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Delaware
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41-1591444
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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(Title of each class)
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(Name of each exchange on which registered)
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Common Stock (par value $.01 per share)
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New York Stock Exchange
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Depositary Shares, each representing a 1/1000
th
interest in a share of 7.50%
Series A Non-Cumulative Perpetual Preferred Stock
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New York Stock Exchange
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6.45% Series B Non-Cumulative Perpetual Preferred Stock
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New York Stock Exchange
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Warrants (expiring November 14, 2018)
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New York Stock Exchange
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Large accelerated filer [X]
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Accelerated filer [ ]
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Non-accelerated filer [ ] (Do not check if smaller reporting company)
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Smaller reporting company [ ]
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Description
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Page
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High
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Low
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Dividends
Declared
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||||||
2016:
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||||||
Fourth Quarter
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$
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19.97
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|
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$
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13.73
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|
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$
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0.075
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Third Quarter
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14.78
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11.72
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0.075
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Second Quarter
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14.48
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11.62
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0.075
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First Quarter
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13.97
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10.37
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0.075
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2015:
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||||||
Fourth Quarter
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$
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15.94
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$
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13.78
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$
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0.075
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Third Quarter
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17.07
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14.35
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0.05
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Second Quarter
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17.29
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14.93
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0.05
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First Quarter
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16.31
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13.78
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0.05
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Year Ended December 31,
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||||||||||||||||||||||
Index
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2011
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2012
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2013
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2014
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2015
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2016
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||||||||||||
TCF Financial Corporation
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$
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100.00
|
|
|
$
|
119.92
|
|
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$
|
162.59
|
|
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$
|
161.02
|
|
|
$
|
145.14
|
|
|
$
|
206.01
|
|
SNL U.S. Bank and Thrift Index (old index)
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100.00
|
|
|
134.28
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|
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183.86
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|
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205.25
|
|
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209.39
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|
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264.35
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||||||
S&P 500 Index
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100.00
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|
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116.00
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|
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153.57
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|
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174.60
|
|
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177.01
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|
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198.18
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||||||
KBW Regional Banking Index
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100.00
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|
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113.25
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166.31
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|
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170.34
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|
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180.41
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|
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250.80
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Period
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Total Number
of Shares
Purchased
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Average
Price Paid
Per Share
|
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Total Number of Shares
Purchased as Part of
Publicly Announced Plan
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|
Maximum Number of
Shares that May Yet be
Purchased Under the Plan
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|||||
October 1 to October 31, 2016
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Share repurchase program
(1)
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—
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|
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$
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—
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|
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—
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5,384,130
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Employee transactions
(2)
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1,412
|
|
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$
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14.39
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N.A.
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|
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N.A.
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November 1 to November 30, 2016
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Share repurchase program
(1)
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—
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|
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$
|
—
|
|
|
—
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|
|
5,384,130
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Employee transactions
(2)
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—
|
|
|
$
|
—
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|
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N.A.
|
|
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N.A.
|
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December 1 to December 31, 2016
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|
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Share repurchase program
(1)
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—
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|
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$
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—
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|
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—
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5,384,130
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Employee transactions
(2)
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—
|
|
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$
|
—
|
|
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N.A.
|
|
|
N.A.
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Total
|
|
|
|
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|
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Share repurchase program
(1)
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—
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|
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$
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—
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|
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—
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5,384,130
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Employee transactions
(2)
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1,412
|
|
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$
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14.39
|
|
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N.A.
|
|
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N.A.
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(1)
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The current share repurchase authorization was approved by the Board of Directors on April 14, 2007 and was announced in a press release dated April 16, 2007. The authorization was for a repurchase of up to an additional 5% of TCF's common stock outstanding at the time of the authorization, or 6.5 million shares. TCF has not repurchased shares since October 2007. Future repurchases will be based upon capital levels, growth expectations and market opportunities and may be subject to regulatory approval. The ability to repurchase shares in the future may be adversely affected by new legislation or regulations or by changes in regulatory policies. This authorization does not have an expiration date.
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(2)
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Represents restricted stock withheld pursuant to the terms of awards granted on or prior to April 22, 2015 under the TCF Financial Incentive Stock Program to offset tax withholding obligations that occur upon vesting and release of restricted stock. The TCF Financial Incentive Stock Program provides that the value of shares withheld shall be the average of the high and low prices of common stock of TCF Financial Corporation on the date the relevant transaction occurs.
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At or For the Year Ended December 31,
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(Dollars in thousands, except per-share data)
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2016
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2015
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2014
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2013
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2012
|
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Consolidated Income:
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Net interest income
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$
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848,106
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$
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820,388
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$
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815,629
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$
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802,624
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$
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780,019
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Fees and other revenue
|
466,481
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442,295
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432,240
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403,094
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388,191
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|||||
Gains (losses) on securities, net
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(581
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)
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(297
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)
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1,027
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|
964
|
|
|
102,232
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|
|||||
Total revenue
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1,314,006
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1,262,386
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1,248,896
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1,206,682
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1,270,442
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|||||
Provision for credit losses
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65,874
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52,944
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95,737
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118,368
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247,443
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|||||
Non-interest expense
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909,887
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894,747
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871,777
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845,269
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811,819
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|||||
Loss on termination of debt
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—
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—
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—
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—
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550,735
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|
|||||
Income (loss) before income tax expense (benefit)
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338,245
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314,695
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281,382
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243,045
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(339,555
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)
|
|||||
Income tax expense (benefit)
|
116,528
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|
|
108,872
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|
|
99,766
|
|
|
84,345
|
|
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(132,858
|
)
|
|||||
Income attributable to non-controlling interest
|
9,593
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|
8,700
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7,429
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7,032
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6,187
|
|
|||||
Net income (loss) attributable to TCF Financial Corporation
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212,124
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197,123
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174,187
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151,668
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(212,884
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)
|
|||||
Preferred stock dividends
|
19,388
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|
|
19,388
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19,388
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19,065
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|
|
5,606
|
|
|||||
Net income (loss) available to common stockholders
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$
|
192,736
|
|
|
$
|
177,735
|
|
|
$
|
154,799
|
|
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$
|
132,603
|
|
|
$
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(218,490
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)
|
Earnings (loss) per common share:
|
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||||||||||
Basic
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$
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1.15
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|
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$
|
1.07
|
|
|
$
|
0.95
|
|
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$
|
0.82
|
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|
$
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(1.37
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)
|
Diluted
|
$
|
1.15
|
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|
$
|
1.07
|
|
|
$
|
0.94
|
|
|
$
|
0.82
|
|
|
$
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(1.37
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)
|
Dividends declared
|
$
|
0.30
|
|
|
$
|
0.225
|
|
|
$
|
0.20
|
|
|
$
|
0.20
|
|
|
$
|
0.20
|
|
Consolidated Financial Condition:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans and leases
|
$
|
17,843,827
|
|
|
$
|
17,435,999
|
|
|
$
|
16,401,646
|
|
|
$
|
15,846,939
|
|
|
$
|
15,425,724
|
|
Total assets
|
21,441,326
|
|
|
20,689,609
|
|
|
19,393,656
|
|
|
18,378,769
|
|
|
18,224,736
|
|
|||||
Deposits
|
17,242,522
|
|
|
16,719,989
|
|
|
15,449,882
|
|
|
14,432,776
|
|
|
14,050,786
|
|
|||||
Borrowings
|
1,077,572
|
|
|
1,039,938
|
|
|
1,235,535
|
|
|
1,487,172
|
|
|
1,932,634
|
|
|||||
Total equity
|
2,444,645
|
|
|
2,306,917
|
|
|
2,135,364
|
|
|
1,964,759
|
|
|
1,876,643
|
|
|||||
Book value per common share
|
12.66
|
|
|
11.94
|
|
|
11.10
|
|
|
10.23
|
|
|
9.79
|
|
|||||
Financial Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets
|
1.05
|
%
|
|
1.03
|
%
|
|
0.96
|
%
|
|
0.87
|
%
|
|
(1.14
|
)%
|
|||||
Return on average common equity
|
9.13
|
|
|
9.19
|
|
|
8.71
|
|
|
8.12
|
|
|
(13.33
|
)
|
|||||
Net interest margin
(1)
|
4.34
|
|
|
4.42
|
|
|
4.61
|
|
|
4.68
|
|
|
4.65
|
|
|||||
Average total equity to average assets
|
11.36
|
|
|
11.15
|
|
|
10.89
|
|
|
10.46
|
|
|
9.66
|
|
|||||
Dividend payout ratio
|
26.09
|
|
|
21.03
|
|
|
21.28
|
|
|
24.30
|
|
|
(14.60
|
)
|
|||||
Credit Quality Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-accrual loans and leases as a percentage of total loans and leases
|
1.02
|
%
|
|
1.15
|
%
|
|
1.32
|
%
|
|
1.75
|
%
|
|
2.46
|
%
|
|||||
Non-accrual loans and leases and other real estate owned as a percentage of total loans and leases and other real estate owned
|
1.28
|
|
|
1.43
|
|
|
1.71
|
|
|
2.17
|
|
|
3.07
|
|
|||||
Allowance for loan and lease losses as a percentage of total loans and leases
|
0.90
|
|
|
0.90
|
|
|
1.00
|
|
|
1.59
|
|
|
1.73
|
|
|||||
Net charge-offs as a percentage of average loans and leases
|
0.26
|
|
|
0.30
|
|
|
0.49
|
|
|
0.81
|
|
|
1.54
|
|
(1)
|
Net interest income on a fully tax-equivalent basis divided by average interest-earning assets.
|
Description
|
Page
|
|
Year Ended December 31,
|
|
|
|
|
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|
|||||||||||||||||||||||||
|
2016
|
|
2015
|
|
Change
|
|||||||||||||||||||||||||||
(Dollars in thousands)
|
Average
Balance |
|
Interest
(1)
|
|
Yields and
Rates (1) |
|
Average
Balance |
|
Interest
(1)
|
|
Yields and
Rates (1) |
|
Average
Balance |
|
Interest
|
|
Yields and
Rates (bps) |
|||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Investments and other
|
$
|
319,582
|
|
|
$
|
9,314
|
|
|
2.91
|
%
|
|
$
|
520,577
|
|
|
$
|
12,294
|
|
|
2.36
|
%
|
|
$
|
(200,995
|
)
|
|
$
|
(2,980
|
)
|
|
55
|
|
Securities held to maturity
|
190,863
|
|
|
4,649
|
|
|
2.44
|
|
|
207,140
|
|
|
5,486
|
|
|
2.65
|
|
|
(16,277
|
)
|
|
(837
|
)
|
|
(21
|
)
|
||||||
Securities available for sale:
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Taxable
|
719,743
|
|
|
16,238
|
|
|
2.26
|
|
|
564,205
|
|
|
13,930
|
|
|
2.47
|
|
|
155,538
|
|
|
2,308
|
|
|
(21
|
)
|
||||||
Tax-exempt
(3)
|
495,708
|
|
|
15,900
|
|
|
3.21
|
|
|
80,894
|
|
|
2,643
|
|
|
3.27
|
|
|
414,814
|
|
|
13,257
|
|
|
(6
|
)
|
||||||
Loans and leases held for sale
|
479,401
|
|
|
39,648
|
|
|
8.27
|
|
|
286,295
|
|
|
25,766
|
|
|
9.00
|
|
|
193,106
|
|
|
13,882
|
|
|
(73
|
)
|
||||||
Loans and leases:
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fixed-rate
|
2,285,647
|
|
|
130,753
|
|
|
5.72
|
|
|
2,710,512
|
|
|
157,428
|
|
|
5.81
|
|
|
(424,865
|
)
|
|
(26,675
|
)
|
|
(9
|
)
|
||||||
Variable- and adjustable-rate
|
2,948,482
|
|
|
156,919
|
|
|
5.32
|
|
|
2,911,689
|
|
|
149,770
|
|
|
5.14
|
|
|
36,793
|
|
|
7,149
|
|
|
18
|
|
||||||
Total consumer real estate
|
5,234,129
|
|
|
287,672
|
|
|
5.50
|
|
|
5,622,201
|
|
|
307,198
|
|
|
5.46
|
|
|
(388,072
|
)
|
|
(19,526
|
)
|
|
4
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fixed-rate
|
972,107
|
|
|
47,445
|
|
|
4.88
|
|
|
1,173,039
|
|
|
59,037
|
|
|
5.03
|
|
|
(200,932
|
)
|
|
(11,592
|
)
|
|
(15
|
)
|
||||||
Variable- and adjustable-rate
|
2,154,774
|
|
|
85,996
|
|
|
3.99
|
|
|
1,961,389
|
|
|
76,677
|
|
|
3.91
|
|
|
193,385
|
|
|
9,319
|
|
|
8
|
|
||||||
Total commercial
|
3,126,881
|
|
|
133,441
|
|
|
4.27
|
|
|
3,134,428
|
|
|
135,714
|
|
|
4.33
|
|
|
(7,547
|
)
|
|
(2,273
|
)
|
|
(6
|
)
|
||||||
Leasing and equipment finance
|
4,106,718
|
|
|
183,029
|
|
|
4.46
|
|
|
3,804,015
|
|
|
175,565
|
|
|
4.62
|
|
|
302,703
|
|
|
7,464
|
|
|
(16
|
)
|
||||||
Inventory finance
|
2,414,684
|
|
|
140,453
|
|
|
5.82
|
|
|
2,154,357
|
|
|
122,799
|
|
|
5.70
|
|
|
260,327
|
|
|
17,654
|
|
|
12
|
|
||||||
Auto finance
|
2,693,041
|
|
|
110,651
|
|
|
4.11
|
|
|
2,278,617
|
|
|
94,463
|
|
|
4.15
|
|
|
414,424
|
|
|
16,188
|
|
|
(4
|
)
|
||||||
Other
|
9,538
|
|
|
548
|
|
|
5.74
|
|
|
10,303
|
|
|
712
|
|
|
6.91
|
|
|
(765
|
)
|
|
(164
|
)
|
|
(117
|
)
|
||||||
Total loans and leases
|
17,584,991
|
|
|
855,794
|
|
|
4.87
|
|
|
17,003,921
|
|
|
836,451
|
|
|
4.92
|
|
|
581,070
|
|
|
19,343
|
|
|
(5
|
)
|
||||||
Total interest-earning assets
|
19,790,288
|
|
|
941,543
|
|
|
4.76
|
|
|
18,663,032
|
|
|
896,570
|
|
|
4.80
|
|
|
1,127,256
|
|
|
44,973
|
|
|
(4
|
)
|
||||||
Other assets
(5)
|
1,285,127
|
|
|
|
|
|
|
1,226,645
|
|
|
|
|
|
|
58,482
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
21,075,415
|
|
|
|
|
|
|
$
|
19,889,677
|
|
|
|
|
|
|
$
|
1,185,738
|
|
|
|
|
|
|
|
|||||||
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-interest bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
$
|
1,778,707
|
|
|
|
|
|
|
$
|
1,658,951
|
|
|
|
|
|
|
$
|
119,756
|
|
|
|
|
|
|
|
|||||||
Small business
|
884,192
|
|
|
|
|
|
|
838,758
|
|
|
|
|
|
|
45,434
|
|
|
|
|
|
|
|
||||||||||
Commercial and custodial
|
585,611
|
|
|
|
|
|
|
507,446
|
|
|
|
|
|
|
78,165
|
|
|
|
|
|
|
|
||||||||||
Total non-interest bearing deposits
|
3,248,510
|
|
|
|
|
|
|
3,005,155
|
|
|
|
|
|
|
243,355
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Checking
|
2,452,206
|
|
|
346
|
|
|
0.01
|
|
|
2,396,334
|
|
|
547
|
|
|
0.02
|
|
|
55,872
|
|
|
(201
|
)
|
|
(1
|
)
|
||||||
Savings
|
4,677,517
|
|
|
1,510
|
|
|
0.03
|
|
|
4,938,303
|
|
|
3,005
|
|
|
0.06
|
|
|
(260,786
|
)
|
|
(1,495
|
)
|
|
(3
|
)
|
||||||
Money market
|
2,488,977
|
|
|
15,114
|
|
|
0.61
|
|
|
2,265,121
|
|
|
14,237
|
|
|
0.63
|
|
|
223,856
|
|
|
877
|
|
|
(2
|
)
|
||||||
Certificates of deposit
|
4,229,247
|
|
|
44,818
|
|
|
1.06
|
|
|
3,340,341
|
|
|
30,437
|
|
|
0.91
|
|
|
888,906
|
|
|
14,381
|
|
|
15
|
|
||||||
Total interest-bearing deposits
|
13,847,947
|
|
|
61,788
|
|
|
0.45
|
|
|
12,940,099
|
|
|
48,226
|
|
|
0.37
|
|
|
907,848
|
|
|
13,562
|
|
|
8
|
|
||||||
Total deposits
|
17,096,457
|
|
|
61,788
|
|
|
0.36
|
|
|
15,945,254
|
|
|
48,226
|
|
|
0.30
|
|
|
1,151,203
|
|
|
13,562
|
|
|
6
|
|
||||||
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Short-term borrowings
|
7,051
|
|
|
51
|
|
|
0.73
|
|
|
18,822
|
|
|
53
|
|
|
0.28
|
|
|
(11,771
|
)
|
|
(2
|
)
|
|
45
|
|
||||||
Long-term borrowings
|
890,846
|
|
|
20,785
|
|
|
2.33
|
|
|
1,119,175
|
|
|
23,263
|
|
|
2.08
|
|
|
(228,329
|
)
|
|
(2,478
|
)
|
|
25
|
|
||||||
Total borrowings
|
897,897
|
|
|
20,836
|
|
|
2.32
|
|
|
1,137,997
|
|
|
23,316
|
|
|
2.05
|
|
|
(240,100
|
)
|
|
(2,480
|
)
|
|
27
|
|
||||||
Total interest-bearing liabilities
|
14,745,844
|
|
|
82,624
|
|
|
0.56
|
|
|
14,078,096
|
|
|
71,542
|
|
|
0.51
|
|
|
667,748
|
|
|
11,082
|
|
|
5
|
|
||||||
Total deposits and borrowings
|
17,994,354
|
|
|
82,624
|
|
|
0.46
|
|
|
17,083,251
|
|
|
71,542
|
|
|
0.42
|
|
|
911,103
|
|
|
11,082
|
|
|
4
|
|
||||||
Other liabilities
|
686,360
|
|
|
|
|
|
|
589,222
|
|
|
|
|
|
|
97,138
|
|
|
|
|
|
||||||||||||
Total liabilities
|
18,680,714
|
|
|
|
|
|
|
17,672,473
|
|
|
|
|
|
|
1,008,241
|
|
|
|
|
|
||||||||||||
Total TCF Financial Corp. stockholders' equity
|
2,373,176
|
|
|
|
|
|
|
2,197,690
|
|
|
|
|
|
|
175,486
|
|
|
|
|
|
||||||||||||
Non-controlling interest in subsidiaries
|
21,525
|
|
|
|
|
|
|
19,514
|
|
|
|
|
|
|
2,011
|
|
|
|
|
|
||||||||||||
Total equity
|
2,394,701
|
|
|
|
|
|
|
2,217,204
|
|
|
|
|
|
|
177,497
|
|
|
|
|
|
||||||||||||
Total liabilities and equity
|
$
|
21,075,415
|
|
|
|
|
|
|
$
|
19,889,677
|
|
|
|
|
|
|
$
|
1,185,738
|
|
|
|
|
|
|||||||||
Net interest income and margin
|
|
|
$
|
858,919
|
|
|
4.34
|
|
|
|
|
$
|
825,028
|
|
|
4.42
|
|
|
|
|
|
$
|
33,891
|
|
|
(8
|
)
|
(1)
|
Interest and yields are presented on a fully tax-equivalent basis.
|
(2)
|
Average balances and yields of securities available for sale are based upon historical amortized cost and exclude equity securities.
|
(3)
|
The yield on tax-exempt securities available for sale is computed on a tax-equivalent basis using a statutory federal income tax rate of 35% for all periods presented.
|
(4)
|
Average balances of loans and leases include non-accrual loans and leases and are presented net of unearned income.
|
(5)
|
Includes leased equipment and related initial direct costs under operating leases of
$140.3 million
and
$104.1 million
in
2016
and
2015
, respectively.
|
|
Year Ended December 31,
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
2015
|
|
2014
|
|
Change
|
|||||||||||||||||||||||||||
(Dollars in thousands)
|
Average
Balance |
|
Interest
(1)
|
|
Yields and
Rates (1) |
|
Average
Balance |
|
Interest
(1)
|
|
Yields and
Rates (1) |
|
Average
Balance |
|
Interest
|
|
Yields and
Rates (bps) |
|||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Investments and other
|
$
|
520,577
|
|
|
$
|
12,294
|
|
|
2.36
|
%
|
|
$
|
586,803
|
|
|
$
|
15,390
|
|
|
2.62
|
%
|
|
$
|
(66,226
|
)
|
|
$
|
(3,096
|
)
|
|
(26
|
)
|
Securities held to maturity
|
207,140
|
|
|
5,486
|
|
|
2.65
|
|
|
197,943
|
|
|
5,281
|
|
|
2.67
|
|
|
9,197
|
|
|
205
|
|
|
(2
|
)
|
||||||
Securities available for sale:
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Taxable
|
564,205
|
|
|
13,930
|
|
|
2.47
|
|
|
447,016
|
|
|
11,994
|
|
|
2.68
|
|
|
117,189
|
|
|
1,936
|
|
|
(21
|
)
|
||||||
Tax-exempt
(3)
|
80,894
|
|
|
2,643
|
|
|
3.27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80,894
|
|
|
2,643
|
|
|
327
|
|
||||||
Loans and leases held for sale
|
286,295
|
|
|
25,766
|
|
|
9.00
|
|
|
259,186
|
|
|
21,128
|
|
|
8.15
|
|
|
27,109
|
|
|
4,638
|
|
|
85
|
|
||||||
Loans and leases:
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fixed-rate
|
2,710,512
|
|
|
157,428
|
|
|
5.81
|
|
|
3,359,670
|
|
|
190,973
|
|
|
5.68
|
|
|
(649,158
|
)
|
|
(33,545
|
)
|
|
13
|
|
||||||
Variable-rate
|
2,911,689
|
|
|
149,770
|
|
|
5.14
|
|
|
2,788,882
|
|
|
143,431
|
|
|
5.14
|
|
|
122,807
|
|
|
6,339
|
|
|
—
|
|
||||||
Total consumer real estate
|
5,622,201
|
|
|
307,198
|
|
|
5.46
|
|
|
6,148,552
|
|
|
334,404
|
|
|
5.44
|
|
|
(526,351
|
)
|
|
(27,206
|
)
|
|
2
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fixed-rate
|
1,173,039
|
|
|
59,037
|
|
|
5.03
|
|
|
1,469,579
|
|
|
73,752
|
|
|
5.02
|
|
|
(296,540
|
)
|
|
(14,715
|
)
|
|
1
|
|
||||||
Variable- and adjustable-rate
|
1,961,389
|
|
|
76,677
|
|
|
3.91
|
|
|
1,665,788
|
|
|
66,450
|
|
|
3.99
|
|
|
295,601
|
|
|
10,227
|
|
|
(8
|
)
|
||||||
Total commercial
|
3,134,428
|
|
|
135,714
|
|
|
4.33
|
|
|
3,135,367
|
|
|
140,202
|
|
|
4.47
|
|
|
(939
|
)
|
|
(4,488
|
)
|
|
(14
|
)
|
||||||
Leasing and equipment finance
|
3,804,015
|
|
|
175,565
|
|
|
4.62
|
|
|
3,531,256
|
|
|
166,974
|
|
|
4.73
|
|
|
272,759
|
|
|
8,591
|
|
|
(11
|
)
|
||||||
Inventory finance
|
2,154,357
|
|
|
122,799
|
|
|
5.70
|
|
|
1,888,080
|
|
|
112,603
|
|
|
5.96
|
|
|
266,277
|
|
|
10,196
|
|
|
(26
|
)
|
||||||
Auto finance
|
2,278,617
|
|
|
94,463
|
|
|
4.15
|
|
|
1,567,904
|
|
|
68,595
|
|
|
4.37
|
|
|
710,713
|
|
|
25,868
|
|
|
(22
|
)
|
||||||
Other
|
10,303
|
|
|
712
|
|
|
6.91
|
|
|
12,071
|
|
|
931
|
|
|
7.71
|
|
|
(1,768
|
)
|
|
(219
|
)
|
|
(80
|
)
|
||||||
Total loans and leases
|
17,003,921
|
|
|
836,451
|
|
|
4.92
|
|
|
16,283,230
|
|
|
823,709
|
|
|
5.06
|
|
|
720,691
|
|
|
12,742
|
|
|
(14
|
)
|
||||||
Total interest-earning assets
|
18,663,032
|
|
|
896,570
|
|
|
4.80
|
|
|
17,774,178
|
|
|
877,502
|
|
|
4.94
|
|
|
888,854
|
|
|
19,068
|
|
|
(14
|
)
|
||||||
Other assets
(5)
|
1,226,645
|
|
|
|
|
|
|
1,123,213
|
|
|
|
|
|
|
103,432
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
19,889,677
|
|
|
|
|
|
|
$
|
18,897,391
|
|
|
|
|
|
|
$
|
992,286
|
|
|
|
|
|
|||||||||
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-interest bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Retail
|
$
|
1,658,951
|
|
|
|
|
|
|
$
|
1,546,453
|
|
|
|
|
|
|
$
|
112,498
|
|
|
|
|
|
|||||||||
Small business
|
838,758
|
|
|
|
|
|
|
806,649
|
|
|
|
|
|
|
32,109
|
|
|
|
|
|
||||||||||||
Commercial and custodial
|
507,446
|
|
|
|
|
|
|
413,893
|
|
|
|
|
|
|
93,553
|
|
|
|
|
|
||||||||||||
Total non-interest bearing deposits
|
3,005,155
|
|
|
|
|
|
|
2,766,995
|
|
|
|
|
|
|
238,160
|
|
|
|
|
|
||||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Checking
|
2,396,334
|
|
|
547
|
|
|
0.02
|
|
|
2,328,402
|
|
|
921
|
|
|
0.04
|
|
|
67,932
|
|
|
(374
|
)
|
|
(2
|
)
|
||||||
Savings
|
4,938,303
|
|
|
3,005
|
|
|
0.06
|
|
|
5,693,751
|
|
|
8,343
|
|
|
0.15
|
|
|
(755,448
|
)
|
|
(5,338
|
)
|
|
(9
|
)
|
||||||
Money market
|
2,265,121
|
|
|
14,237
|
|
|
0.63
|
|
|
1,312,483
|
|
|
7,032
|
|
|
0.54
|
|
|
952,638
|
|
|
7,205
|
|
|
9
|
|
||||||
Certificates of deposit
|
3,340,341
|
|
|
30,437
|
|
|
0.91
|
|
|
2,840,922
|
|
|
22,089
|
|
|
0.78
|
|
|
499,419
|
|
|
8,348
|
|
|
13
|
|
||||||
Total interest-bearing deposits
|
12,940,099
|
|
|
48,226
|
|
|
0.37
|
|
|
12,175,558
|
|
|
38,385
|
|
|
0.32
|
|
|
764,541
|
|
|
9,841
|
|
|
5
|
|
||||||
Total deposits
|
15,945,254
|
|
|
48,226
|
|
|
0.30
|
|
|
14,942,553
|
|
|
38,385
|
|
|
0.26
|
|
|
1,002,701
|
|
|
9,841
|
|
|
4
|
|
||||||
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Short-term borrowings
|
18,822
|
|
|
53
|
|
|
0.28
|
|
|
83,673
|
|
|
261
|
|
|
0.31
|
|
|
(64,851
|
)
|
|
(208
|
)
|
|
(3
|
)
|
||||||
Long-term borrowings
|
1,119,175
|
|
|
23,263
|
|
|
2.08
|
|
|
1,310,163
|
|
|
19,954
|
|
|
1.52
|
|
|
(190,988
|
)
|
|
3,309
|
|
|
56
|
|
||||||
Total borrowings
|
1,137,997
|
|
|
23,316
|
|
|
2.05
|
|
|
1,393,836
|
|
|
20,215
|
|
|
1.45
|
|
|
(255,839
|
)
|
|
3,101
|
|
|
60
|
|
||||||
Total interest-bearing liabilities
|
14,078,096
|
|
|
71,542
|
|
|
0.51
|
|
|
13,569,394
|
|
|
58,600
|
|
|
0.43
|
|
|
508,702
|
|
|
12,942
|
|
|
8
|
|
||||||
Total deposits and borrowings
|
17,083,251
|
|
|
71,542
|
|
|
0.42
|
|
|
16,336,389
|
|
|
58,600
|
|
|
0.36
|
|
|
746,862
|
|
|
12,942
|
|
|
6
|
|
||||||
Other liabilities
|
589,222
|
|
|
|
|
|
|
502,560
|
|
|
|
|
|
|
86,662
|
|
|
|
|
|
||||||||||||
Total liabilities
|
17,672,473
|
|
|
|
|
|
|
16,838,949
|
|
|
|
|
|
|
833,524
|
|
|
|
|
|
||||||||||||
Total TCF Financial Corp. stockholders' equity
|
2,197,690
|
|
|
|
|
|
|
2,041,428
|
|
|
|
|
|
|
156,262
|
|
|
|
|
|
||||||||||||
Non-controlling interest in subsidiaries
|
19,514
|
|
|
|
|
|
|
17,014
|
|
|
|
|
|
|
2,500
|
|
|
|
|
|
||||||||||||
Total equity
|
2,217,204
|
|
|
|
|
|
|
2,058,442
|
|
|
|
|
|
|
158,762
|
|
|
|
|
|
||||||||||||
Total liabilities and equity
|
$
|
19,889,677
|
|
|
|
|
|
|
$
|
18,897,391
|
|
|
|
|
|
|
$
|
992,286
|
|
|
|
|
|
|||||||||
Net interest income and margin
|
|
|
$
|
825,028
|
|
|
4.42
|
|
|
|
|
$
|
818,902
|
|
|
4.61
|
|
|
|
|
$
|
6,126
|
|
|
(19
|
)
|
(1)
|
Interest and yields are presented on a fully tax-equivalent basis.
|
(2)
|
Average balances and yields of securities available for sale are based upon historical amortized cost and exclude equity securities.
|
(3)
|
The yield on tax-exempt securities available for sale is computed on a tax-equivalent basis using a statutory federal income tax rate of 35% for all periods presented.
|
(4)
|
Average balances of loans and leases include non-accrual loans and leases and are presented net of unearned income.
|
(5)
|
Includes leased equipment and related initial direct costs under operating leases of
$104.1 million
and
$84.9 million
in
2015
and
2014
, respectively.
