|
Delaware
|
41-1591444
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer
|
þ
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
(Do not check if smaller reporting company)
|
Smaller reporting company
|
¨
|
|
|
Emerging growth company
|
¨
|
|
Outstanding at
|
Class
|
April 27, 2018
|
Common Stock, $.01 par value
|
168,253,445 shares
|
Pages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data)
|
At March 31, 2018
|
|
At December 31, 2017
|
||||
|
(Unaudited)
|
|
|
||||
Assets:
|
|
|
|
|
|
||
Cash and due from banks
|
$
|
588,893
|
|
|
$
|
621,782
|
|
Investments
|
91,661
|
|
|
82,644
|
|
||
Debt securities held to maturity
|
158,099
|
|
|
161,576
|
|
||
Debt securities available for sale
|
1,954,246
|
|
|
1,709,018
|
|
||
Loans and leases held for sale
|
50,706
|
|
|
134,862
|
|
||
Loans and leases:
|
|
|
|
|
|
||
Consumer real estate:
|
|
|
|
|
|
||
First mortgage lien
|
1,878,441
|
|
|
1,959,387
|
|
||
Junior lien
|
2,843,221
|
|
|
2,860,309
|
|
||
Total consumer real estate
|
4,721,662
|
|
|
4,819,696
|
|
||
Commercial
|
3,678,181
|
|
|
3,561,193
|
|
||
Leasing and equipment finance
|
4,666,239
|
|
|
4,761,661
|
|
||
Inventory finance
|
3,457,855
|
|
|
2,739,754
|
|
||
Auto finance
|
2,839,363
|
|
|
3,199,639
|
|
||
Other
|
19,854
|
|
|
22,517
|
|
||
Total loans and leases
|
19,383,154
|
|
|
19,104,460
|
|
||
Allowance for loan and lease losses
|
(167,703
|
)
|
|
(171,041
|
)
|
||
Net loans and leases
|
19,215,451
|
|
|
18,933,419
|
|
||
Premises and equipment, net
|
427,497
|
|
|
421,549
|
|
||
Goodwill, net
|
154,757
|
|
|
154,757
|
|
||
Other assets
|
743,742
|
|
|
782,552
|
|
||
Total assets
|
$
|
23,385,052
|
|
|
$
|
23,002,159
|
|
Liabilities and Equity:
|
|
|
|
|
|
||
Deposits:
|
|
|
|
|
|
||
Checking
|
$
|
6,541,409
|
|
|
$
|
6,300,127
|
|
Savings
|
5,551,155
|
|
|
5,287,606
|
|
||
Money market
|
1,609,472
|
|
|
1,764,998
|
|
||
Certificates of deposit
|
4,995,636
|
|
|
4,982,271
|
|
||
Total deposits
|
18,697,672
|
|
|
18,335,002
|
|
||
Short-term borrowings
|
775
|
|
|
—
|
|
||
Long-term borrowings
|
1,457,976
|
|
|
1,249,449
|
|
||
Total borrowings
|
1,458,751
|
|
|
1,249,449
|
|
||
Accrued expenses and other liabilities
|
677,679
|
|
|
737,124
|
|
||
Total liabilities
|
20,834,102
|
|
|
20,321,575
|
|
||
Equity:
|
|
|
|
|
|
||
Preferred stock, par value $0.01 per share, 30,000,000 shares authorized;
|
|
|
|
||||
7,000 and 4,007,000 shares issued, respectively
|
169,302
|
|
|
265,821
|
|
||
Common stock, par value $0.01 per share, 280,000,000 shares authorized;
|
|
|
|
||||
172,472,035 and 172,158,449 shares issued, respectively
|
1,725
|
|
|
1,722
|
|
||
Additional paid-in capital
|
878,096
|
|
|
877,217
|
|
||
Retained earnings, subject to certain restrictions
|
1,618,041
|
|
|
1,577,311
|
|
||
Accumulated other comprehensive income (loss)
|
(46,851
|
)
|
|
(18,517
|
)
|
||
Treasury stock at cost, 3,056,201 and 489,030 shares, respectively and other
|
(97,800
|
)
|
|
(40,797
|
)
|
||
Total TCF Financial Corporation stockholders' equity
|
2,522,513
|
|
|
2,662,757
|
|
||
Non-controlling interest in subsidiaries
|
28,437
|
|
|
17,827
|
|
||
Total equity
|
2,550,950
|
|
|
2,680,584
|
|
||
Total liabilities and equity
|
$
|
23,385,052
|
|
|
$
|
23,002,159
|
|
|
Quarter Ended March 31,
|
|
||||||
(In thousands, except per share data)
|
2018
|
|
2017
|
|
||||
Interest income:
|
|
|
|
|
|
|
||
Loans and leases
|
$
|
260,375
|
|
|
$
|
219,548
|
|
|
Debt securities available for sale
|
10,123
|
|
|
7,980
|
|
|
||
Debt securities held to maturity
|
1,019
|
|
|
1,280
|
|
|
||
Loans held for sale and other
|
3,745
|
|
|
13,499
|
|
|
||
Total interest income
|
275,262
|
|
|
242,307
|
|
|
||
Interest expense:
|
|
|
|
|
|
|
||
Deposits
|
22,510
|
|
|
13,715
|
|
|
||
Borrowings
|
9,553
|
|
|
6,478
|
|
|
||
Total interest expense
|
32,063
|
|
|
20,193
|
|
|
||
Net interest income
|
243,199
|
|
|
222,114
|
|
|
||
Provision for credit losses
|
11,368
|
|
|
12,193
|
|
|
||
Net interest income after provision for credit losses
|
231,831
|
|
|
209,921
|
|
|
||
Non-interest income:
|
|
|
|
|
|
|
||
Fees and service charges
|
30,751
|
|
|
31,282
|
|
|
||
Card revenue
|
13,759
|
|
|
13,150
|
|
|
||
ATM revenue
|
4,650
|
|
|
4,675
|
|
|
||
Subtotal
|
49,160
|
|
|
49,107
|
|
|
||
Gains on sales of auto loans, net
|
—
|
|
|
2,864
|
|
|
||
Gains on sales of consumer real estate loans, net
|
9,123
|
|
|
8,891
|
|
|
||
Servicing fee income
|
8,295
|
|
|
11,651
|
|
|
||
Subtotal
|
17,418
|
|
|
23,406
|
|
|
||
Leasing and equipment finance
|
41,847
|
|
|
28,298
|
|
|
||
Other
|
3,716
|
|
|
2,703
|
|
|
||
Fees and other revenue
|
112,141
|
|
|
103,514
|
|
|
||
Gains (losses) on debt securities, net
|
63
|
|
|
—
|
|
|
||
Total non-interest income
|
112,204
|
|
|
103,514
|
|
|
||
Non-interest expense:
|
|
|
|
|
|
|
||
Compensation and employee benefits
|
123,840
|
|
|
124,298
|
|
|
||
Occupancy and equipment
|
40,514
|
|
|
39,600
|
|
|
||
Other
|
58,819
|
|
|
64,216
|
|
|
||
Subtotal
|
223,173
|
|
|
228,114
|
|
|
||
Operating lease depreciation
|
17,274
|
|
|
11,242
|
|
|
||
Foreclosed real estate and repossessed assets, net
|
4,916
|
|
|
4,549
|
|
|
||
Other credit costs, net
|
617
|
|
|
101
|
|
|
||
Total non-interest expense
|
245,980
|
|
|
244,006
|
|
|
||
Income before income tax expense
|
98,055
|
|
|
69,429
|
|
|
||
Income tax expense
|
21,631
|
|
|
20,843
|
|
|
||
Income after income tax expense
|
76,424
|
|
|
48,586
|
|
|
||
Income attributable to non-controlling interest
|
2,663
|
|
|
2,308
|
|
|
||
Net income attributable to TCF Financial Corporation
|
73,761
|
|
|
46,278
|
|
|
||
Preferred stock dividends
|
4,106
|
|
|
4,847
|
|
|
||
Impact of preferred stock redemption
|
3,481
|
|
|
—
|
|
|
||
Net income available to common stockholders
|
$
|
66,174
|
|
|
$
|
41,431
|
|
|
Earnings per common share:
|
|
|
|
|
|
|
||
Basic
|
$
|
0.39
|
|
|
$
|
0.25
|
|
|
Diluted
|
$
|
0.39
|
|
|
$
|
0.25
|
|
|
|
Quarter Ended March 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Net income attributable to TCF Financial Corporation
|
$
|
73,761
|
|
|
$
|
46,278
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||
Net unrealized gains (losses) on debt securities available for sale and interest-only strips
|
(27,819
|
)
|
|
2,769
|
|
||
Net unrealized gains (losses) on net investment hedges
|
1,604
|
|
|
(313
|
)
|
||
Foreign currency translation adjustments
|
(2,110
|
)
|
|
581
|
|
||
Recognized postretirement prior service cost
|
(9
|
)
|
|
(7
|
)
|
||
Total other comprehensive income (loss), net of tax
|
(28,334
|
)
|
|
3,030
|
|
||
Comprehensive income
|
$
|
45,427
|
|
|
$
|
49,308
|
|
|
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, 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
|
|
Change in accounting principle
|
—
|
|
—
|
|
—
|
|
—
|
|
1,319
|
|
(1,319
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Balance, January 1, 2017
|
4,006,900
|
|
171,034,506
|
|
263,240
|
|
1,710
|
|
864,095
|
|
1,381,582
|
|
(33,725
|
)
|
(49,419
|
)
|
2,427,483
|
|
17,162
|
|
2,444,645
|
|
|||||||||
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
46,278
|
|
—
|
|
—
|
|
46,278
|
|
2,308
|
|
48,586
|
|
|||||||||
Other comprehensive income (loss), net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,030
|
|
—
|
|
3,030
|
|
—
|
|
3,030
|
|
|||||||||
Net investment by (distribution to) non-controlling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7,081
|
|
7,081
|
|
|||||||||
Dividends on preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,847
|
)
|
—
|
|
—
|
|
(4,847
|
)
|
—
|
|
(4,847
|
)
|
|||||||||
Dividends on common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(12,595
|
)
|
—
|
|
—
|
|
(12,595
|
)
|
—
|
|
(12,595
|
)
|
|||||||||
Common shares purchased by TCF employee benefit plans
|
—
|
|
366,591
|
|
—
|
|
4
|
|
6,442
|
|
—
|
|
—
|
|
—
|
|
6,446
|
|
—
|
|
6,446
|
|
|||||||||
Stock compensation plans, net of tax
|
—
|
|
(417,269
|
)
|
—
|
|
(4
|
)
|
(1,679
|
)
|
—
|
|
—
|
|
—
|
|
(1,683
|
)
|
—
|
|
(1,683
|
)
|
|||||||||
Change in shares held in trust for deferred compensation plans, at cost
|
—
|
|
—
|
|
—
|
|
—
|
|
(15,834
|
)
|
—
|
|
—
|
|
15,834
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Balance, March 31, 2017
|
4,006,900
|
|
170,983,828
|
|
$
|
263,240
|
|
$
|
1,710
|
|
$
|
853,024
|
|
$
|
1,410,418
|
|
$
|
(30,695
|
)
|
$
|
(33,585
|
)
|
$
|
2,464,112
|
|
$
|
26,551
|
|
$
|
2,490,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Balance, December 31, 2017
|
4,007,000
|
|
172,158,449
|
|
$
|
265,821
|
|
$
|
1,722
|
|
$
|
877,217
|
|
$
|
1,577,311
|
|
$
|
(18,517
|
)
|
$
|
(40,797
|
)
|
$
|
2,662,757
|
|
$
|
17,827
|
|
$
|
2,680,584
|
|
Change in accounting principle
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(116
|
)
|
—
|
|
—
|
|
(116
|
)
|
—
|
|
(116
|
)
|
|||||||||
Balance, January 1, 2018
|
4,007,000
|
|
172,158,449
|
|
265,821
|
|
1,722
|
|
877,217
|
|
1,577,195
|
|
(18,517
|
)
|
(40,797
|
)
|
2,662,641
|
|
17,827
|
|
2,680,468
|
|
|||||||||
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
73,761
|
|
—
|
|
—
|
|
73,761
|
|
2,663
|
|
76,424
|
|
|||||||||
Other comprehensive income (loss), net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(28,334
|
)
|
—
|
|
(28,334
|
)
|
—
|
|
(28,334
|
)
|
|||||||||
Net investment by (distribution to) non-controlling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7,947
|
|
7,947
|
|
|||||||||
Redemption of Series B Preferred Stock
|
(4,000,000
|
)
|
—
|
|
(96,519
|
)
|
—
|
|
—
|
|
(3,481
|
)
|
—
|
|
—
|
|
(100,000
|
)
|
—
|
|
(100,000
|
)
|
|||||||||
Repurchases of 2,567,171 shares of common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(57,673
|
)
|
(57,673
|
)
|
