |||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||
(In thousands) | Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial instrument assets: | |||||||||||||||||||
Investments | $ | $ | $ | $ | $ | ||||||||||||||
Debt securities held to maturity | |||||||||||||||||||
Loans held for sale | |||||||||||||||||||
Loans: | |||||||||||||||||||
Consumer real estate | |||||||||||||||||||
Commercial real estate | |||||||||||||||||||
Commercial business | |||||||||||||||||||
Equipment finance | |||||||||||||||||||
Inventory finance | |||||||||||||||||||
Auto finance | |||||||||||||||||||
Other | |||||||||||||||||||
Allowance for loan losses(1) | ( | ) | |||||||||||||||||
Securitization receivable(2) | |||||||||||||||||||
Total financial instrument assets | $ | $ | $ | $ | $ | ||||||||||||||
Financial instrument liabilities: | |||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||
Long-term borrowings | |||||||||||||||||||
Total financial instrument liabilities | $ | $ | $ | $ | $ | ||||||||||||||
Financial instruments with off-balance sheet risk:(3) | |||||||||||||||||||
Commitments to extend credit | $ | $ | $ | $ | $ | ||||||||||||||
Standby letters of credit | ( | ) | ( | ) | ( | ) | |||||||||||||
Total financial instruments with off-balance sheet risk | $ | $ | $ | $ | $ |
(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. |
At December 31, 2018 | |||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||
(In thousands) | Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial instrument assets: | |||||||||||||||||||
Investments | $ | $ | $ | $ | $ | ||||||||||||||
Debt securities held to maturity | |||||||||||||||||||
Loans held for sale | |||||||||||||||||||
Loans: | |||||||||||||||||||
Consumer real estate | |||||||||||||||||||
Commercial real estate | |||||||||||||||||||
Commercial business | |||||||||||||||||||
Equipment finance | |||||||||||||||||||
Inventory finance | |||||||||||||||||||
Auto finance | |||||||||||||||||||
Other | |||||||||||||||||||
Allowance for loan losses(1) | ( | ) | |||||||||||||||||
Securitization receivable(2) | |||||||||||||||||||
Total financial instrument assets | $ | $ | $ | $ | $ | ||||||||||||||
Financial instrument liabilities: | |||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||
Long-term borrowings | |||||||||||||||||||
Total financial instrument liabilities | $ | $ | $ | $ | $ | ||||||||||||||
Financial instruments with off-balance sheet risk:(3) | |||||||||||||||||||
Commitments to extend credit | $ | $ | $ | $ | $ | ||||||||||||||
Standby letters of credit | ( | ) | ( | ) | ( | ) | |||||||||||||
Total financial instruments with off-balance sheet risk | $ | $ | $ | $ | $ |
(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. |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(Dollars in thousands, except per share data) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Basic earnings per common share: | |||||||||||||||
Net income attributable to TCF Financial Corporation | $ | $ | $ | $ | |||||||||||
Preferred stock dividends | |||||||||||||||
Impact of preferred stock redemption(1) | |||||||||||||||
Net income available to common stockholders | |||||||||||||||
Less: Earnings allocated to participating securities | |||||||||||||||
Earnings allocated to common stock | $ | $ | $ | $ | |||||||||||
Weighted-average common shares outstanding used in basic earnings per common share calculation | |||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | |||||||||||
Diluted earnings per common share: | |||||||||||||||
Earnings allocated to common stock | $ | $ | $ | $ | |||||||||||
Weighted-average common shares outstanding used in basic earnings per common share calculation | |||||||||||||||
Net dilutive effect of: | |||||||||||||||
Non-participating restricted stock | |||||||||||||||
Stock options | |||||||||||||||
Warrants | |||||||||||||||
Weighted-average common shares outstanding used in diluted earnings per common share calculation | |||||||||||||||
Diluted earnings per common share | $ | $ | $ | $ | |||||||||||
Anti-dilutive shares outstanding not included in the computation of diluted earnings per common share: | |||||||||||||||
Non-participating restricted stock |
(1) | Represents the amount of deferred stock issuance costs originally recorded in preferred stock that were reclassified to retained earnings. |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Advertising and marketing | $ | $ | $ | $ | |||||||||||
Outside processing | |||||||||||||||
Professional fees | |||||||||||||||
Card processing and issuance costs | |||||||||||||||
Consumer Financial Protection Bureau and OCC settlement charge | |||||||||||||||
Other | |||||||||||||||
Total other non-interest expense | $ | $ | $ | $ |
At or For the Quarter Ended June 30, 2019 | |||||||||||||||
(In thousands) | Consumer Banking | Wholesale Banking | Enterprise Services | Consolidated | |||||||||||
Interest income: | |||||||||||||||
Loans and leases | $ | $ | $ | ( | ) | $ | |||||||||
Debt securities available for sale | |||||||||||||||
Debt securities held to maturity | |||||||||||||||
Loans held for sale and other | |||||||||||||||
Funds transfer pricing - credits | ( | ) | |||||||||||||
Total interest income | ( | ) | |||||||||||||
Interest expense: | |||||||||||||||
Deposits | |||||||||||||||
Borrowings | ( | ) | |||||||||||||
Funds transfer pricing - charges | ( | ) | |||||||||||||
Total interest expense | ( | ) | |||||||||||||
Net interest income (expense) | |||||||||||||||
Provision for credit losses | |||||||||||||||
Net interest income (expense) after provision for credit losses | |||||||||||||||
Non-interest income: | |||||||||||||||
Leasing and equipment finance | |||||||||||||||
Fees and service charges | |||||||||||||||
Card revenue | |||||||||||||||
ATM revenue | |||||||||||||||
Gains on sales of loans, net | |||||||||||||||
Servicing fee income | |||||||||||||||
Gains (losses) on debt securities, net | |||||||||||||||
Other | ( | ) | |||||||||||||
Total non-interest income | |||||||||||||||
Non-interest expense: | |||||||||||||||
Compensation and employee benefits | |||||||||||||||
Occupancy and equipment | |||||||||||||||
Lease financing equipment depreciation | |||||||||||||||
Foreclosed real estate and repossessed assets, net | ( | ) | |||||||||||||
Merger-related expenses | |||||||||||||||
Other | ( | ) | |||||||||||||
Total non-interest expense | |||||||||||||||
Income (loss) before income tax expense (benefit) | |||||||||||||||
Income tax expense (benefit) | ( | ) | |||||||||||||
Income (loss) after income tax expense (benefit) | |||||||||||||||
Income attributable to non-controlling interest | |||||||||||||||
Preferred stock dividends | |||||||||||||||
Net income (loss) available to common stockholders | $ | $ | $ | $ | |||||||||||
Revenues from external customers: | |||||||||||||||
Interest income | $ | $ | $ | $ | |||||||||||
Non-interest income | |||||||||||||||
Total | $ | $ | $ | $ | |||||||||||
Total assets | $ | $ | $ | $ |
At or For the Quarter Ended June 30, 2018 | |||||||||||||||
(In thousands) | Consumer Banking | Wholesale Banking | Enterprise Services | Consolidated | |||||||||||
Interest income: | |||||||||||||||
Loans and leases | $ | $ | $ | ( | ) | $ | |||||||||
Debt securities available for sale | |||||||||||||||
Debt securities held to maturity | |||||||||||||||
Loans held for sale and other | |||||||||||||||
Funds transfer pricing - credits | ( | ) | |||||||||||||
Total interest income | ( | ) | |||||||||||||
Interest expense: | |||||||||||||||
Deposits | |||||||||||||||
Borrowings | ( | ) | |||||||||||||
Funds transfer pricing - charges | ( | ) | |||||||||||||
Total interest expense | ( | ) | |||||||||||||
Net interest income (expense) | |||||||||||||||
Provision for credit losses | |||||||||||||||
Net interest income (expense) after provision for credit losses | |||||||||||||||
Non-interest income: | |||||||||||||||
Leasing and equipment finance | |||||||||||||||
Fees and service charges | |||||||||||||||
Card revenue | |||||||||||||||
ATM revenue | |||||||||||||||
Gains on sales of loans, net | |||||||||||||||
Servicing fee income | |||||||||||||||
Gains (losses) on debt securities, net | |||||||||||||||
Other | |||||||||||||||
Total non-interest income | |||||||||||||||
Non-interest expense: | |||||||||||||||
Compensation and employee benefits | |||||||||||||||
Occupancy and equipment | |||||||||||||||
Lease financing equipment depreciation | |||||||||||||||
Foreclosed real estate and repossessed assets, net | |||||||||||||||
Other | ( | ) | |||||||||||||
Total non-interest expense | |||||||||||||||
Income (loss) before income tax expense (benefit) | |||||||||||||||
Income tax expense (benefit) | |||||||||||||||
Income (loss) after income tax expense (benefit) | |||||||||||||||
Income attributable to non-controlling interest | |||||||||||||||
Preferred stock dividends | |||||||||||||||
Net income (loss) available to common stockholders | $ | $ | $ | $ | |||||||||||
Revenues from external customers: | |||||||||||||||
Interest income | $ | $ | $ | $ | |||||||||||
Non-interest income | |||||||||||||||
Total | $ | $ | $ | $ | |||||||||||
Total assets | $ | $ | $ | $ |
At or For the Six Months Ended June 30, 2019 | |||||||||||||||
(In thousands) | Consumer Banking | Wholesale Banking | Enterprise Services | Consolidated | |||||||||||
Interest income: | |||||||||||||||
Loans and leases | $ | $ | $ | ( | ) | $ | |||||||||
Debt securities available for sale | |||||||||||||||
Debt securities held to maturity | |||||||||||||||
Loans held for sale and other | |||||||||||||||
Funds transfer pricing - credits | ( | ) | |||||||||||||
Total interest income | ( | ) | |||||||||||||
Interest expense: | |||||||||||||||
Deposits | |||||||||||||||
Borrowings | ( | ) | |||||||||||||
Funds transfer pricing - charges | ( | ) | |||||||||||||
Total interest expense | ( | ) | |||||||||||||
Net interest income (expense) | |||||||||||||||
Provision for credit losses | |||||||||||||||
Net interest income (expense) after provision for credit losses | |||||||||||||||
Non-interest income: | |||||||||||||||
Leasing and equipment finance | |||||||||||||||
Fees and service charges | |||||||||||||||
Card revenue | |||||||||||||||
ATM revenue | |||||||||||||||
Gains on sales of loans, net | |||||||||||||||
Servicing fee income | |||||||||||||||
Gains (losses) on debt securities, net | |||||||||||||||
Other | ( | ) | |||||||||||||
Total non-interest income | |||||||||||||||
Non-interest expense: | |||||||||||||||
Compensation and employee benefits | |||||||||||||||
Occupancy and equipment | |||||||||||||||
Lease financing equipment depreciation | |||||||||||||||
Foreclosed real estate and repossessed assets, net | ( | ) | |||||||||||||
Merger-related expenses | |||||||||||||||
Other | ( | ) | |||||||||||||
Total non-interest expense | |||||||||||||||
Income (loss) before income tax expense (benefit) | |||||||||||||||
Income tax expense (benefit) | ( | ) | |||||||||||||
Income (loss) after income tax expense (benefit) | |||||||||||||||
Income attributable to non-controlling interest | |||||||||||||||
Preferred stock dividends | |||||||||||||||
Net income (loss) available to common stockholders | $ | $ | $ | $ | |||||||||||
Revenues from external customers: | |||||||||||||||
Interest income | $ | $ | $ | $ | |||||||||||
Non-interest income | |||||||||||||||
Total | $ | $ | $ | $ | |||||||||||
Total assets | $ | $ | $ | $ |
At or For the Six Months Ended June 30, 2018 | |||||||||||||||
(In thousands) | Consumer Banking | Wholesale Banking | Enterprise Services | Consolidated | |||||||||||
Interest income: | |||||||||||||||
Loans and leases | $ | $ | $ | ( | ) | $ | |||||||||
Debt securities available for sale | |||||||||||||||
Debt securities held to maturity | |||||||||||||||
Loans held for sale and other | |||||||||||||||
Funds transfer pricing - credits | ( | ) | |||||||||||||
Total interest income | ( | ) | |||||||||||||
Interest expense: | |||||||||||||||
Deposits | |||||||||||||||
Borrowings | ( | ) | |||||||||||||
Funds transfer pricing - charges | ( | ) | |||||||||||||
Total interest expense | ( | ) | |||||||||||||
Net interest income (expense) | |||||||||||||||
Provision for credit losses | |||||||||||||||
Net interest income (expense) after provision for credit losses | |||||||||||||||
Non-interest income: | |||||||||||||||
Leasing and equipment finance | |||||||||||||||
Fees and service charges | |||||||||||||||
Card revenue | |||||||||||||||
ATM revenue | |||||||||||||||
Gains on sales of loans, net | |||||||||||||||
Servicing fee income | |||||||||||||||
Gains (losses) on debt securities, net | |||||||||||||||
Other | |||||||||||||||
Total non-interest income | |||||||||||||||
Non-interest expense: | |||||||||||||||
Compensation and employee benefits | |||||||||||||||
Occupancy and equipment | |||||||||||||||
Lease financing equipment depreciation | |||||||||||||||
Foreclosed real estate and repossessed assets, net | |||||||||||||||
Other | ( | ) | |||||||||||||
Total non-interest expense | |||||||||||||||
Income (loss) before income tax expense (benefit) | |||||||||||||||
Income tax expense (benefit) | ( | ) | |||||||||||||
Income (loss) after income tax expense (benefit) | |||||||||||||||
Income attributable to non-controlling interest | |||||||||||||||
Preferred stock dividends | |||||||||||||||
Impact of notice to redeem preferred stock | |||||||||||||||
Net income (loss) available to common stockholders | $ | $ | $ | ( | ) | $ | |||||||||
Revenues from external customers: | |||||||||||||||
Interest income | $ | $ | $ | $ | |||||||||||
Non-interest income | |||||||||||||||
Total | $ | $ | $ | $ | |||||||||||
Total assets | $ | $ | $ | $ |
Quarter Ended June 30, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
(In thousands) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||
Net unrealized gains (losses) on debt securities available for sale and interest-only strips: | |||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||
Reclassification of net (gains) losses from accumulated other comprehensive income (loss) to: | |||||||||||||||||||||||
Total interest income | ( | ) | ( | ) | |||||||||||||||||||
Gains (losses) on debt securities, net | ( | ) | ( | ) | |||||||||||||||||||
Other non-interest expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Net unrealized gains (losses) on debt securities available for sale and interest-only strips | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Net unrealized gains (losses) on net investment hedges | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Foreign currency translation adjustment(1) | ( | ) | ( | ) | |||||||||||||||||||
Recognized postretirement prior service cost: | |||||||||||||||||||||||
Reclassification of amortization of prior service cost to Other non-interest expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Total other comprehensive income (loss) | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
(In thousands) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||
Net unrealized gains (losses) on debt securities available for sale and interest-only strips: | |||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||
Reclassification of net (gains) losses from accumulated other comprehensive income (loss) to: | |||||||||||||||||||||||
Total interest income | ( | ) | ( | ) | |||||||||||||||||||
Gains (losses) on debt securities, net | ( | ) | ( | ) | |||||||||||||||||||
Other non-interest expense | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Net unrealized gains (losses) on debt securities available for sale and interest-only strips | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Net unrealized gains (losses) on net investment hedges | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Foreign currency translation adjustment(1) | ( | ) | ( | ) | |||||||||||||||||||
Recognized postretirement prior service cost: | |||||||||||||||||||||||
Reclassification of amortization of prior service cost to Other non-interest expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Total other comprehensive income (loss) | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) |
(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) | Net Unrealized Gains (Losses) on Debt Securities Available for Sale and Interest-only Strips | Net Unrealized Gains (Losses) on Net Investment Hedges | Foreign Currency Translation Adjustment | Recognized Postretirement Prior Service Cost | Total | ||||||||||||||
At or For the Quarter Ended June 30, 2019: | |||||||||||||||||||
Balance, beginning of period | $ | $ | $ | ( | ) | $ | $ | ||||||||||||
Other comprehensive income (loss) | ( | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||||||||
Net other comprehensive income (loss) | ( | ) | ( | ) | |||||||||||||||
Balance, end of period | $ | $ | $ | ( | ) | $ | $ | ||||||||||||
At or For the Quarter Ended June 30, 2018: | |||||||||||||||||||
Balance, beginning of period | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ) | |||||||||||||||||
Net other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Balance, end of period | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
(In thousands) | Net Unrealized Gains (Losses) on Debt Securities Available for Sale and Interest-only Strips | Net Unrealized Gains (Losses) on Net Investment Hedges | Foreign Currency Translation Adjustment | Recognized Postretirement Prior Service Cost | Total | ||||||||||||||
At or For the Six Months Ended June 30, 2019: | |||||||||||||||||||