|
|
Year Ended
|
||||||||||||||||||||||
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Versus December 31, 2015
|
|
Versus December 31, 2014
|
||||||||||||||||||||
|
Increase (Decrease) Due to
|
|
Increase (Decrease) Due to
|
||||||||||||||||||||
(In thousands)
|
Volume
(1)
|
|
Rate
(1)
|
|
Total
|
|
Volume
(1)
|
|
Rate
(1)
|
|
Total
|
||||||||||||
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investments and other
|
$
|
(5,442
|
)
|
|
$
|
2,462
|
|
|
$
|
(2,980
|
)
|
|
$
|
(1,645
|
)
|
|
$
|
(1,451
|
)
|
|
$
|
(3,096
|
)
|
Securities held to maturity
|
(415
|
)
|
|
(422
|
)
|
|
(837
|
)
|
|
245
|
|
|
(40
|
)
|
|
205
|
|
||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Taxable
|
3,588
|
|
|
(1,280
|
)
|
|
2,308
|
|
|
2,952
|
|
|
(1,016
|
)
|
|
1,936
|
|
||||||
Tax-exempt
|
13,306
|
|
|
(49
|
)
|
|
13,257
|
|
|
2,643
|
|
|
—
|
|
|
2,643
|
|
||||||
Loans and leases held for sale
|
16,026
|
|
|
(2,144
|
)
|
|
13,882
|
|
|
2,325
|
|
|
2,313
|
|
|
4,638
|
|
||||||
Loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fixed-rate
|
(24,650
|
)
|
|
(2,025
|
)
|
|
(26,675
|
)
|
|
(37,621
|
)
|
|
4,076
|
|
|
(33,545
|
)
|
||||||
Variable- and adjustable-rate
|
1,795
|
|
|
5,354
|
|
|
7,149
|
|
|
6,317
|
|
|
22
|
|
|
6,339
|
|
||||||
Total consumer real estate
|
(22,030
|
)
|
|
2,504
|
|
|
(19,526
|
)
|
|
(28,753
|
)
|
|
1,547
|
|
|
(27,206
|
)
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fixed-rate
|
(9,963
|
)
|
|
(1,629
|
)
|
|
(11,592
|
)
|
|
(14,924
|
)
|
|
209
|
|
|
(14,715
|
)
|
||||||
Variable- and adjustable-rate
|
7,496
|
|
|
1,823
|
|
|
9,319
|
|
|
11,580
|
|
|
(1,353
|
)
|
|
10,227
|
|
||||||
Total commercial
|
(378
|
)
|
|
(1,895
|
)
|
|
(2,273
|
)
|
|
(42
|
)
|
|
(4,446
|
)
|
|
(4,488
|
)
|
||||||
Leasing and equipment finance
|
13,635
|
|
|
(6,171
|
)
|
|
7,464
|
|
|
12,662
|
|
|
(4,071
|
)
|
|
8,591
|
|
||||||
Inventory finance
|
14,769
|
|
|
2,885
|
|
|
17,654
|
|
|
15,346
|
|
|
(5,150
|
)
|
|
10,196
|
|
||||||
Auto finance
|
16,747
|
|
|
(559
|
)
|
|
16,188
|
|
|
29,633
|
|
|
(3,765
|
)
|
|
25,868
|
|
||||||
Other
|
(50
|
)
|
|
(114
|
)
|
|
(164
|
)
|
|
(128
|
)
|
|
(91
|
)
|
|
(219
|
)
|
||||||
Total loans and leases
|
26,962
|
|
|
(7,619
|
)
|
|
19,343
|
|
|
35,838
|
|
|
(23,096
|
)
|
|
12,742
|
|
||||||
Total interest income
|
52,032
|
|
|
(7,059
|
)
|
|
44,973
|
|
|
43,114
|
|
|
(24,046
|
)
|
|
19,068
|
|
||||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Checking
|
12
|
|
|
(213
|
)
|
|
(201
|
)
|
|
26
|
|
|
(400
|
)
|
|
(374
|
)
|
||||||
Savings
|
(152
|
)
|
|
(1,343
|
)
|
|
(1,495
|
)
|
|
(987
|
)
|
|
(4,351
|
)
|
|
(5,338
|
)
|
||||||
Money market
|
1,342
|
|
|
(465
|
)
|
|
877
|
|
|
5,817
|
|
|
1,388
|
|
|
7,205
|
|
||||||
Certificates of deposit
|
8,843
|
|
|
5,538
|
|
|
14,381
|
|
|
4,221
|
|
|
4,127
|
|
|
8,348
|
|
||||||
Total deposits
|
3,620
|
|
|
9,942
|
|
|
13,562
|
|
|
2,701
|
|
|
7,140
|
|
|
9,841
|
|
||||||
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term borrowings
|
(48
|
)
|
|
46
|
|
|
(2
|
)
|
|
(187
|
)
|
|
(21
|
)
|
|
(208
|
)
|
||||||
Long-term borrowings
|
(5,116
|
)
|
|
2,638
|
|
|
(2,478
|
)
|
|
(3,191
|
)
|
|
6,500
|
|
|
3,309
|
|
||||||
Total borrowings
|
(5,327
|
)
|
|
2,847
|
|
|
(2,480
|
)
|
|
(4,161
|
)
|
|
7,262
|
|
|
3,101
|
|
||||||
Total interest expense
|
3,447
|
|
|
7,635
|
|
|
11,082
|
|
|
2,268
|
|
|
10,674
|
|
|
12,942
|
|
||||||
Net interest income
|
$
|
47,783
|
|
|
$
|
(13,892
|
)
|
|
$
|
33,891
|
|
|
$
|
40,037
|
|
|
$
|
(33,911
|
)
|
|
$
|
6,126
|
|
(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. Changes due to volume and rate are calculated independently for each line item presented.
|
|
Year Ended December 31,
|
|
Change
|
|||||||||||||||||||||||||||||||
(Dollars in thousands)
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
/
|
2015
|
|
2015
|
|
/
|
2014
|
|||||||||||||||||||
Consumer real estate
|
$
|
9,304
|
|
|
14.1
|
%
|
|
$
|
12,697
|
|
|
24.0
|
%
|
|
$
|
63,973
|
|
|
66.8
|
%
|
|
$
|
(3,393
|
)
|
|
(26.7
|
)%
|
|
$
|
(51,276
|
)
|
|
(80.2
|
)%
|
Commercial
|
2,890
|
|
|
4.4
|
|
|
298
|
|
|
0.6
|
|
|
(259
|
)
|
|
(0.3
|
)
|
|
2,592
|
|
|
N.M.
|
|
|
557
|
|
|
N.M.
|
|
|||||
Leasing and equipment
finance
|
7,706
|
|
|
11.7
|
|
|
5,411
|
|
|
10.2
|
|
|
3,324
|
|
|
3.5
|
|
|
2,295
|
|
|
42.4
|
|
|
2,087
|
|
|
62.8
|
|
|||||
Inventory finance
|
4,540
|
|
|
6.9
|
|
|
3,036
|
|
|
5.7
|
|
|
2,498
|
|
|
2.6
|
|
|
1,504
|
|
|
49.5
|
|
|
538
|
|
|
21.5
|
|
|||||
Auto finance
|
39,149
|
|
|
59.4
|
|
|
28,943
|
|
|
54.7
|
|
|
23,742
|
|
|
24.8
|
|
|
10,206
|
|
|
35.3
|
|
|
5,201
|
|
|
21.9
|
|
|||||
Other
|
2,285
|
|
|
3.5
|
|
|
2,559
|
|
|
4.8
|
|
|
2,459
|
|
|
2.6
|
|
|
(274
|
)
|
|
(10.7
|
)
|
|
100
|
|
|
4.1
|
|
|||||
Total
|
$
|
65,874
|
|
|
100.0
|
%
|
|
$
|
52,944
|
|
|
100.0
|
%
|
|
$
|
95,737
|
|
|
100.0
|
%
|
|
$
|
12,930
|
|
|
24.4
|
|
|
$
|
(42,793
|
)
|
|
(44.7
|
)
|
|
Year Ended December 31,
|
Change
|
|||||||||||||||
(Dollars in thousands)
|
2016
|
|
2015
|
|
2014
|
|
2016 / 2015
|
|
2015 / 2014
|
||||||||
Fees and service charges
|
$
|
137,664
|
|
|
$
|
144,999
|
|
|
$
|
154,386
|
|
|
(5.1
|
)%
|
|
(6.1
|
)%
|
Card revenue
|
54,882
|
|
|
54,387
|
|
|
51,323
|
|
|
0.9
|
|
|
6.0
|
|
|||
ATM revenue
|
20,445
|
|
|
21,544
|
|
|
22,225
|
|
|
(5.1
|
)
|
|
(3.1
|
)
|
|||
Subtotal
|
212,991
|
|
|
220,930
|
|
|
227,934
|
|
|
(3.6
|
)
|
|
(3.1
|
)
|
|||
Gains on sales of auto loans, net
|
34,832
|
|
|
30,580
|
|
|
43,565
|
|
|
13.9
|
|
|
(29.8
|
)
|
|||
Gains on sales of consumer real estate loans, net
|
50,427
|
|
|
40,964
|
|
|
34,794
|
|
|
23.1
|
|
|
17.7
|
|
|||
Servicing fee income
|
40,182
|
|
|
31,229
|
|
|
21,444
|
|
|
28.7
|
|
|
45.6
|
|
|||
Subtotal
|
125,441
|
|
|
102,773
|
|
|
99,803
|
|
|
22.1
|
|
|
3.0
|
|
|||
Leasing and equipment finance
|
119,166
|
|
|
108,129
|
|
|
93,799
|
|
|
10.2
|
|
|
15.3
|
|
|||
Other
|
8,883
|
|
|
10,463
|
|
|
10,704
|
|
|
(15.1
|
)
|
|
(2.3
|
)
|
|||
Fees and other revenue
|
466,481
|
|
|
442,295
|
|
|
432,240
|
|
|
5.5
|
|
|
2.3
|
|
|||
Gains (losses) on securities, net
|
(581
|
)
|
|
(297
|
)
|
|
1,027
|
|
|
(95.6
|
)
|
|
N.M.
|
|
|||
Total non-interest income
|
$
|
465,900
|
|
|
$
|
441,998
|
|
|
$
|
433,267
|
|
|
5.4
|
|
|
2.0
|
|
Total non-interest income as a percentage of total revenue
|
35.5
|
%
|
|
35.0
|
%
|
|
34.7
|
%
|
|
|
|
|
|
Year Ended December 31,
|
|
Change
|
||||||||||||||
(Dollars in thousands)
|
2016
|
|
2015
|
|
2014
|
|
2016 / 2015
|
|
2015 / 2014
|
||||||||
Compensation and employee benefits
|
$
|
474,722
|
|
|
$
|
457,743
|
|
|
$
|
452,942
|
|
|
3.7
|
%
|
|
1.1
|
%
|
Occupancy and equipment
|
149,980
|
|
|
144,962
|
|
|
139,023
|
|
|
3.5
|
|
|
4.3
|
|
|||
Other
|
231,420
|
|
|
229,255
|
|
|
227,970
|
|
|
0.9
|
|
|
0.6
|
|
|||
Subtotal
|
856,122
|
|
|
831,960
|
|
|
819,935
|
|
|
2.9
|
|
|
1.5
|
|
|||
Operating lease depreciation
|
40,359
|
|
|
39,409
|
|
|
27,152
|
|
|
2.4
|
|
|
45.1
|
|
|||
Foreclosed real estate and repossessed assets, net
|
13,187
|
|
|
23,193
|
|
|
24,567
|
|
|
(43.1
|
)
|
|
(5.6
|
)
|
|||
Other credit costs, net
|
219
|
|
|
185
|
|
|
123
|
|
|
18.4
|
|
|
50.4
|
|
|||
Total non-interest expense
|
$
|
909,887
|
|
|
$
|
894,747
|
|
|
$
|
871,777
|
|
|
1.7
|
|
|
2.6
|
|
|
At December 31,
|
||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||
(Dollars in thousands)
|
Amortized Cost
|
|
Fair Value
|
|
Tax-equivalent Yield
|
|
Amortized Cost
|
|
Fair Value
|
|
Tax-equivalent Yield
|
||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Due in one year or less
|
$
|
1
|
|
|
$
|
1
|
|
|
8.02
|
%
|
|
$
|
1
|
|
|
$
|
1
|
|
|
9.00
|
%
|
Due in 1-5 years
|
18
|
|
|
18
|
|
|
2.28
|
|
|
38
|
|
|
38
|
|
|
2.65
|
|
||||
Due in 5-10 years
|
54,202
|
|
|
54,429
|
|
|
1.93
|
|
|
70,338
|
|
|
70,350
|
|
|
1.93
|
|
||||
Due after 10 years
|
773,519
|
|
|
756,461
|
|
|
2.25
|
|
|
557,178
|
|
|
551,575
|
|
|
2.46
|
|
||||
Obligations of states and political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Due in 5-10 years
|
277,228
|
|
|
274,576
|
|
|
3.13
|
|
|
198,300
|
|
|
202,161
|
|
|
3.19
|
|
||||
Due after 10 years
|
351,744
|
|
|
337,950
|
|
|
3.20
|
|
|
63,889
|
|
|
64,760
|
|
|
3.40
|
|
||||
Total securities available for sale
|
$
|
1,456,712
|
|
|
$
|
1,423,435
|
|
|
2.63
|
|
|
$
|
889,744
|
|
|
$
|
888,885
|
|
|
2.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Due after 10 years
|
$
|
178,514
|
|
|
$
|
181,146
|
|
|
2.54
|
%
|
|
$
|
198,520
|
|
|
$
|
203,553
|
|
|
2.64
|
%
|
Other securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Due in one year or less
|
—
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|
100
|
|
|
2.00
|
|
||||
Due in 1-5 years
|
1,400
|
|
|
1,400
|
|
|
2.86
|
|
|
1,900
|
|
|
1,900
|
|
|
2.63
|
|
||||
Due in 5-10 years
|
1,400
|
|
|
1,400
|
|
|
3.36
|
|
|
1,400
|
|
|
1,400
|
|
|
3.36
|
|
||||
Total securities held to maturity
|
$
|
181,314
|
|
|
$
|
183,946
|
|
|
2.55
|
|
|
$
|
201,920
|
|
|
$
|
206,953
|
|
|
2.64
|
|
|
|
|
|
|
|
|
|
|
|
|
Compound Annual
|
||||||||||||||
|
At December 31,
|
|
Growth Rate
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
1-Year
|
|
5-Year
|
||||||||||||
(Dollars in thousands)
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2016 / 2015
|
|
2016 / 2011
|
||||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
First mortgage lien
|
$
|
2,292,596
|
|
|
$
|
2,624,956
|
|
|
$
|
3,139,152
|
|
|
$
|
3,766,421
|
|
|
$
|
4,239,524
|
|
|
(12.7
|
)%
|
|
(13.5
|
)%
|
Junior lien
|
2,791,756
|
|
|
2,839,316
|
|
|
2,543,212
|
|
|
2,572,905
|
|
|
2,434,977
|
|
|
(1.7
|
)
|
|
5.3
|
|
|||||
Total consumer real estate
|
5,084,352
|
|
|
5,464,272
|
|
|
5,682,364
|
|
|
6,339,326
|
|
|
6,674,501
|
|
|
(7.0
|
)
|
|
(5.9
|
)
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
2,634,191
|
|
|
2,593,429
|
|
|
2,624,255
|
|
|
2,743,697
|
|
|
3,080,942
|
|
|
1.6
|
|
|
(3.8
|
)
|
|||||
Commercial business
|
652,287
|
|
|
552,403
|
|
|
533,410
|
|
|
404,655
|
|
|
324,293
|
|
|
18.1
|
|
|
21.1
|
|
|||||
Total commercial
|
3,286,478
|
|
|
3,145,832
|
|
|
3,157,665
|
|
|
3,148,352
|
|
|
3,405,235
|
|
|
4.5
|
|
|
(1.0
|
)
|
|||||
Leasing and equipment finance
|
4,336,310
|
|
|
4,012,248
|
|
|
3,745,322
|
|
|
3,428,755
|
|
|
3,198,017
|
|
|
8.1
|
|
|
6.7
|
|
|||||
Inventory finance
|
2,470,175
|
|
|
2,146,754
|
|
|
1,877,090
|
|
|
1,664,377
|
|
|
1,567,214
|
|
|
15.1
|
|
|
31.6
|
|
|||||
Auto finance
|
2,647,741
|
|
|
2,647,596
|
|
|
1,915,061
|
|
|
1,239,386
|
|
|
552,833
|
|
|
—
|
|
|
N.M.
|
|
|||||
Other
|
18,771
|
|
|
19,297
|
|
|
24,144
|
|
|
26,743
|
|
|
27,924
|
|
|
(2.7
|
)
|
|
(11.7
|
)
|
|||||
Total loans and leases
|
$
|
17,843,827
|
|
|
$
|
17,435,999
|
|
|
$
|
16,401,646
|
|
|
$
|
15,846,939
|
|
|
$
|
15,425,724
|
|
|
2.3
|
|
|
4.7
|
|
|
At December 31, 2016
|
||||||||||||||||||||||||||
(In thousands)
|
Consumer
Real Estate
|
|
Commercial
|
|
Leasing and
Equipment
Finance
|
|
Inventory
Finance
|
|
Auto
Finance
|
|
Other
|
|
Total
|
||||||||||||||
Geographic Distribution:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Minnesota
|
$
|
1,247,499
|
|
|
$
|
730,183
|
|
|
$
|
108,963
|
|
|
$
|
81,739
|
|
|
$
|
51,267
|
|
|
$
|
5,723
|
|
|
$
|
2,225,374
|
|
California
|
935,607
|
|
|
139,176
|
|
|
594,705
|
|
|
95,218
|
|
|
430,076
|
|
|
4
|
|
|
2,194,786
|
|
|||||||
Illinois
|
1,154,721
|
|
|
421,081
|
|
|
169,240
|
|
|
67,928
|
|
|
102,043
|
|
|
4,108
|
|
|
1,919,121
|
|
|||||||
Michigan
|
480,280
|
|
|
505,823
|
|
|
116,787
|
|
|
100,601
|
|
|
50,399
|
|
|
3,888
|
|
|
1,257,778
|
|
|||||||
Texas
|
—
|
|
|
72,726
|
|
|
416,109
|
|
|
154,098
|
|
|
228,468
|
|
|
8
|
|
|
871,409
|
|
|||||||
Wisconsin
|
225,522
|
|
|
425,345
|
|
|
60,828
|
|
|
78,067
|
|
|
27,058
|
|
|
818
|
|
|
817,638
|
|
|||||||
Florida
|
106,045
|
|
|
90,469
|
|
|
225,065
|
|
|
124,910
|
|
|
142,799
|
|
|
39
|
|
|
689,327
|
|
|||||||
Colorado
|
248,863
|
|
|
251,983
|
|
|
76,536
|
|
|
29,756
|
|
|
50,256
|
|
|
3,762
|
|
|
661,156
|
|
|||||||
New York
|
33,424
|
|
|
19,238
|
|
|
259,034
|
|
|
86,746
|
|
|
126,754
|
|
|
48
|
|
|
525,244
|
|
|||||||
Canada
|
—
|
|
|
—
|
|
|
1,196
|
|
|
458,138
|
|
|
—
|
|
|
—
|
|
|
459,334
|
|
|||||||
Ohio
|
8,102
|
|
|
81,902
|
|
|
159,133
|
|
|
97,999
|
|
|
74,445
|
|
|
—
|
|
|
421,581
|
|
|||||||
Pennsylvania
|
36,302
|
|
|
15,190
|
|
|
152,459
|
|
|
74,682
|
|
|
107,298
|
|
|
55
|
|
|
385,986
|
|
|||||||
Georgia
|
50,499
|
|
|
49,003
|
|
|
112,304
|
|
|
58,767
|
|
|
90,032
|
|
|
—
|
|
|
360,605
|
|
|||||||
Arizona
|
102,255
|
|
|
14,966
|
|
|
126,367
|
|
|
19,678
|
|
|
77,064
|
|
|
213
|
|
|
340,543
|
|
|||||||
North Carolina
|
4,162
|
|
|
19,860
|
|
|
159,240
|
|
|
60,097
|
|
|
94,307
|
|
|
7
|
|
|
337,673
|
|
|||||||
New Jersey
|
45,061
|
|
|
—
|
|
|
166,568
|
|
|
22,777
|
|
|
85,216
|
|
|
—
|
|
|
319,622
|
|
|||||||
Indiana
|
19,423
|
|
|
68,119
|
|
|
82,116
|
|
|
56,266
|
|
|
37,440
|
|
|
4
|
|
|
263,368
|
|
|||||||
Washington
|
108,478
|
|
|
10,065
|
|
|
69,882
|
|
|
33,011
|
|
|
36,418
|
|
|
3
|
|
|
257,857
|
|
|||||||
Massachusetts
|
35,253
|
|
|
17,453
|
|
|
118,681
|
|
|
19,072
|
|
|
53,655
|
|
|
—
|
|
|
244,114
|
|
|||||||
Tennessee
|
3,413
|
|
|
55,229
|
|
|
78,532
|
|
|
40,972
|
|
|
54,640
|
|
|
2
|
|
|
232,788
|
|
|||||||
Virginia
|
23,720
|
|
|
4,633
|
|
|
87,000
|
|
|
36,706
|
|
|
70,068
|
|
|
10
|
|
|
222,137
|
|
|||||||
Other
|
215,723
|
|
|
294,034
|
|
|
995,565
|
|
|
672,947
|
|
|
658,038
|
|
|
79
|
|
|
2,836,386
|
|
|||||||
Total
|
$
|
5,084,352
|
|
|
$
|
3,286,478
|
|
|
$
|
4,336,310
|
|
|
$
|
2,470,175
|
|
|
$
|
2,647,741
|
|
|
$
|
18,771
|
|
|
$
|
17,843,827
|
|
|
At December 31, 2016
(1)
|
||||||||||||||||||||||||||
(In thousands)
|
Consumer
Real Estate
|
|
Commercial
|
|
Leasing and
Equipment
Finance
|
|
Inventory
Finance
|
|
Auto
Finance
|
|
Other
|
|
Total
|
||||||||||||||
Amounts due:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Within 1 year
|
$
|
115,397
|
|
|
$
|
516,649
|
|
|
$
|
1,438,018
|
|
|
$
|
2,470,175
|
|
|
$
|
621,370
|
|
|
$
|
9,861
|
|
|
$
|
5,171,470
|
|
1 to 5 years
|
503,863
|
|
|
2,323,078
|
|
|
2,758,773
|
|
|
—
|
|
|
1,929,904
|
|
|
1,808
|
|
|
7,517,426
|
|
|||||||
Over 5 years
|
4,465,092
|
|
|
446,751
|
|
|
139,519
|
|
|
—
|
|
|
96,467
|
|
|
7,102
|
|
|
5,154,931
|
|
|||||||
Total
|
$
|
5,084,352
|
|
|
$
|
3,286,478
|
|
|
$
|
4,336,310
|
|
|
$
|
2,470,175
|
|
|
$
|
2,647,741
|
|
|
$
|
18,771
|
|
|
$
|
17,843,827
|
|
Amounts due after 1 year:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fixed-rate loans and leases
|
$
|
2,039,349
|
|
|
$
|
854,300
|
|
|
$
|
2,887,119
|
|
|
$
|
—
|
|
|
$
|
2,026,371
|
|
|
$
|
8,753
|
|
|
$
|
7,815,892
|
|
Variable- and adjustable-rate loans and leases
|
2,929,606
|
|
|
1,915,529
|
|
|
11,173
|
|
|
—
|
|
|
—
|
|
|
157
|
|
|
4,856,465
|
|
|||||||
Total after 1 year
|
$
|
4,968,955
|
|
|
$
|
2,769,829
|
|
|
$
|
2,898,292
|
|
|
$
|
—
|
|
|
$
|
2,026,371
|
|
|
$
|
8,910
|
|
|
$
|
12,672,357
|
|
(1)
|
This table does not include the effect of prepayments, which is an important consideration in management's interest-rate risk analysis. Company experience indicates that loans and leases remain outstanding for significantly shorter periods than their contractual terms.
|
|
At December 31,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||||
(In thousands)
|
Permanent
|
|
Construction and
Development
|
|
Total
|
|
Permanent
|
|
Construction and
Development
|
|
Total
|
||||||||||||
Multi-family housing
|
$
|
718,562
|
|
|
$
|
152,693
|
|
|
$
|
871,255
|
|
|
$
|
770,325
|
|
|
$
|
203,518
|
|
|
$
|
973,843
|
|
Warehouse/industrial buildings
|
362,092
|
|
|
3,156
|
|
|
365,248
|
|
|
339,160
|
|
|
28,462
|
|
|
367,622
|
|
||||||
Health care facilities
|
326,536
|
|
|
37,372
|
|
|
363,908
|
|
|
290,418
|
|
|
35,610
|
|
|
326,028
|
|
||||||
Office buildings
|
321,970
|
|
|
22,058
|
|
|
344,028
|
|
|
316,326
|
|
|
12,615
|
|
|
328,941
|
|
||||||
Retail services
(1)
|
292,036
|
|
|
3,662
|
|
|
295,698
|
|
|
264,253
|
|
|
4,189
|
|
|
268,442
|
|
||||||
Self-storage
|
184,543
|
|
|
29,771
|
|
|
214,314
|
|
|
141,844
|
|
|
20,215
|
|
|
162,059
|
|
||||||
Hotels and motels
|
117,312
|
|
|
25,739
|
|
|
143,051
|
|
|
112,386
|
|
|
6,666
|
|
|
119,052
|
|
||||||
Other
|
33,236
|
|
|
3,453
|
|
|
36,689
|
|
|
32,506
|
|
|
14,936
|
|
|
47,442
|
|
||||||
Total
|
$
|
2,356,287
|
|
|
$
|
277,904
|
|
|
$
|
2,634,191
|
|
|
$
|
2,267,218
|
|
|
$
|
326,211
|
|
|
$
|
2,593,429
|
|
(1)
|
Primarily retail strip shopping centers and malls, convenience stores, supermarkets, restaurants and automobile related businesses.
|
|
At December 31,
|
||||||||||||
|
2016
|
2015
|
|||||||||||
(Dollars in thousands)
|
Balance
|
|
Percent
of Total
|
|
Balance
|
|
Percent
of Total
|
||||||
Specialty vehicles
|
$
|
1,252,951
|
|
|
28.9
|
%
|
|
$
|
1,110,836
|
|
|
27.7
|
%
|
Construction
|
483,231
|
|
|
11.1
|
|
|
447,502
|
|
|
11.1
|
|
||
Golf cart and turf
|
429,382
|
|
|
9.9
|
|
|
394,939
|
|
|
9.8
|
|
||
Furniture and fixtures
|
384,975
|
|
|
8.9
|
|
|
296,823
|
|
|
7.4
|
|
||
Medical
|
336,566
|
|
|
7.8
|
|
|
355,326
|
|
|
8.9
|
|
||
Technology and data processing
|
321,562
|
|
|
7.4
|
|
|
304,845
|
|
|
7.6
|
|
||
Manufacturing
|
300,368
|
|
|
6.9
|
|
|
318,750
|
|
|
7.9
|
|
||
Trucks and trailers
|
271,870
|
|
|
6.3
|
|
|
263,512
|
|
|
6.6
|
|
||
Agricultural
|
149,192
|
|
|
3.4
|
|
|
151,894
|
|
|
3.8
|
|
||
Other
|
406,213
|
|
|
9.4
|
|
|
367,821
|
|
|
9.2
|
|
||
Total
|
$
|
4,336,310
|
|
|
100.0
|
%
|
|
$
|
4,012,248
|
|
|
100.0
|
%
|
|
At December 31,
|
||||||||||||
|
2016
|
|
2015
|
||||||||||
(Dollars in thousands)
|
Balance
|
|
Percent
of Total
|
|
Balance
|
|
Percent
of Total
|
||||||
Powersports
|
$
|
1,143,226
|
|
|
46.3
|
%
|
|
$
|
1,038,741
|
|
|
48.4
|
%
|
Lawn and garden
|
567,452
|
|
|
23.0
|
|
|
487,541
|
|
|
22.7
|
|
||
Other
|
759,497
|
|
|
30.7
|
|
|
620,472
|
|
|
28.9
|
|
||
Total
|
$
|
2,470,175
|
|
|
100.0
|
%
|
|
$
|
2,146,754
|
|
|
100.0
|
%
|
•
|
Loans and leases that are over 60-days delinquent have a higher potential to become non-accrual and generally are a leading indicator for future charge-off trends.
|
•
|
TDR loans are loans to financially troubled borrowers that have been modified such that TCF has granted a concession in terms to improve the likelihood of collection of all principal and modified interest owed.
|
•
|
Non-accrual loans and leases have been charged down to the estimated fair value of the collateral less selling costs, or reserved for expected loss upon workout.
|
•
|
Within the performing loans and leases, TCF classifies customers within regulatory classification guidelines. Loans and leases that are "classified" are loans or leases that management has concerns regarding the ability of the borrowers to meet existing loan or lease terms and conditions, but may never become non-accrual or result in a loss.
|
|
At December 31,
|
||||||||||||
|
2016
|
|
2015
|
||||||||||
(Dollars in thousands)
|
60 Days or More Delinquent and Accruing
|
|
Percentage of Average Portfolio
(1)
|
|
60 Days or More Delinquent and Accruing
|
|
Percentage of Average Portfolio
(1)
|
||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||
First mortgage lien
|
$
|
8,725
|
|
|
0.40
|
%
|
|
$
|
11,565
|
|
|
0.46
|
%
|
Junior lien
|
1,404
|
|
|
0.05
|
|
|
1,519
|
|
|
0.05
|
|
||
Total consumer real estate
|
10,129
|
|
|
0.21
|
|
|
13,084
|
|
|
0.25
|
|
||
Commercial
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||
Leasing and equipment finance
|
4,523
|
|
|
0.10
|
|
|
2,292
|
|
|
0.06
|
|
||
Inventory finance
|
55
|
|
|
—
|
|
|
118
|
|
|
0.01
|
|
||
Auto finance
|
6,102
|
|
|
0.23
|
|
|
3,573
|
|
|
0.14
|
|
||
Other
|
20
|
|
|
0.10
|
|
|
20
|
|
|
0.10
|
|
||
Subtotal
|
20,829
|
|
|
0.12
|
|
|
19,088
|
|
|
0.11
|
|
||
Portfolios acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
1
|
|
|
0.43
|
|
||
Total
|
$
|
20,829
|
|
|
0.12
|
|
|
$
|
19,089
|
|
|
0.11
|
|
(1)
|
Excludes average non-accrual loans and leases by portfolio.
|
|
At December 31, 2016
|
||||||||||
(Dollars in thousands)
|
Accruing TDR Loans
|
|
Non-accrual TDR Loans
|
|
Total TDR Loans
|
||||||
Consumer real estate
|
$
|
98,606
|
|
|
$
|
71,961
|
|
|
$
|
170,567
|
|
Commercial
|
20,304
|
|
|
2,170
|
|
|
22,474
|
|
|||
Leasing and equipment finance
|
4,802
|
|
|
1,350
|
|
|
6,152
|
|
|||
Inventory finance
|
—
|
|
|
357
|
|
|
357
|
|
|||
Auto finance
|
2,323
|
|
|
5,504
|
|
|
7,827
|
|
|||
Other
|
6
|
|
|
—
|
|
|
6
|
|
|||
Total
|
$
|
126,041
|
|
|
$
|
81,342
|
|
|
$
|
207,383
|
|
Over 60-day delinquent accruing TDR loans as a percentage of total accruing TDR loans
|
1.19
|
%
|
|
N.A.
|
|
|
N.A.
|
|
|||
|
|
|
|
|
|
||||||
|
At December 31, 2015
|
||||||||||
(Dollars in thousands)
|
Accruing TDR Loans
|
|
Non-accrual TDR Loans
|
|
Total TDR Loans
|
||||||
Consumer real estate
|
$
|
106,787
|
|
|
$
|
79,055
|
|
|
$
|
185,842
|
|
Commercial
|
24,731
|
|
|
7,016
|
|
|
31,747
|
|
|||
Leasing and equipment finance
|
2,904
|
|
|
641
|
|
|
3,545
|
|
|||
Inventory finance
|
51
|
|
|
172
|
|
|
223
|
|
|||
Auto finance
|
799
|
|
|
8,440
|
|
|
9,239
|
|
|||
Other
|
11
|
|
|
—
|
|
|
11
|
|
|||
Total
|
$
|
135,283
|
|
|
$
|
95,324
|
|
|
$
|
230,607
|
|
Over 60-day delinquent accruing TDR loans as a percentage of total accruing TDR loans
|
1.54
|
%
|
|
N.A.
|
|
|
N.A.