—
|
|
(57,673
|
)
|
|||||||||
Dividends on preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,106
|
)
|
—
|
|
—
|
|
(4,106
|
)
|
—
|
|
(4,106
|
)
|
|||||||||
Dividends on common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(25,328
|
)
|
—
|
|
—
|
|
(25,328
|
)
|
—
|
|
(25,328
|
)
|
|||||||||
Common stock warrants exercised
|
|
1,196
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||||
Common shares purchased by TCF employee benefit plans
|
—
|
|
34,627
|
|
—
|
|
—
|
|
715
|
|
—
|
|
—
|
|
—
|
|
715
|
|
—
|
|
715
|
|
|||||||||
Stock compensation plans, net of tax
|
—
|
|
277,763
|
|
—
|
|
3
|
|
834
|
|
—
|
|
—
|
|
—
|
|
837
|
|
—
|
|
837
|
|
|||||||||
Change in shares held in trust for deferred compensation plans, at cost
|
—
|
|
—
|
|
—
|
|
—
|
|
(670
|
)
|
—
|
|
—
|
|
670
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Balance, March 31, 2018
|
7,000
|
|
172,472,035
|
|
$
|
169,302
|
|
$
|
1,725
|
|
$
|
878,096
|
|
$
|
1,618,041
|
|
$
|
(46,851
|
)
|
$
|
(97,800
|
)
|
$
|
2,522,513
|
|
$
|
28,437
|
|
$
|
2,550,950
|
|
|
Quarter Ended March 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
76,424
|
|
|
$
|
48,586
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||
Provision for credit losses
|
11,368
|
|
|
12,193
|
|
||
Depreciation and amortization
|
56,606
|
|
|
45,465
|
|
||
Provision for deferred income taxes
|
879
|
|
|
(12,032
|
)
|
||
Proceeds from sales of loans and leases held for sale
|
69,342
|
|
|
61,287
|
|
||
Originations of loans and leases held for sale, net of repayments
|
(73,872
|
)
|
|
(232,556
|
)
|
||
Gains on sales of assets, net
|
(10,556
|
)
|
|
(14,741
|
)
|
||
Net change in other assets and accrued expenses and other liabilities
|
(1,965
|
)
|
|
(39,398
|
)
|
||
Other, net
|
(11,313
|
)
|
|
(10,967
|
)
|
||
Net cash provided by (used in) operating activities
|
116,913
|
|
|
(142,163
|
)
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Proceeds from maturities of and principal collected on debt securities
|
32,533
|
|
|
33,361
|
|
||
Purchases of debt securities
|
(320,722
|
)
|
|
(86,841
|
)
|
||
Redemption of Federal Home Loan Bank stock
|
56,000
|
|
|
78,000
|
|
||
Purchases of Federal Home Loan Bank stock
|
(65,000
|
)
|
|
(85,000
|
)
|
||
Proceeds from sales of loans and leases
|
240,934
|
|
|
611,515
|
|
||
Loan and lease originations and purchases, net of principal collected on loans and leases
|
(234,229
|
)
|
|
(734,954
|
)
|
||
Proceeds from sales of lease equipment
|
3,670
|
|
|
2,242
|
|
||
Purchases of lease equipment
|
(254,553
|
)
|
|
(223,786
|
)
|
||
Proceeds from sales of real estate owned
|
8,203
|
|
|
15,711
|
|
||
Purchases of premises and equipment
|
(18,085
|
)
|
|
(9,597
|
)
|
||
Other, net
|
7,451
|
|
|
7,965
|
|
||
Net cash provided by (used in) investing activities
|
(543,798
|
)
|
|
(391,384
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Net change in deposits
|
357,224
|
|
|
227,133
|
|
||
Net change in short-term borrowings
|
841
|
|
|
990
|
|
||
Proceeds from long-term borrowings
|
2,355,602
|
|
|
3,610,415
|
|
||
Payments on long-term borrowings
|
(2,143,531
|
)
|
|
(3,442,038
|
)
|
||
Redemption of Series B preferred stock
|
(100,000
|
)
|
|
—
|
|
||
Repurchases of common stock
|
(54,371
|
)
|
|
—
|
|
||
Common shares sold to TCF employee benefit plans
|
715
|
|
|
6,446
|
|
||
Dividends paid on preferred stock
|
(4,106
|
)
|
|
(4,847
|
)
|
||
Dividends paid on common stock
|
(25,328
|
)
|
|
(12,595
|
)
|
||
Exercise of stock options
|
(997
|
)
|
|
(57
|
)
|
||
Net investment by (distribution to) non-controlling interest
|
7,947
|
|
|
7,081
|
|
||
Net cash provided by (used in) financing activities
|
393,996
|
|
|
392,528
|
|
||
Net change in cash and due from banks
|
(32,889
|
)
|
|
(141,019
|
)
|
||
Cash and due from banks at beginning of period
|
621,782
|
|
|
609,603
|
|
||
Cash and due from banks at end of period
|
$
|
588,893
|
|
|
$
|
468,584
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||
Cash paid (received) for:
|
|
|
|
|
|
||
Interest on deposits and borrowings
|
$
|
29,857
|
|
|
$
|
18,726
|
|
Income taxes, net
|
(28,064
|
)
|
|
18,835
|
|
||
Transfer of loans and leases to other assets
|
26,044
|
|
|
22,182
|
|
||
Transfer of loans and leases from held for investment to held for sale, net
|
150,357
|
|
|
778,432
|
|
|
At March 31, 2018
|
|
At December 31, 2017
|
||||||||||||||||||||||||||||
(In thousands)
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||||||||||
Debt securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
1,171,513
|
|
|
$
|
553
|
|
|
$
|
30,414
|
|
|
$
|
1,141,652
|
|
|
$
|
908,189
|
|
|
$
|
308
|
|
|
$
|
13,812
|
|
|
$
|
894,685
|
|
Other
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||||
Obligations of states and political subdivisions
|
830,296
|
|
|
342
|
|
|
18,049
|
|
|
812,589
|
|
|
810,159
|
|
|
7,967
|
|
|
3,799
|
|
|
814,327
|
|
||||||||
Total debt securities available for sale
|
$
|
2,001,814
|
|
|
$
|
895
|
|
|
$
|
48,463
|
|
|
$
|
1,954,246
|
|
|
$
|
1,718,354
|
|
|
$
|
8,275
|
|
|
$
|
17,611
|
|
|
$
|
1,709,018
|
|
Debt securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
155,299
|
|
|
$
|
1,408
|
|
|
$
|
1,011
|
|
|
$
|
155,696
|
|
|
$
|
158,776
|
|
|
$
|
4,462
|
|
|
$
|
412
|
|
|
$
|
162,826
|
|
Other securities
|
2,800
|
|
|
—
|
|
|
—
|
|
|
2,800
|
|
|
2,800
|
|
|
—
|
|
|
—
|
|
|
2,800
|
|
||||||||
Total debt securities held to maturity
|
$
|
158,099
|
|
|
$
|
1,408
|
|
|
$
|
1,011
|
|
|
$
|
158,496
|
|
|
$
|
161,576
|
|
|
$
|
4,462
|
|
|
$
|
412
|
|
|
$
|
165,626
|
|
|
At March 31, 2018
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
(In thousands)
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||
Debt securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
565,752
|
|
|
$
|
12,193
|
|
|
$
|
406,236
|
|
|
$
|
18,221
|
|
|
$
|
971,988
|
|
|
$
|
30,414
|
|
Obligations of states and political subdivisions
|
528,645
|
|
|
9,266
|
|
|
200,911
|
|
|
8,783
|
|
|
729,556
|
|
|
18,049
|
|
||||||
Total debt securities available for sale
|
$
|
1,094,397
|
|
|
$
|
21,459
|
|
|
$
|
607,147
|
|
|
$
|
27,004
|
|
|
$
|
1,701,544
|
|
|
$
|
48,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
24,530
|
|
|
$
|
489
|
|
|
$
|
11,576
|
|
|
$
|
522
|
|
|
$
|
36,106
|
|
|
$
|
1,011
|
|
Total debt securities held to maturity
|
$
|
24,530
|
|
|
$
|
489
|
|
|
$
|
11,576
|
|
|
$
|
522
|
|
|
$
|
36,106
|
|
|
$
|
1,011
|
|
|
At December 31, 2017
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
(In thousands)
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||
Debt securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
406,298
|
|
|
$
|
2,686
|
|
|
$
|
428,585
|
|
|
$
|
11,126
|
|
|
$
|
834,883
|
|
|
$
|
13,812
|
|
Obligations of states and political subdivisions
|
103,759
|
|
|
486
|
|
|
207,516
|
|
|
3,313
|
|
|
311,275
|
|
|
3,799
|
|
||||||
Total debt securities available for sale
|
$
|
510,057
|
|
|
$
|
3,172
|
|
|
$
|
636,101
|
|
|
$
|
14,439
|
|
|
$
|
1,146,158
|
|
|
$
|
17,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
13,309
|
|
|
$
|
132
|
|
|
$
|
11,470
|
|
|
$
|
280
|
|
|
$
|
24,779
|
|
|
$
|
412
|
|
Total debt securities held to maturity
|
$
|
13,309
|
|
|
$
|
132
|
|
|
$
|
11,470
|
|
|
$
|
280
|
|
|
$
|
24,779
|
|
|
$
|
412
|
|
|
At March 31, 2018
|
|
At December 31, 2017
|
||||||||||||
(In thousands)
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
Debt securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Due in one year or less
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
6
|
|
|
$
|
6
|
|
Due in 1-5 years
|
29,294
|
|
|
29,201
|
|
|
15,178
|
|
|
15,312
|
|
||||
Due in 5-10 years
|
558,110
|
|
|
547,706
|
|
|
514,336
|
|
|
517,867
|
|
||||
Due after 10 years
|
1,414,405
|
|
|
1,377,334
|
|
|
1,188,834
|
|
|
1,175,833
|
|
||||
Total debt securities available for sale
|
$
|
2,001,814
|
|
|
$
|
1,954,246
|
|
|
$
|
1,718,354
|
|
|
$
|
1,709,018
|
|
|
|
|
|
|
|
|
|
||||||||
Debt securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Due in one year or less
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
Due in 1-5 years
|
1,400
|
|
|
1,400
|
|
|
1,400
|
|
|
1,400
|
|
||||
Due in 5-10 years
|
418
|
|
|
421
|
|
|
400
|
|
|
400
|
|
||||
Due after 10 years
|
155,281
|
|
|
155,675
|
|
|
158,776
|
|
|
162,826
|
|
||||
Total debt securities held to maturity
|
$
|
158,099
|
|
|
$
|
158,496
|
|
|
$
|
161,576
|
|
|
$
|
165,626
|
|
|
Quarter Ended March 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Taxable interest income
|
$
|
5,813
|
|
|
$
|
4,654
|
|
Tax-exempt interest income
|
4,310
|
|
|
3,326
|
|
||
Total interest income
|
$
|
10,123
|
|
|
$
|
7,980
|
|
(In thousands)
|
At March 31, 2018
|
|
At December 31, 2017
|
||||
Consumer real estate:
|
|
|
|
|
|
||
First mortgage lien
|
$
|
1,878,441
|
|
|
$
|
1,959,387
|
|
Junior lien
|
2,843,221
|
|
|
2,860,309
|
|
||
Total consumer real estate
|
4,721,662
|
|
|
4,819,696
|
|
||
Commercial:
|
|
|
|
|
|
||
Commercial real estate:
|
|
|
|
|
|
||
Permanent
|
2,445,780
|
|
|
2,385,752
|
|
||
Construction and development
|
363,672
|
|
|
365,533
|
|
||
Total commercial real estate
|
2,809,452
|
|
|
2,751,285
|
|
||
Commercial business
|
868,729
|
|
|
809,908
|
|
||
Total commercial
|
3,678,181
|
|
|
3,561,193
|
|
||
Leasing and equipment finance
|
4,666,239
|
|
|
4,761,661
|
|
||
Inventory finance
|
3,457,855
|
|
|
2,739,754
|
|
||
Auto finance
|
2,839,363
|
|
|
3,199,639
|
|
||
Other
|
19,854
|
|
|
22,517
|
|
||
Total loans and leases
(1)
|
$
|
19,383,154
|
|
|
$
|
19,104,460
|
|
(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
$22.0 million
and
$33.3 million
at
March 31, 2018
and
December 31, 2017
, respectively.