Balance, beginning of period | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
Other comprehensive income (loss) | ( | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||||||||
Net other comprehensive income (loss) | ( | ) | ( | ) | |||||||||||||||
Balance, end of period | $ | $ | $ | ( | ) | $ | $ | ||||||||||||
At or For the Six Months Ended June 30, 2018: | |||||||||||||||||||
Balance, beginning of period | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ) | |||||||||||||||||
Net other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Balance, end of period | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) |
Quarter Ended June 30, | |||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||
(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 | $ | 392,193 | $ | 3,651 | 3.71 | % | $ | 309,120 | $ | 2,857 | 3.71 | % | |||||||||
Debt securities held to maturity | 146,296 | 924 | 2.53 | 155,779 | 998 | 2.56 | |||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||
Taxable | 2,711,984 | 21,117 | 3.11 | 1,262,642 | 8,163 | 2.59 | |||||||||||||||
Tax-exempt(3) | 222,534 | 1,530 | 2.75 | 828,131 | 5,510 | 2.66 | |||||||||||||||
Loans and leases held for sale | 40,835 | 596 | 5.86 | 45,525 | 672 | 5.93 | |||||||||||||||
Loans and leases:(4) | |||||||||||||||||||||
Consumer real estate: | |||||||||||||||||||||
Fixed-rate | 2,349,154 | 29,159 | 4.97 | 1,715,289 | 23,612 | 5.52 | |||||||||||||||
Variable- and adjustable-rate | 2,985,714 | 50,673 | 6.81 | 3,026,310 | 48,331 | 6.41 | |||||||||||||||
Total consumer real estate | 5,334,868 | 79,832 | 6.00 | 4,741,599 | 71,943 | 6.09 | |||||||||||||||
Commercial: | |||||||||||||||||||||
Fixed-rate | 817,744 | 9,013 | 4.42 | 900,462 | 10,087 | 4.49 | |||||||||||||||
Variable- and adjustable-rate | 3,168,127 | 44,843 | 5.68 | 2,802,059 | 38,044 | 5.45 | |||||||||||||||
Total commercial | 3,985,871 | 53,856 | 5.42 | 3,702,521 | 48,131 | 5.21 | |||||||||||||||
Leasing and equipment finance | 4,743,747 | 60,554 | 5.11 | 4,639,703 | 57,236 | 4.93 | |||||||||||||||
Inventory finance | 3,588,051 | 64,967 | 7.26 | 3,299,996 | 57,138 | 6.94 | |||||||||||||||
Auto finance | 1,575,715 | 21,121 | 5.38 | 2,695,943 | 35,632 | 5.30 | |||||||||||||||
Other | 10,918 | 131 | 4.78 | 13,845 | 143 | 4.10 | |||||||||||||||
Total loans and leases | 19,239,170 | 280,461 | 5.84 | 19,093,607 | 270,223 | 5.67 | |||||||||||||||
Total interest-earning assets | 22,753,012 | 308,279 | 5.43 | 21,694,804 | 288,423 | 5.33 | |||||||||||||||
Other assets | 1,730,810 | 1,430,621 | |||||||||||||||||||
Total assets | $ | 24,483,822 | $ | 23,125,425 | |||||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||
Non-interest bearing deposits | $ | 3,980,811 | $ | 3,879,048 | |||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Checking | 2,479,814 | 440 | 0.07 | 2,460,709 | 119 | 0.02 | |||||||||||||||
Savings | 6,452,510 | 12,314 | 0.77 | 5,542,565 | 3,736 | 0.27 | |||||||||||||||
Money market | 1,430,556 | 4,588 | 1.29 | 1,572,560 | 2,620 | 0.67 | |||||||||||||||
Certificates of deposit | 4,527,822 | 23,200 | 2.05 | 4,909,422 | 17,478 | 1.43 | |||||||||||||||
Total interest-bearing deposits | 14,890,702 | 40,542 | 1.09 | 14,485,256 | 23,953 | 0.66 | |||||||||||||||
Total deposits | 18,871,513 | 40,542 | 0.86 | 18,364,304 | 23,953 | 0.52 | |||||||||||||||
Borrowings: | |||||||||||||||||||||
Short-term borrowings | 321,043 | 2,131 | 2.63 | 3,116 | 18 | 2.33 | |||||||||||||||
Long-term borrowings | 1,657,527 | 13,946 | 3.34 | 1,531,389 | 11,553 | 3.02 | |||||||||||||||
Total borrowings | 1,978,570 | 16,077 | 3.23 | 1,534,505 | 11,571 | 3.02 | |||||||||||||||
Total interest-bearing liabilities | 16,869,272 | 56,619 | 1.34 | 16,019,761 | 35,524 | 0.89 | |||||||||||||||
Total deposits and borrowings | 20,850,083 | 56,619 | 1.09 | 19,898,809 | 35,524 | 0.72 | |||||||||||||||
Accrued expenses and other liabilities | 969,723 | 714,488 | |||||||||||||||||||
Total liabilities | 21,819,806 | 20,613,297 | |||||||||||||||||||
Total TCF Financial Corporation stockholders' equity | 2,634,386 | 2,483,474 | |||||||||||||||||||
Non-controlling interest in subsidiaries | 29,630 | 28,654 | |||||||||||||||||||
Total equity | 2,664,016 | 2,512,128 | |||||||||||||||||||
Total liabilities and equity | $ | 24,483,822 | $ | 23,125,425 | |||||||||||||||||
Net interest income and margin | $ | 251,660 | 4.43 | $ | 252,899 | 4.67 |
(1) | Interest and yields are presented on a fully tax-equivalent basis. |
(2) | Annualized |
(3) | The yield on tax-exempt debt securities available for sale is computed on a tax-equivalent basis using a statutory federal income tax rate of 21%. |
(4) | Average balances of loans and leases include non-accrual loans and leases and are presented net of unearned income. |
Six Months Ended June 30, | |||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||
(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 | $ | 379,513 | $ | 7,132 | 3.77 | % | $ | 320,655 | $ | 5,633 | 3.54 | % | |||||||||
Debt securities held to maturity | 146,922 | 1,459 | 1.99 | 157,450 | 2,017 | 2.56 | |||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||
Taxable | 2,418,221 | 37,248 | 3.08 | 1,123,017 | 13,976 | 2.49 | |||||||||||||||
Tax-exempt(3) | 368,952 | 4,927 | 2.67 | 824,906 | 10,966 | 2.66 | |||||||||||||||
Loans and leases held for sale | 47,980 | 1,416 | 5.94 | 54,261 | 1,641 | 6.09 | |||||||||||||||
Loans and leases:(4) | |||||||||||||||||||||
Consumer real estate: | |||||||||||||||||||||
Fixed-rate | 2,350,946 | 59,046 | 5.05 | 1,750,765 | 48,225 | 5.55 | |||||||||||||||
Variable- and adjustable-rate | 3,013,329 | 102,360 | 6.85 | 3,019,212 | 94,212 | 6.29 | |||||||||||||||
Total consumer real estate | 5,364,275 | 161,406 | 6.06 | 4,769,977 | 142,437 | 6.02 | |||||||||||||||
Commercial: | |||||||||||||||||||||
Fixed-rate | 817,498 | 18,077 | 4.46 | 915,784 | 20,684 | 4.55 | |||||||||||||||
Variable- and adjustable-rate | 3,090,597 | 88,375 | 5.77 | 2,736,267 | 71,204 | 5.25 | |||||||||||||||
Total commercial | 3,908,095 | 106,452 | 5.49 | 3,652,051 | 91,888 | 5.07 | |||||||||||||||
Leasing and equipment finance | 4,699,969 | 119,775 | 5.10 | 4,665,144 | 113,643 | 4.87 | |||||||||||||||
Inventory finance | 3,521,537 | 127,832 | 7.32 | 3,214,618 | 108,333 | 6.80 | |||||||||||||||
Auto finance | 1,707,690 | 45,336 | 5.35 | 2,857,169 | 74,917 | 5.29 | |||||||||||||||
Other | 11,298 | 264 | 4.69 | 14,145 | 290 | 4.13 | |||||||||||||||
Total loans and leases | 19,212,864 | 561,065 | 5.88 | 19,173,104 | 531,508 | 5.58 | |||||||||||||||
Total interest-earning assets | 22,574,452 | 613,247 | 5.46 | 21,653,393 | 565,741 | 5.26 | |||||||||||||||
Other assets | 1,721,970 | 1,442,117 | |||||||||||||||||||
Total assets | $ | 24,296,422 | $ | 23,095,510 | |||||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||
Non-interest bearing deposits | $ | 3,950,447 | $ | 3,812,765 | |||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Checking | 2,468,852 | 827 | 0.07 | 2,461,126 | 232 | 0.02 | |||||||||||||||
Savings | 6,353,800 | 22,984 | 0.73 | 5,469,523 | 6,901 | 0.25 | |||||||||||||||
Money market | 1,460,427 | 9,041 | 1.25 | 1,634,965 | 5,029 | 0.62 | |||||||||||||||
Certificates of deposit | 4,574,710 | 45,170 | 1.99 | 4,953,533 | 34,301 | 1.40 | |||||||||||||||
Total interest-bearing deposits | 14,857,789 | 78,022 | 1.06 | 14,519,147 | 46,463 | 0.65 | |||||||||||||||
Total deposits | 18,808,236 | 78,022 | 0.84 | 18,331,912 | 46,463 | 0.51 | |||||||||||||||
Borrowings: | |||||||||||||||||||||
Short-term borrowings | 307,347 | 4,088 | 2.65 | 3,532 | 37 | 2.14 | |||||||||||||||
Long-term borrowings | 1,579,613 | 26,847 | 3.39 | 1,477,531 | 21,087 | 2.87 | |||||||||||||||
Total borrowings | 1,886,960 | 30,935 | 3.27 | 1,481,063 | 21,124 | 2.87 | |||||||||||||||
Total interest-bearing liabilities | 16,744,749 | 108,957 | 1.31 | 16,000,210 | 67,587 | 0.85 | |||||||||||||||
Total deposits and borrowings | 20,695,196 | 108,957 | 1.06 | 19,812,975 | 67,587 | 0.69 | |||||||||||||||
Accrued expenses and other liabilities | 979,359 | 736,201 | |||||||||||||||||||
Total liabilities | 21,674,555 | 20,549,176 | |||||||||||||||||||
Total TCF Financial Corp. stockholders' equity | 2,594,778 | 2,520,396 | |||||||||||||||||||
Non-controlling interest in subsidiaries | 27,089 | 25,938 | |||||||||||||||||||
Total equity | 2,621,867 | 2,546,334 | |||||||||||||||||||
Total liabilities and equity | $ | 24,296,422 | $ | 23,095,510 | |||||||||||||||||
Net interest income and margin | $ | 504,290 | 4.49 | $ | 498,154 | 4.63 |
(1) | Interest and yields are presented on a fully tax-equivalent basis. |
(2) | Annualized |
(3) | The yield on tax-exempt debt securities available for sale is computed on a tax-equivalent basis using a statutory federal income tax rate of 21%. |
(4) | Average balances of loans and leases include non-accrual loans and leases and are presented net of unearned income. |
Quarter Ended June 30, | Change | |||||||||||||
(Dollars in thousands) | 2019 | 2018 | $ | % / bps | ||||||||||
Leasing and equipment finance | $ | 42,126 | $ | 42,904 | $ | (778 | ) | (1.8 | )% | |||||
Fees and service charges | 32,477 | 32,670 | (193 | ) | (0.6 | ) | ||||||||
Card revenue | 15,632 | 14,962 | 670 | 4.5 | ||||||||||
ATM revenue | 4,863 | 4,933 | (70 | ) | (1.4 | ) | ||||||||
Gains on sales of loans, net | 10,828 | 7,192 | 3,636 | 50.6 | ||||||||||
Servicing fee income | 4,523 | 7,484 | (2,961 | ) | (39.6 | ) | ||||||||
Gains (losses) on debt securities, net | 1,066 | 24 | 1,042 | N.M. | ||||||||||
Other | 1,936 | 3,934 | (1,998 | ) | (50.8 | ) | ||||||||
Total non-interest income | $ | 113,451 | $ | 114,103 | $ | (652 | ) | (0.6 | ) | |||||
Total non-interest income as a percentage of total revenue | 31.2 | % | 31.3 | % | (10) bps | |||||||||
Six Months Ended June 30, | Change | |||||||||||||
(Dollars in thousands) | 2019 | 2018 | $ | % | ||||||||||
Leasing and equipment finance | $ | 83,265 | $ | 84,751 | $ | (1,486 | ) | (1.8 | )% | |||||
Fees and service charges | 63,801 | 63,421 | 380 | 0.6 | ||||||||||
Card revenue | 29,875 | 28,721 | 1,154 | 4.0 | ||||||||||
ATM revenue | 9,303 | 9,583 | (280 | ) | (2.9 | ) | ||||||||
Gains on sales of loans, net | 18,800 | 16,315 | 2,485 | 15.2 | ||||||||||
Servicing fee income | 9,633 | 15,779 | (6,146 | ) | (39.0 | ) | ||||||||
Gains (losses) on debt securities, net | 1,517 | 87 | 1,430 | N.M. | ||||||||||
Other | 4,283 | 7,650 | (3,367 | ) | (44.0 | ) | ||||||||
Total non-interest income | $ | 220,477 | $ | 226,307 | $ | (5,830 | ) | (2.6 | ) | |||||
Total non-interest income as a percentage of total revenue | 30.5 | % | 31.4 | % | (90) bps |
Quarter Ended June 30, | Change | ||||||||||||||
(Dollars in thousands) | 2019 | 2018 | $ | % / bps | |||||||||||
Compensation and employee benefits | $ | 114,369 | $ | 120,575 | $ | (6,206 | ) | (5.1 | ) | % | |||||
Occupancy and equipment | 41,828 | 40,711 | 1,117 | 2.7 | |||||||||||
Lease financing equipment depreciation | 19,133 | 17,945 | 1,188 | 6.6 | |||||||||||
Foreclosed real estate and repossessed assets, net | 2,448 | 3,857 | (1,409 | ) | (36.5 | ) | |||||||||
Merger-related expenses | 4,226 | — | 4,226 | N.M. | |||||||||||
Other | 54,845 | 88,951 | (34,106 | ) | (38.3 | ) | |||||||||
Total non-interest expense | $ | 236,849 | $ | 272,039 | $ | (35,190 | ) | (12.9 | ) | ||||||
Efficiency ratio | 65.11 | % | 74.55 | % | (944 | ) | bps | ||||||||
Adjusted efficiency ratio(1) | 63.95 | 65.78 | (183 | ) | |||||||||||
Six Months Ended June 30, | Change | ||||||||||||||
(Dollars in thousands) | 2019 | 2018 | $ | % | |||||||||||
Compensation and employee benefits | $ | 235,926 | $ | 244,415 | $ | (8,489 | ) | (3.5 | ) | % | |||||
Occupancy and equipment | 83,565 | 81,225 | 2,340 | 2.9 | |||||||||||
Lease financing equipment depreciation | 38,389 | 35,219 | 3,170 | 9.0 | |||||||||||
Foreclosed real estate and repossessed assets, net | 7,078 | 8,773 | (1,695 | ) | (19.3 | ) | |||||||||
Merger-related expenses | 13,684 | — | 13,684 | N.M. | |||||||||||
Other | 111,282 | 148,387 | (37,105 | ) | (25.0 | ) | |||||||||
Total non-interest expense | $ | 489,924 | $ | 518,019 | $ | (28,095 | ) | (5.4 | ) | ||||||
Efficiency ratio | 67.88 | % | 71.92 | % | (404 | ) | bps | ||||||||
Adjusted efficiency ratio(1) | 65.99 | 67.47 | (148 | ) |
(1) | See "Consolidated Financial Condition Analysis - Non-GAAP Financial Measures" in this Management's Discussion and Analysis for further information. |
At June 30, 2019 | At December 31, 2018 | ||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Tax-equivalent Yield | Amortized Cost | Fair Value | Tax-equivalent Yield | |||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Due in 1-5 years | $ | 14,616 | $ | 14,556 | 1.94 | % | $ | 10,105 | $ | 10,033 | 2.04 | % | |||||||||
Due in 5-10 years | 206,972 | 212,578 | 2.56 | 210,522 | 208,514 | 2.54 | |||||||||||||||
Due after 10 years | 2,671,584 | 2,722,392 | 3.18 | 1,710,073 | 1,694,647 | 3.05 | |||||||||||||||
Obligations of states and political subdivisions: | |||||||||||||||||||||
Due in 1-5 years | — | — | — | 14,359 | 14,342 | 2.39 | |||||||||||||||
Due in 5-10 years | 33,268 | 34,448 | 2.74 | 299,310 | 295,254 | 2.51 | |||||||||||||||
Due after 10 years | 122,396 | 125,829 | 2.87 | 252,635 | 247,275 | 2.72 | |||||||||||||||
Total debt securities available for sale | $ | 3,048,836 | $ | 3,109,803 | 3.11 | $ | 2,497,004 | $ | 2,470,065 | 2.90 | |||||||||||
Debt securities held to maturity: | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||
Due in 5-10 years | $ | 63 | $ | 70 | 6.50 | % | $ | 30 | $ | 32 | 6.50 | % | |||||||||
Due after 10 years | 141,235 | 147,087 | 2.51 | 146,022 | 146,435 | 2.56 | |||||||||||||||
Other securities: | |||||||||||||||||||||
Due in 1-5 years | 3,150 | 3,150 | 2.82 | 2,400 | 2,400 | 2.92 | |||||||||||||||
Due in 5-10 years | 400 | 400 | 3.00 | 400 | 400 | 3.00 | |||||||||||||||
Due after 10 years | 71 | 71 | 6.00 | — | — | — | |||||||||||||||
Total debt securities held to maturity | $ | 144,919 | $ | 150,778 | 2.52 | $ | 148,852 | $ | 149,267 | 2.57 |
At June 30, 2019 | At December 31, 2018 | Change | ||||||||||||||||||
(Dollars in thousands) | Amount | % of Total | Amount | % of Total | $ | % | ||||||||||||||
Consumer real estate: | ||||||||||||||||||||
First mortgage lien | $ | 2,472,066 | 12.9 | % | $ | 2,444,380 | 12.8 | % | $ | 27,686 | 1.1 | % | ||||||||
Junior lien | 2,821,099 | 14.7 | 2,965,960 | 15.6 | (144,861 | ) | (4.9 | ) | ||||||||||||
Total consumer real estate | 5,293,165 | 27.6 | 5,410,340 | 28.4 | (117,175 | ) | (2.2 | ) | ||||||||||||
Commercial: | ||||||||||||||||||||
Commercial real estate | 3,262,288 | 17.0 | 2,908,147 | 15.3 | 354,141 | 12.2 | ||||||||||||||
Commercial business | 923,523 | 4.8 | 943,156 | 4.9 | (19,633 | ) | (2.1 | ) | ||||||||||||
Total commercial | 4,185,811 | 21.8 | 3,851,303 | 20.2 | 334,508 | 8.7 | ||||||||||||||
Leasing and equipment finance | 4,826,785 | 25.2 | 4,699,740 | 24.6 | 127,045 | 2.7 | ||||||||||||||
Inventory finance | 3,404,214 | 17.7 | 3,107,356 | 16.3 | 296,858 | 9.6 | ||||||||||||||
Auto finance | 1,456,138 | 7.6 | 1,982,277 | 10.4 | (526,139 | ) | (26.5 | ) | ||||||||||||
Other | 18,341 | 0.1 | 21,295 | 0.1 | (2,954 | ) | (13.9 | ) | ||||||||||||
Total loans and leases | $ | 19,184,454 | 100.0 | % | $ | 19,072,311 | 100.0 | % | $ | 112,143 | 0.6 |
At June 30, 2019 | At December 31, 2018 | ||||||||||||
(Dollars in thousands) | 60 Days or More Delinquent and Accruing | Percentage of Period-end Loans and Leases(1) | 60 Days or More Delinquent and Accruing | Percentage of Period-end Loans and Leases(1) | |||||||||
Consumer real estate: | |||||||||||||
First mortgage lien | $ | 4,097 | 0.17 | % | $ | 4,557 | 0.19 | % | |||||
Junior lien | 1,647 | 0.06 | 1,213 | 0.04 | |||||||||
Total consumer real estate | 5,744 | 0.11 | 5,770 | 0.11 | |||||||||
Commercial | 2 | — | 1 | — | |||||||||
Leasing and equipment finance | 11,849 | 0.25 | 10,638 | 0.23 | |||||||||
Inventory finance | 16 | — | 310 | 0.01 | |||||||||
Auto finance | 7,759 | 0.54 | 11,657 | 0.59 | |||||||||
Other | 28 | 0.15 | 28 | 0.14 | |||||||||
Subtotal | 25,398 | 0.13 | 28,404 | 0.15 | |||||||||
Portfolios acquired with deteriorated credit quality | 452 | 19.87 | 178 | 4.65 | |||||||||
Total | $ | 25,850 | 0.14 | $ | 28,582 | 0.15 |
(1) | Excludes non-accrual loans and leases |
At June 30, 2019 | At December 31, 2018 | ||||||||||||||||||||||
(Dollars in thousands) | Accruing TDR Loans | Non-accrual TDR Loans | Total TDR Loans | Accruing TDR Loans | Non-accrual TDR Loans | Total TDR Loans | |||||||||||||||||
Consumer real estate | $ | 78,686 | $ | 17,471 | $ | 96,157 | $ | 80,739 | $ | 16,192 | $ | 96,931 | |||||||||||
Commercial | 38,882 | 545 | 39,427 | 4,174 | 3,946 | 8,120 | |||||||||||||||||
Leasing and equipment finance | 6,777 | 1,942 | 8,719 | 8,491 | 1,754 | 10,245 | |||||||||||||||||
Inventory finance | 131 | 2 | 133 | — | 453 | 453 | |||||||||||||||||
Auto finance | 4,262 | 6,646 | 10,908 | 5,054 | 6,362 | 11,416 | |||||||||||||||||
Other | — | — | — | 1 | — | 1 | |||||||||||||||||
Total | $ | 128,738 | $ | 26,606 | $ | 155,344 | $ | 98,459 | $ | 28,707 | $ | 127,166 | |||||||||||
Over 60-day delinquency as a percentage of total accruing TDR loans | <0.01 | % | N.A. | N.A. | 0.51 | % | N.A. | N.A. |
(Dollars in thousands) | At June 30, 2019 | At December 31, 2018 | |||||
Non-accrual loans and leases: | |||||||
Consumer real estate | $ | 67,446 | $ | 58,765 | |||
Commercial | 6,793 | 15,025 | |||||
Leasing and equipment finance | 22,708 | 15,264 | |||||
