|
Michigan
|
38-2022454
|
(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
|
Common Stock (par value $1 per share)
|
TCF
|
The NASDAQ Stock Market
|
Depositary shares, each representing a 1/1000th interest in a share of the 5.70% Series C Non-Cumulative Perpetual Preferred Stock
|
TCFCP
|
The NASDAQ Stock Market
|
|
Large accelerated filer
|
☑
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
|
|
Emerging growth company
|
☐
|
Description
|
Page
|
|
|
Part I - Financial Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Part II - Other Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data)
|
At September 30, 2019
|
|
At December 31, 2018
|
||||
|
|
|
|
|
|
||
ASSETS
|
|
|
|
||||
Cash and cash equivalents:
|
|
|
|
||||
Cash and due from banks
|
$
|
586,060
|
|
|
$
|
279,267
|
|
Interest-bearing deposits with other banks
|
736,954
|
|
|
307,790
|
|
||
Total cash and cash equivalents
|
1,323,014
|
|
|
587,057
|
|
||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost
|
290,238
|
|
|
91,654
|
|
||
Investment securities:
|
|
|
|
||||
Available-for-sale, at fair value
|
5,579,835
|
|
|
2,470,065
|
|
||
Held-to-maturity, at amortized cost (fair value of $149,928 and $149,267)
|
144,000
|
|
|
148,852
|
|
||
Total investment securities
|
5,723,835
|
|
|
2,618,917
|
|
||
Loans and leases held-for-sale (includes $114,831 and $18,070 at fair value)
|
1,436,069
|
|
|
90,664
|
|
||
Loans and leases
|
33,510,752
|
|
|
19,073,020
|
|
||
Allowance for loan and lease losses
|
(121,218
|
)
|
|
(157,446
|
)
|
||
Loans and leases, net
|
33,389,534
|
|
|
18,915,574
|
|
||
Premises and equipment, net
|
554,194
|
|
|
427,534
|
|
||
Goodwill
|
1,265,111
|
|
|
154,757
|
|
||
Other intangible assets, net
|
215,910
|
|
|
20,496
|
|
||
Loan servicing rights
|
55,301
|
|
|
23
|
|
||
Other assets
|
1,439,305
|
|
|
792,936
|
|
||
Total assets
|
$
|
45,692,511
|
|
|
$
|
23,699,612
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Noninterest-bearing
|
$
|
7,979,900
|
|
|
$
|
3,936,155
|
|
Interest-bearing
|
27,306,174
|
|
|
14,967,531
|
|
||
Total deposits
|
35,286,074
|
|
|
18,903,686
|
|
||
Short-term borrowings
|
2,607,300
|
|
|
—
|
|
||
Long-term borrowings
|
860,482
|
|
|
1,449,472
|
|
||
Other liabilities
|
1,245,238
|
|
|
790,194
|
|
||
Total liabilities
|
39,999,094
|
|
|
21,143,352
|
|
||
Equity
|
|
|
|
||||
Preferred stock, $0.01 par value
|
|
|
|
||||
Authorized - 2,000,000 shares at September 30, 2019 and 30,000,000 shares at December 31, 2018
|
|
|
|
||||
Issued and outstanding - 7,000 shares at both September 30, 2019 and December 31, 2018
|
169,302
|
|
|
169,302
|
|
||
Common stock, $1.00 par value at both September 30, 2019 and December 31, 2018
|
|
|
|
||||
Authorized - 220,000,000 shares at September 30, 2019 and 142,268,000 shares at December 31, 2018
|
|
|
|
||||
Issued and outstanding - 153,571,381 shares at September 30, 2019 and 88,198,460 shares at December 31, 2018
|
153,571
|
|
|
88,198
|
|
||
Additional paid-in capital
|
3,478,159
|
|
|
798,627
|
|
||
Retained earnings
|
1,840,214
|
|
|
1,766,994
|
|
||
Accumulated other comprehensive income (loss)
|
56,228
|
|
|
(33,138
|
)
|
||
Treasury stock at cost and other (4,909,069 Treasury shares at December 31, 2018)
|
(27,370
|
)
|
|
(252,182
|
)
|
||
Total TCF Financial Corporation shareholders' equity
|
5,670,104
|
|
|
2,537,801
|
|
||
Non-controlling interest
|
23,313
|
|
|
18,459
|
|
||
Total equity
|
5,693,417
|
|
|
2,556,260
|
|
||
Total liabilities and equity
|
$
|
45,692,511
|
|
|
$
|
23,699,612
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands, except per share data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest income
|
|
|
|
|
|
|
|
||||||||
Interest and fees on loans and leases
|
$
|
417,370
|
|
|
$
|
269,167
|
|
|
$
|
983,890
|
|
|
$
|
806,935
|
|
Interest on investment securities:
|
|
|
|
|
|
|
|
||||||||
Taxable
|
31,038
|
|
|
11,498
|
|
|
69,745
|
|
|
27,491
|
|
||||
Tax-exempt
|
3,385
|
|
|
4,328
|
|
|
7,277
|
|
|
12,991
|
|
||||
Interest on loans held-for-sale
|
1,408
|
|
|
3,625
|
|
|
2,832
|
|
|
5,281
|
|
||||
Interest on other earning assets
|
6,607
|
|
|
3,089
|
|
|
13,739
|
|
|
8,722
|
|
||||
Total interest income
|
459,808
|
|
|
291,707
|
|
|
1,077,483
|
|
|
861,420
|
|
||||
Interest expense
|
|
|
|
|
|
|
|
||||||||
Interest on deposits
|
70,900
|
|
|
27,479
|
|
|
149,154
|
|
|
74,228
|
|
||||
Interest on borrowings
|
17,115
|
|
|
10,726
|
|
|
48,050
|
|
|
31,850
|
|
||||
Total interest expense
|
88,015
|
|
|
38,205
|
|
|
197,204
|
|
|
106,078
|
|
||||
Net interest income
|
371,793
|
|
|
253,502
|
|
|
880,279
|
|
|
755,342
|
|
||||
Provision for credit losses
|
27,188
|
|
|
2,270
|
|
|
50,879
|
|
|
27,874
|
|
||||
Net interest income after provision for credit losses
|
344,605
|
|
|
251,232
|
|
|
829,400
|
|
|
727,468
|
|
||||
Noninterest income
|
|
|
|
|
|
|
|
||||||||
Fees and service charges on deposit accounts
|
34,384
|
|
|
29,175
|
|
|
88,504
|
|
|
83,703
|
|
||||
Leasing revenue
|
39,590
|
|
|
41,944
|
|
|
117,032
|
|
|
121,001
|
|
||||
Wealth management revenue
|
4,241
|
|
|
—
|
|
|
4,241
|
|
|
—
|
|
||||
Card and ATM revenue
|
23,315
|
|
|
20,074
|
|
|
62,470
|
|
|
58,313
|
|
||||
Net (losses) gains on sales of loans and leases
|
(5,984
|
)
|
|
8,502
|
|
|
13,374
|
|
|
24,900
|
|
||||
Servicing fee revenue
|
5,121
|
|
|
6,032
|
|
|
14,754
|
|
|
21,811
|
|
||||
Net gains (losses) on investment securities
|
5,900
|
|
|
94
|
|
|
7,417
|
|
|
181
|
|
||||
Other
|
(12,309
|
)
|
|
6,243
|
|
|
(312
|
)
|
|
20,620
|
|
||||
Total noninterest income
|
94,258
|
|
|
112,064
|
|
|
307,480
|
|
|
330,529
|
|
||||
Noninterest expense
|
|
|
|
|
|
|
|
||||||||
Compensation and employee benefits
|
155,745
|
|
|
124,996
|
|
|
395,953
|
|
|
372,174
|
|
||||
Occupancy and equipment
|
49,229
|
|
|
42,337
|
|
|
132,789
|
|
|
123,562
|
|
||||
Lease financing equipment depreciation
|
19,408
|
|
|
19,525
|
|
|
57,797
|
|
|
54,744
|
|
||||
Net foreclosed real estate and repossessed assets
|
2,203
|
|
|
3,880
|
|
|
9,281
|
|
|
12,654
|
|
||||
Merger-related expenses
|
111,259
|
|
|
—
|
|
|
124,943
|
|
|
—
|
|
||||
Other
|
87,776
|
|
|
55,685
|
|
|
194,781
|
|
|
201,308
|
|
||||
Total noninterest expense
|
425,620
|
|
|
246,423
|
|
|
915,544
|
|
|
764,442
|
|
||||
Income before income tax expense
|
13,243
|
|
|
116,873
|
|
|
221,336
|
|
|
293,555
|
|
||||
Income tax (benefit) expense
|
(11,735
|
)
|
|
28,034
|
|
|
28,866
|
|
|
66,083
|
|
||||
Income after income tax (benefit) expense
|
24,978
|
|
|
88,839
|
|
|
192,470
|
|
|
227,472
|
|
||||
Income attributable to non-controlling interest
|
2,830
|
|
|
2,643
|
|
|
9,401
|
|
|
8,766
|
|
||||
Net income attributable to TCF Financial Corporation
|
22,148
|
|
|
86,196
|
|
|
183,069
|
|
|
218,706
|
|
||||
Preferred stock dividends
|
2,494
|
|
|
2,494
|
|
|
7,481
|
|
|
9,094
|
|
||||
Impact of preferred stock redemption
|
—
|
|
|
—
|
|
|
—
|
|
|
3,481
|
|
||||
Net income available to common shareholders
|
$
|
19,654
|
|
|
$
|
83,702
|
|
|
$
|
175,588
|
|
|
$
|
206,131
|
|
Earnings per common share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.15
|
|
|
$
|
1.00
|
|
|
$
|
1.79
|
|
|
$
|
2.44
|
|
Diluted
|
0.15
|
|
|
1.00
|
|
|
1.79
|
|
|
2.43
|
|
||||
Weighted-average common shares outstanding
|
|
|
|
|
|
|
|
||||||||
Basic
|
128,575,171
|
|
|
83,762,625
|
|
|
97,876,262
|
|
|
84,522,519
|
|
||||
Diluted
|
128,754,588
|
|
|
83,808,063
|
|
|
98,055,279
|
|
|
84,791,124
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income attributable to TCF Financial Corporation
|
$
|
22,148
|
|
|
$
|
86,196
|
|
|
$
|
183,069
|
|
|
$
|
218,706
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net unrealized gains (losses) on available for sale investment securities and interest-only strips
|
19,230
|
|
|
(13,434
|
)
|
|
87,223
|
|
|
(46,059
|
)
|
||||
Net unrealized gains (losses) on net investment hedges
|
1,641
|
|
|
(1,904
|
)
|
|
(2,846
|
)
|
|
3,479
|
|
||||
Foreign currency translation adjustment
|
(1,968
|
)
|
|
2,899
|
|
|
5,014
|
|
|
(4,136
|
)
|
||||
Recognized postretirement prior service cost
|
(9
|
)
|
|
(9
|
)
|
|
(25
|
)
|
|
(26
|
)
|
||||
Total other comprehensive income (loss), net of tax
|
18,894
|
|
|
(12,448
|
)
|
|
89,366
|
|
|
(46,742
|
)
|
||||
Comprehensive income
|
$
|
41,042
|
|
|
$
|
73,748
|
|
|
$
|
272,435
|
|
|
$
|
171,964
|
|
|
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, June 30, 2019
|
7,000
|
|
87,943,860
|
|
$
|
169,302
|
|
$
|
87,944
|
|
$
|
781,788
|
|
$
|
1,874,308
|
|
$
|
37,334
|
|
$
|
(265,017
|
)
|
$
|
2,685,659
|
|
$
|
24,858
|
|
$
|
2,710,517
|
|
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
22,148
|
|
—
|
|
—
|
|
22,148
|
|
2,830
|
|
24,978
|
|
|||||||||
Other comprehensive income (loss), net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
18,894
|
|
—
|
|
18,894
|
|
—
|
|
18,894
|
|
|||||||||
Reverse merger with Chemical Financial Corporation
|
—
|
|
65,539,678
|
|
—
|
|
65,540
|
|
2,687,153
|
|
—
|
|
—
|
|
265,863
|
|
3,018,556
|
|
—
|
|
3,018,556
|
|
|||||||||
Net investment by (distribution to) non-controlling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,375
|
)
|
(4,375
|
)
|
|||||||||
Repurchases of 780,716 shares of common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(32,310
|
)
|
(32,310
|
)
|
—
|
|
(32,310
|
)
|
|||||||||
Dividends on 5.70% Series C Preferred Stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,494
|
)
|
—
|
|
—
|
|
(2,494
|
)
|
—
|
|
(2,494
|
)
|
|||||||||
Dividends on common stock of $0.35 per common share
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(53,748
|
)
|
—
|
|
—
|
|
(53,748
|
)
|
—
|
|
(53,748
|
)
|
|||||||||
Stock compensation plans, net of tax
|
—
|
|
87,843
|
|
—
|
|
87
|
|
13,070
|
|
—
|
|
—
|
|
242
|
|
13,399
|
|
—
|
|
13,399
|
|
|||||||||
Change in shares held in trust for deferred compensation plans, at cost
|
—
|
|
—
|
|
—
|
|
—
|
|
(3,852
|
)
|
—
|
|
—
|
|
3,852
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Balance, September 30, 2019
|
7,000
|
|
153,571,381
|
|
$
|
169,302
|
|
$
|
153,571
|
|
$
|
3,478,159
|
|
$
|
1,840,214
|
|
$
|
56,228
|
|
$
|
(27,370
|
)
|
$
|
5,670,104
|
|
$
|
23,313
|
|
$
|
5,693,417
|
|
Balance, June 30, 2018
|
7,000
|
|
88,166,532
|
|
$
|
169,302
|
|
$
|
88,167
|
|
$
|
790,933
|
|
$
|
1,649,449
|
|
$
|
(52,811
|
)
|
$
|
(164,107
|
)
|
$
|
2,480,933
|
|
$
|
23,646
|
|
$
|
2,504,579
|
|
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
86,196
|
|
—
|
|
—
|
|
86,196
|
|
2,643
|
|
88,839
|
|
|||||||||
Other comprehensive income (loss), net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(12,448
|
)
|
—
|
|
(12,448
|
)
|
—
|
|
(12,448
|
)
|
|||||||||
Net investment by (distribution to) non-controlling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(5,135
|
)
|
(5,135
|
)
|
|||||||||
Repurchases of 477,804 shares of common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(24,026
|
)
|
(24,026
|
)
|
—
|
|
(24,026
|
)
|
|||||||||
Dividends on 5.70% Series C Preferred Stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,494
|
)
|
—
|
|
—
|
|
(2,494
|
)
|
—
|
|
(2,494
|
)
|
|||||||||
Dividends on common stock of $0.295 per common share
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(24,741
|
)
|
—
|
|
—
|
|
(24,741
|
)
|
—
|
|
(24,741
|
)
|
|||||||||
Common stock warrants exercised
|
—
|
|
40,304
|
|
—
|
|
40
|
|
(40
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Stock compensation plans, net of tax
|
—
|
|
(5,791
|
)
|
—
|
|
(6
|
)
|
3,444
|
|
—
|
|
—
|
|
—
|
|
3,438
|
|
—
|
|
3,438
|
|
|||||||||
Change in shares held in trust for deferred compensation plans, at cost
|
—
|
|
—
|
|
—
|
|
—
|
|
1,519
|
|
—
|
|
—
|
|
(1,519
|
)
|
—
|
|
—
|
|
—
|
|
|||||||||
Balance, September 30, 2018
|
7,000
|
|
88,201,045
|
|
$
|
169,302
|
|
$
|
88,201
|
|
$
|
795,856
|
|
$
|
1,708,410
|
|
$
|
(65,259
|
)
|
$
|
(189,652
|
)
|
$
|
2,506,858
|
|
$
|
21,154
|
|
$
|
2,528,012
|
|
|
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
|
7,000
|
|
88,198,460
|
|
$
|
169,302
|
|
$
|
88,198
|
|
$
|
798,627
|
|
$
|
1,766,994
|
|
$
|
(33,138
|
)
|
$
|
(252,182
|
)
|
$
|
2,537,801
|
|
$
|
18,459
|
|
$
|
2,556,260
|
|
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
183,069
|
|
—
|
|
—
|
|
183,069
|
|
9,401
|
|
192,470
|
|
|||||||||
Other comprehensive income (loss), net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
89,366
|
|
—
|
|
89,366
|
|
—
|
|
89,366
|
|
|||||||||
Reverse merger with Chemical Financial Corporation
|
—
|
|
65,539,678
|
|
—
|
|
65,540
|
|
2,687,153
|
|
—
|
|
—
|
|
265,863
|
|
3,018,556
|
|
—
|
|
3,018,556
|
|
|||||||||
Net investment by (distribution to) non-controlling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,547
|
)
|
(4,547
|
)
|
|||||||||
Repurchases of 1,453,908 shares of common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(58,805
|
)
|
(58,805
|
)
|
—
|
|
(58,805
|
)
|
|||||||||
Dividends on 5.70% Series C Preferred Stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(7,481
|
)
|
—
|
|
—
|
|
(7,481
|
)
|
—
|
|
(7,481
|
)
|
|||||||||
Dividends on common stock of $0.94 per common share
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(102,368
|
)
|
—
|
|
—
|
|
(102,368
|
)
|
—
|
|
(102,368
|
)
|
|||||||||
Stock compensation plans, net of tax
|
—
|
|
(166,757
|
)
|
—
|
|
(167
|
)
|
(5,626
|
)
|
—
|
|
—
|
|
15,759
|
|
9,966
|
|
—
|
|
9,966
|
|
|||||||||
Change in shares held in trust for deferred compensation plans, at cost
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,995
|
)
|
—
|
|
—
|
|
1,995
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Balance, September 30, 2019
|
7,000
|
|
153,571,381
|
|
$
|
169,302
|
|
$
|
153,571
|
|
$
|
3,478,159
|
|
$
|
1,840,214
|
|
$
|
56,228
|
|
$
|
(27,370
|
)
|
$
|
5,670,104
|
|
$
|
23,313
|
|
$
|
5,693,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Balance, December 31, 2017
|
4,007,000
|
|
87,473,708
|
|
$
|
265,821
|
|
$
|
87,474
|
|
$
|
791,465
|
|
$
|
1,577,311
|
|
$
|
(18,517
|
)
|
$
|
(40,797
|
)
|
$
|
2,662,757
|
|
$
|
17,827
|
|
$
|
2,680,584
|
|
Change in accounting principle
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(116
|
)
|
—
|
|
—
|
|
(116
|
)
|
—
|
|
(116
|
)
|
|||||||||
Balance, January 1, 2018
|
4,007,000
|
|
87,473,708
|
|
265,821
|
|
87,474
|
|
791,465
|
|
1,577,195
|
|
(18,517
|
)
|
(40,797
|
)
|
2,662,641
|
|
17,827
|
|
2,680,468
|
|
|||||||||
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
218,706
|
|
—
|
|
—
|
|
218,706
|
|
8,766
|
|
227,472
|
|
|||||||||
Other comprehensive income (loss), net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(46,742
|
)
|
—
|
|
(46,742
|
)
|
—
|
|
(46,742
|
)
|
|||||||||
Net investment by (distribution to) non-controlling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(5,439
|
)
|
(5,439
|
)
|
|||||||||
Redemption of Series B Preferred Stock
|
(4,000,000
|
)
|
—
|
|
(96,519
|
)
|
—
|
|
—
|
|
(3,481
|
)
|
—
|
|
—
|
|
(100,000
|
)
|
—
|
|
(100,000
|
)
|
|||||||||
Repurchases of 3,195,126 shares of common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(149,912
|
)
|
(149,912
|
)
|
—
|
|
(149,912
|
)
|
|||||||||
Dividends on 6.45% Series B Preferred Stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Dividends on 5.70% Series C Preferred Stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9,094
|
)
|
—
|
|
—
|
|
(9,094
|
)
|
—
|
|
(9,094
|
)
|
|||||||||
Dividends on common stock of $0.885 per common share
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(74,916
|
)
|
—
|
|
—
|
|
(74,916
|
)
|
—
|
|
(74,916
|
)
|
|||||||||
Common stock warrants exercised
|
—
|
|
533,548
|
|
—
|
|
534
|
|
(534
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Common shares purchased by TCF employee benefit plans
|
—
|
|
17,594
|
|
—
|
|
17
|
|
698
|
|
—
|
|
—
|
|
—
|
|
715
|
|
—
|
|
715
|
|
|||||||||
Stock compensation plans, net of tax
|
—
|
|
176,195
|
|
—
|
|
176
|
|
5,284
|
|
—
|
|
—
|
|
—
|
|
5,460
|
|
—
|
|
5,460
|
|
|||||||||
Change in shares held in trust for deferred compensation plans, at cost
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,057
|
)
|
—
|
|
—
|
|
1,057
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Balance, September 30, 2018
|
7,000
|
|
88,201,045
|
|
$
|
169,302
|
|
$
|
88,201
|
|
$
|
795,856
|
|
$
|
1,708,410
|
|
$
|
(65,259
|
)
|
$
|
(189,652
|
)
|
$
|
2,506,858
|
|
$
|
21,154
|
|
$
|
2,528,012
|
|
|
Nine Months Ended September 30,
|
||||||
(In thousands)
|
2019
|
|
2018
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income
|
$
|
192,470
|
|
|
$
|
227,472
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||
Provision for credit losses
|
50,879
|
|
|
27,874
|
|
||
Share-based compensation expense
|
17,762
|
|
|
14,040
|
|
||
Depreciation and amortization
|
207,954
|
|
|
153,018
|
|
||
Provision (benefit) for deferred income taxes
|
(27,732
|
)
|
|
33,409
|
|
||
Net gains on sales of assets
|
(46,966
|
)
|
|
(28,977
|
)
|
||
Proceeds from sales of loans and leases held-for-sale
|
512,051
|
|
|
264,970
|
|
||
Originations of loans and leases held-for-sale, net of repayments
|
(548,371
|
)
|
|
(271,793
|
)
|
||
Impairment of loan servicing rights
|
4,520
|
|
|
—
|
|
||
Net change in other assets
|
(188,081
|
)
|
|
21,984
|
|
||
Net change in other liabilities
|
16,229
|
|
|
(1,849
|
)
|
||
Other, net
|
(34,793
|
)
|
|
(29,668
|
)
|
||
Net cash provided by (used in) operating activities
|
155,922
|
|
|
410,480
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
||
Proceeds from sales of investment securities available-for-sale
|
1,993,274
|
|
|
—
|
|
||
Proceeds from maturities of and principal collected on investment securities available-for-sale
|
398,989
|
|
|
120,183
|
|
||
Purchases of investment securities available-for-sale
|
(1,424,344
|
)
|
|
(919,645
|
)
|
||
Proceeds from maturities of and principal collected on investment securities held-to-maturity
|
11,945
|
|
|
11,259
|
|
||
Purchases of investment securities held-to-maturity
|
(4,029
|
)
|
|
(2,187
|
)
|
||
Redemption of Federal Home Loan Bank stock
|
162,011
|
|
|
201,001
|
|
||
Purchases of Federal Home Loan Bank stock
|
(142,000
|
)
|
|
(199,000
|
)
|
||
Proceeds from sales of loans and leases
|
566,880
|
|
|
675,164
|
|
||
Loan and lease originations and purchases, net of principal collected
|
(674,459
|
)
|
|
735,840
|
|
||
Proceeds from sales of other assets
|
82,970
|
|
|
58,879
|
|
||
Purchases of premises and equipment and lease equipment
|
(108,404
|
)
|
|
(903,394
|
)
|
||
Net cash acquired (paid) in business combination
|
975,014
|
|
|
—
|
|
||
Other, net
|
(6,743
|
)
|
|
15,151
|
|
||
Net cash provided by (used in) investing activities
|
1,831,104
|
|
|
(206,749
|
)
|
||
Cash flows from financing activities
|
|
|
|
|
|
||
Net change in deposits
|
(15,296
|
)
|
|
163,442
|
|
||
Net change in short-term borrowings
|
(17,292
|
)
|
|
2,451
|
|
||
Proceeds from long-term borrowings
|
2,799,986
|
|
|
7,043,458
|
|
||
Payments on long-term borrowings
|
(3,838,454
|
)
|
|
(7,118,690
|
)
|
||
Payments on liabilities related to acquisition and portfolio purchase
|
(1,000
|
)
|
|
—
|
|
||
Redemption of Series B preferred stock
|
—
|
|
|
(100,000
|
)
|
||
Repurchases of common stock
|
(58,804
|
)
|
|
(149,912
|
)
|
||
Common shares sold to TCF employee benefit plans
|
—
|
|
|
715
|
|
||
Dividends paid on preferred stock
|
(7,481
|
)
|
|
(9,094
|
)
|
||
Dividends paid on common stock
|
(102,368
|
)
|
|
(74,916
|
)
|
||
Exercise of stock options
|
—
|
|
|
(997
|
)
|
||
Payments related to tax-withholding upon conversion of share-based awards
|
(5,813
|
)
|
|
(6,563
|
)
|
||
Net investment by (distribution to) non-controlling interest
|
(4,547
|
)
|
|
(5,439
|
)
|
||
Net cash provided by (used in) financing activities
|
(1,251,069
|
)
|
|
(255,545
|
)
|
||
Net change in cash and due from banks
|
735,957
|
|
|
(51,814
|
)
|
||
Cash and cash equivalents at beginning of period
|
587,057
|
|
|
621,782
|
|
||
Cash and cash equivalents at end of period
|
$
|
1,323,014
|
|
|
$
|
569,968
|
|
Supplemental disclosures of cash flow information
|
|
|
|
|
|
||
Cash paid (received) for:
|
|
|
|
|
|
||
Interest on deposits and borrowings
|
$
|
192,793
|
|
|
$
|
99,336
|
|
Income taxes, net
|
10,367
|
|
|
(21,035
|
)
|
||
Noncash activities:
|
|
|
|
|
|
||
Transfer of loans and leases to other assets
|
73,314
|
|
|
77,704
|
|
||
Transfer of loans and leases from held for investment to held for sale, net
|
1,837,445
|
|
|
644,488
|
|
(In thousands)
|
TCF Financial Ownership and Market Value Table
|
||||||||
|
Number of Chemical Outstanding Shares
|
|
Percentage Ownership
|
|
Market Value at $42.04 Chemical Share Price
|
||||
Chemical shareholders
|
71,559
|
|
|
46.62
|
%
|
|
$
|
3,008,330
|
|
Legacy TCF shareholders
|
81,920
|
|
|
53.38
|
|
|
3,443,938
|
|
|
Total
|
153,479
|
|
|
100
|
|
|
$
|
6,452,268
|
|
(In thousands)
|
|
Hypothetical Legacy TCF Ownership
|
||||
|
|
Number of Legacy TCF Outstanding Shares
|
|
Percentage Ownership
|
||
Chemical shareholders
|
|
140,836
|
|
|
46.62
|
%
|
Legacy TCF shareholders
|
|
161,229
|
|
|
53.38
|
|
Total
|
|
302,065
|
|
|
100
|
%
|
(In thousands, except per share data)
|
|
|
||
Number of hypothetical Legacy TCF shares issued to Chemical shareholders
|
140,835,967
|
|
||
Legacy TCF market price per share as of July 31, 2019
|
$
|
21.38
|
|
|
Purchase price determination of hypothetical Legacy TCF shares issued to Chemical shareholders
|
3,011,073
|
|
||
Value of Chemical stock options hypothetically converted to options to acquire shares of Legacy TCF common stock
|
7,335
|
|
||
Cash in lieu of fractional shares
|
148
|
|
||
Purchase price consideration
|
$
|
3,018,556
|
|
(1)
|
Net deferred tax asset includes acquisition-related fair value adjustments, loss and tax credit carry forwards, mortgage servicing rights and core deposit and customer intangibles.
