Last updated on May 13th, 2019 at 10:45 pm
Wayzata, Minnesota-based TCF Financial Corp. today reported its fourth quarter earnings were lower than 2015’s, in part due to lower fees and service charges.
TCF Financial operates TCF Bank, which has 18 branches in the Milwaukee area.
TCF’s fourth quarter net income was $50.1 million, or 27 cents per diluted share, down from $52.5 million, or 29 cents per share, in the fourth quarter of 2015.
Revenue was $327.1 million in the fourth quarter, up from $321.3 million in the year-ago period.
Interest income totaled $231.7 million, up from $225.5 million in the fourth quarter of 2015, while non-interest income was $115.7 million, flat from the year-ago period. Fees and service charges were down 6.9 percent year-over year, which the company attributed to consumer behavior changes and higher average checking account balances per customer.
Average loans and leases totaled $17.5 billion in the fourth quarter, up 1.1 percent from $17.3 billion in the same period a year ago.
For the full year, TCF Financial reported net income of $212.1 million, or $1.15 per diluted share, up from $197.1 million, or $1.07 per share, in 2015.
Full-year interest income totaled $930.7 million, up from $891.9 million, while non-interest income was $465.9 million, up from $442 million in the prior year.
Craig Dahl, president and chief executive officer of TCF Financial, said market volatility and auto industry lending softness are expected to be challenges in the current quarter.
“I am proud of the progress we have made and the successes we have achieved during 2016,” Dahl said. “We took significant strides toward driving the company forward in ways that align with our four strategic pillars.
“As we move forward into 2017, there is much to be excited about. Our focus will be on taking the next step in creating superior and sustainable financial performance. We can do this by optimizing our diverse loan and lease origination platforms to grow in areas that will continue to drive profitability. In addition, we will look to create new efficiencies throughout the organization while offering product and service solutions that meet the financial needs of our customers.”