|
|
|
At December 31,
|
||||||||||||||||||
(Dollars in thousands)
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
First mortgage lien
|
$
|
106,125
|
|
|
$
|
124,156
|
|
|
$
|
137,790
|
|
|
$
|
180,811
|
|
|
$
|
199,631
|
|
Junior lien
|
46,346
|
|
|
44,113
|
|
|
35,481
|
|
|
38,222
|
|
|
35,269
|
|
|||||
Total consumer real estate
|
152,471
|
|
|
168,269
|
|
|
173,271
|
|
|
219,033
|
|
|
234,900
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
5,564
|
|
|
6,737
|
|
|
24,554
|
|
|
36,178
|
|
|
118,300
|
|
|||||
Commercial business
|
355
|
|
|
3,588
|
|
|
481
|
|
|
4,361
|
|
|
9,446
|
|
|||||
Total commercial
|
5,919
|
|
|
10,325
|
|
|
25,035
|
|
|
40,539
|
|
|
127,746
|
|
|||||
Leasing and equipment finance
|
10,880
|
|
|
11,262
|
|
|
12,670
|
|
|
14,041
|
|
|
13,652
|
|
|||||
Inventory finance
|
5,134
|
|
|
1,098
|
|
|
2,082
|
|
|
2,529
|
|
|
1,487
|
|
|||||
Auto finance
|
7,038
|
|
|
9,509
|
|
|
3,676
|
|
|
470
|
|
|
101
|
|
|||||
Other
|
3
|
|
|
3
|
|
|
—
|
|
|
410
|
|
|
1,571
|
|
|||||
Total non-accrual loans and leases
|
181,445
|
|
|
200,466
|
|
|
216,734
|
|
|
277,022
|
|
|
379,457
|
|
|||||
Other real estate owned:
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer real estate
|
34,070
|
|
|
42,912
|
|
|
44,932
|
|
|
47,637
|
|
|
69,599
|
|
|||||
Commercial real estate
|
12,727
|
|
|
7,070
|
|
|
20,718
|
|
|
21,237
|
|
|
27,379
|
|
|||||
Total other real estate owned
|
46,797
|
|
|
49,982
|
|
|
65,650
|
|
|
68,874
|
|
|
96,978
|
|
|||||
Total non-accrual loans and leases and other real estate owned
|
$
|
228,242
|
|
|
$
|
250,448
|
|
|
$
|
282,384
|
|
|
$
|
345,896
|
|
|
$
|
476,435
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-accrual loans and leases as a percentage of total loans and leases
|
1.02
|
%
|
|
1.15
|
%
|
|
1.32
|
%
|
|
1.75
|
%
|
|
2.46
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-accrual loans and leases and other real estate owned as a percentage of total loans and leases and other real estate owned
|
1.28
|
|
|
1.43
|
|
|
1.71
|
|
|
2.17
|
|
|
3.07
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan and lease losses as a percentage of non-accrual loans and leases
|
88.33
|
|
|
77.85
|
|
|
75.75
|
|
|
91.05
|
|
|
70.40
|
|
|
At or For the Year Ended December 31, 2016
|
||||||||||||||||||||||||||
(In thousands)
|
Consumer Real Estate
|
|
Commercial
|
|
Leasing and Equipment Finance
|
|
Inventory Finance
|
|
Auto Finance
|
|
Other
|
|
Total
|
||||||||||||||
Balance, beginning of period
|
$
|
168,269
|
|
|
$
|
10,325
|
|
|
$
|
11,262
|
|
|
$
|
1,098
|
|
|
$
|
9,509
|
|
|
$
|
3
|
|
|
$
|
200,466
|
|
Additions
|
89,484
|
|
|
5,325
|
|
|
20,714
|
|
|
12,963
|
|
|
5,762
|
|
|
156
|
|
|
134,404
|
|
|||||||
(Charge-offs) recoveries
|
(12,674
|
)
|
|
(727
|
)
|
|
(5,074
|
)
|
|
(1,498
|
)
|
|
(2,675
|
)
|
|
(91
|
)
|
|
(22,739
|
)
|
|||||||
Transfers to other assets
|
(43,965
|
)
|
|
—
|
|
|
(4,541
|
)
|
|
(1,496
|
)
|
|
(1,455
|
)
|
|
—
|
|
|
(51,457
|
)
|
|||||||
Return to accrual status
|
(19,522
|
)
|
|
—
|
|
|
(3,614
|
)
|
|
(1,242
|
)
|
|
—
|
|
|
—
|
|
|
(24,378
|
)
|
|||||||
Payments received
|
(28,949
|
)
|
|
(15,812
|
)
|
|
(7,867
|
)
|
|
(4,784
|
)
|
|
(4,044
|
)
|
|
(65
|
)
|
|
(61,521
|
)
|
|||||||
Sales
|
—
|
|
|
(3,664
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,664
|
)
|
|||||||
Other, net
|
(172
|
)
|
|
10,472
|
|
|
—
|
|
|
93
|
|
|
(59
|
)
|
|
—
|
|
|
10,334
|
|
|||||||
Balance, end of period
|
$
|
152,471
|
|
|
$
|
5,919
|
|
|
$
|
10,880
|
|
|
$
|
5,134
|
|
|
$
|
7,038
|
|
|
$
|
3
|
|
|
$
|
181,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
At or For the Year Ended December 31, 2015
|
||||||||||||||||||||||||||
(In thousands)
|
Consumer Real Estate
|
|
Commercial
|
|
Leasing and Equipment Finance
|
|
Inventory Finance
|
|
Auto Finance
|
|
Other
|
|
Total
|
||||||||||||||
Balance, beginning of period
|
$
|
173,271
|
|
|
$
|
25,035
|
|
|
$
|
12,670
|
|
|
$
|
2,082
|
|
|
$
|
3,676
|
|
|
$
|
—
|
|
|
$
|
216,734
|
|
Additions
|
131,585
|
|
|
13,723
|
|
|
16,797
|
|
|
12,242
|
|
|
11,003
|
|
|
35
|
|
|
185,385
|
|
|||||||
(Charge-offs) recoveries
|
(25,409
|
)
|
|
(5,247
|
)
|
|
(5,483
|
)
|
|
(1,271
|
)
|
|
(1,667
|
)
|
|
49
|
|
|
(39,028
|
)
|
|||||||
Transfers to other assets
|
(59,203
|
)
|
|
(245
|
)
|
|
(2,648
|
)
|
|
(1,482
|
)
|
|
(953
|
)
|
|
—
|
|
|
(64,531
|
)
|
|||||||
Return to accrual status
|
(25,981
|
)
|
|
(2,827
|
)
|
|
(2,352
|
)
|
|
(6,278
|
)
|
|
—
|
|
|
—
|
|
|
(37,438
|
)
|
|||||||
Payments received
|
(26,368
|
)
|
|
(19,644
|
)
|
|
(7,722
|
)
|
|
(4,976
|
)
|
|
(2,550
|
)
|
|
(81
|
)
|
|
(61,341
|
)
|
|||||||
Sales
|
—
|
|
|
(4,083
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,083
|
)
|
|||||||
Other, net
|
374
|
|
|
3,613
|
|
|
—
|
|
|
781
|
|
|
—
|
|
|
—
|
|
|
4,768
|
|
|||||||
Balance, end of period
|
$
|
168,269
|
|
|
$
|
10,325
|
|
|
$
|
11,262
|
|
|
$
|
1,098
|
|
|
$
|
9,509
|
|
|
$
|
3
|
|
|
$
|
200,466
|
|
|
At December 31, 2016
|
||||||||||||||||||
|
Non-classified
|
|
Classified
|
|
Total
|
||||||||||||||
(In thousands)
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
|||||||||||
Consumer real estate
|
$
|
4,877,740
|
|
|
$
|
40,253
|
|
|
$
|
166,359
|
|
|
$
|
—
|
|
|
$
|
5,084,352
|
|
Commercial
|
3,190,241
|
|
|
61,771
|
|
|
34,466
|
|
|
—
|
|
|
3,286,478
|
|
|||||
Leasing and equipment finance
|
4,285,065
|
|
|
23,441
|
|
|
27,804
|
|
|
—
|
|
|
4,336,310
|
|
|||||
Inventory finance
|
2,163,764
|
|
|
139,385
|
|
|
167,026
|
|
|
—
|
|
|
2,470,175
|
|
|||||
Auto finance
|
2,631,406
|
|
|
244
|
|
|
16,091
|
|
|
—
|
|
|
2,647,741
|
|
|||||
Other
|
18,750
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
18,771
|
|
|||||
Total loans and leases
|
$
|
17,166,966
|
|
|
$
|
265,094
|
|
|
$
|
411,767
|
|
|
$
|
—
|
|
|
$
|
17,843,827
|
|
|
At December 31, 2015
|
||||||||||||||||||
|
Non-classified
|
|
Classified
|
|
Total
|
||||||||||||||
(In thousands)
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
|||||||||||
Consumer real estate
|
$
|
5,210,975
|
|
|
$
|
62,722
|
|
|
$
|
190,575
|
|
|
$
|
—
|
|
|
$
|
5,464,272
|
|
Commercial
|
3,035,320
|
|
|
65,382
|
|
|
45,130
|
|
|
—
|
|
|
3,145,832
|
|
|||||
Leasing and equipment finance
|
3,969,191
|
|
|
19,806
|
|
|
23,251
|
|
|
—
|
|
|
4,012,248
|
|
|||||
Inventory finance
|
1,887,505
|
|
|
138,945
|
|
|
120,304
|
|
|
—
|
|
|
2,146,754
|
|
|||||
Auto finance
|
2,632,589
|
|
|
—
|
|
|
15,007
|
|
|
—
|
|
|
2,647,596
|
|
|||||
Other
|
19,274
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
19,297
|
|
|||||
Total loans and leases
|
$
|
16,754,854
|
|
|
$
|
286,855
|
|
|
$
|
394,290
|
|
|
$
|
—
|
|
|
$
|
17,435,999
|
|
|
Credit Loss Reserves
|
|
Credit Loss Reserves as a Percentage of Portfolio
|
|||||||||||||||||||||||||||||||
|
At December 31,
|
|
At December 31,
|
|||||||||||||||||||||||||||||||
(Dollars in thousands)
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
First mortgage lien
|
$
|
33,828
|
|
|
$
|
36,888
|
|
|
$
|
55,319
|
|
|
$
|
133,009
|
|
|
$
|
119,957
|
|
|
1.48
|
%
|
|
1.41
|
%
|
|
1.76
|
%
|
|
3.53
|
%
|
|
2.83
|
%
|
Junior lien
|
25,620
|
|
|
31,104
|
|
|
30,042
|
|
|
43,021
|
|
|
62,056
|
|
|
0.92
|
|
|
1.10
|
|
|
1.18
|
|
|
1.67
|
|
|
2.55
|
|
|||||
Consumer real estate
|
59,448
|
|
|
67,992
|
|
|
85,361
|
|
|
176,030
|
|
|
182,013
|
|
|
1.17
|
|
|
1.24
|
|
|
1.50
|
|
|
2.78
|
|
|
2.73
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial real estate
|
22,785
|
|
|
22,215
|
|
|
24,616
|
|
|
32,405
|
|
|
47,821
|
|
|
0.86
|
|
|
0.86
|
|
|
0.94
|
|
|
1.18
|
|
|
1.55
|
|
|||||
Commercial business
|
9,910
|
|
|
7,970
|
|
|
6,751
|
|
|
5,062
|
|
|
3,754
|
|
|
1.52
|
|
|
1.44
|
|
|
1.27
|
|
|
1.25
|
|
|
1.16
|
|
|||||
Total commercial
|
32,695
|
|
|
30,185
|
|
|
31,367
|
|
|
37,467
|
|
|
51,575
|
|
|
0.99
|
|
|
0.96
|
|
|
0.99
|
|
|
1.19
|
|
|
1.51
|
|
|||||
Leasing and equipment finance
|
21,350
|
|
|
19,018
|
|
|
18,446
|
|
|
18,733
|
|
|
21,037
|
|
|
0.49
|
|
|
0.47
|
|
|
0.49
|
|
|
0.55
|
|
|
0.66
|
|
|||||
Inventory finance
|
13,932
|
|
|
11,128
|
|
|
10,020
|
|
|
8,592
|
|
|
7,569
|
|
|
0.56
|
|
|
0.52
|
|
|
0.53
|
|
|
0.52
|
|
|
0.48
|
|
|||||
Auto finance
|
32,310
|
|
|
26,486
|
|
|
18,230
|
|
|
10,623
|
|
|
4,136
|
|
|
1.22
|
|
|
1.00
|
|
|
0.95
|
|
|
0.86
|
|
|
0.75
|
|
|||||
Other
|
534
|
|
|
1,245
|
|
|
745
|
|
|
785
|
|
|
798
|
|
|
2.84
|
|
|
6.45
|
|
|
3.09
|
|
|
2.94
|
|
|
2.86
|
|
|||||
Total allowance for loan and lease losses
|
160,269
|
|
|
156,054
|
|
|
164,169
|
|
|
252,230
|
|
|
267,128
|
|
|
0.90
|
|
|
0.90
|
|
|
1.00
|
|
|
1.59
|
|
|
1.73
|
|
|||||
Other credit loss reserves:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Reserves for unfunded commitments
|
1,115
|
|
|
1,044
|
|
|
943
|
|
|
980
|
|
|
2,456
|
|
|
N.A.
|
|
|
N.A.
|
|
|
N.A.
|
|
|
N.A.
|
|
|
N.A.
|
|
|||||
Total credit loss reserves
|
$
|
161,384
|
|
|
$
|
157,098
|
|
|
$
|
165,112
|
|
|
$
|
253,210
|
|
|
$
|
269,584
|
|
|
0.90
|
|
|
0.90
|
|
|
1.01
|
|
|
1.60
|
|
|
1.75
|
|
|
Year Ended December 31,
|
||||||||||||||||||
(Dollars in thousands)
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Balance, beginning of period
|
$
|
156,054
|
|
|
$
|
164,169
|
|
|
$
|
252,230
|
|
|
$
|
267,128
|
|
|
$
|
255,672
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
||||||||||
First mortgage lien
|
(10,413
|
)
|
|
(19,448
|
)
|
|
(43,632
|
)
|
|
(60,363
|
)
|
|
(101,595
|
)
|
|||||
Junior lien
|
(8,211
|
)
|
|
(14,239
|
)
|
|
(19,494
|
)
|
|
(37,145
|
)
|
|
(83,190
|
)
|
|||||
Total consumer real estate
|
(18,624
|
)
|
|
(33,687
|
)
|
|
(63,126
|
)
|
|
(97,508
|
)
|
|
(184,785
|
)
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
(752
|
)
|
|
(5,225
|
)
|
|
(8,646
|
)
|
|
(28,287
|
)
|
|
(34,642
|
)
|
|||||
Commercial business
|
(1
|
)
|
|
(24
|
)
|
|
(11
|
)
|
|
(657
|
)
|
|
(6,194
|
)
|
|||||
Total commercial
|
(753
|
)
|
|
(5,249
|
)
|
|
(8,657
|
)
|
|
(28,944
|
)
|
|
(40,836
|
)
|
|||||
Leasing and equipment finance
|
(7,738
|
)
|
|
(7,631
|
)
|
|
(7,316
|
)
|
|
(7,277
|
)
|
|
(15,248
|
)
|
|||||
Inventory finance
|
(2,623
|
)
|
|
(2,501
|
)
|
|
(1,653
|
)
|
|
(1,141
|
)
|
|
(1,838
|
)
|
|||||
Auto finance
|
(26,994
|
)
|
|
(18,386
|
)
|
|
(11,856
|
)
|
|
(5,305
|
)
|
|
(1,164
|
)
|
|||||
Other
|
(7,353
|
)
|
|
(7,093
|
)
|
|
(8,359
|
)
|
|
(9,115
|
)
|
|
(10,239
|
)
|
|||||
Total charge-offs
|
(64,085
|
)
|
|
(74,547
|
)
|
|
(100,967
|
)
|
|
(149,290
|
)
|
|
(254,110
|
)
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
||||||||||
First mortgage lien
|
1,206
|
|
|
1,578
|
|
|
1,513
|
|
|
2,055
|
|
|
1,067
|
|
|||||
Junior lien
|
5,859
|
|
|
5,850
|
|
|
5,354
|
|
|
6,589
|
|
|
4,582
|
|
|||||
Total consumer real estate
|
7,065
|
|
|
7,428
|
|
|
6,867
|
|
|
8,644
|
|
|
5,649
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
308
|
|
|
2,032
|
|
|
754
|
|
|
2,667
|
|
|
1,762
|
|
|||||
Commercial business
|
65
|
|
|
1,737
|
|
|
2,133
|
|
|
103
|
|
|
197
|
|
|||||
Total commercial
|
373
|
|
|
3,769
|
|
|
2,887
|
|
|
2,770
|
|
|
1,959
|
|
|||||
Leasing and equipment finance
|
2,386
|
|
|
2,792
|
|
|
3,705
|
|
|
3,968
|
|
|
5,058
|
|
|||||
Inventory finance
|
816
|
|
|
1,019
|
|
|
826
|
|
|
373
|
|
|
333
|
|
|||||
Auto finance
|
3,853
|
|
|
2,971
|
|
|
1,491
|
|
|
607
|
|
|
30
|
|
|||||
Other
|
4,357
|
|
|
5,034
|
|
|
5,860
|
|
|
6,518
|
|
|
7,314
|
|
|||||
Total recoveries
|
18,850
|
|
|
23,013
|
|
|
21,636
|
|
|
22,880
|
|
|
20,343
|
|
|||||
Net charge-offs
|
(45,235
|
)
|
|
(51,534
|
)
|
|
(79,331
|
)
|
|
(126,410
|
)
|
|
(233,767
|
)
|
|||||
Provision for credit losses
|
65,874
|
|
|
52,944
|
|
|
95,737
|
|
|
118,368
|
|
|
247,443
|
|
|||||
Other
(1)
|
(16,424
|
)
|
|
(9,525
|
)
|
|
(104,467
|
)
|
|
(6,856
|
)
|
|
(2,220
|
)
|
|||||
Balance, end of period
|
$
|
160,269
|
|
|
$
|
156,054
|
|
|
$
|
164,169
|
|
|
$
|
252,230
|
|
|
$
|
267,128
|
|
Net charge-offs as a percentage of average loans and leases
|
0.26
|
%
|
|
0.30
|
%
|
|
0.49
|
%
|
|
0.81
|
%
|
|
1.54
|
%
|
(1)
|
Included in Other in 2014 is the transfer of $95.3 million, comprised of $77.0 million of previously established allowance for loan and lease losses and an additional $18.3 million of write-downs arising from the transfer to loans held for sale in conjunction with the portfolio sale of consumer real estate TDR loans.
|
(In thousands)
|
Denominations $100 Thousand or Greater at December 31, 2016
|
||
Maturity:
|
|
||
Three months or less
|
$
|
388,777
|
|
Over three through six months
|
331,697
|
|
|
Over six through 12 months
|
1,003,841
|
|
|
Over 12 months
|
309,419
|
|
|
Total
|
$
|
2,033,734
|
|
|
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
|
$
|
4,092,423
|
|
|
$
|
3,392,044
|
|
|
$
|
662,411
|
|
|
$
|
24,063
|
|
|
$
|
13,905
|
|
Total borrowings
|
1,078,921
|
|
|
64,236
|
|
|
741,803
|
|
|
16,176
|
|
|
256,706
|
|
|||||
Annual rental commitments under non-cancelable operating leases
|
191,931
|
|
|
28,264
|
|
|
55,076
|
|
|
37,853
|
|
|
70,738
|
|
|||||
Contractual interest payments
(1)
|
149,413
|
|
|
55,680
|
|
|
39,930
|
|
|
28,678
|
|
|
25,125
|
|
|||||
Campus marketing agreement
|
28,404
|
|
|
2,829
|
|
|
5,642
|
|
|
5,643
|
|
|
14,290
|
|
|||||
Investments in affordable housing limited liability entities
|
12,565
|
|
|
9,746
|
|
|
2,819
|
|
|
—
|
|
|
—
|
|
|||||
Construction contracts and land purchase
commitments for future branch sites
|
3,447
|
|
|
3,447
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
5,557,104
|
|
|
$
|
3,556,246
|
|
|
$
|
1,507,681
|
|
|
$
|
112,413
|
|
|
$
|
380,764
|
|
(1)
|
Includes accrued interest and future contractual interest obligations on borrowings and time deposits.
|
|
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 real estate and other
|
$
|
1,425,585
|
|
|
$
|
44,511
|
|
|
$
|
115,134
|
|
|
$
|
21,986
|
|
|
$
|
1,243,954
|
|
Commercial
|
898,809
|
|
|
127,913
|
|
|
490,833
|
|
|
254,665
|
|
|
25,398
|
|
|||||
Leasing and equipment finance
|
125,648
|
|
|
125,648
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total commitments to extend credit
|
2,450,042
|
|
|
298,072
|
|
|
605,967
|
|
|
276,651
|
|
|
1,269,352
|
|
|||||
Standby letters of credit and guarantees on industrial revenue bonds
|
8,782
|
|
|
7,926
|
|
|
281
|
|
|
575
|
|
|
—
|
|
|||||
Total
|
$
|
2,458,824
|
|
|
$
|
305,998
|
|
|
$
|
606,248
|
|
|
$
|
277,226
|
|
|
$
|
1,269,352
|
|
|
|
At December 31,
|
||||||||||||||||||
(Dollars in thousands)
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Computation of tangible common equity to tangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total equity
|
|
$
|
2,444,645
|
|
|
$
|
2,306,917
|
|
|
$
|
2,135,364
|
|
|
$
|
1,964,759
|
|
|
$
|
1,876,643
|
|
Less: Non-controlling interest in subsidiaries
|
|
17,162
|
|
|
16,001
|
|
|
13,715
|
|
|
11,791
|
|
|
13,270
|
|
|||||
Total TCF Financial Corporation stockholders' equity
|
|
2,427,483
|
|
|
2,290,916
|
|
|
2,121,649
|
|
|
1,952,968
|
|
|
1,863,373
|
|
|||||
Less: Preferred stock
|
|
263,240
|
|
|
263,240
|
|
|
263,240
|
|
|
263,240
|
|
|
263,240
|
|
|||||
Total common stockholders' equity
|
(a)
|
2,164,243
|
|
|
2,027,676
|
|
|
1,858,409
|
|
|
1,689,728
|
|
|
1,600,133
|
|
|||||
Less:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill
|
|
225,640
|
|
|
225,640
|
|
|
225,640
|
|
|
225,640
|
|
|
225,640
|
|
|||||
Other intangibles
(1)
|
|
1,738
|
|
|
3,126
|
|
|
4,641
|
|
|
6,326
|
|
|
8,674
|
|
|||||
Tangible common equity
|
(b)
|
$
|
1,936,865
|
|
|
$
|
1,798,910
|
|
|
$
|
1,628,128
|
|
|
$
|
1,457,762
|
|
|
$
|
1,365,819
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
(c)
|
$
|
21,441,326
|
|
|
$
|
20,689,609
|
|
|
$
|
19,393,656
|
|
|
$
|
18,378,769
|
|
|
$
|
18,224,736
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
|
225,640
|
|
|
225,640
|
|
|
225,640
|
|
|
225,640
|
|
|
225,640
|
|
|||||
Other intangibles
(1)
|
|
1,738
|
|
|
3,126
|
|
|
4,641
|
|
|
6,326
|
|
|
8,674
|
|
|||||
Tangible assets
|
(d)
|
$
|
21,213,948
|
|
|
$
|
20,460,843
|
|
|
$
|
19,163,375
|
|
|
$
|
18,146,803
|
|
|
$
|
17,990,422
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common equity to assets
|
(a) / (c)
|
10.09
|
%
|
|
9.80
|
%
|
|
9.58
|
%
|
|
9.19
|
%
|
|
8.78
|
%
|
|||||
Tangible common equity to tangible assets
|
(b) / (d)
|
9.13
|
%
|
|
8.79
|
%
|
|
8.50
|
%
|
|
8.03
|
%
|
|
7.59
|
%
|
(1)
|
Includes non-mortgage servicing assets.
|
|
Impact on Net Interest Income
|
||||||||||
|
December 31,
|
||||||||||
(Dollars in millions)
|
2016
|
|
2015
|
||||||||
Immediate Change in Interest Rates:
|
|
|
|
|
|
||||||
+200 basis points
|
$
|
97.2
|
|
10.9
|
%
|
|
$
|
93.9
|
|
11.1
|
%
|
+100 basis points
|
52.1
|
|
5.9
|
|
|
50.4
|
|
5.9
|
|
|
At December 31,
|
||||||
(Dollars in thousands, except per-share data)
|
2016
|
|
2015
|
||||
Assets:
|
|
|
|
|
|
||
Cash and due from banks
|
$
|
609,603
|
|
|
$
|
889,337
|
|
Investments
|
74,714
|
|
|
70,537
|
|
||
Securities held to maturity
|
181,314
|
|
|
201,920
|
|
||
Securities available for sale
|
1,423,435
|
|
|
888,885
|
|
||
Loans and leases held for sale
|
268,832
|
|
|
157,625
|
|
||
Loans and leases:
|
|
|
|
|
|
||
Consumer real estate:
|
|
|
|
|
|
||
First mortgage lien
|
2,292,596
|
|
|
2,624,956
|
|
||
Junior lien
|
2,791,756
|
|
|
2,839,316
|
|
||
Total consumer real estate
|
5,084,352
|
|
|
5,464,272
|
|
||
Commercial
|
3,286,478
|
|
|
3,145,832
|
|
||
Leasing and equipment finance
|
4,336,310
|
|
|
4,012,248
|
|
||
Inventory finance
|
2,470,175
|
|
|
2,146,754
|
|
||
Auto finance
|
2,647,741
|
|
|
2,647,596
|
|
||
Other
|
18,771
|
|
|
19,297
|
|
||
Total loans and leases
|
17,843,827
|
|
|
17,435,999
|
|
||
Allowance for loan and lease losses
|
(160,269
|
)
|
|
(156,054
|
)
|
||
Net loans and leases
|
17,683,558
|
|
|
17,279,945
|
|
||
Premises and equipment, net
|
418,372
|
|
|
445,934
|
|
||
Goodwill
|
225,640
|
|
|
225,640
|
|
||
Other assets
|
555,858
|
|
|
529,786
|
|
||
Total assets
|
$
|
21,441,326
|
|
|
$
|
20,689,609
|
|
Liabilities and Equity:
|
|
|
|
|
|
||
Deposits:
|
|
|
|
|
|
||
Checking
|
$
|
6,009,151
|
|
|
$
|
5,690,559
|
|
Savings
|
4,719,481
|
|
|
4,717,457
|
|
||
Money market
|
2,421,467
|
|
|
2,408,180
|
|
||
Certificates of deposit
|
4,092,423
|
|
|
3,903,793
|
|
||
Total deposits
|
17,242,522
|
|
|
16,719,989
|
|
||
Short-term borrowings
|
4,391
|
|
|
5,381
|
|
||
Long-term borrowings
|
1,073,181
|
|
|
1,034,557
|
|
||
Total borrowings
|
1,077,572
|
|
|
1,039,938
|
|
||
Accrued expenses and other liabilities
|
676,587
|
|
|
622,765
|
|
||
Total liabilities
|
18,996,681
|
|
|
18,382,692
|
|
||
Equity:
|
|
|
|
|
|
||
Preferred stock, par value $0.01 per share, 30,000,000 shares authorized;
|
|
|
|
||||
4,006,900 shares issued
|
263,240
|
|
|
263,240
|
|
||
Common stock, par value $0.01 per share, 280,000,000 shares authorized;
|
|
|
|
||||
171,034,506 and 169,887,030 shares issued, respectively
|
1,710
|
|
|
1,699
|
|
||
Additional paid-in capital
|
862,776
|
|
|
851,836
|
|
||
Retained earnings, subject to certain restrictions
|
1,382,901
|
|
|
1,240,347
|
|
||
Accumulated other comprehensive income (loss)
|
(33,725
|
)
|
|
(15,346
|
)
|
||
Treasury stock at cost, 42,566 shares, and other
|
(49,419
|
)
|
|
(50,860
|
)
|
||
Total TCF Financial Corporation stockholders' equity
|
2,427,483
|
|
|
2,290,916
|
|
||
Non-controlling interest in subsidiaries
|
17,162
|
|
|
16,001
|
|
||
Total equity
|
2,444,645
|
|
|
2,306,917
|
|
||
Total liabilities and equity
|
$
|
21,441,326
|
|
|
$
|
20,689,609
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands, except per-share data)
|
2016
|
|
2015
|
|
2014
|
||||||
Interest income:
|
|
|
|
|
|
||||||
Loans and leases
|
$
|
850,546
|
|
|
$
|
832,736
|
|
|
$
|
820,436
|
|
Securities available for sale
|
26,573
|
|
|
15,648
|
|
|
11,994
|
|
|||
Securities held to maturity
|
4,649
|
|
|
5,486
|
|
|
5,281
|
|
|||
Loans held for sale and other
|
48,962
|
|
|
38,060
|
|
|
36,518
|
|
|||
Total interest income
|
930,730
|
|
|
891,930
|
|
|
874,229
|
|
|||
Interest expense:
|
|
|
|
|
|
||||||
Deposits
|
61,788
|
|
|
48,226
|
|
|
38,385
|
|
|||
Borrowings
|
20,836
|
|
|
23,316
|
|
|
20,215
|
|
|||
Total interest expense
|
82,624
|
|
|
71,542
|
|
|
58,600
|
|
|||
Net interest income
|
848,106
|
|
|
820,388
|
|
|
815,629
|
|
|||
Provision for credit losses
|
65,874
|
|
|
52,944
|
|
|
95,737
|
|
|||
Net interest income after provision for credit losses
|
782,232
|
|
|
767,444
|
|
|
719,892
|
|
|||
Non-interest income:
|
|
|
|
|
|
||||||
Fees and service charges
|
137,664
|
|
|
144,999
|
|
|
154,386
|
|
|||
Card revenue
|
54,882
|
|
|
54,387
|
|
|
51,323
|
|
|||
ATM revenue
|
20,445
|
|
|
21,544
|
|
|
22,225
|
|
|||
Subtotal
|
212,991
|
|
|
220,930
|
|
|
227,934
|
|
|||
Gains on sales of auto loans, net
|
34,832
|
|
|
30,580
|
|
|
43,565
|
|
|||
Gains on sales of consumer real estate loans, net
|
50,427
|
|
|
40,964
|
|
|
34,794
|
|
|||
Servicing fee income
|
40,182
|
|
|
31,229
|
|
|
21,444
|
|
|||
Subtotal
|
125,441
|
|
|
102,773
|
|
|
99,803
|
|
|||
Leasing and equipment finance
|
119,166
|
|
|
108,129
|
|
|
93,799
|
|
|||
Other
|
8,883
|
|
|
10,463
|
|
|
10,704
|
|
|||
Fees and other revenue
|
466,481
|
|
|
442,295
|
|
|
432,240
|
|
|||
Gains (losses) on securities, net
|
(581
|
)
|
|
(297
|
)
|
|
1,027
|
|
|||
Total non-interest income
|
465,900
|
|
|
441,998
|
|
|
433,267
|
|
|||
Non-interest expense:
|
|
|
|
|
|
||||||
Compensation and employee benefits
|
474,722
|
|
|
457,743
|
|
|
452,942
|
|
|||
Occupancy and equipment
|
149,980
|
|
|
144,962
|
|
|
139,023
|
|
|||
Other
|
231,420
|
|
|
229,255
|
|
|
227,970
|
|
|||
Subtotal
|
856,122
|
|
|
831,960
|
|
|
819,935
|
|
|||
Operating lease depreciation
|
40,359
|
|
|
39,409
|
|
|
27,152
|
|
|||
Foreclosed real estate and repossessed assets, net
|
13,187
|
|
|
23,193
|
|
|
24,567
|
|
|||
Other credit costs, net
|
219
|
|
|
185
|
|
|
123
|
|
|||
Total non-interest expense
|
909,887
|
|
|
894,747
|
|
|
871,777
|
|
|||
Income before income tax expense
|
338,245
|
|
|
314,695
|
|
|
281,382
|
|
|||
Income tax expense
|
116,528
|
|
|
108,872
|
|
|
99,766
|
|
|||
Income after income tax expense
|
221,717
|
|
|
205,823
|
|
|
181,616
|
|
|||
Income attributable to non-controlling interest
|
9,593
|
|
|
8,700
|
|
|
7,429
|
|
|||
Net income attributable to TCF Financial Corporation
|
212,124
|
|
|
197,123
|
|
|
174,187
|
|
|||
Preferred stock dividends
|
19,388
|
|
|
19,388
|
|
|
19,388
|
|
|||
Net income available to common stockholders
|
$
|
192,736
|
|
|
$
|
177,735
|
|
|
$
|
154,799
|
|
Earnings per common share:
|
|
|
|
|
|
||||||
Basic
|
$
|
1.15
|
|
|
$
|
1.07
|
|
|
$
|
0.95
|
|
Diluted
|
$
|
1.15
|
|
|
$
|
1.07
|
|
|
$
|
0.94
|
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net income attributable to TCF Financial Corporation
|
|
$
|
212,124
|
|
|
$
|
197,123
|
|
|
$
|
174,187
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|||
Net unrealized gains (losses) on securities available for sale and interest-only strips
|
|
(18,894
|
)
|
|
(816
|
)
|
|
18,092
|
|
|||
Net unrealized gains (losses) on net investment hedges
|
|
(756
|
)
|
|
4,713
|
|
|
1,945
|
|
|||
Foreign currency translation adjustment
|
|
1,300
|
|
|
(8,304
|
)
|
|
(3,704
|
)
|
|||
Recognized postretirement prior service cost
|
|
(29
|
)
|
|
(29
|
)
|
|
(30
|
)
|
|||
Total other comprehensive income (loss), net of tax
|
|
(18,379
|
)
|
|
(4,436
|
)
|
|
16,303
|
|
|||
Comprehensive income
|
|
$
|
193,745
|
|
|
$
|
192,687
|
|
|
$
|
190,490
|
|
|
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, 2013
|
4,006,900
|
|
165,164,861
|
|
$
|
263,240
|
|
$
|
1,652
|
|
$
|
779,641
|
|
$
|
977,846
|
|
$
|
(27,213
|
)
|
$
|
(42,198
|
)
|
$
|
1,952,968
|
|
$
|
11,791
|
|
$
|
1,964,759
|
|
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
174,187
|
|
—
|
|
—
|
|
174,187
|
|
7,429
|
|
181,616
|
|
|||||||||
Other comprehensive income (loss), net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
16,303
|
|
—
|
|
16,303
|
|
—
|
|
16,303
|
|
|||||||||
Net investment by (distribution to) non-controlling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(5,505
|
)
|
(5,505
|
)
|
|||||||||
Dividends on preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(19,388
|
)
|
—
|
|
—
|
|
(19,388
|
)
|
—
|
|
(19,388
|
)
|
|||||||||
Dividends on common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(32,731
|
)
|
—
|
|
—
|
|
(32,731
|
)
|
—
|
|
(32,731
|
)
|
|||||||||
Common shares purchased by TCF employee benefit plans
|
—
|
|
1,452,837
|
|
—
|
|
15
|
|
23,068
|
|
—
|
|
—
|
|
—
|
|
23,083
|
|
—
|
|
23,083