|
(2)
|
The goodwill recorded was primarily attributable to the synergies and economies of scale expected from combining the operations of Legacy TCF and Chemical.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands, except per share data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net interest income and other noninterest income
|
$
|
536,165
|
|
|
$
|
570,396
|
|
|
$
|
1,654,571
|
|
|
$
|
1,693,537
|
|
Net income
|
125,560
|
|
|
156,977
|
|
|
435,003
|
|
|
434,686
|
|
||||
Net income available to common shareholders
|
123,066
|
|
|
154,483
|
|
|
427,522
|
|
|
422,111
|
|
||||
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.81
|
|
|
$
|
1.00
|
|
|
$
|
2.79
|
|
|
$
|
2.71
|
|
Diluted
|
0.81
|
|
|
0.99
|
|
|
2.77
|
|
|
2.69
|
|
(In thousands)
|
At September 30, 2019
|
|
At December 31, 2018
|
||||
FHLB stock, at cost
|
$
|
184,483
|
|
|
$
|
54,019
|
|
FRB stock, at cost
|
105,755
|
|
|
37,635
|
|
|
Investment Securities Available-for-sale, At Fair Value
|
||||||||||||||
(In thousands)
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
At September 30, 2019
|
|
|
|
|
|
|
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Government and government-sponsored enterprises
|
$
|
247,666
|
|
|
$
|
2
|
|
|
$
|
521
|
|
|
$
|
247,147
|
|
Obligations of states and political subdivisions
|
779,263
|
|
|
11,017
|
|
|
609
|
|
|
789,671
|
|
||||
Mortgage-backed:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Agency mortgage-backed securities
|
3,456,110
|
|
|
66,929
|
|
|
4,327
|
|
|
3,518,712
|
|
||||
Non-agency mortgage-backed securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Agency collateralized mortgage obligations
|
565,959
|
|
|
12,484
|
|
|
101
|
|
|
578,342
|
|
||||
Non-agency collateralized mortgage obligations
|
445,174
|
|
|
934
|
|
|
570
|
|
|
445,538
|
|
||||
Total mortgage-backed debt securities
|
4,467,243
|
|
|
80,347
|
|
|
4,998
|
|
|
4,542,592
|
|
||||
Corporate debt and trust preferred securities
|
450
|
|
|
—
|
|
|
25
|
|
|
425
|
|
||||
Total debt securities available-for-sale
|
5,494,622
|
|
|
91,366
|
|
|
6,153
|
|
|
5,579,835
|
|
||||
Total investment securities available-for-sale
|
$
|
5,494,622
|
|
|
$
|
91,366
|
|
|
$
|
6,153
|
|
|
$
|
5,579,835
|
|
At December 31, 2018
|
|
|
|
|
|
|
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Government and government-sponsored enterprises
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Obligations of states and political subdivisions
|
566,304
|
|
|
46
|
|
|
9,479
|
|
|
556,871
|
|
||||
Mortgage-backed:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Agency mortgage-backed securities
|
1,845,451
|
|
|
8,026
|
|
|
26,728
|
|
|
1,826,749
|
|
||||
Non-agency mortgage-backed securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Agency collateralized mortgage obligations
|
85,245
|
|
|
1,196
|
|
|
—
|
|
|
86,441
|
|
||||
Non-agency collateralized mortgage obligations
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||
Total mortgage-backed debt securities
|
1,930,700
|
|
|
9,222
|
|
|
26,728
|
|
|
1,913,194
|
|
||||
Corporate debt and trust preferred securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total debt securities available-for-sale
|
2,497,004
|
|
|
9,268
|
|
|
36,207
|
|
|
2,470,065
|
|
||||
Total investment securities available-for-sale
|
$
|
2,497,004
|
|
|
$
|
9,268
|
|
|
$
|
36,207
|
|
|
$
|
2,470,065
|
|
|
Investment Securities Held-to-Maturity
|
||||||||||||||
(In thousands)
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
At September 30, 2019
|
|
|
|
|
|
|
|
||||||||
Agency mortgage-backed securities
|
$
|
140,324
|
|
|
$
|
6,122
|
|
|
$
|
194
|
|
|
$
|
146,252
|
|
Corporate debt and trust preferred securities
|
3,676
|
|
|
—
|
|
|
—
|
|
|
3,676
|
|
||||
Total investment securities held-to-maturity
|
$
|
144,000
|
|
|
$
|
6,122
|
|
|
$
|
194
|
|
|
$
|
149,928
|
|
At December 31, 2018
|
|
|
|
|
|
|
|
||||||||
Agency mortgage-backed securities
|
$
|
146,052
|
|
|
$
|
1,460
|
|
|
$
|
1,045
|
|
|
$
|
146,467
|
|
Corporate debt and trust preferred securities
|
2,800
|
|
|
—
|
|
|
—
|
|
|
2,800
|
|
||||
Total investment securities held-to-maturity
|
$
|
148,852
|
|
|
$
|
1,460
|
|
|
$
|
1,045
|
|
|
$
|
149,267
|
|
|
At September 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
|
||||||||||||
Investment securities available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Government and government sponsored enterprises
|
$
|
233,756
|
|
|
$
|
521
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
233,756
|
|
|
$
|
521
|
|
Obligations of states and political subdivisions
|
273,967
|
|
|
609
|
|
|
—
|
|
|
—
|
|
|
273,967
|
|
|
609
|
|
||||||
Mortgage-backed:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agency mortgage-backed securities
|
241,408
|
|
|
1,479
|
|
|
210,896
|
|
|
2,848
|
|
|
452,304
|
|
|
4,327
|
|
||||||
Agency collateralized mortgage obligations
|
37,750
|
|
|
101
|
|
|
—
|
|
|
—
|
|
|
37,750
|
|
|
101
|
|
||||||
Non-agency collateralized mortgage obligations
|
152,895
|
|
|
570
|
|
|
—
|
|
|
—
|
|
|
152,895
|
|
|
570
|
|
||||||
Total mortgage-backed debt securities
|
432,053
|
|
|
2,150
|
|
|
210,896
|
|
|
2,848
|
|
|
642,949
|
|
|
4,998
|
|
||||||
Corporate debt and trust preferred securities
|
425
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
425
|
|
|
25
|
|
||||||
Total debt securities available-for-sale
|
940,201
|
|
|
3,305
|
|
|
210,896
|
|
|
2,848
|
|
|
1,151,097
|
|
|
6,153
|
|
||||||
Total investment securities available-for-sale
|
$
|
940,201
|
|
|
$
|
3,305
|
|
|
$
|
210,896
|
|
|
$
|
2,848
|
|
|
$
|
1,151,097
|
|
|
$
|
6,153
|
|
Investment securities held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Agency mortgage-backed securities
|
4,031
|
|
|
52
|
|
|
11,674
|
|
|
142
|
|
|
15,705
|
|
|
194
|
|
||||||
Total investment securities held-to-maturity
|
$
|
4,031
|
|
|
$
|
52
|
|
|
$
|
11,674
|
|
|
$
|
142
|
|
|
$
|
15,705
|
|
|
$
|
194
|
|
|
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
|
||||||||||||
Investment securities carried at fair value
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Obligations of states and political subdivisions
|
$
|
3,620
|
|
|
$
|
—
|
|
|
$
|
526,817
|
|
|
$
|
9,479
|
|
|
$
|
530,437
|
|
|
$
|
9,479
|
|
Agency mortgage-backed securities
|
102,709
|
|
|
184
|
|
|
838,482
|
|
|
26,544
|
|
|
941,191
|
|
|
26,728
|
|
||||||
Total debt securities available-for-sale
|
106,329
|
|
|
184
|
|
|
1,365,299
|
|
|
36,023
|
|
|
1,471,628
|
|
|
36,207
|
|
||||||
Total investment securities available-for-sale
|
$
|
106,329
|
|
|
$
|
184
|
|
|
$
|
1,365,299
|
|
|
$
|
36,023
|
|
|
$
|
1,471,628
|
|
|
$
|
36,207
|
|
Investment securities held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agency mortgage-backed securities
|
3,074
|
|
|
14
|
|
|
31,738
|
|
|
1,031
|
|
|
34,812
|
|
|
1,045
|
|
||||||
Total investment securities held-to-maturity
|
$
|
3,074
|
|
|
$
|
14
|
|
|
$
|
31,738
|
|
|
$
|
1,031
|
|
|
$
|
34,812
|
|
|
$
|
1,045
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Gross realized gains
|
$
|
7,717
|
|
|
$
|
—
|
|
|
$
|
10,872
|
|
|
$
|
—
|
|
Gross realized losses
|
1,849
|
|
|
—
|
|
|
3,491
|
|
|
—
|
|
||||
Recoveries on previously impaired investment securities held-to-maturity
|
32
|
|
|
94
|
|
|
36
|
|
|
181
|
|
||||
Net gains (losses) on investment securities
|
$
|
5,900
|
|
|
$
|
94
|
|
|
$
|
7,417
|
|
|
$
|
181
|
|
|
At September 30, 2019
|
|
At December 31, 2018
|
||||||||||||
(In thousands)
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
Investment Securities Available-for-Sale
|
|
|
|
|
|
|
|
|
|
|
|
||||
Due in one year or less
|
$
|
60,739
|
|
|
$
|
60,652
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Due in 1-5 years
|
199,777
|
|
|
199,399
|
|
|
24,464
|
|
|
24,375
|
|
||||
Due in 5-10 years
|
483,336
|
|
|
492,755
|
|
|
509,832
|
|
|
503,768
|
|
||||
Due after 10 years
|
4,750,770
|
|
|
4,827,029
|
|
|
1,962,708
|
|
|
1,941,922
|
|
||||
Total investment securities available-for-sale
|
$
|
5,494,622
|
|
|
$
|
5,579,835
|
|
|
$
|
2,497,004
|
|
|
$
|
2,470,065
|
|
Investment Securities Held-to-Maturity
|
|
|
|
|
|
|
|
|
|
|
|
||||
Due in 1-5 years
|
$
|
3,150
|
|
|
$
|
3,150
|
|
|
$
|
2,400
|
|
|
$
|
2,400
|
|
Due in 5-10 years
|
460
|
|
|
467
|
|
|
430
|
|
|
432
|
|
||||
Due after 10 years
|
140,390
|
|
|
146,311
|
|
|
146,022
|
|
|
146,435
|
|
||||
Total investment securities held-to-maturity
|
$
|
144,000
|
|
|
$
|
149,928
|
|
|
$
|
148,852
|
|
|
$
|
149,267
|
|
(In thousands)
|
At September 30, 2019
|
|
At December 31, 2018
|
||||
Commercial loan and lease portfolio:
|
|
|
|
|
|
||
Commercial and industrial
|
$
|
10,810,534
|
|
|
$
|
6,220,632
|
|
Commercial real estate
|
8,876,779
|
|
|
2,908,313
|
|
||
Lease financing
|
2,594,373
|
|
|
2,530,163
|
|
||
Total commercial loan and lease portfolio
|
22,281,686
|
|
|
11,659,108
|
|
||
Consumer loan portfolio:
|
|
|
|
||||
Residential mortgage
|
6,057,404
|
|
|
2,335,835
|
|
||
Consumer installment
|
1,562,252
|
|
|
2,003,572
|
|
||
Home equity
|
3,609,410
|
|
|
3,074,505
|
|
||
Total consumer loan portfolio
|
11,229,066
|
|
|
7,413,912
|
|
||
Total loans and leases(1)
|
$
|
33,510,752
|
|
|
$
|
19,073,020
|
|
(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 loan and lease adjustments was a net deferred cost of $234.4 million and $1.5 million at September 30, 2019 and December 31, 2018, respectively.
|
|
At or For the Three Months Ended September 30,
|
|
At or For the Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
2019
|
2018
|
|
2019
|
|
2018
|
|||||||||
Balance of PCI loans, beginning of period
|
$
|
2,273
|
|
|
$
|
7,033
|
|
|
$
|
3,816
|
|
|
$
|
11,844
|
|
Accretable Yield
|
|
|
|
|
|
|
|
||||||||
Balance, beginning of period
|
$
|
401
|
|
|
$
|
439
|
|
|
$
|
961
|
|
|
$
|
1,051
|
|
Addition attributable to the Merger
|
39,733
|
|
|
—
|
|
|
39,733
|
|
|
—
|
|
||||
Accretion recognized in interest income
|
(4,312
|
)
|
|
(38
|
)
|
|
(5,015
|
)
|
|
(188
|
)
|
||||
Net reclassification (to) from nonaccretable difference
|
(517
|
)
|
|
—
|
|
|
179
|
|
|
370
|
|
||||
Payments received
|
(824
|
)
|
|
26
|
|
|
(1,377
|
)
|
|
(806
|
)
|
||||
Balance, end of period
|
$
|
34,481
|
|
|
$
|
427
|
|
|
$
|
34,481
|
|
|
$
|
427
|
|
Balance of PCI loans, end of period
|
$
|
293,713
|
|
|
$
|
4,802
|
|
|
$
|
293,713
|
|
|
$
|
4,802
|
|
(In thousands)
|
At September 30, 2019
|
||
Carrying amount
|
$
|
2,682,097
|
|
Unguaranteed residual assets
|
148,669
|
|
|
Net direct fees and costs and unearned income
|
(236,393
|
)
|
|
Total net investment in direct financing and sales-type leases
|
$
|
2,594,373
|
|
(In thousands)
|
|
||
Remainder of 2019
|
$
|
20,087
|
|
2020
|
71,120
|
|
|
2021
|
48,885
|
|
|
2022
|
25,915
|
|
|
2023
|
9,777
|
|
|
Thereafter
|
4,717
|
|
|
Total undiscounted future minimum lease payments
|
$
|
180,501
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Sale proceeds, net
|
$
|
472,800
|
|
|
$
|
410,389
|
|
|
$
|
1,066,576
|
|
|
$
|
940,134
|
|
Recorded investment in loans and leases sold, including accrued interest
|
458,697
|
|
|
393,078
|
|
|
1,033,961
|
|
|
911,218
|
|
||||
Interest-only strips at initial value and other
|
(20,087
|
)
|
|
(8,809
|
)
|
|
(19,241
|
)
|
|
(4,016
|
)
|
||||
Net (losses) gains on sales of loans and leases
|
$
|
(5,984
|
)
|
|
$
|
8,502
|
|
|
$
|
13,374
|
|
|
$
|
24,900
|
|
(In thousands)
|
At September 30, 2019
|
|
At December 31, 2018
|
||||
Interest-only strips
|
$
|
14,078
|
|
|
$
|
16,835
|
|
(In thousands)
|
Consumer Loan Portfolio
|
|
Commercial Loan and Lease Portfolio
|
|
Total Loans and Leases
|
||||||
At or For the Three Months Ended September 30, 2019
|
|
|
|
|
|
||||||
Balance, beginning of period
|
$
|
70,711
|
|
|
$
|
75,792
|
|
|
$
|
146,503
|
|
Charge-offs
|
(14,098
|
)
|
|
(21,449
|
)
|
|
(35,547
|
)
|
|||
Recoveries
|
5,330
|
|
|
1,639
|
|
|
6,969
|
|
|||
Net (charge-offs) recoveries
|
(8,768
|
)
|
|
(19,810
|
)
|
|
(28,578
|
)
|
|||
Provision for credit losses
|
4,693
|
|
|
22,495
|
|
|
27,188
|
|
|||
Other(1)
|
(23,849
|
)
|
|
(46
|
)
|
|
(23,895
|
)
|
|||
Balance, end of period
|
$
|
42,787
|
|
|
$
|
78,431
|
|
|
$
|
121,218
|
|
At or For the Three Months Ended September 30, 2018
|
|
|
|
|
|
||||||
Balance, beginning of period
|
$
|
91,241
|
|
|
$
|
74,378
|
|
|
$
|
165,619
|
|
Charge-offs
|
(15,942
|
)
|
|
(3,506
|
)
|
|
(19,448
|
)
|
|||
Recoveries
|
11,711
|
|
|
947
|
|
|
12,658
|
|
|||
Net (charge-offs) recoveries
|
(4,231
|
)
|
|
(2,559
|
)
|
|
(6,790
|
)
|
|||
Provision for credit losses
|
(847
|
)
|
|
3,117
|
|
|
2,270
|
|
|||
Other(1)
|
(299
|
)
|
|
(179
|
)
|
|
(478
|
)
|
|||
Balance, end of period
|
$
|
85,864
|
|
|
$
|
74,757
|
|
|
$
|
160,621
|
|
|
|
|
|
|
|
||||||
(In thousands)
|
Consumer Loan Portfolio
|
|
Commercial Loan and Lease Portfolio
|
|
Total Loans and Leases
|
||||||
At or For the Nine Months Ended September 30, 2019
|
|
|
|
|
|
||||||
Balance, beginning of period
|
$
|
80,017
|
|
|
$
|
77,429
|
|
|
$
|
157,446
|
|
Charge-offs
|
(43,922
|
)
|
|
(37,122
|
)
|
|
(81,044
|
)
|
|||
Recoveries
|
15,840
|
|
|
3,890
|
|
|
19,730
|
|
|||
Net (charge-offs) recoveries
|
(28,082
|
)
|
|
(33,232
|
)
|
|
(61,314
|
)
|
|||
Provision for credit losses
|
16,644
|
|
|
34,235
|
|
|
50,879
|
|
|||
Other(1)
|
(25,792
|
)
|
|
(1
|
)
|
|
(25,793
|
)
|
|||
Balance, end of period
|
$
|
42,787
|
|
|
$
|
78,431
|
|
|
$
|
121,218
|
|
At or For the Nine Months Ended September 30, 2018
|
|
|
|
|
|
||||||
Balance, beginning of period
|
$
|
98,085
|
|
|
$
|
72,956
|
|
|
$
|
171,041
|
|
Charge-offs
|
(48,120
|
)
|
|
(9,381
|
)
|
|
(57,501
|
)
|
|||
Recoveries
|
21,299
|
|
|
2,491
|
|
|
23,790
|
|
|||
Net (charge-offs) recoveries
|
(26,821
|
)
|
|
(6,890
|
)
|
|
(33,711
|
)
|
|||
Provision for credit losses
|
18,872
|
|
|
9,002
|
|
|
27,874
|
|
|||
Other(1)
|
(4,272
|
)
|
|
(311
|
)
|
|
(4,583
|
)
|
|||
Balance, end of period
|
$
|
85,864
|
|
|
$
|
74,757
|
|
|
$
|
160,621
|
|
(1)
|
Includes the transfer of the allowance for loan and lease losses to loans and leases held-for-sale (inclusive of the transfer of Legacy TCF auto loan portfolio for the three and nine months ended September 30, 2019).
|
|
At September 30, 2019
|
||||||||||
(In thousands)
|
Consumer Loan Portfolio
|
|
Commercial Loan and Lease Portfolio
|
|
Total Loans and Leases
|
||||||
Allowance for loan and lease losses
|
|
|
|
|
|
||||||
Collectively evaluated for impairment
|
$
|
26,024
|
|
|
$
|
70,219
|
|
|
$
|
96,243
|
|
Individually evaluated for impairment
|
16,763
|
|
|
8,212
|
|
|
24,975
|
|
|||
Total
|
$
|
42,787
|
|
|
$
|
78,431
|
|
|
$
|
121,218
|
|
Loans and leases outstanding
|
|
|
|
|
|
|
|||||
Collectively evaluated for impairment
|
$
|
11,016,429
|
|
|
$
|
21,956,151
|
|
|
$
|
32,972,580
|
|
Individually evaluated for impairment
|
132,900
|
|
|
111,559
|
|
|
244,459
|
|
|||
PCI loans
|
79,737
|
|
|
213,976
|
|
|
293,713
|
|
|||
Total
|
$
|
11,229,066
|
|
|
$
|
22,281,686
|
|
|
$
|
33,510,752
|
|
|
At December 31, 2018
|
||||||||||
(In thousands)
|
Consumer Loan Portfolio
|
|
Commercial Loan and Lease Portfolio
|
|
Total Loans and Leases
|
||||||
Allowance for loan and lease losses
|
|
|
|
|
|
||||||
Collectively evaluated for impairment
|
$
|
57,113
|
|
|
$
|
68,140
|
|
|
$
|
125,253
|
|
Individually evaluated for impairment
|
22,904
|
|
|
9,289
|
|
|
32,193
|
|
|||
Total
|
$
|
80,017
|
|
|
$
|
77,429
|
|
|
$
|
157,446
|
|
Loans and leases outstanding
|
|
|
|
|
|
||||||
Collectively evaluated for impairment
|
$
|
7,285,753
|
|
|
$
|
11,587,373
|
|
|
$
|
18,873,126
|
|
Individually evaluated for impairment
|
128,159
|
|
|
67,919
|
|
|
196,078
|
|
|||
PCI loans
|
—
|
|
|
3,816
|
|
|
3,816
|
|
|||
Total
|
$
|
7,413,912
|
|
|
$
|
11,659,108
|
|
|
$
|
19,073,020
|
|
(In thousands)
|
Current
|
|
30-89 Days
Delinquent
and Accruing
|
|
90 Days or More
Delinquent
and Accruing
|
|
Total
Accruing
|
|
Nonaccrual
|
|
Total
|
||||||||||||
At September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial loan and lease portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
$
|
10,615,519
|
|
|
$
|
49,595
|
|
|
$
|
2,241
|
|
|
$
|
10,667,355
|
|
|
$
|
55,039
|
|
|
$
|
10,722,394
|
|
Commercial real estate
|
8,677,350
|
|
|
39,023
|
|
|
8,054
|
|
|
8,724,427
|
|
|
26,518
|
|
|
8,750,945
|
|
||||||
Lease financing
|
2,551,326
|
|
|
29,123
|
|
|
2,421
|
|
|
2,582,870
|
|
|
11,503
|
|
|
2,594,373
|
|
||||||
Total commercial loan and lease portfolio
|
21,844,195
|
|
|
117,741
|
|
|
12,716
|
|
|
21,974,652
|
|
|
93,060
|
|
|
22,067,712
|
|
||||||
Consumer loan portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
5,919,947
|
|
|
14,533
|
|
|
886
|
|
|
5,935,366
|
|
|
48,816
|
|
|
5,984,182
|
|
||||||
Consumer installment
|
1,557,320
|
|
|
3,667
|
|
|
6
|
|
|
1,560,993
|
|
|
636
|
|
|
1,561,629
|
|
||||||
Home equity
|
3,550,652
|
|
|
13,569
|
|
|
—
|
|
|
3,564,221
|
|
|
39,296
|
|
|
3,603,517
|
|
||||||
Total consumer loan portfolio
|
11,027,919
|
|
|
31,769
|
|
|
892
|
|
|
11,060,580
|
|
|
88,748
|
|
|
11,149,328
|
|
||||||
PCI loans(1)
|
261,082
|
|
|
16,578
|
|
|
16,052
|
|
|
293,712
|
|
|
—
|
|
|
293,712
|
|
||||||
Total
|
$
|
33,133,196
|
|
|
$
|
166,088
|
|
|
$
|
29,660
|
|
|
$
|
33,328,944
|
|
|
$
|
181,808
|
|
|
$
|
33,510,752
|
|
At December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial loan and lease portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
$
|
6,176,341
|
|
|
$
|
13,653
|
|
|
$
|
760
|
|
|
$
|
6,190,754
|
|
|
$
|
26,061
|
|
|
$
|
6,216,815
|
|
Commercial real estate
|
2,903,795
|
|
|
—
|
|
|
—
|
|
|
2,903,795
|
|
|
4,518
|
|
|
2,908,313
|
|
||||||
Lease financing
|
2,498,811
|
|
|
21,477
|
|
|
1,882
|
|
|
2,522,170
|
|
|
7,993
|
|
|
2,530,163
|
|
||||||
Total commercial loan and lease portfolio
|
11,578,947
|
|
|
35,130
|
|
|
2,642
|
|
|
11,616,719
|
|
|
38,572
|
|
|
11,655,291
|
|
||||||
Consumer loan portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
2,291,435
|
|
|
10,014
|
|
|
1,275
|
|
|
2,302,724
|
|
|
33,111
|
|
|
2,335,835
|
|
||||||
Consumer installment
|
1,951,302
|
|
|
40,340
|
|
|
3,349
|
|
|
1,994,991
|
|
|
8,581
|
|
|
2,003,572
|
|
||||||
Home equity
|
3,042,968
|
|
|
5,883
|
|
|
—
|
|
|
3,048,851
|
|
|
25,654
|
|
|
3,074,505
|
|
||||||
Total consumer loan portfolio
|
7,285,705
|
|
|
56,237
|
|
|
4,624
|
|
|
7,346,566
|
|
|
67,346
|
|
|
7,413,912
|
|
||||||
PCI loans(1)
|
3,639
|
|
|
—
|
|
|
178
|
|
|
3,817
|
|
|
—
|
|
|
3,817
|
|
||||||
Total
|
$
|
18,868,291
|
|
|
$
|
91,367
|
|
|
$
|
7,444
|
|
|
$
|
18,967,102
|
|
|
$
|
105,918
|
|
|
$
|
19,073,020
|
|
(1)
|
PCI loans that are not performing in accordance with contractual terms are not reported as nonaccrual because these loans were recorded at their net realizable value based on the principal and interest TCF expects to collect on these loans.
