Magazine article American Banker

TCF's Earnings Jump 39% on Surge in Auto Lending

Magazine article American Banker

TCF's Earnings Jump 39% on Surge in Auto Lending

Article excerpt

Byline: Amilda Dymi

TCF Financial (TCB) in Wayzata, Minn., reported a significant increase in second-quarter earnings as a surge in automobile lending and improved asset quality offset a decline in fees from deposit accounts.

The $18.8 billion-asset company said Friday that it earned $53.1 million in the second quarter, an increase of 37% from a year earlier. Earnings per share climbed 38%, to 29 cents.

Total loans and leases increased 3.9%, to $16.1 billion, as originations increased 8.6%, to $3.5 billion, primarily due to a 70% jump in car loans, a 10% increase in inventory finance loans and an 8% jump in leasing and equipment loans. Net interest income climbed 2% year over year, to $206 million, but the net interest margin fell seven basis points, to 4.65%, due to lower loan yields.

The results were also aided by a decline in problem loans. …

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