Inventory finance | 2,413 | 8,283 | |||||
Auto finance | 8,633 | 8,578 | |||||
Other | — | 3 | |||||
Total non-accrual loans and leases | 107,993 | 105,918 | |||||
Other real estate owned: | |||||||
Consumer real estate | 11,271 | 13,519 | |||||
Commercial real estate | 693 | 3,884 | |||||
Total other real estate owned | 11,964 | 17,403 | |||||
Total non-performing assets | $ | 119,957 | $ | 123,321 | |||
Non-accrual loans and leases as a percentage of total loans and leases | 0.56 | % | 0.56 | % | |||
Non-performing assets as a percentage of total loans and leases and other real estate owned | 0.62 | 0.65 | |||||
Allowance for loan and lease losses as a percentage of non-accrual loans and leases | 135.66 | 148.65 |
At or For the Quarter Ended June 30, 2019 | |||||||||||||||||||||||||||
(In thousands) | Consumer Real Estate | Commercial | Leasing and Equipment Finance | Inventory Finance | Auto Finance | Other | Total | ||||||||||||||||||||
Balance, beginning of period | $ | 65,518 | $ | 7,529 | $ | 20,235 | $ | 969 | $ | 9,033 | $ | 1 | $ | 103,285 | |||||||||||||
Additions | 12,456 | 7,618 | 10,059 | 3,876 | 3,051 | 14 | 37,074 | ||||||||||||||||||||
Charge-offs | (1,611 | ) | (3,461 | ) | (2,186 | ) | (358 | ) | (658 | ) | (14 | ) | (8,288 | ) | |||||||||||||
Transfers to other assets | (4,150 | ) | — | (2,190 | ) | (148 | ) | (644 | ) | — | (7,132 | ) | |||||||||||||||
Return to accrual status | (1,629 | ) | — | (246 | ) | (824 | ) | — | — | (2,699 | ) | ||||||||||||||||
Payments received | (2,890 | ) | (5,100 | ) | (2,964 | ) | (1,115 | ) | (2,149 | ) | (1 | ) | (14,219 | ) | |||||||||||||
Other, net | (248 | ) | 207 | — | 13 | — | — | (28 | ) | ||||||||||||||||||
Balance, end of period | $ | 67,446 | $ | 6,793 | $ | 22,708 | $ | 2,413 | $ | 8,633 | $ | — | $ | 107,993 | |||||||||||||
At or For the Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||
(In thousands) | Consumer Real Estate | Commercial | Leasing and Equipment Finance | Inventory Finance | Auto Finance | Other | Total | ||||||||||||||||||||
Balance, beginning of period | $ | 58,765 | $ | 15,025 | $ | 15,264 | $ | 8,283 | $ | 8,578 | $ | 3 | $ | 105,918 | |||||||||||||
Additions | 29,293 | 7,618 | 22,142 | 10,371 | 6,943 | 47 | 76,414 | ||||||||||||||||||||
(Charge-offs) | (3,022 | ) | (5,561 | ) | (3,868 | ) | (2,007 | ) | (1,316 | ) | (49 | ) | (15,823 | ) | |||||||||||||
Transfers to other assets | (7,959 | ) | — | (4,960 | ) | (2,920 | ) | (1,344 | ) | — | (17,183 | ) | |||||||||||||||
Return to accrual status | (3,395 | ) | (3,844 | ) | (479 | ) | (2,894 | ) | — | — | (10,612 | ) | |||||||||||||||
Payments received | (5,850 | ) | (8,904 | ) | (5,391 | ) | (8,431 | ) | (4,228 | ) | (1 | ) | (32,805 | ) | |||||||||||||
Other, net | (386 | ) | 2,459 | — | 11 | — | — | 2,084 | |||||||||||||||||||
Balance, end of period | $ | 67,446 | $ | 6,793 | $ | 22,708 | $ | 2,413 | $ | 8,633 | $ | — | $ | 107,993 |
At June 30, 2019 | |||||||||||||||||||
Non-classified | Classified | Total | |||||||||||||||||
(In thousands) | Pass | Special Mention | Substandard | Doubtful | |||||||||||||||
Consumer real estate | $ | 5,215,167 | $ | 3,517 | $ | 74,481 | $ | — | $ | 5,293,165 | |||||||||
Commercial | 4,031,131 | 98,681 | 55,999 | — | 4,185,811 | ||||||||||||||
Leasing and equipment finance | 4,739,597 | 44,855 | 42,333 | — | 4,826,785 | ||||||||||||||
Inventory finance | 3,218,227 | 119,968 | 66,019 | — | 3,404,214 | ||||||||||||||
Auto finance | 1,437,793 | 790 | 17,555 | — | 1,456,138 | ||||||||||||||
Other | 18,314 | — | 27 | — | 18,341 | ||||||||||||||
Total loans and leases | $ | 18,660,229 | $ | 267,811 | $ | 256,414 | $ | — | $ | 19,184,454 |
At December 31, 2018 | |||||||||||||||||||
Non-classified | Classified | Total | |||||||||||||||||
(In thousands) | Pass | Special Mention | Substandard | Doubtful | |||||||||||||||
Consumer real estate | $ | 5,338,036 | $ | 7,353 | $ | 64,951 | $ | — | $ | 5,410,340 | |||||||||
Commercial | 3,753,229 | 42,315 | 55,759 | — | 3,851,303 | ||||||||||||||
Leasing and equipment finance | 4,621,229 | 42,236 | 36,275 | — | 4,699,740 | ||||||||||||||
Inventory finance | 2,931,221 | 111,804 | 64,331 | — | 3,107,356 | ||||||||||||||
Auto finance | 1,960,580 | 1,302 | 20,395 | — | 1,982,277 | ||||||||||||||
Other | 21,264 | — | 31 | — | 21,295 | ||||||||||||||
Total loans and leases | $ | 18,625,559 | $ | 205,010 | $ | 241,742 | $ | — | $ | 19,072,311 |
At June 30, 2019 | At December 31, 2018 | ||||||||||||
Credit Loss Reserves | Credit Loss Reserves | ||||||||||||
(Dollars in thousands) | Amount | As a Percentage of Portfolio | Amount | As a Percentage of Portfolio | |||||||||
Consumer real estate: | |||||||||||||
First mortgage lien | $ | 21,102 | 0.85 | % | $ | 21,436 | 0.88 | % | |||||
Junior lien | 22,878 | 0.81 | 23,430 | 0.79 | |||||||||
Total consumer real estate | 43,980 | 0.83 | 44,866 | 0.83 | |||||||||
Commercial: | |||||||||||||
Commercial real estate | 22,747 | 0.70 | 22,877 | 0.79 | |||||||||
Commercial business | 14,042 | 1.52 | 18,305 | 1.94 | |||||||||
Total commercial | 36,789 | 0.88 | 41,182 | 1.07 | |||||||||
Leasing and equipment finance | 26,270 | 0.54 | 23,791 | 0.51 | |||||||||
Inventory finance | 12,733 | 0.37 | 12,456 | 0.40 | |||||||||
Auto finance | 25,940 | 1.78 | 34,329 | 1.73 | |||||||||
Other | 791 | 4.31 | 822 | 3.86 | |||||||||
Total allowance for loan and lease losses | 146,503 | 0.76 | 157,446 | 0.83 | |||||||||
Other credit loss reserves: | |||||||||||||
Reserves for unfunded commitments | 1,936 | N.A. | 1,429 | N.A. | |||||||||
Total credit loss reserves | $ | 148,439 | 0.77 | $ | 158,875 | 0.83 |
(In thousands) | |||
Three months or less | $ | 473,236 | |
Over three through six months | 656,848 | ||
Over six through 12 months | 964,122 | ||
Over 12 months | 109,404 | ||
Total | $ | 2,203,610 |
For the Quarter Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income available to common stockholders | (a) | $ | 87,933 | $ | 56,255 | $ | 155,934 | $ | 122,429 | |||||||
Plus: Other intangibles amortization(1) | 800 | 835 | 1,614 | 1,666 | ||||||||||||
Less: Related income tax expense | 190 | 201 | 383 | 401 | ||||||||||||
Net income available to common stockholders used in ROATCE calculation | (b) | $ | 88,543 | $ | 56,889 | $ | 157,165 | $ | 123,694 | |||||||
Adjusted net income available to common stockholders: | ||||||||||||||||
Net income available to common stockholders | $ | 87,933 | $ | 56,255 | $ | 155,934 | $ | 122,429 | ||||||||
Plus: Merger-related expenses | 4,226 | — | 13,684 | — | ||||||||||||
Plus: CFPB/OCC settlement adjustment | — | 32,000 | — | 32,000 | ||||||||||||
Plus: Other intangibles amortization(1) | 800 | 835 | 1,614 | 1,666 | ||||||||||||
Less: Related income tax expense | 1,193 | 6,692 | 3,632 | 6,892 | ||||||||||||
Net income available to common stockholders used in adjusted ROATCE calculation | (c) | $ | 91,766 | $ | 82,398 | $ | 167,600 | $ | 149,203 | |||||||
Average balances: | ||||||||||||||||
Total equity | $ | 2,664,016 | $ | 2,512,128 | $ | 2,621,867 | $ | 2,546,334 | ||||||||
Less: Non-controlling interest in subsidiaries | 29,630 | 28,654 | 27,089 | 25,938 | ||||||||||||
Total TCF Financial Corporation stockholders' equity | 2,634,386 | 2,483,474 | 2,594,778 | 2,520,396 | ||||||||||||
Less: Preferred stock | 169,302 | 169,302 | 169,302 | 184,767 | ||||||||||||
Average total common stockholders' equity | (d) | 2,465,084 | 2,314,172 | 2,425,476 | 2,335,629 | |||||||||||
Less: Goodwill, net | 154,757 | 154,757 | 154,757 | 154,757 | ||||||||||||
Less: Other intangibles, net(1) | 19,289 | 22,672 | 19,694 | 22,971 | ||||||||||||
Average tangible common stockholders' equity used in ROATCE calculation | (e) | $ | 2,291,038 | $ | 2,136,743 | $ | 2,251,025 | $ | 2,157,901 | |||||||
Average total common stockholders' equity | $ | 2,465,084 | $ | 2,314,172 | $ | 2,425,476 | $ | 2,335,629 | ||||||||
Plus: CFPB/OCC settlement adjustment to average total common stockholders' equity | — | 4,205 | — | 2,114 | ||||||||||||
Less: Goodwill, net | 154,757 | 154,757 | 154,757 | 154,757 | ||||||||||||
Less: Other intangibles, net(1) | 19,289 | 22,672 | 19,694 | 22,971 | ||||||||||||
Average tangible common stockholders' equity used in adjusted ROATCE calculation | (f) | $ | 2,291,038 | $ | 2,140,948 | $ | 2,251,025 | $ | 2,160,015 | |||||||
ROACE(2) | (a) / (d) | 14.27 | % | 9.72 | % | 12.86 | % | 10.48 | % | |||||||
ROATCE(2) | (b) / (e) | 15.46 | 10.65 | 13.96 | 11.46 | |||||||||||
Adjusted ROATCE(2) | (c) / (f) | 16.02 | 15.39 | 14.89 | 13.81 |
(1) | Includes non-mortgage servicing assets |
(2) | Annualized |
For the Quarter Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Non-interest expense | (a) | $ | 236,849 | $ | 272,039 | $ | 489,924 | $ | 518,019 | |||||||
Less: Merger-related expenses | 4,226 | — | 13,684 | — | ||||||||||||
Less: CFPB/OCC settlement adjustment | — | 32,000 | — | 32,000 | ||||||||||||
Adjusted non-interest expense | (b) | $ | 232,623 | $ | 240,039 | $ | 476,240 | $ | 486,019 | |||||||
Net interest income | $ | 250,324 | $ | 250,799 | $ | 501,231 | $ | 493,998 | ||||||||
Non-interest income | 113,451 | 114,103 | 220,477 | 226,307 | ||||||||||||
Total revenue | (c) | $ | 363,775 | $ | 364,902 | $ | 721,708 | $ | 720,305 | |||||||
Efficiency ratio | (a) / (c) | 65.11 | % | 74.55 | % | 67.88 | % | 71.92 | % | |||||||
Adjusted efficiency ratio | (b) / (c) | 63.95 | 65.78 | 65.99 | 67.47 |
(Dollars in thousands, except per share data) | At June 30, 2019 | At December 31, 2018 | ||||||
Total equity | $ | 2,710,518 | $ | 2,556,260 | ||||
Less: Non-controlling interest in subsidiaries | 24,858 | 18,459 | ||||||
Total TCF Financial Corporation stockholders' equity | 2,685,660 | 2,537,801 | ||||||
Less: Preferred stock | 169,302 | 169,302 | ||||||
Total common stockholders' equity | (a) | 2,516,358 | 2,368,499 | |||||
Less: Goodwill, net | 154,757 | 154,757 | ||||||
Less: Other intangibles, net(1) | 18,904 | 20,518 | ||||||
Tangible common stockholders' equity | (b) | $ | 2,342,697 | $ | 2,193,224 | |||
Total assets | (c) | $ | 24,626,830 | $ | 23,699,612 | |||
Less: Goodwill, net | 154,757 | 154,757 | ||||||
Less: Other intangibles, net(1) | 18,904 | 20,518 | ||||||
Tangible assets | (d) | $ | 24,453,169 | $ | 23,524,337 | |||
Common stock shares outstanding | (e) | 162,770,063 | 163,923,227 | |||||
Common equity to assets | (a) / (c) | 10.22 | % | 9.99 | % | |||
Tangible common equity to tangible assets | (b) / (d) | 9.58 | 9.32 | |||||
Book value per common share | (a) / (e) | $ | 15.46 | $ | 14.45 | |||
Tangible book value per common share | (b) / (e) | 14.39 | 13.38 |
(1) | Includes non-mortgage servicing assets |
• | the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; |
• | the possibility that the anticipated benefits of the merger, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy, competitive factors in the areas where TCF and Chemical do business, or as a result of other unexpected factors or events; |
• | the impact of purchase accounting with respect to the merger, or any change in the assumptions used regarding the assets purchased and liabilities assumed to determine their fair value; |
• | diversion of management's attention from ongoing business operations and opportunities; |
• | potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the merger; |
• | the integration of the businesses and operations of TCF and Chemical, which may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to TCF's or Chemical's existing businesses; |
• | business disruptions resulting from or following the merger; |
• | the potential impact of the merger on relationships with third parties, including customers, vendors, employees and competitors; and |
• | other factors that may affect future results of TCF and Chemical including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. |
Impact on Net Interest Income | |||||
(Dollars in millions) | June 30, 2019 | ||||
Immediate change in interest rates: | |||||
+200 basis points | $ | 56.8 | 5.7 | % | |
+100 basis points | 33.0 | 3.3 | |||
-100 basis points | (65.3 | ) | (6.6 | ) |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan | |||||||||
April 1 to April 30, 2019 | |||||||||||||
Share repurchase program(1) | — | $ | — | — | $ | 78,052,490 | |||||||
Employee transactions(2) | 103,645 | 21.12 | N.A. | N.A. | |||||||||
May 1 to May 31, 2019 | |||||||||||||
Share repurchase program(1) | — | $ | — | — | $ | 78,052,490 | |||||||
Employee transactions(2) | — | — | N.A. | N.A. | |||||||||
June 1 to June 30, 2019 | |||||||||||||
Share repurchase program(1) | 1,324,920 | $ | 19.98 | 1,324,920 | $ | 51,557,786 | |||||||
Employee transactions(2) | 1,020 | 19.15 | N.A. | N.A. | |||||||||
Total | |||||||||||||
Share repurchase program(1) | 1,324,920 | $ | 19.98 | 1,324,920 | $ | 51,557,786 | |||||||
Employee transactions(2) | 104,665 | 21.10 | N.A. | N.A. |
(1) | On July 25, 2018, the Board of Directors approved a $150.0 million increase to TCF's common stock repurchase program. Repurchases will be based on market conditions, the trading price of TCF shares and other factors. The ability to repurchase shares in the future may be adversely affected by new legislation or regulations or by changes in regulatory policies. Repurchases under this authorization may be commenced or suspended at any time or from time to time. |
(2) | Represents restricted stock withheld pursuant to the terms of awards granted under either the TCF Financial Incentive Stock Program or the TCF Financial 2015 Omnibus Incentive Plan to offset tax withholding obligations that occur upon vesting and release of restricted stock. Both plans provide 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. |
Exhibit Number | Description | |
3(a) | ||
3(b) | ||
4(a) | ||
4(b) | ||
4(c) | ||
4(d) | ||
4(e) | Copies of instruments with respect to long-term debt will be furnished to the Securities and Exchange Commission upon request. | |
31.1# | ||
31.2# | ||
32.1# | ||
32.2# | ||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH# | XBRL Taxonomy Extension Schema Document | |
101.CAL# | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF# | XBRL Taxonomy Extension Definitions Linkbase Document | |
101.LAB# | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE# | XBRL Taxonomy Extension Presentation Linkbase Document |
TCF FINANCIAL CORPORATION | ||
/s/ Craig R. Dahl | ||
Craig R. Dahl, | ||
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) |
1. | I have reviewed this Quarterly Report on Form 10-Q of TCF Financial Corporation for the quarter ended June 30, 2019; |
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 | ||
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 June 30, 2019; |
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 June 30, 2019 (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 | ||
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 June 30, 2019 (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. |
Pending Merger with Chemical Financial Corporation |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Pending Merger with Chemical Financial Corporation | Proposed Merger with Chemical Financial Corporation |