|
(In thousands)
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
At September 30, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial loan and lease portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
$
|
10,307,229
|
|
|
$
|
309,440
|
|
|
$
|
193,865
|
|
|
$
|
—
|
|
|
$
|
10,810,534
|
|
Commercial real estate
|
8,645,910
|
|
|
150,132
|
|
|
80,737
|
|
|
—
|
|
|
8,876,779
|
|
|||||
Lease financing
|
2,540,637
|
|
|
27,007
|
|
|
26,729
|
|
|
—
|
|
|
2,594,373
|
|
|||||
Total commercial loan and lease portfolio
|
21,493,776
|
|
|
486,579
|
|
|
301,331
|
|
|
—
|
|
|
22,281,686
|
|
|||||
Consumer loan portfolio:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
6,001,380
|
|
|
1,543
|
|
|
54,481
|
|
|
—
|
|
|
6,057,404
|
|
|||||
Consumer installment
|
1,561,506
|
|
|
—
|
|
|
746
|
|
|
—
|
|
|
1,562,252
|
|
|||||
Home equity
|
3,565,763
|
|
|
1,284
|
|
|
42,363
|
|
|
—
|
|
|
3,609,410
|
|
|||||
Total consumer loan portfolio
|
11,128,649
|
|
|
2,827
|
|
|
97,590
|
|
|
—
|
|
|
11,229,066
|
|
|||||
Total loans and leases
|
$
|
32,622,425
|
|
|
$
|
489,406
|
|
|
$
|
398,921
|
|
|
$
|
—
|
|
|
$
|
33,510,752
|
|
At December 31, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial loan and lease portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
$
|
5,955,713
|
|
|
$
|
158,296
|
|
|
$
|
106,623
|
|
|
$
|
—
|
|
|
$
|
6,220,632
|
|
Commercial real estate
|
2,869,711
|
|
|
12,864
|
|
|
25,738
|
|
|
—
|
|
|
2,908,313
|
|
|||||
Lease financing
|
2,480,964
|
|
|
25,195
|
|
|
24,004
|
|
|
—
|
|
|
2,530,163
|
|
|||||
Total commercial loan and lease portfolio
|
11,306,388
|
|
|
196,355
|
|
|
156,365
|
|
|
—
|
|
|
11,659,108
|
|
|||||
Consumer loan portfolio:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
2,294,740
|
|
|
3,606
|
|
|
37,489
|
|
|
—
|
|
|
2,335,835
|
|
|||||
Consumer installment
|
1,981,844
|
|
|
1,302
|
|
|
20,426
|
|
|
—
|
|
|
2,003,572
|
|
|||||
Home equity
|
3,043,296
|
|
|
3,747
|
|
|
27,462
|
|
|
—
|
|
|
3,074,505
|
|
|||||
Total consumer loan portfolio
|
7,319,880
|
|
|
8,655
|
|
|
85,377
|
|
|
—
|
|
|
7,413,912
|
|
|||||
Total loans and leases
|
$
|
18,626,268
|
|
|
$
|
205,010
|
|
|
$
|
241,742
|
|
|
$
|
—
|
|
|
$
|
19,073,020
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||||||||
(In thousands)
|
Pre-modification Investment
|
|
Post-modification Investment
|
|
Pre-modification Investment
|
|
Post-modification Investment
|
|
Pre-modification Investment
|
|
Post-modification Investment
|
|
Pre-modification Investment
|
|
Post-modification Investment
|
||||||||||||||||
Commercial loan and lease portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial and industrial
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
11
|
|
Commercial real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,518
|
|
|
31,518
|
|
|
5,228
|
|
|
5,228
|
|
||||||||
Total commercial loan and lease portfolio
|
—
|
|
|
—
|
|
|
11
|
|
|
11
|
|
|
31,518
|
|
|
31,518
|
|
|
5,239
|
|
|
5,239
|
|
||||||||
Consumer loan portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
|
1,724
|
|
|
1,723
|
|
|
2,132
|
|
|
2,119
|
|
|
4,023
|
|
|
4,016
|
|
|
4,385
|
|
|
4,315
|
|
||||||||
Home equity
|
1,115
|
|
|
1,115
|
|
|
983
|
|
|
983
|
|
|
3,589
|
|
|
3,577
|
|
|
1,792
|
|
|
1,790
|
|
||||||||
Total consumer loan portfolio
|
2,839
|
|
|
2,838
|
|
|
3,115
|
|
|
3,102
|
|
|
7,612
|
|
|
7,593
|
|
|
6,177
|
|
|
6,105
|
|
||||||||
Total
|
$
|
2,839
|
|
|
$
|
2,838
|
|
|
$
|
3,126
|
|
|
$
|
3,113
|
|
|
$
|
39,130
|
|
|
$
|
39,111
|
|
|
$
|
11,416
|
|
|
$
|
11,344
|
|
|
At September 30, 2019
|
|
At December 31, 2018
|
||||||||||||||||||||
(In thousands)
|
Accruing
TDR Loans
|
|
Nonaccrual TDR Loans
|
|
Total
TDR Loans
|
|
Accruing
TDR Loans
|
|
Nonaccrual TDR Loans
|
|
Total
TDR Loans
|
||||||||||||
Commercial loan and lease portfolio
|
$
|
10,068
|
|
|
$
|
1,953
|
|
|
$
|
12,021
|
|
|
$
|
12,665
|
|
|
$
|
6,153
|
|
|
$
|
18,818
|
|
Consumer loan portfolio
|
75,836
|
|
|
19,284
|
|
|
95,120
|
|
|
85,794
|
|
|
22,554
|
|
|
108,348
|
|
||||||
Total
|
$
|
85,904
|
|
|
$
|
21,237
|
|
|
$
|
107,141
|
|
|
$
|
98,459
|
|
|
$
|
28,707
|
|
|
$
|
127,166
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Defaulted TDR loan balances modified during the applicable period
|
|
|
|
|
|
|
|
||||||||
Commercial loan and lease portfolio:
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
$
|
—
|
|
|
$
|
87
|
|
|
$
|
297
|
|
|
$
|
4,784
|
|
Total commercial loan and lease portfolio
|
—
|
|
|
87
|
|
|
297
|
|
|
4,784
|
|
||||
Consumer loan portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Residential mortgage
|
212
|
|
|
778
|
|
|
964
|
|
|
2,556
|
|
||||
Consumer installment
|
452
|
|
|
217
|
|
|
1,555
|
|
|
950
|
|
||||
Home equity
|
82
|
|
|
176
|
|
|
328
|
|
|
435
|
|
||||
Total consumer loan portfolio
|
746
|
|
|
1,171
|
|
|
2,847
|
|
|
3,941
|
|
||||
Defaulted TDR loan balances
|
$
|
746
|
|
|
$
|
1,258
|
|
|
$
|
3,144
|
|
|
$
|
8,725
|
|
|
At September 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial loan and lease portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
27,748
|
|
|
$
|
24,775
|
|
|
$
|
5,151
|
|
|
$
|
35,444
|
|
|
$
|
32,326
|
|
|
$
|
6,354
|
|
Commercial real estate
|
4,257
|
|
|
3,922
|
|
|
330
|
|
|
4,905
|
|
|
4,474
|
|
|
1,108
|
|
||||||
Lease financing
|
11,503
|
|
|
11,503
|
|
|
2,731
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total commercial loan and lease portfolio
|
43,508
|
|
|
40,200
|
|
|
8,212
|
|
|
40,349
|
|
|
36,800
|
|
|
7,462
|
|
||||||
Consumer loan portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
81,658
|
|
|
78,247
|
|
|
13,630
|
|
|
63,004
|
|
|
60,172
|
|
|
17,216
|
|
||||||
Consumer installment
|
—
|
|
|
—
|
|
|
—
|
|
|
919
|
|
|
647
|
|
|
81
|
|
||||||
Home equity
|
30,584
|
|
|
29,228
|
|
|
2,916
|
|
|
27,386
|
|
|
25,836
|
|
|
5,288
|
|
||||||
Total consumer loan portfolio
|
112,242
|
|
|
107,475
|
|
|
16,546
|
|
|
91,309
|
|
|
86,655
|
|
|
22,585
|
|
||||||
Total impaired loans and leases with an allowance recorded
|
155,750
|
|
|
147,675
|
|
|
24,758
|
|
|
131,658
|
|
|
123,455
|
|
|
30,047
|
|
||||||
Impaired loans and leases without an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial loan and lease portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
56,284
|
|
|
36,409
|
|
|
—
|
|
|
2,239
|
|
|
2,237
|
|
|
—
|
|
||||||
Commercial real estate
|
63,069
|
|
|
34,950
|
|
|
—
|
|
|
4,275
|
|
|
4,208
|
|
|
—
|
|
||||||
Total commercial loan and lease portfolio
|
119,353
|
|
|
71,359
|
|
|
—
|
|
|
6,514
|
|
|
6,445
|
|
|
—
|
|
||||||
Consumer loan portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
27,420
|
|
|
19,370
|
|
|
—
|
|
|
11,636
|
|
|
9,494
|
|
|
—
|
|
||||||
Consumer installment
|
1,878
|
|
|
635
|
|
|
—
|
|
|
15,400
|
|
|
10,770
|
|
|
—
|
|
||||||
Home equity
|
16,771
|
|
|
5,420
|
|
|
—
|
|
|
10,620
|
|
|
1,429
|
|
|
—
|
|
||||||
Total consumer loan portfolio
|
46,069
|
|
|
25,425
|
|
|
—
|
|
|
37,656
|
|
|
21,693
|
|
|
—
|
|
||||||
Total impaired loans and leases without an allowance recorded
|
165,422
|
|
|
96,784
|
|
|
—
|
|
|
44,170
|
|
|
28,138
|
|
|
—
|
|
||||||
Total impaired loans and leases
|
$
|
321,172
|
|
|
$
|
244,459
|
|
|
$
|
24,758
|
|
|
$
|
175,828
|
|
|
$
|
151,593
|
|
|
$
|
30,047
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial loan and lease portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
$
|
22,845
|
|
|
$
|
3
|
|
|
$
|
22,917
|
|
|
$
|
49
|
|
|
$
|
28,551
|
|
|
$
|
32
|
|
|
$
|
15,213
|
|
|
$
|
251
|
|
Commercial real estate
|
4,175
|
|
|
51
|
|
|
5,192
|
|
|
—
|
|
|
4,198
|
|
|
120
|
|
|
5,929
|
|
|
—
|
|
||||||||
Lease financing
|
12,195
|
|
|
55
|
|
|
—
|
|
|
—
|
|
|
5,751
|
|
|
117
|
|
|
8,552
|
|
|
—
|
|
||||||||
Total commercial loan and lease portfolio
|
39,215
|
|
|
109
|
|
|
28,109
|
|
|
49
|
|
|
38,500
|
|
|
269
|
|
|
29,694
|
|
|
251
|
|
||||||||
Consumer loan portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
|
77,852
|
|
|
770
|
|
|
60,737
|
|
|
380
|
|
|
69,209
|
|
|
1,864
|
|
|
69,268
|
|
|
1,221
|
|
||||||||
Consumer installment
|
289
|
|
|
—
|
|
|
454
|
|
|
—
|
|
|
324
|
|
|
—
|
|
|
713
|
|
|
—
|
|
||||||||
Home equity
|
30,225
|
|
|
94
|
|
|
26,462
|
|
|
301
|
|
|
27,532
|
|
|
681
|
|
|
29,583
|
|
|
1,326
|
|
||||||||
Total consumer loan portfolio
|
108,366
|
|
|
864
|
|
|
87,653
|
|
|
681
|
|
|
97,065
|
|
|
2,545
|
|
|
99,564
|
|
|
2,547
|
|
||||||||
Total impaired loans and leases with an allowance recorded
|
$
|
147,581
|
|
|
$
|
973
|
|
|
$
|
115,762
|
|
|
$
|
730
|
|
|
$
|
135,565
|
|
|
$
|
2,814
|
|
|
$
|
129,258
|
|
|
$
|
2,798
|
|
Impaired loans and leases without an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial loan and lease portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
$
|
20,448
|
|
|
$
|
37
|
|
|
$
|
403
|
|
|
$
|
31
|
|
|
$
|
19,323
|
|
|
$
|
129
|
|
|
$
|
1,510
|
|
|
$
|
136
|
|
Commercial real estate
|
39,222
|
|
|
437
|
|
|
4,315
|
|
|
58
|
|
|
19,579
|
|
|
1,087
|
|
|
4,385
|
|
|
174
|
|
||||||||
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total commercial loan and lease portfolio
|
59,670
|
|
|
474
|
|
|
4,718
|
|
|
89
|
|
|
38,902
|
|
|
1,216
|
|
|
5,895
|
|
|
310
|
|
||||||||
Consumer loan portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
|
12,609
|
|
|
121
|
|
|
9,982
|
|
|
160
|
|
|
14,431
|
|
|
450
|
|
|
10,013
|
|
|
502
|
|
||||||||
Consumer installment
|
6,476
|
|
|
83
|
|
|
8,757
|
|
|
77
|
|
|
5,703
|
|
|
256
|
|
|
8,630
|
|
|
211
|
|
||||||||
Home equity
|
3,551
|
|
|
23
|
|
|
1,683
|
|
|
55
|
|
|
3,425
|
|
|
110
|
|
|
1,648
|
|
|
177
|
|
||||||||
Total consumer loan portfolio
|
22,636
|
|
|
227
|
|
|
20,422
|
|
|
292
|
|
|
23,559
|
|
|
816
|
|
|
20,291
|
|
|
890
|
|
||||||||
Total impaired loans and leases without an allowance recorded
|
82,306
|
|
|
701
|
|
|
25,140
|
|
|
381
|
|
|
62,461
|
|
|
2,032
|
|
|
26,186
|
|
|
1,200
|
|
||||||||
Total impaired loans and leases
|
$
|
229,887
|
|
|
$
|
1,674
|
|
|
$
|
140,902
|
|
|
$
|
1,111
|
|
|
$
|
198,026
|
|
|
$
|
4,846
|
|
|
$
|
155,444
|
|
|
$
|
3,998
|
|
(In thousands)
|
At September 30, 2019
|
|
At December 31, 2018
|
||||
Other real estate owned
|
$
|
27,638
|
|
|
$
|
17,403
|
|
Repossessed and returned assets
|
14,598
|
|
|
14,574
|
|
||
Consumer loans in process of foreclosure
|
15,509
|
|
|
15,540
|
|
(In thousands)
|
At September 30, 2019
|
|
At December 31, 2018
|
||||
Land
|
$
|
156,380
|
|
|
$
|
144,754
|
|
Office buildings
|
345,663
|
|
|
268,495
|
|
||
Leasehold improvements
|
57,274
|
|
|
51,868
|
|
||
Furniture, equipment and computer software
|
450,739
|
|
|
404,743
|
|
||
Premises and equipment leased under capital leases
|
3,180
|
|
|
3,180
|
|
||
Subtotal
|
1,013,236
|
|
|
873,040
|
|
||
Less: Accumulated depreciation and amortization
|
(459,042
|
)
|
|
(445,506
|
)
|
||
Premises and equipment, net
|
$
|
554,194
|
|
|
$
|
427,534
|
|
(In thousands)
|
|
Core deposit intangibles
|
|
Program agreements
|
|
Non-compete agreements
|
|
Customer relationships
|
|
Total
|
||||||||||
At September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross carrying value
|
|
$
|
180,837
|
|
|
$
|
14,700
|
|
|
$
|
9,250
|
|
|
$
|
24,380
|
|
|
$
|
229,167
|
|
Accumulated amortization
|
|
(6,372
|
)
|
|
(868
|
)
|
|
(5,334
|
)
|
|
(683
|
)
|
|
(13,257
|
)
|
|||||
Net carrying amount
|
|
$
|
174,465
|
|
|
$
|
13,832
|
|
|
$
|
3,916
|
|
|
$
|
23,697
|
|
|
$
|
215,910
|
|
At December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross carrying value
|
|
$
|
3,049
|
|
|
$
|
14,700
|
|
|
$
|
9,250
|
|
|
$
|
2,000
|
|
|
$
|
28,999
|
|
Accumulated amortization
|
|
(2,502
|
)
|
|
(408
|
)
|
|
(3,643
|
)
|
|
(1,950
|
)
|
|
(8,503
|
)
|
|||||
Net carrying amount
|
|
$
|
547
|
|
|
$
|
14,292
|
|
|
$
|
5,607
|
|
|
$
|
50
|
|
|
$
|
20,496
|
|
(In thousands)
|
|
Total
|
||
Remainder of 2019
|
|
$
|
9,509
|
|
2020
|
|
27,393
|
|
|
2021
|
|
24,892
|
|
|
2022
|
|
22,531
|
|
|
2023
|
|
20,762
|
|
(Dollars in thousands)
|
At or For the Three Months Ended September 30, 2019
|
|
At or For the Nine Months Ended September 30, 2019
|
||||
Balance, beginning of period
|
$
|
18
|
|
|
$
|
23
|
|
Acquired in the Merger
|
59,567
|
|
|
59,567
|
|
||
New servicing assets created
|
1,906
|
|
|
1,906
|
|
||
Impairment (charge) recovery
|
(4,520
|
)
|
|
(4,520
|
)
|
||
Amortization
|
(1,670
|
)
|
|
(1,675
|
)
|
||
Balance, end of period
|
$
|
55,301
|
|
|
$
|
55,301
|
|
Valuation allowance, end of period
|
$
|
(4,520
|
)
|
|
$
|
(4,520
|
)
|
Loans serviced for others that have servicing rights capitalized, end of period
|
$
|
6,647,153
|
|
|
$
|
6,647,153
|
|
|
At September 30, 2019
|
|
Weighted-average discount rate
|
2.66
|
%
|
Weighted-average remaining lease term (years)
|
6.6
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
(In thousands)
|
September 30, 2019
|
||||||
Lease expense
|
$
|
10,367
|
|
|
$
|
28,488
|
|
Short-term and variable lease cost
|
241
|
|
|
332
|
|
||
Sublease income
|
(447
|
)
|
|
(1,189
|
)
|
||
Total lease cost for operating leases
|
$
|
10,161
|
|
|
$
|
27,631
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
(In thousands)
|
September 30, 2019
|
||||||
Operating lease right-of-use assets obtained in exchange for operating lease liabilities
|
$
|
395
|
|
|
$
|
118,100
|
|
Cash paid for amounts included in the measurement of lease liabilities - operating
|
8,807
|
|
|
23,841
|
|
(In thousands)
|
At September 30, 2019
|
|
At December 31, 2018
|
||||
Checking:
|
|
|
|
||||
Noninterest-bearing
|
$
|
7,959,455
|
|
|
$
|
3,921,710
|
|
Interest-bearing
|
6,260,136
|
|
|
2,452,954
|
|
||
Total checking
|
14,219,591
|
|
|
6,374,664
|
|
||
Savings
|
8,362,170
|
|
|
6,122,257
|
|
||
Money market
|
3,621,729
|
|
|
1,193,782
|
|
||
Certificates of deposit
|
6,949,082
|
|
|
3,797,241
|
|
||
Brokered deposits
|
2,133,502
|
|
|
1,415,742
|
|
||
Total deposits
|
$
|
35,286,074
|
|
|
$
|
18,903,686
|
|
(In thousands)
|
|
|
||
Remainder of 2019
|
|
$
|
4,813,249
|
|
2020
|
|
3,138,314
|
|
|
2021
|
|
266,425
|
|
|
2022
|
|
97,139
|
|
|
2023
|
|
40,823
|
|
|
Thereafter
|
|
30,022
|
|
|
At September 30, 2019
|
|
At December 31, 2018
|
||||||||||
(Dollars in thousands)
|
Amount
|
|
Weighted-average Rate
|
|
Amount
|
|
Weighted-average Rate
|
||||||
FHLB advances
|
$
|
2,335,960
|
|
|
1.63
|
%
|
|
$
|
—
|
|
|
—
|
%
|
Collateralized Deposits
|
271,340
|
|
|
1.00
|
|
|
—
|
|
|
—
|
|
||
Total short-term borrowings
|
$
|
2,607,300
|
|
|
1.56
|
|
|
$
|
—
|
|
|
—
|
|
(In thousands)
|
At September 30, 2019
|
|
At December 31, 2018
|
||||
FHLB advances
|
$
|
322,674
|
|
|
$
|
1,100,000
|
|
Subordinated debt obligations
|
430,178
|
|
|
253,391
|
|
||
Discounted lease rentals
|
104,571
|
|
|
92,976
|
|
||
Capital lease obligation
|
3,059
|
|
|
3,105
|
|
||
Total long-term borrowings
|
$
|
860,482
|
|
|
$
|
1,449,472
|
|
(In thousands)
|
|
||
Remainder of 2019
|
$
|
11,138
|
|
2020
|
150,274
|
|
|
2021
|
29,508
|
|
|
2022
|
126,721
|
|
|
2023
|
5,960
|
|
|
Thereafter
|
536,881
|
|
|
Total long-term borrowings
|
$
|
860,482
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||||||||
(In thousands)
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
||||||||||||
Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net unrealized gains (losses) arising during the period
|
$
|
24,236
|
|
|
$
|
(5,606
|
)
|
|
$
|
18,630
|
|
|
$
|
(18,086
|
)
|
|
$
|
4,516
|
|
|
$
|
(13,570
|
)
|
Reclassification of net (gains) losses from accumulated other comprehensive income (loss) to:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total interest income
|
844
|
|
|
(205
|
)
|
|
639
|
|
|
263
|
|
|
(65
|
)
|
|
198
|
|
||||||
Net gains (losses) on investment securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other noninterest expense
|
(53
|
)
|
|
14
|
|
|
(39
|
)
|
|
(84
|
)
|
|
22
|
|
|
(62
|
)
|
||||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
791
|
|
|
(191
|
)
|
|
600
|
|
|
179
|
|
|
(43
|
)
|
|
136
|
|
||||||
Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips
|
25,027
|
|
|
(5,797
|
)
|
|
19,230
|
|
|
(17,907
|
)
|
|
4,473
|
|
|
(13,434
|
)
|
||||||
Recognized postretirement prior service cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reclassification of amortization of prior service cost to other noninterest expense
|
(12
|
)
|
|
3
|
|
|
(9
|
)
|
|
(12
|
)
|
|
3
|
|
|
(9
|
)
|
||||||
Foreign currency translation adjustment(1)
|
(1,968
|
)
|
|
—
|
|
|
(1,968
|
)
|
|
2,899
|
|
|
—
|
|
|
2,899
|
|
||||||
Net unrealized gains (losses) on net investment hedges
|
2,170
|
|
|
(529
|
)
|
|
$
|
1,641
|
|
|
(2,537
|
)
|
|
633
|
|
|
(1,904
|
)
|
|||||
Total other comprehensive income (loss)
|
$
|
25,217
|
|
|
$
|
(6,323
|
)
|
|
$
|
18,894
|
|
|
$
|
(17,557
|
)
|
|
$
|
5,109
|
|
|
$
|
(12,448
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||||||||
(In thousands)
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
||||||||||||
Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net unrealized gains (losses) arising during the period
|
$
|
114,263
|
|
|
$
|
(27,519
|
)
|
|
$
|
86,744
|
|
|
$
|
(62,521
|
)
|
|
$
|
15,688
|
|
|
$
|
(46,833
|
)
|
Reclassification of net (gains) losses from accumulated other comprehensive income (loss) to:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total interest income
|
2,495
|
|
|
(607
|
)
|
|
1,888
|
|
|
810
|
|
|
(202
|
)
|
|
608
|
|
||||||
Net gains (losses) on investment securities
|
(1,513
|
)
|
|
368
|
|
|
(1,145
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other noninterest expense
|
(350
|
)
|
|
86
|
|
|
(264
|
)
|
|
221
|
|
|
(55
|
)
|
|
166
|
|
||||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
632
|
|
|
(153
|
)
|
|
479
|
|
|
1,031
|
|
|
(257
|
)
|
|
774
|
|
||||||
Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips
|
114,895
|
|
|
(27,672
|
)
|
|
87,223
|
|
|
(61,490
|
)
|
|
15,431
|
|
|
(46,059
|
)
|
||||||
Recognized postretirement prior service cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reclassification of amortization of prior service cost to other noninterest expense
|
(35
|
)
|
|
10
|
|
|
(25
|
)
|
|
(35
|
)
|
|
9
|
|
|
(26
|
)
|
||||||
Foreign currency translation adjustment(1)
|
5,014
|
|
|
—
|
|
|
5,014
|
|
|
(4,136
|
)
|
|
—
|
|
|
(4,136
|
)
|
||||||
Net unrealized gains (losses) on net investment hedges
|
(3,761
|
)
|
|
915
|
|
|
(2,846
|
)
|
|
4,637
|
|
|
(1,158
|
)
|
|
3,479
|
|
||||||
Total other comprehensive income (loss)
|
$
|
116,113
|
|
|
$
|
(26,747
|
)
|
|
$
|
89,366
|
|
|
$
|
(61,024
|
)
|
|
$
|
14,282
|
|
|
$
|
(46,742
|
)
|
(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 Available-for-Sale Investment Securities 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 Three Months Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance, beginning of period
|
$
|
39,971
|
|
|
$
|
10,499
|
|
|
$
|
(13,229
|
)
|
|
$
|
93
|
|
|
$
|
37,334
|
|
Other comprehensive income (loss)
|
18,630
|
|
|
1,641
|
|
|
(1,968
|
)
|
|
—
|
|
|
18,303
|
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
600
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
591
|
|
|||||
Net other comprehensive income (loss)
|
19,230
|
|
|
1,641
|
|
|
(1,968
|
)
|
|
(9
|
)
|
|
18,894
|
|
|||||
Balance, end of period
|
$
|
59,201
|
|
|
$
|
12,140
|
|
|
$
|
(15,197
|
)
|
|
$
|
84
|
|
|
$
|
56,228
|
|
At or For the Three Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance, beginning of period
|
$
|
(48,978
|
)
|
|
$
|
9,919
|
|
|
$
|
(13,878
|
)
|
|
$
|
126
|
|
|
$
|
(52,811
|
)
|
Other comprehensive income (loss)
|
(13,570
|
)
|
|
(1,904
|
)
|
|
2,899
|
|
|
—
|
|
|
(12,575
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
136
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
127
|
|
|||||
Net other comprehensive income (loss)
|
(13,434
|
)
|
|
(1,904
|
)
|
|
2,899
|
|
|
(9
|
)
|
|
(12,448
|
)
|
|||||
Balance, end of period
|
$
|
(62,412
|
)
|
|
$
|
8,015
|
|
|
$
|
(10,979
|
)
|
|
$
|
117
|
|
|
$
|
(65,259
|
)
|
At or For the Nine Months Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance, beginning of period
|
$
|
(28,022
|
)
|
|
$
|
14,986
|
|
|
$
|
(20,211
|
)
|
|
$
|
109
|
|
|
$
|
(33,138
|
)
|
Other comprehensive income (loss)
|
86,744
|
|
|
(2,846
|
)
|
|
5,014
|
|
|
—
|
|
|
88,912
|
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
479
|
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|
454
|
|
|||||
Net other comprehensive income (loss)
|
87,223
|
|
|
(2,846
|
)
|
|
5,014
|
|
|
(25
|
)
|
|
89,366
|
|
|||||
Balance, end of period
|
$
|
59,201
|
|
|
$
|
12,140
|
|
|
$
|
(15,197
|
)
|
|
$
|
84
|
|
|
$
|
56,228
|
|
At or For the Nine Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance, beginning of period
|
$
|
(16,353
|
)
|
|
$
|
4,536
|
|
|
$
|
(6,843
|
)
|
|
$
|
143
|
|
|
$
|
(18,517
|
)
|
Other comprehensive income (loss)
|
(46,833
|
)
|
|
3,479
|
|
|
(4,136
|
)
|
|
—
|
|
|
(47,490
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
774
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
748
|
|
|||||
Net other comprehensive income (loss)
|
(46,059
|
)
|
|
3,479
|
|
|
(4,136
|
)
|
|
(26
|
)
|
|
(46,742
|
)
|
|||||
Balance, end of period
|
$
|
(62,412
|
)
|
|
$
|
8,015
|
|
|
$
|
(10,979
|
)
|
|
$
|
117
|
|
|
$
|
(65,259
|
)
|
|
TCF
|
|
TCF Bank
|
|||||||||||||||||
|
At September 30,
|
|
At December 31,
|
|
At September 30,
|
|
At December 31,
|
Well-capitalized Standard under Prompt Corrective Action Provisions
|
|
Minimum Capital Requirement for Capital Adequacy Plus Conservation Buffer
|
||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
||||||||||||
Regulatory Capital:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common equity Tier 1 capital
|
$
|
4,009,214
|
|
|
$
|
2,224,183
|
|
|
$
|
3,991,895
|
|
|
$
|
2,282,013
|
|
|
|
|
||
Tier 1 capital
|
4,197,706
|
|
|
2,408,393
|
|
|
4,015,208
|
|
|
2,300,472
|
|
|
|
|
||||||
Total capital
|
4,652,708
|
|
|
2,750,581
|
|
|
4,487,968
|
|
|
2,675,347
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Regulatory Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common equity Tier 1 capital ratio
|
10.88
|
%
|
|
10.82
|
%
|
|
10.85
|
%
|
|
11.10
|
%
|
6.50
|
%
|
|
7.00
|
%
|
||||
Tier 1 risk-based capital ratio
|
11.40
|
|
|
11.72
|
|
|
10.91
|
|
|
11.19
|
|
8.00
|
|
|
8.50
|
|
||||
Total risk-based capital ratio
|
12.63
|
|
|
13.38
|
|
|
12.20
|
|
|
13.01
|
|
10.00
|
|
|
10.50
|
|
||||
Tier 1 leverage ratio
|
11.16
|
|
|
10.44
|
|
|
10.68
|
|
|
9.97
|
|
5.00
|
|
|
4.00
|
|
|
At September 30, 2019
|
||||||||||
|
|
|
Fair Value
|
||||||||
(In thousands)
|
Notional Amount(1)
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
||||||
Interest rate contract
|
$
|
150,000
|
|
|
$
|
—
|
|
|
$
|
11
|
|
Forward foreign exchange contracts
|
171,075
|
|
|
1,252
|
|
|
—
|
|
|||
Total derivatives designated as hedging instruments
|
$
|
321,075
|
|
|
$
|
1,252
|
|
|
$
|
11
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
||||||
Interest rate contracts
|
$
|
4,694,964
|
|
|
$
|
130,391
|
|
|
$
|
101,899
|
|
Forward foreign exchange contracts
|
291,999
|
|
|
414
|
|
|
315
|
|
|||
Interest rate lock commitments
|
266,949
|
|
|
4,554
|
|
|
113
|
|
|||
Forward loan sales commitments
|
218,061
|
|
|
166
|
|
|
253
|
|
|||
Power Equity CDs
|
31,870
|
|
|
617
|
|
|
617
|
|
|||
Swap agreement
|
12,644
|
|
|
—
|
|
|
356
|
|
|||
Total derivatives not designated as hedging instruments
|
$
|
5,516,487
|
|
|
$
|
136,142
|
|
|
$
|
103,553
|
|
Total derivatives before netting
|
$
|
5,837,562
|
|
|
137,394
|
|
|
103,564
|
|
||
Netting(2)
|
|
|
(2,152
|
)
|
|
(93,785
|
)
|
||||
Total derivatives, net
|
|
|
$
|
135,242
|
|
|
$
|
9,779
|
|
|
At December 31, 2018
|
||||||||||
|
|
|
Fair Value
|
||||||||
(In thousands)
|
Notional Amount(1)
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
||||||
Interest rate contract
|
$
|
150,000
|
|
|
$
|
393
|
|
|
$
|
—
|
|
Forward foreign exchange contracts
|
157,271
|
|
|
2,980
|
|
|
—
|
|
|||
Total derivatives designated as hedging instruments
|
$
|
307,271
|
|
|
$
|
3,373
|
|
|
$
|
—
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
||||||
Interest rate contracts
|
$
|
1,095,449
|
|
|
$
|
7,516
|
|
|
$
|
3,732
|
|
Forward foreign exchange contracts
|
254,274
|
|
|
3,709
|
|
|
13
|
|
|||
Interest rate lock commitments
|
28,007
|
|
|
652
|
|
|
28
|
|
|||
Swap agreement
|
13,020
|
|
|
—
|
|
|
583
|
|
|||
Total derivatives not designated as hedging instruments
|
$
|
1,390,750
|
|
|
$
|
11,877
|
|
|
$
|
4,356
|
|
Total derivatives before netting
|
|
|
15,250
|
|
|
4,356
|
|
||||
Netting(2)
|
|
|
(6,982
|
)
|
|
(991
|
)
|
||||
Total derivatives, net
|
|
|
$
|
8,268
|
|
|
$
|
3,365
|
|
(1)
|
Notional or contract amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Statements of Financial Condition.