|
(In thousands)
|
At March 31, 2018
|
|
At December 31, 2017
|
||||
Interest-only strips attributable to:
|
|
|
|
||||
Consumer real estate loan sales
|
$
|
18,099
|
|
|
$
|
16,440
|
|
Auto finance loan sales
|
3,752
|
|
|
4,946
|
|
||
Total interest-only strips
|
$
|
21,851
|
|
|
$
|
21,386
|
|
Contractual liabilities attributable to:
|
|
|
|
||||
Consumer real estate loan sales
|
$
|
990
|
|
|
$
|
1,234
|
|
(In thousands)
|
Consumer
Real Estate |
|
Commercial
|
|
Leasing and
Equipment Finance |
|
Inventory
Finance |
|
Auto
Finance |
|
Other
|
|
Total
|
||||||||||||||
At or For the Quarter Ended March 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance, beginning of period
|
$
|
47,168
|
|
|
$
|
37,195
|
|
|
$
|
22,528
|
|
|
$
|
13,233
|
|
|
$
|
50,225
|
|
|
$
|
692
|
|
|
$
|
171,041
|
|
Charge-offs
|
(2,154
|
)
|
|
—
|
|
|
(1,956
|
)
|
|
(549
|
)
|
|
(13,441
|
)
|
|
(1,765
|
)
|
|
(19,865
|
)
|
|||||||
Recoveries
|
1,037
|
|
|
14
|
|
|
616
|
|
|
140
|
|
|
2,785
|
|
|
1,122
|
|
|
5,714
|
|
|||||||
Net (charge-offs) recoveries
|
(1,117
|
)
|
|
14
|
|
|
(1,340
|
)
|
|
(409
|
)
|
|
(10,656
|
)
|
|
(643
|
)
|
|
(14,151
|
)
|
|||||||
Provision for credit losses
|
2,104
|
|
|
(11
|
)
|
|
1,996
|
|
|
512
|
|
|
6,253
|
|
|
514
|
|
|
11,368
|
|
|||||||
Other
|
(470
|
)
|
|
—
|
|
|
(2
|
)
|
|
(83
|
)
|
|
—
|
|
|
—
|
|
|
(555
|
)
|
|||||||
Balance, end of period
|
$
|
47,685
|
|
|
$
|
37,198
|
|
|
$
|
23,182
|
|
|
$
|
13,253
|
|
|
$
|
45,822
|
|
|
$
|
563
|
|
|
$
|
167,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
At or For the Quarter Ended March 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance, beginning of period
|
$
|
59,448
|
|
|
$
|
32,695
|
|
|
$
|
21,350
|
|
|
$
|
13,932
|
|
|
$
|
32,310
|
|
|
$
|
534
|
|
|
$
|
160,269
|
|
Charge-offs
|
(3,452
|
)
|
|
(2,732
|
)
|
|
(2,046
|
)
|
|
(219
|
)
|
|
(8,813
|
)
|
|
(1,640
|
)
|
|
(18,902
|
)
|
|||||||
Recoveries
|
10,692
|
|
|
65
|
|
|
614
|
|
|
119
|
|
|
1,233
|
|
|
1,090
|
|
|
13,813
|
|
|||||||
Net (charge-offs) recoveries
|
7,240
|
|
|
(2,667
|
)
|
|
(1,432
|
)
|
|
(100
|
)
|
|
(7,580
|
)
|
|
(550
|
)
|
|
(5,089
|
)
|
|||||||
Provision for credit losses
|
(8,137
|
)
|
|
3,669
|
|
|
1,386
|
|
|
1,965
|
|
|
12,857
|
|
|
453
|
|
|
12,193
|
|
|||||||
Other
|
(4,700
|
)
|
|
—
|
|
|
(47
|
)
|
|
19
|
|
|
(2,479
|
)
|
|
—
|
|
|
(7,207
|
)
|
|||||||
Balance, end of period
|
$
|
53,851
|
|
|
$
|
33,697
|
|
|
$
|
21,257
|
|
|
$
|
15,816
|
|
|
$
|
35,108
|
|
|
$
|
437
|
|
|
$
|
160,166
|
|
|
At March 31, 2018
|
||||||||||||||||||||||||||
(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
|
$
|
29,591
|
|
|
$
|
35,635
|
|
|
$
|
18,975
|
|
|
$
|
13,065
|
|
|
$
|
45,613
|
|
|
$
|
562
|
|
|
$
|
143,441
|
|
Individually evaluated for impairment
|
18,094
|
|
|
1,563
|
|
|
4,207
|
|
|
188
|
|
|
209
|
|
|
1
|
|
|
24,262
|
|
|||||||
Total
|
$
|
47,685
|
|
|
$
|
37,198
|
|
|
$
|
23,182
|
|
|
$
|
13,253
|
|
|
$
|
45,822
|
|
|
$
|
563
|
|
|
$
|
167,703
|
|
Loans and leases outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Collectively evaluated for impairment
|
$
|
4,579,706
|
|
|
$
|
3,642,783
|
|
|
$
|
4,629,020
|
|
|
$
|
3,454,234
|
|
|
$
|
2,828,616
|
|
|
$
|
19,850
|
|
|
$
|
19,154,209
|
|
Individually evaluated for impairment
|
141,956
|
|
|
35,398
|
|
|
28,136
|
|
|
3,621
|
|
|
10,747
|
|
|
4
|
|
|
219,862
|
|
|||||||
Loans acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
9,083
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,083
|
|
|||||||
Total
|
$
|
4,721,662
|
|
|
$
|
3,678,181
|
|
|
$
|
4,666,239
|
|
|
$
|
3,457,855
|
|
|
$
|
2,839,363
|
|
|
$
|
19,854
|
|
|
$
|
19,383,154
|
|
|
At December 31, 2017
|
||||||||||||||||||||||||||
(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
|
$
|
28,851
|
|
|
$
|
35,635
|
|
|
$
|
19,083
|
|
|
$
|
12,945
|
|
|
$
|
49,900
|
|
|
$
|
691
|
|
|
$
|
147,105
|
|
Individually evaluated for impairment
|
18,317
|
|
|
1,560
|
|
|
3,445
|
|
|
288
|
|
|
325
|
|
|
1
|
|
|
23,936
|
|
|||||||
Total
|
$
|
47,168
|
|
|
$
|
37,195
|
|
|
$
|
22,528
|
|
|
$
|
13,233
|
|
|
$
|
50,225
|
|
|
$
|
692
|
|
|
$
|
171,041
|
|
Loans and leases outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Collectively evaluated for impairment
|
$
|
4,675,626
|
|
|
$
|
3,524,864
|
|
|
$
|
4,721,905
|
|
|
$
|
2,735,638
|
|
|
$
|
3,188,810
|
|
|
$
|
22,513
|
|
|
$
|
18,869,356
|
|
Individually evaluated for impairment
|
144,070
|
|
|
36,329
|
|
|
27,912
|
|
|
4,116
|
|
|
10,829
|
|
|
4
|
|
|
223,260
|
|
|||||||
Loans acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
11,844
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,844
|
|
|||||||
Total
|
$
|
4,819,696
|
|
|
$
|
3,561,193
|
|
|
$
|
4,761,661
|
|
|
$
|
2,739,754
|
|
|
$
|
3,199,639
|
|
|
$
|
22,517
|
|
|
$
|
19,104,460
|
|
|
At March 31, 2018
|
||||||||||||||||||||||
(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
|
$
|
1,813,418
|
|
|
$
|
3,670
|
|
|
$
|
578
|
|
|
$
|
1,817,666
|
|
|
$
|
60,775
|
|
|
$
|
1,878,441
|
|
Junior lien
|
2,818,158
|
|
|
1,601
|
|
|
—
|
|
|
2,819,759
|
|
|
23,462
|
|
|
2,843,221
|
|
||||||
Total consumer real estate
|
4,631,576
|
|
|
5,271
|
|
|
578
|
|
|
4,637,425
|
|
|
84,237
|
|
|
4,721,662
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
2,802,819
|
|
|
—
|
|
|
—
|
|
|
2,802,819
|
|
|
6,633
|
|
|
2,809,452
|
|
||||||
Commercial business
|
863,961
|
|
|
—
|
|
|
—
|
|
|
863,961
|
|
|
4,768
|
|
|
868,729
|
|
||||||
Total commercial
|
3,666,780
|
|
|
—
|
|
|
—
|
|
|
3,666,780
|
|
|
11,401
|
|
|
3,678,181
|
|
||||||
Leasing and equipment finance
|
4,632,004
|
|
|
4,600
|
|
|
584
|
|
|
4,637,188
|
|
|
19,968
|
|
|
4,657,156
|
|
||||||
Inventory finance
|
3,454,189
|
|
|
44
|
|
|
1
|
|
|
3,454,234
|
|
|
3,621
|
|
|
3,457,855
|
|
||||||
Auto finance
|
2,825,425
|
|
|
4,323
|
|
|
2,416
|
|
|
2,832,164
|
|
|
7,199
|
|
|
2,839,363
|
|
||||||
Other
|
19,804
|
|
|
17
|
|
|
31
|
|
|
19,852
|
|
|
2
|
|
|
19,854
|
|
||||||
Subtotal
|
19,229,778
|
|
|
14,255
|
|
|
3,610
|
|
|
19,247,643
|
|
|
126,428
|
|
|
19,374,071
|
|
||||||
Portfolios acquired with deteriorated credit quality
|
7,907
|
|
|
—
|
|
|
1,176
|
|
|
9,083
|
|
|
—
|
|
|
9,083
|
|
||||||
Total
|
$
|
19,237,685
|
|
|
$
|
14,255
|
|
|
$
|
4,786
|
|
|
$
|
19,256,726
|
|
|
$
|
126,428
|
|
|
$
|
19,383,154
|
|
|
At December 31, 2017
|
||||||||||||||||||||||
(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
|
$
|
1,892,771
|
|
|
$
|
4,073
|
|
|
$
|
593
|
|
|
$
|
1,897,437
|
|
|
$
|
61,950
|
|
|
$
|
1,959,387
|
|
Junior lien
|
2,837,767
|
|
|
1,268
|
|
|
—
|
|
|
2,839,035
|
|
|
21,274
|
|
|
2,860,309
|
|
||||||
Total consumer real estate
|
4,730,538
|
|
|
5,341
|
|
|
593
|
|
|
4,736,472
|
|
|
83,224
|
|
|
4,819,696
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
2,744,500
|
|
|
—
|
|
|
—
|
|
|
2,744,500
|
|
|
6,785
|
|
|
2,751,285
|
|
||||||
Commercial business
|
809,907
|
|
|
1
|
|
|
—
|
|
|
809,908
|
|
|
—
|
|
|
809,908
|
|
||||||
Total commercial
|
3,554,407
|
|
|
1
|
|
|
—
|
|
|
3,554,408
|
|
|
6,785
|
|
|
3,561,193
|
|
||||||
Leasing and equipment finance
|
4,726,339
|
|
|
4,272
|
|
|
2,117
|
|
|
4,732,728
|
|
|
17,089
|
|
|
4,749,817
|
|
||||||
Inventory finance
|
2,735,430
|
|
|
191
|
|
|
17
|
|
|
2,735,638
|
|
|
4,116
|
|
|
2,739,754
|
|
||||||
Auto finance
|
3,183,196
|
|
|
6,078
|
|
|
2,999
|
|
|
3,192,273
|
|
|
7,366
|
|
|
3,199,639
|
|
||||||
Other
|
22,506
|
|
|
3
|
|
|
6
|
|
|
22,515
|
|
|
2
|
|
|
22,517
|
|
||||||
Subtotal
|
18,952,416
|
|
|
15,886
|
|
|
5,732
|
|
|
18,974,034
|
|
|
118,582
|
|
|
19,092,616
|
|
||||||
Portfolios acquired with deteriorated credit quality
|
10,283
|
|
|
361
|
|
|
1,200
|
|
|
11,844
|
|
|
—
|
|
|
11,844
|
|
||||||
Total
|
$
|
18,962,699
|
|
|
$
|
16,247
|
|
|
$
|
6,932
|
|
|
$
|
18,985,878
|
|
|
$
|
118,582
|
|
|
$
|
19,104,460
|
|
|
Quarter Ended March 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Contractual interest due on non-accrual loans and leases
|
$
|
2,927
|
|
|
$
|
4,498
|
|
Interest income recognized on non-accrual loans and leases
|
458
|
|
|
1,056
|
|
||
Unrecognized interest income
|
$
|
2,469
|
|
|
$
|
3,442
|
|
(In thousands)
|
At March 31, 2018
|
|
At December 31, 2017
|
||||
Consumer real estate loans to customers in bankruptcy:
|
|
|
|
|
|
||
0-59 days delinquent and accruing
|
$
|
6,589
|
|
|
$
|
7,324
|
|
Non-accrual
|
11,845
|
|
|
10,552
|
|
||
Total consumer real estate loans to customers in bankruptcy
|
$
|
18,434
|
|
|
$
|
17,876
|
|
|
At March 31, 2018
|
|
At December 31, 2017
|
||||||||||||||||||||
(In thousands)
|
Accruing
TDR Loans
|
|
Non-accrual TDR Loans
|
|
Total
TDR Loans
|
|
Accruing
TDR Loans
|
|
Non-accrual TDR Loans
|
|
Total
TDR Loans
|
||||||||||||
Consumer real estate
|
$
|
87,314
|
|
|
$
|
33,531
|
|
|
$
|
120,845
|
|
|
$
|
88,092
|
|
|
$
|
34,282
|
|
|
$
|
122,374
|
|
Commercial
|
6,843
|
|
|
4,807
|
|
|
11,650
|
|
|
12,249
|
|
|
83
|
|
|
12,332
|
|
||||||
Leasing and equipment finance
|
7,365
|
|
|
1,691
|
|
|
9,056
|
|
|
10,263
|
|
|
1,413
|
|
|
11,676
|
|
||||||
Inventory finance
|
—
|
|
|
371
|
|
|
371
|
|
|
—
|
|
|
476
|
|
|
476
|
|
||||||
Auto finance
|
3,549
|
|
|
5,296
|
|
|
8,845
|
|
|
3,464
|
|
|
5,351
|
|
|
8,815
|
|
||||||
Other
|
3
|
|
|
1
|
|
|
4
|
|
|
3
|
|
|
1
|
|
|
4
|
|
||||||
Total
|
$
|
105,074
|
|
|
$
|
45,697
|
|
|
$
|
150,771
|
|
|
$
|
114,071
|
|
|
$
|
41,606
|
|
|
$
|
155,677
|
|
|
