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TCF
FINANCIAL CORPORATION
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SECURITY: TCB (Common)
EXCHANGE: New York Stock Exchange CURRENCY: US Dollar
TCF is a Wayzata, Minnesota-based
national financial holding company with $11.3 billion in assets. TCF has
more than 395 banking offices in Minnesota, Illinois, Michigan, Wisconsin,
Colorado and Indiana. Other TCF affiliates provide leasing and equipment
finance, mortgage banking, brokerage, and investments and insurance sales.
TCF
Reports First Quarter Earnings and EPS ($.45)
WAYZATA,
Minn.--(BUSINESS WIRE)--April 19, 2006--TCF Financial Corporation ("TCF")
(NYSE:TCB):
FIRST QUARTER HIGHLIGHTS
-- Diluted earnings per share of 45 cents
-- Net income of $58.2 million
-- Return on average assets of 1.71 percent
-- Return on average common equity of 23.82 percent
-- Average Power Assets(R) increased $1.1 billion, or 13.1
percent
-- Average Power Liabilities(R) increased $1.1 billion, or 13.1
percent
-- Increased checking accounts by 25,922, or 6.5 percent
(annualized), to 1,629,095
EARNINGS
SUMMARY
($
in thousands, except per-share data)
Three Months
Ended March 31,
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2006 2005 Change
-------- -------- ------
Net
income
$58,222 $63,465 (8.3)%
Diluted
earnings per common share
.45 .47 (4.3)
Financial
Ratios (1)
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Return
on average assets
1.71 % 2.03 %
Return
on average common equity
23.82 27.18
Net
interest margin
4.25 4.56
Net
charge-offs (recoveries) as a
.10 (.02)
percentage of average loans and leases
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(1)
Annualized.
TCF
Financial Corporation ("TCF") (NYSE:TCB) today reported diluted earnings
per share of 45 cents for the first quarter of 2006, compared with 47 cents
for the same 2005 period. Net income for the first quarter of 2006 was
$58.2 million, compared with $63.5 million for the same 2005 period. The
2005 first quarter included $10.9 million in gains on asset sales and a
$3.3 million commercial business loan recovery for a combined after-tax
impact of seven cents per diluted share. The first quarter of 2006 includes
$4.5 million in net gains on sales of assets, including a $1.6 million
net gain on the sale of mortgage servicing rights for a combined after-tax
impact of two cents per diluted share.
For
the first quarter of 2006, return on average assets ("ROA") was 1.71 percent
and return on average common equity ("ROE") was 23.82 percent, compared
with 2.03 percent and 27.18 percent, respectively, for the first quarter
of 2005. |