|
(2)
|
Includes netting of derivative asset and liability balances and related cash collateral, where counterparty netting agreements are in place.
|
|
At September 30, 2019
|
||||||||||
(In thousands)
|
Gross Amounts Recognized
|
|
Gross Amounts
Offset(1)
|
|
Net Amount Presented
|
||||||
Derivative assets
|
|
|
|
|
|
||||||
Interest rate contracts
|
$
|
130,391
|
|
|
$
|
(312
|
)
|
|
$
|
130,079
|
|
Forward foreign exchange contracts
|
1,666
|
|
|
(1,666
|
)
|
|
—
|
|
|||
Interest rate lock commitments
|
4,554
|
|
|
(8
|
)
|
|
4,546
|
|
|||
Forward loan sales commitments
|
166
|
|
|
(166
|
)
|
|
—
|
|
|||
Power Equity CDs
|
617
|
|
|
—
|
|
|
617
|
|
|||
Total derivative assets
|
$
|
137,394
|
|
|
$
|
(2,152
|
)
|
|
$
|
135,242
|
|
Derivative liabilities
|
|
|
|
|
|
||||||
Interest rate contracts
|
$
|
101,910
|
|
|
$
|
(93,099
|
)
|
|
$
|
8,811
|
|
Forward foreign exchange contracts
|
315
|
|
|
(156
|
)
|
|
159
|
|
|||
Interest rate lock commitments
|
113
|
|
|
(8
|
)
|
|
105
|
|
|||
Forward loan sales commitments
|
253
|
|
|
(166
|
)
|
|
87
|
|
|||
Power Equity CDs
|
617
|
|
|
—
|
|
|
617
|
|
|||
Other contracts
|
356
|
|
|
(356
|
)
|
|
—
|
|
|||
Total derivative liabilities
|
$
|
103,564
|
|
|
$
|
(93,785
|
)
|
|
$
|
9,779
|
|
|
At December 31, 2018
|
||||||||||
(In thousands)
|
Gross Amounts Recognized
|
|
Gross Amounts
Offset(1)
|
|
Net Amount Presented
|
||||||
Derivative assets
|
|
|
|
|
|
||||||
Interest rate contracts
|
$
|
7,909
|
|
|
$
|
(395
|
)
|
|
$
|
7,514
|
|
Forward foreign exchange contracts
|
6,689
|
|
|
(6,587
|
)
|
|
102
|
|
|||
Interest rate lock commitments
|
652
|
|
|
—
|
|
|
652
|
|
|||
Total derivative assets
|
$
|
15,250
|
|
|
$
|
(6,982
|
)
|
|
$
|
8,268
|
|
Derivative liabilities
|
|
|
|
|
|
||||||
Interest rate contracts
|
$
|
3,732
|
|
|
$
|
(395
|
)
|
|
$
|
3,337
|
|
Forward foreign exchange contracts
|
13
|
|
|
(13
|
)
|
|
—
|
|
|||
Interest rate lock commitments
|
28
|
|
|
—
|
|
|
28
|
|
|||
Swap agreement
|
583
|
|
|
(583
|
)
|
|
—
|
|
|||
Total derivative liabilities
|
$
|
4,356
|
|
|
$
|
(991
|
)
|
|
$
|
3,365
|
|
(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 September 30, 2019
|
|
At December 31, 2018
|
|
At September 30, 2019
|
|
At December 31, 2018
|
||||||||
Subordinated bank note - 2025
|
$
|
153,307
|
|
|
$
|
144,296
|
|
|
$
|
4,682
|
|
|
$
|
(4,165
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Statement of income line where the gain (loss) on the fair value hedge was recorded:
|
|
|
|
|
|
|
|
||||||||
Interest expense on borrowings
|
$
|
17,115
|
|
|
$
|
10,726
|
|
|
$
|
48,050
|
|
|
$
|
31,850
|
|
Gain (loss) on interest rate contract (fair value hedge)
|
|
|
|
|
|
|
|
||||||||
Hedged item
|
$
|
(2,100
|
)
|
|
$
|
1,206
|
|
|
$
|
(8,847
|
)
|
|
$
|
6,337
|
|
Derivative designated as a hedging instrument
|
2,195
|
|
|
(1,165
|
)
|
|
8,938
|
|
|
(6,621
|
)
|
||||
Net income (expense) recognized on fair value hedge in interest expense on borrowings
|
$
|
95
|
|
|
$
|
41
|
|
|
$
|
91
|
|
|
$
|
(284
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Forward foreign exchange contracts
|
$
|
2,170
|
|
|
$
|
(2,537
|
)
|
|
$
|
(3,761
|
)
|
|
$
|
4,637
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
Location of Gain (Loss)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest rate contracts(1)
|
Other noninterest income
|
$
|
(19,764
|
)
|
|
$
|
51
|
|
|
$
|
(21,307
|
)
|
|
$
|
157
|
|
Forward foreign exchange contracts
|
Other noninterest expense
|
3,307
|
|
|
(3,706
|
)
|
|
(5,302
|
)
|
|
8,050
|
|
||||
Interest rate lock commitments
|
Net (losses) gains on sales of loans and leases
|
337
|
|
|
(244
|
)
|
|
1,117
|
|
|
798
|
|
||||
Forward loan sales commitments
|
Net (losses) gains on sales of loans and leases
|
(11
|
)
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
||||
Swap agreement
|
Other noninterest income
|
4
|
|
|
(292
|
)
|
|
4
|
|
|
(274
|
)
|
||||
Net gain (loss) recognized
|
|
$
|
(16,127
|
)
|
|
$
|
(4,191
|
)
|
|
$
|
(25,499
|
)
|
|
$
|
8,731
|
|
(1)
|
Included in both the three and nine months ended September 30, 2019 is a loss of $17.3 million related to the termination of $1.1 billion of interest rate swaps.
|
Level 1
|
Valuations that are based on prices obtained from independent pricing sources for the same instruments traded in active markets.
|
Level 2
|
Valuations that are based on prices obtained from independent pricing sources that are based on observable transactions of similar instruments, but not quoted markets.
|
Level 3
|
Valuations generated from Corporation model-based techniques that use at least one significant unobservable inputs. Such unobservable inputs reflect estimates of assumptions that market participants would use in pricing the asset or liability.
|
|
September 30, 2019
|
|||||||||||
(In thousands)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Assets
|
|
|
|
|
||||||||
Investment securities carried at fair value
|
$
|
—
|
|
$
|
5,579,407
|
|
$
|
428
|
|
$
|
5,579,835
|
|
Loans held-for-sale
|
—
|
|
114,831
|
|
—
|
|
114,831
|
|
||||
Interest-only strips
|
—
|
|
—
|
|
14,078
|
|
14,078
|
|
||||
Derivative assets:(1)
|
|
|
|
|
||||||||
Interest rate contracts
|
—
|
|
130,391
|
|
—
|
|
130,391
|
|
||||
Forward foreign exchange contracts
|
—
|
|
1,666
|
|
—
|
|
1,666
|
|
||||
Interest rate lock commitments
|
—
|
|
4,554
|
|
—
|
|
4,554
|
|
||||
Forward loan sales commitments
|
—
|
|
166
|
|
—
|
|
166
|
|
||||
Power Equity CDs
|
—
|
|
617
|
|
—
|
|
617
|
|
||||
Total derivative assets
|
—
|
|
137,394
|
|
—
|
|
137,394
|
|
||||
Forward loan sales commitments
|
—
|
|
404
|
|
—
|
|
404
|
|
||||
Assets held in trust for deferred compensation plans
|
40,784
|
|
—
|
|
—
|
|
40,784
|
|
||||
Total assets at fair value
|
$
|
40,784
|
|
$
|
5,832,036
|
|
$
|
14,506
|
|
$
|
5,887,326
|
|
Liabilities
|
|
|
|
|
||||||||
Derivative liabilities:(1)
|
|
|
|
|
||||||||
Interest rate contracts
|
$
|
—
|
|
$
|
101,910
|
|
$
|
—
|
|
$
|
101,910
|
|
Forward foreign exchange contracts
|
—
|
|
315
|
|
—
|
|
315
|
|
||||
Interest rate lock commitments
|
—
|
|
113
|
|
—
|
|
113
|
|
||||
Forward loan sales commitments
|
—
|
|
253
|
|
—
|
|
253
|
|
||||
Power Equity CDs
|
—
|
|
617
|
|
—
|
|
617
|
|
||||
Swap agreement
|
—
|
|
—
|
|
356
|
|
356
|
|
||||
Total derivative liabilities
|
—
|
|
103,208
|
|
356
|
|
103,564
|
|
||||
Forward loan sales commitments
|
—
|
|
284
|
|
—
|
|
284
|
|
||||
Liabilities held in trust for deferred compensation plans
|
40,784
|
|
—
|
|
—
|
|
40,784
|
|
||||
Total liabilities at fair value
|
$
|
40,784
|
|
$
|
103,492
|
|
$
|
356
|
|
$
|
144,632
|
|
(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.
|
|
December 31, 2018
|
||||||||||||||
(In thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Investment securities carried at fair value
|
$
|
—
|
|
|
$
|
2,470,061
|
|
|
$
|
4
|
|
|
$
|
2,470,065
|
|
Loans held-for-sale
|
—
|
|
|
—
|
|
|
18,070
|
|
|
18,070
|
|
||||
Interest-only strips
|
—
|
|
|
—
|
|
|
16,835
|
|
|
16,835
|
|
||||
Derivative assets:(1)
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
—
|
|
|
7,909
|
|
|
—
|
|
|
7,909
|
|
||||
Forward foreign exchange contracts
|
—
|
|
|
6,689
|
|
|
—
|
|
|
6,689
|
|
||||
Interest rate lock commitments
|
—
|
|
|
—
|
|
|
652
|
|
|
652
|
|
||||
Total derivative assets
|
—
|
|
|
14,598
|
|
|
652
|
|
|
15,250
|
|
||||
Forward loan sales commitments
|
—
|
|
|
—
|
|
|
152
|
|
|
152
|
|
||||
Assets held in trust for deferred compensation plans
|
33,217
|
|
|
—
|
|
|
—
|
|
|
33,217
|
|
||||
Total assets at fair value
|
$
|
33,217
|
|
|
$
|
2,484,659
|
|
|
$
|
35,713
|
|
|
$
|
2,553,589
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities:(1)
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
$
|
—
|
|
|
$
|
3,732
|
|
|
$
|
—
|
|
|
$
|
3,732
|
|
Forward foreign exchange contracts
|
—
|
|
|
13
|
|
|
—
|
|
|
13
|
|
||||
Interest rate lock commitments
|
—
|
|
|
—
|
|
|
28
|
|
|
28
|
|
||||
Swap agreement
|
—
|
|
|
—
|
|
|
583
|
|
|
583
|
|
||||
Total derivative liabilities
|
—
|
|
|
3,745
|
|
|
611
|
|
|
4,356
|
|
||||
Forward loan sales commitments
|
—
|
|
|
—
|
|
|
178
|
|
|
178
|
|
||||
Liabilities held in trust for deferred compensation plans
|
33,217
|
|
|
—
|
|
|
—
|
|
|
33,217
|
|
||||
Total liabilities at fair value
|
$
|
33,217
|
|
|
$
|
3,745
|
|
|
$
|
789
|
|
|
$
|
37,751
|
|
(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)
|
Investment securities carried at fair value
|
|
Loans
held-for-sale |
|
Interest-only strips
|
|
Interest rate lock commitments
|
|
Other derivative contracts
|
|
Forward loan sales commitments
|
||||||||||||
At or For the Three Months Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset (liability) balance, beginning of period
|
$
|
3
|
|
|
$
|
29,211
|
|
|
$
|
15,236
|
|
|
$
|
1,402
|
|
|
$
|
(435
|
)
|
|
$
|
(145
|
)
|
Transfers out of Level 3 (1)
|
—
|
|
|
(29,211
|
)
|
|
—
|
|
|
(1,402
|
)
|
|
—
|
|
|
145
|
|
||||||
Acquired through the Merger
|
450
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total net gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
—
|
|
|
611
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other comprehensive income (loss)
|
(25
|
)
|
|
—
|
|
|
(65
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Originations
|
—
|
|
|
—
|
|
|
628
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal paydowns / settlements
|
—
|
|
|
—
|
|
|
(2,332
|
)
|
|
—
|
|
|
79
|
|
|
—
|
|
||||||
Asset (liability) balance, end of period
|
$
|
428
|
|
|
$
|
—
|
|
|
$
|
14,078
|
|
|
$
|
—
|
|
|
$
|
(356
|
)
|
|
$
|
—
|
|
At or For the Three Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset (liability) balance, beginning of period
|
$
|
4
|
|
|
$
|
18,554
|
|
|
$
|
19,887
|
|
|
$
|
858
|
|
|
$
|
(441
|
)
|
|
$
|
110
|
|
Total net gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
(184
|
)
|
|
732
|
|
|
(242
|
)
|
|
(292
|
)
|
|
359
|
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
246
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sales
|
—
|
|
|
(97,866
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Originations
|
—
|
|
|
98,018
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal paydowns / settlements
|
—
|
|
|
(3
|
)
|
|
(3,153
|
)
|
|
—
|
|
|
75
|
|
|
—
|
|
||||||
Asset (liability) balance, end of period
|
$
|
4
|
|
|
$
|
18,519
|
|
|
$
|
17,712
|
|
|
$
|
616
|
|
|
$
|
(658
|
)
|
|
$
|
469
|
|
At or For the Nine Months Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset (liability) balance, beginning of period
|
$
|
4
|
|
|
$
|
18,070
|
|
|
$
|
16,835
|
|
|
$
|
624
|
|
|
$
|
(583
|
)
|
|
$
|
(26
|
)
|
Total net gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acquired through the Merger
|
450
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net income
|
—
|
|
|
534
|
|
|
1,976
|
|
|
778
|
|
|
—
|
|
|
(119
|
)
|
||||||
Other comprehensive income (loss)
|
(25
|
)
|
|
—
|
|
|
246
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sales
|
—
|
|
|
(164,693
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Originations
|
—
|
|
|
175,304
|
|
|
2,180
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal paydowns / settlements
|
(1
|
)
|
|
(4
|
)
|
|
(7,159
|
)
|
|
—
|
|
|
227
|
|
|
—
|
|
||||||
Transfers out of Level 3 (1)
|
—
|
|
|
(29,211
|
)
|
|
—
|
|
|
(1,402
|
)
|
|
—
|
|
|
145
|
|
||||||
Asset (liability) balance, end of period
|
$
|
428
|
|
|
$
|
—
|
|
|
$
|
14,078
|
|
|
$
|
—
|
|
|
$
|
(356
|
)
|
|
$
|
—
|
|
At or For the Nine Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset (liability) balance, beginning of period
|
$
|
6
|
|
|
$
|
3,356
|
|
|
$
|
21,386
|
|
|
$
|
223
|
|
|
$
|
(615
|
)
|
|
$
|
63
|
|
Total net gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
254
|
|
|
1,913
|
|
|
393
|
|
|
(274
|
)
|
|
406
|
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
1,015
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sales
|
—
|
|
|
(232,747
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Originations
|
—
|
|
|
247,667
|
|
|
3,849
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal paydowns / settlements
|
(2
|
)
|
|
(11
|
)
|
|
(10,451
|
)
|
|
—
|
|
|
231
|
|
|
—
|
|
||||||
Asset (liability) balance, end of period
|
$
|
4
|
|
|
$
|
18,519
|
|
|
$
|
17,712
|
|
|
$
|
616
|
|
|
$
|
(658
|
)
|
|
$
|
469
|
|
(1)
|
Certain assets (liabilities) previously classified as Level 3 were transferred to Level 2 because current period prices are derived from Level 2 observable market data.
|
(In thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
At September 30, 2019
|
|
|
|
|
|
|
|
||||||||
Loans held-for-sale
|
$
|
—
|
|
|
$
|
136
|
|
|
$
|
1,220,621
|
|
|
$
|
1,220,757
|
|
Loans and leases
|
—
|
|
|
—
|
|
|
130,991
|
|
|
130,991
|
|
||||
Other real estate owned
|
—
|
|
|
—
|
|
|
17,924
|
|
|
17,924
|
|
||||
Repossessed and returned assets
|
—
|
|
|
6,841
|
|
|
5,762
|
|
|
12,603
|
|
||||
Total non-recurring fair value measurements
|
$
|
—
|
|
|
$
|
6,977
|
|
|
$
|
1,375,298
|
|
|
$
|
1,382,275
|
|
At December 31, 2018
|
|
|
|
|
|
|
|
||||||||
Loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
57,663
|
|
|
$
|
57,663
|
|
Other real estate owned
|
—
|
|
|
—
|
|
|
9,397
|
|
|
9,397
|
|
||||
Repossessed and returned assets
|
—
|
|
|
4,358
|
|
|
5,165
|
|
|
9,523
|
|
||||
Total non-recurring fair value measurements
|
$
|
—
|
|
|
$
|
4,358
|
|
|
$
|
72,225
|
|
|
$
|
76,583
|
|
(In thousands)
|
September 30, 2019
|
|
December 31, 2018
|
||||
Fair value carrying amount
|
$
|
114,831
|
|
|
$
|
18,070
|
|
Aggregate unpaid principal amount
|
111,540
|
|
|
17,517
|
|
||
Fair value carrying amount less aggregate unpaid principal
|
$
|
3,291
|
|
|
$
|
553
|
|
|
At September 30, 2019
|
||||||||||||||||||
|
Carrying
|
|
Estimated Fair Value
|
||||||||||||||||
(In thousands)
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial instrument assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FHLB and FRB stocks
|
$
|
290,238
|
|
|
$
|
—
|
|
|
$
|
290,238
|
|
|
$
|
—
|
|
|
$
|
290,238
|
|
Investment securities held-to-maturity
|
144,000
|
|
|
—
|
|
|
146,252
|
|
|
3,676
|
|
|
149,928
|
|
|||||
Loans and leases held-for-sale
|
100,216
|
|
|
—
|
|
|
84,959
|
|
|
18,331
|
|
|
103,290
|
|
|||||
Net loans(1)
|
30,916,379
|
|
|
—
|
|
|
—
|
|
|
30,897,046
|
|
|
30,897,046
|
|
|||||
Loan servicing rights
|
55,301
|
|
|
—
|
|
|
—
|
|
|
55,301
|
|
|
55,301
|
|
|||||
Securitization receivable(2)
|
19,624
|
|
|
—
|
|
|
—
|
|
|
19,355
|
|
|
19,355
|
|
|||||
Deferred fees on commitments to extend credit
|
18,485
|
|
|
—
|
|
|
18,485
|
|
|
—
|
|
|
18,485
|
|
|||||
Total financial instrument assets
|
$
|
31,544,243
|
|
|
$
|
—
|
|
|
$
|
539,934
|
|
|
$
|
30,993,709
|
|
|
$
|
31,533,643
|
|
Financial instrument liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Certificates of deposits
|
$
|
8,385,972
|
|
|
$
|
—
|
|
|
$
|
8,385,496
|
|
|
$
|
—
|
|
|
$
|
8,385,496
|
|
Long-term borrowings
|
860,482
|
|
|
—
|
|
|
875,864
|
|
|
—
|
|
|
875,864
|
|
|||||
Deferred fees on standby letters of credit
|
38
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
38
|
|
|||||
Total financial instrument liabilities
|
$
|
9,246,492
|
|
|
$
|
—
|
|
|
$
|
9,261,398
|
|
|
$
|
—
|
|
|
$
|
9,261,398
|
|
|
At December 31, 2018
|
||||||||||||||||||
|
Carrying
|
|
Estimated Fair Value
|
||||||||||||||||
(In thousands)
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial instrument assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FHLB and FRB stocks
|
$
|
91,654
|
|
|
$
|
—
|
|
|
$
|
91,654
|
|
|
$
|
—
|
|
|
$
|
91,654
|
|
Investment securities held-to-maturity
|
148,852
|
|
|
—
|
|
|
146,467
|
|
|
2,800
|
|
|
149,267
|
|
|||||
Loans held-for-sale
|
72,594
|
|
|
—
|
|
|
—
|
|
|
74,078
|
|
|
74,078
|
|
|||||
Net loans(1)
|
16,384,702
|
|
|
—
|
|
|
—
|
|
|
16,399,551
|
|
|
16,399,551
|
|
|||||
Securitization receivable(2)
|
19,432
|
|
|
—
|
|
|
—
|
|
|
19,025
|
|
|
19,025
|
|
|||||
Deferred fees on commitments to extend credit
|
18,555
|
|
|
—
|
|
|
18,555
|
|
|
—
|
|
|
18,555
|
|
|||||
Total financial instrument assets
|
$
|
16,735,789
|
|
|
$
|
—
|
|
|
$
|
256,676
|
|
|
$
|
16,495,454
|
|
|
$
|
16,752,130
|
|
Financial instrument liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Certificates of deposits
|
$
|
4,790,680
|
|
|
$
|
—
|
|
|
$
|
4,820,442
|
|
|
$
|
—
|
|
|
$
|
4,820,442
|
|
Long-term borrowings
|
1,449,472
|
|
|
—
|
|
|
1,451,550
|
|
|
—
|
|
|
1,451,550
|
|
|||||
Deferred fees on standby letters of credit
|
77
|
|
|
—
|
|
|
77
|
|
|
—
|
|
|
77
|
|
|||||
Total financial instrument liabilities
|
$
|
6,240,229
|
|
|
$
|
—
|
|
|
$
|
6,272,069
|
|
|
$
|
—
|
|
|
$
|
6,272,069
|
|
(1)
|
Expected credit losses are included in the estimated fair values.