|
|
|||||||||
Stock compensation plans, net of tax
|
—
|
|
885,870
|
|
—
|
|
8
|
|
7,219
|
|
—
|
|
—
|
|
—
|
|
7,227
|
|
—
|
|
7,227
|
|
|||||||||
Change in shares held in trust for deferred compensation plans, at cost
|
—
|
|
—
|
|
—
|
|
—
|
|
7,202
|
|
—
|
|
—
|
|
(7,202
|
)
|
—
|
|
—
|
|
—
|
|
|||||||||
Balance, December 31, 2014
|
4,006,900
|
|
167,503,568
|
|
263,240
|
|
1,675
|
|
817,130
|
|
1,099,914
|
|
(10,910
|
)
|
(49,400
|
)
|
2,121,649
|
|
13,715
|
|
2,135,364
|
|
|||||||||
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
197,123
|
|
—
|
|
—
|
|
197,123
|
|
8,700
|
|
205,823
|
|
|||||||||
Other comprehensive income (loss), net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,436
|
)
|
—
|
|
(4,436
|
)
|
—
|
|
(4,436
|
)
|
|||||||||
Net investment by (distribution to) non-controlling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(6,414
|
)
|
(6,414
|
)
|
|||||||||
Dividends on preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(19,388
|
)
|
—
|
|
—
|
|
(19,388
|
)
|
—
|
|
(19,388
|
)
|
|||||||||
Dividends on common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(37,302
|
)
|
—
|
|
—
|
|
(37,302
|
)
|
—
|
|
(37,302
|
)
|
|||||||||
Common shares purchased by TCF employee benefit plans
|
—
|
|
1,588,111
|
|
—
|
|
16
|
|
24,819
|
|
—
|
|
—
|
|
—
|
|
24,835
|
|
—
|
|
24,835
|
|
|||||||||
Stock compensation plans, net of tax
|
—
|
|
795,351
|
|
—
|
|
8
|
|
8,427
|
|
—
|
|
—
|
|
—
|
|
8,435
|
|
—
|
|
8,435
|
|
|||||||||
Change in shares held in trust for deferred compensation plans, at cost
|
—
|
|
—
|
|
—
|
|
—
|
|
1,460
|
|
—
|
|
—
|
|
(1,460
|
)
|
—
|
|
—
|
|
—
|
|
|||||||||
Balance, December 31, 2015
|
4,006,900
|
|
169,887,030
|
|
263,240
|
|
1,699
|
|
851,836
|
|
1,240,347
|
|
(15,346
|
)
|
(50,860
|
)
|
2,290,916
|
|
16,001
|
|
2,306,917
|
|
|||||||||
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
212,124
|
|
—
|
|
—
|
|
212,124
|
|
9,593
|
|
221,717
|
|
|||||||||
Other comprehensive income (loss), net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(18,379
|
)
|
—
|
|
(18,379
|
)
|
—
|
|
(18,379
|
)
|
|||||||||
Net investment by (distribution to) non-controlling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(8,432
|
)
|
(8,432
|
)
|
|||||||||
Dividends on preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(19,388
|
)
|
—
|
|
—
|
|
(19,388
|
)
|
—
|
|
(19,388
|
)
|
|||||||||
Dividends on common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(50,182
|
)
|
—
|
|
—
|
|
(50,182
|
)
|
—
|
|
(50,182
|
)
|
|||||||||
Common shares purchased by TCF employee benefit plans
|
—
|
|
511,420
|
|
—
|
|
5
|
|
5,833
|
|
—
|
|
—
|
|
—
|
|
5,838
|
|
—
|
|
5,838
|
|
|||||||||
Stock compensation plans, net of tax
|
—
|
|
636,056
|
|
—
|
|
6
|
|
6,548
|
|
—
|
|
—
|
|
—
|
|
6,554
|
|
—
|
|
6,554
|
|
|||||||||
Change in shares held in trust for deferred compensation plans, at cost
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,441
|
)
|
—
|
|
—
|
|
1,441
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Balance, December 31, 2016
|
4,006,900
|
|
171,034,506
|
|
$
|
263,240
|
|
$
|
1,710
|
|
$
|
862,776
|
|
$
|
1,382,901
|
|
$
|
(33,725
|
)
|
$
|
(49,419
|
)
|
$
|
2,427,483
|
|
$
|
17,162
|
|
$
|
2,444,645
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
221,717
|
|
|
$
|
205,823
|
|
|
$
|
181,616
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
||||
Provision for credit losses
|
65,874
|
|
|
52,944
|
|
|
95,737
|
|
|||
Depreciation and amortization
|
182,226
|
|
|
157,287
|
|
|
128,701
|
|
|||
Provision for deferred income taxes
|
32,966
|
|
|
20,786
|
|
|
37,432
|
|
|||
Proceeds from sales of loans and leases held for sale
|
1,044,282
|
|
|
970,467
|
|
|
571,551
|
|
|||
Originations of loans and leases held for sale, net of repayments
|
(1,207,227
|
)
|
|
(965,712
|
)
|
|
(626,172
|
)
|
|||
Gains on sales of assets, net
|
(97,383
|
)
|
|
(80,471
|
)
|
|
(90,736
|
)
|
|||
Net change in other assets and accrued expenses and other liabilities
|
71,495
|
|
|
31,975
|
|
|
46,192
|
|
|||
Other, net
|
(24,667
|
)
|
|
(29,439
|
)
|
|
(32,571
|
)
|
|||
Net cash provided by (used in) operating activities
|
289,283
|
|
|
363,660
|
|
|
311,750
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
||||
Proceeds from sales of securities
|
—
|
|
|
177
|
|
|
2,813
|
|
|||
Proceeds from maturities of and principal collected on securities
|
145,782
|
|
|
94,250
|
|
|
58,151
|
|
|||
Purchases of securities
|
(692,996
|
)
|
|
(510,675
|
)
|
|
(139,080
|
)
|
|||
Redemption of Federal Home Loan Bank stock
|
156,967
|
|
|
153,005
|
|
|
105,931
|
|
|||
Purchases of Federal Home Loan Bank stock
|
(161,080
|
)
|
|
(138,000
|
)
|
|
(97,000
|
)
|
|||
Proceeds from sales of loans and leases
|
2,830,807
|
|
|
1,795,602
|
|
|
2,304,280
|
|
|||
Loan and lease originations and purchases, net of principal collected on loans and leases
|
(2,200,776
|
)
|
|
(1,968,134
|
)
|
|
(2,190,753
|
)
|
|||
Proceeds from sales of lease equipment
|
11,650
|
|
|
10,041
|
|
|
7,737
|
|
|||
Purchases of lease equipment
|
(1,197,281
|
)
|
|
(1,087,438
|
)
|
|
(920,985
|
)
|
|||
Proceeds from sales of real estate owned
|
65,235
|
|
|
71,709
|
|
|
67,049
|
|
|||
Purchases of premises and equipment
|
(34,513
|
)
|
|
(53,594
|
)
|
|
(45,469
|
)
|
|||
Other, net
|
23,002
|
|
|
16,416
|
|
|
22,403
|
|
|||
Net cash provided by (used in) investing activities
|
(1,053,203
|
)
|
|
(1,616,641
|
)
|
|
(824,923
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||
Net change in deposits
|
518,468
|
|
|
1,256,646
|
|
|
997,661
|
|
|||
Net change in short-term borrowings
|
(1,192
|
)
|
|
1,072
|
|
|
(493
|
)
|
|||
Proceeds from long-term borrowings
|
5,582,983
|
|
|
4,471,086
|
|
|
2,808,612
|
|
|||
Payments on long-term borrowings
|
(5,542,831
|
)
|
|
(4,666,595
|
)
|
|
(3,059,948
|
)
|
|||
Net investment by (distribution to) non-controlling interest
|
(8,432
|
)
|
|
(6,414
|
)
|
|
(5,505
|
)
|
|||
Dividends paid on preferred stock
|
(19,388
|
)
|
|
(19,388
|
)
|
|
(19,388
|
)
|
|||
Dividends paid on common stock
|
(50,182
|
)
|
|
(37,302
|
)
|
|
(32,731
|
)
|
|||
Stock compensation tax (expense) benefit
|
(377
|
)
|
|
558
|
|
|
1,316
|
|
|||
Common shares sold to TCF employee benefit plans
|
5,838
|
|
|
24,835
|
|
|
23,083
|
|
|||
Exercise of stock options
|
(701
|
)
|
|
2,570
|
|
|
740
|
|
|||
Net cash provided by (used in) financing activities
|
484,186
|
|
|
1,027,068
|
|
|
713,347
|
|
|||
Net change in cash and due from banks
|
(279,734
|
)
|
|
(225,913
|
)
|
|
200,174
|
|
|||
Cash and due from banks at beginning of period
|
889,337
|
|
|
1,115,250
|
|
|
915,076
|
|
|||
Cash and due from banks at end of period
|
$
|
609,603
|
|
|
$
|
889,337
|
|
|
$
|
1,115,250
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
||||
Cash paid (received) for:
|
|
|
|
|
|
|
|
||||
Interest on deposits and borrowings
|
$
|
78,930
|
|
|
$
|
64,855
|
|
|
$
|
55,954
|
|
Income taxes, net
|
23,064
|
|
|
79,687
|
|
|
113,562
|
|
|||
Transfer of loans to other assets
|
107,768
|
|
|
107,403
|
|
|
91,180
|
|
|||
Transfer of securities available for sale to securities held to maturity
|
—
|
|
|
—
|
|
|
191,665
|
|
|
At December 31,
|
||||||
(In thousands)
|
2016
|
|
2015
|
||||
Federal Home Loan Bank stock, at cost
|
$
|
37,022
|
|
|
$
|
32,909
|
|
Federal Reserve Bank stock, at cost
|
37,692
|
|
|
37,628
|
|
||
Total investments
|
$
|
74,714
|
|
|
$
|
70,537
|
|
|
At December 31,
|
||||||||||||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||||||||||||
(In thousands)
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
827,722
|
|
|
$
|
423
|
|
|
$
|
17,254
|
|
|
$
|
810,891
|
|
|
$
|
627,521
|
|
|
$
|
655
|
|
|
$
|
6,246
|
|
|
$
|
621,930
|
|
Other
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
34
|
|
|
—
|
|
|
—
|
|
|
34
|
|
||||||||
Obligations of states and political subdivisions
|
628,972
|
|
|
394
|
|
|
16,840
|
|
|
612,526
|
|
|
262,189
|
|
|
4,732
|
|
|
—
|
|
|
266,921
|
|
||||||||
Total securities available for sale
|
$
|
1,456,712
|
|
|
$
|
817
|
|
|
$
|
34,094
|
|
|
$
|
1,423,435
|
|
|
$
|
889,744
|
|
|
$
|
5,387
|
|
|
$
|
6,246
|
|
|
$
|
888,885
|
|
Securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
178,514
|
|
|
$
|
3,072
|
|
|
$
|
440
|
|
|
$
|
181,146
|
|
|
$
|
197,410
|
|
|
$
|
5,247
|
|
|
$
|
214
|
|
|
$
|
202,443
|
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,110
|
|
|
—
|
|
|
—
|
|
|
1,110
|
|
||||||||
Other securities
|
2,800
|
|
|
—
|
|
|
—
|
|
|
2,800
|
|
|
3,400
|
|
|
—
|
|
|
—
|
|
|
3,400
|
|
||||||||
Total securities held to maturity
|
$
|
181,314
|
|
|
$
|
3,072
|
|
|
$
|
440
|
|
|
$
|
183,946
|
|
|
$
|
201,920
|
|
|
$
|
5,247
|
|
|
$
|
214
|
|
|
$
|
206,953
|
|
|
At December 31, 2016
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
(In thousands)
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
732,724
|
|
|
$
|
17,254
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
732,724
|
|
|
$
|
17,254
|
|
Obligations of states and political subdivisions
|
501,620
|
|
|
16,840
|
|
|
—
|
|
|
—
|
|
|
501,620
|
|
|
16,840
|
|
||||||
Total securities available for sale
|
$
|
1,234,344
|
|
|
$
|
34,094
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,234,344
|
|
|
$
|
34,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
27,090
|
|
|
$
|
440
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27,090
|
|
|
$
|
440
|
|
Total securities held to maturity
|
$
|
27,090
|
|
|
$
|
440
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27,090
|
|
|
$
|
440
|
|
|
At December 31, 2015
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
(In thousands)
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
552,127
|
|
|
$
|
6,246
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
552,127
|
|
|
$
|
6,246
|
|
Total securities available for sale
|
$
|
552,127
|
|
|
$
|
6,246
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
552,127
|
|
|
$
|
6,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
12,333
|
|
|
$
|
100
|
|
|
$
|
1,732
|
|
|
$
|
114
|
|
|
$
|
14,065
|
|
|
$
|
214
|
|
Total securities held to maturity
|
$
|
12,333
|
|
|
$
|
100
|
|
|
$
|
1,732
|
|
|
$
|
114
|
|
|
$
|
14,065
|
|
|
$
|
214
|
|
|
At December 31,
|
||||||||||||||
|
2016
|
|
2015
|
||||||||||||
(In thousands)
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Due in one year or less
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
1
|
|
Due in 1-5 years
|
18
|
|
|
18
|
|
|
38
|
|
|
38
|
|
||||
Due in 5-10 years
|
331,430
|
|
|
329,005
|
|
|
268,638
|
|
|
272,511
|
|
||||
Due after 10 years
|
1,125,263
|
|
|
1,094,411
|
|
|
621,067
|
|
|
616,335
|
|
||||
Total securities available for sale
|
$
|
1,456,712
|
|
|
$
|
1,423,435
|
|
|
$
|
889,744
|
|
|
$
|
888,885
|
|
|
|
|
|
|
|
|
|
||||||||
Securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Due in one year or less
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
100
|
|
|
$
|
100
|
|
Due in 1-5 years
|
1,400
|
|
|
1,400
|
|
|
1,900
|
|
|
1,900
|
|
||||
Due in 5-10 years
|
1,400
|
|
|
1,400
|
|
|
1,400
|
|
|
1,400
|
|
||||
Due after 10 years
|
178,514
|
|
|
181,146
|
|
|
198,520
|
|
|
203,553
|
|
||||
Total securities held to maturity
|
$
|
181,314
|
|
|
$
|
183,946
|
|
|
$
|
201,920
|
|
|
$
|
206,953
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
Taxable interest income
|
$
|
16,238
|
|
|
$
|
13,930
|
|
|
$
|
11,994
|
|
Tax-exempt interest income
|
10,335
|
|
|
1,718
|
|
|
—
|
|
|||
Total interest income
|
$
|
26,573
|
|
|
$
|
15,648
|
|
|
$
|
11,994
|
|
|
At December 31,
|
||||||
(In thousands)
|
2016
|
|
2015
|
||||
Consumer real estate:
|
|
|
|
|
|
||
First mortgage lien
|
$
|
2,292,596
|
|
|
$
|
2,624,956
|
|
Junior lien
|
2,791,756
|
|
|
2,839,316
|
|
||
Total consumer real estate
|
5,084,352
|
|
|
5,464,272
|
|
||
Commercial:
|
|
|
|
|
|
||
Commercial real estate:
|
|
|
|
|
|
||
Permanent
|
2,356,287
|
|
|
2,267,218
|
|
||
Construction and development
|
277,904
|
|
|
326,211
|
|
||
Total commercial real estate
|
2,634,191
|
|
|
2,593,429
|
|
||
Commercial business
|
652,287
|
|
|
552,403
|
|
||
Total commercial
|
3,286,478
|
|
|
3,145,832
|
|
||
Leasing and equipment finance
|
4,336,310
|
|
|
4,012,248
|
|
||
Inventory finance
|
2,470,175
|
|
|
2,146,754
|
|
||
Auto finance
|
2,647,741
|
|
|
2,647,596
|
|
||
Other
|
18,771
|
|
|
19,297
|
|
||
Total loans and leases
(1)
|
$
|
17,843,827
|
|
|
$
|
17,435,999
|
|
(1)
|
Loans and leases are reported at historical cost including net direct fees and costs associated with originating and acquiring loans and leases, lease residuals, unearned income and unamortized purchase premiums and discounts. The aggregate amount of these loan and lease adjustments was
$54.1 million
and
$73.7 million
at
December 31, 2016
and
2015
, respectively.
|
|
At December 31,
|
||||||
(In thousands)
|
2016
|
|
2015
|
||||
Interest-only strips attributable to:
|
|
|
|
||||
Consumer real estate loan sales
|
$
|
27,260
|
|
|
$
|
19,182
|
|
Auto finance loan sales
|
12,892
|
|
|
25,150
|
|
||
Contractual liabilities attributable to:
|
|
|
|
||||
Consumer real estate loan sales
|
$
|
701
|
|
|
$
|
702
|
|
Auto finance loan sales
|
168
|
|
|
185
|
|
|
At or For the Year Ended December 31, 2016
|
||||||||||||||||||||||||||
(In thousands)
|
Consumer
Real Estate |
|
Commercial
|
|
Leasing and
Equipment Finance |
|
Inventory
Finance |
|
Auto
Finance |
|
Other
|
|
Total
|
||||||||||||||
Balance, beginning of period
|
$
|
67,992
|
|
|
$
|
30,185
|
|
|
$
|
19,018
|
|
|
$
|
11,128
|
|
|
$
|
26,486
|
|
|
$
|
1,245
|
|
|
$
|
156,054
|
|
Charge-offs
|
(18,624
|
)
|
|
(753
|
)
|
|
(7,738
|
)
|
|
(2,623
|
)
|
|
(26,994
|
)
|
|
(7,353
|
)
|
|
(64,085
|
)
|
|||||||
Recoveries
|
7,065
|
|
|
373
|
|
|
2,386
|
|
|
816
|
|
|
3,853
|
|
|
4,357
|
|
|
18,850
|
|
|||||||
Net (charge-offs) recoveries
|
(11,559
|
)
|
|
(380
|
)
|
|
(5,352
|
)
|
|
(1,807
|
)
|
|
(23,141
|
)
|
|
(2,996
|
)
|
|
(45,235
|
)
|
|||||||
Provision for credit losses
|
9,304
|
|
|
2,890
|
|
|
7,706
|
|
|
4,540
|
|
|
39,149
|
|
|
2,285
|
|
|
65,874
|
|
|||||||
Other
|
(6,289
|
)
|
|
—
|
|
|
(22
|
)
|
|
71
|
|
|
(10,184
|
)
|
|
—
|
|
|
(16,424
|
)
|
|||||||
Balance, end of period
|
$
|
59,448
|
|
|
$
|
32,695
|
|
|
$
|
21,350
|
|
|
$
|
13,932
|
|
|
$
|
32,310
|
|
|
$
|
534
|
|
|
$
|
160,269
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
At or For the Year Ended December 31, 2015
|
||||||||||||||||||||||||||
(In thousands)
|
Consumer
Real Estate |
|
Commercial
|
|
Leasing and
Equipment Finance |
|
Inventory
Finance |
|
Auto
Finance |
|
Other
|
|
Total
|
||||||||||||||
Balance, beginning of period
|
$
|
85,361
|
|
|
$
|
31,367
|
|
|
$
|
18,446
|
|
|
$
|
10,020
|
|
|
$
|
18,230
|
|
|
$
|
745
|
|
|
$
|
164,169
|
|
Charge-offs
|
(33,687
|
)
|
|
(5,249
|
)
|
|
(7,631
|
)
|
|
(2,501
|
)
|
|
(18,386
|
)
|
|
(7,093
|
)
|
|
(74,547
|
)
|
|||||||
Recoveries
|
7,428
|
|
|
3,769
|
|
|
2,792
|
|
|
1,019
|
|
|
2,971
|
|
|
5,034
|
|
|
23,013
|
|
|||||||
Net (charge-offs) recoveries
|
(26,259
|
)
|
|
(1,480
|
)
|
|
(4,839
|
)
|
|
(1,482
|
)
|
|
(15,415
|
)
|
|
(2,059
|
)
|
|
(51,534
|
)
|
|||||||
Provision for credit losses
|
12,697
|
|
|
298
|
|
|
5,411
|
|
|
3,036
|
|
|
28,943
|
|
|
2,559
|
|
|
52,944
|
|
|||||||
Other
|
(3,807
|
)
|
|
—
|
|
|
—
|
|
|
(446
|
)
|
|
(5,272
|
)
|
|
—
|
|
|
(9,525
|
)
|
|||||||
Balance, end of period
|
$
|
67,992
|
|
|
$
|
30,185
|
|
|
$
|
19,018
|
|
|
$
|
11,128
|
|
|
$
|
26,486
|
|
|
$
|
1,245
|
|
|
$
|
156,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
At or For the Year Ended December 31, 2014
|
||||||||||||||||||||||||||
(In thousands)
|
Consumer
Real Estate |
|
Commercial
|
|
Leasing and
Equipment Finance |
|
Inventory
Finance |
|
Auto
Finance |
|
Other
|
|
Total
|
||||||||||||||
Balance, beginning of period
|
$
|
176,030
|
|
|
$
|
37,467
|
|
|
$
|
18,733
|
|
|
$
|
8,592
|
|
|
$
|
10,623
|
|
|
$
|
785
|
|
|
$
|
252,230
|
|
Charge-offs
|
(63,126
|
)
|
|
(8,657
|
)
|
|
(7,316
|
)
|
|
(1,653
|
)
|
|
(11,856
|
)
|
|
(8,359
|
)
|
|
(100,967
|
)
|
|||||||
Recoveries
|
6,867
|
|
|
2,887
|
|
|
3,705
|
|
|
826
|
|
|
1,491
|
|
|
5,860
|
|
|
21,636
|
|
|||||||
Net (charge-offs) recoveries
|
(56,259
|
)
|
|
(5,770
|
)
|
|
(3,611
|
)
|
|
(827
|
)
|
|
(10,365
|
)
|
|
(2,499
|
)
|
|
(79,331
|
)
|
|||||||
Provision for credit losses
|
63,973
|
|
|
(259
|
)
|
|
3,324
|
|
|
2,498
|
|
|
23,742
|
|
|
2,459
|
|
|
95,737
|
|
|||||||
Other
(1)
|
(98,383
|
)
|
|
(71
|
)
|
|
—
|
|
|
(243
|
)
|
|
(5,770
|
)
|
|
—
|
|
|
(104,467
|
)
|
|||||||
Balance, end of period
|
$
|
85,361
|
|
|
$
|
31,367
|
|
|
$
|
18,446
|
|
|
$
|
10,020
|
|
|
$
|
18,230
|
|
|
$
|
745
|
|
|
$
|
164,169
|
|
(1)
|
Included in Other for consumer real estate is the transfer of
$95.3 million
, comprised of
$77.0 million
of previously established allowance for loan and lease losses and an additional
$18.3 million
of write-downs arising from the transfer to loans held for sale in conjunction with the TDR loan sale.
|
|
At December 31, 2016
|
||||||||||||||||||||||||||
(In thousands)
|
Consumer
Real Estate |
|
Commercial
|
|
Leasing and
Equipment Finance |
|
Inventory
Finance |
|
Auto
Finance |
|
Other
|
|
Total
|
||||||||||||||
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Collectively evaluated for impairment
|
$
|
36,103
|
|
|
$
|
31,430
|
|
|
$
|
19,093
|
|
|
$
|
13,304
|
|
|
$
|
31,106
|
|
|
$
|
533
|
|
|
$
|
131,569
|
|
Individually evaluated for impairment
|
23,345
|
|
|
1,265
|
|
|
2,257
|
|
|
628
|
|
|
1,204
|
|
|
1
|
|
|
28,700
|
|
|||||||
Total
|
$
|
59,448
|
|
|
$
|
32,695
|
|
|
$
|
21,350
|
|
|
$
|
13,932
|
|
|
$
|
32,310
|
|
|
$
|
534
|
|
|
$
|
160,269
|
|
Loans and leases outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Collectively evaluated for impairment
|
$
|
4,884,653
|
|
|
$
|
3,242,389
|
|
|
$
|
4,320,129
|
|
|
$
|
2,465,041
|
|
|
$
|
2,638,380
|
|
|
$
|
18,765
|
|
|
$
|
17,569,357
|
|
Individually evaluated for impairment
|
199,699
|
|
|
44,089
|
|
|
16,165
|
|
|
5,134
|
|
|
9,360
|
|
|
6
|
|
|
274,453
|
|
|||||||
Loans acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
17
|
|
|||||||
Total
|
$
|
5,084,352
|
|
|
$
|
3,286,478
|
|
|
$
|
4,336,310
|
|
|
$
|
2,470,175
|
|
|
$
|
2,647,741
|
|
|
$
|
18,771
|
|
|
$
|
17,843,827
|
|
|
At December 31, 2015
|
||||||||||||||||||||||||||
(In thousands)
|
Consumer
Real Estate
|
|
Commercial
|
|
Leasing and
Equipment
Finance
|
|
Inventory
Finance
|
|
Auto
Finance
|
|
Other
|
|
Total
|
||||||||||||||
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Collectively evaluated for impairment
|
$
|
38,819
|
|
|
$
|
30,170
|
|
|
$
|
16,994
|
|
|
$
|
10,929
|
|
|
$
|
23,471
|
|
|
$
|
1,243
|
|
|
$
|
121,626
|
|
Individually evaluated for impairment
|
29,173
|
|
|
15
|
|
|
2,024
|
|
|
199
|
|
|
3,015
|
|
|
2
|
|
|
34,428
|
|
|||||||
Total
|
$
|
67,992
|
|
|
$
|
30,185
|
|
|
$
|
19,018
|
|
|
$
|
11,128
|
|
|
$
|
26,486
|
|
|
$
|
1,245
|
|
|
$
|
156,054
|
|
Loans and leases outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Collectively evaluated for impairment
|
$
|
5,248,829
|
|
|
$
|
3,092,398
|
|
|
$
|
3,997,544
|
|
|
$
|
2,145,605
|
|
|
$
|
2,637,269
|
|
|
$
|
19,286
|
|
|
$
|
17,140,931
|
|
Individually evaluated for impairment
|
215,443
|
|
|
53,434
|
|
|
14,669
|
|
|
1,149
|
|
|
10,308
|
|
|
11
|
|
|
295,014
|
|
|||||||
Loans acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
54
|
|
|||||||
Total
|
$
|
5,464,272
|
|
|
$
|
3,145,832
|
|
|
$
|
4,012,248
|
|
|
$
|
2,146,754
|
|
|
$
|
2,647,596
|
|
|
$
|
19,297
|
|
|
$
|
17,435,999
|
|
|
At December 31, 2016
|
||||||||||||||||||||||
(In thousands)
|
Current-59 Days
Delinquent and
Accruing
|
|
60-89 Days
Delinquent
and Accruing
|
|
90 Days or More
Delinquent and
Accruing
|
|
Total
Accruing
|
|
Non-accrual
|
|
Total
|
||||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
First mortgage lien
|
$
|
2,177,746
|
|
|
$
|
6,581
|
|
|
$
|
2,144
|
|
|
$
|
2,186,471
|
|
|
$
|
106,125
|
|
|
$
|
2,292,596
|
|
Junior lien
|
2,744,006
|
|
|
1,404
|
|
|
—
|
|
|
2,745,410
|
|
|
46,346
|
|
|
2,791,756
|
|
||||||
Total consumer real estate
|
4,921,752
|
|
|
7,985
|
|
|
2,144
|
|
|
4,931,881
|
|
|
152,471
|
|
|
5,084,352
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
2,628,627
|
|
|
—
|
|
|
—
|
|
|
2,628,627
|
|
|
5,564
|
|
|
2,634,191
|
|
||||||
Commercial business
|
651,932
|
|
|
—
|
|
|
—
|
|
|
651,932
|
|
|
355
|
|
|
652,287
|
|
||||||
Total commercial
|
3,280,559
|
|
|
—
|
|
|
—
|
|
|
3,280,559
|
|
|
5,919
|
|
|
3,286,478
|
|
||||||
Leasing and equipment finance
|
4,320,795
|
|
|
3,478
|
|
|
1,045
|
|
|
4,325,318
|
|
|
10,880
|
|
|
4,336,198
|
|
||||||
Inventory finance
|
2,464,986
|
|
|
16
|
|
|
39
|
|
|
2,465,041
|
|
|
5,134
|
|
|
2,470,175
|
|
||||||
Auto finance
|
2,634,600
|
|
|
3,785
|
|
|
2,317
|
|
|
2,640,702
|
|
|
7,038
|
|
|
2,647,740
|
|
||||||
Other
|
18,748
|
|
|
14
|
|
|
6
|
|
|
18,768
|
|
|
3
|
|
|
18,771
|
|
||||||
Subtotal
|
17,641,440
|
|
|
15,278
|
|
|
5,551
|
|
|
17,662,269
|
|
|
181,445
|
|
|
17,843,714
|
|
||||||
Portfolios acquired with deteriorated credit quality
|
113
|
|
|
—
|
|
|
—
|
|
|
113
|
|
|
—
|
|
|
113
|
|
||||||
Total
|
$
|
17,641,553
|
|
|
$
|
15,278
|
|
|
$
|
5,551
|
|
|
$
|
17,662,382
|
|
|
$
|
181,445
|
|
|
$
|
17,843,827
|
|
|
At December 31, 2015
|
||||||||||||||||||||||
(In thousands)
|
Current-59 Days
Delinquent and
Accruing
|
|
60-89 Days
Delinquent
and Accruing
|
|
90 Days or More
Delinquent and
Accruing
|
|
Total
Accruing
|
|
Non-accrual
|
|
Total
|
||||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
First mortgage lien
|
$
|
2,489,235
|
|
|
$
|
8,649
|
|
|
$
|
2,916
|
|
|
$
|
2,500,800
|
|
|
$
|
124,156
|
|
|
$
|
2,624,956
|
|
Junior lien
|
2,793,684
|
|
|
1,481
|
|
|
38
|
|
|
2,795,203
|
|
|
44,113
|
|
|
2,839,316
|
|
||||||
Total consumer real estate
|
5,282,919
|
|
|
10,130
|
|
|
2,954
|
|
|
5,296,003
|
|
|
168,269
|
|
|
5,464,272
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
2,586,692
|
|
|
—
|
|
|
—
|
|
|
2,586,692
|
|
|
6,737
|
|
|
2,593,429
|
|
||||||
Commercial business
|
548,814
|
|
|
1
|
|
|
—
|
|
|
548,815
|
|
|
3,588
|
|
|
552,403
|
|
||||||
Total commercial
|
3,135,506
|
|
|
1
|
|
|
—
|
|
|
3,135,507
|
|
|
10,325
|
|
|
3,145,832
|
|
||||||
Leasing and equipment finance
|
3,998,469
|
|
|
1,728
|
|
|
564
|
|
|
4,000,761
|
|
|
11,262
|
|
|
4,012,023
|
|
||||||
Inventory finance
|
2,145,538
|
|
|
87
|
|
|
31
|
|
|
2,145,656
|
|
|
1,098
|
|
|
2,146,754
|
|
||||||
Auto finance
|
2,634,496
|
|
|
2,343
|
|
|
1,230
|
|
|
2,638,069
|
|
|
9,509
|
|
|
2,647,578
|
|
||||||
Other
|
19,274
|
|
|
13
|
|
|
7
|
|
|
19,294
|
|
|
3
|
|
|
19,297
|
|
||||||
Subtotal
|
17,216,202
|
|
|
14,302
|
|
|
4,786
|
|
|
17,235,290
|
|
|
200,466
|
|
|
17,435,756
|
|
||||||
Portfolios acquired with deteriorated credit quality
|
242
|
|
|
1
|
|
|
—
|
|
|
243
|
|
|
—
|
|
|
243
|
|
||||||
Total
|
$
|
17,216,444
|
|
|
$
|
14,303
|
|
|
$
|
4,786
|
|
|
$
|
17,235,533
|
|
|
$
|
200,466
|
|
|
$
|
17,435,999
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
Contractual interest due on non-accrual loans and leases
|
$
|
20,604
|
|
|
$
|
21,459
|
|
|
$
|
26,584
|
|
Interest income recognized on non-accrual loans and leases
|
4,152
|
|
|
4,305
|
|
|
9,359
|
|
|||
Unrecognized interest income
|
$
|
16,452
|
|
|
$
|
17,154
|
|
|
$
|
17,225
|
|
|
At December 31,
|
||||||
(In thousands)
|
2016
|
|
2015
|
||||
Consumer real estate loans to customers in bankruptcy:
|
|
|
|
|
|
||
0-59 days delinquent and accruing
|
$
|
13,675
|
|
|
$
|
26,020
|
|
Non-accrual
|
21,372
|
|
|
20,264
|
|
||
Total consumer real estate loans to customers in bankruptcy
|
$
|
35,047
|
|
|
$
|
46,284
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
Loan balance:
(1)
|
|
|
|
|
|
||||||
Consumer real estate:
|
|
|
|
|
|
|
|
||||
First mortgage lien
|
$
|
8,193
|
|
|
$
|
1,674
|
|
|
$
|
1,969
|
|
Junior lien
|
1,630
|
|
|
821
|
|
|
1,364
|
|
|||
Total consumer real estate
|
9,823
|
|
|
2,495
|
|
|
3,333
|
|
|||
Commercial:
|
|
|
|
|
|
||||||
Commercial real estate
|
—
|
|
|
—
|
|
|
3,895
|
|
|||
Commercial business
|
—
|
|
|
—
|
|
|
127
|
|
|||
Total commercial
|
—
|
|
|
—
|
|
|
4,022
|
|
|||
Leasing and equipment finance
|
—
|
|
|
45
|
|
|
—
|
|
|||
Auto finance
|
1,693
|
|
|
1,039
|
|
|
392
|
|
|||
Defaulted TDR loans modified during the applicable period
|
$
|
11,516
|
|
|
$
|
3,579
|
|
|
$
|
7,747
|
|
(1)
|
The loan balances presented are not materially different than the pre-modification loan balances as TCF's loan modifications generally do not forgive principal amounts.