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Accounting policies in effect at December 31, 2018 remain substantially unchanged and have been followed similarly as in previous periods except for the lease financing accounting policy. The accounting policy changes are the result of the adoption of Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) and related ASUs. Leases TCF enters into lease contracts as both a lessor and a lessee. A contract, or part of a contract, is considered a lease if it conveys the right to obtain substantially all of the economic benefits from, and the right to direct and use, an identified asset for a period of time in exchange for consideration. The determination of lease classification requires various judgments and estimates by management which may include the fair value of the equipment at lease inception, useful life of the equipment under lease, estimate of the lease residual value and collectability of minimum lease payments. Management has policies and procedures in place for the determination of lease classification and review of the related judgments and estimates for all leases. As a lessor, TCF provides various types of lease financing that are classified for accounting purposes as direct financing, sales-type or operating leases. Leases that transfer substantially all of the benefits and risks of ownership to the lessee are classified as direct financing or sales-type leases and are recorded in loans and leases. Direct financing and sales-type leases are carried at the combined present value of future minimum lease payments and lease residual values. Interest income on net investment in direct financing and sales-type leases is recognized using methods that approximate a level yield over the fixed, non-cancelable term of the lease, including pro rata rent payments received for the interim period until the lease contract commences and the fixed, non-cancelable lease term begins. Sales-type leases generate selling profit (loss), which is recognized on the commencement date by recording lease revenue net of lease cost. Lease revenue consists of the present value of the future minimum lease payments and lease cost consists of the leased equipment's net book value, less the present value of its residual. Some lease financing contracts include a residual value component, which represents the estimated fair value of the leased equipment at the expiration of the initial term of the transaction. The estimation of residual values involves judgment regarding product and technology changes, customer behavior, shifts in supply and demand and other economic assumptions. TCF reviews residual assumptions when assessing potential impairment of the net investment in direct financing and sales-type leases each quarter. Decreases in the expected residual value are reflected through an increase in the provision for credit losses, which results in an increase to the allowance for loan and lease losses. TCF may sell minimum lease payment receivables, primarily as a credit risk reduction tool, to third-party financial institutions at fixed rates, on a non-recourse basis, with its underlying equipment as collateral. For those transactions that qualify for sale accounting, the related lease cash flow stream and the non-recourse financing are derecognized. For those transactions that do not qualify for sale accounting, the underlying lease remains on TCF's Consolidated Statements of Financial Condition and non-recourse debt is recorded in the amount of the proceeds received. TCF retains servicing of these leases and bills, collects and remits funds to the third-party financial institution. Upon default by the lessee, the third-party financial institutions may take control of the underlying collateral which TCF would otherwise retain as residual value. Leases that do not transfer substantially all benefits and risks of ownership to the lessee are classified as operating leases. Such leased equipment and related initial direct costs are included in other assets and depreciated to their estimated salvage value on a straight-line basis over the term of the lease. Lease financing equipment depreciation is recorded in non-interest expense. Operating lease payments received are recognized as lease income when due and recorded as a component of leasing and equipment finance non-interest income. An allowance for lease losses is not provided on operating leases. See Note 6. Loans and Leases for further information. As a lessee, TCF enters into contracts to lease real estate, information technology equipment and various other types of equipment. Leases that transfer substantially all of the benefits and risks of ownership to TCF are classified as finance leases, while all others are classified as operating leases. At lease commencement, a lease liability and right-of-use asset are calculated and recognized for both types of leases. The lease liability is equal to the present value of future minimum lease payments. The right-of-use asset is equal to the lease liability, plus any initial direct costs and prepaid lease payments, less any lease incentives received. Operating lease right-of-use assets are recorded in other assets and finance lease right-of-use assets are recorded in premises and equipment, net. The Company uses the appropriate term Federal Home Loan Bank ("FHLB") rate to determine the discount rate for the present value calculation of future minimum payments when an implicit rate is not known for a given lease. The lease term used in the calculation includes any options to extend that TCF is reasonably certain to exercise. Subsequent to lease commencement, lease liabilities recorded for finance leases are measured using the effective interest rate method and the related right-of-use assets are amortized on a straight-line basis over the lease term. Interest expense and amortization expense are recorded separately in the income statement in interest expense on borrowings and occupancy and equipment non-interest expense, respectively. For operating leases, total lease cost is comprised of lease expense, short-term lease cost, variable lease cost and sublease income. Lease expense includes future minimum lease payments, which are recognized on a straight-line basis over the lease term, as well as common area maintenance charges, real estate taxes, insurance and other expenses, where applicable, which are expensed as incurred. Total lease cost for operating leases is recorded in occupancy and equipment non-interest expense. See Note 8. Operating Lease Right-of-Use Assets and Liabilities for further information. Recently Adopted Accounting Pronouncements Effective January 1, 2019, the Company adopted ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, which permits the use of the OIS Rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct Treasury obligations of the U.S. government, the London Interbank Offered Rate ("LIBOR") swap rate, the OIS Rate based on the Fed Funds Effective Rate and the Securities Industry and Financial Markets Association Municipal Swap Rate. The adoption of this ASU was on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after January 1, 2019. The adoption of this guidance did not have a material impact on our consolidated financial statements. Effective January 1, 2019, the Company adopted ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force), which requires the decision to capitalize or expense implementation costs incurred in a cloud computing arrangement (i.e. a hosting arrangement) that is a service contract to follow the internal-use software guidance in Accounting Standards Codification ("ASC") 350-40. TCF's policy had been to expense these costs as incurred. The adoption of this ASU was on a prospective basis. The adoption of this guidance did not have a material impact on our consolidated financial statements. Effective January 1, 2019, the Company adopted ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments to nonemployees by aligning it more consistently with the accounting for share-based payments to employees. The new guidance in ASC 718 supersedes the guidance in ASC 505-50. The adoption of this ASU was on a modified retrospective basis with no cumulative effect adjustment recorded. The adoption of this guidance did not have a material impact on our consolidated financial statements. Effective January 1, 2019, the Company adopted ASU No. 2017-11, Earnings Per Share (Topic 260): Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, which simplifies the accounting for certain equity-linked financial instruments and embedded features with the down round features that reduce the exercise price when the pricing of a future round of financing is lower. The adoption of this ASU was on a modified retrospective basis. The adoption of this guidance did not have a material impact on our consolidated financial statements. Effective January 1, 2019, the Company adopted ASU No. 2016-02, Leases (Topic 842), which, along with other amendments, requires lessees to recognize most leases on their balance sheet. Lessor accounting is largely unchanged. The ASU requires both quantitative and qualitative disclosure regarding key information about leasing arrangements from both lessees and lessors. Effective January 1, 2019, the Company also adopted the following ASUs, which further amend the original lease guidance in Topic 842: (i) ASU No. 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840) and Leases (Topic 842): Amendments to SEC Paragraphs, which rescinds certain SEC Observer comments and staff announcements from the lease guidance and incorporates SEC staff announcements on the effect of a change in tax law on leveraged leases from ASC 840 into ASC 842; (ii) ASU No. 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842, which amends the new lease guidance to add an optional transition practical expedient that permits an entity to continue applying its current accounting policy for land easements that existed or expired before January 1, 2019; (iii) ASU No. 2018-10, Codification Improvements to Topic 842, Leases, which makes narrow scope improvements to the standard for specific issues; (iv) ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which provides an optional transition method allowing the standard to be applied at the adoption date and provides a practical expedient related to separating components of a contract for lessors; (v) ASU No. 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors, which allows lessors to elect to account for all sales taxes as lessee costs, instead of determining whether they are lessee or lessor costs in each individual jurisdiction. It requires lessor costs paid by lessees directly to third parties to be excluded from revenue, requires lessors to account for costs excluded from the consideration of a contract that are paid by the lessor as revenue and requires certain variable payments to be allocated (rather than recognized) to lease and nonlease components when changes occur in the facts and circumstances on which the variable payments are based; and (vi) ASU No. 2019-01, Leases (Topic 842): Codification Improvements, which allows lessors that are not manufacturers or dealers to calculate the fair value of an underlying asset as its cost less any volume or trade discount, requires lessors to classify principal payments received from direct financing and sales-type leases as investing activities in the statement of cash flows and clarifies that certain disclosure requirements that were explicitly excluded from annual reporting during the year of adoption are also excluded from interim reporting during the same year. These ASUs were adopted on a modified retrospective basis. Management elected the practical expedients and optional transition method, which allow for leases entered into prior to January 1, 2019 to be accounted for consistent with prior guidance. Management evaluated TCF's leasing contracts and activities, and developed methodologies and processes to estimate and account for the right-of-use assets and lease liabilities based on the present value of future lease payments. On January 1, 2019, the Company recorded right-of-use assets and lease liabilities totaling $91.9 million and $112.8 million, respectively. The impact to capital ratios as a result of increased risk-weighted assets is immaterial. The adoption of this guidance did not result in a material change to lessee expense recognition. The changes to lessor accounting, as well as changes in customer behavior driven by the adoption of these ASUs, impacts the results of TCF's leasing and equipment financing businesses, including earlier recognition of expense due to a narrower definition of initial direct costs and the timing of revenue recognition for certain leases, resulting in more revenue being deferred over the lease term. Recently Issued Accounting Pronouncements In November 2018, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which makes targeted improvements to the accounting for collaborative arrangements in response to questions raised as a result of the issuance of ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The adoption of this ASU will be required beginning with TCF's Quarterly Report on Form 10-Q for the quarter ending March 31, 2020. Early adoption is allowed. The adoption of this guidance will not have a material impact on our consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, which provides an elective exemption to private companies from applying variable interest entities ("VIE") guidance to all entities under common control if certain criteria are met. In addition, this ASU contains an amendment applicable to all entities which amends how a decision maker or service provider determines whether its fee is a variable interest in a VIE when a related party under common control also has an interest in the VIE. The adoption of this ASU will be required beginning with TCF's Quarterly Report on Form 10-Q for the quarter ending March 31, 2020. Early adoption is allowed. The adoption of this guidance will not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The adoption of this ASU will be required beginning with TCF's Quarterly Report on Form 10-Q for the quarter ending March 31, 2020. Certain of the amendments require prospective application, while the remainder require retrospective application. Early adoption is allowed either for the entire standard or only the provisions that eliminate or modify the requirements. Management is currently evaluating the potential impact of this guidance on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets, including trade and other receivables, held to maturity debt securities, loans, net investments in leases and purchased financial assets with credit deterioration. The ASU requires the use of a current expected credit loss ("CECL") approach to determine the allowance for credit losses for loans and held to maturity debt securities. CECL requires loss estimates for the remaining estimated life of the asset using historical loss data as well as reasonable and supportable forecasts based on current economic conditions. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20 and should be accounted for in accordance with Topic 842. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which clarifies and corrects certain unintended applications of the guidance contained in each of the amended Topics. In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief, which provides an option to irrevocably elect the fair value option in Subtopic 825-10 to certain instruments within the scope of Subtopic 326-20 upon adoption of Topic 326.The adoption of these ASUs will be required on a modified retrospective basis with a cumulative effect adjustment required beginning with TCF's Quarterly Report on Form 10-Q for the quarter ending March 31, 2020. Early adoption is allowed. Management is currently evaluating the potential impact of this guidance on our consolidated financial statements. CECL represents a significant change in GAAP and may result in a material impact to our consolidated financial statements and capital ratios. The impact of these ASUs will depend on the composition of TCF's portfolios and general economic conditions at the date of adoption. Additionally, there are several implementation questions which could affect the adoption impact once resolved. TCF has established a governance structure to implement these ASUs and has developed a majority of the methodologies and models to be used upon adoption. During the second quarter of 2019, TCF began the process of performing parallel runs for CECL alongside our current allowance process. Management will continue to refine and validate the new methodologies and models throughout 2019.
|
Cash and Due from Banks |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Due from Banks | Cash and Due from Banks At June 30, 2019 and December 31, 2018, TCF Bank was required by Federal Reserve regulations to maintain reserves of $109.6 million and $106.2 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 obligations. 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 $27.8 million and $38.3 million at June 30, 2019 and December 31, 2018, respectively. TCF had cash held in interest-bearing accounts of $260.7 million and $307.8 million at June 30, 2019 and December 31, 2018, respectively.
|
Debt Securities Available for Sale and Debt Securities Held to Maturity |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities Available for Sale and Debt Securities Held to Maturity | Debt Securities Available for Sale and Debt Securities Held to Maturity Debt securities were as follows:
At June 30, 2019 and December 31, 2018, mortgage-backed debt securities with a carrying value of $1.5 million and $1.6 million, respectively, were pledged as collateral to secure certain deposits and borrowings. We have assessed each debt security with unrealized losses included in the table above for credit impairment. As part of that assessment we evaluated and concluded that it is more likely than not that we will not be required and do not intend to sell any of the debt securities prior to recovery of the amortized cost. Unrealized losses on debt securities available for sale and debt securities held to maturity were primarily due to changes in interest rates. Net gains (losses) on debt securities were $1.1 million and $1.5 million for the second quarter and first six months of 2019, respectively, and $24 thousand and $87 thousand for the same periods in 2018. During the second quarter and first six months of 2019, TCF sold $201.3 million and $406.7 million, respectively, of obligations of states and political subdivisions debt securities available for sale and recognized net gains of $1.1 million and $1.5 million, respectively. There were no sales of debt securities available for sale during the second quarter and first six months of 2018. There were no impairment charges on debt securities available for sale and debt securities held to maturity during the second quarter and first six months of 2019 and 2018. The net gains (losses) on debt securities for the first six months of 2019 and 2018 also included recoveries on previously impaired debt securities held to maturity. Gross unrealized losses and fair value of debt securities available for sale and debt securities held to maturity aggregated by investment category and the length of time the securities were in a continuous loss position were as follows:
The amortized cost and fair value of debt securities available for sale and debt securities held to maturity by final contractual maturity were as follows. The final contractual maturities do not consider possible prepayments and therefore expected maturities may differ because borrowers may have the right to prepay.