|
(2)
|
Carrying amounts are included in other assets.
|
•
|
Fees and Service Charges on Deposit Accounts Fees and service charges on deposit accounts includes fees and other charges TCF receives to provide various services, including but not limited to, service charges on deposit accounts and other fees including account analysis fees, monthly service fees, overdraft services, transferring funds, and accepting and executing stop-payment orders. TCF's performance obligation for account analysis fees and monthly service fees are generally satisfied and, therefore, revenue is recognized over the period in which the service is provided. Deposit account related fees are largely transactional based, and therefore, the performance obligation is satisfied and the related revenue is recognized at the point in time when the transaction occurs.
|
•
|
Wealth Management Revenue Wealth management revenue includes fee income generated from personal and institutional customers. TCF also provides investment management services. Revenue is recognized over the period of time the services are rendered. Wealth management revenue also includes commissions that are earned for placing a brokerage transaction for execution. Revenue is recognized once the transaction is completed and TCF is entitled to receive consideration.
|
•
|
Card and ATM Revenue Card and ATM revenue includes ATM surcharges and debit card related revenue. ATM surcharges and certain debit card fees are transactional based and, therefore, the performance obligation is satisfied and the related revenue is recognized at the point in time when the transaction occurs. Other debit card fees satisfied over a period of time are recognized over the period in which the service is provided.
|
•
|
Other Noninterest Income Other noninterest income includes wire transfer fees, safe deposit box income and check orders. The consideration includes both fixed (e.g., safe deposit box fees) and transaction (i.e., wire-transfer fee and check orders) fees. Fixed fees are recognized over the period of time the service is provided, while transaction fees are recognized when a specific service is rendered to the customer.
|
•
|
Net Foreclosed Real Estate and Repossessed Assets Expense Net foreclosed real estate and repossessed assets expense includes net gain or loss on sales of other real estate owned and repossessed assets. Revenue is recognized at the time the sale is complete and TCF is entitled to receive consideration, including sales that are seller financed as receipt of all payment is expected.
|
|
Three Months Ended September 30, 2019
|
||||||||||||||||||
|
Within the scope of ASC 606
|
|
Out of scope of ASC 606
|
|
Total
|
||||||||||||||
(In thousands)
|
Consumer Banking
|
|
Commercial Banking
|
|
Enterprise Services
|
|
|||||||||||||
Noninterest income
|
|
|
|
|
|
|
|
|
|
||||||||||
Fees and service charges on deposit accounts
|
$
|
29,198
|
|
|
$
|
1,308
|
|
|
$
|
—
|
|
|
$
|
3,878
|
|
|
$
|
34,384
|
|
Wealth management revenue
|
1,047
|
|
|
—
|
|
|
—
|
|
|
3,194
|
|
|
$
|
4,241
|
|
||||
Card and ATM revenue
|
21,476
|
|
|
23
|
|
|
—
|
|
|
1,816
|
|
|
$
|
23,315
|
|
||||
Other noninterest income
|
137
|
|
|
(2,887
|
)
|
|
2,610
|
|
|
(12,169
|
)
|
|
$
|
(12,309
|
)
|
||||
Total
|
$
|
51,858
|
|
|
$
|
(1,556
|
)
|
|
$
|
2,610
|
|
|
$
|
(3,281
|
)
|
|
$
|
49,631
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
||||||||||
Net foreclosed real estate and repossessed assets
|
$
|
(593
|
)
|
|
$
|
214
|
|
|
$
|
—
|
|
|
$
|
2,582
|
|
|
$
|
2,203
|
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||||
|
Within the scope of ASC 606
|
|
Out of scope of ASC 606
|
|
Total
|
||||||||||||||
(In thousands)
|
Consumer Banking
|
|
Commercial Banking
|
|
Enterprise Services
|
|
|||||||||||||
Noninterest income
|
|
|
|
|
|
|
|
|
|
||||||||||
Fees and service charges on deposit accounts
|
$
|
28,055
|
|
|
$
|
1,082
|
|
|
$
|
—
|
|
|
$
|
38
|
|
|
$
|
29,175
|
|
Wealth management revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
||||
Card and ATM revenue
|
19,999
|
|
|
14
|
|
|
—
|
|
|
61
|
|
|
$
|
20,074
|
|
||||
Other noninterest income
|
(100
|
)
|
|
(2,649
|
)
|
|
4,686
|
|
|
4,306
|
|
|
$
|
6,243
|
|
||||
Total
|
$
|
47,954
|
|
|
$
|
(1,553
|
)
|
|
$
|
4,686
|
|
|
$
|
4,405
|
|
|
$
|
55,492
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
||||||||||
Net foreclosed real estate and repossessed assets
|
$
|
215
|
|
|
$
|
(59
|
)
|
|
$
|
—
|
|
|
$
|
3,724
|
|
|
$
|
3,880
|
|
|
Nine Months Ended September 30, 2019
|
||||||||||||||||||
|
Within the scope of ASC 606
|
|
Out of scope of ASC 606
|
|
Total
|
||||||||||||||
(In thousands)
|
Consumer Banking
|
|
Commercial Banking
|
|
Enterprise Services
|
|
|||||||||||||
Noninterest income
|
|
|
|
|
|
|
|
|
|
||||||||||
Fees and service charges on deposit accounts
|
$
|
81,098
|
|
|
$
|
3,504
|
|
|
$
|
—
|
|
|
$
|
3,902
|
|
|
$
|
88,504
|
|
Wealth management revenue
|
1,047
|
|
|
—
|
|
|
—
|
|
|
3,194
|
|
|
$
|
4,241
|
|
||||
Card and ATM revenue
|
60,581
|
|
|
62
|
|
|
—
|
|
|
1,827
|
|
|
$
|
62,470
|
|
||||
Other noninterest income
|
1,504
|
|
|
(5,271
|
)
|
|
9,986
|
|
|
(6,531
|
)
|
|
$
|
(312
|
)
|
||||
Total
|
$
|
144,230
|
|
|
$
|
(1,705
|
)
|
|
$
|
9,986
|
|
|
$
|
2,392
|
|
|
$
|
154,903
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
||||||||||
Net foreclosed real estate and repossessed assets
|
$
|
(152
|
)
|
|
$
|
536
|
|
|
$
|
—
|
|
|
$
|
8,897
|
|
|
$
|
9,281
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||
|
Within the scope of ASC 606
|
|
Out of scope of ASC 606
|
|
Total
|
||||||||||||||
(In thousands)
|
Consumer Banking
|
|
Commercial Banking
|
|
Enterprise Services
|
|
|||||||||||||
Noninterest income
|
|
|
|
|
|
|
|
|
|
||||||||||
Fees and service charges on deposit accounts
|
$
|
80,468
|
|
|
$
|
3,137
|
|
|
$
|
—
|
|
|
$
|
98
|
|
|
$
|
83,703
|
|
Wealth management revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
||||
Card and ATM revenue
|
58,095
|
|
|
39
|
|
|
—
|
|
|
179
|
|
|
$
|
58,313
|
|
||||
Other noninterest income
|
33,729
|
|
|
(6,771
|
)
|
|
15,112
|
|
|
(21,450
|
)
|
|
$
|
20,620
|
|
||||
Total
|
$
|
172,292
|
|
|
$
|
(3,595
|
)
|
|
$
|
15,112
|
|
|
$
|
(21,173
|
)
|
|
$
|
162,636
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
||||||||||
Net foreclosed real estate and repossessed assets
|
$
|
719
|
|
|
$
|
(108
|
)
|
|
$
|
—
|
|
|
$
|
12,043
|
|
|
$
|
12,654
|
|
|
Number of Units
|
|
Weighted-average Grant Date Fair Value Per Unit
|
|||
Outstanding at December 31, 2018
|
406,575
|
|
|
$
|
17.33
|
|
Outstanding at December 31, 2018 as adjusted for conversion
|
206,580
|
|
|
34.11
|
|
|
Granted
|
533,267
|
|
|
41.51
|
|
|
Converted in the Merger(1)
|
55,022
|
|
|
42.06
|
|
|
Acquired in the Merger
|
824,757
|
|
|
47.71
|
|
|
Forfeited/canceled
|
(20,648
|
)
|
|
41.64
|
|
|
Vested
|
(104,652
|
)
|
|
28.85
|
|
|
Outstanding at September 30, 2019
|
1,494,326
|
|
|
$
|
38.46
|
|
(1)
|
In connection with the Merger, certain Legacy TCF PRSUs were converted at their maximum payout into 55,022 TRSUs.
|
|
Number of Awards
|
|
Weighted-Average Grant Date Fair Value Per Award
|
|||
Outstanding at December 31, 2018
|
2,289,446
|
|
|
$
|
16.70
|
|
Outstanding at December 31, 2018 as adjusted for conversion
|
1,163,232
|
|
|
32.87
|
|
|
Granted
|
269,915
|
|
|
40.82
|
|
|
Forfeited/canceled
|
(135,760
|
)
|
|
34.15
|
|
|
Vested
|
(368,291
|
)
|
|
31.07
|
|
|
Outstanding at September 30, 2019
|
929,096
|
|
|
$
|
40.47
|
|
|
Non-Vested Stock Options Outstanding
|
|
Stock Options Outstanding
|
||||||||||
|
Number of Options
|
|
Weighted-average Exercise Price
|
|
Number of Options
|
|
Weighted-
average
Exercise
Price
|
||||||
Outstanding at December 31, 2018
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Acquired(1)
|
127,906
|
|
|
39.38
|
|
|
520,379
|
|
|
29.48
|
|
||
Forfeited/canceled
|
(3,094
|
)
|
|
32.81
|
|
|
—
|
|
|
—
|
|
||
Expired
|
—
|
|
|
—
|
|
|
(756
|
)
|
|
32.81
|
|
||
Vested
|
(1,144
|
)
|
|
46.95
|
|
|
1,144
|
|
|
46.95
|
|
||
Outstanding at September 30, 2019
|
123,668
|
|
|
$
|
39.47
|
|
|
520,767
|
|
|
$
|
29.51
|
|
Exercisable/vested at September 30, 2019
|
|
|
|
|
520,767
|
|
|
$
|
29.51
|
|
(1)
|
Options acquired in the Merger expire ten years from the date of grant and vest ratably over a five-year period.
|
|
Defined Benefit Pension Plans
|
||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest cost
|
$
|
1,046
|
|
|
$
|
246
|
|
|
$
|
1,574
|
|
|
$
|
738
|
|
Service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Contractual termination cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Return on plan assets
|
(949
|
)
|
|
(133
|
)
|
|
(1,223
|
)
|
|
(397
|
)
|
||||
Amortization of prior service credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Amortization of unrecognized net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Recognized actuarial (gain) loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit plan (income) cost
|
$
|
97
|
|
|
$
|
113
|
|
|
$
|
351
|
|
|
$
|
341
|
|
|
Postretirement Benefit Plans
|
||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest cost
|
$
|
41
|
|
|
$
|
28
|
|
|
$
|
101
|
|
|
$
|
83
|
|
Service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Recognized actuarial (gain) loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Amortization of prior service cost
|
(11
|
)
|
|
(12
|
)
|
|
(35
|
)
|
|
(35
|
)
|
||||
Amortization of unrecognized net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit plan (income) cost
|
$
|
30
|
|
|
$
|
16
|
|
|
$
|
66
|
|
|
$
|
48
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Dollars in thousands, except per share data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Basic earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to TCF Financial Corporation
|
$
|
22,148
|
|
|
$
|
86,196
|
|
|
$
|
183,069
|
|
|
$
|
218,706
|
|
Preferred stock dividends
|
2,494
|
|
|
2,494
|
|
|
7,481
|
|
|
9,094
|
|
||||
Impact of preferred stock redemption(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
3,481
|
|
||||
Net income available to common shareholders
|
19,654
|
|
|
83,702
|
|
|
175,588
|
|
|
206,131
|
|
||||
Less: Earnings allocated to participating securities
|
—
|
|
|
13
|
|
|
19
|
|
|
30
|
|
||||
Earnings allocated to common stock
|
$
|
19,654
|
|
|
$
|
83,689
|
|
|
$
|
175,569
|
|
|
$
|
206,101
|
|
Weighted-average common shares outstanding used in basic earnings per common share calculation
|
128,575,171
|
|
|
83,762,625
|
|
|
97,876,262
|
|
|
84,522,519
|
|
||||
Basic earnings per common share
|
$
|
0.15
|
|
|
$
|
1.00
|
|
|
$
|
1.79
|
|
|
$
|
2.44
|
|
Diluted earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings allocated to common stock
|
$
|
19,654
|
|
|
$
|
83,689
|
|
|
$
|
175,569
|
|
|
$
|
206,101
|
|
Weighted-average common shares outstanding used in basic earnings per common share calculation
|
128,575,171
|
|
|
83,762,625
|
|
|
97,876,262
|
|
|
84,522,519
|
|
||||
Net dilutive effect of:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-participating restricted stock
|
73,698
|
|
|
—
|
|
|
139,795
|
|
|
—
|
|
||||
Stock options
|
105,719
|
|
|
—
|
|
|
39,222
|
|
|
1,670
|
|
||||
Warrants
|
—
|
|
|
45,438
|
|
|
—
|
|
|
266,935
|
|
||||
Weighted-average common shares outstanding used in diluted earnings per common share calculation
|
128,754,588
|
|
|
83,808,063
|
|
|
98,055,279
|
|
|
84,791,124
|
|
||||
Diluted earnings per common share
|
$
|
0.15
|
|
|
$
|
1.00
|
|
|
$
|
1.79
|
|
|
$
|
2.43
|
|
Anti-dilutive shares outstanding not included in the computation of diluted earnings per common share
|
|
|
|
|
|
|
|
||||||||
Non-participating restricted stock
|
1,369,025
|
|
|
1,058,202
|
|
|
1,369,025
|
|
|
1,058,202
|
|
(1)
|
Represents the amount of deferred stock issuance costs originally recorded in preferred stock that were reclassified to retained earnings.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Outside processing
|
$
|
12,084
|
|
|
$
|
5,052
|
|
|
$
|
23,475
|
|
|
$
|
15,936
|
|
Loan and lease expense
|
9,323
|
|
|
3,313
|
|
|
15,986
|
|
|
10,430
|
|
||||
Professional fees
|
7,113
|
|
|
5,949
|
|
|
18,026
|
|
|
16,035
|
|
||||
Advertising and marketing
|
7,101
|
|
|
7,674
|
|
|
19,229
|
|
|
22,075
|
|
||||
FDIC insurance
|
6,298
|
|
|
4,376
|
|
|
11,708
|
|
|
12,165
|
|
||||
Card processing and issuance costs
|
5,746
|
|
|
4,090
|
|
|
14,437
|
|
|
12,759
|
|
||||
Consumer Financial Protection Bureau and OCC settlement charge
|
—
|
|
|
—
|
|
|
—
|
|
|
32,000
|
|
||||
Other
|
40,111
|
|
|
25,231
|
|
|
91,920
|
|
|
79,908
|
|
||||
Total other noninterest expense
|
$
|
87,776
|
|
|
$
|
55,685
|
|
|
$
|
194,781
|
|
|
$
|
201,308
|
|
(In thousands)
|
Consumer Banking
|
|
Commercial Banking
|
|
Enterprise Services
|
|
Consolidated
|
||||||||
At or For the Three Months Ended September 30, 2019
|
|
|
|
|
|
|
|
||||||||
Net interest income (expense)
|
$
|
191,940
|
|
|
$
|
157,437
|
|
|
$
|
22,416
|
|
|
$
|
371,793
|
|
Provision for credit losses
|
4,489
|
|
|
22,699
|
|
|
—
|
|
|
27,188
|
|
||||
Net interest income (expense) after provision for credit losses
|
187,451
|
|
|
134,738
|
|
|
22,416
|
|
|
344,605
|
|
||||
Noninterest income
|
57,102
|
|
|
47,929
|
|
|
(10,773
|
)
|
|
94,258
|
|
||||
Noninterest expense
|
210,728
|
|
|
102,841
|
|
|
112,051
|
|
|
425,620
|
|
||||
Income tax expense (benefit)
|
6,817
|
|
|
8,172
|
|
|
(26,724
|
)
|
|
(11,735
|
)
|
||||
Income (loss) after income tax expense (benefit)
|
27,008
|
|
|
71,654
|
|
|
(73,684
|
)
|
|
24,978
|
|
||||
Income attributable to non-controlling interest
|
—
|
|
|
2,830
|
|
|
—
|
|
|
2,830
|
|
||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
2,494
|
|
|
2,494
|
|
||||
Net income (loss) available to common shareholders
|
$
|
27,008
|
|
|
$
|
68,824
|
|
|
$
|
(76,178
|
)
|
|
$
|
19,654
|
|
Total assets(1)
|
$
|
14,906,457
|
|
|
$
|
22,076,203
|
|
|
$
|
8,709,851
|
|
|
$
|
45,692,511
|
|
At or For the Three Months Ended September 30, 2018
|
|
|
|
|
|
|
|
||||||||
Net interest income (expense)
|
$
|
143,015
|
|
|
$
|
94,252
|
|
|
$
|
16,235
|
|
|
$
|
253,502
|
|
Provision (benefit) for credit losses
|
(953
|
)
|
|
3,223
|
|
|
—
|
|
|
2,270
|
|
||||
Net interest income (expense) after provision for credit losses
|
143,968
|
|
|
91,029
|
|
|
16,235
|
|
|
251,232
|
|
||||
Noninterest income
|
66,621
|
|
|
44,934
|
|
|
509
|
|
|
112,064
|
|
||||
Noninterest expense
|
162,034
|
|
|
77,863
|
|
|
6,526
|
|
|
246,423
|
|
||||
Income tax expense (benefit)
|
11,613
|
|
|
12,813
|
|
|
3,608
|
|
|
28,034
|
|
||||
Income (loss) after income tax expense (benefit)
|
36,942
|
|
|
45,287
|
|
|
6,610
|
|
|
88,839
|
|
||||
Income attributable to non-controlling interest
|
—
|
|
|
2,643
|
|
|
—
|
|
|
2,643
|
|
||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
2,494
|
|
|
2,494
|
|
||||
Net income (loss) available to common shareholders
|
$
|
36,942
|
|
|
$
|
42,644
|
|
|
$
|
4,116
|
|
|
$
|
83,702
|
|
Total assets
|
$
|
8,226,522
|
|
|
$
|
11,553,453
|
|
|
$
|
3,124,810
|
|
|
$
|
22,904,785
|
|
(1)
|
As a result of the Merger, we recorded $1.1 billion of goodwill. Due to the timing of the Merger, we are in the process of completing our analysis of the allocation of goodwill across business segments, and, therefore, goodwill is presented as part of Enterprise Services at September 30, 2019.