Quarter Ended March 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Defaulted TDR loan balances modified during the applicable period:
(1)
|
|
|
|
||||
Consumer real estate:
|
|
|
|
|
|
||
First mortgage lien
|
$
|
1,480
|
|
|
$
|
368
|
|
Junior lien
|
28
|
|
|
112
|
|
||
Total consumer real estate
|
1,508
|
|
|
480
|
|
||
Commercial:
|
|
|
|
||||
Commercial real estate
|
—
|
|
|
6,681
|
|
||
Commercial business
|
4,697
|
|
|
3,353
|
|
||
Total commercial
|
4,697
|
|
|
10,034
|
|
||
Leasing and equipment finance
|
—
|
|
|
407
|
|
||
Auto finance
|
364
|
|
|
302
|
|
||
Defaulted TDR loan balances modified during the applicable period
|
$
|
6,569
|
|
|
$
|
11,223
|
|
(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 March 31, 2018
|
|
At December 31, 2017
|
||||||||||||||||||||
(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
|
$
|
90,065
|
|
|
$
|
79,687
|
|
|
$
|
13,491
|
|
|
$
|
91,624
|
|
|
$
|
80,802
|
|
|
$
|
13,792
|
|
Junior lien
|
31,763
|
|
|
29,200
|
|
|
4,086
|
|
|
32,327
|
|
|
29,544
|
|
|
4,165
|
|
||||||
Total consumer real estate
|
121,828
|
|
|
108,887
|
|
|
17,577
|
|
|
123,951
|
|
|
110,346
|
|
|
17,957
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
6,766
|
|
|
6,559
|
|
|
1,000
|
|
|
6,810
|
|
|
6,702
|
|
|
1,000
|
|
||||||
Commercial business
|
7,262
|
|
|
7,264
|
|
|
563
|
|
|
7,841
|
|
|
7,841
|
|
|
560
|
|
||||||
Total commercial
|
14,028
|
|
|
13,823
|
|
|
1,563
|
|
|
14,651
|
|
|
14,543
|
|
|
1,560
|
|
||||||
Leasing and equipment finance
|
16,548
|
|
|
16,548
|
|
|
1,897
|
|
|
17,105
|
|
|
17,105
|
|
|
1,345
|
|
||||||
Inventory finance
|
1,185
|
|
|
1,189
|
|
|
188
|
|
|
1,296
|
|
|
1,298
|
|
|
288
|
|
||||||
Auto finance
|
961
|
|
|
729
|
|
|
138
|
|
|
1,333
|
|
|
1,016
|
|
|
243
|
|
||||||
Other
|
3
|
|
|
4
|
|
|
1
|
|
|
3
|
|
|
4
|
|
|
1
|
|
||||||
Total impaired loans with an allowance recorded
|
154,553
|
|
|
141,180
|
|
|
21,364
|
|
|
158,339
|
|
|
144,312
|
|
|
21,394
|
|
||||||
Impaired loans without an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
First mortgage lien
|
12,844
|
|
|
10,397
|
|
|
—
|
|
|
12,898
|
|
|
10,445
|
|
|
—
|
|
||||||
Junior lien
|
13,777
|
|
|
1,561
|
|
|
—
|
|
|
17,697
|
|
|
1,583
|
|
|
—
|
|
||||||
Total consumer real estate
|
26,621
|
|
|
11,958
|
|
|
—
|
|
|
30,595
|
|
|
12,028
|
|
|
—
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
4,483
|
|
|
4,421
|
|
|
—
|
|
|
4,552
|
|
|
4,491
|
|
|
—
|
|
||||||
Commercial business
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total commercial
|
4,483
|
|
|
4,421
|
|
|
—
|
|
|
4,552
|
|
|
4,491
|
|
|
—
|
|
||||||
Inventory finance
|
2,426
|
|
|
2,432
|
|
|
—
|
|
|
2,810
|
|
|
2,818
|
|
|
—
|
|
||||||
Auto finance
|
11,376
|
|
|
8,116
|
|
|
—
|
|
|
10,566
|
|
|
7,799
|
|
|
—
|
|
||||||
Other
|
331
|
|
|
—
|
|
|
—
|
|
|
331
|
|
|
—
|
|
|
—
|
|
||||||
Total impaired loans without an allowance recorded
|
45,237
|
|
|
26,927
|
|
|
—
|
|
|
48,854
|
|
|
27,136
|
|
|
—
|
|
||||||
Total impaired loans
|
$
|
199,790
|
|
|
$
|
168,107
|
|
|
$
|
21,364
|
|
|
$
|
207,193
|
|
|
$
|
171,448
|
|
|
$
|
21,394
|
|
|
Quarter Ended March 31,
|
||||||||||||||
|
2018
|
|
2017
|
||||||||||||
(In thousands)
|
Average Loan Balance
|
|
Interest Income Recognized
|
|
Average Loan Balance
|
|
Interest Income Recognized
|
||||||||
Impaired loans with an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||
First mortgage lien
|
$
|
80,245
|
|
|
$
|
654
|
|
|
$
|
96,979
|
|
|
$
|
725
|
|
Junior lien
|
29,372
|
|
|
305
|
|
|
43,827
|
|
|
446
|
|
||||
Total consumer real estate
|
109,617
|
|
|
959
|
|
|
140,806
|
|
|
1,171
|
|
||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial real estate
|
6,631
|
|
|
—
|
|
|
6,733
|
|
|
16
|
|
||||
Commercial business
|
7,552
|
|
|
86
|
|
|
1,052
|
|
|
48
|
|
||||
Total commercial
|
14,183
|
|
|
86
|
|
|
7,785
|
|
|
64
|
|
||||
Leasing and equipment finance
|
16,826
|
|
|
6
|
|
|
10,620
|
|
|
3
|
|
||||
Inventory finance
|
1,243
|
|
|
23
|
|
|
4,510
|
|
|
52
|
|
||||
Auto finance
|
873
|
|
|
—
|
|
|
5,109
|
|
|
46
|
|
||||
Other
|
4
|
|
|
—
|
|
|
6
|
|
|
—
|
|
||||
Total impaired loans with an allowance recorded
|
142,746
|
|
|
1,074
|
|
|
168,836
|
|
|
1,336
|
|
||||
Impaired loans without an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||
First mortgage lien
|
10,421
|
|
|
183
|
|
|
12,342
|
|
|
318
|
|
||||
Junior lien
|
1,572
|
|
|
55
|
|
|
1,883
|
|
|
252
|
|
||||
Total consumer real estate
|
11,993
|
|
|
238
|
|
|
14,225
|
|
|
570
|
|
||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial real estate
|
4,457
|
|
|
58
|
|
|
17,936
|
|
|
174
|
|
||||
Commercial business
|
—
|
|
|
—
|
|
|
429
|
|
|
—
|
|
||||
Total commercial
|
4,457
|
|
|
58
|
|
|
18,365
|
|
|
174
|
|
||||
Inventory finance
|
2,625
|
|
|
57
|
|
|
638
|
|
|
44
|
|
||||
Auto finance
|
7,957
|
|
|
69
|
|
|
2,590
|
|
|
—
|
|
||||
Total impaired loans without an allowance recorded
|
27,032
|
|
|
422
|
|
|
35,818
|
|
|
788
|
|
||||
Total impaired loans
|
$
|
169,778
|
|
|
$
|
1,496
|
|
|
$
|
204,654
|
|
|
$
|
2,124
|
|
(In thousands)
|
At March 31, 2018
|
|
At December 31, 2017
|
||||
Other real estate owned
|
$
|
17,179
|
|
|
$
|
18,225
|
|
Repossessed and returned assets
|
13,248
|
|
|
12,630
|
|
||
Consumer real estate loans in process of foreclosure
|
21,449
|
|
|
22,622
|
|
|
|
|
At March 31, 2018
|
|
At December 31, 2017
|
||||||||||||||||
(Dollars in thousands)
|
Stated
Maturity
|
|
Amount
|
|
Stated Rate
|
|
Amount
|
|
Stated Rate
|
||||||||||||
Federal Home Loan Bank advances
|
2019
|
|
$
|
—
|
|
|
|
|
—
|
%
|
|
$
|
600,000
|
|
|
1.40
|
%
|
-
|
1.75
|
%
|
|
|
2020
|
|
1,100,000
|
|
|
1.86
|
%
|
-
|
2.25
|
|
|
275,000
|
|
|
1.76
|
|
-
|
1.78
|
|
||
Subtotal
|
|
|
1,100,000
|
|
|
|
|
|
|
875,000
|
|
|
|
|
|
||||||
Subordinated bank notes
|
2022
|
|
108,923
|
|
|
|
|
6.25
|
|
|
108,867
|
|
|
|
|
6.25
|
|
||||
|
2025
|
|
148,304
|
|
|
|
|
4.60
|
|
|
148,252
|
|
|
|
|
4.60
|
|
||||
Hedge-related basis adjustment
(1)
|
|
|
(5,808
|
)
|
|
|
|
|
|
(2,157
|
)
|
|
|
|
|
||||||
Subtotal
|
|
|
251,419
|
|
|
|
|
|
|
254,962
|
|
|
|
|
|
||||||
Discounted lease rentals
|
2018
|
|
36,140
|
|
|
2.73
|
|
-
|
7.95
|
|
|
52,347
|
|
|
2.55
|
|
-
|
7.95
|
|
||
|
2019
|
|
36,042
|
|
|
2.53
|
|
-
|
6.00
|
|
|
34,978
|
|
|
2.53
|
|
-
|
6.00
|
|
||
|
2020
|
|
20,843
|
|
|
2.64
|
|
-
|
6.50
|
|
|
19,736
|
|
|
2.64
|
|
-
|
6.50
|
|
||
|
2021
|
|
10,700
|
|
|
2.88
|
|
-
|
5.49
|
|
|
10,077
|
|
|
2.88
|
|
-
|
5.00
|
|
||
|
2022
|
|
2,829
|
|
|
3.04
|
|
-
|
5.43
|
|
|
2,349
|
|
|
3.04
|
|
-
|
5.43
|
|
||
|
2023
|
|
3
|
|
|
5.40
|
|
-
|
5.40
|
|
|
—
|
|
|
|
|
—
|
|
|||
Subtotal
|
|
|
106,557
|
|
|
|
|
|
|
119,487
|
|
|
|
|
|
||||||
Total long-term borrowings
|
|
|
$
|
1,457,976
|
|
|
|
|
|
|
$
|
1,249,449
|
|
|
|
|
|
(1)
|
Related to subordinated bank notes with a stated maturity of 2025.
|
(In thousands)
|
At March 31, 2018
|
|
At December 31, 2017
|
||||
Series B non-cumulative perpetual preferred stock
|
$
|
—
|
|
|
$
|
96,519
|
|
Series C non-cumulative perpetual preferred stock
|
169,302
|
|
|
169,302
|
|
||
Total preferred stock
|
$
|
169,302
|
|
|
$
|
265,821
|
|
(In thousands)
|
At March 31, 2018
|
|
At December 31, 2017
|
||||
Treasury stock, at cost
|
$
|
67,938
|
|
|
$
|
10,265
|
|
Shares held in trust for deferred compensation plans, at cost
|
29,862
|
|
|
30,532
|
|
||
Total
|
$
|
97,800
|
|
|
$
|
40,797
|
|
|
TCF
|
|
TCF Bank
|
|
|
|
|
||||||||||||||
|
At March 31,
|
|
At December 31,
|
|
At March 31,
|
|
At December 31,
|
|
Well-capitalized Standard
|
|
Minimum Capital Requirement
(1)
|
||||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
||||||||||||
Regulatory Capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common equity Tier 1 capital
|
$
|
2,222,390
|
|
|
$
|
2,242,410
|
|
|
$
|
2,300,115
|
|
|
$
|
2,409,027
|
|
|
|
|
|
||
Tier 1 capital
|
2,414,838
|
|
|
2,522,178
|
|
|
2,328,552
|
|
|
2,426,854
|
|
|
|
|
|
||||||
Total capital
|
2,786,637
|
|
|
2,889,323
|
|
|
2,736,257
|
|
|
2,837,374
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Regulatory Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common equity Tier 1 capital ratio
|
10.57
|
%
|
|
10.79
|
%
|
|
10.94
|
%
|
|
11.59
|
%
|
|
6.50
|
%
|
|
4.50
|
%
|
||||
Tier 1 risk-based capital ratio
|
11.49
|
|
|
12.14
|
|
|
11.08
|
|
|
11.68
|
|
|
8.00
|
|
|
6.00
|
|
||||
Total risk-based capital ratio
|
13.26
|
|
|
13.90
|
|
|
13.02
|
|
|
13.65
|
|
|
10.00
|
|
|
8.00
|
|
||||
Tier 1 leverage ratio
|
10.52
|
|
|
11.12
|
|
|
10.14
|
|
|
10.70
|
|
|
5.00
|
|
|
4.00
|
|
(1)
|
Excludes capital conservation buffer of
1.875%
and
1.25%
as of
March 31, 2018
and
December 31, 2017
.
|
|
Restricted Stock Awards
|
|
Stock Options
|
|||||||||||||
|
Shares
|
|
Weighted-
average
Grant Date
Fair Value
|
|
Shares
|
|
Weighted-
average
Remaining
Contractual
Life in Years
|
|
Weighted-
average
Exercise
Price
|
|||||||
Outstanding at December 31, 2017
|
2,639,663
|
|
|
$
|
13.65
|
|
|
366,000
|
|
|
0.06
|
|
|
$
|
15.75
|
|
Granted
|
450,795
|
|
|
22.19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
—
|
|
|
—
|
|
|
(366,000
|
)
|
|
—
|
|
|
15.75
|
|
||
Forfeited/canceled
|
(93,820
|
)
|
|
14.78
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Vested
|
(477,179
|
)
|
|
10.73
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Outstanding at March 31, 2018
|
2,519,459
|
|
|
15.69
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Exercisable at March 31, 2018
|
N.A.
|
|
|
N.A.