|
|
At December 31,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||||
(In thousands)
|
Unpaid
Contractual Balance |
|
Loan
Balance |
|
Related
Allowance Recorded |
|
Unpaid
Contractual Balance |
|
Loan
Balance |
|
Related
Allowance Recorded |
||||||||||||
Impaired loans with an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
First mortgage lien
|
$
|
122,704
|
|
|
$
|
104,601
|
|
|
$
|
16,835
|
|
|
$
|
145,749
|
|
|
$
|
123,728
|
|
|
$
|
20,880
|
|
Junior lien
|
62,481
|
|
|
51,410
|
|
|
5,829
|
|
|
70,122
|
|
|
58,366
|
|
|
6,837
|
|
||||||
Total consumer real estate
|
185,185
|
|
|
156,011
|
|
|
22,664
|
|
|
215,871
|
|
|
182,094
|
|
|
27,717
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
10,083
|
|
|
10,075
|
|
|
1,262
|
|
|
298
|
|
|
298
|
|
|
12
|
|
||||||
Commercial business
|
14
|
|
|
14
|
|
|
3
|
|
|
16
|
|
|
16
|
|
|
3
|
|
||||||
Total commercial
|
10,097
|
|
|
10,089
|
|
|
1,265
|
|
|
314
|
|
|
314
|
|
|
15
|
|
||||||
Leasing and equipment finance
|
9,900
|
|
|
9,900
|
|
|
1,044
|
|
|
7,259
|
|
|
7,259
|
|
|
822
|
|
||||||
Inventory finance
|
4,357
|
|
|
4,365
|
|
|
628
|
|
|
867
|
|
|
873
|
|
|
199
|
|
||||||
Auto finance
|
5,801
|
|
|
5,419
|
|
|
1,126
|
|
|
8,275
|
|
|
8,062
|
|
|
2,942
|
|
||||||
Other
|
6
|
|
|
6
|
|
|
1
|
|
|
21
|
|
|
11
|
|
|
2
|
|
||||||
Total impaired loans with an allowance recorded
|
215,346
|
|
|
185,790
|
|
|
26,728
|
|
|
232,607
|
|
|
198,613
|
|
|
31,697
|
|
||||||
Impaired loans without an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
First mortgage lien
|
18,539
|
|
|
12,674
|
|
|
—
|
|
|
7,100
|
|
|
3,228
|
|
|
—
|
|
||||||
Junior lien
|
26,915
|
|
|
1,882
|
|
|
—
|
|
|
26,031
|
|
|
520
|
|
|
—
|
|
||||||
Total consumer real estate
|
45,454
|
|
|
14,556
|
|
|
—
|
|
|
33,131
|
|
|
3,748
|
|
|
—
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
21,601
|
|
|
15,780
|
|
|
—
|
|
|
37,598
|
|
|
31,157
|
|
|
—
|
|
||||||
Commercial business
|
354
|
|
|
354
|
|
|
—
|
|
|
3,738
|
|
|
3,585
|
|
|
—
|
|
||||||
Total commercial
|
21,955
|
|
|
16,134
|
|
|
—
|
|
|
41,336
|
|
|
34,742
|
|
|
—
|
|
||||||
Inventory finance
|
767
|
|
|
769
|
|
|
—
|
|
|
274
|
|
|
276
|
|
|
—
|
|
||||||
Auto finance
|
3,919
|
|
|
2,408
|
|
|
—
|
|
|
2,003
|
|
|
1,177
|
|
|
—
|
|
||||||
Other
|
85
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||||
Total impaired loans without an allowance recorded
|
72,180
|
|
|
33,867
|
|
|
—
|
|
|
76,746
|
|
|
39,943
|
|
|
—
|
|
||||||
Total impaired loans
|
$
|
287,526
|
|
|
$
|
219,657
|
|
|
$
|
26,728
|
|
|
$
|
309,353
|
|
|
$
|
238,556
|
|
|
$
|
31,697
|
|
|
Year Ended December 31,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||||||||||||||
(In thousands)
|
Average Loan Balance
|
|
Interest Income Recognized
|
|
Average Loan Balance
|
|
Interest Income Recognized
|
|
Average Loan Balance
|
|
Interest Income Recognized
|
||||||||||||
Impaired loans with an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
First mortgage lien
|
$
|
114,164
|
|
|
$
|
3,597
|
|
|
$
|
112,698
|
|
|
$
|
5,438
|
|
|
$
|
311,458
|
|
|
$
|
14,715
|
|
Junior lien
|
54,888
|
|
|
2,606
|
|
|
56,885
|
|
|
3,353
|
|
|
63,977
|
|
|
3,492
|
|
||||||
Total consumer real estate
|
169,052
|
|
|
6,203
|
|
|
169,583
|
|
|
8,791
|
|
|
375,435
|
|
|
18,207
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
5,186
|
|
|
353
|
|
|
27,355
|
|
|
852
|
|
|
63,099
|
|
|
2,349
|
|
||||||
Commercial business
|
15
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
2,199
|
|
|
—
|
|
||||||
Total commercial
|
5,201
|
|
|
353
|
|
|
27,372
|
|
|
852
|
|
|
65,298
|
|
|
2,349
|
|
||||||
Leasing and equipment finance
|
8,579
|
|
|
40
|
|
|
7,758
|
|
|
18
|
|
|
8,247
|
|
|
58
|
|
||||||
Inventory finance
|
2,619
|
|
|
56
|
|
|
1,315
|
|
|
76
|
|
|
4,249
|
|
|
97
|
|
||||||
Auto finance
|
6,741
|
|
|
112
|
|
|
5,495
|
|
|
22
|
|
|
1,617
|
|
|
—
|
|
||||||
Other
|
9
|
|
|
—
|
|
|
50
|
|
|
2
|
|
|
92
|
|
|
7
|
|
||||||
Total impaired loans with an allowance recorded
|
192,201
|
|
|
6,764
|
|
|
211,573
|
|
|
9,761
|
|
|
454,938
|
|
|
20,718
|
|
||||||
Impaired loans without an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
First mortgage lien
|
7,951
|
|
|
449
|
|
|
19,188
|
|
|
1,045
|
|
|
39,086
|
|
|
2,321
|
|
||||||
Junior lien
|
1,201
|
|
|
672
|
|
|
3,959
|
|
|
1,817
|
|
|
5,852
|
|
|
1,285
|
|
||||||
Total consumer real estate
|
9,152
|
|
|
1,121
|
|
|
23,147
|
|
|
2,862
|
|
|
44,938
|
|
|
3,606
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
23,468
|
|
|
743
|
|
|
40,828
|
|
|
1,957
|
|
|
65,167
|
|
|
2,973
|
|
||||||
Commercial business
|
1,970
|
|
|
—
|
|
|
2,033
|
|
|
5
|
|
|
2,946
|
|
|
94
|
|
||||||
Total commercial
|
25,438
|
|
|
743
|
|
|
42,861
|
|
|
1,962
|
|
|
68,113
|
|
|
3,067
|
|
||||||
Inventory finance
|
523
|
|
|
95
|
|
|
564
|
|
|
114
|
|
|
426
|
|
|
126
|
|
||||||
Auto finance
|
1,792
|
|
|
—
|
|
|
962
|
|
|
—
|
|
|
455
|
|
|
—
|
|
||||||
Total impaired loans without an allowance recorded
|
36,905
|
|
|
1,959
|
|
|
67,534
|
|
|
4,938
|
|
|
113,932
|
|
|
6,799
|
|
||||||
Total impaired loans
|
$
|
229,106
|
|
|
$
|
8,723
|
|
|
$
|
279,107
|
|
|
$
|
14,699
|
|
|
$
|
568,870
|
|
|
$
|
27,517
|
|
|
At December 31,
|
||||||
(In thousands)
|
2016
|
|
2015
|
||||
Land
|
$
|
144,221
|
|
|
$
|
152,034
|
|
Office buildings
|
271,597
|
|
|
281,462
|
|
||
Leasehold improvements
|
50,796
|
|
|
56,243
|
|
||
Furniture and equipment
|
341,621
|
|
|
315,869
|
|
||
Subtotal
|
808,235
|
|
|
805,608
|
|
||
Less: Accumulated depreciation and amortization
|
389,863
|
|
|
359,674
|
|
||
Total
|
$
|
418,372
|
|
|
$
|
445,934
|
|
|
At December 31,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||||
(In thousands)
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Net
Amount
|
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Net
Amount
|
||||||||||||
Amortizable intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposit base intangibles
|
$
|
3,049
|
|
|
$
|
2,069
|
|
|
$
|
980
|
|
|
$
|
3,049
|
|
|
$
|
1,817
|
|
|
$
|
1,232
|
|
Customer base intangibles
|
2,730
|
|
|
2,002
|
|
|
728
|
|
|
2,730
|
|
|
1,709
|
|
|
1,021
|
|
||||||
Non-compete agreement
|
4,590
|
|
|
4,590
|
|
|
—
|
|
|
4,590
|
|
|
3,757
|
|
|
833
|
|
||||||
Tradename
|
300
|
|
|
300
|
|
|
—
|
|
|
300
|
|
|
300
|
|
|
—
|
|
||||||
Total
|
$
|
10,669
|
|
|
$
|
8,961
|
|
|
$
|
1,708
|
|
|
$
|
10,669
|
|
|
$
|
7,583
|
|
|
$
|
3,086
|
|
Unamortizable intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill related to consumer banking segment
|
$
|
214,286
|
|
|
|
|
$
|
214,286
|
|
|
$
|
214,286
|
|
|
|
|
$
|
214,286
|
|
||||
Goodwill related to wholesale banking segment
|
11,354
|
|
|
|
|
11,354
|
|
|
11,354
|
|
|
|
|
11,354
|
|
||||||||
Total
|
$
|
225,640
|
|
|
|
|
$
|
225,640
|
|
|
$
|
225,640
|
|
|
|
|
$
|
225,640
|
|
|
At December 31,
|
||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||
(Dollars in thousands)
|
Weighted-average Rate
|
|
Amount
|
|
% of
Total
|
|
Weighted-average Rate
|
|
Amount
|
|
% of
Total |
||||||||
Checking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Non-interest bearing
|
—
|
%
|
|
$
|
3,454,962
|
|
|
20.0
|
%
|
|
—
|
%
|
|
$
|
3,187,581
|
|
|
19.1
|
%
|
Interest bearing
|
0.01
|
|
|
2,554,189
|
|
|
14.9
|
|
|
0.02
|
|
|
2,502,978
|
|
|
14.9
|
|
||
Total checking
|
0.01
|
|
|
6,009,151
|
|
|
34.9
|
|
|
0.01
|
|
|
5,690,559
|
|
|
34.0
|
|
||
Savings
|
0.03
|
|
|
4,719,481
|
|
|
27.4
|
|
|
0.06
|
|
|
4,717,457
|
|
|
28.2
|
|
||
Money market
|
0.61
|
|
|
2,421,467
|
|
|
14.0
|
|
|
0.63
|
|
|
2,408,180
|
|
|
14.5
|
|
||
Certificates of deposit
|
1.06
|
|
|
4,092,423
|
|
|
23.7
|
|
|
0.91
|
|
|
3,903,793
|
|
|
23.3
|
|
||
Total deposits
|
0.36
|
|
|
$
|
17,242,522
|
|
|
100.0
|
%
|
|
0.30
|
|
|
$
|
16,719,989
|
|
|
100.0
|
%
|
|
At December 31,
|
|||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||
(Dollars in thousands)
|
Amount
|
|
Rate
|
|
Amount
|
|
Rate
|
|
Amount
|
|
Rate
|
|||||||||
Period end balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Securities sold under repurchase agreements
|
$
|
2,159
|
|
|
0.10
|
%
|
|
$
|
5,381
|
|
|
0.03
|
%
|
|
$
|
4,425
|
|
|
0.10
|
%
|
Line of Credit - TCF Commercial Finance Canada, Inc.
|
2,232
|
|
|
1.75
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total
|
$
|
4,391
|
|
|
0.94
|
|
|
$
|
5,381
|
|
|
0.03
|
|
|
$
|
4,425
|
|
|
0.10
|
|
Average daily balances for the period ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Federal Home Loan Bank advances
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
74,385
|
|
|
0.26
|
%
|
Federal funds purchased
|
156
|
|
|
0.71
|
|
|
225
|
|
|
0.45
|
|
|
375
|
|
|
0.40
|
|
|||
Securities sold under repurchase agreements
|
5,235
|
|
|
0.41
|
|
|
16,431
|
|
|
0.06
|
|
|
5,956
|
|
|
0.18
|
|
|||
Line of Credit - TCF Commercial Finance Canada, Inc.
|
1,660
|
|
|
1.75
|
|
|
2,166
|
|
|
1.96
|
|
|
2,957
|
|
|
1.88
|
|
|||
Total
|
$
|
7,051
|
|
|
0.73
|
|
|
$
|
18,822
|
|
|
0.28
|
|
|
$
|
83,673
|
|
|
0.31
|
|
Maximum month-end balances for the period ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Federal Home Loan Bank advances
|
$
|
—
|
|
|
N.A.
|
|
|
$
|
—
|
|
|
N.A.
|
|
|
$
|
250,000
|
|
|
N.A.
|
|
Securities sold under repurchase agreements
|
3,391
|
|
|
N.A.
|
|
|
62,995
|
|
|
N.A.
|
|
|
4,425
|
|
|
N.A.
|
|
|||
Line of Credit - TCF Commercial Finance Canada, Inc.
|
5,907
|
|
|
N.A.
|
|
|
5,519
|
|
|
N.A.
|
|
|
11,751
|
|
|
N.A.
|
|
|||
N.A. Not Applicable.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31,
|
||||||||||||||||||
|
|
|
2016
|
|
2015
|
||||||||||||||||
(Dollars in thousands)
|
Stated
Maturity
|
|
Amount
|
|
Stated Rate
|
|
Amount
|
|
Stated Rate
|
||||||||||||
Federal Home Loan Bank advances
|
2016
|
|
$
|
—
|
|
|
|
|
—
|
%
|
|
$
|
447,000
|
|
|
0.54
|
%
|
-
|
1.17
|
%
|
|
|
2017
|
|
—
|
|
|
|
|
—
|
|
|
125,000
|
|
|
0.49
|
|
-
|
0.51
|
|
|||
|
2018
|
|
375,000
|
|
|
0.72
|
%
|
-
|
0.81
|
|
|
—
|
|
|
|
|
—
|
|
|||
|
2019
|
|
300,000
|
|
|
0.78
|
|
-
|
0.81
|
|
|
—
|
|
|
|
|
—
|
|
|||
Subtotal
|
|
|
675,000
|
|
|
|
|
|
|
572,000
|
|
|
|
|
|
||||||
Subordinated bank notes
|
2016
|
|
—
|
|
|
|
|
—
|
|
|
74,992
|
|
|
|
|
5.50
|
|
||||
|
2022
|
|
108,654
|
|
|
|
|
6.25
|
|
|
108,454
|
|
|
|
|
6.25
|
|
||||
|
2025
|
|
148,052
|
|
|
|
|
4.60
|
|
|
147,861
|
|
|
|
|
4.60
|
|
||||
Hedge-related basis adjustment
(1)
|
|
|
(1,349
|
)
|
|
|
|
|
|
(209
|
)
|
|
|
|
|
||||||
Subtotal
|
|
|
255,357
|
|
|
|
|
|
|
331,098
|
|
|
|
|
|
||||||
Discounted lease rentals
|
2016
|
|
—
|
|
|
|
|
—
|
|
|
48,120
|
|
|
2.39
|
|
-
|
7.95
|
|
|||
|
2017
|
|
57,081
|
|
|
2.45
|
|
-
|
7.88
|
|
|
41,969
|
|
|
2.45
|
|
-
|
7.88
|
|
||
|
2018
|
|
42,132
|
|
|
2.55
|
|
-
|
7.95
|
|
|
24,496
|
|
|
2.55
|
|
-
|
7.95
|
|
||
|
2019
|
|
24,671
|
|
|
2.53
|
|
-
|
6.00
|
|
|
9,329
|
|
|
2.53
|
|
-
|
6.00
|
|
||
|
2020
|
|
11,753
|
|
|
2.64
|
|
-
|
6.90
|
|
|
2,035
|
|
|
2.95
|
|
-
|
5.15
|
|
||
|
2021
|
|
4,423
|
|
|
2.88
|
|
-
|
4.57
|
|
|
83
|
|
|
|
|
4.57
|
|
|||
Subtotal
|
|
|
140,060
|
|
|
|
|
|
|
126,032
|
|
|
|
|
|
||||||
Other long-term borrowings
|
2016
|
|
—
|
|
|
|
|
—
|
|
|
2,685
|
|
|
|
|
1.36
|
|
||||
|
2017
|
|
2,764
|
|
|
|
|
1.36
|
|
|
2,742
|
|
|
|
|
1.36
|
|
||||
Subtotal
|
|
|
2,764
|
|
|
|
|
|
|
5,427
|
|
|
|
|
|
||||||
Total long-term borrowings
|
|
|
$
|
1,073,181
|
|
|
|
|
|
|
$
|
1,034,557
|
|
|
|
|
|
(1)
|
Related to subordinated bank notes with a stated maturity of 2025 at
December 31, 2016
.
|
(In thousands)
|
Current
|
|
Deferred
|
|
Total
|
||||||
Year ended December 31, 2016:
|
|
|
|
|
|
||||||
Federal
|
$
|
66,810
|
|
|
$
|
28,629
|
|
|
$
|
95,439
|
|
State
|
11,402
|
|
|
4,425
|
|
|
15,827
|
|
|||
Foreign
|
5,350
|
|
|
(88
|
)
|
|
5,262
|
|
|||
Total
|
$
|
83,562
|
|
|
$
|
32,966
|
|
|
$
|
116,528
|
|
Year ended December 31, 2015:
|
|
|
|
|
|
||||||
Federal
|
$
|
73,579
|
|
|
$
|
16,141
|
|
|
$
|
89,720
|
|
State
|
9,255
|
|
|
4,637
|
|
|
13,892
|
|
|||
Foreign
|
5,252
|
|
|
8
|
|
|
5,260
|
|
|||
Total
|
$
|
88,086
|
|
|
$
|
20,786
|
|
|
$
|
108,872
|
|
Year ended December 31, 2014:
|
|
|
|
|
|
||||||
Federal
|
$
|
55,062
|
|
|
$
|
26,308
|
|
|
$
|
81,370
|
|
State
|
2,087
|
|
|
11,147
|
|
|
13,234
|
|
|||
Foreign
|
5,185
|
|
|
(23
|
)
|
|
5,162
|
|
|||
Total
|
$
|
62,334
|
|
|
$
|
37,432
|
|
|
$
|
99,766
|
|
|
Year Ended December 31,
|
|||||||
|
2016
|
|
2015
|
|
2014
|
|||
Federal income tax rate
|
35.00
|
%
|
|
35.00
|
%
|
|
35.00
|
%
|
Increase (decrease) resulting from:
|
|
|
|
|
|
|||
State income tax, net of federal income tax
|
3.04
|
|
|
2.87
|
|
|
3.06
|
|
Tax-exempt income
|
(2.07
|
)
|
|
(0.93
|
)
|
|
(0.76
|
)
|
Non-controlling interest tax effect
|
(0.99
|
)
|
|
(0.97
|
)
|
|
(0.92
|
)
|
Foreign tax effects
|
(0.50
|
)
|
|
(0.53
|
)
|
|
(0.58
|
)
|
Other, net
|
(0.03
|
)
|
|
(0.84
|
)
|
|
(0.34
|
)
|
Effective income tax rate
|
34.45
|
%
|
|
34.60
|
%
|
|
35.46
|
%
|
|
At or For the Year Ended December 31,
|
||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
Balance, beginning of period
|
$
|
4,249
|
|
|
$
|
4,649
|
|
|
$
|
4,704
|
|
Increases for tax positions related to the current year
|
546
|
|
|
323
|
|
|
468
|
|
|||
Increases for tax positions related to prior years
|
627
|
|
|
—
|
|
|
8
|
|
|||
Decreases for tax positions related to prior years
|
(84
|
)
|
|
(157
|
)
|
|
(350
|
)
|
|||
Settlements with taxing authorities
|
(525
|
)
|
|
(425
|
)
|
|
—
|
|
|||
Decreases related to lapses of applicable statutes of limitation
|
(123
|
)
|
|
(141
|
)
|
|
(181
|
)
|
|||
Balance, end of period
|
$
|
4,690
|
|
|
$
|
4,249
|
|
|
$
|
4,649
|
|
|
At December 31,
|
||||||
(In thousands)
|
2016
|
|
2015
|
||||
Deferred tax assets:
|
|
|
|
||||
Allowance for loan and lease losses
|
$
|
75,976
|
|
|
$
|
74,858
|
|
Stock compensation and deferred compensation plans
|
41,105
|
|
|
37,913
|
|
||
Securities available for sale
|
17,606
|
|
|
5,945
|
|
||
Net operating losses
|
11,924
|
|
|
10,735
|
|
||
Accrued expense
|
3,730
|
|
|
5,228
|
|
||
Non-accrual interest
|
2,140
|
|
|
4,250
|
|
||
Other
|
3,408
|
|
|
3,437
|
|
||
Deferred tax assets
|
155,889
|
|
|
142,366
|
|
||
Valuation allowance
|
(10,377
|
)
|
|
(7,515
|
)
|
||
Total deferred tax assets, net of valuation allowance
|
145,512
|
|
|
134,851
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Lease financing
|
348,933
|
|
|
320,374
|
|
||
Premises and equipment
|
32,430
|
|
|
28,657
|
|
||
Loan fees and discounts
|
17,017
|
|
|
19,220
|
|
||
Prepaid expenses
|
11,245
|
|
|
10,936
|
|
||
Goodwill and other intangibles
|
3,870
|
|
|
4,105
|
|
||
Other
|
7,375
|
|
|
6,026
|
|
||
Total deferred tax liabilities
|
420,870
|
|
|
389,318
|
|
||
Net deferred tax liabilities
|
$
|
275,358
|
|
|
$
|
254,467
|
|
|
At December 31,
|
||||||
(In thousands)
|
2016
|
|
2015
|
||||
Treasury stock, at cost
|
$
|
(1,102
|
)
|
|
$
|
(1,102
|
)
|
Shares held in trust for deferred compensation plans, at cost
|
(48,317
|
)
|
|
(49,758
|
)
|
||
Total
|
$
|
(49,419
|
)
|
|
$
|
(50,860
|
)
|
|
TCF
|
|
TCF Bank
|
|
|
|
|
||||||||||||||
|
At December 31,
|
|
At December 31,
|
|
|
|
|
||||||||||||||
(Dollars in thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Well-capitalized Standard
|
|
Minimum Capital Requirement
(1)
|
||||||||||
Regulatory Capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common equity Tier 1 capital
|
$
|
1,970,323
|
|
|
$
|
1,814,442
|
|
|
$
|
2,144,966
|
|
|
$
|
1,992,584
|
|
|
|
|
|
||
Tier 1 capital
|
2,248,221
|
|
|
2,092,195
|
|
|
2,162,128
|
|
|
2,008,585
|
|
|
|
|
|
||||||
Total capital
|
2,635,925
|
|
|
2,487,060
|
|
|
2,583,512
|
|
|
2,425,682
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Regulatory Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common equity Tier 1 capital ratio
|
10.24
|
%
|
|
10.00
|
%
|
|
11.14
|
%
|
|
10.99
|
%
|
|
6.50
|
%
|
|
4.50
|
%
|
||||
Tier 1 risk-based capital ratio
|
11.68
|
|
|
11.54
|
|
|
11.23
|
|
|
11.07
|
|
|
8.00
|
|
|
6.00
|
|
||||
Total risk-based capital ratio
|
13.69
|
|
|
13.71
|
|
|
13.42
|
|
|
13.37
|
|
|
10.00
|
|
|
8.00
|
|
||||
Tier 1 leverage ratio
|
10.73
|
|
|
10.46
|
|
|
10.32
|
|
|
10.04
|
|
|
5.00
|
|
|
4.00
|
|
(1)
|
Excludes capital conservation buffer of
0.625%
as of
December 31, 2016
.
|
|
At or For the Year Ended December 31,
|
||||||||||
(Dollars in thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
Unrecognized stock compensation expense
|
$
|
24,925
|
|
|
$
|
25,919
|
|
|
$
|
22,532
|
|
Weighted-average amortization (years)
|
1.6
|
|
|
2.1
|
|
|
2.6
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
Compensation expense
|
$
|
8,715
|
|
|
$
|
5,931
|
|
|
$
|
8,690
|
|
Tax benefit recognized for stock compensation expense
|
3,103
|
|
|
2,127
|
|
|
3,424
|
|
|
Restricted Stock Awards
|
|
Stock Options
|
|||||||||||||||||||||||||||||||||
|
Shares
|
|
Price Range
|
|
Weighted-average Grant Date Fair Value
|
|
Shares
|
|
Price Range
|
|
Weighted-
average
Remaining
Contractual
Life in Years
|
|
Weighted-
average
Exercise
Price
|
|||||||||||||||||||||||
Outstanding at December 31, 2013
|
3,355,295
|
|
|
$
|
6.16
|
|
|
-
|
|
$
|
15.17
|
|
|
$
|
11.09
|
|
|
1,626,000
|
|
|
$
|
12.85
|
|
|
-
|
|
$
|
15.75
|
|
|
4.36
|
|
|
$
|
13.97
|
|
Granted
|
1,120,750
|
|
|
13.84
|
|
|
-
|
|
16.02
|
|
|
15.61
|
|
|
—
|
|
|
—
|
|
|
-
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Exercised
|
—
|
|
|
—
|
|
|
-
|
|
—
|
|
|
—
|
|
|
(47,000
|
)
|
|
15.75
|
|
|
-
|
|
15.75
|
|
|
—
|
|
|
15.75
|
|
||||||
Forfeited/canceled
|
(108,490
|
)
|
|
6.80
|
|
|
-
|
|
15.79
|
|
|
13.06
|
|
|
—
|
|
|
—
|
|
|
-
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Vested
|
(1,509,061
|
)
|
|
8.35
|
|
|
-
|
|
14.90
|
|
|
11.21
|
|
|
—
|
|
|
—
|
|
|
-
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Outstanding at December 31, 2014
|
2,858,494
|
|
|
6.16
|
|
|
-
|
|
16.02
|
|
|
12.73
|
|
|
1,579,000
|
|
|
12.85
|
|
|
-
|
|
15.75
|
|
|
2.98
|
|
|
13.91
|
|
||||||
Granted
|
786,933
|
|
|
12.86
|
|
|
-
|
|
16.28
|
|
|
14.45
|
|
|
—
|
|
|
—
|
|
|
-
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Exercised
|
—
|
|
|
—
|
|
|
-
|
|
—
|
|
|
—
|
|
|
(200,000
|
)
|
|
12.85
|
|
|
-
|
|
12.85
|
|
|
—
|
|
|
12.85
|
|
||||||
Forfeited/canceled
|
(156,332
|
)
|
|
6.80
|
|
|
-
|
|
15.96
|
|
|
13.20
|
|
|
—
|
|
|
—
|
|
|
-
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Vested
|
(216,009
|
)
|
|
9.65
|
|
|
-
|
|
15.96
|
|
|
13.16
|
|
|
—
|
|
|
—
|
|
|
-
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Outstanding at December 31, 2015
|
3,273,086
|
|
|
6.16
|
|
|
-
|
|
16.28
|
|
|
13.09
|
|
|
1,379,000
|
|
|
12.85
|
|
|
-
|
|
15.75
|
|
|
2.17
|
|
|
14.07
|
|
||||||
Granted
|
899,000
|
|
|
9.48
|
|
|
-
|
|
13.24
|
|
|
12.13
|
|
|
—
|
|
|
—
|
|
|
-
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Exercised
|
—
|
|
|
—
|
|
|
-
|
|
—
|
|
|
—
|
|
|
(857,000
|
)
|
|
12.85
|
|
|
-
|
|
15.75
|
|
|
—
|
|
|
13.04
|
|
||||||
Forfeited/canceled
|
(230,486
|
)
|
|
6.16
|
|
|
-
|
|
15.96
|
|
|
13.59
|
|
|
(118,000
|
)
|
|
15.75
|
|
|
-
|
|
15.75
|
|
|
—
|
|
|
15.75
|
|
||||||
Vested
|
(405,425
|
)
|
|
9.65
|
|
|
-
|
|
15.96
|
|
|
13.10
|
|
|
—
|
|
|
—
|
|
|
-
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Outstanding at December 31, 2016
|
3,536,175
|
|
|
7.73
|
|
|
-
|
|
16.28
|
|
|
12.81
|
|
|
404,000
|
|
|
15.75
|
|
|
-
|
|
15.75
|
|
|
1.06
|
|
|
15.75
|
|
||||||
Exercisable at December 31, 2016
|
N.A.
|
|
|
|
|
|
|
|
|
N.A.
|
|
|
404,000
|
|
|
15.75
|
|
|
-
|
|
15.75
|
|
|
|
|
|
15.75
|
|
|
Pension Plan
|
|
Postretirement Plan
|
||||||||||||
|
Year Ended December 31,
|
||||||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Change in projected benefit obligation:
|
|
|
|
|
|
|
|
||||||||
Benefit obligation, beginning of period
|
$
|
35,953
|
|
|
$
|
39,490
|
|
|
$
|
4,570
|
|
|
$
|
4,984
|
|
Interest cost on projected benefit obligation
|
1,281
|
|
|
1,216
|
|
|
151
|
|
|
154
|
|
||||
Actuarial (gain) loss
|
(625
|
)
|
|
(1,436
|
)
|
|
(211
|
)
|
|
(173
|
)
|
||||
Benefits paid
|
(3,435
|
)
|
|
(3,317
|
)
|
|
(346
|
)
|
|
(395
|
)
|
||||
Projected benefit obligation, end of period
|
33,174
|
|
|
35,953
|
|
|
4,164
|
|
|
4,570
|
|
||||
Change in fair value of plan assets:
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets, beginning of period
|
40,914
|
|
|
44,678
|
|
|
—
|
|
|
—
|
|
||||
Actual gain (loss) on plan assets
|
1,898
|
|
|
(447
|
)
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
(3,435
|
)
|
|
(3,317
|
)
|
|
(346
|
)
|
|
(395
|
)
|
||||
TCF contributions
|
—
|
|
|
—
|
|
|
346
|
|
|
395
|
|
||||
Fair value of plan assets, end of period
|
39,377
|
|
|
40,914
|
|
|
—
|
|
|
—
|
|
||||
Funded status of plans, end of period
|
$
|
6,203
|
|
|
$
|
4,961
|
|
|
$
|
(4,164
|
)
|
|
$
|
(4,570
|
)
|
Amounts recognized in the Consolidated Statements of Financial Condition:
|
|
|
|
|
|
|
|
||||||||
Prepaid (accrued) benefit cost, end of period
|
$
|
6,203
|
|
|
$
|
4,961
|
|
|
$
|
(4,164
|
)
|
|
$
|
(4,570
|
)
|
Prior service cost included in accumulated other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
(239
|
)
|
|
(285
|
)
|
||||
Total recognized asset (liability)
|
$
|
6,203
|
|
|
$
|
4,961
|
|
|
$
|
(4,403
|
)
|
|
$
|
(4,855
|
)
|
|
Pension Plan
|
||||||
|
Year Ended December 31,
|
||||||
(In thousands)
|
2016
|
|
2015
|
||||
Level 1:
|
|
|
|
||||
Fixed income mutual funds
|
$
|
26,121
|
|
|
$
|
25,323
|
|
Money market mutual funds
|
2,430
|
|
|
3,406
|
|
||
Cash
|
65
|
|
|
87
|
|
||
Level 2:
|
|
|
|
||||
Mortgage-backed securities
|
5,766
|
|
|
7,339
|
|
||
Pension plan investments not classified in fair value hierarchy:
|
|
|
|
||||
Collective investment fund
|
4,989
|
|
|
4,729
|
|
||
Total Pension Plan assets held in trust
|
$
|
39,371
|
|
|
$
|
40,884
|
|
|
Postretirement Plan
|
||||||||||
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
Accumulated other comprehensive income (loss) before tax, beginning of period
|
$
|
(285
|
)
|
|
$
|
(331
|
)
|
|
$
|
(378
|
)
|
Amortization of prior service credit (recognized in net periodic benefit cost)
|
46
|
|
|
46
|
|
|
47
|
|
|||
Accumulated other comprehensive income (loss) before tax, end of period
|
$
|
(239
|
)
|
|
$
|
(285
|
)
|
|
$
|
(331
|
)
|
|
Pension Plan
|
||||||||||
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
Interest cost
|
$
|
1,281
|
|
|
$
|
1,216
|
|
|
$
|
1,587
|
|
(Gain) loss on plan assets
|
(1,898
|
)
|
|
447
|
|
|
511
|
|
|||
Recognized actuarial (gain) loss
|
(625
|
)
|
|
(1,436
|
)
|
|
1,862
|
|
|||
Net periodic benefit plan (income) cost
|
$
|
(1,242
|
)
|
|
$
|
227
|
|
|
$
|
3,960
|
|
|
Postretirement Plan
|
||||||||||
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
Interest cost
|
$
|
151
|
|
|
$
|
154
|
|
|
$
|
198
|
|
Recognized actuarial (gain) loss
|
(211
|
)
|
|
(173
|
)
|
|
(63
|
)
|
|||
Amortization of prior service cost
|
(46
|
)
|
|
(46
|
)
|
|
(47
|
)
|
|||
Net periodic benefit plan (income) cost
|
$
|
(106
|
)
|
|
$
|
(65
|
)
|
|
$
|
88
|
|
|
Pension Plan
|
|
Postretirement Plan
|
||||||||||||||
|
Year Ended December 31,
|
|
Year Ended December 31,
|
||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
||||||
Discount rate
|
3.75
|
%
|
|
3.25
|
%
|
|
4.00
|
%
|
|
3.50
|
%
|
|
3.25
|
%
|
|
4.00
|
%
|
Expected long-term rate of return on plan assets
|
1.50
|
|
|
1.50
|
|
|
1.50
|
|
|
N.A.