|
(In thousands)
|
Consumer Banking
|
|
Commercial Banking
|
|
Enterprise Services
|
|
Consolidated
|
||||||||
At or For the Nine Months Ended September 30, 2019
|
|
|
|
|
|
|
|
||||||||
Net interest income (expense)
|
$
|
470,738
|
|
|
$
|
350,848
|
|
|
$
|
58,693
|
|
|
$
|
880,279
|
|
Provision for credit losses
|
16,406
|
|
|
34,473
|
|
|
—
|
|
|
50,879
|
|
||||
Net interest income (expense) after provision for credit losses
|
454,332
|
|
|
316,375
|
|
|
58,693
|
|
|
829,400
|
|
||||
Noninterest income
|
183,767
|
|
|
132,883
|
|
|
(9,170
|
)
|
|
307,480
|
|
||||
Noninterest expense
|
520,007
|
|
|
267,147
|
|
|
128,390
|
|
|
915,544
|
|
||||
Income tax expense (benefit)
|
26,529
|
|
|
30,271
|
|
|
(27,934
|
)
|
|
28,866
|
|
||||
Income (loss) after income tax expense (benefit)
|
91,563
|
|
|
151,840
|
|
|
(50,933
|
)
|
|
192,470
|
|
||||
Income attributable to non-controlling interest
|
—
|
|
|
9,401
|
|
|
—
|
|
|
9,401
|
|
||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
7,481
|
|
|
7,481
|
|
||||
Net income (loss) available to common shareholders
|
$
|
91,563
|
|
|
$
|
142,439
|
|
|
$
|
(58,414
|
)
|
|
$
|
175,588
|
|
Total assets
|
$
|
14,906,457
|
|
|
$
|
22,076,203
|
|
|
$
|
8,709,851
|
|
|
$
|
45,692,511
|
|
At or For the Nine Months Ended September 30, 2018
|
|
|
|
|
|
|
|
||||||||
Net interest income (expense)
|
$
|
429,132
|
|
|
$
|
289,315
|
|
|
$
|
36,895
|
|
|
$
|
755,342
|
|
Provision for credit losses
|
18,900
|
|
|
8,974
|
|
|
—
|
|
|
27,874
|
|
||||
Net interest income (expense) after provision for credit losses
|
410,232
|
|
|
280,341
|
|
|
36,895
|
|
|
727,468
|
|
||||
Total noninterest income
|
196,827
|
|
|
132,794
|
|
|
908
|
|
|
330,529
|
|
||||
Total noninterest expense
|
511,915
|
|
|
229,094
|
|
|
23,433
|
|
|
764,442
|
|
||||
Income tax expense (benefit)
|
23,037
|
|
|
40,505
|
|
|
2,541
|
|
|
66,083
|
|
||||
Income (loss) after income tax expense (benefit)
|
72,107
|
|
|
143,536
|
|
|
11,829
|
|
|
227,472
|
|
||||
Income attributable to non-controlling interest
|
—
|
|
|
8,766
|
|
|
—
|
|
|
8,766
|
|
||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
9,094
|
|
|
9,094
|
|
||||
Impact of preferred stock redemption
|
—
|
|
|
—
|
|
|
3,481
|
|
|
3,481
|
|
||||
Net income (loss) available to common shareholders
|
$
|
72,107
|
|
|
$
|
134,770
|
|
|
$
|
(746
|
)
|
|
$
|
206,131
|
|
Total assets
|
$
|
8,226,522
|
|
|
$
|
11,553,453
|
|
|
$
|
3,124,810
|
|
|
$
|
22,904,785
|
|
(In thousands)
|
At September 30, 2019
|
|
At December 31, 2018
|
||||
Commitments to extend credit:
|
|
|
|
||||
Commercial
|
$
|
5,269,843
|
|
|
$
|
1,280,707
|
|
Consumer
|
2,266,913
|
|
|
1,627,960
|
|
||
Total commitments to extend credit
|
7,536,756
|
|
|
2,908,667
|
|
||
Standby letters of credit and guarantees on industrial revenue bonds
|
125,438
|
|
|
20,662
|
|
||
Total
|
$
|
7,662,194
|
|
|
$
|
2,929,329
|
|
(In thousands)
|
September 30, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
165,457
|
|
|
$
|
91,132
|
|
Premises and equipment, net
|
3,883
|
|
|
78
|
|
||
Deferred tax asset
|
13,485
|
|
|
2,974
|
|
||
Investment in TCF Bank
|
5,483,484
|
|
|
2,426,329
|
|
||
Accounts receivable from TCF Bank
|
19,849
|
|
|
23,780
|
|
||
Other assets
|
25,823
|
|
|
1,201
|
|
||
Total assets
|
$
|
5,711,981
|
|
|
$
|
2,545,494
|
|
Liabilities and Equity
|
|
|
|
||||
Long term borrowings
|
$
|
19,005
|
|
|
$
|
—
|
|
Other liabilities
|
22,872
|
|
|
7,693
|
|
||
Total liabilities
|
41,877
|
|
|
7,693
|
|
||
Equity
|
5,670,104
|
|
|
2,537,801
|
|
||
Total liabilities and equity
|
$
|
5,711,981
|
|
|
$
|
2,545,494
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest income
|
$
|
89
|
|
|
$
|
48
|
|
|
$
|
166
|
|
|
160
|
|
|
Interest expense
|
199
|
|
|
—
|
|
|
199
|
|
|
—
|
|
||||
Net interest income
|
(110
|
)
|
|
48
|
|
|
(33
|
)
|
|
160
|
|
||||
Noninterest income
|
|
|
|
|
|
|
|
||||||||
Dividends from TCF Bank
|
—
|
|
|
32,001
|
|
|
150,001
|
|
|
331,000
|
|
||||
Management fees
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other
|
1,979
|
|
|
5,383
|
|
|
8,742
|
|
|
14,352
|
|
||||
Total noninterest income
|
1,979
|
|
|
37,384
|
|
|
158,743
|
|
|
345,352
|
|
||||
Noninterest expense
|
|
|
|
|
|
|
|
||||||||
Compensation and employee benefits
|
4,838
|
|
|
4,739
|
|
|
12,255
|
|
|
15,320
|
|
||||
Occupancy and equipment
|
141
|
|
|
82
|
|
|
296
|
|
|
220
|
|
||||
Other
|
1,675
|
|
|
1,420
|
|
|
3,689
|
|
|
4,186
|
|
||||
Total noninterest expense
|
6,654
|
|
|
6,241
|
|
|
16,240
|
|
|
19,726
|
|
||||
Income (loss) before income tax benefit and equity in undistributed earnings (loss) of TCF Bank
|
(58,744
|
)
|
|
31,191
|
|
|
77,970
|
|
|
325,786
|
|
||||
Income tax benefit
|
11,409
|
|
|
116
|
|
|
14,572
|
|
|
1,633
|
|
||||
Income before equity in undistributed earnings (loss) of TCF Bank
|
(47,335
|
)
|
|
31,307
|
|
|
92,542
|
|
|
327,419
|
|
||||
Equity in undistributed earnings (loss) of TCF Bank
|
69,483
|
|
|
54,892
|
|
|
90,527
|
|
|
(108,713
|
)
|
||||
Net income
|
22,148
|
|
|
86,199
|
|
|
183,069
|
|
|
218,706
|
|
||||
Preferred stock dividends
|
2,494
|
|
|
2,493
|
|
|
7,482
|
|
|
12,574
|
|
||||
Impact of preferred stock redemption
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net income available to common shareholders
|
$
|
19,654
|
|
|
$
|
83,706
|
|
|
$
|
175,587
|
|
|
$
|
206,132
|
|
|
Nine Months Ended September 30,
|
||||||
(In thousands)
|
2019
|
|
2018
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income
|
$
|
183,069
|
|
|
$
|
218,706
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
||||
Equity in undistributed (earnings) loss of TCF Bank
|
(90,527
|
)
|
|
108,713
|
|
||
Share-based compensation expense
|
17,762
|
|
|
14,041
|
|
||
Depreciation and amortization
|
99
|
|
|
26
|
|
||
Provision (benefit) for deferred income taxes
|
14
|
|
|
—
|
|
||
Net (losses) gains on sales of assets
|
(8
|
)
|
|
(387
|
)
|
||
Net change in other assets
|
(887
|
)
|
|
975
|
|
||
Net change in other liabilities
|
(13,104
|
)
|
|
(374
|
)
|
||
Other, net
|
(2,756
|
)
|
|
(100
|
)
|
||
Net cash provided by (used in) operating activities
|
93,662
|
|
|
341,600
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Purchases of premises and equipment and lease equipment
|
(51
|
)
|
|
(3
|
)
|
||
Proceeds from sales of premises and equipment
|
28
|
|
|
17
|
|
||
Net cash acquired in business combination
|
155,154
|
|
|
—
|
|
||
Other, net
|
—
|
|
|
665
|
|
||
Net cash provided by (used in) investing activities
|
155,131
|
|
|
679
|
|
||
Cash flows from financing activities
|
|
|
|
||||
Redemption of Series B preferred stock
|
—
|
|
|
(100,000
|
)
|
||
Repurchases of common stock
|
(58,805
|
)
|
|
(149,912
|
)
|
||
Common shares sold to TCF employee benefit plans
|
—
|
|
|
715
|
|
||
Dividends paid on preferred stock
|
(7,482
|
)
|
|
(9,094
|
)
|
||
Dividends paid on common stock
|
(102,368
|
)
|
|
(74,916
|
)
|
||
Payments related to tax-withholding upon conversion of share-based awards
|
(5,813
|
)
|
|
(6,563
|
)
|
||
Exercise of stock options
|
—
|
|
|
(998
|
)
|
||
Net cash provided by (used in) financing activities
|
(174,468
|
)
|
|
(340,768
|
)
|
||
Net change in cash and cash equivalents
|
74,325
|
|
|
1,511
|
|
||
Cash and cash equivalents at beginning of period
|
91,132
|
|
|
80,471
|
|
||
Cash and cash equivalents at end of period
|
$
|
165,457
|
|
|
$
|
81,982
|
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
(Dollars in thousands, except per share data)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Consolidated Income:
|
|
|
|
|
|
|
|
|
||||||||
Interest income
|
|
$
|
459,808
|
|
|
$
|
291,707
|
|
|
$
|
1,077,483
|
|
|
$
|
861,420
|
|
Interest expense
|
|
88,015
|
|
|
38,205
|
|
|
197,204
|
|
|
106,078
|
|
||||
Net interest income
|
|
371,793
|
|
|
253,502
|
|
|
880,279
|
|
|
755,342
|
|
||||
Noninterest income
|
|
94,258
|
|
|
112,064
|
|
|
307,480
|
|
|
330,529
|
|
||||
Total revenue
|
|
466,051
|
|
|
365,566
|
|
|
1,187,759
|
|
|
1,085,871
|
|
||||
Provision for credit losses
|
|
27,188
|
|
|
2,270
|
|
|
50,879
|
|
|
27,874
|
|
||||
Noninterest expense
|
|
425,620
|
|
|
246,423
|
|
|
915,544
|
|
|
764,442
|
|
||||
Income before income tax expense
|
|
13,243
|
|
|
116,873
|
|
|
221,336
|
|
|
293,555
|
|
||||
Income tax (benefit) expense
|
|
(11,735
|
)
|
|
28,034
|
|
|
28,866
|
|
|
66,083
|
|
||||
Income attributable to non-controlling interest
|
|
2,830
|
|
|
2,643
|
|
|
9,401
|
|
|
8,766
|
|
||||
Net income attributable to TCF
|
|
22,148
|
|
|
86,196
|
|
|
183,069
|
|
|
218,706
|
|
||||
Preferred stock dividends
|
|
2,494
|
|
|
2,494
|
|
|
7,481
|
|
|
9,094
|
|
||||
Impact of preferred stock redemption
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,481
|
|
||||
Net income available to common shareholders
|
|
$
|
19,654
|
|
|
$
|
83,702
|
|
|
$
|
175,588
|
|
|
$
|
206,131
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.15
|
|
|
$
|
1.00
|
|
|
$
|
1.79
|
|
|
$
|
2.44
|
|
Diluted
|
|
0.15
|
|
|
1.00
|
|
|
1.79
|
|
|
2.43
|
|
||||
Financial Ratios:
|
|
|
|
|
|
|
|
|
||||||||
Return on average assets ("ROAA")(1)
|
|
0.26
|
%
|
|
1.55
|
%
|
|
0.88
|
%
|
|
1.32
|
%
|
||||
Return on average common equity ("ROACE")(1)
|
|
1.75
|
|
|
14.44
|
|
|
7.50
|
|
|
11.80
|
|
||||
Return on average tangible common equity ("ROATCE")(1)(2)
|
|
2.68
|
|
|
15.76
|
|
|
9.05
|
|
|
12.89
|
|
||||
Net interest margin (FTE)(1)(3)(4)
|
|
4.14
|
|
|
4.73
|
|
|
4.36
|
|
|
4.70
|
|
||||
Dividend payout ratio
|
|
233.33
|
|
|
29.41
|
|
|
52.54
|
|
|
36.59
|
|
||||
Efficiency ratio
|
|
91.32
|
|
|
67.41
|
|
|
77.08
|
|
|
70.40
|
|
||||
Credit Quality Ratios:
|
|
|
|
|
|
|
|
|
||||||||
Net charge-offs as a percentage of average loans and leases(1)
|
|
0.39
|
|
|
0.15
|
|
|
0.36
|
|
|
0.24
|
|
||||
Adjusted Financial Results (non-GAAP):
|
|
|
|
|
|
|
|
|
||||||||
Adjusted net income attributable to TCF(2)
|
|
$
|
128,301
|
|
|
$
|
86,196
|
|
|
$
|
299,638
|
|
|
$
|
244,215
|
|
Adjusted diluted earnings per common share(2)
|
|
$
|
0.98
|
|
|
$
|
1.00
|
|
|
$
|
2.98
|
|
|
$
|
2.73
|
|
Adjusted ROAA(1)(2)
|
|
1.34
|
%
|
|
1.55
|
%
|
|
1.41
|
%
|
|
1.46
|
%
|
||||
Adjusted ROACE(1)(2)
|
|
11.21
|
|
|
14.44
|
|
|
12.48
|
|
|
13.26
|
|
||||
Adjusted ROATCE(1)(2)
|
|
14.96
|
|
|
15.76
|
|
|
14.90
|
|
|
14.47
|
|
||||
Adjusted efficiency ratio (non-GAAP)(2)
|
|
58.74
|
|
|
64.91
|
|
|
61.57
|
|
|
65.08
|
|
(1)
|
Annualized.
|
(2)
|
See section entitled "Non-GAAP Financial Measures" for further information.
|
(3)
|
Net interest income on a fully tax-equivalent ("FTE") basis divided by average interest-earning assets.
|
(4)
|
Presented on a tax-equivalent basis using a 21% tax rate for each period presented.
|
(Dollars in thousands)
|
|
At September 30, 2019
|
|
At December 31, 2018
|
||||
Consolidated Financial Condition:
|
|
|
|
|
||||
Loans and leases
|
|
$
|
33,510,752
|
|
|
$
|
19,073,020
|
|
Total assets
|
|
45,692,511
|
|
|
23,699,612
|
|
||
Deposits
|
|
35,286,074
|
|
|
18,903,686
|
|
||
Borrowings
|
|
3,467,782
|
|
|
1,449,472
|
|
||
Total equity
|
|
5,693,417
|
|
|
2,556,260
|
|
||
Financial Ratios:
|
|
|
|
|
||||
Common equity to assets
|
|
12.04
|
%
|
|
9.99
|
%
|
||
Tangible common equity as a percent of tangible assets (non-GAAP)(1)
|
|
9.09
|
%
|
|
9.32
|
%
|
||
Total risk-based capital ratio
|
|
12.63
|
%
|
|
13.38
|
%
|
||
Book value per common share
|
|
$
|
35.82
|
|
|
$
|
26.85
|
|
Tangible book value per common share (non-GAAP)(1)
|
|
26.18
|
|
|
24.87
|
|
||
Credit Quality Ratios:
|
|
|
|
|
||||
Nonaccrual loans and leases as a percentage of total loans and leases
|
|
0.54
|
%
|
|
0.56
|
%
|
||
Nonperforming 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 total nonaccrual loans and leases
|
|
66.67
|
%
|
|
148.65
|
%
|
(1)
|
See section entitled "Non-GAAP Financial Measures" for further information.
|
Summary of Financial Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
Change From
|
|||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||
(Dollars in thousands, except per share data)
|
|
|
|
|
2018
|
2018
|
||||||||||||
Return on average assets ("ROAA")(1)
|
0.26
|
%
|
|
1.55
|
%
|
|
0.88
|
%
|
|
1.32
|
%
|
|
(129
|
)
|
bps
|
(44
|
)
|
bps
|
ROACE(1)
|
1.75
|
|
|
14.44
|
|
|
7.50
|
|
|
11.80
|
|
|
(1,269
|
)
|
|
(430
|
)
|
|
ROATCE (non-GAAP)(1)(2)
|
2.68
|
|
|
15.76
|
|
|
9.05
|
|
|
12.89
|
|
|
(1,308
|
)
|
|
(384
|
)
|
|
Adjusted Financial Results (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted ROAA(1)(2)
|
1.34
|
%
|
|
1.55
|
%
|
|
1.41
|
%
|
|
1.46
|
%
|
|
(21
|
)
|
bps
|
(5
|
)
|
bps
|
Adjusted ROACE(1)(2)
|
11.21
|
|
|
14.44
|
|
|
12.48
|
|
|
13.26
|
|
|
(323
|
)
|
|
(78
|
)
|
|
Adjusted ROATCE(1)(2)
|
14.96
|
|
|
15.76
|
|
|
14.90
|
|
|
14.47
|
|
|
(80
|
)
|
|
43
|
|
|
(1)
|
Annualized.
|
(2)
|
See section entitled "Non-GAAP Financial Measures" in this Management's Discussion and Analysis for further information.
|
|
Three Months Ended September 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:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Federal Home Loan Bank and Federal Reserve Bank stocks
|
$
|
230,767
|
|
|
$
|
806
|
|
|
1.39
|
%
|
|
$
|
87,485
|
|
|
$
|
1,057
|
|
|
4.81
|
%
|
Investment securities held-to-maturity
|
143,078
|
|
|
602
|
|
|
1.68
|
|
|
153,652
|
|
|
988
|
|
|
2.57
|
|
||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
4,232,878
|
|
|
30,436
|
|
|
2.88
|
|
|
1,525,665
|
|
|
10,511
|
|
|
2.76
|
|
||||
Tax-exempt(3)
|
643,576
|
|
|
4,283
|
|
|
2.66
|
|
|
823,854
|
|
|
5,478
|
|
|
2.66
|
|
||||
Loans and leases held-for-sale
|
118,482
|
|
|
1,408
|
|
|
4.74
|
|
|
216,669
|
|
|
3,625
|
|
|
6.64
|
|
||||
Loans and leases(1)(3)(4)
|
29,503,475
|
|
|
418,960
|
|
|
5.62
|
|
|
18,416,310
|
|
|
270,129
|
|
|
5.82
|
|
||||
Interest-bearing deposits with banks and other
|
933,014
|
|
|
5,800
|
|
|
2.44
|
|
|
218,771
|
|
|
2,031
|
|
|
3.69
|
|
||||
Total interest-earning assets
|
35,805,270
|
|
|
462,295
|
|
|
5.11
|
|
|
21,442,406
|
|
|
293,819
|
|
|
5.44
|
|
||||
Other assets
|
3,289,096
|
|
|
|
|
|
|
1,461,998
|
|
|
|
|
|
||||||||
Total assets
|
$
|
39,094,366
|
|
|
|
|
|
|
$
|
22,904,404
|
|
|
|
|
|
||||||
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing deposits
|
$
|
6,564,195
|
|
|
|
|
|
|
$
|
3,874,421
|
|
|
|
|
|
||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Checking
|
4,805,843
|
|
|
5,520
|
|
|
0.46
|
|
|
2,427,288
|
|
|
234
|
|
|
0.04
|
|
||||
Savings
|
7,676,165
|
|
|
14,110
|
|
|
0.73
|
|
|
5,620,161
|
|
|
4,994
|
|
|
0.35
|
|
||||
Money market
|
3,490,922
|
|
|
13,037
|
|
|
1.48
|
|
|
1,496,223
|
|
|
2,941
|
|
|
0.78
|
|
||||
Certificates of deposit
|
7,320,720
|
|
|
38,233
|
|
|
2.07
|
|
|
4,868,286
|
|
|
19,310
|
|
|
1.57
|
|
||||
Total interest-bearing deposits
|
23,293,650
|
|
|
70,900
|
|
|
1.21
|
|
|
14,411,958
|
|
|
27,479
|
|
|
0.76
|
|
||||
Total deposits
|
29,857,845
|
|
|
70,900
|
|
|
0.94
|
|
|
18,286,379
|
|
|
27,479
|
|
|
0.60
|
|
||||
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term borrowings
|
1,884,228
|
|
|
5,345
|
|
|
1.11
|
|
|
3,357
|
|
|
21
|
|
|
2.44
|
|
||||
Long-term borrowings
|
1,472,150
|
|
|
11,769
|
|
|
3.17
|
|
|
1,351,585
|
|
|
10,705
|
|
|
3.13
|
|
||||
Total borrowings
|
3,356,378
|
|
|
17,114
|
|
|
2.01
|
|
|
1,354,942
|
|
|
10,726
|
|
|
3.13
|
|
||||
Total interest-bearing liabilities
|
26,650,028
|
|
|
88,014
|
|
|
1.31
|
|
|
15,766,900
|
|
|
38,205
|
|
|
0.96
|
|
||||
Total deposits and borrowings
|
33,214,223
|
|
|
88,014
|
|
|
1.05
|
|
|
19,641,321
|
|
|
38,205
|
|
|
0.77
|
|
||||
Accrued expenses and other liabilities
|
1,197,014
|
|
|
|
|
|
|
751,100
|
|
|
|
|
|
||||||||
Total liabilities
|
34,411,237
|
|
|
|
|
|
|
20,392,421
|
|
|
|
|
|
||||||||
Total TCF Financial Corporation shareholders' equity
|
4,657,613
|
|
|
|
|
|
|
2,488,435
|
|
|
|
|
|
||||||||
Non-controlling interest in subsidiaries
|
25,516
|
|
|
|
|
|
|
23,548
|
|
|
|
|
|
||||||||
Total equity
|
4,683,129
|
|
|
|
|
|
|
2,511,983
|
|
|
|
|
|
||||||||
Total liabilities and equity
|
$
|
39,094,366
|
|
|
|
|
|
|
$
|
22,904,404
|
|
|
|
|
|
||||||
Net interest spread (FTE)
|
|
|
|
|
4.06
|
|
|
|
|
|
|
4.67
|
|
||||||||
Net interest income (FTE) and net interest margin (FTE)
|
|
|
$
|
374,281
|
|
|
4.14
|
|
|
|
|
$
|
255,614
|
|
|
4.73
|
|
||||
Reconciliation to Reported Net Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income (FTE)
|
|
|
$
|
374,281
|
|
|
|
|
|
|
$
|
255,614
|
|
|
|
||||||
Adjustments for taxable equivalent interest(1)(3)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans and leases
|
|
|
$
|
(1,590
|
)
|
|
|
|
|
|
$
|
(962
|
)
|
|
|
||||||
Tax-exempt investment securities
|
|
|
(898
|
)
|
|
|
|
|
|
(1,150
|
)
|
|
|
||||||||
Total FTE adjustments
|
|
|
(2,488
|
)
|
|
|
|
|
|
(2,112
|
)
|
|
|
||||||||
Net interest income (GAAP)
|
|
|
$
|
371,793
|
|
|
|
|
|
|
$
|
253,502
|
|
|
|
||||||
Net interest margin (GAAP)
|
|
|
4.12
|
%
|
|
|
|
|
|
4.69
|
%
|
|
|
(1)
|
Interest and yields are presented on a FTE basis.
|
(2)
|
Annualized.
|
(3)
|
The yield on tax-exempt loans, leases and investment securities available-for-sale is computed on a FTE basis using a statutory federal income tax rate of 21%.
|
(4)
|
Average balances of loans and leases include nonaccrual loans and leases and are presented net of unearned income.
|
|
Nine Months Ended September 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:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Federal Home Loan Bank and Federal Reserve Bank stocks
|
$
|
149,801
|
|
|
$
|
2,860
|
|
|
2.55
|
%
|
|
$
|
90,600
|
|
|
$
|
2,698
|
|
|
3.98
|
%
|
Investment securities held-to-maturity
|
145,627
|
|
|
2,061
|
|
|
1.89
|
|
|
156,170
|
|
|
3,005
|
|
|
2.57
|
|
||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
3,029,754
|
|
|
67,684
|
|
|
2.98
|
|
|
1,258,708
|
|
|
24,487
|
|
|
2.59
|
|
||||
Tax-exempt(3)
|
461,499
|
|
|
9,210
|
|
|
2.66
|
|
|
824,551
|
|
|
16,444
|
|
|
2.66
|
|
||||
Loans and leases held-for-sale
|
71,739
|
|
|
2,832
|
|
|
5.27
|
|
|
108,992
|
|
|
5,281
|
|
|
6.48
|
|
||||
Loans and leases(1)(3)(4)
|
22,681,170
|
|
|
987,504
|
|
|
5.80
|
|
|
18,918,591
|
|
|
809,751
|
|
|
5.71
|
|
||||
Interest-bearing deposits with banks and other
|
494,007
|
|
|
10,878
|
|
|
2.92
|
|
|
225,203
|
|
|
6,023
|
|
|
3.58
|
|
||||
Total interest-earning assets
|
27,033,597
|
|
|
1,083,029
|
|
|
5.33
|
|
|
21,582,815
|
|
|
867,689
|
|
|
5.36
|
|
||||
Other assets
|
2,249,678
|
|
|
|
|
|
|
1,448,293
|
|
|
|
|
|
||||||||
Total assets
|
$
|
29,283,275
|
|
|
|
|
|
|
$
|
23,031,108
|
|
|
|
|
|
||||||
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing deposits
|
$
|
4,831,271
|
|
|
|
|
|
|
$
|
3,833,543
|
|
|
|
|
|
||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Checking
|
3,256,409
|
|
|
6,347
|
|
|
0.26
|
|
|
2,449,723
|
|
|
466
|
|
|
0.03
|
|
||||
Savings
|
6,799,432
|
|
|
37,094
|
|
|
0.73
|
|
|
5,520,287
|
|
|
11,895
|
|
|
0.29
|
|
||||
Money market
|
2,144,697
|
|
|
22,078
|
|
|
1.38
|
|
|
1,588,210
|
|
|
7,970
|
|
|
0.67
|
|
||||
Certificates of deposit
|
5,500,105
|
|
|
83,635
|
|
|
2.03
|
|
|
4,924,804
|
|
|
53,897
|
|
|
1.46
|
|
||||
Total interest-bearing deposits
|
17,700,643
|
|
|
149,154
|
|
|
1.13
|
|
|
14,483,024
|
|
|
74,228
|
|
|
0.69
|
|
||||
Total deposits
|
22,531,914
|
|
|
149,154
|
|
|
0.88
|
|
|
18,316,567
|
|
|
74,228
|
|
|
0.54
|
|
||||
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term borrowings
|
838,750
|
|
|
9,433
|
|
|
1.48
|
|
|
3,473
|
|
|
58
|
|
|
2.23
|
|
||||
Long-term borrowings
|
1,543,398
|
|
|
38,616
|
|
|
3.32
|
|
|
1,435,088
|
|
|
31,792
|
|
|
2.94
|
|
||||
Total borrowings
|
2,382,148
|
|
|
48,049
|
|
|
2.67
|
|
|
1,438,561
|
|
|
31,850
|
|
|
2.93
|
|
||||
Total interest-bearing liabilities
|
20,082,791
|
|
|
197,203
|
|
|
1.31
|
|
|
15,921,585
|
|
|
106,078
|
|
|
0.89
|
|
||||
Total deposits and borrowings
|
24,914,062
|
|
|
197,203
|
|
|
1.06
|
|
|
19,755,128
|
|
|
106,078
|
|
|
0.72
|
|
||||
Accrued expenses and other liabilities
|
1,052,709
|
|
|
|
|
|
|
741,222
|
|
|
|
|
|
||||||||
Total liabilities
|
25,966,771
|
|
|
|
|
|
|
20,496,350
|
|
|
|
|
|
||||||||
Total TCF Financial Corp. shareholders' equity
|
3,289,946
|
|
|
|
|
|
|
2,509,625
|
|
|
|
|
|
||||||||
Non-controlling interest in subsidiaries
|
26,558
|
|
|
|
|
|
|
25,133
|
|
|
|
|
|
||||||||
Total equity
|
3,316,504
|
|
|
|
|
|
|
2,534,758
|
|
|
|
|
|
||||||||
Total liabilities and equity
|
$
|
29,283,275
|
|
|
|
|
|
|
$
|
23,031,108
|
|
|
|
|
|
||||||
Net interest spread (FTE)
|
|
|
|
|
4.27
|
|
|
|
|
|
|
4.64
|
|
||||||||
Net interest income (FTE) and net interest margin (FTE)
|
|
|
$
|
885,826
|
|
|
4.36
|
|
|
|
|
$
|
761,611
|
|
|
4.70
|
|
||||
Reconciliation to Reported Net Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income (FTE)
|
|
|
$
|
885,826
|
|
|
|
|
|
|
$
|
761,611
|
|
|
|
||||||
Adjustments for taxable equivalent interest(1)(3)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
|
|
|
(3,614
|
)
|
|
|
|
|
|
(2,816
|
)
|
|
|
||||||||
Tax-exempt investment securities
|
|
|
(1,933
|
)
|
|
|
|
|
|
(3,453
|
)
|
|
|
||||||||
Total FTE adjustments
|
|
|
(5,547
|
)
|
|
|
|
|
|
(6,269
|
)
|
|
|
||||||||
Net interest income (GAAP)
|
|
|
$
|
880,279
|
|
|
|
|
|
|
$
|
755,342
|
|
|
|
||||||
Net interest margin (GAAP)
|
|
|
4.35
|
%
|
|
|
|
|
|
4.68
|
%
|
|
|
(1)
|
Interest and yields are presented on a FTE basis.
|
(2)
|
Annualized.
|
(3)
|
The yield on tax-exempt loans, leases and investment securities available-for-sale is computed on a FTE basis using a statutory federal income tax rate of 21%.
|
(4)
|
Average balances of loans and leases include nonaccrual loans and leases and are presented net of unearned income.