|
|
|
—
|
|
|
|
|
|
—
|
|
|
Pension Plan
|
||||||
|
Quarter Ended March 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Interest cost
|
$
|
246
|
|
|
$
|
285
|
|
Return on plan assets
|
(132
|
)
|
|
(142
|
)
|
||
Net periodic benefit plan (income) cost
|
$
|
114
|
|
|
$
|
143
|
|
|
Postretirement Plan
|
||||||
|
Quarter Ended March 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Interest cost
|
$
|
28
|
|
|
$
|
34
|
|
Amortization of prior service cost
|
(12
|
)
|
|
(12
|
)
|
||
Net periodic benefit plan (income) cost
|
$
|
16
|
|
|
$
|
22
|
|
|
At March 31, 2018
|
||||||||||||||
(In thousands)
|
Notional
Amount
|
|
Gross Amounts
Recognized
|
|
Gross Amounts
Offset
|
|
Net Amount
Presented
|
||||||||
Derivative Assets:
|
|
|
|
|
|
|
|
||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate contract
|
$
|
150,000
|
|
|
$
|
311
|
|
|
$
|
(311
|
)
|
|
$
|
—
|
|
Total derivative assets designated as hedging instruments
|
|
|
311
|
|
|
(311
|
)
|
|
—
|
|
|||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts
|
85,305
|
|
|
218
|
|
|
(218
|
)
|
|
—
|
|
||||
Interest rate contracts
|
101,172
|
|
|
704
|
|
|
(176
|
)
|
|
528
|
|
||||
Interest rate lock commitments
|
37,820
|
|
|
558
|
|
|
—
|
|
|
558
|
|
||||
Total derivative assets not designated as hedging instruments
|
|
|
1,480
|
|
|
(394
|
)
|
|
1,086
|
|
|||||
Total derivative assets
|
|
|
|
$
|
1,791
|
|
|
$
|
(705
|
)
|
|
$
|
1,086
|
|
|
Derivative Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts
|
$
|
78,248
|
|
|
$
|
291
|
|
|
$
|
(94
|
)
|
|
$
|
197
|
|
Total derivative liabilities designated as hedging instruments
|
|
|
291
|
|
|
(94
|
)
|
|
197
|
|
|||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts
|
241,103
|
|
|
2,214
|
|
|
(2,077
|
)
|
|
137
|
|
||||
Interest rate contracts
|
576,844
|
|
|
4,799
|
|
|
(388
|
)
|
|
4,411
|
|
||||
Other contracts
|
13,804
|
|
|
538
|
|
|
(538
|
)
|
|
—
|
|
||||
Total derivative liabilities not designated as hedging instruments
|
|
|
7,551
|
|
|
(3,003
|
)
|
|
4,548
|
|
|||||
Total derivative liabilities
|
|
|
|
$
|
7,842
|
|
|
$
|
(3,097
|
)
|
|
$
|
4,745
|
|
|
At December 31, 2017
|
||||||||||||||
(In thousands)
|
Notional
Amount |
|
Gross Amounts
Recognized |
|
Gross Amounts
Offset |
|
Net Amount
Presented |
||||||||
Derivative Assets:
|
|
|
|
|
|
|
|
||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate contract
|
$
|
150,000
|
|
|
$
|
405
|
|
|
$
|
(405
|
)
|
|
$
|
—
|
|
Total derivative assets designated as hedging instruments
|
|
|
405
|
|
|
(405
|
)
|
|
—
|
|
|||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
169,377
|
|
|
1,392
|
|
|
(52
|
)
|
|
1,340
|
|
||||
Interest rate lock commitments
|
17,974
|
|
|
223
|
|
|
—
|
|
|
223
|
|
||||
Total derivative assets not designated as hedging instruments
|
|
|
1,615
|
|
|
(52
|
)
|
|
1,563
|
|
|||||
Total derivative assets
|
|
|
|
$
|
2,020
|
|
|
$
|
(457
|
)
|
|
$
|
1,563
|
|
|
Derivative Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts
|
$
|
77,879
|
|
|
$
|
1,744
|
|
|
$
|
(1,744
|
)
|
|
$
|
—
|
|
Total derivative liabilities designated as hedging instruments
|
|
|
1,744
|
|
|
(1,744
|
)
|
|
—
|
|
|||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts
|
330,928
|
|
|
4,619
|
|
|
(4,282
|
)
|
|
337
|
|
||||
Interest rate contracts
|
423,006
|
|
|
1,688
|
|
|
(457
|
)
|
|
1,231
|
|
||||
Other contracts
|
13,804
|
|
|
615
|
|
|
(615
|
)
|
|
—
|
|
||||
Interest rate lock commitments
|
41
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total derivative liabilities not designated as hedging instruments
|
|
|
6,922
|
|
|
(5,354
|
)
|
|
1,568
|
|
|||||
Total derivative liabilities
|
|
|
|
$
|
8,666
|
|
|
$
|
(7,098
|
)
|
|
$
|
1,568
|
|
|
|
Quarter Ended March 31,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Total amount presented in the Consolidated Statements of Income in which the effects of the fair value hedge are recorded:
|
|
|
|
|
||||
Interest expense - borrowings
|
|
$
|
9,553
|
|
|
$
|
—
|
|
Other non-interest income
|
|
—
|
|
|
2,703
|
|
||
Effect of fair value hedge:
|
|
Income (expense)
|
||||||
Hedged item
|
|
$
|
3,806
|
|
|
$
|
513
|
|
Derivative designated as a hedging instrument
|
|
(3,858
|
)
|
|
(501
|
)
|
|
|
Quarter Ended March 31,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Forward foreign exchange contracts
|
|
$
|
2,137
|
|
|
$
|
(504
|
)
|
|
|
Quarter Ended March 31,
|
||||||
(In thousands)
|
Location of Gain (Loss)
|
2018
|
|
2017
|
||||
Forward foreign exchange contracts
|
Other non-interest expense
|
$
|
8,944
|
|
|
$
|
(3,259
|
)
|
Interest rate lock commitments
|
Gains on sales of consumer real estate
loans, net |
624
|
|
|
167
|
|
||
Interest rate contracts
|
Other non-interest income
|
99
|
|
|
(9
|
)
|
||
Net gain (loss) recognized
|
|
$
|
9,667
|
|
|
$
|
(3,101
|
)
|
|
Fair Value Measurements at March 31, 2018
|
||||||||||||||
(In thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Recurring Fair Value Measurements through Net Income:
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Loans held for sale
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,058
|
|
|
$
|
9,058
|
|
Forward foreign exchange contracts
(1)
|
—
|
|
|
218
|
|
|
—
|
|
|
218
|
|
||||
Interest rate contracts
(1)
|
—
|
|
|
1,015
|
|
|
—
|
|
|
1,015
|
|
||||
Interest rate lock commitments
(1)
|
—
|
|
|
—
|
|
|
558
|
|
|
558
|
|
||||
Forward loan sales commitments
|
—
|
|
|
—
|
|
|
182
|
|
|
182
|
|
||||
Assets held in trust for deferred compensation plans
|
29,952
|
|
|
—
|
|
|
—
|
|
|
29,952
|
|
||||
Total assets
|
$
|
29,952
|
|
|
$
|
1,233
|
|
|
$
|
9,798
|
|
|
$
|
40,983
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts
(1)
|
$
|
—
|
|
|
$
|
2,214
|
|
|
$
|
—
|
|
|
$
|
2,214
|
|
Interest rate contracts
(1)
|
—
|
|
|
4,799
|
|
|
—
|
|
|
4,799
|
|
||||
Other contracts
(1)
|
—
|
|
|
—
|
|
|
538
|
|
|
538
|
|
||||
Forward loan sales commitments
|
—
|
|
|
—
|
|
|
38
|
|
|
38
|
|
||||
Liabilities held in trust for deferred compensation plans
|
29,952
|
|
|
—
|
|
|
—
|
|
|
29,952
|
|
||||
Total liabilities
|
$
|
29,952
|
|
|
$
|
7,013
|
|
|
$
|
576
|
|
|
$
|
37,541
|
|
Recurring Fair Value Measurements through Other Comprehensive Income:
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Debt securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
—
|
|
|
$
|
1,141,652
|
|
|
$
|
—
|
|
|
$
|
1,141,652
|
|
Other
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
||||
Obligations of states and political subdivisions
|
—
|
|
|
812,589
|
|
|
—
|
|
|
812,589
|
|
||||
Interest-only strips
|
—
|
|
|
—
|
|
|
21,851
|
|
|
21,851
|
|
||||
Total assets
|
$
|
—
|
|
|
$
|
1,954,241
|
|
|
$
|
21,856
|
|
|
$
|
1,976,097
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts
(1)
|
$
|
—
|
|
|
$
|
291
|
|
|
$
|
—
|
|
|
$
|
291
|
|
Total liabilities
|
$
|
—
|
|
|
$
|
291
|
|
|
$
|
—
|
|
|
$
|
291
|
|
Non-recurring Fair Value Measurements:
|
|
|
|
|
|
|
|
||||||||
Loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
76,424
|
|
|
$
|
76,424
|
|
Other real estate owned:
|
|
|
|
|
|
|
|
|
|
|
|||||
Consumer
|
—
|
|
|
—
|
|
|
13,002
|
|
|
13,002
|
|
||||
Commercial
|
—
|
|
|
—
|
|
|
85
|
|
|
85
|
|
||||
Repossessed and returned assets
|
—
|
|
|
4,505
|
|
|
3,579
|
|
|
8,084
|
|
||||
Total non-recurring fair value measurements
|
$
|
—
|
|
|
$
|
4,505
|
|
|
$
|
93,090
|
|
|
$
|
97,595
|
|
(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, 2017
|
||||||||||||||
(In thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Recurring Fair Value Measurements through Net Income:
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Loans held for sale
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,356
|
|
|
$
|
3,356
|
|
Interest rate contracts
(1)
|
—
|
|
|
1,797
|
|
|
—
|
|
|
1,797
|
|
||||
Interest rate lock commitments
(1)
|
—
|
|
|
—
|
|
|
223
|
|
|
223
|
|
||||
Forward loan sales commitments
|
—
|
|
|
—
|
|
|
68
|
|
|
68
|
|
||||
Assets held in trust for deferred compensation plans
|
29,962
|
|
|
—
|
|
|
—
|
|
|
29,962
|
|
||||
Total assets
|
$
|
29,962
|
|
|
$
|
1,797
|
|
|
$
|
3,647
|
|
|
$
|
35,406
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts
(1)
|
$
|
—
|
|
|
$
|
4,619
|
|
|
$
|
—
|
|
|
$
|
4,619
|
|
Interest rate contracts
(1)
|
—
|
|
|
1,688
|
|
|
—
|
|
|
1,688
|
|
||||
Other contracts
(1)
|
—
|
|
|
—
|
|
|
615
|
|
|
615
|
|
||||
Forward loan sales commitments
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
||||
Liabilities held in trust for deferred compensation plans
|
29,962
|
|
|
—
|
|
|
—
|
|
|
29,962
|
|
||||
Total liabilities
|
$
|
29,962
|
|
|
$
|
6,307
|
|
|
$
|
620
|
|
|
$
|
36,889
|
|
Recurring Fair Value Measurements through Other Comprehensive Income:
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Debt securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
—
|
|
|
$
|
894,685
|
|
|
$
|
—
|
|
|
$
|
894,685
|
|
Other
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
||||
Obligations of states and political subdivisions
|
—
|
|
|
814,327
|
|
|
—
|
|
|
814,327
|
|
||||
Interest-only strips
|
—
|
|
|
—
|
|
|
21,386
|
|
|
21,386
|
|
||||
Total assets
|
$
|
—
|
|
|
$
|
1,709,012
|
|
|
$
|
21,392
|
|
|
$
|
1,730,404
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts
(1)
|
$
|
—
|
|
|
$
|
1,744
|
|
|
$
|
—
|
|
|
$
|
1,744
|
|
Total liabilities
|
$
|
—
|
|
|
$
|
1,744
|
|
|
$
|
—
|
|
|
$
|
1,744
|
|
Non-recurring Fair Value Measurements:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
72,287
|
|
|
$
|
72,287
|
|
Other real estate owned:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consumer
|
—
|
|
|
—
|
|
|
13,951