Interest income attributable to debt securities available for sale was as follows:
|
Loans and Leases |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases | Loans and Leases Loans and leases were as follows:
Leasing and Equipment Finance Portfolio Included in leasing and equipment finance loans and leases were $2.6 billion and $2.5 billion of direct financing and sales-type leases at June 30, 2019 and December 31, 2018, respectively. Effective January 1, 2019, the Company adopted ASU No. 2016-02, Leases (Topic 842) and related ASUs on a modified retrospective basis, electing the practical expedients and optional transition method. As such, the following leasing disclosures include information at or for the second quarter and first six months ended June 30, 2019. The components of the net investment in direct financing and sales-type leases were as follows:
The carrying amount of the direct financing and sales-type leases subject to residual value guarantees was $255.9 million at June 30, 2019. The components of total lease income were as follows:
Lease financing equipment depreciation on equipment leased to others was $19.1 million and $38.4 million for the second quarter and first six months of 2019, respectively. The net book value of equipment leased to others and related initial direct costs under operating leases was $291.5 million at June 30, 2019. Undiscounted future minimum lease payments receivable for direct financing and sales-type leases, and a reconciliation to the carrying amount recorded at June 30, 2019 were as follows:
Undiscounted future minimum lease payments expected to be received for operating leases at June 30, 2019 were as follows:
Loan Sales During the second quarter and first six months of 2019, TCF sold $280.7 million and $499.8 million, respectively, of consumer real estate loans, received cash of $292.1 million and $519.8 million, respectively, and recognized net gains of $10.8 million and $18.8 million, respectively. During the second quarter and first six months of 2018, TCF sold $181.7 million and $448.0 million, respectively, of consumer real estate loans, received cash of $188.2 million and $461.0 million, respectively, and recognized net gains of $7.2 million and $16.3 million, respectively. Related to these sales, TCF retained interest-only strips of $0.7 million and $1.6 million during the second quarter and first six months of 2019, respectively, and $0.6 million and $3.8 million during the same periods in 2018. TCF generally retains servicing on loans sold. No servicing assets or liabilities related to consumer real estate loans were recorded within TCF's Consolidated Statements of Financial Condition at June 30, 2019 and December 31, 2018, as the contractual servicing fees are adequate to compensate TCF for its servicing responsibilities based on the amount demanded by the marketplace. Interest-only strips and the contractual liabilities related to loan sales were as follows:
TCF recorded $21 thousand of impairment charges on interest-only strips during the second quarter and first six months of 2019 and $13 thousand and $616 thousand during the same periods in 2018.
|
Allowance for Loan and Lease Losses and Credit Quality Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses and Credit Quality Information | Allowance for Loan and Lease Losses and Credit Quality Information The rollforwards of the allowance for loan and lease losses were as follows:
The allowance for loan and lease losses and loans and leases outstanding by type of allowance methodology were as follows:
Accruing and Non-accrual Loans and Leases TCF's key credit quality indicator is the receivable's payment performance status, defined as accruing or non-accruing. 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. Loans and leases that are over 60 days delinquent have a higher potential to become non-accrual and generally are a leading indicator for future charge-off trends. TCF's accruing and non-accrual loans and leases were as follows:
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 were as follows:
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 were as follows:
Loan Modifications for Borrowers with Financial Difficulties Included within loans and leases in the previous accruing and non-accrual loans and leases 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. When a loan is modified as a TDR, principal balances are generally not forgiven. All loans classified as TDR loans are considered to be impaired. For purposes of this disclosure, purchased credit impaired ("PCI") loans have been excluded. TDR loans were as follows:
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 June 30, 2019, $8.1 million, or 46.6%, were loans discharged in Chapter 7 bankruptcy that were not reaffirmed by the borrower, of which 66.2% were current. Of the non-accrual TDR balance at December 31, 2018, $7.8 million, or 48.2%, were loans discharged in Chapter 7 bankruptcy that were not reaffirmed by the borrower, of which 56.5% were current. All eligible loans are re-aged to current delinquency status upon modification. The allowance on accruing consumer real estate TDR loans was $16.8 million, or 21.3% of the outstanding balance, at June 30, 2019 and $15.5 million, or 19.2% of the outstanding balance, at December 31, 2018. At June 30, 2019, no accruing consumer real estate TDR loans were 60 days or more delinquent and 0.3% of accruing consumer real estate TDR loans were 60 days or more delinquent at December 31, 2018. Unfunded commitments to consumer real estate loans classified as TDRs were $0.5 million and $0.6 million at June 30, 2019 and December 31, 2018, respectively. At June 30, 2019 and December 31, 2018, no additional funds were committed to the remaining classes of finance receivables classified as TDRs. Loan modifications to troubled borrowers are no longer disclosed 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. Interest income on TDR loans is recognized based on the restructured terms. Unrecognized interest represents the financial impact of TDR loans and is the difference between interest income recognized on accruing TDR loans and the contractual interest that would have been recorded had the loans performed in accordance with their original contractual terms. The following table summarizes the financial effects of consumer real estate accruing TDR loans. The financial effects of TDR loans for the remaining classes of finance receivables were not material for the second quarter and first six months of 2019 and 2018.
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. The following table summarizes the TDR loans that defaulted during the periods presented that were modified during the respective reporting period or within one year of the beginning of the respective reporting period.
Impaired Loans and Leases Effective January 1, 2019, in conjunction with the adoption of ASU No. 2016-02, Leases (Topic 842) and related ASUs, TCF considers impaired loans and leases to include non-accrual commercial loans, non-accrual leasing and equipment finance loans and leases and non-accrual inventory finance loans, as well as all TDR loans. Previously, TCF did not include impaired leases within the following tables. For purposes of this disclosure, PCI loans have been excluded. Non-accrual impaired loans and leases, 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 table, the balance of impaired loans and leases 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. Information on impaired loans and leases at June 30, 2019 and information on impaired loans at December 31, 2018 was as follows:
The average balance of impaired loans and leases and interest income recognized on impaired loans and leases for the second quarter and first six months of 2019 and the average loan balance of impaired loans and interest income recognized on impaired loans for the same periods in 2018 were as follows:
Other Real Estate Owned and Repossessed and Returned Assets Other real estate owned and repossessed and returned assets were as follows:
Other real estate owned and repossessed and returned assets were written down $1.3 million and $3.1 million during the second quarter and first six months of 2019, respectively, and $0.8 million and $2.0 million during the same periods in 2018.
|
Operating Lease Right-of-Use Assets and Liabilities |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease Right-of-Use Assets and Liabilities | Operating Lease Right-of-Use Assets and Liabilities Operating lease right-of-use assets, included in other assets, were $81.8 million at June 30, 2019. Operating lease liabilities, included in accrued expenses and other liabilities, were $101.3 million at June 30, 2019. Undiscounted future minimum operating lease payments and a reconciliation to the amount recorded as operating lease liabilities at June 30, 2019 were as follows:
The weighted-average discount rate and remaining lease term for operating leases were as follows:
The components of total lease cost for operating leases, included in occupancy and equipment non-interest expense, were as follows:
|
Long-term Borrowings |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Borrowings | Long-term Borrowings Long-term borrowings were as follows:
On June 27, 2019, TCF Bank priced an offering of $150.0 million of fixed-to-floating rate subordinated notes, which closed on July 2, 2019 at par. The fixed-to-floating rate subordinated notes, due July 2, 2029, bear an initial interest rate of 4.125% per annum, payable semi-annually in arrears on January 2 and July 2, commencing on January 2, 2020. The subordinated notes are redeemable at TCF Bank's option beginning on July 2, 2024. Effective July 2, 2024, unless the notes are redeemed, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 237.5 basis points, payable quarterly in arrears on January 2, April 2, July 2 and October 2, commencing on October 2, 2024. TCF Bank incurred issuance costs of approximately $1.4 million that are amortized as interest expense over the full term of the notes using the effective interest method. At June 30, 2019, TCF Bank had pledged loans secured by consumer and commercial real estate and FHLB stock with an aggregate carrying value of $4.6 billion as collateral for FHLB advances. At June 30, 2019, $1.1 billion of the long-term FHLB advances outstanding were prepayable at TCF's option.
|
Regulatory Capital Requirements |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements | Regulatory Capital Requirements TCF and TCF Bank are subject to minimum capital requirements administered by the federal banking regulators. Failure to meet minimum capital requirements can initiate certain mandatory, and possible additional discretionary, actions by the federal banking regulators 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 $227.1 million at June 30, 2019, 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 federal banking regulators. 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. In the future, these capital adequacy standards may be higher than existing minimum regulatory capital requirements. Regulatory capital information for TCF and TCF Bank was as follows:
|
Stock Compensation |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation | Stock Compensation TCF's restricted stock award transactions under the TCF Financial 2015 Omnibus Incentive Plan (the "Omnibus Incentive Plan") and the TCF Financial Incentive Stock Program were as follows:
At June 30, 2019, there were 114,049 shares of performance-based restricted stock awards outstanding that will vest only if certain performance goals and service conditions are achieved. Failure to achieve the performance goals and service conditions will result in all or a portion of the shares being forfeited. Unrecognized stock compensation expense for restricted stock awards was $21.6 million with a weighted-average remaining amortization period of 1.7 years at June 30, 2019. At June 30, 2019, there were 331,155 performance-based restricted stock units granted and outstanding under the Omnibus Incentive Plan that will vest only if certain performance goals are achieved. The number of restricted stock units granted was at target and the number of shares that will be issued when the restricted stock units vest will depend on actual performance with a maximum total payout of 150% of target. Failure to achieve the performance goals will result in all or a portion of the restricted stock units being forfeited. The remaining weighted-average performance period of the restricted stock units was 1.9 years at June 30, 2019. Compensation expense for restricted stock awards and restricted stock units was $2.4 million and $3.9 million for the second quarter and first six months of 2019, respectively, and $3.8 million and $9.6 million for the same periods in 2018.
|
Employee Benefit Plans |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans The net periodic benefit plan (income) cost included in other non-interest expense for the TCF Cash Balance Pension Plan (the "Pension Plan") and the Postretirement Plan were as follows:
TCF made no cash contributions to the Pension Plan during the second quarter and first six months of 2019 and 2018. TCF contributed $0.1 million and $0.2 million to the Postretirement Plan during the second quarter and first six months of 2019 and 2018, respectively.
|
Derivative Instruments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments Derivative instruments, recognized at fair value within other assets or accrued expenses and other liabilities on the Consolidated Statements of Financial Condition, were as follows:
Derivative instruments may be 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. Derivative instruments subject to master netting arrangements and collateral arrangements are recognized on a net basis in the Consolidated Statements of Financial Condition. The gross amounts recognized, gross amounts offset and net amount presented of derivative instruments were as follows:
Derivatives Designated as Hedging Instruments Interest Rate Contract TCF Bank entered into an interest rate swap agreement which was designated as a fair value hedge of its contemporaneously issued subordinated debt with a stated maturity of 2025. The interest rate swap agreement effectively converts the fixed interest rate to a floating rate based on the three-month LIBOR plus a fixed number of basis points on the $150.0 million notional amount. The carrying amount of the hedged subordinated debt, including the cumulative basis adjustment related to the application of fair value hedge accounting, is recorded in long-term borrowings on the Consolidated Statements of Financial Condition and was as follows:
The gain (loss) related to the fair value hedge and the line within the Consolidated Statements of Income where the gain (loss) was recorded were as follows:
Forward Foreign Exchange Contracts Certain of TCF's forward foreign exchange contracts 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. These forward foreign exchange contracts have been designated as net investment hedges. The effect of net investment hedges on accumulated other comprehensive income was as follows:
Derivatives Not Designated as Hedging Instruments Certain other interest rate contracts, forward foreign exchange contracts, interest rate lock commitments and other contracts have not been designated as hedging instruments. The effect of these derivatives on the Consolidated Statements of Income was as follows:
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 June 30, 2019 and December 31, 2018, credit risk-related contingent features existed on forward foreign exchange contracts with a notional value of $30.5 million and $25.7 million, respectively. 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 $0.6 million and $0.5 million in additional collateral at June 30, 2019 and December 31, 2018, respectively. There were $0.7 million of forward foreign exchange contracts containing credit risk-related features in a liability position at June 30, 2019 and none at December 31, 2018. At June 30, 2019, TCF had posted $12.3 million, $5.6 million and $1.3 million of cash collateral related to its interest rate contracts, forward foreign exchange contracts and other contracts, respectively.
|
Fair Values Disclosures |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. Debt securities available for sale, certain loans held for sale, interest-only strips, interest rate contracts, forward foreign exchange contracts, interest rate lock commitments, other contracts, forward loan sales commitments, and assets and liabilities held in trust for deferred compensation plans 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 debt securities held to maturity, loans and leases, goodwill, other intangible assets, other real estate owned, repossessed and returned assets or 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. 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. The levels are 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, which includes valuations 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. The following is a discussion of the valuation methodologies used to record assets and liabilities at fair value on a recurring or non-recurring basis. Debt Securities Available for Sale Debt 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 Held for Sale Loans held for sale for which the fair value option has been elected are categorized as Level 3. The fair value of these loans is recorded utilizing internal valuation models which use quoted investor prices to estimate the fair value. Loans and Leases Loans and leases 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. Effective January 1, 2019, in conjunction with the adoption of ASU No. 2016-02, Leases (Topic 842) and the related ASUs, such loans and leases include non-accrual impaired loans and leases as well as certain delinquent non-accrual consumer real estate and auto finance loans. Previously, TCF did not include non-accrual impaired leases. The fair value of the collateral is determined based on internal estimates and/or 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 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 fair value of the interest-only strips may fluctuate significantly from period to period. Derivative Instruments Interest Rate Contracts TCF executes interest rate contracts with commercial banking customers to facilitate their respective risk management strategies. Certain of these interest rate contracts are simultaneously hedged by offsetting interest rate contracts TCF executes with a third party, minimizing TCF's net interest rate risk exposure resulting from such transactions. TCF also has an interest rate swap agreement to convert its $150.0 million of fixed-rate subordinated notes with a stated maturity of 2025 to floating rate debt. These derivative instruments are recorded at fair value. The fair value of these interest rate contracts, categorized as Level 2, is determined using a cash flow model which may consider the forward curve, the discount curve and credit valuation adjustments related to counterparty and/or borrower non-performance risk. 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 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 Lock Commitments TCF's interest rate lock commitments are derivative instruments that are recorded at fair value using an internal valuation model that utilizes estimated rates of successful loan closings and quoted investor prices. While this model uses both Level 2 and Level 3 inputs, TCF has determined that the significant inputs used in the valuation of these commitments fall within Level 3 and therefore the interest rate lock commitments are categorized as Level 3. Other Contracts TCF's swap agreement, categorized as Level 3, is related to the sale of TCF's Visa Class B stock. The fair value of the swap agreement is based on TCF's estimated exposure related to the Visa covered litigation through a probability analysis of the funding and estimated settlement amounts. Forward Loan Sales Commitments TCF enters into forward loan sales commitments to sell certain consumer real estate loans. The resulting loans held for sale are 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 Level 3 inputs, TCF has determined that the significant inputs used in the valuation of these commitments fall within Level 3 and therefore the forward loan sales commitments 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. 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 stock and other equity, and U.S. Treasury notes. The fair value of these assets, categorized as Level 1, is based on prices obtained from independent asset pricing services based on active markets. The fair value of the liabilities equals the fair value of the assets. The balances of assets and liabilities measured at fair value on a recurring and non-recurring basis were as follows:
Management assesses the appropriate classification of financial assets and liabilities within the fair value hierarchy by monitoring the level of available 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 transfers occurred. TCF had no transfers during the second quarter and first six months of 2019 and 2018. The changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows:
Fair Value Option TCF Home Loans, a division of TCF Bank, originates first mortgage lien loans in its primary banking markets and sells the loans through correspondent relationships. TCF elected the fair value option for these loans. This election facilitates the offsetting of changes in fair value of the loans held for sale and the derivative financial instruments used to economically hedge them. The difference between the aggregate fair value and aggregate unpaid principal balance of these loans held for sale was as follows:
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 June 30, 2019 and December 31, 2018. 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 $3.7 million and $5.9 million for the second quarter and first six months of 2019, respectively, and $2.5 million and $4.2 million for the same periods in 2018, and are included in net gains on sales of loans. These amounts exclude the impacts from the interest rate lock commitments and forward loan sales commitments which are also included in net gains on sales of loans. Disclosures About Fair Value of Financial Instruments Management discloses the estimated fair value of financial instruments, including assets and liabilities on and off the Consolidated Statements of Financial Condition, for which it is practicable to estimate fair value. These fair value estimates were made at June 30, 2019 and December 31, 2018 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 value are subjective in nature, involve uncertainties and include matters of significant judgment. Changes in assumptions could significantly affect the estimated values. 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, were as follows. This information represents only a portion of TCF's Consolidated Statements of Financial Condition 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.