|
|
Three Months Ended September 30, 2019 vs. 2018
|
|
Nine Months Ended September 30, 2019 vs. 2018
|
||||||||||||||||||||
|
Increase (Decrease)
Due to Changes in
|
|
|
|
Increase (Decrease)
Due to Changes in |
|
|
||||||||||||||||
(Dollars in thousands)
|
Average Volume(1)
|
|
Average Yield/Rate(1)
|
|
Total Change
|
|
Average Volume(1)
|
|
Average Yield/Rate(1)
|
|
Total Change
|
||||||||||||
Changes in Interest Income on Interest-Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stocks
|
$
|
873
|
|
|
$
|
(1,124
|
)
|
|
$
|
(251
|
)
|
|
$
|
1,355
|
|
|
$
|
(1,193
|
)
|
|
$
|
162
|
|
Investment securities held to maturity
|
(64
|
)
|
|
(322
|
)
|
|
(386
|
)
|
|
(192
|
)
|
|
(752
|
)
|
|
(944
|
)
|
||||||
Investment securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Taxable
|
19,446
|
|
|
479
|
|
|
19,925
|
|
|
39,077
|
|
|
4,120
|
|
|
43,197
|
|
||||||
Tax-exempt
|
(1,200
|
)
|
|
5
|
|
|
(1,195
|
)
|
|
(7,246
|
)
|
|
12
|
|
|
(7,234
|
)
|
||||||
Loans and leases held for sale
|
(1,358
|
)
|
|
(859
|
)
|
|
(2,217
|
)
|
|
(1,586
|
)
|
|
(863
|
)
|
|
(2,449
|
)
|
||||||
Loans and leases
|
158,371
|
|
|
(9,540
|
)
|
|
148,831
|
|
|
164,581
|
|
|
13,172
|
|
|
177,753
|
|
||||||
Interest-bearing deposits with banks and other
|
4,670
|
|
|
(901
|
)
|
|
3,769
|
|
|
6,149
|
|
|
(1,294
|
)
|
|
4,855
|
|
||||||
Total interest-earning assets
|
$
|
180,738
|
|
|
$
|
(12,262
|
)
|
|
$
|
168,476
|
|
|
$
|
202,138
|
|
|
$
|
13,202
|
|
|
$
|
215,340
|
|
Changes in Interest Expense on Interest-Bearing Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Checking
|
$
|
435
|
|
|
$
|
4,851
|
|
|
$
|
5,286
|
|
|
$
|
202
|
|
|
$
|
5,679
|
|
|
$
|
5,881
|
|
Savings
|
2,325
|
|
|
6,791
|
|
|
9,116
|
|
|
3,311
|
|
|
21,888
|
|
|
25,199
|
|
||||||
Money market
|
6,028
|
|
|
4,068
|
|
|
10,096
|
|
|
3,527
|
|
|
10,581
|
|
|
14,108
|
|
||||||
Certificates of deposit
|
11,616
|
|
|
7,307
|
|
|
18,923
|
|
|
6,865
|
|
|
22,873
|
|
|
29,738
|
|
||||||
Interest-bearing deposits
|
20,404
|
|
|
23,017
|
|
|
43,421
|
|
|
13,905
|
|
|
61,021
|
|
|
74,926
|
|
||||||
Short-term borrowings
|
5,342
|
|
|
(18
|
)
|
|
5,324
|
|
|
9,401
|
|
|
(26
|
)
|
|
9,375
|
|
||||||
Long-term borrowings
|
940
|
|
|
124
|
|
|
1,064
|
|
|
2,516
|
|
|
4,308
|
|
|
6,824
|
|
||||||
Total interest-bearing liabilities
|
$
|
26,686
|
|
|
$
|
23,123
|
|
|
$
|
49,809
|
|
|
$
|
25,822
|
|
|
$
|
65,303
|
|
|
$
|
91,125
|
|
Total change in net interest income (FTE)(2)
|
$
|
154,052
|
|
|
$
|
(35,385
|
)
|
|
$
|
118,667
|
|
|
$
|
176,316
|
|
|
$
|
(52,101
|
)
|
|
$
|
124,215
|
|
(1)
|
Changes attributable to the combined impact of volume and rate have been allocated proportionately to the change due to volume and the change due to rate.
|
(2)
|
FTE basis using a federal income tax rate of 21% for the three and nine months ended September 30, 2019 and 2018. The presentation of net interest income on a FTE basis is not in accordance with GAAP, but is customary in the banking industry.
|
|
Three Months Ended September 30,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
$
|
|
% / bps
|
|||||||
Fees and service charges on deposit accounts
|
$
|
34,384
|
|
|
$
|
29,175
|
|
|
$
|
5,209
|
|
|
17.9
|
%
|
Leasing revenue
|
39,590
|
|
|
41,944
|
|
|
(2,354
|
)
|
|
(5.6
|
)
|
|||
Wealth management revenue
|
4,241
|
|
|
—
|
|
|
4,241
|
|
|
N.M.
|
|
|||
Card and ATM revenue
|
23,315
|
|
|
20,074
|
|
|
3,241
|
|
|
16.1
|
|
|||
Net (losses) gains on sales of loans and leases
|
(5,984
|
)
|
|
8,502
|
|
|
(14,486
|
)
|
|
N.M.
|
|
|||
Servicing fee revenue
|
5,121
|
|
|
6,032
|
|
|
(911
|
)
|
|
(15.1
|
)
|
|||
Net gains (losses) on investment securities
|
5,900
|
|
|
94
|
|
|
5,806
|
|
|
N.M.
|
|
|||
Other
|
(12,309
|
)
|
|
6,243
|
|
|
(18,552
|
)
|
|
N.M.
|
|
|||
Total noninterest income
|
$
|
94,258
|
|
|
$
|
112,064
|
|
|
$
|
(17,806
|
)
|
|
(15.9
|
)
|
Total noninterest income as a percentage of total revenue
|
20.2
|
%
|
|
30.7
|
%
|
|
|
|
|
(1,050) bps
|
|
|||
|
|
|
|
|
|
|
|
|||||||
|
Nine Months Ended September 30,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Fees and service charges on deposit accounts
|
$
|
88,504
|
|
|
$
|
83,703
|
|
|
$
|
4,801
|
|
|
5.7
|
%
|
Leasing revenue
|
117,032
|
|
|
121,001
|
|
|
(3,969
|
)
|
|
(3.3
|
)
|
|||
Wealth management revenue
|
4,241
|
|
|
—
|
|
|
4,241
|
|
|
N.M.
|
|
|||
Card and ATM revenue
|
62,470
|
|
|
58,313
|
|
|
4,157
|
|
|
7.1
|
|
|||
Net (losses) gains on sales of loans and leases
|
13,374
|
|
|
24,900
|
|
|
(11,526
|
)
|
|
(46.3
|
)
|
|||
Servicing fee revenue
|
14,754
|
|
|
21,811
|
|
|
(7,057
|
)
|
|
(32.4
|
)
|
|||
Net gains (losses) on investment securities
|
7,417
|
|
|
181
|
|
|
7,236
|
|
|
N.M.
|
|
|||
Other
|
(312
|
)
|
|
20,620
|
|
|
(20,932
|
)
|
|
N.M.
|
|
|||
Total noninterest income
|
$
|
307,480
|
|
|
$
|
330,529
|
|
|
$
|
(23,049
|
)
|
|
(7.0
|
)
|
Total noninterest income as a percentage of total revenue
|
25.9
|
%
|
|
30.4
|
%
|
|
|
|
(450) bps
|
|
|
Three Months Ended September 30,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
$
|
|
% / bps
|
|||||||
Compensation and employee benefits
|
$
|
155,745
|
|
|
$
|
124,996
|
|
|
$
|
30,749
|
|
|
24.6
|
%
|
Occupancy and equipment
|
49,229
|
|
|
42,337
|
|
|
6,892
|
|
|
16.3
|
|
|||
Lease financing equipment depreciation
|
19,408
|
|
|
19,525
|
|
|
(117
|
)
|
|
(0.6
|
)
|
|||
Net foreclosed real estate and repossessed assets
|
2,203
|
|
|
3,880
|
|
|
(1,677
|
)
|
|
(43.2
|
)
|
|||
Merger-related expenses
|
111,259
|
|
|
—
|
|
|
111,259
|
|
|
N.M.
|
|
|||
Other
|
87,776
|
|
|
55,685
|
|
|
32,091
|
|
|
57.6
|
|
|||
Total noninterest expense
|
$
|
425,620
|
|
|
$
|
246,423
|
|
|
$
|
179,197
|
|
|
72.7
|
|
Full-time equivalent staff (at period end)
|
7,374
|
|
|
4,872
|
|
|
2,502
|
|
|
51.4
|
|
|||
Efficiency ratio
|
91.32
|
%
|
|
67.41
|
%
|
|
|
|
|
2,391
|
bps
|
|||
Adjusted efficiency ratio, Non-GAAP(1)
|
58.74
|
|
|
64.91
|
|
|
|
|
|
(617
|
)
|
|||
|
|
|
|
|
|
|
|
|||||||
|
Nine Months Ended September 30,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Compensation and employee benefits
|
$
|
395,953
|
|
|
$
|
372,174
|
|
|
$
|
23,779
|
|
|
6.4
|
%
|
Occupancy and equipment
|
132,789
|
|
|
123,562
|
|
|
9,227
|
|
|
7.5
|
|
|||
Lease financing equipment depreciation
|
57,797
|
|
|
54,744
|
|
|
3,053
|
|
|
5.6
|
|
|||
Net foreclosed real estate and repossessed assets
|
9,281
|
|
|
12,654
|
|
|
(3,373
|
)
|
|
(26.7
|
)
|
|||
Merger-related expenses
|
124,943
|
|
|
—
|
|
|
124,943
|
|
|
N.M.
|
|
|||
Other
|
194,781
|
|
|
201,308
|
|
|
(6,527
|
)
|
|
(3.2
|
)
|
|||
Total noninterest expense
|
$
|
915,544
|
|
|
$
|
764,442
|
|
|
$
|
151,102
|
|
|
19.8
|
|
Efficiency ratio
|
77.08
|
%
|
|
70.40
|
%
|
|
|
|
668
|
bps
|
||||
Adjusted efficiency ratio, Non-GAAP(1)
|
61.57
|
|
|
65.08
|
|
|
|
|
(351
|
)
|
(1)
|
See "Consolidated Financial Condition Analysis - Non-GAAP Financial Measures" in this Management's Discussion and Analysis for further information.
|
(In thousands)
|
At September 30, 2019
|
|
At December 31, 2018
|
||||
Investment securities available-for-sale, at fair value
|
|
|
|
||||
Debt securities:
|
|
|
|
||||
Government and government-sponsored enterprises
|
$
|
247,147
|
|
|
$
|
—
|
|
Obligations of states and political subdivisions
|
789,671
|
|
|
556,871
|
|
||
Mortgage-backed securities
|
4,542,592
|
|
|
1,913,194
|
|
||
Corporate debt and trust preferred securities
|
425
|
|
|
—
|
|
||
Total debt securities available-for-sale
|
5,579,835
|
|
|
2,470,065
|
|
||
Total investment securities available-for-sale
|
5,579,835
|
|
|
2,470,065
|
|
||
Investment securities held-to-maturity
|
|
|
|
||||
Mortgage-backed securities
|
140,324
|
|
|
146,052
|
|
||
Corporate debt and trust preferred securities
|
3,676
|
|
|
2,800
|
|
||
Total investment securities held-to-maturity
|
144,000
|
|
|
148,852
|
|
||
Total investment securities
|
$
|
5,723,835
|
|
|
$
|
2,618,917
|
|
|
At September 30, 2019
|
|||||||||||||||||||||||||||||||||
|
Government and Government-sponsored Enterprises
|
|
Obligations of States and Political Subdivisions
|
|
Mortgage-backed Securities
|
|
Corporate Debt And Trust Preferred Securities
|
|
Total
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|||||||||||||||
Investment securities available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due in one year or less
|
$
|
—
|
|
|
—
|
%
|
|
$
|
60,652
|
|
|
2.23
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
60,652
|
|
|
2.23
|
%
|
Due in 1-5 years
|
—
|
|
|
—
|
|
|
169,736
|
|
|
2.61
|
|
|
29,663
|
|
|
1.93
|
|
|
—
|
|
|
—
|
|
|
199,399
|
|
|
2.51
|
|
|||||
Due in 5-10 years
|
27,186
|
|
|
3.60
|
|
|
161,469
|
|
|
2.76
|
|
|
304,100
|
|
|
2.60
|
|
|
—
|
|
|
—
|
|
|
492,755
|
|
|
2.71
|
|
|||||
Due after 10 years
|
219,961
|
|
|
3.44
|
|
|
397,814
|
|
|
2.89
|
|
|
4,208,829
|
|
|
2.95
|
|
|
425
|
|
|
6.87
|
|
|
4,827,029
|
|
|
2.97
|
|
|||||
Total
|
$
|
247,147
|
|
|
3.46
|
|
|
$
|
789,671
|
|
|
2.75
|
|
|
$
|
4,542,592
|
|
|
2.92
|
|
|
$
|
425
|
|
|
6.87
|
|
|
$
|
5,579,835
|
|
|
2.92
|
|
Investment securities held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due in one year or less
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
Due in 1-5 years
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,150
|
|
|
2.82
|
|
|
3,150
|
|
|
2.82
|
|
|||||
Due in 5-10 years
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
6.50
|
|
|
400
|
|
|
3.00
|
|
|
460
|
|
|
3.46
|
|
|||||
Due after 10 years
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
140,264
|
|
|
2.47
|
|
|
126
|
|
|
6.00
|
|
|
140,390
|
|
|
2.47
|
|
|||||
Total
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
140,324
|
|
|
2.47
|
|
|
$
|
3,676
|
|
|
2.95
|
|
|
$
|
144,000
|
|
|
2.48
|
|
|
At September 30, 2019
|
|
At December 31, 2018
|
|
Change
|
|||||||||||||||
(Dollars in thousands)
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
|
$
|
|
%
|
|||||||||
Commercial loan and lease portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
10,810,534
|
|
|
32.3
|
%
|
|
$
|
6,220,632
|
|
|
32.6
|
%
|
|
$
|
4,589,902
|
|
|
73.8
|
%
|
Commercial real estate
|
8,876,779
|
|
|
26.5
|
|
|
2,908,313
|
|
|
15.2
|
|
|
5,968,466
|
|
|
205.2
|
|
|||
Lease financing
|
2,594,373
|
|
|
7.7
|
|
|
2,530,163
|
|
|
13.3
|
|
|
64,210
|
|
|
2.5
|
|
|||
Total commercial loan and lease portfolio
|
22,281,686
|
|
|
66.5
|
|
|
11,659,108
|
|
|
61.1
|
|
|
10,622,578
|
|
|
91.1
|
|
|||
Consumer loan portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential mortgage
|
6,057,404
|
|
|
18.0
|
|
|
2,335,835
|
|
|
12.2
|
|
|
3,721,569
|
|
|
159.3
|
|
|||
Consumer installment
|
1,562,252
|
|
|
4.7
|
|
|
2,003,572
|
|
|
10.5
|
|
|
(441,320
|
)
|
|
(22.0
|
)
|
|||
Home equity
|
3,609,410
|
|
|
10.8
|
|
|
3,074,505
|
|
|
16.2
|
|
|
534,905
|
|
|
17.4
|
|
|||
Total consumer loan portfolio
|
11,229,066
|
|
|
33.5
|
|
|
7,413,912
|
|
|
38.9
|
|
|
3,815,154
|
|
|
51.5
|
|
|||
Total loans and leases
|
$
|
33,510,752
|
|
|
100.0
|
%
|
|
$
|
19,073,020
|
|
|
100.0
|
%
|
|
$
|
14,437,732
|
|
|
75.7
|
%
|
|
At September 30, 2019
|
|
At December 31, 2018
|
||||||||||
(Dollars in thousands)
|
90 Days or More Delinquent and Accruing(1)
|
|
Percentage of Period-end Loans and Leases
|
|
90 Days or More Delinquent and Accruing(1)
|
|
Percentage of Period-end Loans and Leases
|
||||||
Commercial loan and lease portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
||
Commercial and industrial
|
$
|
2,241
|
|
|
0.02
|
%
|
|
$
|
760
|
|
|
0.01
|
%
|
Commercial real estate
|
8,054
|
|
|
0.09
|
|
|
—
|
|
|
—
|
|
||
Lease financing
|
2,421
|
|
|
0.09
|
|
|
1,882
|
|
|
0.07
|
|
||
Total commercial loan and lease portfolio
|
12,716
|
|
|
0.06
|
|
|
2,642
|
|
|
0.02
|
|
||
Consumer loan portfolio:
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
886
|
|
|
0.01
|
|
|
1,275
|
|
|
0.06
|
|
||
Consumer installment
|
6
|
|
|
—
|
|
|
3,349
|
|
|
0.17
|
|
||
Total consumer loan portfolio
|
892
|
|
|
0.01
|
|
|
4,624
|
|
|
0.06
|
|
||
Portfolios acquired with deteriorated credit quality
|
16,052
|
|
|
5.47
|
|
|
178
|
|
|
4.65
|
|
||
Total
|
$
|
29,660
|
|
|
0.09
|
%
|
|
$
|
7,444
|
|
|
0.04
|
%
|
(1)
|
Excludes nonaccrual loans and leases
|
|
At September 30, 2019
|
|
At December 31, 2018
|
||||||||||||||||||||
(Dollars in thousands)
|
Accruing
TDR Loans
|
|
Nonaccrual
TDR Loans
|
|
Total
TDR Loans
|
|
Accruing
TDR Loans
|
|
Nonaccrual
TDR Loans
|
|
Total
TDR Loans
|
||||||||||||
Commercial loan and lease portfolio
|
$
|
10,068
|
|
|
$
|
1,953
|
|
|
$
|
12,021
|
|
|
$
|
12,665
|
|
|
$
|
6,153
|
|
|
$
|
18,818
|
|
Consumer loan portfolio
|
75,836
|
|
|
19,284
|
|
|
95,120
|
|
|
85,794
|
|
|
22,554
|
|
|
108,348
|
|
||||||
Total
|
$
|
85,904
|
|
|
$
|
21,237
|
|
|
$
|
107,141
|
|
|
$
|
98,459
|
|
|
$
|
28,707
|
|
|
$
|
127,166
|
|
Over 90-day delinquency as a percentage of total accruing TDR loans
|
34.53
|
%
|
|
N.A.
|
|
|
N.A.
|
|
|
7.56
|
%
|
|
N.A.
|
|
|
N.A.
|
|
(Dollars in thousands)
|
At September 30, 2019
|
|
At December 31, 2018
|
||||
Commercial loan and lease portfolio:
|
|
|
|
||||
Commercial and industrial
|
$
|
55,039
|
|
|
$
|
26,061
|
|
Commercial real estate
|
26,518
|
|
|
4,518
|
|
||
Lease financing
|
11,503
|
|
|
7,993
|
|
||
Total commercial loan and lease portfolio
|
93,060
|
|
|
38,572
|
|
||
Consumer loan portfolio:
|
|
|
|
||||
Residential mortgage
|
48,816
|
|
|
33,111
|
|
||
Consumer installment
|
636
|
|
|
8,581
|
|
||
Home equity
|
39,296
|
|
|
25,654
|
|
||
Total consumer loan portfolio
|
88,748
|
|
|
67,346
|
|
||
Nonaccrual loans and leases
|
181,808
|
|
|
105,918
|
|
||
Other real estate owned
|
27,638
|
|
|
17,403
|
|
||
Total nonperforming assets
|
$
|
209,446
|
|
|
$
|
123,321
|
|
Nonaccrual loans and leases as a percentage of total loans and leases
|
0.54
|
%
|
|
0.56
|
%
|
||
Nonperforming 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 nonaccrual loans and leases
|
66.67
|
|
|
148.65
|
|
|
At or For the Three Months Ended September 30, 2019
|
||||||||||
(In thousands)
|
Consumer Loan Portfolio
|
|
Commercial Loan and Lease Portfolio
|
|
Total
|
||||||
Balance, beginning of period
|
$
|
76,079
|
|
|
$
|
31,914
|
|
|
$
|
107,993
|
|
Acquired
|
16,414
|
|
|
64,830
|
|
|
81,244
|
|
|||
Additions
|
24,592
|
|
|
54,059
|
|
|
78,651
|
|
|||
Charge-offs
|
(2,020
|
)
|
|
(18,257
|
)
|
|
(20,277
|
)
|
|||
Transfers to other assets
|
(5,227
|
)
|
|
(4,294
|
)
|
|
(9,521
|
)
|
|||
Transfers (to) from loans and leases held for sale
|
(9,454
|
)
|
|
—
|
|
|
(9,454
|
)
|
|||
Return to accrual status
|
(3,048
|
)
|
|
(10,419
|
)
|
|
(13,467
|
)
|
|||
Payments received
|
(8,597
|
)
|
|
(25,274
|
)
|
|
(33,871
|
)
|
|||
Other, net
|
9
|
|
|
501
|
|
|
510
|
|
|||
Balance, end of period
|
$
|
88,748
|
|
|
$
|
93,060
|
|
|
$
|
181,808
|
|
|
|
|
|
|
|
||||||
|
At or For the Nine Months Ended September 30, 2019
|
||||||||||
(In thousands)
|
Consumer Loan Portfolio
|
|
Commercial Loan and Lease Portfolio
|
|
Total
|
||||||
Balance, beginning of period
|
$
|
67,346
|
|
|
$
|
38,572
|
|
|
$
|
105,918
|
|
Acquired
|
16,414
|
|
|
64,830
|
|
|
81,244
|
|
|||
Additions
|
60,875
|
|
|
94,190
|
|
|
155,065
|
|
|||
Charge-offs
|
(6,407
|
)
|
|
(29,693
|
)
|
|
(36,100
|
)
|
|||
Transfers to other assets
|
(14,530
|
)
|
|
(12,174
|
)
|
|
(26,704
|
)
|
|||
Transfers (to) from loans and leases held-for-sale
|
(9,454
|
)
|
|
—
|
|
|
(9,454
|
)
|
|||
Return to accrual status
|
(6,443
|
)
|
|
(17,636
|
)
|
|
(24,079
|
)
|
|||
Payments received
|
(18,676
|
)
|
|
(48,000
|
)
|
|
(66,676
|
)
|
|||
Other, net
|
(377
|
)
|
|
2,971
|
|
|
2,594
|
|
|||
Balance, end of period
|
$
|
88,748
|
|
|
$
|
93,060
|
|
|
$
|
181,808
|
|
|
At September 30, 2019
|
||||||||||||||||||
|
Non-classified
|
|
Classified
|
|
Total
|
||||||||||||||
(In thousands)
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
|||||||||||
Commercial loan and lease portfolio:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial
|
$
|
10,307,229
|
|
|
$
|
309,440
|
|
|
$
|
193,865
|
|
|
$
|
—
|
|
|
$
|
10,810,534
|
|
Commercial real estate
|
8,645,910
|
|
|
150,132
|
|
|
80,737
|
|
|
—
|
|
|
8,876,779
|
|
|||||
Lease financing
|
2,540,637
|
|
|
27,007
|
|
|
26,729
|
|
|
—
|
|
|
2,594,373
|
|
|||||
Total commercial loan and lease portfolio
|
21,493,776
|
|
|
486,579
|
|
|
301,331
|
|
|
—
|
|
|
22,281,686
|
|
|||||
Consumer loan portfolio:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
6,001,380
|
|
|
1,543
|
|
|
54,481
|
|
|
—
|
|
|
6,057,404
|
|
|||||
Consumer installment
|
1,561,506
|
|
|
—
|
|
|
746
|
|
|
—
|
|
|
1,562,252
|
|
|||||
Home equity
|
3,565,763
|
|
|
1,284
|
|
|
42,363
|
|
|
—
|
|
|
3,609,410
|
|
|||||
Total consumer loan portfolio
|
11,128,649
|
|
|
2,827
|
|
|
97,590
|
|
|
—
|
|
|
11,229,066
|
|
|||||
Total loans and leases
|
$
|
32,622,425
|
|
|
$
|
489,406
|
|
|
$
|
398,921
|
|
|
$
|
—
|
|
|
$
|
33,510,752
|
|
|
At December 31, 2018
|
||||||||||||||||||
|
Non-classified
|
|
Classified
|
|
Total
|
||||||||||||||
(In thousands)
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
|||||||||||
Commercial loan and lease portfolio:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
5,955,713
|
|
|
$
|
158,296
|
|
|
$
|
106,623
|
|
|
$
|
—
|
|
|
6,220,632
|
|
|
Commercial real estate
|
2,869,711
|
|
|
12,864
|
|
|
25,738
|
|
|
—
|
|
|
2,908,313
|
|
|||||
Lease financing
|
2,480,964
|
|
|
25,195
|
|
|
24,004
|
|
|
—
|
|
|
2,530,163
|
|
|||||
Total commercial loan and lease portfolio
|
11,306,388
|
|
|
196,355
|
|
|
156,365
|
|
|
—
|
|
|
11,659,108
|
|
|||||
Consumer loan portfolio:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
2,294,740
|
|
|
3,606
|
|
|
37,489
|
|
|
—
|
|
|
2,335,835
|
|
|||||
Consumer installment
|
1,981,844
|
|
|
1,302
|
|
|
20,426
|
|
|
—
|
|
|
2,003,572
|
|
|||||
Home equity
|
3,043,296
|
|
|
3,747
|
|
|
27,462
|
|
|
—
|
|
|
3,074,505
|
|
|||||
Total consumer loan portfolio
|
7,319,880
|
|
|
8,655
|
|
|
85,377
|
|
|
—
|
|
|
7,413,912
|
|
|||||
Total loans and leases
|
$
|
18,626,268
|
|
|
$
|
205,010
|
|
|
$
|
241,742
|
|
|
$
|
—
|
|
|
$
|
19,073,020
|
|
|
At September 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
|
||||||
Commercial loan and lease portfolio:
|
|
|
|
|
|
|
|
|
|||||
Commercial and industrial
|
$
|
39,974
|
|
|
0.37
|
%
|
|
$
|
41,103
|
|
|
0.66
|
%
|
Commercial real estate
|
24,090
|
|
|
0.27
|
|
|
22,877
|
|
|
0.79
|
|
||
Lease financing
|
14,367
|
|
|
0.55
|
|
|
13,449
|
|
|
0.53
|
|
||
Total commercial loan and lease portfolio
|
78,431
|
|
|
0.35
|
|
|
77,429
|
|
|
0.66
|
|
||
Consumer loan portfolio:
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
19,816
|
|
|
0.33
|
|
|
21,436
|
|
|
0.92
|
|
||
Consumer installment
|
1,859
|
|
|
0.12
|
|
|
35,151
|
|
|
1.75
|
|
||
Home equity
|
21,112
|
|
|
0.58
|
|
|
23,430
|
|
|
0.76
|
|
||
Total consumer loan portfolio
|
42,787
|
|
|
0.38
|
|
|
80,017
|
|
|
1.08
|
|
||
Total allowance for loan and lease losses
|
121,218
|
|
|
0.36
|
|
|
157,446
|
|
|
0.83
|
|
||
Credit discount on acquired loans
|
177,402
|
|
|
|
|
|
|
|
|||||
Total allowance and discount on acquired loans
|
298,620
|
|
|
0.89
|
|
|
|
|
|
||||
Other credit loss reserves:
|
|
|
|
|
|
|
|
||||||
Reserves for unfunded commitments
|
3,461
|
|
|
N.A.
|
|
|
1,429
|
|
|
N.A.