|
|
|
13,951
|
|
||||
Commercial
|
—
|
|
|
—
|
|
|
85
|
|
|
85
|
|
||||
Repossessed and returned assets
|
—
|
|
|
3,669
|
|
|
4,388
|
|
|
8,057
|
|
||||
Total non-recurring fair value measurements
|
$
|
—
|
|
|
$
|
3,669
|
|
|
$
|
90,711
|
|
|
$
|
94,380
|
|
(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)
|
Debt Securities
Available for Sale |
|
Loans
Held for Sale |
|
Interest-only Strips
|
|
Interest
Rate Lock Commitments |
|
Forward
Loan Sales Commitments |
|
Other Contracts
|
||||||||||||
At or For the Quarter Ended March 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset (liability) balance, beginning of period
|
$
|
6
|
|
|
$
|
3,356
|
|
|
$
|
21,386
|
|
|
$
|
223
|
|
|
$
|
63
|
|
|
$
|
(615
|
)
|
Total net gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
97
|
|
|
331
|
|
|
335
|
|
|
81
|
|
|
—
|
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
777
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sales
|
—
|
|
|
(59,747
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Originations
|
—
|
|
|
65,355
|
|
|
3,299
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal paydowns / settlements
|
(1
|
)
|
|
(3
|
)
|
|
(3,942
|
)
|
|
—
|
|
|
—
|
|
|
77
|
|
||||||
Asset (liability) balance, end of period
|
$
|
5
|
|
|
$
|
9,058
|
|
|
$
|
21,851
|
|
|
$
|
558
|
|
|
$
|
144
|
|
|
$
|
(538
|
)
|
At or For the Quarter Ended March 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset (liability) balance, beginning of period
|
$
|
18
|
|
|
$
|
6,498
|
|
|
$
|
40,152
|
|
|
$
|
297
|
|
|
$
|
361
|
|
|
$
|
(619
|
)
|
Total net gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
104
|
|
|
1,113
|
|
|
167
|
|
|
(453
|
)
|
|
—
|
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
(328
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sales
|
—
|
|
|
(46,714
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Originations
|
—
|
|
|
43,479
|
|
|
1,347
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal paydowns / settlements
|
(4
|
)
|
|
(5
|
)
|
|
(6,501
|
)
|
|
—
|
|
|
—
|
|
|
78
|
|
||||||
Asset (liability) balance, end of period
|
$
|
14
|
|
|
$
|
3,362
|
|
|
$
|
35,783
|
|
|
$
|
464
|
|
|
$
|
(92
|
)
|
|
$
|
(541
|
)
|
(In thousands)
|
At March 31, 2018
|
|
At December 31, 2017
|
||||
Fair value carrying amount
|
$
|
9,058
|
|
|
$
|
3,356
|
|
Aggregate unpaid principal amount
|
8,911
|
|
|
3,268
|
|
||
Fair value carrying amount less aggregate unpaid principal
|
$
|
147
|
|
|
$
|
88
|
|
|
Carrying
Amount
|
|
Estimated Fair Value at March 31, 2018
|
||||||||||||||||
(In thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
Financial instrument assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investments
|
$
|
91,661
|
|
|
$
|
—
|
|
|
$
|
91,661
|
|
|
$
|
—
|
|
|
$
|
91,661
|
|
Debt securities held to maturity
|
158,099
|
|
|
—
|
|
|
155,696
|
|
|
2,800
|
|
|
158,496
|
|
|||||
Loans held for sale
|
50,075
|
|
|
—
|
|
|
—
|
|
|
51,654
|
|
|
51,654
|
|
|||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer real estate
|
4,721,662
|
|
|
—
|
|
|
—
|
|
|
4,791,418
|
|
|
4,791,418
|
|
|||||
Commercial real estate
|
2,809,452
|
|
|
—
|
|
|
—
|
|
|
2,757,467
|
|
|
2,757,467
|
|
|||||
Commercial business
|
868,729
|
|
|
—
|
|
|
—
|
|
|
843,412
|
|
|
843,412
|
|
|||||
Equipment finance
|
2,220,591
|
|
|
—
|
|
|
—
|
|
|
2,174,558
|
|
|
2,174,558
|
|
|||||
Inventory finance
|
3,457,855
|
|
|
—
|
|
|
—
|
|
|
3,441,004
|
|
|
3,441,004
|
|
|||||
Auto finance
|
2,839,363
|
|
|
—
|
|
|
—
|
|
|
2,813,761
|
|
|
2,813,761
|
|
|||||
Other
|
19,854
|
|
|
—
|
|
|
—
|
|
|
18,517
|
|
|
18,517
|
|
|||||
Allowance for loan losses
(1)
|
(167,703
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Securitization receivable
(2)
|
19,242
|
|
|
—
|
|
|
—
|
|
|
18,702
|
|
|
18,702
|
|
|||||
Total financial instrument assets
|
$
|
17,088,880
|
|
|
$
|
—
|
|
|
$
|
247,357
|
|
|
$
|
16,913,293
|
|
|
$
|
17,160,650
|
|
Financial instrument liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deposits
|
$
|
18,697,672
|
|
|
$
|
13,702,036
|
|
|
$
|
5,031,743
|
|
|
$
|
—
|
|
|
$
|
18,733,779
|
|
Long-term borrowings
|
1,457,976
|
|
|
—
|
|
|
1,461,557
|
|
|
—
|
|
|
1,461,557
|
|
|||||
Total financial instrument liabilities
|
$
|
20,155,648
|
|
|
$
|
13,702,036
|
|
|
$
|
6,493,300
|
|
|
$
|
—
|
|
|
$
|
20,195,336
|
|
Financial instruments with off-balance sheet risk:
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commitments to extend credit
|
$
|
19,081
|
|
|
$
|
—
|
|
|
$
|
19,081
|
|
|
$
|
—
|
|
|
$
|
19,081
|
|
Standby letters of credit
|
(64
|
)
|
|
—
|
|
|
(64
|
)
|
|
—
|
|
|
(64
|
)
|
|||||
Total financial instruments with off-balance sheet risk
|
$
|
19,017
|
|
|
$
|
—
|
|
|
$
|
19,017
|
|
|
$
|
—
|
|
|
$
|
19,017
|
|
(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, 2017
|
||||||||||||||||
(In thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
Financial instrument assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investments
|
$
|
82,644
|
|
|
$
|
—
|
|
|
$
|
82,644
|
|
|
$
|
—
|
|
|
$
|
82,644
|
|
Debt securities held to maturity
|
161,576
|
|
|
—
|
|
|
162,826
|
|
|
2,800
|
|
|
165,626
|
|
|||||
Loans held for sale
|
134,752
|
|
|
—
|
|
|
—
|
|
|
139,458
|
|
|
139,458
|
|
|||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer real estate
|
4,819,696
|
|
|
—
|
|
|
—
|
|
|
4,916,475
|
|
|
4,916,475
|
|
|||||
Commercial real estate
|
2,751,285
|
|
|
—
|
|
|
—
|
|
|
2,710,237
|
|
|
2,710,237
|
|
|||||
Commercial business
|
809,908
|
|
|
—
|
|
|
—
|
|
|
776,989
|
|
|
776,989
|
|
|||||
Equipment finance
|
2,300,479
|
|
|
—
|
|
|
—
|
|
|
2,260,692
|
|
|
2,260,692
|
|
|||||
Inventory finance
|
2,739,754
|
|
|
—
|
|
|
—
|
|
|
2,723,045
|
|
|
2,723,045
|
|
|||||
Auto finance
|
3,199,639
|
|
|
—
|
|
|
—
|
|
|
3,197,794
|
|
|
3,197,794
|
|
|||||
Other
|
22,517
|
|
|
—
|
|
|
—
|
|
|
21,129
|
|
|
21,129
|
|
|||||
Allowance for loan losses
(1)
|
(171,041
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Securitization receivable
(2)
|
19,179
|
|
|
—
|
|
|
—
|
|
|
18,595
|
|
|
18,595
|
|
|||||
Total financial instrument assets
|
$
|
16,870,388
|
|
|
$
|
—
|
|
|
$
|
245,470
|
|
|
$
|
16,767,214
|
|
|
$
|
17,012,684
|
|
Financial instrument liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits
|
$
|
18,335,002
|
|
|
$
|
13,352,731
|
|
|
$
|
5,023,526
|
|
|
$
|
—
|
|
|
$
|
18,376,257
|
|
Long-term borrowings
|
1,249,449
|
|
|
—
|
|
|
1,255,333
|
|
|
—
|
|
|
1,255,333
|
|
|||||
Total financial instrument liabilities
|
$
|
19,584,451
|
|
|
$
|
13,352,731
|
|
|
$
|
6,278,859
|
|
|
$
|
—
|
|
|
$
|
19,631,590
|
|
Financial instruments with off-balance sheet risk:
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commitments to extend credit
|
$
|
19,423
|
|
|
$
|
—
|
|
|
$
|
19,423
|
|
|
$
|
—
|
|
|
$
|
19,423
|
|
Standby letters of credit
|
(83
|
)
|
|
—
|
|
|
(83
|
)
|
|
—
|
|
|
(83
|
)
|
|||||
Total financial instruments with off-balance sheet risk
|
$
|
19,340
|
|
|
$
|
—
|
|
|
$
|
19,340
|
|
|
$
|
—
|
|
|
$
|
19,340
|
|
(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.
|
|
Quarter Ended March 31,
|
||||||
(Dollars in thousands, except per share data)
|
2018
|
|
2017
|
||||
Basic Earnings Per Common Share:
|
|
|
|
|
|
||
Net income attributable to TCF Financial Corporation
|
$
|
73,761
|
|
|
$
|
46,278
|
|
Preferred stock dividends
|
4,106
|
|
|
4,847
|
|
||
Impact of preferred stock redemption
(1)
|
3,481
|
|
|
—
|
|
||
Net income available to common stockholders
|
66,174
|
|
|
41,431
|
|
||
Less: Earnings allocated to participating securities
|
9
|
|
|
8
|
|
||
Earnings allocated to common stock
|
$
|
66,165
|
|
|
$
|
41,423
|
|
Weighted-average common shares outstanding for basic earnings per common share
|
168,507,448
|
|
|
167,902,615
|
|
||
Basic earnings per common share
|
$
|
0.39
|
|
|
$
|
0.25
|
|
|
|
|
|
||||
Diluted Earnings Per Common Share:
|
|
|
|
|
|
||
Earnings allocated to common stock
|
$
|
66,165
|
|
|
$
|
41,423
|
|
Weighted-average common shares outstanding used in basic earnings per common share calculation
|
168,507,448
|
|
|
167,902,615
|
|
||
Net dilutive effect of:
|
|
|
|
|
|
||
Non-participating restricted stock
|
721,353
|
|
|
436,442
|
|
||
Stock options
|
8,278
|
|
|
41,626
|
|
||
Warrants
|
760,067
|
|
|
149,051
|
|
||
Weighted-average common shares outstanding for diluted earnings per common share
|
169,997,146
|
|
|
168,529,734
|
|
||
Diluted earnings per common share
|
$
|
0.39
|
|
|
$
|
0.25
|
|
(1)
|
Represents the amount of deferred stock issuance costs originally recorded in preferred stock upon the issuance of the Series B Preferred Stock that were reclassified to retained earnings on March 1, 2018, as the Company redeemed all outstanding Series B Preferred Stock.
|
|
Quarter Ended March 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Advertising and marketing
|
$
|
7,297
|
|
|
$
|
6,406
|
|
Professional fees
|
5,321
|
|
|
7,193
|
|
||
Outside processing
|
5,236
|
|
|
4,481
|
|
||
Card processing and issuance costs
|
4,457
|
|
|
4,109
|
|
||
FDIC insurance
|
4,070
|
|
|
3,959
|
|
||
Loan and lease processing
|
3,587
|
|
|
6,181
|
|
||
Severance
|
2,091
|
|
|
6,633
|
|
||
Other
|
26,760
|
|
|
25,254
|
|
||
Total other non-interest expense
|
$
|
58,819
|
|
|
$
|
64,216
|
|
(In thousands)
|
Consumer Banking
|
|
Wholesale Banking
|
|
Enterprise Services
|
|
Consolidated
|
||||||||
At or For the Quarter Ended March 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income:
|
|
|
|
|
|
|
|
||||||||
Loans and leases
|
$
|
109,760
|
|
|
$
|
151,525
|
|
|
$
|
(910
|
)
|
|
$
|
260,375
|
|