(3) Positive amounts represent assets, negative amounts represent liabilities.
|
Earnings Per Common Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share | Earnings Per Common Share The computations of basic and diluted earnings per common share and the anti-dilutive shares outstanding not included in the computation of diluted earnings per share were as follows:
(1) Represents the amount of deferred stock issuance costs originally recorded in preferred stock that were reclassified to retained earnings.
|
Other Non-interest Expense |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Non-interest Expense | Other Non-interest Expense Other non-interest expense was as follows:
|
Reportable Segments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Reportable Segments The Company's 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 other, and auto finance. Wholesale Banking is comprised of commercial banking, 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, investor relations, corporate development, internal audit, legal and human capital management that provide services to the operating segments; (iii) the Holding Company and (iv) 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. Basis of Presentation, 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. Certain information for each of TCF's reportable segments, including reconciliations of TCF's consolidated totals, was as follows:
|
Litigation Contingencies |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
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 SEC, the Federal Reserve, the OCC and the Consumer Financial Protection Bureau which 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. 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. As previously disclosed, in connection with TCF's planned merger with Chemical, purported stockholders of TCF filed five putative class action lawsuits and individual lawsuits against TCF and members of TCF's board of directors (collectively, the "Actions"). Three of these lawsuits were filed in the United States District Court for the District of Delaware: Wang v. TCF Financial Corporation et al., 1:19-cv-00661 (filed on April 9, 2019), Parshall v. TCF Financial Corporation et al., 1:19-cv-00663 (filed on April 10, 2019) and White v. TCF Financial Corporation et al., 1:19-cv-00683 (filed on April 12, 2019). One lawsuit was filed in the United States District Court for the Southern District of New York: Harrelson v. TCF Financial Corporation et al., 1:19-cv-03183 (filed on April 10, 2019). And one lawsuit was filed in the Delaware Court of Chancery: Nelson v. TCF Financial Corporation et al., 2019-0335-JTL (filed on May 6, 2019). In general, the Actions asserted claims against TCF and TCF's board of directors, alleging, among other things, that the defendants misstated or failed to disclose certain allegedly material information in the definitive joint proxy statement/prospectus relating to the merger that Chemical and TCF filed with the SEC on May 3, 2019. |
Accumulated Other Comprehensive Income (Loss) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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), reclassifications from accumulated other comprehensive income (loss) to various financial statement line items and the related tax effects were as follows:
The components of accumulated other comprehensive income (loss) were as follows:
|
Basis of Presentation (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | 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. Its principal subsidiary, TCF National Bank ("TCF Bank"), is headquartered in Sioux Falls, South Dakota. TCF Bank operates bank branches in Illinois, Minnesota, Michigan, Colorado, Wisconsin, Arizona and South Dakota (TCF's "primary banking markets"). Through its direct subsidiaries, TCF Bank provides a full range of consumer-facing and commercial services, including consumer banking services, commercial banking services, commercial leasing and equipment financing, and commercial inventory financing.
|
Principles of Consolidation | The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in accordance with the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission ("SEC"). Accordingly, the consolidated financial statements do not include all of the information and notes necessary for complete financial statements in conformity with GAAP. 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. 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 and for the year ended December 31, 2018. 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. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period financial statements to conform to the current period presentation. |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Lessor Accounting Policy | Leases TCF enters into lease contracts as both a lessor and a lessee. A contract, or part of a contract, is considered a lease if it conveys the right to obtain substantially all of the economic benefits from, and the right to direct and use, an identified asset for a period of time in exchange for consideration. The determination of lease classification requires various judgments and estimates by management which may include the fair value of the equipment at lease inception, useful life of the equipment under lease, estimate of the lease residual value and collectability of minimum lease payments. Management has policies and procedures in place for the determination of lease classification and review of the related judgments and estimates for all leases. As a lessor, TCF provides various types of lease financing that are classified for accounting purposes as direct financing, sales-type or operating leases. Leases that transfer substantially all of the benefits and risks of ownership to the lessee are classified as direct financing or sales-type leases and are recorded in loans and leases. Direct financing and sales-type leases are carried at the combined present value of future minimum lease payments and lease residual values. Interest income on net investment in direct financing and sales-type leases is recognized using methods that approximate a level yield over the fixed, non-cancelable term of the lease, including pro rata rent payments received for the interim period until the lease contract commences and the fixed, non-cancelable lease term begins. Sales-type leases generate selling profit (loss), which is recognized on the commencement date by recording lease revenue net of lease cost. Lease revenue consists of the present value of the future minimum lease payments and lease cost consists of the leased equipment's net book value, less the present value of its residual. Some lease financing contracts include a residual value component, which represents the estimated fair value of the leased equipment at the expiration of the initial term of the transaction. The estimation of residual values involves judgment regarding product and technology changes, customer behavior, shifts in supply and demand and other economic assumptions. TCF reviews residual assumptions when assessing potential impairment of the net investment in direct financing and sales-type leases each quarter. Decreases in the expected residual value are reflected through an increase in the provision for credit losses, which results in an increase to the allowance for loan and lease losses. TCF may sell minimum lease payment receivables, primarily as a credit risk reduction tool, to third-party financial institutions at fixed rates, on a non-recourse basis, with its underlying equipment as collateral. For those transactions that qualify for sale accounting, the related lease cash flow stream and the non-recourse financing are derecognized. For those transactions that do not qualify for sale accounting, the underlying lease remains on TCF's Consolidated Statements of Financial Condition and non-recourse debt is recorded in the amount of the proceeds received. TCF retains servicing of these leases and bills, collects and remits funds to the third-party financial institution. Upon default by the lessee, the third-party financial institutions may take control of the underlying collateral which TCF would otherwise retain as residual value. Leases that do not transfer substantially all benefits and risks of ownership to the lessee are classified as operating leases. Such leased equipment and related initial direct costs are included in other assets and depreciated to their estimated salvage value on a straight-line basis over the term of the lease. Lease financing equipment depreciation is recorded in non-interest expense. Operating lease payments received are recognized as lease income when due and recorded as a component of leasing and equipment finance non-interest income. An allowance for lease losses is not provided on operating leases. See Note 6. Loans and Leases for further information. |
Lessee Accounting Policy | As a lessee, TCF enters into contracts to lease real estate, information technology equipment and various other types of equipment. Leases that transfer substantially all of the benefits and risks of ownership to TCF are classified as finance leases, while all others are classified as operating leases. At lease commencement, a lease liability and right-of-use asset are calculated and recognized for both types of leases. The lease liability is equal to the present value of future minimum lease payments. The right-of-use asset is equal to the lease liability, plus any initial direct costs and prepaid lease payments, less any lease incentives received. Operating lease right-of-use assets are recorded in other assets and finance lease right-of-use assets are recorded in premises and equipment, net. The Company uses the appropriate term Federal Home Loan Bank ("FHLB") rate to determine the discount rate for the present value calculation of future minimum payments when an implicit rate is not known for a given lease. The lease term used in the calculation includes any options to extend that TCF is reasonably certain to exercise. Subsequent to lease commencement, lease liabilities recorded for finance leases are measured using the effective interest rate method and the related right-of-use assets are amortized on a straight-line basis over the lease term. Interest expense and amortization expense are recorded separately in the income statement in interest expense on borrowings and occupancy and equipment non-interest expense, respectively. For operating leases, total lease cost is comprised of lease expense, short-term lease cost, variable lease cost and sublease income. Lease expense includes future minimum lease payments, which are recognized on a straight-line basis over the lease term, as well as common area maintenance charges, real estate taxes, insurance and other expenses, where applicable, which are expensed as incurred. Total lease cost for operating leases is recorded in occupancy and equipment non-interest expense. See Note 8. Operating Lease Right-of-Use Assets and Liabilities for further information.
|
New Accounting Pronouncements Recently Adopted or Issued | Recently Adopted Accounting Pronouncements Effective January 1, 2019, the Company adopted ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, which permits the use of the OIS Rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct Treasury obligations of the U.S. government, the London Interbank Offered Rate ("LIBOR") swap rate, the OIS Rate based on the Fed Funds Effective Rate and the Securities Industry and Financial Markets Association Municipal Swap Rate. The adoption of this ASU was on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after January 1, 2019. The adoption of this guidance did not have a material impact on our consolidated financial statements. Effective January 1, 2019, the Company adopted ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force), which requires the decision to capitalize or expense implementation costs incurred in a cloud computing arrangement (i.e. a hosting arrangement) that is a service contract to follow the internal-use software guidance in Accounting Standards Codification ("ASC") 350-40. TCF's policy had been to expense these costs as incurred. The adoption of this ASU was on a prospective basis. The adoption of this guidance did not have a material impact on our consolidated financial statements. Effective January 1, 2019, the Company adopted ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments to nonemployees by aligning it more consistently with the accounting for share-based payments to employees. The new guidance in ASC 718 supersedes the guidance in ASC 505-50. The adoption of this ASU was on a modified retrospective basis with no cumulative effect adjustment recorded. The adoption of this guidance did not have a material impact on our consolidated financial statements. Effective January 1, 2019, the Company adopted ASU No. 2017-11, Earnings Per Share (Topic 260): Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, which simplifies the accounting for certain equity-linked financial instruments and embedded features with the down round features that reduce the exercise price when the pricing of a future round of financing is lower. The adoption of this ASU was on a modified retrospective basis. The adoption of this guidance did not have a material impact on our consolidated financial statements. Effective January 1, 2019, the Company adopted ASU No. 2016-02, Leases (Topic 842), which, along with other amendments, requires lessees to recognize most leases on their balance sheet. Lessor accounting is largely unchanged. The ASU requires both quantitative and qualitative disclosure regarding key information about leasing arrangements from both lessees and lessors. Effective January 1, 2019, the Company also adopted the following ASUs, which further amend the original lease guidance in Topic 842: (i) ASU No. 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840) and Leases (Topic 842): Amendments to SEC Paragraphs, which rescinds certain SEC Observer comments and staff announcements from the lease guidance and incorporates SEC staff announcements on the effect of a change in tax law on leveraged leases from ASC 840 into ASC 842; (ii) ASU No. 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842, which amends the new lease guidance to add an optional transition practical expedient that permits an entity to continue applying its current accounting policy for land easements that existed or expired before January 1, 2019; (iii) ASU No. 2018-10, Codification Improvements to Topic 842, Leases, which makes narrow scope improvements to the standard for specific issues; (iv) ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which provides an optional transition method allowing the standard to be applied at the adoption date and provides a practical expedient related to separating components of a contract for lessors; (v) ASU No. 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors, which allows lessors to elect to account for all sales taxes as lessee costs, instead of determining whether they are lessee or lessor costs in each individual jurisdiction. It requires lessor costs paid by lessees directly to third parties to be excluded from revenue, requires lessors to account for costs excluded from the consideration of a contract that are paid by the lessor as revenue and requires certain variable payments to be allocated (rather than recognized) to lease and nonlease components when changes occur in the facts and circumstances on which the variable payments are based; and (vi) ASU No. 2019-01, Leases (Topic 842): Codification Improvements, which allows lessors that are not manufacturers or dealers to calculate the fair value of an underlying asset as its cost less any volume or trade discount, requires lessors to classify principal payments received from direct financing and sales-type leases as investing activities in the statement of cash flows and clarifies that certain disclosure requirements that were explicitly excluded from annual reporting during the year of adoption are also excluded from interim reporting during the same year. These ASUs were adopted on a modified retrospective basis. Management elected the practical expedients and optional transition method, which allow for leases entered into prior to January 1, 2019 to be accounted for consistent with prior guidance. Management evaluated TCF's leasing contracts and activities, and developed methodologies and processes to estimate and account for the right-of-use assets and lease liabilities based on the present value of future lease payments. On January 1, 2019, the Company recorded right-of-use assets and lease liabilities totaling $91.9 million and $112.8 million, respectively. The impact to capital ratios as a result of increased risk-weighted assets is immaterial. The adoption of this guidance did not result in a material change to lessee expense recognition. The changes to lessor accounting, as well as changes in customer behavior driven by the adoption of these ASUs, impacts the results of TCF's leasing and equipment financing businesses, including earlier recognition of expense due to a narrower definition of initial direct costs and the timing of revenue recognition for certain leases, resulting in more revenue being deferred over the lease term. Recently Issued Accounting Pronouncements In November 2018, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which makes targeted improvements to the accounting for collaborative arrangements in response to questions raised as a result of the issuance of ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The adoption of this ASU will be required beginning with TCF's Quarterly Report on Form 10-Q for the quarter ending March 31, 2020. Early adoption is allowed. The adoption of this guidance will not have a material impact on our consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, which provides an elective exemption to private companies from applying variable interest entities ("VIE") guidance to all entities under common control if certain criteria are met. In addition, this ASU contains an amendment applicable to all entities which amends how a decision maker or service provider determines whether its fee is a variable interest in a VIE when a related party under common control also has an interest in the VIE. The adoption of this ASU will be required beginning with TCF's Quarterly Report on Form 10-Q for the quarter ending March 31, 2020. Early adoption is allowed. The adoption of this guidance will not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The adoption of this ASU will be required beginning with TCF's Quarterly Report on Form 10-Q for the quarter ending March 31, 2020. Certain of the amendments require prospective application, while the remainder require retrospective application. Early adoption is allowed either for the entire standard or only the provisions that eliminate or modify the requirements. Management is currently evaluating the potential impact of this guidance on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets, including trade and other receivables, held to maturity debt securities, loans, net investments in leases and purchased financial assets with credit deterioration. The ASU requires the use of a current expected credit loss ("CECL") approach to determine the allowance for credit losses for loans and held to maturity debt securities. CECL requires loss estimates for the remaining estimated life of the asset using historical loss data as well as reasonable and supportable forecasts based on current economic conditions. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20 and should be accounted for in accordance with Topic 842. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which clarifies and corrects certain unintended applications of the guidance contained in each of the amended Topics. In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief, which provides an option to irrevocably elect the fair value option in Subtopic 825-10 to certain instruments within the scope of Subtopic 326-20 upon adoption of Topic 326.The adoption of these ASUs will be required on a modified retrospective basis with a cumulative effect adjustment required beginning with TCF's Quarterly Report on Form 10-Q for the quarter ending March 31, 2020. Early adoption is allowed. Management is currently evaluating the potential impact of this guidance on our consolidated financial statements. CECL represents a significant change in GAAP and may result in a material impact to our consolidated financial statements and capital ratios. The impact of these ASUs will depend on the composition of TCF's portfolios and general economic conditions at the date of adoption. Additionally, there are several implementation questions which could affect the adoption impact once resolved. TCF has established a governance structure to implement these ASUs and has developed a majority of the methodologies and models to be used upon adoption. During the second quarter of 2019, TCF began the process of performing parallel runs for CECL alongside our current allowance process. Management will continue to refine and validate the new methodologies and models throughout 2019.
|
Consolidated Statements of Financial Condition (Parenthetical) - $ / shares |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
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) | 7,000 | 7,000 |
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) | 173,083,763 | 173,584,846 |
Treasury stock, shares (shares) | 10,313,700 | 9,661,619 |
Debt Securities Available for Sale and Debt Securities Held to Maturity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt Securities | Debt securities were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Gross Unrealized Losses and Fair Value of Debt Securities Available for Sale and Debt Securities Held to Maturity that are in a Loss Position | Gross unrealized losses and fair value of debt securities available for sale and debt securities held to maturity aggregated by investment category and the length of time the securities were in a continuous loss position were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost and Fair Value of Debt Securities Available for Sale and Debt Securities Held to Maturity by Contractual Maturity | The amortized cost and fair value of debt securities available for sale and debt securities held to maturity by final contractual maturity were as follows. The final contractual maturities do not consider possible prepayments and therefore expected maturities may differ because borrowers may have the right to prepay.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Income Attributable to Debt Securities Available for Sale | Interest income attributable to debt securities available for sale was as follows:
|
Loans and Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans and Leases | Loans and leases were as follows:
(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 $(16.4) million and $(2.2) million at June 30, 2019 and December 31, 2018, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Total Lease Income | The components of the net investment in direct financing and sales-type leases were as follows:
The components of total lease income were as follows:
(1) Other leasing and equipment finance non-interest income consists of gains (losses) on sales of leased equipment, fees and service charges on leases and gains (losses) on sales of leases.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Total Lease Income | The components of the net investment in direct financing and sales-type leases were as follows:
The components of total lease income were as follows:
(1) Other leasing and equipment finance non-interest income consists of gains (losses) on sales of leased equipment, fees and service charges on leases and gains (losses) on sales of leases.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Undiscounted Future Minimum Lease Payments Receivable for Direct Financing and Sales-type Leases | Undiscounted future minimum lease payments receivable for direct financing and sales-type leases, and a reconciliation to the carrying amount recorded at June 30, 2019 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Undiscounted Future Minimum Lease Payments Expected to be Received for Operating Leases | Undiscounted future minimum lease payments expected to be received for operating leases at June 30, 2019 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-only Strips and Contractual Liabilites | Interest-only strips and the contractual liabilities related to loan sales were as follows:
|
Allowance for Loan and Lease Losses and Credit Quality Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rollforwards of the Allowance for Loan and Lease Losses | The rollforwards of the allowance for loan and lease losses were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rollforwards of the Allowance for Loan and Lease Losses | The rollforwards of the allowance for loan and lease losses were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses and Balances by Type of Allowance Methodology | The allowance for loan and lease losses and loans and leases outstanding by type of allowance methodology were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accruing and Non-accruing Loans and Leases | TCF's accruing and non-accrual loans and leases were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Income Recognized on Loans and Leases in Non-accrual Status and Contractual Interest | 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 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Consumer Real Estate Loans to Customers Involved in Bankruptcy Proceedings | 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 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of TDR Loans | TDR loans were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Effects of TDRs | The following table summarizes the financial effects of consumer real estate accruing TDR loans. The financial effects of TDR loans for the remaining classes of finance receivables were not material for the second quarter and first six months of 2019 and 2018.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accruing Loans that were Restructured within 12 Months and Defaulted | The following table summarizes the TDR loans that defaulted during the periods presented that were modified during the respective reporting period or within one year of the beginning of the respective reporting period.