|
|
|
N.A.
|
|
|
N.A.
|
|
|
Pension Plan
|
|
Postretirement Plan
|
||||||||
|
Year Ended December 31,
|
|
Year Ended December 31,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Discount rate
|
3.60
|
%
|
|
3.75
|
%
|
|
3.40
|
%
|
|
3.50
|
%
|
Health care cost trend rate assumed for next year
|
N.A.
|
|
|
N.A.
|
|
|
5.8
|
|
|
5.9
|
|
Final health care cost trend rate
|
N.A.
|
|
|
N.A.
|
|
|
4.5
|
|
|
4.5
|
|
Year that final health care trend rate is reached
|
N.A.
|
|
|
N.A.
|
|
|
2038
|
|
|
2038
|
|
|
1-Percentage-Point
|
||||||
(In thousands)
|
Increase
|
|
Decrease
|
||||
Effect on total service and interest cost components
|
$
|
5
|
|
|
$
|
(5
|
)
|
Effect on postretirement benefit obligations
|
145
|
|
|
(133
|
)
|
(In thousands)
|
Pension Plan
|
|
Postretirement Plan
|
||||
2017
|
$
|
3,111
|
|
|
$
|
496
|
|
2018
|
3,110
|
|
|
471
|
|
||
2019
|
3,128
|
|
|
444
|
|
||
2020
|
2,980
|
|
|
418
|
|
||
2021
|
2,317
|
|
|
391
|
|
||
2022 - 2026
|
10,518
|
|
|
1,564
|
|
|
At December 31,
|
||||||
(In thousands)
|
2016
|
|
2015
|
||||
Commitments to extend credit:
|
|
|
|
||||
Consumer real estate and other
|
$
|
1,425,585
|
|
|
$
|
1,402,088
|
|
Commercial
|
898,809
|
|
|
639,465
|
|
||
Leasing and equipment finance
|
125,648
|
|
|
128,259
|
|
||
Total commitments to extend credit
|
2,450,042
|
|
|
2,169,812
|
|
||
Standby letters of credit and guarantees on industrial revenue bonds
|
8,782
|
|
|
9,178
|
|
||
Total
|
$
|
2,458,824
|
|
|
$
|
2,178,990
|
|
|
At December 31, 2016
|
||||||||||||||
(In thousands)
|
Notional
Amount
|
|
Gross Amounts
Recognized
|
|
Gross Amounts
Offset
|
|
Net Amount Presented
|
||||||||
Derivative Assets:
|
|
|
|
|
|
|
|
||||||||
Derivatives designated as hedges:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts
|
$
|
61,760
|
|
|
$
|
1,082
|
|
|
$
|
—
|
|
|
$
|
1,082
|
|
Derivatives not designated as hedges:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts
|
250,018
|
|
|
2,995
|
|
|
(1,439
|
)
|
|
1,556
|
|
||||
Interest rate contracts
|
149,499
|
|
|
1,925
|
|
|
(633
|
)
|
|
1,292
|
|
||||
Interest rate lock commitments
|
27,954
|
|
|
318
|
|
|
—
|
|
|
318
|
|
||||
Total derivative assets
|
|
|
|
$
|
6,320
|
|
|
$
|
(2,072
|
)
|
|
$
|
4,248
|
|
|
Derivative Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivatives designated as hedges:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
$
|
150,000
|
|
|
$
|
1,320
|
|
|
$
|
(1,320
|
)
|
|
$
|
—
|
|
Derivatives not designated as hedges:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts
|
115,336
|
|
|
469
|
|
|
(445
|
)
|
|
24
|
|
||||
Interest rate contracts
|
149,499
|
|
|
1,936
|
|
|
(1,332
|
)
|
|
604
|
|
||||
Other contracts
|
13,804
|
|
|
619
|
|
|
(619
|
)
|
|
—
|
|
||||
Interest rate lock commitments
|
2,947
|
|
|
21
|
|
|
—
|
|
|
21
|
|
||||
Total derivative liabilities
|
|
|
|
$
|
4,365
|
|
|
$
|
(3,716
|
)
|
|
$
|
649
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
At December 31, 2015
|
||||||||||||||
(In thousands)
|
Notional
Amount
|
|
Gross Amounts
Recognized
|
|
Gross Amounts
Offset
|
|
Net Amount Presented
|
||||||||
Derivative Assets:
|
|
|
|
|
|
|
|
||||||||
Derivatives designated as hedges:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts
|
$
|
47,409
|
|
|
$
|
858
|
|
|
$
|
—
|
|
|
$
|
858
|
|
Derivatives not designated as hedges:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts
|
260,678
|
|
|
5,057
|
|
|
(2,081
|
)
|
|
2,976
|
|
||||
Interest rate contracts
|
111,347
|
|
|
2,093
|
|
|
—
|
|
|
2,093
|
|
||||
Interest rate lock commitments
|
50,667
|
|
|
729
|
|
|
—
|
|
|
729
|
|
||||
Total derivative assets
|
|
|
|
$
|
8,737
|
|
|
$
|
(2,081
|
)
|
|
$
|
6,656
|
|
|
Derivative Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivatives designated as hedges:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
$
|
150,000
|
|
|
$
|
142
|
|
|
$
|
(142
|
)
|
|
$
|
—
|
|
Derivatives not designated as hedges:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts
|
187,902
|
|
|
1,192
|
|
|
(1,081
|
)
|
|
111
|
|
||||
Interest rate contracts
|
111,347
|
|
|
2,175
|
|
|
(2,175
|
)
|
|
—
|
|
||||
Other contracts
|
13,804
|
|
|
305
|
|
|
(305
|
)
|
|
—
|
|
||||
Interest rate lock commitments
|
3,218
|
|
|
13
|
|
|
—
|
|
|
13
|
|
||||
Total derivative liabilities
|
|
|
|
$
|
3,827
|
|
|
$
|
(3,703
|
)
|
|
$
|
124
|
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
Income Statement Location
|
2016
|
|
2015
|
|
2014
|
||||||
Consolidated Statements of Income
|
|
|
|
|
|
|
|
|
||||
Fair value hedges:
|
|
|
|
|
|
|
||||||
Interest rate contracts
|
Other non-interest income
|
$
|
(1,178
|
)
|
|
$
|
(142
|
)
|
|
$
|
—
|
|
Non-derivative hedged items
|
Other non-interest income
|
1,140
|
|
|
209
|
|
|
—
|
|
|||
Not designated as hedges:
|
|
|
|
|
|
|
||||||
Forward foreign exchange contracts
|
Other non-interest expense
|
(13,689
|
)
|
|
74,292
|
|
|
38,752
|
|
|||
Interest rate lock commitments
|
Gains on sales of consumer real estate loans, net
|
(419
|
)
|
|
431
|
|
|
285
|
|
|||
Interest rate contracts
|
Other non-interest income
|
71
|
|
|
4
|
|
|
(79
|
)
|
|||
Other contracts
|
Other non-interest expense
|
(629
|
)
|
|
—
|
|
|
—
|
|
|||
Net gain (loss) recognized
|
|
$
|
(14,704
|
)
|
|
$
|
74,794
|
|
|
$
|
38,958
|
|
Consolidated Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
||||
Net investment hedges:
|
|
|
|
|
|
|
|
|
||||
Forward foreign exchange contracts
|
Other comprehensive income (loss)
|
$
|
(1,213
|
)
|
|
$
|
7,613
|
|
|
$
|
3,126
|
|
Net unrealized gain (loss)
|
|
$
|
(1,213
|
)
|
|
$
|
7,613
|
|
|
$
|
3,126
|
|
|
Fair Value Measurements at December 31, 2016
|
||||||||||||||
(In thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Recurring Fair Value Measurements:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
—
|
|
|
$
|
810,891
|
|
|
$
|
—
|
|
|
$
|
810,891
|
|
Other
|
—
|
|
|
—
|
|
|
18
|
|
|
18
|
|
||||
Obligations of states and political subdivisions
|
—
|
|
|
612,526
|
|
|
—
|
|
|
612,526
|
|
||||
Loans and leases held for sale
|
—
|
|
|
—
|
|
|
6,498
|
|
|
6,498
|
|
||||
Interest-only strips
|
—
|
|
|
—
|
|
|
40,152
|
|
|
40,152
|
|
||||
Forward foreign exchange contracts
(1)
|
—
|
|
|
4,077
|
|
|
—
|
|
|
4,077
|
|
||||
Interest rate contracts
(1)
|
—
|
|
|
1,925
|
|
|
—
|
|
|
1,925
|
|
||||
Interest rate lock commitments
(1)
|
—
|
|
|
—
|
|
|
318
|
|
|
318
|
|
||||
Forward loan sales commitments
|
—
|
|
|
—
|
|
|
374
|
|
|
374
|
|
||||
Assets held in trust for deferred compensation plans
|
23,363
|
|
|
—
|
|
|
—
|
|
|
23,363
|
|
||||
Total assets
|
$
|
23,363
|
|
|
$
|
1,429,419
|
|
|
$
|
47,360
|
|
|
$
|
1,500,142
|
|
Forward foreign exchange contracts
(1)
|
$
|
—
|
|
|
$
|
469
|
|
|
$
|
—
|
|
|
$
|
469
|
|
Interest rate contracts
(1)
|
—
|
|
|
3,256
|
|
|
—
|
|
|
3,256
|
|
||||
Interest rate lock commitments
(1)
|
—
|
|
|
—
|
|
|
21
|
|
|
21
|
|
||||
Forward loan sales commitments
|
—
|
|
|
—
|
|
|
13
|
|
|
13
|
|
||||
Liabilities held in trust for deferred compensation plans
|
23,363
|
|
|
—
|
|
|
—
|
|
|
23,363
|
|
||||
Other contracts
(1)
|
—
|
|
|
—
|
|
|
619
|
|
|
619
|
|
||||
Total liabilities
|
$
|
23,363
|
|
|
$
|
3,725
|
|
|
$
|
653
|
|
|
$
|
27,741
|
|
Non-recurring Fair Value Measurements:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Securities held to maturity
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,400
|
|
|
$
|
2,400
|
|
Loans
|
—
|
|
|
—
|
|
|
113,954
|
|
|
113,954
|
|
||||
Other real estate owned:
|
|
|
|
|
|
|
|
|
|
|
|||||
Consumer
|
—
|
|
|
—
|
|
|
25,751
|
|
|
25,751
|
|
||||
Commercial
|
—
|
|
|
—
|
|
|
3,874
|
|
|
3,874
|
|
||||
Repossessed and returned assets
|
—
|
|
|
2,767
|
|
|
2,800
|
|
|
5,567
|
|
||||
Total non-recurring fair value measurements
|
$
|
—
|
|
|
$
|
2,767
|
|
|
$
|
148,779
|
|
|
$
|
151,546
|
|
(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.
|
|
Fair Value Measurements at December 31, 2015
|
||||||||||||||
(In thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Recurring Fair Value Measurements:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
—
|
|
|
$
|
621,930
|
|
|
$
|
—
|
|
|
$
|
621,930
|
|
Other
|
—
|
|
|
—
|
|
|
34
|
|
|
34
|
|
||||
Obligations of states and political subdivisions
|
—
|
|
|
266,921
|
|
|
—
|
|
|
266,921
|
|
||||
Loans and leases held for sale
|
—
|
|
|
—
|
|
|
10,568
|
|
|
10,568
|
|
||||
Interest-only strips
|
—
|
|
|
—
|
|
|
44,332
|
|
|
44,332
|
|
||||
Forward foreign exchange contracts
(1)
|
—
|
|
|
5,915
|
|
|
—
|
|
|
5,915
|
|
||||
Interest rate contracts
(1)
|
—
|
|
|
2,093
|
|
|
—
|
|
|
2,093
|
|
||||
Interest rate lock commitments
(1)
|
—
|
|
|
—
|
|
|
729
|
|
|
729
|
|
||||
Forward loan sales commitments
|
—
|
|
|
—
|
|
|
284
|
|
|
284
|
|
||||
Assets held in trust for deferred compensation plans
|
19,731
|
|
|
—
|
|
|
—
|
|
|
19,731
|
|
||||
Total assets
|
$
|
19,731
|
|
|
$
|
896,859
|
|
|
$
|
55,947
|
|
|
$
|
972,537
|
|
Forward foreign exchange contracts
(1)
|
$
|
—
|
|
|
$
|
1,192
|
|
|
$
|
—
|
|
|
$
|
1,192
|
|
Interest rate contracts
(1)
|
—
|
|
|
2,317
|
|
|
—
|
|
|
2,317
|
|
||||
Interest rate lock commitments
(1)
|
—
|
|
|
—
|
|
|
13
|
|
|
13
|
|
||||
Forward loan sales commitments
|
—
|
|
|
—
|
|
|
19
|
|
|
19
|
|
||||
Liabilities held in trust for deferred compensation plans
|
19,731
|
|
|
—
|
|
|
—
|
|
|
19,731
|
|
||||
Other contracts
(1)
|
—
|
|
|
—
|
|
|
305
|
|
|
305
|
|
||||
Total liabilities
|
$
|
19,731
|
|
|
$
|
3,509
|
|
|
$
|
337
|
|
|
$
|
23,577
|
|
Non-recurring Fair Value Measurements:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Securities held to maturity
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,110
|
|
|
$
|
1,110
|
|
Loans
|
—
|
|
|
—
|
|
|
130,797
|
|
|
130,797
|
|
||||
Other real estate owned:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consumer
|
—
|
|
|
—
|
|
|
37,619
|
|
|
37,619
|
|
||||
Commercial
|
—
|
|
|
—
|
|
|
5,249
|
|
|
5,249
|
|
||||
Repossessed and returned assets
|
—
|
|
|
2,673
|
|
|
2,197
|
|
|
4,870
|
|
||||
Total non-recurring fair value measurements
|
$
|
—
|
|
|
$
|
2,673
|
|
|
$
|
176,972
|
|
|
$
|
179,645
|
|
(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)
|
Securities
Available
for Sale
|
|
Loans and
Leases
Held for Sale
|
|
Interest-only Strips
|
|
Interest
Rate Lock
Commitments
|
|
Forward
Loan Sales
Commitments
|
|
Other Contracts
|
||||||||||||
Asset (liability) balance, December 31, 2013
|
$
|
93
|
|
|
$
|
—
|
|
|
$
|
84,561
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(899
|
)
|
Total net gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
72
|
|
|
6,836
|
|
|
285
|
|
|
(23
|
)
|
|
(47
|
)
|
||||||
Sales
|
—
|
|
|
(39,246
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Originations
|
—
|
|
|
42,482
|
|
|
28,743
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal paydowns / settlements
|
(38
|
)
|
|
—
|
|
|
(50,351
|
)
|
|
—
|
|
|
—
|
|
|
325
|
|
||||||
Asset (liability) balance, December 31, 2014
|
55
|
|
|
3,308
|
|
|
69,789
|
|
|
285
|
|
|
(23
|
)
|
|
(621
|
)
|
||||||
Total net gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
(68
|
)
|
|
6,960
|
|
|
431
|
|
|
288
|
|
|
—
|
|
||||||
Sales
|
—
|
|
|
(289,751
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Originations
|
—
|
|
|
297,079
|
|
|
7,495
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal paydowns / settlements
|
(21
|
)
|
|
—
|
|
|
(39,912
|
)
|
|
—
|
|
|
—
|
|
|
316
|
|
||||||
Asset (liability) balance, December 31, 2015
|
34
|
|
|
10,568
|
|
|
44,332
|
|
|
716
|
|
|
265
|
|
|
(305
|
)
|
||||||
Total net gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
(48
|
)
|
|
2,980
|
|
|
(419
|
)
|
|
96
|
|
|
(629
|
)
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
159
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sales
|
—
|
|
|
(343,949
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Originations
|
—
|
|
|
339,930
|
|
|
22,620
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal paydowns / settlements
|
(16
|
)
|
|
(3
|
)
|
|
(29,939
|
)
|
|
—
|
|
|
—
|
|
|
315
|
|
||||||
Asset (liability) balance, December 31, 2016
|
$
|
18
|
|
|
$
|
6,498
|
|
|
$
|
40,152
|
|
|
$
|
297
|
|
|
$
|
361
|
|
|
$
|
(619
|
)
|
|
At December 31,
|
||||||
(In thousands)
|
2016
|
|
2015
|
||||
Fair value carrying amount
|
$
|
6,498
|
|
|
$
|
10,568
|
|
Aggregate unpaid principal amount
|
6,563
|
|
|
10,547
|
|
||
Fair value carrying amount less aggregate unpaid principal
|
$
|
(65
|
)
|
|
$
|
21
|
|
|
Carrying
Amount
|
|
Estimated Fair Value at December 31, 2016
|
||||||||||||||||
(In thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
Financial instrument assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investments
|
$
|
74,714
|
|
|
$
|
—
|
|
|
$
|
74,714
|
|
|
$
|
—
|
|
|
$
|
74,714
|
|
Securities held to maturity
|
181,314
|
|
|
—
|
|
|
181,146
|
|
|
2,800
|
|
|
183,946
|
|
|||||
Loans and leases held for sale
|
268,832
|
|
|
—
|
|
|
—
|
|
|
282,786
|
|
|
282,786
|
|
|||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer real estate
|
5,084,352
|
|
|
—
|
|
|
—
|
|
|
5,165,062
|
|
|
5,165,062
|
|
|||||
Commercial real estate
|
2,634,191
|
|
|
—
|
|
|
—
|
|
|
2,583,775
|
|
|
2,583,775
|
|
|||||
Commercial business
|
652,287
|
|
|
—
|
|
|
—
|
|
|
631,215
|
|
|
631,215
|
|
|||||
Equipment finance
|
2,016,732
|
|
|
—
|
|
|
—
|
|
|
1,983,237
|
|
|
1,983,237
|
|
|||||
Inventory finance
|
2,470,175
|
|
|
—
|
|
|
—
|
|
|
2,453,184
|
|
|
2,453,184
|
|
|||||
Auto finance
|
2,647,741
|
|
|
—
|
|
|
—
|
|
|
2,656,266
|
|
|
2,656,266
|
|
|||||
Other
|
18,771
|
|
|
—
|
|
|
—
|
|
|
17,780
|
|
|
17,780
|
|
|||||
Allowance for loan losses
(1)
|
(160,269
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Securitization receivable
(2)
|
18,835
|
|
|
—
|
|
|
—
|
|
|
18,835
|
|
|
18,835
|
|
|||||
Total financial instrument assets
|
$
|
15,907,675
|
|
|
$
|
—
|
|
|
$
|
255,860
|
|
|
$
|
15,794,940
|
|
|
$
|
16,050,800
|
|
Financial instrument liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits
|
$
|
17,242,522
|
|
|
$
|
13,150,099
|
|
|
$
|
4,112,685
|
|
|
$
|
—
|
|
|
$
|
17,262,784
|
|
Long-term borrowings
|
1,073,181
|
|
|
—
|
|
|
1,073,875
|
|
|
2,764
|
|
|
1,076,639
|
|
|||||
Total financial instrument liabilities
|
$
|
18,315,703
|
|
|
$
|
13,150,099
|
|
|
$
|
5,186,560
|
|
|
$
|
2,764
|
|
|
$
|
18,339,423
|
|
Financial instruments with off-balance sheet risk:
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commitments to extend credit
|
$
|
21,681
|
|
|
$
|
—
|
|
|
$
|
21,681
|
|
|
$
|
—
|
|
|
$
|
21,681
|
|
Standby letters of credit
|
(29
|
)
|
|
—
|
|
|
(29
|
)
|
|
—
|
|
|
(29
|
)
|
|||||
Total financial instruments with off-balance sheet risk
|
$
|
21,652
|
|
|
$
|
—
|
|
|
$
|
21,652
|
|
|
$
|
—
|
|
|
$
|
21,652
|
|
(1)
|
Expected credit losses are included in the estimated fair values.
|
(2)
|
Carrying amounts are included in other assets.
|
(3)
|
Positive amounts represent assets, negative amounts represent liabilities.
|
|
Carrying
Amount
|
|
Estimated Fair Value at December 31, 2015
|
||||||||||||||||
(In thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
Financial instrument assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investments
|
$
|
70,537
|
|
|
$
|
—
|
|
|
$
|
70,537
|
|
|
$
|
—
|
|
|
$
|
70,537
|
|
Securities held to maturity
|
201,920
|
|
|
—
|
|
|
202,443
|
|
|
4,510
|
|
|
206,953
|
|
|||||
Loans and leases held for sale
|
157,625
|
|
|
—
|
|
|
—
|
|
|
165,387
|
|
|
165,387
|
|
|||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer real estate
|
5,464,272
|
|
|
—
|
|
|
—
|
|
|
5,543,273
|
|
|
5,543,273
|
|
|||||
Commercial real estate
|
2,593,429
|
|
|
—
|
|
|
—
|
|
|
2,556,018
|
|
|
2,556,018
|
|
|||||
Commercial business
|
552,403
|
|
|
—
|
|
|
—
|
|
|
531,274
|
|
|
531,274
|
|
|||||
Equipment finance
|
1,909,672
|
|
|
—
|
|
|
—
|
|
|
1,888,664
|
|
|
1,888,664
|
|
|||||
Inventory finance
|
2,146,754
|
|
|
—
|
|
|
—
|
|
|
2,132,435
|
|
|
2,132,435
|
|
|||||
Auto finance
|
2,647,596
|
|
|
—
|
|
|
—
|
|
|
2,650,429
|
|
|
2,650,429
|
|
|||||
Other
|
19,297
|
|
|
—
|
|
|
—
|
|
|
14,699
|
|
|
14,699
|
|
|||||
Allowance for loan losses
(1)
|
(156,054
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total financial instrument assets
|
$
|
15,607,451
|
|
|
$
|
—
|
|
|
$
|
272,980
|
|
|
$
|
15,486,689
|
|
|
$
|
15,759,669
|
|
Financial instrument liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits
|
$
|
16,719,989
|
|
|
$
|
12,816,196
|
|
|
$
|
3,927,434
|
|
|
$
|
—
|
|
|
$
|
16,743,630
|
|
Long-term borrowings
|
1,034,557
|
|
|
—
|
|
|
1,035,846
|
|
|
5,427
|
|
|
1,041,273
|
|
|||||
Total financial instrument liabilities
|
$
|
17,754,546
|
|
|
$
|
12,816,196
|
|
|
$
|
4,963,280
|
|
|
$
|
5,427
|
|
|
$
|
17,784,903
|
|
Financial instruments with off-balance sheet risk:
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commitments to extend credit
|
$
|
23,937
|
|
|
$
|
—
|
|
|
$
|
23,937
|
|
|
$
|
—
|
|
|
$
|
23,937
|
|
Standby letters of credit
|
(35
|
)
|
|
—
|
|
|
(35
|
)
|
|
—
|
|
|
(35
|
)
|
|||||
Total financial instruments with off-balance sheet risk
|
$
|
23,902
|
|
|
$
|
—
|
|
|
$
|
23,902
|
|
|
$
|
—
|
|
|
$
|
23,902
|
|
(1)
|
Expected credit losses are included in the estimated fair values.
|
(2)
|
Positive amounts represent assets, negative amounts represent liabilities.