Debt securities available for sale
|
—
|
|
|
—
|
|
|
10,123
|
|
|
10,123
|
|
||||
Debt securities held to maturity
|
—
|
|
|
23
|
|
|
996
|
|
|
1,019
|
|
||||
Loans held for sale and other
|
2,057
|
|
|
21
|
|
|
1,667
|
|
|
3,745
|
|
||||
Funds transfer pricing - credits
|
96,582
|
|
|
7,748
|
|
|
(104,330
|
)
|
|
—
|
|
||||
Total interest income
|
208,399
|
|
|
159,317
|
|
|
(92,454
|
)
|
|
275,262
|
|
||||
Interest expense:
|
|
|
|
|
|
|
|
||||||||
Deposits
|
17,855
|
|
|
1,434
|
|
|
3,221
|
|
|
22,510
|
|
||||
Borrowings
|
12,407
|
|
|
17,398
|
|
|
(20,252
|
)
|
|
9,553
|
|
||||
Funds transfer pricing - charges
|
38,229
|
|
|
44,885
|
|
|
(83,114
|
)
|
|
—
|
|
||||
Total interest expense
|
68,491
|
|
|
63,717
|
|
|
(100,145
|
)
|
|
32,063
|
|
||||
Net interest income
|
139,908
|
|
|
95,600
|
|
|
7,691
|
|
|
243,199
|
|
||||
Provision for credit losses
|
8,889
|
|
|
2,479
|
|
|
—
|
|
|
11,368
|
|
||||
Net interest income after provision for credit losses
|
131,019
|
|
|
93,121
|
|
|
7,691
|
|
|
231,831
|
|
||||
Non-interest income:
|
|
|
|
|
|
|
|
||||||||
Fees and service charges
|
28,597
|
|
|
2,154
|
|
|
—
|
|
|
30,751
|
|
||||
Card revenue
|
13,750
|
|
|
9
|
|
|
—
|
|
|
13,759
|
|
||||
ATM revenue
|
4,649
|
|
|
1
|
|
|
—
|
|
|
4,650
|
|
||||
Subtotal
|
46,996
|
|
|
2,164
|
|
|
—
|
|
|
49,160
|
|
||||
Gains on sales of consumer real estate loans, net
|
9,123
|
|
|
—
|
|
|
—
|
|
|
9,123
|
|
||||
Servicing fee income
|
7,926
|
|
|
369
|
|
|
—
|
|
|
8,295
|
|
||||
Subtotal
|
17,049
|
|
|
369
|
|
|
—
|
|
|
17,418
|
|
||||
Leasing and equipment finance
|
—
|
|
|
41,847
|
|
|
—
|
|
|
41,847
|
|
||||
Other
|
3,065
|
|
|
607
|
|
|
44
|
|
|
3,716
|
|
||||
Fees and other revenue
|
67,110
|
|
|
44,987
|
|
|
44
|
|
|
112,141
|
|
||||
Gains (losses) on debt securities, net
|
—
|
|
|
63
|
|
|
—
|
|
|
63
|
|
||||
Total non-interest income
|
67,110
|
|
|
45,050
|
|
|
44
|
|
|
112,204
|
|
||||
Non-interest expense:
|
|
|
|
|
|
|
|
|
|||||||
Compensation and employee benefits
|
55,230
|
|
|
24,288
|
|
|
44,322
|
|
|
123,840
|
|
||||
Occupancy and equipment
|
25,868
|
|
|
4,907
|
|
|
9,739
|
|
|
40,514
|
|
||||
Other
|
76,100
|
|
|
28,645
|
|
|
(45,926
|
)
|
|
58,819
|
|
||||
Subtotal
|
157,198
|
|
|
57,840
|
|
|
8,135
|
|
|
223,173
|
|
||||
Operating lease depreciation
|
—
|
|
|
17,274
|
|
|
—
|
|
|
17,274
|
|
||||
Foreclosed real estate and repossessed assets, net
|
4,259
|
|
|
650
|
|
|
7
|
|
|
4,916
|
|
||||
Other credit costs, net
|
9
|
|
|
608
|
|
|
—
|
|
|
617
|
|
||||
Total non-interest expense
|
161,466
|
|
|
76,372
|
|
|
8,142
|
|
|
245,980
|
|
||||
Income (loss) before income tax expense (benefit)
|
36,663
|
|
|
61,799
|
|
|
(407
|
)
|
|
98,055
|
|
||||
Income tax expense (benefit)
|
8,823
|
|
|
13,877
|
|
|
(1,069
|
)
|
|
21,631
|
|
||||
Income after income tax expense (benefit)
|
27,840
|
|
|
47,922
|
|
|
662
|
|
|
76,424
|
|
||||
Income attributable to non-controlling interest
|
—
|
|
|
2,663
|
|
|
—
|
|
|
2,663
|
|
||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
4,106
|
|
|
4,106
|
|
||||
Impact of preferred stock redemption
|
—
|
|
|
—
|
|
|
3,481
|
|
|
3,481
|
|
||||
Net income (loss) available to common stockholders
|
$
|
27,840
|
|
|
$
|
45,259
|
|
|
$
|
(6,925
|
)
|
|
$
|
66,174
|
|
Revenues from external customers:
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest income
|
$
|
111,817
|
|
|
$
|
150,659
|
|
|
$
|
12,786
|
|
|
$
|
275,262
|
|
Non-interest income
|
67,110
|
|
|
45,050
|
|
|
44
|
|
|
112,204
|
|
||||
Total
|
$
|
178,927
|
|
|
$
|
195,709
|
|
|
$
|
12,830
|
|
|
$
|
387,466
|
|
|
|
|
|
|
|
|
|
||||||||
Total assets
|
$
|
8,325,213
|
|
|
$
|
12,293,798
|
|
|
$
|
2,766,041
|
|
|
$
|
23,385,052
|
|
(In thousands)
|
Consumer Banking
|
|
Wholesale Banking
|
|
Enterprise Services
|
|
Consolidated
|
||||||||
At or For the Quarter Ended March 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income:
|
|
|
|
|
|
|
|
||||||||
Loans and leases
|
$
|
97,233
|
|
|
$
|
123,726
|
|
|
$
|
(1,411
|
)
|
|
$
|
219,548
|
|
Debt securities available for sale
|
—
|
|
|
—
|
|
|
7,980
|
|
|
7,980
|
|
||||
Debt securities held to maturity
|
—
|
|
|
28
|
|
|
1,252
|
|
|
1,280
|
|
||||
Loans held for sale and other
|
12,600
|
|
|
22
|
|
|
877
|
|
|
13,499
|
|
||||
Funds transfer pricing - credits
|
87,882
|
|
|
5,357
|
|
|
(93,239
|
)
|
|
—
|
|
||||
Total interest income
|
197,715
|
|
|
129,133
|
|
|
(84,541
|
)
|
|
242,307
|
|
||||
Interest expense:
|
|
|
|
|
|
|
|
||||||||
Deposits
|
12,042
|
|
|
325
|
|
|
1,348
|
|
|
13,715
|
|
||||
Borrowings
|
11,083
|
|
|
9,932
|
|
|
(14,537
|
)
|
|
6,478
|
|
||||
Funds transfer pricing - charges
|
34,273
|
|
|
31,234
|
|
|
(65,507
|
)
|
|
—
|
|
||||
Total interest expense
|
57,398
|
|
|
41,491
|
|
|
(78,696
|
)
|
|
20,193
|
|
||||
Net interest income (expense)
|
140,317
|
|
|
87,642
|
|
|
(5,845
|
)
|
|
222,114
|
|
||||
Provision for credit losses
|
5,351
|
|
|
6,842
|
|
|
—
|
|
|
12,193
|
|
||||
Net interest income (expense) after provision for credit losses
|
134,966
|
|
|
80,800
|
|
|
(5,845
|
)
|
|
209,921
|
|
||||
Non-interest income:
|
|
|
|
|
|
|
|
||||||||
Fees and service charges
|
29,509
|
|
|
1,773
|
|
|
—
|
|
|
31,282
|
|
||||
Card revenue
|
13,150
|
|
|
—
|
|
|
—
|
|
|
13,150
|
|
||||
ATM revenue
|
4,675
|
|
|
—
|
|
|
—
|
|
|
4,675
|
|
||||
Subtotal
|
47,334
|
|
|
1,773
|
|
|
—
|
|
|
49,107
|
|
||||
Gains on sales of auto loans, net
|
2,864
|
|
|
—
|
|
|
—
|
|
|
2,864
|
|
||||
Gains on sales of consumer real estate loans, net
|
8,891
|
|
|
—
|
|
|
—
|
|
|
8,891
|
|
||||
Servicing fee income
|
11,313
|
|
|
338
|
|
|
—
|
|
|
11,651
|
|
||||
Subtotal
|
23,068
|
|
|
338
|
|
|
—
|
|
|
23,406
|
|
||||
Leasing and equipment finance
|
—
|
|
|
28,298
|
|
|
—
|
|
|
28,298
|
|
||||
Other
|
2,360
|
|
|
310
|
|
|
33
|
|
|
2,703
|
|
||||
Fees and other revenue
|
72,762
|
|
|
30,719
|
|
|
33
|
|
|
103,514
|
|
||||
Total non-interest income
|
72,762
|
|
|
30,719
|
|
|
33
|
|
|
103,514
|
|
||||
Non-interest expense:
|
|
|
|
|
|
|
|
|
|||||||
Compensation and employee benefits
|
61,220
|
|
|
22,433
|
|
|
40,645
|
|
|
124,298
|
|
||||
Occupancy and equipment
|
25,668
|
|
|
4,896
|
|
|
9,036
|
|
|
39,600
|
|
||||
Other
|
78,796
|
|
|
26,227
|
|
|
(40,807
|
)
|
|
64,216
|
|
||||
Subtotal
|
165,684
|
|
|
53,556
|
|
|
8,874
|
|
|
228,114
|
|
||||
Operating lease depreciation
|
—
|
|
|
11,242
|
|
|
—
|
|
|
11,242
|
|
||||
Foreclosed real estate and repossessed assets, net
|
3,579
|
|
|
688
|
|
|
282
|
|
|
4,549
|
|
||||
Other credit costs, net
|
25
|
|
|
76
|
|
|
—
|
|
|
101
|
|
||||
Total non-interest expense
|
169,288
|
|
|
65,562
|
|
|
9,156
|
|
|
244,006
|
|
||||
Income (loss) before income tax expense (benefit)
|
38,440
|
|
|
45,957
|
|
|
(14,968
|
)
|
|
69,429
|
|
||||
Income tax expense (benefit)
|
13,510
|
|
|
15,068
|
|
|
(7,735
|
)
|
|
20,843
|
|
||||
Income (loss) after income tax expense (benefit)
|
24,930
|
|
|
30,889
|
|
|
(7,233
|
)
|
|
48,586
|
|
||||
Income attributable to non-controlling interest
|
—
|
|
|
2,308
|
|
|
—
|
|
|
2,308
|
|
||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
4,847
|
|
|
4,847
|
|
||||
Net income (loss) available to common stockholders
|
$
|
24,930
|
|
|
$
|
28,581
|
|
|
$
|
(12,080
|
)
|
|
$
|
41,431
|
|
Revenues from external customers:
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
109,833
|
|
|
$
|
122,365
|
|
|
$
|
10,109
|
|
|
$
|
242,307
|
|
Non-interest income
|
72,762
|
|
|
30,719
|
|
|
33
|
|
|
103,514
|
|
||||
Total
|
$
|
182,595
|
|
|
$
|
153,084
|
|
|
$
|
10,142
|
|
|
$
|
345,821
|
|
|
|
|
|
|
|
|
|
||||||||
Total assets
|
$
|
8,876,967
|
|
|
$
|
10,845,817
|
|
|
$
|
2,113,784
|
|
|
$
|
21,836,568
|
|
|
Quarter Ended March 31,
|
||||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||||
(In thousands)
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
||||||||||||
Net unrealized gains (losses) on debt securities available for sale and interest-only strips:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net unrealized gains (losses) arising during the period
|
$
|
(37,892
|
)
|
|
$
|
9,538
|
|
|
$
|
(28,354
|
)
|
|
$
|
4,162
|
|
|
$
|
(1,582
|
)
|
|
$
|
2,580
|
|
Reclassification of net (gains) losses from accumulated other comprehensive income (loss) to:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total interest income
|
276
|
|
|
(69
|
)
|
|
207
|
|
|
48
|
|
|
(18
|
)
|
|
30
|
|
||||||
Other non-interest expense
|
437
|
|
|
(109
|
)
|
|
328
|
|
|
257
|
|
|
(98
|
)
|
|
159
|
|
||||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
713
|
|
|
(178
|
)
|
|
535
|
|
|
305
|
|
|
(116
|
)
|
|
189
|
|
||||||
Net unrealized gains (losses) on debt securities available for sale and interest-only strips
|
(37,179
|
)
|
|
9,360
|
|
|
(27,819
|
)
|
|
4,467
|
|
|
(1,698
|
)
|
|
2,769
|
|
||||||
Net unrealized gains (losses) on net investment hedges
|
2,137
|
|
|
(533
|
)
|
|
1,604
|
|
|
(504
|
)
|
|
191
|
|
|
(313
|
)
|
||||||
Foreign currency translation adjustment
(1)
|
(2,110
|
)
|
|
—
|
|
|
(2,110
|
)
|
|
581
|
|
|
—
|
|
|
581
|
|
||||||
Recognized postretirement prior service cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reclassification of amortization of prior service cost to Other non-interest expense
|
(12
|
)
|
|
3
|
|
|
(9
|
)
|
|
(12
|
)
|
|
5
|
|
|
(7
|
)
|
||||||
Total other comprehensive income (loss)
|
$
|
(37,164
|
)
|
|
$
|
8,830
|
|
|
$
|
(28,334
|
)
|
|
$
|
4,532
|
|
|
$
|
(1,502
|
)
|
|
$
|
3,030
|
|
(1)
|
Foreign investments are deemed to be permanent in nature and, therefore, TCF does not provide for taxes on foreign currency translation adjustments.