|
|
||
Total credit loss reserves
|
$
|
302,081
|
|
|
0.90
|
%
|
|
$
|
158,875
|
|
|
0.83
|
%
|
|
At or For the Three Months Ended September 30,
|
|
At or For the Nine Months Ended September 30,
|
||||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
FHLB advances
|
|
|
|
|
|
|
|
||||||||
Maximum outstanding at any month-end
|
$
|
2,440,000
|
|
|
$
|
—
|
|
|
$
|
2,440,000
|
|
|
$
|
—
|
|
Balance outstanding at end of period
|
2,335,960
|
|
|
—
|
|
|
2,335,960
|
|
|
—
|
|
||||
Weighted average interest rate at end of period
|
1.63
|
%
|
|
—
|
%
|
|
1.63
|
%
|
|
—
|
%
|
||||
Average balance outstanding
|
$
|
1,698,763
|
|
|
$
|
—
|
|
|
$
|
773,576
|
|
|
$
|
—
|
|
Weighted average interest rate
|
1.62
|
%
|
|
—
|
%
|
|
2.07
|
%
|
|
—
|
%
|
||||
Federal funds purchased
|
|
|
|
|
|
|
|
||||||||
Maximum outstanding at any month-end
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Balance outstanding at end of period
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Weighted average interest rate at end of period
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
||||
Average balance outstanding
|
$
|
283
|
|
|
$
|
283
|
|
|
$
|
209
|
|
|
$
|
209
|
|
Weighted average interest rate
|
2.37
|
%
|
|
2.19
|
%
|
|
2.53
|
%
|
|
1.90
|
%
|
||||
Collateralized Deposits
|
|
|
|
|
|
|
|
||||||||
Maximum outstanding at any month-end
|
$
|
271,249
|
|
|
$
|
—
|
|
|
$
|
271,249
|
|
|
$
|
—
|
|
Balance outstanding at end of period
|
271,340
|
|
|
—
|
|
|
271,340
|
|
|
—
|
|
||||
Weighted average interest rate at end of period
|
1.00
|
%
|
|
—
|
%
|
|
1.00
|
%
|
|
—
|
%
|
||||
Average balance outstanding
|
$
|
184,290
|
|
|
$
|
1,669
|
|
|
$
|
63,771
|
|
|
$
|
2,077
|
|
Weighted average interest rate
|
1.01
|
%
|
|
2.24
|
%
|
|
0.55
|
%
|
|
2.07
|
%
|
||||
Line-of-credit: TCF Commercial Finance Canada, Inc.
|
|
|
|
|
|
|
|
||||||||
Maximum outstanding at any month-end
|
$
|
1,516
|
|
|
$
|
2,324
|
|
|
$
|
10,455
|
|
|
$
|
8,565
|
|
Balance outstanding at end of period
|
—
|
|
|
2,324
|
|
|
—
|
|
|
—
|
|
||||
Weighted average interest rate at end of period
|
—
|
%
|
|
2.75
|
%
|
|
—
|
%
|
|
—
|
%
|
||||
Average balance outstanding
|
$
|
892
|
|
|
$
|
1,405
|
|
|
$
|
1,194
|
|
|
$
|
1,187
|
|
Weighted average interest rate
|
2.94
|
%
|
|
2.74
|
%
|
|
2.99
|
%
|
|
2.59
|
%
|
(In thousands)
|
September 30, 2019
|
|
December 31, 2018
|
||||
FHLB advances
|
$
|
322,674
|
|
|
$
|
1,100,000
|
|
Subordinated debt
|
430,178
|
|
|
253,391
|
|
||
Discounted lease rentals
|
104,571
|
|
|
92,976
|
|
||
Capital lease obligation
|
3,059
|
|
|
3,105
|
|
||
Total long-term borrowings
|
$
|
860,482
|
|
|
$
|
1,449,472
|
|
|
Payments Due by Period
|
||||||||||||||||||
(In thousands)
|
Total
|
|
Less than
1 year
|
|
1-3
years
|
|
3-5
years
|
|
More than
5 years
|
||||||||||
Contractual Obligations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Certificates of deposit
|
$
|
8,385,972
|
|
|
$
|
4,813,249
|
|
|
$
|
3,404,739
|
|
|
$
|
137,962
|
|
|
$
|
30,022
|
|
Long-term borrowings
|
860,482
|
|
|
11,138
|
|
|
179,782
|
|
|
132,681
|
|
|
536,881
|
|
|||||
Lease obligations
|
399,825
|
|
|
9,517
|
|
|
59,709
|
|
|
53,990
|
|
|
276,609
|
|
|||||
Other contractual obligations (1)
|
129,916
|
|
|
12,256
|
|
|
115,786
|
|
|
1,026
|
|
|
848
|
|
|||||
Marketing related contracts
|
246,100
|
|
|
46,793
|
|
|
79,497
|
|
|
63,450
|
|
|
56,360
|
|
|||||
Construction contracts and land purchase
commitments for future branch sites
|
13,313
|
|
|
13,313
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Liabilities related to acquisition and portfolio purchase (2)
|
8,288
|
|
|
—
|
|
|
4,089
|
|
|
1,024
|
|
|
3,175
|
|
|||||
Total
|
$
|
10,043,896
|
|
|
$
|
4,906,266
|
|
|
$
|
3,843,602
|
|
|
$
|
390,133
|
|
|
$
|
903,895
|
|
(1)
|
Includes commitments to fund qualified low income housing and other tax investment projects, private equity capital investments and other similar types of investments.
|
(2)
|
Relates to TCF's acquisition of EFLC and a leasing and equipment finance loan and lease portfolio purchase in 2017.
|
|
Amount of Commitment - Expiration by Period
|
||||||||||||||||||
(In thousands)
|
Total
|
|
Less than
1 year
|
|
1-3
years
|
|
3-5
years
|
|
More than
5 years
|
||||||||||
Commitments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commitments to extend credit:
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer
|
$
|
2,266,913
|
|
|
$
|
116,212
|
|
|
$
|
133,673
|
|
|
$
|
181,397
|
|
|
$
|
1,835,631
|
|
Commercial
|
5,269,843
|
|
|
2,616,356
|
|
|
1,442,146
|
|
|
894,466
|
|
|
316,875
|
|
|||||
Total commitments to extend credit
|
7,536,756
|
|
|
2,732,568
|
|
|
1,575,819
|
|
|
1,075,863
|
|
|
2,152,506
|
|
|||||
Standby letters of credit and guarantees on industrial revenue bonds
|
125,438
|
|
|
70,662
|
|
|
26,574
|
|
|
19,356
|
|
|
8,846
|
|
|||||
Total
|
$
|
7,662,194
|
|
|
$
|
2,803,230
|
|
|
$
|
1,602,393
|
|
|
$
|
1,095,219
|
|
|
$
|
2,161,352
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Dollars in thousands, except per share data)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income available to common shareholders
|
|
$
|
19,654
|
|
|
$
|
83,702
|
|
|
$
|
175,588
|
|
|
$
|
206,131
|
|
Less: Earnings allocated to participating securities
|
|
—
|
|
|
13
|
|
|
19
|
|
|
30
|
|
||||
Earnings allocated to common shareholders
|
(a)
|
19,654
|
|
|
83,689
|
|
|
175,569
|
|
|
206,101
|
|
||||
Plus: Merger-related expenses
|
|
111,259
|
|
|
—
|
|
|
124,943
|
|
|
—
|
|
||||
Non-core items:
|
|
|
|
|
|
|
|
|
||||||||
Plus: Loss on transfer of legacy TCF auto finance portfolio to held-for-sale(1)
|
|
19,264
|
|
|
—
|
|
|
19,264
|
|
|
—
|
|
||||
Plus: Termination of interest rate swaps(2)
|
|
17,302
|
|
|
—
|
|
|
17,302
|
|
|
—
|
|
||||
Less: Gain on sale of certain investment securities(3)
|
|
(5,869
|
)
|
|
—
|
|
|
(5,869
|
)
|
|
—
|
|
||||
Plus: Write-down of company-owned vacant land parcels(4)
|
|
5,890
|
|
|
—
|
|
|
5,890
|
|
|
—
|
|
||||
Plus: Loan servicing rights impairment(2)
|
|
4,520
|
|
|
—
|
|
|
4,520
|
|
|
—
|
|
||||
Plus: CFPB/OCC settlement adjustment(4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,000
|
|
||||
Total non-core items
|
|
41,107
|
|
|
—
|
|
|
41,107
|
|
|
32,000
|
|
||||
Less: Related income tax expense, net of benefits(5)
|
|
46,213
|
|
|
—
|
|
|
49,481
|
|
|
6,491
|
|
||||
Total adjustments, net of tax
|
|
106,153
|
|
|
—
|
|
|
116,569
|
|
|
25,509
|
|
||||
Adjusted earnings allocated to common stock
|
(b)
|
$
|
125,807
|
|
|
$
|
83,689
|
|
|
$
|
292,138
|
|
|
$
|
231,610
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding used in diluted earnings per common share calculation(6)
|
(c)
|
128,754,588
|
|
|
83,808,063
|
|
|
98,055,279
|
|
|
84,791,124
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per common share
|
(a) / (c)
|
$
|
0.15
|
|
|
$
|
1.00
|
|
|
$
|
1.79
|
|
|
$
|
2.43
|
|
Adjusted diluted earnings per common share
|
(b) / (c)
|
0.98
|
|
|
1.00
|
|
|
2.98
|
|
|
2.73
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to TCF
|
|
$
|
22,148
|
|
|
$
|
86,196
|
|
|
$
|
183,069
|
|
|
$
|
218,706
|
|
Total adjustments, net of tax
|
|
106,153
|
|
|
—
|
|
|
116,569
|
|
|
25,509
|
|
||||
Adjusted net income attributable to TCF
|
|
$
|
128,301
|
|
|
$
|
86,196
|
|
|
$
|
299,638
|
|
|
$
|
244,215
|
|
(1)
|
Included within Net (losses) gains on sales of loans and leases
|
(2)
|
Included within Other noninterest income.
|
(3)
|
Included within Net gains (losses) on investment securities.
|
(4)
|
Included within Other noninterest expense.
|
(5)
|
Included within Income tax (benefit) expense.
|
(6)
|
Assumes conversion of common shares, as applicable.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Dollars in thousands, except per share data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net Interest Income
|
$
|
371,793
|
|
|
$
|
253,502
|
|
|
$
|
880,279
|
|
|
$
|
755,342
|
|
Purchase accounting accretion and amortization
|
28,411
|
|
|
—
|
|
|
28,411
|
|
|
—
|
|
||||
Net interest income, excluding purchase accounting accretion and amortization
|
$
|
343,382
|
|
|
$
|
253,502
|
|
|
$
|
851,868
|
|
|
$
|
755,342
|
|
Net interest margin (FTE)
|
4.14
|
%
|
|
4.73
|
%
|
|
4.36
|
%
|
|
4.70
|
%
|
||||
Purchase accounting accretion and amortization
|
0.31
|
|
|
—
|
|
|
0.14
|
|
|
—
|
|
||||
Net interest margin, excluding purchase accounting accretion and amortization (FTE)
|
3.83
|
%
|
|
4.73
|
%
|
|
4.22
|
%
|
|
4.70
|
%
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Dollars in thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Adjusted net income after tax expense:
|
|
|
|
|
|
|
|
|
||||||||
Income after tax expense
|
(a)
|
$
|
24,978
|
|
|
$
|
88,839
|
|
|
$
|
192,470
|
|
|
$
|
227,472
|
|
Plus: Merger-related expenses
|
|
111,259
|
|
|
—
|
|
|
124,943
|
|
|
—
|
|
||||
Plus: Non-core items
|
|
41,107
|
|
|
—
|
|
|
41,107
|
|
|
32,000
|
|
||||
Less: Related income tax expense, net of tax benefits
|
|
46,213
|
|
|
—
|
|
|
49,481
|
|
|
25,509
|
|
||||
Adjusted net income after tax expense for ROAA calculation
|
(b)
|
$
|
131,131
|
|
|
$
|
88,839
|
|
|
$
|
309,039
|
|
|
$
|
233,963
|
|
Net income available to common shareholders
|
(c)
|
$
|
19,654
|
|
|
$
|
83,702
|
|
|
$
|
175,588
|
|
|
$
|
206,131
|
|
Plus: Other intangibles amortization
|
|
4,544
|
|
|
911
|
|
|
6,154
|
|
|
2,572
|
|
||||
Less: Related income tax expense
|
|
1,085
|
|
|
220
|
|
|
1,470
|
|
|
620
|
|
||||
Net income available to common shareholders used in ROATCE calculation
|
(d)
|
$
|
23,113
|
|
|
$
|
84,393
|
|
|
$
|
180,272
|
|
|
$
|
208,083
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted net income available to common shareholders:
|
|
|
|
|
|
|
|
|
||||||||
Net income available to common shareholders
|
|
$
|
19,654
|
|
|
$
|
83,702
|
|
|
$
|
175,588
|
|
|
$
|
206,131
|
|
Plus: Non-core items
|
|
41,107
|
|
|
—
|
|
|
41,107
|
|
|
32,000
|
|
||||
Plus: Merger-related expenses
|
|
111,259
|
|
|
—
|
|
|
124,943
|
|
|
—
|
|
||||
Less: Related income tax expense, net of tax benefits
|
|
46,213
|
|
|
—
|
|
|
49,481
|
|
|
25,509
|
|
||||
Net income available to common shareholders used in adjusted ROACE calculation
|
(e)
|
125,807
|
|
|
83,702
|
|
|
292,157
|
|
|
212,622
|
|
||||
Plus: Other intangibles amortization
|
|
4,544
|
|
|
911
|
|
|
6,154
|
|
|
2,572
|
|
||||
Less: Related income tax expense
|
|
1,085
|
|
|
220
|
|
|
1,470
|
|
|
620
|
|
||||
Net income available to common shareholders used in adjusted ROATCE calculation
|
(f)
|
$
|
129,266
|
|
|
$
|
84,393
|
|
|
$
|
296,841
|
|
|
$
|
214,574
|
|
Average balances:
|
|
|
|
|
|
|
|
|
||||||||
Average assets
|
(g)
|
$
|
39,094,366
|
|
|
$
|
22,904,404
|
|
|
$
|
29,283,275
|
|
|
$
|
23,031,108
|
|
Total average equity
|
|
$
|
4,683,129
|
|
|
$
|
2,511,983
|
|
|
$
|
3,316,504
|
|
|
$
|
2,534,758
|
|
Less: Non-controlling interest in subsidiaries
|
|
25,516
|
|
|
23,548
|
|
|
26,558
|
|
|
25,133
|
|
||||
Total TCF Financial Corporation shareholders' equity
|
|
4,657,613
|
|
|
2,488,435
|
|
|
3,289,946
|
|
|
2,509,625
|
|
||||
Less: Preferred stock
|
|
169,302
|
|
|
169,302
|
|
|
169,302
|
|
|
169,302
|
|
||||
Average total common shareholders' equity used in ROACE calculation
|
(h)
|
$
|
4,488,311
|
|
|
$
|
2,319,133
|
|
|
$
|
3,120,644
|
|
|
$
|
2,340,323
|
|
Less: Average goodwill, net
|
|
890,155
|
|
|
154,757
|
|
|
402,583
|
|
|
154,757
|
|
||||
Less: Average other intangibles, net
|
|
142,925
|
|
|
21,772
|
|
|
61,208
|
|
|
22,549
|
|
||||
Average tangible common shareholders' equity used in ROATCE calculation
|
(i)
|
$
|
3,455,231
|
|
|
$
|
2,142,604
|
|
|
$
|
2,656,853
|
|
|
$
|
2,163,017
|
|
|
|
|
|
|
|
|
|
|
||||||||
ROAA(1)
|
(a) / (g)
|
0.26
|
%
|
|
1.55
|
%
|
|
0.88
|
%
|
|
1.32
|
%
|
||||
Adjusted ROAA(1)
|
(b) / (g)
|
1.34
|
|
|
1.55
|
|
|
1.41
|
|
|
1.46
|
|
||||
ROACE(1)
|
(c) / (h)
|
1.75
|
|
|
14.44
|
|
|
7.50
|
|
|
11.80
|
|
||||
Adjusted ROACE(1)
|
(e) / (h)
|
11.21
|
|
|
14.44
|
|
|
12.48
|
|
|
13.26
|
|
||||
ROATCE(1)
|
(d) / (i)
|
2.68
|
|
|
15.76
|
|
|
9.05
|
|
|
12.89
|
|
||||
Adjusted ROATCE(1)
|
(f) / (i)
|
14.96
|
|
|
15.76
|
|
|
14.90
|
|
|
14.47
|
|
(1)
|
Annualized.
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Dollars in thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Noninterest expense
|
(a)
|
$
|
425,620
|
|
|
$
|
246,423
|
|
|
$
|
915,544
|
|
|
$
|
764,442
|
|
Less: Merger-related expenses
|
|
111,259
|
|
|
—
|
|
|
124,943
|
|
|
—
|
|
||||
Less: CFPB/OCC settlement adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,000
|
|
||||
Less: Write-down of company-owned vacant land parcels
|
|
5,890
|
|
|
—
|
|
|
5,890
|
|
|
—
|
|
||||
Adjusted noninterest expense
|
|
$
|
308,471
|
|
|
$
|
246,423
|
|
|
$
|
784,711
|
|
|
$
|
732,442
|
|
Less: Lease financing equipment depreciation
|
|
19,408
|
|
|
19,525
|
|
|
57,797
|
|
|
54,744
|
|
||||
Less: Other intangibles amortization
|
|
4,544
|
|
|
911
|
|
|
6,154
|
|
|
2,572
|
|
||||
Adjusted noninterest expense, efficiency ratio
|
(b)
|
$
|
284,519
|
|
|
$
|
225,987
|
|
|
$
|
720,760
|
|
|
$
|
675,126
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
|
$
|
371,793
|
|
|
$
|
253,502
|
|
|
$
|
880,279
|
|
|
$
|
755,342
|
|
Noninterest income
|
|
94,258
|
|
|
112,064
|
|
|
307,480
|
|
|
330,529
|
|
||||
Total revenue
|
(c)
|
$
|
466,051
|
|
|
$
|
365,566
|
|
|
$
|
1,187,759
|
|
|
$
|
1,085,871
|
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest income
|
|
$
|
94,258
|
|
|
$
|
112,064
|
|
|
$
|
307,480
|
|
|
$
|
330,529
|
|
Plus: Loss on transfer of legacy TCF auto loans to held-for-sale
|
|
19,264
|
|
|
—
|
|
|
19,264
|
|
|
—
|
|
||||
Plus: Termination of interest rate swaps
|
|
17,302
|
|
|
—
|
|
|
17,302
|
|
|
—
|
|
||||
Less: Gain on sales of certain investment securities
|
|
(5,869
|
)
|
|
—
|
|
|
(5,869
|
)
|
|
—
|
|
||||
Plus: Loan servicing rights impairment
|
|
4,520
|
|
|
—
|
|
|
4,520
|
|
|
—
|
|
||||
Adjusted noninterest income
|
|
129,475
|
|
|
112,064
|
|
|
342,697
|
|
|
330,529
|
|
||||
Net interest income
|
|
371,793
|
|
|
253,502
|
|
|
880,279
|
|
|
755,342
|
|
||||
Plus: Net interest income FTE adjustment
|
|
2,488
|
|
|
2,112
|
|
|
5,547
|
|
|
6,269
|
|
||||
Adjusted net interest income
|
|
374,281
|
|
|
255,614
|
|
|
885,826
|
|
|
761,611
|
|
||||
Less: Lease financing equipment depreciation
|
|
19,408
|
|
|
19,525
|
|
|
57,797
|
|
|
54,744
|
|
||||
Adjusted total revenue, efficiency ratio
|
(d)
|
$
|
484,348
|
|
|
$
|
348,153
|
|
|
$
|
1,170,726
|
|
|
$
|
1,037,396
|
|
|
|
|
|
|
|
|
|
|
||||||||
Efficiency ratio
|
(a) / (c)
|
91.32
|
%
|
|
67.41
|
%
|
|
77.08
|
%
|
|
70.40
|
%
|
||||
Adjusted efficiency ratio
|
(b) / (d)
|
58.74
|
|
|
64.91
|
|
|
61.57
|
|
|
65.08
|
|
(Dollars in thousands, except per share data)
|
|
At September 30, 2019
|
|
At December 31, 2018
|
||||
Total equity
|
|
$
|
5,693,417
|
|
|
$
|
2,556,260
|
|
Less: Non-controlling interest in subsidiaries
|
|
23,313
|
|
|
18,459
|
|
||
Total TCF Financial Corporation shareholders' equity
|
|
5,670,104
|
|
|
2,537,801
|
|
||
Less: Preferred share
|
|
169,302
|
|
|
169,302
|
|
||
Total common shareholders' equity
|
(a)
|
5,500,802
|
|
|
2,368,499
|
|
||
Less: Goodwill
|
|
1,265,111
|
|
|
154,757
|
|
||
Less: Other intangibles, net
|
|
215,910
|
|
|
20,496
|
|
||
Tangible common shareholders' equity
|
(b)
|
$
|
4,019,781
|
|
|
$
|
2,193,246
|
|
|
|
|
|
|
||||
Total assets
|
(c)
|
$
|
45,692,511
|
|
|
$
|
23,699,612
|
|
Less: Goodwill
|
|
1,265,111
|
|
|
154,757
|
|
||
Less: Other intangibles, net
|
|
215,910
|
|
|
20,496
|
|
||
Tangible assets
|
(d)
|
$
|
44,211,490
|
|
|
$
|
23,524,359
|
|
|
|
|
|
|
||||
Common stock shares outstanding
|
(e)
|
153,571,381
|
|
|
88,198,460
|
|
||
|
|
|
|
|
||||
Common equity to assets
|
(a) / (c)
|
12.04
|
%
|
|
9.99
|
%
|
||
Tangible common equity to tangible assets
|
(b) / (d)
|
9.09
|
|
|
9.32
|
|
||
|
|
|
|
|
||||
Book value per common share
|
(a) / (e)
|
$
|
35.82
|
|
|
$
|
26.85
|
|
Tangible book value per common share
|
(b) / (e)
|
26.18
|
|
|
24.87
|
|
|
Impact on Net Interest Income
|
||||
(Dollars in millions)
|
September 30, 2019
|
||||
Immediate change in interest rates:
|
|
|
|||
+200 basis points
|
$
|
59,400
|
|
3.9
|
%
|
+100 basis points
|
35,500
|
|
2.3
|
|
|
-100 basis points
|
(74,700
|
)
|
(4.9
|
)
|
Period
|
Total Number
of Shares
Purchased
|
|
Average
Price Paid
Per Share
|
|
Total Number of Shares
Purchased as Part of
Publicly Announced Plan
|
||||
July 1 to July 31, 2019
|
|
|
|
|
|
|
|
|
|
Share repurchase program(1)
|
780,716
|
|
|
$
|
41.39
|
|
|
780,716
|
|
Employee transactions(2)
|
2,153
|
|
|
41.33
|
|
|
N.A.
|
|
|
August 1 to August 31, 2019
|
|
|
|
|
|
|
|
|
|
Employee transactions(2)
|
6,899
|
|
|
38.14
|
|
|
N.A.
|
|
|
September 1 to September 30, 2019
|
|
|
|
|
|
|
|
|
|
Employee transactions(2)
|
2,777
|
|
|
37.44
|
|
|
N.A.
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
Share repurchase program(1)
|
780,716
|
|
|
$
|
41.39
|
|
|
780,716
|
|
Employee transactions(2)
|
11,829
|
|
|
38.55
|
|
|
N.A.
|
|
(1)
|
On July 25, 2018, the Legacy TCF Board of Directors approved a $150.0 million increase to Legacy TCF's common stock repurchase program, with repurchases to be based on market conditions, the trading price of TCF shares and other factors. This repurchase authorization was terminated in connection with the completion of the Merger effective August 1, 2019. The total number of shares purchased and the average price paid have been retrospectively adjusted to reflect the equivalent number of shares issued in the Merger.
|
(2)
|
Represents restricted stock withheld pursuant to the terms of awards granted under either the Legacy TCF Financial Incentive Stock Program or the Legacy TCF 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 Legacy TCF on the date the relevant transaction occurs. With respect to employee transactions from July 1 to July 31, 2019, the total number of shares purchased and the average price paid have been retrospectively adjusted to reflect the equivalent number of shares issued in the Merger.
|
•
|
The cash payment called for in the event of a termination by the Corporation without Cause, or by Mr. Dahl with Good Reason was changed from 2.5 times the sum of (i) his Annual Base Salary and (ii) his annual bonus (which was set as to equal 100% of his salary) to 2.5 times the sum of (i) Mr. Dahl’s Annual Base Salary and (ii) the average of Mr. Dahl’s annual bonus for the three most recently completed fiscal years;
|
•
|
in the event of a termination by the Corporation without Cause, by Mr. Dahl for Good Reason, or upon death, disability or retirement on one year's notice, all of Mr. Dahl’s outstanding equity awards will vest; and
|
•
|
The definition of Change in Control was changed by increasing the percentage of securities of the Corporation that any person would have to become the beneficial owner of in order to qualify as a Change in Control from 30% to 40% and the definition was expanded to include an “Active Change in Control Proposal Period” as defined in the Employment Agreement;
|
Exhibit
Number
|
|
Description
|
2(a)
|
|
|
3(a)
|
|
|
3(b)
|
|
|
3(c)
|
|
|
4(a)
|
|
|
10(a)#*
|
|
|
10(b)*
|
|
|
10(c)*
|
|
|
10(d)*
|
|
|
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,
|
|
|
Chief Executive Officer and President
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
/s/ Dennis L. Klaeser
|
|
|
Dennis L. Klaeser,
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
/s/ Kathleen S. Wendt
|
|
|
Kathleen S. Wendt,
|
|
|
Executive Vice President and Chief Accounting Officer
|
|
|
(Principal Accounting Officer)
|
|
|
TCF FINANCIAL CORPORATION
|
|
/s/ Joseph Green
By: Joseph Green
Its: Authorized Signatory
|
|
EXECUTIVE
|
|
/s/ Craig R. Dahl
Craig R. Dahl
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of TCF Financial Corporation for the quarter ended September 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
|
|
|
Chief Executive Officer and President
|
|
|
(Principal Executive Officer)
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of TCF Financial Corporation for the quarter ended September 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/ Dennis L. Klaeser
|
|
|
Dennis L. Klaeser
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
|
1.
|
This statement is provided pursuant to 18 U.S.C. § 1350 in connection with the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 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
|
|
|
Chief Executive Officer and President
|
|
|
(Principal Executive Officer)
|
|
*
|
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to TCF Financial Corporation and will be retained by TCF Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request.
|
1.
|
This statement is provided pursuant to 18 U.S.C. § 1350 in connection with the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 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/ Dennis L. Klaeser
|
|
|
Dennis L. Klaeser
|
|
|
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.
|