|
|
Year Ended December 31,
|
||||||||||
(Dollars in thousands, except per-share data)
|
2016
|
|
2015
|
|
2014
|
||||||
Basic Earnings Per Common Share:
|
|
|
|
|
|
|
|
||||
Net income available to common stockholders
|
$
|
192,736
|
|
|
$
|
177,735
|
|
|
$
|
154,799
|
|
Earnings allocated to participating securities
|
49
|
|
|
45
|
|
|
40
|
|
|||
Earnings allocated to common stock
|
$
|
192,687
|
|
|
$
|
177,690
|
|
|
$
|
154,759
|
|
Weighted-average common shares outstanding for basic earnings per common share
|
167,219,964
|
|
|
165,696,678
|
|
|
163,581,435
|
|
|||
Basic earnings per common share
|
$
|
1.15
|
|
|
$
|
1.07
|
|
|
$
|
0.95
|
|
|
|
|
|
|
|
||||||
Diluted Earnings Per Common Share:
|
|
|
|
|
|
|
|
||||
Earnings allocated to common stock
|
$
|
192,687
|
|
|
$
|
177,690
|
|
|
$
|
154,759
|
|
Weighted-average common shares outstanding used in basic earnings per common share calculation
|
167,219,964
|
|
|
165,696,678
|
|
|
163,581,435
|
|
|||
Net dilutive effect of:
|
|
|
|
|
|
|
|
|
|||
Non-participating restricted stock
|
505,162
|
|
|
335,193
|
|
|
250,499
|
|
|||
Stock options
|
82,325
|
|
|
210,049
|
|
|
252,892
|
|
|||
Weighted-average common shares outstanding for diluted earnings per common share
|
167,807,451
|
|
|
166,241,920
|
|
|
164,084,826
|
|
|||
Diluted earnings per common share
|
$
|
1.15
|
|
|
$
|
1.07
|
|
|
$
|
0.94
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
Loan and lease processing
|
$
|
26,193
|
|
|
$
|
24,641
|
|
|
$
|
20,294
|
|
Advertising and marketing
|
22,264
|
|
|
22,782
|
|
|
22,943
|
|
|||
Professional fees
|
19,335
|
|
|
19,615
|
|
|
18,949
|
|
|||
FDIC insurance
|
15,912
|
|
|
20,262
|
|
|
25,123
|
|
|||
Card processing and issuance cost
|
15,856
|
|
|
16,591
|
|
|
16,588
|
|
|||
Outside processing
|
15,313
|
|
|
14,332
|
|
|
13,288
|
|
|||
Other
|
116,547
|
|
|
111,032
|
|
|
110,785
|
|
|||
Total other expense
|
$
|
231,420
|
|
|
$
|
229,255
|
|
|
$
|
227,970
|
|
(In thousands)
|
Consumer Banking
|
|
Wholesale Banking
|
|
Enterprise Services
|
|
Consolidated
|
||||||||
At or For the Year Ended December 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net interest income
|
$
|
559,851
|
|
|
$
|
343,653
|
|
|
$
|
(55,398
|
)
|
|
$
|
848,106
|
|
Provision for credit losses
|
50,819
|
|
|
15,055
|
|
|
—
|
|
|
65,874
|
|
||||
Non-interest income
|
336,991
|
|
|
128,881
|
|
|
28
|
|
|
465,900
|
|
||||
Non-interest expense
|
652,460
|
|
|
247,115
|
|
|
10,312
|
|
|
909,887
|
|
||||
Income tax expense (benefit)
|
69,523
|
|
|
70,805
|
|
|
(23,800
|
)
|
|
116,528
|
|
||||
Income (loss) after income tax expense (benefit)
|
124,040
|
|
|
139,559
|
|
|
(41,882
|
)
|
|
221,717
|
|
||||
Income attributable to non-controlling interest
|
—
|
|
|
9,593
|
|
|
—
|
|
|
9,593
|
|
||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
19,388
|
|
|
19,388
|
|
||||
Net income (loss) available to common stockholders
|
$
|
124,040
|
|
|
$
|
129,966
|
|
|
$
|
(61,270
|
)
|
|
$
|
192,736
|
|
Total assets
|
$
|
8,671,126
|
|
|
$
|
10,379,951
|
|
|
$
|
2,390,249
|
|
|
$
|
21,441,326
|
|
Revenues from external customers:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income
|
$
|
443,959
|
|
|
$
|
452,882
|
|
|
$
|
33,889
|
|
|
$
|
930,730
|
|
Non-interest income
|
336,991
|
|
|
128,881
|
|
|
28
|
|
|
465,900
|
|
||||
Total
|
$
|
780,950
|
|
|
$
|
581,763
|
|
|
$
|
33,917
|
|
|
$
|
1,396,630
|
|
At or For the Year Ended December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net interest income
|
$
|
536,714
|
|
|
$
|
339,934
|
|
|
$
|
(56,260
|
)
|
|
$
|
820,388
|
|
Provision for credit losses
|
44,328
|
|
|
8,616
|
|
|
—
|
|
|
52,944
|
|
||||
Non-interest income
|
320,399
|
|
|
119,779
|
|
|
1,820
|
|
|
441,998
|
|
||||
Non-interest expense
|
645,939
|
|
|
244,921
|
|
|
3,887
|
|
|
894,747
|
|
||||
Income tax expense (benefit)
|
61,384
|
|
|
70,127
|
|
|
(22,639
|
)
|
|
108,872
|
|
||||
Income (loss) after income tax expense (benefit)
|
105,462
|
|
|
136,049
|
|
|
(35,688
|
)
|
|
205,823
|
|
||||
Income attributable to non-controlling interest
|
—
|
|
|
8,700
|
|
|
—
|
|
|
8,700
|
|
||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
19,388
|
|
|
19,388
|
|
||||
Net income (loss) available to common stockholders
|
$
|
105,462
|
|
|
$
|
127,349
|
|
|
$
|
(55,076
|
)
|
|
$
|
177,735
|
|
Total assets
|
$
|
8,954,807
|
|
|
$
|
9,558,406
|
|
|
$
|
2,176,396
|
|
|
$
|
20,689,609
|
|
Revenues from external customers:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income
|
$
|
434,674
|
|
|
$
|
431,764
|
|
|
$
|
25,492
|
|
|
$
|
891,930
|
|
Non-interest income
|
320,399
|
|
|
119,779
|
|
|
1,820
|
|
|
441,998
|
|
||||
Total
|
$
|
755,073
|
|
|
$
|
551,543
|
|
|
$
|
27,312
|
|
|
$
|
1,333,928
|
|
At or For the Year Ended December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net interest income
|
$
|
511,663
|
|
|
$
|
326,291
|
|
|
$
|
(22,325
|
)
|
|
$
|
815,629
|
|
Provision for credit losses
|
89,895
|
|
|
5,842
|
|
|
—
|
|
|
95,737
|
|
||||
Non-interest income
|
326,048
|
|
|
105,624
|
|
|
1,595
|
|
|
433,267
|
|
||||
Non-interest expense
|
619,526
|
|
|
237,221
|
|
|
15,030
|
|
|
871,777
|
|
||||
Income tax expense (benefit)
|
47,906
|
|
|
66,475
|
|
|
(14,615
|
)
|
|
99,766
|
|
||||
Income (loss) after income tax expense (benefit)
|
80,384
|
|
|
122,377
|
|
|
(21,145
|
)
|
|
181,616
|
|
||||
Income attributable to non-controlling interest
|
—
|
|
|
7,429
|
|
|
—
|
|
|
7,429
|
|
||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
19,388
|
|
|
19,388
|
|
||||
Net income (loss) available to common stockholders
|
$
|
80,384
|
|
|
$
|
114,948
|
|
|
$
|
(40,533
|
)
|
|
$
|
154,799
|
|
Total assets
|
$
|
8,443,343
|
|
|
$
|
8,969,814
|
|
|
$
|
1,980,499
|
|
|
$
|
19,393,656
|
|
Revenues from external customers:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income
|
$
|
433,954
|
|
|
$
|
418,064
|
|
|
$
|
22,211
|
|
|
$
|
874,229
|
|
Non-interest income
|
326,048
|
|
|
105,624
|
|
|
1,595
|
|
|
433,267
|
|
||||
Total
|
$
|
760,002
|
|
|
$
|
523,688
|
|
|
$
|
23,806
|
|
|
$
|
1,307,496
|
|
|
At December 31,
|
||||||
(In thousands)
|
2016
|
|
2015
|
||||
Assets:
|
|
|
|
||||
Cash and due from bank
|
$
|
69,711
|
|
|
$
|
69,503
|
|
Investment in bank subsidiary
|
2,338,885
|
|
|
2,205,818
|
|
||
Accounts receivable from bank subsidiary
|
19,967
|
|
|
16,217
|
|
||
Other assets
|
9,476
|
|
|
9,216
|
|
||
Total assets
|
$
|
2,438,039
|
|
|
$
|
2,300,754
|
|
Liabilities and Equity:
|
|
|
|
||||
Other liabilities
|
$
|
10,556
|
|
|
$
|
9,838
|
|
Total liabilities
|
10,556
|
|
|
9,838
|
|
||
Equity
|
2,427,483
|
|
|
2,290,916
|
|
||
Total liabilities and equity
|
$
|
2,438,039
|
|
|
$
|
2,300,754
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
Interest income
|
$
|
155
|
|
|
$
|
306
|
|
|
$
|
365
|
|
Non-interest income:
|
|
|
|
|
|
||||||
Dividends from TCF Bank
|
63,000
|
|
|
25,000
|
|
|
19,000
|
|
|||
Affiliate service fees
|
17,657
|
|
|
17,281
|
|
|
22,461
|
|
|||
Other
|
5
|
|
|
1,733
|
|
|
1,178
|
|
|||
Total non-interest income
|
80,662
|
|
|
44,014
|
|
|
42,639
|
|
|||
Non-interest expense:
|
|
|
|
|
|
||||||
Compensation and employee benefits
|
17,578
|
|
|
13,905
|
|
|
21,193
|
|
|||
Occupancy and equipment
|
370
|
|
|
342
|
|
|
338
|
|
|||
Other
|
3,545
|
|
|
5,344
|
|
|
3,436
|
|
|||
Total non-interest expense
|
21,493
|
|
|
19,591
|
|
|
24,967
|
|
|||
Income before income tax benefit and equity in undistributed earnings of subsidiary
|
59,324
|
|
|
24,729
|
|
|
18,037
|
|
|||
Income tax benefit
|
1,010
|
|
|
435
|
|
|
52
|
|
|||
Income before equity in undistributed earnings of subsidiary
|
60,334
|
|
|
25,164
|
|
|
18,089
|
|
|||
Equity in undistributed earnings of bank subsidiary
|
151,790
|
|
|
171,959
|
|
|
156,098
|
|
|||
Net income
|
212,124
|
|
|
197,123
|
|
|
174,187
|
|
|||
Preferred stock dividends
|
19,388
|
|
|
19,388
|
|
|
19,388
|
|
|||
Net income available to common stockholders
|
$
|
192,736
|
|
|
$
|
177,735
|
|
|
$
|
154,799
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
212,124
|
|
|
$
|
197,123
|
|
|
$
|
174,187
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Equity in undistributed earnings of bank subsidiary
|
(151,790
|
)
|
|
(171,959
|
)
|
|
(156,098
|
)
|
|||
Gains on sales of assets, net
|
—
|
|
|
(50
|
)
|
|
(1,177
|
)
|
|||
Other, net
|
4,731
|
|
|
1,308
|
|
|
16,430
|
|
|||
Net cash provided by (used in) operating activities
|
65,065
|
|
|
26,422
|
|
|
33,342
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Proceeds from sales of securities available for sale
|
—
|
|
|
—
|
|
|
2,813
|
|
|||
Purchases of premises and equipment
|
(69
|
)
|
|
(65
|
)
|
|
(260
|
)
|
|||
Proceeds from sales of premises and equipment
|
22
|
|
|
92
|
|
|
91
|
|
|||
Net cash provided by (used in) investing activities
|
(47
|
)
|
|
27
|
|
|
2,644
|
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Dividends paid on preferred stock
|
(19,388
|
)
|
|
(19,388
|
)
|
|
(19,388
|
)
|
|||
Dividends paid on common stock
|
(50,182
|
)
|
|
(37,302
|
)
|
|
(32,731
|
)
|
|||
Common shares sold to TCF employee benefit plans
|
5,838
|
|
|
24,835
|
|
|
23,083
|
|
|||
Stock compensation tax (expense) benefit
|
(377
|
)
|
|
558
|
|
|
1,316
|
|
|||
Exercise of stock options
|
(701
|
)
|
|
2,570
|
|
|
740
|
|
|||
Net cash provided by (used in) financing activities
|
(64,810
|
)
|
|
(28,727
|
)
|
|
(26,980
|
)
|
|||
Net change in cash and due from bank
|
208
|
|
|
(2,278
|
)
|
|
9,006
|
|
|||
Cash and due from bank at beginning of period
|
69,503
|
|
|
71,781
|
|
|
62,775
|
|
|||
Cash and due from bank at end of period
|
$
|
69,711
|
|
|
$
|
69,503
|
|
|
$
|
71,781
|
|
(In thousands)
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
||||||
Year Ended December 31, 2016:
|
|
|
|
|
|
|
|
|
|||
Net unrealized gains (losses) on securities available for sale and interest-only strips:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the period
|
$
|
(32,408
|
)
|
|
$
|
12,323
|
|
|
$
|
(20,085
|
)
|
Reclassification of net (gains) losses to net income
|
1,913
|
|
|
(722
|
)
|
|
1,191
|
|
|||
Net unrealized gains (losses)
|
(30,495
|
)
|
|
11,601
|
|
|
(18,894
|
)
|
|||
Net unrealized gains (losses) on net investment hedges
|
(1,213
|
)
|
|
457
|
|
|
(756
|
)
|
|||
Foreign currency translation adjustment
(1)
|
1,300
|
|
|
—
|
|
|
1,300
|
|
|||
Recognized postretirement prior service cost:
|
|
|
|
|
|
|
|
|
|||
Reclassification of net (gains) losses to net income
|
(46
|
)
|
|
17
|
|
|
(29
|
)
|
|||
Total other comprehensive income (loss)
|
$
|
(30,454
|
)
|
|
$
|
12,075
|
|
|
$
|
(18,379
|
)
|
Year Ended December 31, 2015:
|
|
|
|
|
|
|
|
|
|||
Net unrealized gains (losses) on securities available for sale and interest-only strips:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the period
|
$
|
(2,523
|
)
|
|
$
|
955
|
|
|
$
|
(1,568
|
)
|
Reclassification of net (gains) losses to net income
|
1,159
|
|
|
(407
|
)
|
|
752
|
|
|||
Net unrealized gains (losses)
|
(1,364
|
)
|
|
548
|
|
|
(816
|
)
|
|||
Net unrealized gains (losses) on net investment hedges
|
7,613
|
|
|
(2,900
|
)
|
|
4,713
|
|
|||
Foreign currency translation adjustment
(1)
|
(8,304
|
)
|
|
—
|
|
|
(8,304
|
)
|
|||
Recognized postretirement prior service cost:
|
|
|
|
|
|
|
|
|
|||
Reclassification of net (gains) losses to net income
|
(46
|
)
|
|
17
|
|
|
(29
|
)
|
|||
Total other comprehensive income (loss)
|
$
|
(2,101
|
)
|
|
$
|
(2,335
|
)
|
|
$
|
(4,436
|
)
|
Year Ended December 31, 2014:
|
|
|
|
|
|
||||||
Net unrealized gains (losses) on securities available for sale and interest-only strips:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the period
|
$
|
29,071
|
|
|
$
|
(10,932
|
)
|
|
$
|
18,139
|
|
Reclassification of net (gains) losses to net income
|
(76
|
)
|
|
29
|
|
|
(47
|
)
|
|||
Net unrealized gains (losses)
|
28,995
|
|
|
(10,903
|
)
|
|
18,092
|
|
|||
Net unrealized gains (losses) on net investment hedges
|
3,126
|
|
|
(1,181
|
)
|
|
1,945
|
|
|||
Foreign currency translation adjustment
(1)
|
(3,704
|
)
|
|
—
|
|
|
(3,704
|
)
|
|||
Recognized postretirement prior service cost:
|
|
|
|
|
|
|
|
|
|||
Reclassification of net (gains) losses to net income
|
(47
|
)
|
|
17
|
|
|
(30
|
)
|
|||
Total other comprehensive income (loss)
|
$
|
28,370
|
|
|
$
|
(12,067
|
)
|
|
$
|
16,303
|
|
(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)
|
Securities Available for Sale and Interest-only Strips
|
|
Net
Investment
Hedges
|
|
Foreign
Currency
Translation
|
|
Recognized
Postretirement Prior
Service Cost
|
|
Total
|
||||||||||
At or For the Year Ended December 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance, beginning of period
|
$
|
(9,707
|
)
|
|
$
|
7,249
|
|
|
$
|
(13,064
|
)
|
|
$
|
176
|
|
|
$
|
(15,346
|
)
|
Other comprehensive income (loss)
|
(20,085
|
)
|
|
(756
|
)
|
|
1,300
|
|
|
—
|
|
|
(19,541
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
1,191
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
1,162
|
|
|||||
Net other comprehensive income (loss)
|
(18,894
|
)
|
|
(756
|
)
|
|
1,300
|
|
|
(29
|
)
|
|
(18,379
|
)
|
|||||
Balance, end of period
|
$
|
(28,601
|
)
|
|
$
|
6,493
|
|
|
$
|
(11,764
|
)
|
|
$
|
147
|
|
|
$
|
(33,725
|
)
|
At or For the Year Ended December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance, beginning of period
|
$
|
(8,891
|
)
|
|
$
|
2,536
|
|
|
$
|
(4,760
|
)
|
|
$
|
205
|
|
|
$
|
(10,910
|
)
|
Other comprehensive income (loss)
|
(1,568
|
)
|
|
4,713
|
|
|
(8,304
|
)
|
|
—
|
|
|
(5,159
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
752
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
723
|
|
|||||
Net other comprehensive income (loss)
|
(816
|
)
|
|
4,713
|
|
|
(8,304
|
)
|
|
(29
|
)
|
|
(4,436
|
)
|
|||||
Balance, end of period
|
$
|
(9,707
|
)
|
|
$
|
7,249
|
|
|
$
|
(13,064
|
)
|
|
$
|
176
|
|
|
$
|
(15,346
|
)
|
At or For the Year Ended December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance, beginning of period
|
$
|
(26,983
|
)
|
|
$
|
591
|
|
|
$
|
(1,056
|
)
|
|
$
|
235
|
|
|
$
|
(27,213
|
)
|
Other comprehensive income (loss)
|
18,139
|
|
|
1,945
|
|
|
(3,704
|
)
|
|
—
|
|
|
16,380
|
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
(47
|
)
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(77
|
)
|
|||||
Net other comprehensive income (loss)
|
18,092
|
|
|
1,945
|
|
|
(3,704
|
)
|
|
(30
|
)
|
|
16,303
|
|
|||||
Balance, end of period
|
$
|
(8,891
|
)
|
|
$
|
2,536
|
|
|
$
|
(4,760
|
)
|
|
$
|
205
|
|
|
$
|
(10,910
|
)
|
|
Three Months Ended
|
|||||||||||||||||||||||
(In thousands, except per-share data)
|
Dec. 31, 2016
|
Sep. 30, 2016
|
Jun. 30, 2016
|
Mar. 31, 2016
|
Dec. 31, 2015
|
Sep. 30, 2015
|
Jun. 30, 2015
|
Mar. 31, 2015
|
||||||||||||||||
Net interest income
|
$
|
211,446
|
|
$
|
212,018
|
|
$
|
212,984
|
|
$
|
211,658
|
|
$
|
205,669
|
|
$
|
205,270
|
|
$
|
206,029
|
|
$
|
203,420
|
|
Provision for credit losses
|
19,888
|
|
13,894
|
|
13,250
|
|
18,842
|
|
17,607
|
|
10,018
|
|
12,528
|
|
12,791
|
|
||||||||
Net interest income after provision for credit losses
|
191,558
|
|
198,124
|
|
199,734
|
|
192,816
|
|
188,062
|
|
195,252
|
|
193,501
|
|
190,629
|
|
||||||||
Non-interest income
|
115,668
|
|
119,674
|
|
117,956
|
|
112,602
|
|
115,659
|
|
112,252
|
|
113,449
|
|
100,638
|
|
||||||||
Non-interest expense
|
225,359
|
|
228,878
|
|
227,316
|
|
228,334
|
|
222,587
|
|
222,284
|
|
223,109
|
|
226,767
|
|
||||||||
Income before income tax expense
|
81,867
|
|
88,920
|
|
90,374
|
|
77,084
|
|
81,134
|
|
85,220
|
|
83,841
|
|
64,500
|
|
||||||||
Income tax expense
|
29,762
|
|
30,257
|
|
29,706
|
|
26,803
|
|
26,614
|
|
30,528
|
|
28,902
|
|
22,828
|
|
||||||||
Income after income tax expense
|
52,105
|
|
58,663
|
|
60,668
|
|
50,281
|
|
54,520
|
|
54,692
|
|
54,939
|
|
41,672
|
|
||||||||
Income attributable to non-controlling interest
|
2,013
|
|
2,371
|
|
2,974
|
|
2,235
|
|
2,028
|
|
2,117
|
|
2,684
|
|
1,871
|
|
||||||||
Net income attributable to TCF Financial Corporation
|
50,092
|
|
56,292
|
|
57,694
|
|
48,046
|
|
52,492
|
|
52,575
|
|
52,255
|
|
39,801
|
|
||||||||
Preferred stock dividends
|
4,847
|
|
4,847
|
|
4,847
|
|
4,847
|
|
4,847
|
|
4,847
|
|
4,847
|
|
4,847
|
|
||||||||
Net income available to common stockholders
|
$
|
45,245
|
|
$
|
51,445
|
|
$
|
52,847
|
|
$
|
43,199
|
|
$
|
47,645
|
|
$
|
47,728
|
|
$
|
47,408
|
|
$
|
34,954
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
$
|
0.27
|
|
$
|
0.31
|
|
$
|
0.32
|
|
$
|
0.26
|
|
$
|
0.29
|
|
$
|
0.29
|
|
$
|
0.29
|
|
$
|
0.21
|
|
Diluted
|
$
|
0.27
|
|
$
|
0.31
|
|
$
|
0.31
|
|
$
|
0.26
|
|
$
|
0.29
|
|
$
|
0.29
|
|
$
|
0.29
|
|
$
|
0.21
|
|
(a) Financial Statements, Financial Statement Schedules and Exhibits
|
|
|
|
1. Financial Statements
|
|
The following consolidated financial statements of TCF and its subsidiaries are filed as part of this report:
|
|
|
|
Description
|
Page
|
|
|
2. Financial Statement Schedules
|
|
All schedules to the Consolidated Financial Statements normally required by the applicable accounting regulations are included in the Consolidated Financial Statements or the Notes thereto.
|
|
|
|
3. Exhibits
|
|
|
TCF FINANCIAL CORPORATION
|
|
|
|
|
|
|
|
|
/s/ Craig R. Dahl
|
|
|
Craig R. Dahl,
|
|
|
Vice Chairman, President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
Name
|
Title
|
Date
|
/s/ Craig R. Dahl
|
|
February 21, 2017
|
Craig R. Dahl
|
Director, Vice Chairman, President and Chief Executive Officer (Principal Executive Officer)
|
|
/s/ Brian W. Maass
|
|
February 21, 2017
|
Brian W. Maass
|
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
|
|
/s/ Susan D. Bode
|
|
February 21, 2017
|
Susan D. Bode
|
Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)
|
|
/s/ Peter Bell
|
|
February 21, 2017
|
Peter Bell
|
Director
|
|
/s/ William F. Bieber
|
|
February 21, 2017
|
William F. Bieber
|
Director
|
|
/s/ Theodore J. Bigos
|
|
February 21, 2017
|
Theodore J. Bigos
|
Director
|
|
/s/ Karen L. Grandstrand
|
|
February 21, 2017
|
Karen L. Grandstrand
|
Director
|
|
/s/ Thomas F. Jasper
|
|
February 21, 2017
|
Thomas F. Jasper
|
Director, Vice Chairman and Chief Operating Officer
|
|
/s/ George G. Johnson
|
|
February 21, 2017
|
George G. Johnson
|
Director
|
|
/s/ Richard H. King
|
|
February 21, 2017
|
Richard H. King
|
Director
|
|
/s/ Vance K. Opperman
|
|
February 21, 2017
|
Vance K. Opperman
|
Lead Director
|
|
/s/ James M. Ramstad
|
|
February 21, 2017
|
James M. Ramstad
|
Director
|
|
/s/ Roger J. Sit
|
|
February 21, 2017
|
Roger J. Sit
|
Director
|
|
/s/ Julie H. Sullivan
|
|
February 21, 2017
|
Julie H. Sullivan
|
Director
|
|
/s/ Barry N. Winslow
|
|
February 21, 2017
|
Barry N. Winslow
|
Director
|
|
/s/ Richard A. Zona
|
|
February 21, 2017
|
Richard A. Zona
|
Director
|
|
Exhibit Number
|
|
Description
|
3(a)
|
|
Amended and Restated Certificate of Incorporation of TCF Financial Corporation [incorporated by reference to Exhibit 3.1 to TCF Financial Corporation’s Current Report on Form 8-K filed April 28, 2015 (No. 15798862)]
|
3(b)
|
|
Amended and Restated Bylaws of TCF Financial Corporation [incorporated by reference to Exhibit 3.1 to TCF Financial Corporation’s Current Report on Form 8-K filed July 26, 2016 (No. 161784576)
|
4(a)
|
|
Warrant Agreement dated December 15, 2009 by and among TCF Financial Corporation, Computershare, Inc. and Computershare Trust Company, N.A. [incorporated by reference to Exhibit 4.1 to TCF Financial Corporation’s Form 8-A filed December 16, 2009 (No. 091243195)]
|
4(b)
|
|
Specimen Warrant to Purchase Shares of Common Stock of TCF Financial Corporation [incorporated by reference to Exhibit 4.2 to TCF Financial Corporation’s Form 8-A filed December 16, 2009 (No. 0912431945)]
|
4(c)
|
|
Specimen Common Stock Certificate of TCF Financial Corporation [incorporated by reference to Exhibit 4.3 to TCF Financial Corporation’s Registration Statement on Form S-3ASR filed May 29, 2012 (No. 12874917)]
|
4(d)
|
|
Form of Certificate for Series A Non-Cumulative Perpetual Preferred Stock [incorporated by reference to Exhibit 4.1 to TCF Financial Corporation’s Current Report on Form 8-K filed June 22, 2012 (No. 12922780)]
|
4(e)
|
|
Deposit Agreement dated June 25, 2012 by and among TCF Financial Corporation, Computershare Trust Company, N.A. and Computershare Inc. and the holders from time to time of the Depositary Receipts described therein [incorporated by reference to Exhibit 4.1 to TCF Financial Corporation’s Current Report on Form 8-K filed June 25, 2012 (No. 12923856)]
|
4(f)
|
|
Form of Depositary Receipt (included as part of Exhibit 4(e)) [incorporated by reference to Exhibit 4.1 to TCF Financial Corporation’s Current Report on Form 8-K filed June 25, 2012 (No. 12923856)]
|
4(g)
|
|
Form of Certificate for 6.45% Series B Non-Cumulative Perpetual Preferred Stock [incorporated by reference to Exhibit 4.1 to TCF Financial Corporation’s Current Report on Form 8-K filed December 18, 2012 (No. 121271334)]
|
4(h)
|
|
Copies of instruments with respect to long-term debt will be furnished to the Securities and Exchange Commission upon request.
|
10(a)*#
|
|
TCF Financial 2015 Omnibus Incentive Plan, as amended effective December 29, 2016
|
10(a)-1#
|
|
Form of Restricted Stock Award Agreement under the TCF Financial 2015 Omnibus Incentive Plan
|
10(a)-2*
|
|
Form of Performance-Based Restricted Stock Award Agreement under the TCF Financial 2015 Omnibus Incentive Plan [incorporated by reference to Exhibit 10.3 to TCF Financial Corporation’s Current Report on Form 8-K filed April 28, 2015 (No. 15798862)]
|
10(a)-3*
|
|
Form of Restricted Stock Unit Agreement under the TCF Financial 2015 Omnibus Incentive Plan [incorporated by reference to Exhibit 10.4 to TCF Financial Corporation’s Current Report on Form 8-K filed April 28, 2015 (No. 15798862)]
|
10(a)-4*
|
|
Form of Performance-Based Restricted Stock Unit Agreement under the TCF Financial 2015 Omnibus Incentive Plan [incorporated by reference to Exhibit 10.5 to TCF Financial Corporation’s Current Report on Form 8-K filed April 28, 2015 (No. 15798862)]
|
10(a)-5*
|
|
2015 Performance-Based Restricted Stock Unit Agreement under the TCF Financial 2015 Omnibus Incentive Plan entered into by certain executives [incorporated by reference to Exhibit 10.6 to TCF Financial Corporation’s Current Report on Form 8-K filed April 28, 2015 (No. 15798862)]
|
10(a)-6*
|
|
Form of 2016 Management Incentive Plan - Executive, as executed by certain executives [incorporated by reference to Exhibit 10(a)-6 to TCF Financial Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (No. 161465956)
|
10(b)*
|
|
TCF Financial Incentive Stock Program, as amended and restated April 24, 2013 [incorporated by reference to Exhibit 10.1 to TCF Financial Corporation’s Current Report on Form 8-K filed April 30, 2013 (No. 13797581)]
|
10(b)-1*
|
|
Form of Nonqualified Stock Option Award Agreement as executed by certain executives [incorporated by reference to Exhibit 10(b)-10 to TCF Financial Corporation’s Current Report on Form 8-K filed January 25, 2008 (No. 08551203)]
|
10(b)-2*
|
|
Form of Deferred Restricted Stock Award Agreement as executed by certain executives [incorporated by reference to Exhibit 10(b)-16 to TCF Financial Corporation’s Current Report on Form 8-K filed February 18, 2011 (No. 11625311)]
|
10(b)-3*
|
|
Form of Performance-Based Restricted Stock Award Agreement as executed by certain executives [incorporated by reference to Exhibit 10.3 to TCF Financial Corporation’s Current Report on Form 8-K filed January 20, 2012 (No. 12537269)]
|
10(c)
|
|
TCF Performance-Based Compensation Policy for Covered Executive Officers, as approved effective January 1, 2013 [incorporated by reference to Exhibit 10.2 to TCF Financial Corporation’s Current Report on Form 8-K filed April 30, 2013 (No. 13797581)]
|
10(d)*
|
|
Employment Agreement with Craig R. Dahl effective as of January 1, 2016 [incorporated by reference to Exhibit 10.1 to TCF Financial Corporation’s Current Report on Form 8-K filed October 30, 2015 (No. 151184773)]
|
10(e)*
|
|
TCF Financial Corporation Supplemental Employee Retirement Plan - ESPP Plan as amended and restated through January 24, 2005 [incorporated by reference to Exhibit 10(j) to TCF Financial Corporation’s Current Report on Form 8-K filed January 27, 2005 (No. 05552640)]
|
10(e)-1*#
|
|
TCF 401K Supplemental Plan, as amended effective October 18, 2016
|
10(f)*
|
|
Trust Agreement for TCF Employees Stock Purchase Plan Supplemental Executive Retirement Plan (“SERP”) effective January 1, 2009 and dated November 20, 2008 [incorporated by reference to Exhibit 10(k) to TCF Financial Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008 (No. 09618185)]
|
10(g)*
|
|
TCF Financial Corporation Executive Deferred Compensation Plan as amended and restated through January 24, 2005 [incorporated by reference to Exhibit 10(c) to TCF Financial Corporation’s Current Report on Form 8-K filed January 27, 2005 (No. 05552640)]
|
10(h)*
|
|
Restated Trust Agreement as executed with First National Bank in Sioux Falls as trustee effective as of October 1, 2000 [incorporated by reference to Exhibit 10(d) to TCF Financial Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2000 (No. 1584625)]; as amended by amendment adopted April 30, 2001 [incorporated by reference to Exhibit 10(d) to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2001 (No. 1706058)]; and as amended by amendments adopted May 3, 2002 incorporated by reference to Exhibit 10(d) to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (No. 02730799)]; and as amended by Third Amendment of Trust Agreement for TCF Executive Deferred Compensation Plan effective as of June 30, 2003 [incorporated by reference to Exhibit 10(d) to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2003 (No. 03830138)]
|
10(i)*
|
|
TCF Financial Corporation Senior Officer Deferred Compensation Plan as amended and restated through January 24, 2005 [incorporated by reference to Exhibit 10(l) to TCF Financial Corporation’s Current Report on Form 8-K filed January 27, 2005 (No. 05552640)]
|
10(j)*
|
|
Trust Agreement for TCF Financial Senior Officer Deferred Compensation Plan as executed with First National Bank in Sioux Falls as trustee effective as of October 1, 2000 [incorporated by reference to Exhibit 10(m) to TCF Financial Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2000 (No. 1584625)]; as amended by amendment adopted April 30, 2001 [incorporated by reference to Exhibit 10(m) to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2001 (No. 1706058)]; and as amended by Second Amendment of Trust Agreement for TCF Financial Senior Officers Deferred Compensation Plan effective as of June 30, 2003 [incorporated by reference to Exhibit 10(m) to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2003 (No. 03830138)]
|
10(k)*
|
|
Directors Stock Grant Program, as amended and restated April 25, 2012 [incorporated by reference to Exhibit 10(j) to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (No. 12986667)]
|
10(k)-1*
|
|
Form of Director’s Restricted Stock Agreement dated January 24, 2012 [incorporated by reference to Exhibit 10(j)-1 to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (No. 12986667)]
|
10(k)-2*
|
|
Form of Deferred Director’s Restricted Stock Agreement dated January 24, 2012 [incorporated by reference to Exhibit 10(j)-2 to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (No. 12986667)]
|
10(l)*
|
|
TCF Financial Corporation TCF Directors Deferred Compensation Plan as amended and restated through January 24, 2005 [incorporated by reference to Exhibit 10(r) to TCF Financial Corporation’s Current Report on Form 8-K filed January 27, 2005 (No. 05552640)]
|
10(l)-1*
|
|
TCF Financial Corporation TCF Directors 2005 Deferred Compensation Plan, adopted effective as of January 6, 2005, as amended and restated through January 24, 2005 [incorporated by reference to Exhibit 10(r)-1 to TCF Financial Corporation’s Current Report on Form 8-K filed January 27, 2005 (No. 05552640)]; and as amended by Amendment of Directors 2005 Deferred Compensation Plan effective July 19, 2010 [incorporated by reference to Exhibit 10(r)-1 to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2010 (No. 101147679)]
|
10(m)*
|
|
Trust Agreement for TCF Directors Deferred Compensation Plan [incorporated by reference to Exhibit 10(d) to TCF Financial Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2000 (No. 1584625)]; as amended by amendment adopted April 30, 2001 [incorporated by reference to Exhibit 10(s) to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2001 (No. 1706058)]; as amended by amendment adopted October 10, 2001 [incorporated by reference to Exhibit 10(s) to TCF Financial Corporation’s Annual Report on Form 10-K for the year ended December 31, 2001 (No. 02568362)]; and as amended by amendments adopted May 3, 2002 [incorporated by reference to Exhibit 10(s) to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (No. 02730799)]; and as amended by Third Amendment of TCF Directors Deferred Compensation Trust effective as of June 30, 2003 [incorporated by reference to Exhibit 10(s) to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2003 (No. 03830138)]
|
10(n)*
|
|
Summary of Non-Employee Director Compensation [incorporated by reference to Exhibit 10(n) to TCF Financial Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (No. 161465956)]
|
10(o)*
|
|
TCF Employees Deferred Stock Compensation Plan, effective January 1, 2011 [incorporated by reference to Exhibit 10(u) to TCF Financial Corporation’s Current Report on Form 8-K filed February 18, 2011 (No. 11625311)]
|
10(p)*
|
|
Form of Rabbi Trust Agreement for the TCF Employees Deferred Stock Compensation Plan [incorporated by reference to Exhibit 10(v) to TCF Financial Corporation’s Current Report on Form 8-K filed February 18, 2011 (No. 11625311)]
|
12(a)#
|
|
Consolidated Ratios of Earnings to Fixed Charges for years ended December 31, 2016, 2015, 2014, 2013 and 2012
|
12(b)#
|
|
Consolidated Ratios of Earnings to Fixed Charges and Preferred Stock Dividends for years ended December 31, 2016, 2015, 2014, 2013 and 2012
|
21#
|
|
Subsidiaries of TCF Financial Corporation (as of December 31, 2016)
|
23#
|
|
Consent of KPMG LLP dated February 21, 2017
|
31.1#
|
|
Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2#
|
|
Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1#
|
|
Certification of the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2#
|
|
Certification of the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101#
|
|
Financial statements from the Annual Report on Form 10-K of the Company for the year ended December 31, 2016, formatted in XBRL: (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements
|
1.
|
Purpose; Eligibility
.
|
2.
|
Definitions
.
|
3.
|
Administration
.
|
4.
|
Shares Subject to the Plan
.
|
5.
|
Eligibility
.
|
6.
|
Option Provisions
.
|
7.
|
Provisions of Awards Other Than Options
.
|
8.
|
Securities Law Compliance
.
|
9.
|
Use of Proceeds from Stock
.
|
10.
|
Miscellaneous
.
|
11.
|
Adjustments Upon Changes in Stock
.
|
12.
|
Effect of Change in Control
.
|
13.
|
Amendment of the Plan and Awards
.
|
14.
|
General Provisions
.
|
15.
|
Effective Date of Plan
.
|
16.
|
Termination or Suspension of the Plan
.
|
17.
|
Choice of Law
.
|
Employee Name:
|
[
Executive
Name]
|
Shares of Restricted Stock:
|
[Shares Granted]
|
Award Date:
|
[Date]
|
Closing Price on Award Date:
|
$[Price]
|
Vesting Date
|
Shares of Common Stock
|
[VESTING DATE]
|
[number/percentage of shares that vest]
|
[VESTING DATE]
|
[number/percentage of shares that vest]
|
[VESTING DATE]
|
[number/percentage of shares that vest]
|
II.
|
Definitions
.
|
(a)
|
Affiliate; Affiliated Group
.
“Affiliate” means any entity which is required to be aggregated with TCF Financial as a member of a controlled group of corporations in accordance with IRC § 414(b), or as a trade or business under common control in accordance with IRC § 414(c). [The requirements of IRC §§ 414(b) and 414(c) shall be applied using the 80% standard specified therein for all purposes of the Plan, including, without limitation, for the purpose of determining whether a Participant has had a Separation from Service.] The term “Affiliated Group” means the Company and its Affiliates.
|
(b)
|
Annual Bonus
.
“Annual Bonus” is the annual cash bonus, if any, payable to an Eligible Employee under any annual bonus program of the Company that meets the requirements for performance-based compensation under IRC § 409A and the regulations thereunder.
|
(c)
|
Change in Control
.
“Change in Control” with respect to an Employer shall mean a change in ownership with respect to the Employer or TCF Financial Corporation (as defined in Treasury Regulation § 1.409A-3(i)(5)(v)), a change in effective control of TCF Financial Corporation (as defined in Treasury Regulation § 1.409A-3(i)(5)(vi)) provided, however, that the ownership percentage shall be 50%, or a change in the ownership of a substantial portion of the assets of the Employer or TCF Financial Corporation (as defined in Treasury Regulation § 1.409A-3(i)(5)(vii)).
|
(d)
|
Commissions
.
“Commissions” shall mean amounts payable to Eligible Employees and credited to them as “commissions” by their Employer in connection with products or services they have sold. Commissions include any draw paid as an advance against Commissions.
|
(e)
|
Committee
.
The Compensation Committee of the Board of Directors of TCF Financial Corporation (“TCF Financial”), or a special sub-committee thereof, which shall consist only of individuals who qualify as independent directors under Rule 303A of the listing standards of the NYSE as applicable to compensation committee members, as non-employee directors under Rule 16b-3 of the Securities and Exchange Commission and as outside directors for purposes of IRC section 162(m) (“million dollar cap”).
|
(f)
|
Covered Compensation
.