(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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information on Impaired Loans and Leases | Information on impaired loans and leases at June 30, 2019 and information on impaired loans at December 31, 2018 was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance of Impaired Loans and Leases and Interest Income Recognized on Impaired Loans and Leases | The average balance of impaired loans and leases and interest income recognized on impaired loans and leases for the second quarter and first six months of 2019 and the average loan balance of impaired loans and interest income recognized on impaired loans for the same periods in 2018 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Real Estate Owned and Repossessed and Returned Assets | Other real estate owned and repossessed and returned assets were as follows:
|
Operating Lease Right-of-Use Assets and Liabilities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Undiscounted Future Minimum Leases Payments and a Reconciliation to the Amount Recorded as Operating Leases | Undiscounted future minimum operating lease payments and a reconciliation to the amount recorded as operating lease liabilities at June 30, 2019 were as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Total Lease Cost for Operating Leases | The weighted-average discount rate and remaining lease term for operating leases were as follows:
The components of total lease cost for operating leases, included in occupancy and equipment non-interest expense, were as follows:
|
Long-term Borrowings (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Borrowings | Long-term borrowings were as follows:
|
Regulatory Capital Requirements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Capital Information for TCF and TCF Bank | Regulatory capital information for TCF and TCF Bank was as follows:
|
Stock Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Award Transactions | TCF's restricted stock award transactions under the TCF Financial 2015 Omnibus Incentive Plan (the "Omnibus Incentive Plan") and the TCF Financial Incentive Stock Program were as follows:
|
Employee Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Periodic Benefit Cost Included in Non-interest Expense for the TCF Cash Balance Pension Plan and Postretirement Plan | The net periodic benefit plan (income) cost included in other non-interest expense for the TCF Cash Balance Pension Plan (the "Pension Plan") and the Postretirement Plan were as follows:
|
Derivative Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | Derivative instruments, recognized at fair value within other assets or accrued expenses and other liabilities on the Consolidated Statements of Financial Condition, were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Gross Amounts Recognized, Gross Amounts Offset and Net Amount Presented | The gross amounts recognized, gross amounts offset and net amount presented of derivative instruments were as follows:
(1) Includes the amounts with counterparties subject to enforceable master netting arrangements that have been offset in the Consolidated Statements of Financial Condition.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts Recorded in the Consolidated Statements of Financial Condition Related to the Cumulative Basis Adjustment for the Fair Value Hedge | he carrying amount of the hedged subordinated debt, including the cumulative basis adjustment related to the application of fair value hedge accounting, is recorded in long-term borrowings on the Consolidated Statements of Financial Condition and was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Gains and Losses Related to the Fair Value Hedge of the Interest Rate Swap and the Offsetting Changes in the Fair Value of the Hedged Debt | The gain (loss) related to the fair value hedge and the line within the Consolidated Statements of Income where the gain (loss) was recorded were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of Net Investment Hedges on Accumulated Other Comprehensive Income | The effect of net investment hedges on accumulated other comprehensive income was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Effects of Derivatives not Designated as Hedging Instruments on the Consolidated Statements of Income | Certain other interest rate contracts, forward foreign exchange contracts, interest rate lock commitments and other contracts have not been designated as hedging instruments. The effect of these derivatives on the Consolidated Statements of Income was as follows:
|
Fair Values Disclosures (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances of Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis | The balances of assets and liabilities measured at fair value on a recurring and non-recurring basis were as follows:
(1) As permitted under GAAP, TCF has elected to net derivative assets and derivative liabilities 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 assets and derivative liabilities are presented gross of this netting adjustment.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | The changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Differences Between the Aggregate Fair Value and Aggregate Unpaid Principal Balance on Loans Held for Sale | The difference between the aggregate fair value and aggregate unpaid principal balance of these loans held for sale was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Assets and Liabilities, Including Hierarchy Level | 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, were as follows. This information represents only a portion of TCF's Consolidated Statements of Financial Condition 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.
(3) Positive amounts represent assets, negative amounts represent liabilities.
|
Earnings Per Common Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings per Common Share | The computations of basic and diluted earnings per common share and the anti-dilutive shares outstanding not included in the computation of diluted earnings per share were as follows:
(1) Represents the amount of deferred stock issuance costs originally recorded in preferred stock that were reclassified to retained earnings.
|
Other Non-interest Expense (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Non-interest Expense | Other non-interest expense was as follows:
|
Reportable Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reportable Segments, Including a Reconciliation of Consolidated Totals | Certain information for each of TCF's reportable segments, including reconciliations of TCF's consolidated totals, was as follows:
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Components of Other Comprehensive Income (Loss), Reclassifications from Accumulated Cther Comprehensive Income (Loss) to Various Financial Statement Line Items and the Related Tax Effects | The components of other comprehensive income (loss), reclassifications from accumulated other comprehensive income (loss) to various financial statement line items and the related tax effects were as follows:
(1) Foreign investments are deemed to be permanent in nature and, therefore, TCF does not provide for taxes on foreign currency translation adjustments.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) were as follows:
|
Pending Merger with Chemical Financial Corporation - Pending Merger with Chemical Financial Corporation (Details) - USD ($) $ in Billions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jan. 27, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Chemical Common Stock | |||||
Pending Merger with Chemical Financial Corporation | |||||
Share conversion ratio | 0.5081 | ||||
Series C Preferred Stock | |||||
Pending Merger with Chemical Financial Corporation | |||||
Annual rate of dividend (as a percent) | 5.70% | 5.70% | 5.70% | 5.70% | 5.70% |
New Chemical Preferred Stock | |||||
Pending Merger with Chemical Financial Corporation | |||||
Share conversion ratio | 1 | ||||
Chemical Financial Corporation | |||||
Pending Merger with Chemical Financial Corporation | |||||
Assets of Chemical Financial Corporation | $ 22.5 | $ 22.5 |
Summary of Significant Accounting Policies - Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Jan. 01, 2019 |
---|---|---|
Change in Accounting Principle | ||
Right-of-use assets recorded upon adoption of ASU 2016-02 | $ 81,800 | |
Lease liabilities recorded upon adoption of ASU 2016-02 | $ 101,295 | |
Accounting Standards Update 2016-02 | ||
Change in Accounting Principle | ||
Right-of-use assets recorded upon adoption of ASU 2016-02 | $ 91,900 | |
Lease liabilities recorded upon adoption of ASU 2016-02 | $ 112,800 |
Cash and Due from Banks - Cash and Due from Banks (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Cash and Cash Equivalents [Abstract] | ||
Reserve in cash on hand or at the Federal Reserve as required by Federal Reserve regulations | $ 109.6 | $ 106.2 |
Total restricted cash balance | 27.8 | 38.3 |
Cash held in interest-bearing accounts | $ 260.7 | $ 307.8 |
Debt Securities Available for Sale and Debt Securities Held to Maturity - Amortized Cost and Fair Value of Debt Securities Available for Sale and Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Amortized cost | ||
Due in 1-5 years | $ 14,616 | $ 24,464 |
Due in 5-10 years | 240,240 | 509,832 |
Due after 10 years | 2,793,980 | 1,962,708 |
Amortized Cost | 3,048,836 | 2,497,004 |
Fair value | ||
Due in 1-5 years | 14,556 | 24,375 |
Due in 5-10 years | 247,026 | 503,768 |
Due after 10 years | 2,848,221 | 1,941,922 |
Fair Value | 3,109,803 | 2,470,065 |
Amortized cost | ||
Due in 1-5 years | 3,150 | 2,400 |
Due in 5-10 years | 463 | 430 |
Due after 10 years | 141,306 | 146,022 |
Amortized Cost | 144,919 | 148,852 |
Fair value | ||
Due in 1-5 years | 3,150 | 2,400 |
Due in 5-10 years | 470 | 432 |
Due after 10 years | 147,158 | 146,435 |
Fair Value | $ 150,778 | $ 149,267 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income attributable to TCF Financial Corporation | $ 90,427 | $ 58,749 | $ 160,921 | $ 132,510 |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized gains (losses) on debt securities available for sale and interest-only strips | 30,625 | (4,806) | 67,993 | (32,625) |
Net unrealized gains (losses) on net investment hedges | (2,179) | 3,779 | (4,487) | 5,383 |
Foreign currency translation adjustment | 3,415 | (4,925) | 6,982 | (7,035) |
Recognized postretirement prior service cost | (8) | (8) | (16) | (17) |
Total other comprehensive income (loss), net of tax | 31,853 | (5,960) | 70,472 | (34,294) |
Comprehensive income | $ 122,280 | $ 52,789 | $ 231,393 | $ 98,216 |
Debt Securities Available for Sale and Debt Securities Held to Maturity - Interest Income Attributable to Debt Securities Available for Sale (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Interest Income on Debt Securities Available for Sale by Taxable Status | ||||
Total interest income | $ 22,325 | $ 12,516 | $ 41,140 | $ 22,639 |
Debt securities available for sale | ||||
Interest Income on Debt Securities Available for Sale by Taxable Status | ||||
Taxable interest income | 21,117 | 8,163 | 37,248 | 13,976 |
Tax-exempt interest income | 1,208 | 4,353 | 3,892 | 8,663 |
Total interest income | $ 22,325 | $ 12,516 | $ 41,140 | $ 22,639 |
Loans and Leases - Loan Sales (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Accounts, Notes, Loans and Financing Receivable | |||||
Proceeds from loan sale | $ 178,802,000 | $ 157,088,000 | |||
Net gains recognized | $ 10,828,000 | $ 7,192,000 | 18,800,000 | 16,315,000 | |
Consumer real estate | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Loans sold during the period | 280,700,000 | 181,700,000 | 499,800,000 | 448,000,000.0 | |
Proceeds from loan sale | 292,100,000 | 188,200,000 | 519,800,000 | 461,000,000.0 | |
Net gains recognized | 10,800,000 | 7,200,000 | 18,800,000 | 16,300,000 | |
Interest-only strips retained on consumer loan sales | 700,000 | $ 600,000 | 1,600,000 | $ 3,800,000 | |
Servicing asset | 0 | 0 | $ 0 | ||
Servicing liability | $ 0 | $ 0 | $ 0 |
Loans and Leases - Interest-only Strips and Contractual Liabilities Related to Loan Sales (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Accounts, Notes, Loans and Financing Receivable | |||||
Interest-only strips related to loan sales | $ 15,236 | $ 15,236 | $ 16,835 | ||
Impairment charges on interest-only strips | 21 | $ 13 | 21 | $ 616 | |
Consumer real estate | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Contractual liabilities related to consumer real estate loan sales | $ 960 | $ 960 | $ 1,321 |
Allowance for Loan and Lease Losses and Credit Quality Information - Rollfowards of the Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Allowance for loan and lease losses | ||||
Balance, beginning of period | $ 147,972 | $ 167,703 | $ 157,446 | $ 171,041 |
Charge-offs | (21,066) | (18,188) | (45,497) | (38,053) |
Recoveries | 6,984 | 5,418 | 12,761 | 11,132 |
Net (charge-offs) recoveries | (14,082) | (12,770) | (32,736) | (26,921) |
Provision for credit losses | 13,569 | 14,236 | 23,691 | 25,604 |
Other | (956) | (3,550) | (1,898) | (4,105) |
Balance, end of period | 146,503 | 165,619 | 146,503 | 165,619 |
Consumer Real Estate | ||||
Allowance for loan and lease losses | ||||
Balance, beginning of period | 43,820 | 47,685 | 44,866 | 47,168 |
Charge-offs | (1,652) | (2,056) | (3,200) | (4,210) |
Recoveries | 1,338 | 1,278 | 2,438 | 2,315 |
Net (charge-offs) recoveries | (314) | (778) | (762) | (1,895) |
Provision for credit losses | 1,448 | 550 | 1,819 | 2,654 |
Other | (974) | (3,503) | (1,943) | (3,973) |
Balance, end of period | 43,980 | 43,954 | 43,980 | 43,954 |
Commercial | ||||
Allowance for loan and lease losses | ||||
Balance, beginning of period | 34,711 | 37,198 | 41,182 | 37,195 |
Charge-offs | (3,461) | (4) | (5,561) | (4) |
Recoveries | 16 | 31 | 28 | 45 |
Net (charge-offs) recoveries | (3,445) | 27 | (5,533) | 41 |
Provision for credit losses | 5,523 | 3,066 | 1,140 | 3,055 |
Other | 0 | 0 | 0 | 0 |
Balance, end of period | 36,789 | 40,291 | 36,789 | 40,291 |
Leasing and equipment finance | ||||
Allowance for loan and lease losses | ||||
Balance, beginning of period | 24,832 | 23,182 | 23,791 | 22,528 |
Charge-offs | (2,790) | (2,693) | (5,736) | (4,649) |
Recoveries | 747 | 587 | 1,223 | 1,203 |
Net (charge-offs) recoveries | (2,043) | (2,106) | (4,513) | (3,446) |
Provision for credit losses | 3,493 | 1,182 | 7,017 | 3,178 |
Other | (12) | (11) | (25) | (13) |
Balance, end of period | 26,270 | 22,247 | 26,270 | 22,247 |
Inventory Finance | ||||
Allowance for loan and lease losses | ||||
Balance, beginning of period | 14,132 | 13,253 | 12,456 | 13,233 |
Charge-offs | (1,857) | (673) | (4,376) | (1,222) |
Recoveries | 568 | 156 | 1,000 | 296 |
Net (charge-offs) recoveries | (1,289) | (517) | (3,376) | (926) |
Provision for credit losses | (140) | (860) | 3,583 | (348) |
Other | 30 | (36) | 70 | (119) |
Balance, end of period | 12,733 | 11,840 | 12,733 | 11,840 |
Auto Finance | ||||
Allowance for loan and lease losses | ||||
Balance, beginning of period | 29,854 | 45,822 | 34,329 | 50,225 |
Charge-offs | (9,250) | (11,095) | (22,285) | (24,536) |
Recoveries | 3,347 | 2,579 | 6,200 | 5,364 |
Net (charge-offs) recoveries | (5,903) | (8,516) | (16,085) | (19,172) |
Provision for credit losses | 1,989 | 9,302 | 7,696 | 15,555 |
Other | 0 | 0 | 0 | 0 |
Balance, end of period | 25,940 | 46,608 | 25,940 | 46,608 |
Other | ||||
Allowance for loan and lease losses | ||||
Balance, beginning of period | 623 | 563 | 822 | 692 |
Charge-offs | (2,056) | (1,667) | (4,339) | (3,432) |
Recoveries | 968 | 787 | 1,872 | 1,909 |
Net (charge-offs) recoveries | (1,088) | (880) | (2,467) | (1,523) |
Provision for credit losses | 1,256 | 996 | 2,436 | 1,510 |
Other | 0 | 0 | 0 | 0 |
Balance, end of period | $ 791 | $ 679 | $ 791 | $ 679 |
Allowance for Loan and Lease Losses and Credit Quality Information - Interest Income for Loans and Leases in Non-accrual Status (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Contractual Interest Due and Interest Recognized on Non-accrual Loans | ||||