“Covered Compensation” is any “Basic Compensation” as defined in the 401K Plan including such Compensation in excess of the limit on Basic Compensation under IRC § 401(a)(17) earned by a Participant in any Plan Year, and also including any amounts which would have been Basic Compensation (disregarding any limit on Basic Compensation under IRC § 401(a)(17) in such Plan Year) except that such Participant authorized the Employer before the beginning of the Plan Year in which such Compensation was earned (or in the case of an Annual Bonus, six months prior to the end of the performance period) to defer such amounts which would otherwise be deferred under the 401K Plan to this Plan.
|
(g)
|
Eligible Employee
.
An “Eligible Employee” is an employee of an Employer who is designated as eligible to participate in this Plan in accordance with the provisions of Article III(a).
|
(h)
|
Employer
.
“Employer” means TCF Financial and each of its subsidiaries that constitutes an Affiliate.
|
(i)
|
401K Plan
.
The “401K Plan” is the TCF Employees’ Stock Purchase Plan as amended from time to time.
|
(j)
|
IRC
.
The “IRC” is the Internal Revenue Code of 1986, as amended.
|
(k)
|
Participant
.
A “Participant” is an Eligible Employee who has elected to participate in this Plan in accordance with the provisions of Article IV(a).
|
(l)
|
Plan Administrator
.
The “Plan Administrator” of this Plan is the Committee.
|
(m)
|
Plan Year
.
The “Plan Year” is the calendar year.
|
(n)
|
Salary
.
“Salary” is the Eligible Employee’s Covered Compensation, excluding Annual Bonus.
|
(o)
|
SERP Employee Contributions
.
“SERP Employee Contributions” is any portion of a Participant’s Covered Compensation which such employee has elected to have treated as SERP Employee Contributions under Article IV of this Plan.
|
(p)
|
TCF Financial
.
“TCF Financial” or “Company” is TCF Financial Corporation, a Delaware Corporation.
|
(q)
|
TCF Financial Stock
.
“TCF Financial Stock” is common stock of TCF Financial, par value $.01 per share.
|
(a)
|
General Eligibility
.
Employees of an Employer are eligible to participate in this Plan as determined by the Committee, in its discretion subject to the following:
|
(i)
|
No employee shall be eligible to participate in this Plan unless the Committee determines that such employee will be for that Plan Year a member of “a select group of management or highly compensated employees” within the meaning of §§ 201(2), 301(a)(3) and 401(a)(1) of ERISA.
|
(ii)
|
The Committee shall select such employees for eligibility in this Plan on a Plan Year by Plan Year basis by promulgating a written statement describing or listing such Eligible Employees. Selection for one Plan Year does not entitle the employee to be selected the next Plan Year. An employee who has been selected by the Committee shall, however, be presumed to be selected for the subsequent Plan Year unless and until the Committee evidences a contrary intention.
|
(b)
|
Specific Exclusions
.
Notwithstanding anything apparently to the contrary in the Plan document or in any written communication, summary, resolution or document or oral communication, no individual shall be an Eligible Employee in this Plan, develop benefits under this Plan or be entitled to receive benefits under this Plan (either for himself or herself or his or her survivors) unless such individual is a member of “a select group of management or highly compensated employees” within the meaning of §§ 201(2), 301(a)(3) and 401(a)(1) of ERISA. If a court of competent jurisdiction, any representative of the U.S. Department of Labor or any other governmental, regulatory or similar body makes any direct or indirect, formal or informal, determination that an individual is not in “a select group of management or highly compensated employees” within the meaning of §§ 201(2), 301(a)(3) and 401(a)(1) of ERISA, such individual shall no longer be an Eligible Employee in this Plan.
|
(a)
|
SERP Employee Contributions
. An Eligible Employee may elect to decline to participate in the Plan for a Plan Year; such election, which shall remain irrevocable for the Plan Year, must be made no later than the date an election to defer compensation under this Plan is required, as set forth in this Section IV(a). An Eligible Employee who elects to participate in this Plan for the Plan Year will defer compensation under this Plan in an amount that equals the amount that exceeds limitations on such Employee’s contributions to the 401K Plan imposed by the 401K Plan to effectuate the requirements of IRC §§ 401(a)(17), 401(k)(3), 401(m)(2), 402(g) and 415 (the “IRC Limitations”) provided that:
|
(b)
|
Employer Matching Contributions
. At the same time as an amount of SERP Employee Contributions is deferred under paragraph (a), the Employer shall also credit to the Participant’s account under this Plan the amount of Employer Matching Contribution that would be due under the 401K Plan with respect to (i) such SERP Employee Contributions if they had been contributed as pre-tax elective deferrals under the 401K Plan, and (ii) such pre-tax elective deferrals under the 401K Plan with respect to which no Employer Matching Contributions were made under the 401K Plan due to the application of IRC Limitations. No Participant in the Plan shall be credited with Employer Matching Contributions with respect to pre-tax deferrals (to this Plan and the 401K Plan, combined) that exceed 5% of the Participant’s Covered Compensation for each payroll period.
|
(c)
|
Establishing Accounts; Investment of Accounts; Valuation of Accounts
.
On the date that a Contribution under paragraph (a) or (b) would be paid to the 401K Plan if it were a contribution to that Plan (the “contribution date”), the amount of such Contribution shall be credited to an account on the books of the Employer and shall be deemed as of such date to be invested as directed by the Participant. SERP Employee contributions shall be deemed to be invested in such investment fund options available under the 401K Plan or in TCF Financial Stock, as elected by the Participant. Employer Matching Contributions will be deemed invested in TCF Financial Stock. Actual or notional earnings from such deemed investments shall be credited to the Participant’s account at least annually.
|
(i)
|
The TCF Stock Account shall be deemed to be invested solely in shares of TCF Financial Stock (and in cash or cash equivalent money market funds for fractional shares or for funds held temporarily prior to investment). The Diversified Account shall not at any time be deemed to be invested in any shares of TCF Stock. No transfer of assets will be permitted from the TCF Stock Account to the Diversified Account or from the Diversified Account to the TCF Stock Account.
|
(ii)
|
A Participant’s TCF Stock Account will be deemed to be invested in all shares of TCF Financial Stock allocated to it on or after the Effective Date and such shares shall not be subject to any deemed sale, transfer, assignment, pledge or other hypothecation in any manner. Any distributions from the Plan to the participant with respect to the TCF Stock Account will be made in the form of an in-kind distribution of the number of shares of TCF Financial Stock deemed to be held for such Participant’s TCF Stock Account pursuant to the terms of the Plan.
|
(iii)
|
The Diversified Account shall not at any time be deemed to purchase or invest in any shares of TCF Financial Stock, but shall be deemed to invest in such investment funds as may be approved by the Committee and as the participant directs.
|
(iv)
|
The portion of the Participant’s account that is deemed to be invested in TCF Financial Stock shall be increased to reflect the number of shares of TCF Financial Stock deemed to be purchased as of each future contribution date (including any fractional shares), and shall be further adjusted to reflect any stock splits or other similar events involving a change in the number or form of outstanding shares of TCF Financial Stock. Adjustments shall be determined in each case by the Committee and the Committee’s determination shall be final. The balance of shares of TCF Financial Stock shall in no event be decreased.
|
(v)
|
If any dividends are paid with respect to TCF Financial Stock, then in lieu of any adjustments to the Participants’ accounts under the Plan, an amount shall be paid in cash (or in stock, if the dividend is in stock, provided that stock splits in the nature of a stock dividend shall not be distributed) directly to the Participant whose account would otherwise be deemed to be due the deemed dividend and the Participant’s account shall not be credited with the deemed dividend. Such dividends shall be paid by a date not later than the 15th day of the third month following the calendar year for which the credited to the Participant’s account. The time and form of payment of such dividends is treated separately from the time and form of payment of the underlying deferred compensation.
|
(vi)
|
In the event of a Change in Control and the Company is not the surviving corporation, a Participant will be given the opportunity to elect out of TCF Stock and into one or more investment fund options then provided under the 401K Plan.
|
(A)
|
Separation from Service
. Payment shall be made during the 90 day period commencing six months after the Participant’s Separation from Service with the Affiliated Group as defined in Treasury Regulation § 1.409A-1(h). If Separation from Service occurs as a result of death, payment shall be made within 90 days following the Participant’s death.
|
(B)
|
Disability (Disabled)
. In the event of Disability, payment shall be made 30 days after such Disability occurs. For purposes of this section, a Participant is considered Disabled if he or she is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under the long-term disability plan of the Participant’s Employer.
|
(C)
|
Date Certain
. To the extent permitted through administrative procedures adopted by the Plan Administrator, in its sole discretion, payment shall be made on a date specified by the Participant on or before the date 30 days after the Employee first becomes eligible for this Plan (and any other plan maintained by a member of the Affiliated Group that is required to be aggregated with this Plan under Treasury Regulation § 1.409A-1(c)). This provision shall not apply to any amounts attributable to SERP Employee Contributions or Employer Matching Contribution credited after the specified date.
|
(D)
|
Change in Control
. To the extent permitted through administrative procedures adopted by the Plan Administrator, in its sole discretion, if designated by a one-time irrevocable election by the Participant made on or before the date 30 days after the Employee first becomes eligible for this Plan (and any other any other plan maintained by a member of the Affiliated Group that is required to be aggregated with this Plan under Treasury Regulation § 1.409A-1(c)), in the event of a Change in Control, the lump sum payment shall occur on or about 30 days after the date one year after the Change in Control.
|
(E)
|
Unforeseeable Emergency
. In the event of an unforeseeable emergency, as defined in IRC § 409A and the regulations thereunder, payment shall be made within 90 days following the Committee’s determination that an unforeseeable emergency has occurred. Payment shall be limited to the amount reasonably necessary to satisfy the emergency. However, the amount of the payment may include any amounts necessary to pay any federal, state or local income taxes or penalties reasonably expected to result from the payment.
|
(ii)
|
General Distribution Rules for Post-2016 Account
. A Participant shall commence receiving payment of his or her vested TCF Stock Account and Diversified Account consisting of SERP Employee Contributions and Employer Matching Contributions for Plan Years beginning on or after January 1, 2017, and deemed earnings on such Contributions (“Post-2016 Account”) on the first to occur of the events or dates described in (i)(A), (B), (C), (D), or (E) above, and shall receive his or her entire Post-2016 Account in a lump sum payment in accordance with Appendix B; provided, however, that a Participant may elect that SERP Employee Contributions and Employer Matching Contributions for any Plan Year beginning on or after January 1, 2017 (and deemed earnings on such Contributions) that are made on account of Separation from Service pursuant to (i)(A), above, be made in installments over a period of five or ten years (“Post-2017 Installment Payments”), with the first installment payment made on the on the earlier of the first February 15
th
or August 15
th
that follows the date that is six months after the Participant’s Separation from Service. Such election must be made in accordance with administrative procedures established by the Plan Administrator, and must be made no later than, and shall become irrevocable on, the December 31
st
|
(iii)
|
Special Election Window for Pre-2017 Account
. A Participant shall be paid his or her Pre-2017 Account in accordance with subsection (i), above, provided however, that an eligible Participant may elect no later than December 31, 2016, on which date such election shall become irrevocable, to have all or a portion of his or her Pre-2017 Account paid in five annual installments (“Pre-2017 Installments”) commencing on the earlier of the first February 15
th
or August 15
th
that follows the five-year anniversary of the date that is six months after the Participant’s Separation from Service. The Plan Administrator may, in its discretion, determine which Participant or Participants are eligible to make an election under this Article IV(d)(iii).
|
(iv)
|
Acceleration of Small Benefits
. Notwithstanding anything in this Article IV(d) or Appendix B to the contrary, if the value of a Participant’s Accounts under the Plan and his or her benefit under any other plan, to the extent such benefit or plan is required to be aggregated with the Plan under Treasury Regulation § 1.409A-1(c)(2), is no more than the limit then in effect under IRC § 402(g)(1)(B), the Plan Administrator, in its sole discretion, which shall be exercised in writing prior to any payment under this Article IV(d)(iv), may cause a lump sum payment of the Participant’s Accounts to the Participant at any time. The lump-sum payment will be made only if the payment would result in a distribution of the entire value of the Participant’s Accounts and the Participant is not entitled to any further benefit under this Plan or under any other plan, to the extent such benefit or plan is required to be aggregated with the Plan under Treasury Regulation § 1.409A-1(c)(2).
|
(v)
|
Lump Sum Payment of Benefits
. Notwithstanding a Participant’s election under Article IV(d)(ii), if the value of the Participant’s Accounts that are to be paid in Post-2016 Installments, determined as of the date that is 30 days prior to date that a Post-2016 Installment payment is to be made for the year, is no more than $50,000, the entire value of the Participant’s Accounts to be paid in Post-2016 Installments instead shall be paid in a single lump sum on the scheduled Post-2016 Installment payment date for that year. Similarly, and notwithstanding a Participant’s election under Article IV(d)(iii), if the value of the Participant’s Accounts that are to be paid in Pre-2017 Installments, determined as of the date that is 30 days prior to date that a Pre-2017 Installment payment is to be made for the year, is no more than $50,000, the entire value of the Participant’s Accounts to be paid in Pre-2017 Installments instead shall be paid in a single lump sum on the scheduled Pre-2017 Installment payment date for that year.
|
(vi)
|
Withholding
. All payments shall be made net of any applicable withholding of taxes, in accordance with Appendix B.
|
(e)
|
Cancellation of Deferrals Following an Unforeseeable Emergency or Hardship Distribution
.
|
(a)
|
In General
.
The Committee may amend the Plan prospectively, retroactively or both, at any time and for any reason deemed sufficient by it without notice to any person affected by this Plan and may likewise terminate this Plan as provided in Article X with regard to persons expecting to receive benefits in the future. The benefit, if any, payable to or with respect to a Participant as of the effective date of such amendment or the effective date of such termination shall not be, without the knowing and voluntary written consent of the Participant (which consent shall only be effective to the extent it does not result in the imposition of an excise tax on the Participant under IRC § 409A), diminished or delayed by such amendment or termination.
|
(b)
|
After a Change-in-Control
.
Notwithstanding the provisions of Article IX(a), after the occurrence of a Change-in-Control, the Committee’s authority to amend the Plan or terminate the Plan as provided in section (a) shall be subject to the following limitations.
|
(i)
|
Existing Participants
. During the two year period following the date a Change-in-Control with respect to TCF Financial occurs, the Committee may only amend the Plan or terminate this Plan as applied to Participants who are Participants immediately preceding the date of the Change-in-Control if:
|
(1)
|
all benefits payable to or with respect to persons who were Participants as of the Change-in-Control (including benefits earned before and benefits earned after the Change-in-Control) have been paid in full prior to the adoption of the amendment or termination, or
|
(2)
|
eighty (80) percent of all the Participants determined as of the date of the Change-in-Control give knowing and voluntary written consent to such amendment or termination (which consent shall only be effective to the extent it does not result in the imposition of an excise tax on any Participant under IRC § 409A).
|
(ii)
|
New Participants
. After the occurrence of a Change-in-Control, as applied to Participants who are not Participants immediately preceding the date of the Change-in-Control, the Committee may amend or terminate the Plan prospectively, retroactively or both, at any time and for any reason deemed sufficiently by it without notice to any person affected by this Plan and may likewise terminate this Plan, subject to the same restrictions as IX(a).
|
(c)
|
Claims Procedures
. If a Participant, or beneficiary or survivor thereof, wishes to make a claim for benefits or disagrees with a determination of the Committee, such person may file a claim and make such appeals in the same manner as permitted under the 401K Plan. The claims shall then be processed as provided for claims under the 401K Plan, except that all determinations which would be made by the “Company” under such Plans shall be made by the Committee instead.
|
(i)
|
The Plan may be terminated within 12 months of a corporate dissolution of TCF Financial taxed under IRC § 331, or with the approval of a bankruptcy court pursuant to 11 U.S.C. 503(b)(1)A), provided that the amounts deferred under the Plan are included in the Participant’s gross income in the latest of—
|
(1)
|
The calendar year in which the plan termination and liquidation occurs;
|
(2)
|
The first calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or
|
(3)
|
The first calendar year in which the payment is administratively practicable.
|
(ii)
|
The Plan may be terminated pursuant to irrevocable action taken by the Employer within the 30 days preceding or the 12 months following a Change in Control event with respect to TCF Financial. However, any such termination within the 12 months after such a Change in Control shall require the consent of 80% of the participants as required in Article IX (which consent shall only be effective to the extent it does not result in the imposition of an excise tax on any Participant under IRC § 409A). For purposes of this paragraph this Plan will be treated as terminated only if all plans sponsored by the Affiliated Group immediately after the time of the Change in Control that are required to be aggregated with this Plan under Treasury Regulation § 1.409A-1(c)) are terminated, so that each Participant in the Plan and all participants under substantially similar arrangements who experienced the Change in Control event are required to receive all amounts of compensation deferred under the terminated arrangements within 12 months of the date the Employer irrevocably takes all necessary action to terminate and liquidate all of such plans. Solely for purposes of this paragraph (ii), the Employer with the discretion to terminate the Plan is the service recipient that is primarily liable immediately after the Change in Control event for the payment of the deferred compensation.
|
(iii)
|
The Plan may be terminated for any other reason, provided that:
|
(1)
|
the termination does not occur proximate to a downturn in the financial health of the Affiliated Group;
|
(2)
|
all plans sponsored by the Affiliated Group that would be required to be aggregated with this Plan under Treasury Regulation § 1.409A-1(c) if the same Employee had deferrals of compensation under all of the plans are terminated and liquidated with respect to all Participants;
|
(3)
|
no payments other than those otherwise payable under the terms of the Plan if the termination had not occurred are made within 12 months of the termination of the Plan,
|
(4)
|
all payments are made within 24 months of the termination of the Plan, and
|
(5)
|
no member of the Affiliated Group adopts a new plan that would be aggregated with any of the terminated plans under Treasury Regulation § 1.409A-1(c) at any time for a period of three years following the date of termination of the Plan.
|
(iv)
|
Such other events and conditions as the Commissioner may prescribe in generally applicable guidance published in the Internal Revenue Bulletin.
|
(a)
|
Notices under this Plan to the Employer, TCF Financial or the Committee shall be sent by Certified Mail, Return Receipt Requested to: Compensation Committee, TCF Financial Corporation, c/o General Counsel, TCF Financial Corporation, 200 Lake Street East, Wayzata, MN 55391. Notices under this Plan to Eligible Employees or their beneficiaries or survivors shall be sent by Certified Mail to the last known address for such person(s) on the books and records of the Employer, by Certified Mail.
|
(b)
|
Nothing in this Plan shall change a Participant’s status to anything other than an employee “at will” or otherwise enlarge or modify such Employee’s employment rights or benefits other than as provided herein.
|
(c)
|
Nothing in this Plan shall abridge a Participant’s rights, or such Employee’s beneficiary’s or survivor’s rights, of participation in the 401K Plan except to the extent the Eligible Employee agrees to such restrictions.
|
(d)
|
Expenses of administering the Plan shall be borne by the Employers in proportion to their share of Participants in this Plan, provided that an Employees’ Accounts may reflect deemed transaction costs of acquiring or selling TCF Financial Stock.
|
(e)
|
A Participant’s benefits under this Plan may not be assigned, transferred, pledged or otherwise hypothecated by said Employee or the beneficiary or survivor thereof.
|
•
|
Lump Sum – payable during the 90 day period commencing six months after the employee’s Separation from Service.
|
|
|
|
|
|
|
|
|
Exhibit 12(a)
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated Ratios of Earnings to Fixed Charges
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Year Ended December 31,
|
||||||||||||||||||
(Dollars in thousands)
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings:
(1)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income tax expense (benefit)
|
|
$
|
338,245
|
|
|
$
|
314,695
|
|
|
$
|
281,382
|
|
|
$
|
243,045
|
|
|
$
|
(339,555
|
)
|
Fixed charges
|
|
94,635
|
|
|
83,464
|
|
|
70,145
|
|
|
73,726
|
|
|
116,471
|
|
|||||
Other adjustments
(2)
|
|
(9,641
|
)
|
|
(8,777
|
)
|
|
(7,487
|
)
|
|
(6,920
|
)
|
|
(6,070
|
)
|
|||||
Total earnings (loss) (a)
|
|
$
|
423,239
|
|
|
$
|
389,382
|
|
|
$
|
344,040
|
|
|
$
|
309,851
|
|
|
$
|
(229,154
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed charges:
(1)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on deposits
|
|
$
|
61,788
|
|
|
$
|
48,226
|
|
|
$
|
38,385
|
|
|
$
|
36,604
|
|
|
$
|
40,987
|
|
Interest on borrowings
|
|
20,836
|
|
|
23,316
|
|
|
20,215
|
|
|
25,312
|
|
|
63,617
|
|
|||||
Interest portion of rental expense
(3)
|
|
11,830
|
|
|
11,707
|
|
|
11,349
|
|
|
11,785
|
|
|
11,847
|
|
|||||
Other adjustments
(4)
|
|
181
|
|
|
215
|
|
|
196
|
|
|
25
|
|
|
20
|
|
|||||
Total fixed charges (b)
|
|
$
|
94,635
|
|
|
$
|
83,464
|
|
|
$
|
70,145
|
|
|
$
|
73,726
|
|
|
$
|
116,471
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges (a/b)
(5)
|
|
4.47
|
x
|
|
4.67
|
x
|
|
4.90
|
x
|
|
4.20
|
x
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings, excluding interest on deposits:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total earnings (loss)
|
|
$
|
423,239
|
|
|
$
|
389,382
|
|
|
$
|
344,040
|
|
|
$
|
309,851
|
|
|
$
|
(229,154
|
)
|
Less: Interest on deposits
|
|
61,788
|
|
|
48,226
|
|
|
38,385
|
|
|
36,604
|
|
|
40,987
|
|
|||||
Total earnings (loss) excluding interest on deposits (c)
|
|
$
|
361,451
|
|
|
$
|
341,156
|
|
|
$
|
305,655
|
|
|
$
|
273,247
|
|
|
$
|
(270,141
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed charges, excluding interest on deposits:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total fixed charges
|
|
$
|
94,635
|
|
|
$
|
83,464
|
|
|
$
|
70,145
|
|
|
$
|
73,726
|
|
|
$
|
116,471
|
|
Less: Interest on deposits
|
|
61,788
|
|
|
48,226
|
|
|
38,385
|
|
|
36,604
|
|
|
40,987
|
|
|||||
Total fixed charges, excluding interest on deposits (d)
|
|
$
|
32,847
|
|
|
$
|
35,238
|
|
|
$
|
31,760
|
|
|
$
|
37,122
|
|
|
$
|
75,484
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges, excluding interest on deposits (c/d)
(5)(6)
|
|
11.00
|
x
|
|
9.68
|
x
|
|
9.62
|
x
|
|
7.36
|
x
|
|
—
|
|
(1)
|
As defined in Item 503(d) of Regulation S-K.
|
(2)
|
For purposes of the "earnings" computation, other adjustments include adding the amortization of capitalized interest and subtracting interest capitalized and income attributable to non-controlling interests.
|
(3)
|
The appropriate portion of rental expense (generally one-third) deemed representative of the interest factor.
|
(4)
|
For purposes of the "fixed charges" computation, other adjustments include capitalized interest costs.
|
(5)
|
Earnings for the year ended December 31, 2012 were inadequate to cover fixed charges. Additional earnings of $345.6 million would have been needed to bring both the ratio of earnings to fixed charges and the ratio of earnings to fixed charges, excluding interest on deposits, to 1.0.
|
(6)
|
The ratio of earnings to fixed charges, excluding interest on deposits, is being provided as an additional measure to provide comparability to the ratios disclosed by all other issuers of debt securities.
|
|
|
|
|
|
|
|
|
Exhibit 12(b)
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated Ratios of Earnings to Fixed Charges and Preferred Stock Dividends
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Year Ended December 31,
|
||||||||||||||||||
(Dollars in thousands)
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings:
(1)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income tax expense (benefit)
|
|
$
|
338,245
|
|
|
$
|
314,695
|
|
|
$
|
281,382
|
|
|
$
|
243,045
|
|
|
$
|
(339,555
|
)
|
Fixed charges and preferred stock dividends
|
|
124,745
|
|
|
113,692
|
|
|
100,832
|
|
|
103,849
|
|
|
125,309
|
|
|||||
Preferred stock dividends
(2)
|
|
(30,110
|
)
|
|
(30,228
|
)
|
|
(30,687
|
)
|
|
(30,123
|
)
|
|
(8,838
|
)
|
|||||
Other adjustments
(3)
|
|
(9,641
|
)
|
|
(8,777
|
)
|
|
(7,487
|
)
|
|
(6,920
|
)
|
|
(6,070
|
)
|
|||||
Total earnings (loss) (a)
|
|
$
|
423,239
|
|
|
$
|
389,382
|
|
|
$
|
344,040
|
|
|
$
|
309,851
|
|
|
$
|
(229,154
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed charges and preferred stock dividends:
(1)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on deposits
|
|
$
|
61,788
|
|
|
$
|
48,226
|
|
|
$
|
38,385
|
|
|
$
|
36,604
|
|
|
$
|
40,987
|
|
Interest on borrowings
|
|
20,836
|
|
|
23,316
|
|
|
20,215
|
|
|
25,312
|
|
|
63,617
|
|
|||||
Interest portion of rental expense
(4)
|
|
11,830
|
|
|
11,707
|
|
|
11,349
|
|
|
11,785
|
|
|
11,847
|
|
|||||
Preferred stock dividends
(2)
|
|
30,110
|
|
|
30,228
|
|
|
30,687
|
|
|
30,123
|
|
|
8,838
|
|
|||||
Other adjustments
(5)
|
|
181
|
|
|
215
|
|
|
196
|
|
|
25
|
|
|
20
|
|
|||||
Total fixed charges and preferred stock dividends (b)
|
|
$
|
124,745
|
|
|
$
|
113,692
|
|
|
$
|
100,832
|
|
|
$
|
103,849
|
|
|
$
|
125,309
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges and preferred stock dividends (a/b)
(6)
|
|
3.39
|
x
|
|
3.42
|
x
|
|
3.41
|
x
|
|
2.98
|
x
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings, excluding interest on deposits:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total earnings (loss)
|
|
$
|
423,239
|
|
|
$
|
389,382
|
|
|
$
|
344,040
|
|
|
$
|
309,851
|
|
|
$
|
(229,154
|
)
|
Less: Interest on deposits
|
|
61,788
|
|
|
48,226
|
|
|
38,385
|
|
|
36,604
|
|
|
40,987
|
|
|||||
Total earnings (loss) excluding interest on deposits (c)
|
|
$
|
361,451
|
|
|
$
|
341,156
|
|
|
$
|
305,655
|
|
|
$
|
273,247
|
|
|
$
|
(270,141
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed charges and preferred stock dividends, excluding interest on deposits:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total fixed charges and preferred stock dividends
|
|
$
|
124,745
|
|
|
$
|
113,692
|
|
|
$
|
100,832
|
|
|
$
|
103,849
|
|
|
$
|
125,309
|
|
Less: Interest on deposits
|
|
61,788
|
|
|
48,226
|
|
|
38,385
|
|
|
36,604
|
|
|
40,987
|
|
|||||
Total fixed charges and preferred stock dividends, excluding interest on deposits (d)
|
|
$
|
62,957
|
|
|
$
|
65,466
|
|
|
$
|
62,447
|
|
|
$
|
67,245
|
|
|
$
|
84,322
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges and preferred stock dividends, excluding interest on deposits (c/d)
(6)(7)
|
|
5.74
|
x
|
|
5.21
|
x
|
|
4.89
|
x
|
|
4.06
|
x
|
|
—
|
|
(1)
|
As defined in Item 503 (d) of Regulation S-K.
|
(2)
|
Preferred stock dividends represents the pre-tax earnings that would be required to cover such dividend requirements.
|
(3)
|
For purposes of the "earnings" computation, other adjustments include adding the amortization of capitalized interest and subtracting interest capitalized and income attributable to non-controlling interests.
|
(4)
|
The appropriate portion of rental expense (generally one-third) deemed representative of the interest factor.
|
(5)
|
For purposes of the "fixed charges" computation, other adjustments include capitalized interest costs.
|
(6)
|
Earnings for the year ended December 31, 2012 were inadequate to cover fixed charges and preferred stock dividends. Additional earnings of $354.5 million would have been needed to bring both the ratio of earnings to fixed charges and preferred stock dividends and the ratio of earnings to fixed charges and preferred stock dividends, excluding interest on deposits, to 1.0.
|
(7)
|
The ratio of earnings to fixed charges and preferred stock dividends, excluding interest on deposits, is being provided as an additional measure to provide comparability to the ratios disclosed by all other issuers of debt securities.
|
Subsidiary
|
State of Incorporation
|
Names under which Subsidiary Does Business
|
Gateway One Lending & Finance, LLC
|
Delaware
|
Gateway One Lending & Finance, LLC
|
Great Lakes Mortgage LLC
|
Michigan
|
Great Lakes Mortgage LLC
|
Red Iron Acceptance, LLC
|
Delaware
|
Red Iron Acceptance, LLC
|
Service Corporation II
|
Michigan
|
Service Corporation II
|
TCF Agency, Inc.
|
Minnesota
|
TCF Agency, Inc.
|
TCF Agency Insurance Services, Inc.
|
Minnesota
|
TCF Agency Insurance Services, Inc.
|
TCF Auto Receivables, LLC
|
Delaware
|
TCF Auto Receivables, LLC
|
TCF Bank International, Inc.
|
Organized under Federal Law
|
TCF Bank International, Inc.
|
TCF Commercial Finance Canada, Inc.
|
Canadian Federal Corporation
|
TCF Commercial Finance Canada, Inc.
Financement Commercial TCF Canada, Inc. |
TCF Foundation
|
Minnesota
|
TCF Foundation
|
TCF Illinois Realty Investments, LLC
|
Minnesota
|
TCF Illinois Realty Investments, LLC
|
TCF International Management Services, LLC
|
Minnesota
|
TCF International Management Services, LLC
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TCF International Operations, Inc.
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Minnesota
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TCF International Operations, Inc.
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TCF Inventory Finance, Inc.
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Minnesota
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TCF Inventory Finance, Inc.
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TCF Investments Management, Inc.
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Minnesota
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TCF Investments Management, Inc.
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TCF Management Corporation
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Minnesota
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TCF Management Corporation
TCF Real Estate Management (FL) |
TCF National Bank
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United States
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TCF National Bank
TCF Capital Funding (MN) TCF Equipment Finance (MN and CO) |
TCF Portfolio Services, Inc.
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Minnesota
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TCF Portfolio Services, Inc.
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TCFIF Joint Venture I, LLC
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Minnesota
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TCFIF Joint Venture I, LLC
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Winthrop Resources Corporation
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Minnesota
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Winthrop Resources Corporation
TCF Small Business Leasing |
Winthrop Resources Holdings I, LLC
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Minnesota
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Winthrop Resources Holdings I, LLC
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1.
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I have reviewed this Annual Report on Form 10-K of TCF Financial Corporation for the year ended
December 31, 2016
;
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2.
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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;
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3.
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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;
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4.
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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:
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(a)
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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;
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(b)
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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;
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(c)
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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
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(d)
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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
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5.
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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):
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(a)
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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
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(b)
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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.
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/s/ Craig R. Dahl
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Craig R. Dahl
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Vice Chairman, President and Chief Executive Officer
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(Principal Executive Officer)
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1.
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I have reviewed this Annual Report on Form 10-K of TCF Financial Corporation for the year ended
December 31, 2016
;
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2.
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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;
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3.
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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;
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4.
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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:
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(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;
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(b)
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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;
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(c)
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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
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(d)
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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
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5.
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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):
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(a)
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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
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(b)
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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.
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/s/ Brian W. Maass
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Brian W. Maass
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Executive Vice President and Chief Financial Officer
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(Principal Financial Officer)
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1.
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This statement is provided pursuant to 18 U.S.C. § 1350 in connection with the Company’s Annual Report on Form 10-K for the year ended
December 31, 2016
(the “Periodic Report”);
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2.
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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
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3.
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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.
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/s/ Craig R. Dahl
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Craig R. Dahl
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Vice Chairman, President and Chief Executive Officer
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|
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(Principal Executive Officer)
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*
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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.
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1.
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This statement is provided pursuant to 18 U.S.C. § 1350 in connection with the Company’s Annual Report on Form 10-K for the year ended
December 31, 2016
(the “Periodic Report”);
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2.
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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
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3.
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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.
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/s/ Brian W. Maass
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Brian W. Maass
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|
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Executive Vice President and Chief Financial Officer
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(Principal Financial Officer)
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*
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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.
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