Contractual interest due on non-accrual loans and leases | $ 2,712 | $ 2,957 | $ 5,296 | $ 5,884 |
Interest income recognized on non-accrual loans and leases | 255 | 445 | 478 | 903 |
Unrecognized interest income | $ 2,457 | $ 2,512 | $ 4,818 | $ 4,981 |
Allowance for Loan and Lease Losses and Credit Quality Information - Consumer Real Estate Loans to Customers in Bankruptcy (Details) - Consumer real estate - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Consumer Real Estate Loans to Customers Involved in Bankruptcy | ||
0-59 days delinquent and accruing | $ 2,365 | $ 3,306 |
Non-accrual | 12,686 | 9,046 |
Total consumer real estate loans to customers in bankruptcy | $ 15,051 | $ 12,352 |
Consolidated Statements of Equity - USD ($) $ in Thousands |
Total |
Series B Preferred Stock |
Series C Preferred Stock |
TCF Financial Corporation |
TCF Financial Corporation
Series B Preferred Stock
|
TCF Financial Corporation
Series C Preferred Stock
|
Preferred Stock |
Preferred Stock
Series B Preferred Stock
|
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Retained Earnings
Series B Preferred Stock
|
Retained Earnings
Series C Preferred Stock
|
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock and Other |
Non-controlling Interest |
Non-controlling Interest
Series B Preferred Stock
|
Non-controlling Interest
Series C Preferred Stock
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Increase (Decrease) in Equity | ||||||||||||||||||
Change in accounting principle | Accounting Standards Update 2016-09 [Member] | $ (116) | $ (116) | $ (116) | |||||||||||||||
Adjusted balance after cumulative adjustment related to change in accounting principle | 2,680,468 | 2,662,641 | $ 265,821 | $ 1,722 | $ 877,217 | 1,577,195 | $ (18,517) | $ (40,797) | $ 17,827 | |||||||||
Balance (in shares) at Dec. 31, 2017 | 4,007,000 | 172,158,449 | ||||||||||||||||
Balance at Dec. 31, 2017 | 2,680,584 | 2,662,757 | $ 265,821 | $ 1,722 | 877,217 | 1,577,311 | (18,517) | (40,797) | 17,827 | |||||||||
Increase (Decrease) in Equity | ||||||||||||||||||
Net income | 138,633 | 132,510 | 132,510 | 6,123 | ||||||||||||||
Other comprehensive income (loss), net of tax | (34,294) | (34,294) | (34,294) | 0 | ||||||||||||||
Net investment by (distribution to) non-controlling interest | (304) | 0 | (304) | |||||||||||||||
Redemption of Series B Preferred Stock (in shares) | (4,000,000) | |||||||||||||||||
Redemption of Series B Preferred Stock | $ (100,000) | $ (100,000) | $ (96,519) | $ (3,481) | $ 0 | |||||||||||||
Repurchases of shares of common stock | (125,886) | (125,886) | (125,886) | 0 | ||||||||||||||
Dividends on Preferred Stock | $ (1,613) | $ (4,987) | $ (1,613) | $ (4,987) | $ (1,613) | $ (4,987) | $ 0 | $ 0 | ||||||||||
Dividends on common stock | (50,175) | (50,175) | (50,175) | 0 | ||||||||||||||
Common stock warrants exercised (in shares) | 970,761 | |||||||||||||||||
Common stock warrants exercised | 0 | 0 | $ (10) | (10) | 0 | |||||||||||||
Common shares purchased by TCF employee benefit plans (in shares) | 34,627 | |||||||||||||||||
Common shares purchased by TCF employee benefit plans | 715 | 715 | 715 | 0 | ||||||||||||||
Stock compensation plans, net of tax (in shares) | (358,170) | |||||||||||||||||
Stock compensation plans, net of tax | (2,021) | (2,021) | $ (3) | (2,018) | 0 | |||||||||||||
Change in shares held in trust for deferred compensation plans, at cost | 0 | 0 | (2,576) | 2,576 | 0 | |||||||||||||
Balance (in shares) at Jun. 30, 2018 | 7,000 | 173,522,007 | ||||||||||||||||
Balance at Jun. 30, 2018 | 2,504,578 | 2,480,932 | $ 169,302 | $ 1,735 | 877,364 | 1,649,449 | (52,811) | (164,107) | 23,646 | |||||||||
Balance (in shares) at Mar. 31, 2018 | 7,000 | 172,472,035 | ||||||||||||||||
Balance at Mar. 31, 2018 | 2,550,950 | 2,522,513 | $ 169,302 | $ 1,725 | 878,096 | 1,618,041 | (46,851) | (97,800) | 28,437 | |||||||||
Increase (Decrease) in Equity | ||||||||||||||||||
Net income | 62,209 | 58,749 | 58,749 | 3,460 | ||||||||||||||
Other comprehensive income (loss), net of tax | (5,960) | (5,960) | (5,960) | |||||||||||||||
Net investment by (distribution to) non-controlling interest | (8,251) | 0 | (8,251) | |||||||||||||||
Repurchases of shares of common stock | (68,213) | (68,213) | (68,213) | |||||||||||||||
Dividends on Preferred Stock | (2,494) | (2,494) | (2,494) | |||||||||||||||
Dividends on common stock | (24,847) | (24,847) | (24,847) | |||||||||||||||
Common stock warrants exercised (in shares) | 969,565 | |||||||||||||||||
Common stock warrants exercised | 0 | 0 | $ (10) | (10) | ||||||||||||||
Stock compensation plans, net of tax (in shares) | (80,407) | |||||||||||||||||
Stock compensation plans, net of tax | (1,184) | (1,184) | (1,184) | |||||||||||||||
Change in shares held in trust for deferred compensation plans, at cost | 0 | 0 | (1,906) | 1,906 | ||||||||||||||
Balance (in shares) at Jun. 30, 2018 | 7,000 | 173,522,007 | ||||||||||||||||
Balance at Jun. 30, 2018 | 2,504,578 | 2,480,932 | $ 169,302 | $ 1,735 | 877,364 | 1,649,449 | (52,811) | (164,107) | 23,646 | |||||||||
Balance (in shares) at Dec. 31, 2018 | 7,000 | 173,584,846 | ||||||||||||||||
Balance at Dec. 31, 2018 | 2,556,260 | 2,537,801 | $ 169,302 | $ 1,736 | 885,089 | 1,766,994 | (33,138) | (252,182) | 18,459 | |||||||||
Increase (Decrease) in Equity | ||||||||||||||||||
Net income | 167,492 | 160,921 | 160,921 | 6,571 | ||||||||||||||
Other comprehensive income (loss), net of tax | 70,472 | 70,472 | 70,472 | |||||||||||||||
Net investment by (distribution to) non-controlling interest | (172) | 0 | (172) | |||||||||||||||
Repurchases of shares of common stock | (26,495) | (26,495) | (26,495) | |||||||||||||||
Dividends on Preferred Stock | (4,987) | (4,987) | (4,987) | |||||||||||||||
Dividends on common stock | (48,620) | (48,620) | (48,620) | |||||||||||||||
Stock compensation plans, net of tax (in shares) | (501,083) | |||||||||||||||||
Stock compensation plans, net of tax | (3,432) | (3,432) | $ (5) | (18,945) | (15,518) | |||||||||||||
Change in shares held in trust for deferred compensation plans, at cost | 0 | 0 | 1,857 | (1,857) | ||||||||||||||
Balance (in shares) at Jun. 30, 2019 | 7,000 | 173,083,763 | ||||||||||||||||
Balance at Jun. 30, 2019 | 2,710,518 | 2,685,660 | $ 169,302 | $ 1,731 | 868,001 | 1,874,308 | 37,334 | (265,016) | 24,858 | |||||||||
Balance (in shares) at Mar. 31, 2019 | 7,000 | 173,318,320 | ||||||||||||||||
Balance at Mar. 31, 2019 | 2,645,845 | 2,616,393 | $ 169,302 | $ 1,733 | 875,797 | 1,810,701 | 5,481 | (246,621) | 29,452 | |||||||||
Increase (Decrease) in Equity | ||||||||||||||||||
Net income | 94,043 | 90,427 | 90,427 | 3,616 | ||||||||||||||
Other comprehensive income (loss), net of tax | 31,853 | 31,853 | 31,853 | |||||||||||||||
Net investment by (distribution to) non-controlling interest | (8,210) | 0 | (8,210) | |||||||||||||||
Repurchases of shares of common stock | (26,495) | (26,495) | (26,495) | |||||||||||||||
Dividends on Preferred Stock | $ (2,494) | $ (2,494) | $ (2,494) | |||||||||||||||
Dividends on common stock | (24,326) | (24,326) | (24,326) | |||||||||||||||
Stock compensation plans, net of tax (in shares) | 234,557 | |||||||||||||||||
Stock compensation plans, net of tax | (302) | (302) | $ 2 | 8,423 | (8,727) | |||||||||||||
Change in shares held in trust for deferred compensation plans, at cost | 0 | 0 | 627 | (627) | ||||||||||||||
Balance (in shares) at Jun. 30, 2019 | 7,000 | 173,083,763 | ||||||||||||||||
Balance at Jun. 30, 2019 | $ 2,710,518 | $ 2,685,660 | $ 169,302 | $ 1,731 | $ 868,001 | $ 1,874,308 | $ 37,334 | $ (265,016) | $ 24,858 |
Allowance for Loan and Lease Losses and Credit Quality Information - Other Real Estate Owned and Repossessed and Returned Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Other Real Estate Owned and Repossessed and Returned Assets | |||||
Other real estate owned | $ 11,964 | $ 11,964 | $ 17,403 | ||
Repossessed and returned assets | 11,904 | 11,904 | 14,574 | ||
Consumer real estate loans in process of foreclosure | 13,079 | 13,079 | $ 15,540 | ||
Other real estate owned and repossessed and returned assets | |||||
Other Real Estate Owned and Repossessed and Returned Assets | |||||
Amount written down | $ 1,300 | $ 800 | $ 3,100 | $ 2,000 |
Operating Lease Right-of-Use Assets and Liabilities (Details) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
|
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 81,800 | $ 81,800 |
Total operating lease liabilities | 101,295 | 101,295 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2019 | 14,542 | 14,542 |
2020 | 25,143 | 25,143 |
2021 | 16,812 | 16,812 |
2022 | 12,471 | 12,471 |
2023 | 10,790 | 10,790 |
Thereafter | 31,696 | 31,696 |
Total undiscounted future minimum operating lease payments | 111,454 | 111,454 |
Discount | (10,159) | (10,159) |
Total operating lease liabilities | $ 101,295 | $ 101,295 |
Lessee, Operating Lease, Description [Abstract] | ||
Weighted-average discount rate | 2.85% | 2.85% |
Weighted average remaining lease term (years) | 5 years 10 months 24 days | 5 years 10 months 24 days |
Lease, Cost [Abstract] | ||
Lease expense | $ 9,222 | $ 18,121 |
Short-term lease cost | 46 | 91 |
Sublease income | (335) | (742) |
Total lease cost for operating leases | $ 8,933 | $ 17,470 |
Stock Compensation - Restricted Stock Award and Stock Option Transactions (Details) - Restricted Stock Awards (RSAs) |
6 Months Ended |
---|---|
Jun. 30, 2019
$ / shares
shares
| |
Restricted Stock Awards, Shares Activity | |
Outstanding at the beginning of the period (in shares) | shares | 2,289,446 |
Granted (in shares) | shares | 520,470 |
Forfeited/cancelled (in shares) | shares | (249,895) |
Vested (in shares) | shares | (646,209) |
Outstanding at the end of the period (in shares) | shares | 1,913,812 |
Restricted Stock Awards, Weighted-average Grant Date Fair Value | |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 16.70 |
Granted (in dollars per share) | $ / shares | 20.77 |
Forfeited/cancelled (in dollars per share) | $ / shares | 17.19 |
Vested (in dollars per share) | $ / shares | 16.89 |
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 17.68 |
Stock Compensation - Stock Compensation Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Restricted Stock Awards (RSAs) | ||||
Share-based compensation | ||||
Outstanding number of shares to vest only if certain performance goals and service conditions are achieved (in shares) | 114,049 | 114,049 | ||
Unrecognized stock compensation expense for restricted stock awards | $ 21.6 | $ 21.6 | ||
Weighted-average remaining amortization period | 1 year 8 months 12 days | |||
Restricted Stock Units (RSUs) | Omnibus Incentive Plan | ||||
Share-based compensation | ||||
Restricted stock units, granted (in shares) | 331,155 | 331,155 | ||
Restricted stock, maximum multiplier | 150.00% | 150.00% | ||
Remaining weighted-average performance period for RSUs | 1 year 10 months 24 days | |||
Restricted Stock Awards and Restricted Stock Units | ||||
Share-based compensation | ||||
Compensation expense for restricted stock awards and restricted stock units | $ 2.4 | $ 3.8 | $ 3.9 | $ 9.6 |
Employee Benefit Plans - Employee Benefit Plans (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Pension Plan | ||||
Net periodic benefit plan (income) cost included in non-interest expense | ||||
Interest cost | $ 264,000 | $ 246,000 | $ 528,000 | $ 492,000 |
Return on plan assets | (137,000) | (132,000) | (274,000) | (264,000) |
Net periodic benefit plan (income) cost | 127,000 | 114,000 | 254,000 | 228,000 |
TCF contributions | 0 | 0 | 0 | 0 |
Postretirement Plan | ||||
Net periodic benefit plan (income) cost included in non-interest expense | ||||
Interest cost | 30,000 | 27,000 | 60,000 | 55,000 |
Amortization of prior service cost | (11,000) | (11,000) | (23,000) | (23,000) |
Net periodic benefit plan (income) cost | 19,000 | $ 16,000 | 37,000 | $ 32,000 |
TCF contributions | $ 100,000 | $ 200,000 |
Consolidated Statements of Equity (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Stock Transactions, Parenthetical Disclosures [Abstract] | ||||
Dividends on common stock, per common share | $ 0.15 | $ 0.15 | $ 0.3 | $ 0.3 |
Repurchases of shares of common stock (in shares) | 1,324,920 | 2,780,835 | 1,324,920 | 5,348,006 |
Series B Preferred Stock | ||||
Stock Transactions, Parenthetical Disclosures [Abstract] | ||||
Dividends on preferred stock | 6.45% | |||
Series C Preferred Stock | ||||
Stock Transactions, Parenthetical Disclosures [Abstract] | ||||
Dividends on preferred stock | 5.70% | 5.70% | 5.70% | 5.70% |
Fair Values Disclosures - Valuation Methodologies of Assets and Liabilities at Fair Value (Details) $ in Millions |
Jun. 30, 2019
USD ($)
|
---|---|
Fair Value, Assets and liabilities measured on recurring and nonrecurring basis | |
Fixed-rate subordinated notes, face amount | $ 150.0 |
Subordinated bank notes | Maturity Year 2025 | |
Fair Value, Assets and liabilities measured on recurring and nonrecurring basis | |
Fixed-rate subordinated notes, face amount | $ 150.0 |
Fair Values Disclosures - Fair Value Option (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Fair Value, Option, Quantitative Disclosures | |||||
Amount of loans recorded under the fair value option that were delinquent or on non-accrual status | $ 0 | $ 0 | $ 0 | ||
Loans Held for Sale | |||||
Fair Value, Option, Quantitative Disclosures | |||||
Fair value carrying amount | 29,211,000 | 29,211,000 | 18,070,000 | ||
Aggregate unpaid principal amount | 28,204,000 | 28,204,000 | 17,517,000 | ||
Fair value carrying amount less aggregate unpaid principal | 1,007,000 | 1,007,000 | $ 553,000 | ||
Loans Held for Sale | Gains on sales of loans, net | |||||
Fair Value, Option, Quantitative Disclosures | |||||
Net gain from initial measurement of the correspondent lending loans held for sale and subsequent changes in fair value for loans outstanding | $ 3,700,000 | $ 2,500,000 | $ 5,900,000 | $ 4,200,000 |
Other Non-interest Expense - Other Non-interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Other Income and Expenses [Abstract] | ||||
Advertising and marketing | $ 5,273 | $ 7,104 | $ 12,128 | $ 14,401 |
Outside processing | 5,917 | 5,648 | 11,391 | 10,884 |
Professional fees | 5,385 | 4,765 | 10,913 | 10,086 |
Card processing and issuance costs | 4,183 | 4,212 | 8,691 | 8,669 |
Consumer Financial Protection Bureau and OCC settlement charge | 0 | 32,000 | 0 | 32,000 |
Other | 34,087 | 35,222 | 68,159 | 72,347 |
Total other non-interest expense | $ 54,845 | $ 88,951 | $ 111,282 | $ 148,387 |
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
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. Its principal subsidiary, TCF National Bank ("TCF Bank"), is headquartered in Sioux Falls, South Dakota. TCF Bank operates bank branches in Illinois, Minnesota, Michigan, Colorado, Wisconsin, Arizona and South Dakota (TCF's "primary banking markets"). Through its direct subsidiaries, TCF Bank provides a full range of consumer-facing and commercial services, including consumer banking services, commercial banking services, commercial leasing and equipment financing, and commercial inventory financing. The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in accordance with the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission ("SEC"). Accordingly, the consolidated financial statements do not include all of the information and notes necessary for complete financial statements in conformity with GAAP. 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. 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 and for the year ended December 31, 2018. 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. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period financial statements to conform to the current period presentation.
|
DDH2G)D>%7\>'O]!R&DWZX>CI\!BXX^($>
M_$#[^5A@OK=MJVW[)C(3.\S$^IEXR*-%NTK )\EBJY-E8]809O4=ZJ'=1+*?
MJ#MO]Y="")J1\]G]T!.(F 0(DL
M"^Q(L=51.*ZC/JKV0;5O6E4-A>]]P($C 22-/ $%H-S:) !!A OJ,HY9.J5K
MA1.."Z=P]@3J)52XDW<&P(397'I+'= ^9E,MW#H#A*-F,82RB!5)."Z2@!P:
MV8%C0/+T ^+%> "7X92XFU$ 1X7T2IH+ ,>02$.+G%B11.(B:7]B $^POKG5'(NUJ/%V3P^7XM\/=\>=
MY]?HW0P!S^?HW6*\\F[-CS?P/YKM^/-]_K;[6_W3P[\67/T?4$L#!!0 ( "E^ D^PU?X;
M) 0 ),- 8 >&PO=V]R:W-H965T