|
(In thousands)
|
Net Unrealized Gains (Losses) on Debt Securities Available for Sale and Interest-only Strips
|
|
Net Unrealized Gains (Losses) on Net
Investment
Hedges
|
|
Foreign
Currency
Translation
Adjustment
|
|
Recognized
Postretirement Prior
Service Cost
|
|
Total
|
||||||||||
At or For the Quarter Ended March 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance, beginning of period
|
$
|
(16,353
|
)
|
|
$
|
4,536
|
|
|
$
|
(6,843
|
)
|
|
$
|
143
|
|
|
$
|
(18,517
|
)
|
Other comprehensive income (loss)
|
(28,354
|
)
|
|
1,604
|
|
|
(2,110
|
)
|
|
—
|
|
|
(28,860
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
535
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
526
|
|
|||||
Net other comprehensive income (loss)
|
(27,819
|
)
|
|
1,604
|
|
|
(2,110
|
)
|
|
(9
|
)
|
|
(28,334
|
)
|
|||||
Balance, end of period
|
$
|
(44,172
|
)
|
|
$
|
6,140
|
|
|
$
|
(8,953
|
)
|
|
$
|
134
|
|
|
$
|
(46,851
|
)
|
At or For the Quarter Ended March 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance, beginning of period
|
$
|
(28,601
|
)
|
|
$
|
6,493
|
|
|
$
|
(11,764
|
)
|
|
$
|
147
|
|
|
$
|
(33,725
|
)
|
Other comprehensive income (loss)
|
2,580
|
|
|
(313
|
)
|
|
581
|
|
|
—
|
|
|
2,848
|
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
189
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
182
|
|
|||||
Net other comprehensive income (loss)
|
2,769
|
|
|
(313
|
)
|
|
581
|
|
|
(7
|
)
|
|
3,030
|
|
|||||
Balance, end of period
|
$
|
(25,832
|
)
|
|
$
|
6,180
|
|
|
$
|
(11,183
|
)
|
|
$
|
140
|
|
|
$
|
(30,695
|
)
|
|
Quarter Ended March 31,
|
||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||
(Dollars in thousands)
|
Average
Balance |
|
Interest
(1)
|
|
Yields and
Rates (1)(2) |
|
Average
Balance |
|
Interest
(1)
|
|
Yields and
Rates (1)(2) |
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investments and other
|
$
|
332,319
|
|
|
$
|
2,776
|
|
|
3.38
|
%
|
|
$
|
286,519
|
|
|
$
|
2,747
|
|
|
3.88
|
%
|
Debt securities held to maturity
|
159,139
|
|
|
1,019
|
|
|
2.56
|
|
|
177,939
|
|
|
1,280
|
|
|
2.88
|
|
||||
Debt securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
981,843
|
|
|
5,813
|
|
|
2.37
|
|
|
815,867
|
|
|
4,654
|
|
|
2.28
|
|
||||
Tax-exempt
(3)
|
821,642
|
|
|
5,456
|
|
|
2.66
|
|
|
640,826
|
|
|
5,117
|
|
|
3.19
|
|
||||
Loans and leases held for sale
|
63,095
|
|
|
969
|
|
|
6.22
|
|
|
464,301
|
|
|
10,752
|
|
|
9.39
|
|
||||
Loans and leases:
(4)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed-rate
|
1,786,636
|
|
|
24,613
|
|
|
5.58
|
|
|
2,083,472
|
|
|
29,287
|
|
|
5.70
|
|
||||
Variable- and adjustable-rate
|
3,012,036
|
|
|
45,881
|
|
|
6.18
|
|
|
2,945,529
|
|
|
40,239
|
|
|
5.54
|
|
||||
Total consumer real estate
|
4,798,672
|
|
|
70,494
|
|
|
5.96
|
|
|
5,029,001
|
|
|
69,526
|
|
|
5.60
|
|
||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed-rate
|
931,275
|
|
|
10,597
|
|
|
4.61
|
|
|
1,000,316
|
|
|
11,713
|
|
|
4.75
|
|
||||
Variable- and adjustable-rate
|
2,669,745
|
|
|
33,160
|
|
|
5.04
|
|
|
2,302,575
|
|
|
24,391
|
|
|
4.30
|
|
||||
Total commercial
|
3,601,020
|
|
|
43,757
|
|
|
4.93
|
|
|
3,302,891
|
|
|
36,104
|
|
|
4.43
|
|
||||
Leasing and equipment finance
|
4,690,868
|
|
|
56,407
|
|
|
4.81
|
|
|
4,285,944
|
|
|
47,976
|
|
|
4.48
|
|
||||
Inventory finance
|
3,128,290
|
|
|
51,195
|
|
|
6.64
|
|
|
2,696,787
|
|
|
39,451
|
|
|
5.93
|
|
||||
Auto finance
|
3,020,187
|
|
|
39,285
|
|
|
5.28
|
|
|
2,714,862
|
|
|
27,771
|
|
|
4.15
|
|
||||
Other
|
14,446
|
|
|
147
|
|
|
4.16
|
|
|
9,740
|
|
|
131
|
|
|
5.44
|
|
||||
Total loans and leases
|
19,253,483
|
|
|
261,285
|
|
|
5.49
|
|
|
18,039,225
|
|
|
220,959
|
|
|
4.95
|
|
||||
Total interest-earning assets
|
21,611,521
|
|
|
277,318
|
|
|
5.19
|
|
|
20,424,677
|
|
|
245,509
|
|
|
4.86
|
|
||||
Other assets
(5)
|
1,453,742
|
|
|
|
|
|
|
1,263,678
|
|
|
|
|
|
||||||||
Total assets
|
$
|
23,065,263
|
|
|
|
|
|
|
$
|
21,688,355
|
|
|
|
|
|
||||||
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail
|
$
|
2,182,780
|
|
|
|
|
|
|
$
|
1,880,298
|
|
|
|
|
|
||||||
Small business
|
928,057
|
|
|
|
|
|
|
894,845
|
|
|
|
|
|
||||||||
Commercial and custodial
|
634,908
|
|
|
|
|
|
|
626,081
|
|
|
|
|
|
||||||||
Total non-interest bearing deposits
|
3,745,745
|
|
|
|
|
|
|
3,401,224
|
|
|
|
|
|
||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Checking
|
2,461,548
|
|
|
113
|
|
|
0.02
|
|
|
2,530,281
|
|
|
83
|
|
|
0.01
|
|
||||
Savings
|
5,395,669
|
|
|
3,165
|
|
|
0.24
|
|
|
4,756,486
|
|
|
501
|
|
|
0.04
|
|
||||
Money market
|
1,698,064
|
|
|
2,409
|
|
|
0.58
|
|
|
2,385,353
|
|
|
2,938
|
|
|
0.50
|
|
||||
Certificates of deposit
|
4,998,133
|
|
|
16,823
|
|
|
1.36
|
|
|
4,033,143
|
|
|
10,193
|
|
|
1.02
|
|
||||
Total interest-bearing deposits
|
14,553,414
|
|
|
22,510
|
|
|
0.63
|
|
|
13,705,263
|
|
|
13,715
|
|
|
0.41
|
|
||||
Total deposits
|
18,299,159
|
|
|
22,510
|
|
|
0.50
|
|
|
17,106,487
|
|
|
13,715
|
|
|
0.33
|
|
||||
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term borrowings
|
3,952
|
|
|
19
|
|
|
1.99
|
|
|
4,628
|
|
|
7
|
|
|
0.65
|
|
||||
Long-term borrowings
|
1,423,075
|
|
|
9,534
|
|
|
2.70
|
|
|
1,459,053
|
|
|
6,471
|
|
|
1.78
|
|
||||
Total borrowings
|
1,427,027
|
|
|
9,553
|
|
|
2.70
|
|
|
1,463,681
|
|
|
6,478
|
|
|
1.78
|
|
||||
Total interest-bearing liabilities
|
15,980,441
|
|
|
32,063
|
|
|
0.81
|
|
|
15,168,944
|
|
|
20,193
|
|
|
0.54
|
|
||||
Total deposits and borrowings
|
19,726,186
|
|
|
32,063
|
|
|
0.66
|
|
|
18,570,168
|
|
|
20,193
|
|
|
0.44
|
|
||||
Other liabilities
|
758,157
|
|
|
|
|
|
|
665,301
|
|
|
|
|
|
||||||||
Total liabilities
|
20,484,343
|
|
|
|
|
|
|
19,235,469
|
|
|
|
|
|
||||||||
Total TCF Financial Corp. stockholders' equity
|
2,557,729
|
|
|
|
|
|
|
2,431,755
|
|
|
|
|
|
||||||||
Non-controlling interest in subsidiaries
|
23,191
|
|
|
|
|
|
|
21,131
|
|
|
|
|
|
||||||||
Total equity
|
2,580,920
|
|
|
|
|
|
|
2,452,886
|
|
|
|
|
|
||||||||
Total liabilities and equity
|
$
|
23,065,263
|
|
|
|
|
|
|
$
|
21,688,355
|
|
|
|
|
|
||||||
Net interest income and margin
|
|
|
$
|
245,255
|
|
|
4.59
|
|
|
|
|
$
|
225,316
|
|
|
4.46
|
|
(1)
|
Interest and yields are presented on a fully tax-equivalent basis.
|
(2)
|
Annualized.
|
(3)
|
The yield on tax-exempt debt securities available for sale is computed on a tax-equivalent basis using a statutory federal income tax rate of 21% and 35% for the
first
quarter of
2018
and
2017
, respectively.
|
(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
$281.9 million
and
$180.3 million
for the
first
quarter of
2018
and
2017
, respectively.
|
|
Quarter Ended March 31,
|
|
Change
|
|||||||||||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||||||||
Consumer real estate
|
$
|
2,104
|
|
|
18.5
|
%
|
|
$
|
(8,137
|
)
|
|
(66.7
|
)%
|
|
$
|
10,241
|
|
|
N.M.
|
|
Commercial
|
(11
|
)
|
|
(0.1
|
)
|
|
3,669
|
|
|
30.1
|
|
|
(3,680
|
)
|
|
N.M.
|
|
|||
Leasing and equipment finance
|
1,996
|
|
|
17.6
|
|
|
1,386
|
|
|
11.4
|
|
|
610
|
|
|
44.0
|
%
|
|||
Inventory finance
|
512
|
|
|
4.5
|
|
|
1,965
|
|
|
16.1
|
|
|
(1,453
|
)
|
|
(73.9
|
)
|
|||
Auto finance
|
6,253
|
|
|
55.0
|
|
|
12,857
|
|
|
105.4
|
|
|
(6,604
|
)
|
|
(51.4
|
)
|
|||
Other
|
514
|
|
|
4.5
|
|
|
453
|
|
|
3.7
|
|
|
61
|
|
|
13.5
|
|
|||
Total
|
$
|
11,368
|
|
|
100.0
|
%
|
|
$
|
12,193
|
|
|
100.0
|
%
|
|
$
|
(825
|
)
|
|
(6.8
|
)
|
|
Quarter Ended March 31,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
Fees and service charges
|
$
|
30,751
|
|
|
$
|
31,282
|
|
|
$
|
(531
|
)
|
|
(1.7
|
)%
|
Card revenue
|
13,759
|
|
|
13,150
|
|
|
609
|
|
|
4.6
|
|
|||
ATM revenue
|
4,650
|
|
|
4,675
|
|
|
(25
|
)
|
|
(0.5
|
)
|
|||
Subtotal
|
49,160
|
|
|
49,107
|
|
|
53
|
|
|
0.1
|
|
|||
Gains on sales of auto loans, net
|
—
|
|
|
2,864
|
|
|
(2,864
|
)
|
|
(100.0
|
)
|
|||
Gains on sales of consumer real estate loans, net
|
9,123
|
|
|
8,891
|
|
|
232
|
|
|
2.6
|
|
|||
Servicing fee income
|
8,295
|
|
|
11,651
|
|
|
(3,356
|
)
|
|
(28.8
|
)
|
|||
Subtotal
|
17,418
|
|
|
23,406
|
|
|
(5,988
|
)
|
|
(25.6
|
)
|
|||
Leasing and equipment finance
|
41,847
|
|
|
28,298
|
|
|
13,549
|
|
|
47.9
|
|
|||
Other
|
3,716
|
|
|
2,703
|
|
|
1,013
|
|
|
37.5
|
|
|||
Fees and other revenue
|
112,141
|
|
|
103,514
|
|
|
8,627
|
|
|
8.3
|
|
|||
Gains (losses) on debt securities, net
|
63
|
|
|
—
|
|
|
63
|
|
|
N.M.
|
|
|||
Total non-interest income
|
$
|
112,204
|
|
|
$
|
103,514
|
|
|
$
|
8,690
|
|
|
8.4
|
|
Total non-interest income as a percentage of total revenue
|
31.6
|
%
|
|
31.8
|
%
|
|
|
|
|
|
Quarter Ended March 31,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
Compensation and employee benefits
|
$
|
123,840
|
|
|
$
|
124,298
|
|
|
$
|
(458
|
)
|
|
(0.4
|
)%
|
Occupancy and equipment
|
40,514
|
|
|
39,600
|
|
|
914
|
|
|
2.3
|
|
|||
Other
|
58,819
|
|
|
64,216
|
|
|
(5,397
|
)
|
|
(8.4
|
)
|
|||
Subtotal
|
223,173
|
|
|
228,114
|
|
|
(4,941
|
)
|
|
(2.2
|
)
|
|||
Operating lease depreciation
|
17,274
|
|
|
11,242
|
|
|
6,032
|
|
|
53.7
|
|
|||
Foreclosed real estate and repossessed assets, net
|
4,916
|
|
|
4,549
|
|
|
367
|
|
|
8.1
|
|
|||
Other credit costs, net
|
617
|
|
|
101
|
|
|
516
|
|
|
N.M.
|
|
|||
Total non-interest expense
|
$
|
245,980
|
|
|
$
|
244,006
|
|
|
$
|
1,974
|
|
|
0.8
|
|
|
At March 31, 2018
|
|
At December 31, 2017
|
||||||||||||||||||
(Dollars in thousands)
|
Amortized Cost
|
|
Fair Value
|
|
Tax-equivalent Yield
|
|
Amortized Cost
|
|
Fair Value
|
|
Tax-equivalent Yield
|
||||||||||
Debt securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Due in one year or less
|
$
|
5
|
|
|
$
|
5
|
|
|
1.96
|
%
|
|
$
|
6
|
|
|
$
|
6
|
|
|
1.98
|
%
|
Due in 5-10 years
|
104,677
|
|
|
102,031
|
|
|
2.02
|
|
|
82,842
|
|
|
82,046
|
|
|
2.04
|
|
||||
Due after 10 years
|
1,066,836
|
|
|
1,039,621
|
|
|
2.55
|
|
|
825,347
|
|
|
812,639
|
|
|
2.32
|
|
||||
Obligations of states and political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Due in 1-5 years
|
29,294
|
|
|
29,201
|
|
|
2.47
|
|
|
15,178
|
|
|
15,312
|
|
|
2.97
|
|
||||
Due in 5-10 years
|
453,433
|
|
|
445,675
|
|
|
2.60
|
|
|
431,494
|
|
|
435,821
|
|
|
3.14
|
|
||||
Due after 10 years
|
347,569
|
|
|
337,713
|
|
|
2.72
|
|
|
363,487
|
|
|
363,194
|
|
|
3.29
|
|
||||
Total debt securities available for sale
|
$
|
2,001,814
|
|
|
$
|
1,954,246
|
|
|
2.56
|
|
|
$
|
1,718,354
|
|
|
$
|
1,709,018
|
|
|
2.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Due in 5-10 years
|
$
|
18
|
|
|
$
|
21
|
|
|
6.50
|
%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
Due after 10 years
|
155,281
|
|
|
155,675
|
|
|
2.55
|
|
|
158,776
|
|
|
162,826
|
|
|
2.55
|
|
||||
Other securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Due in one year or less
|
1,000
|
|
|
1,000
|
|
|
3.00
|
|
|
1,000
|
|
|
1,000
|
|
|
3.00
|
|
||||
Due in 1-5 years
|
1,400
|
|
|
1,400
|
|
|
3.21
|
|
|
1,400
|
|
|
1,400
|
|
|
3.21
|
|
||||
Due in 5-10 years
|
400
|
|
|
400
|
|
|
3.00
|
|
|
400
|
|
|
400
|
|
|
3.00
|
|
||||
Total debt securities held to maturity
|
$
|
158,099
|
|
|
$
|
158,496
|
|
|
2.56
|
|
|
$
|
161,576
|
|
|
$
|
165,626
|
|
|
2.56
|
|
|
At March 31, 2018
|
|
At December 31, 2017
|
|
Change
|
|||||||||||||||
(Dollars in thousands)
|
Amount
|
|
% of
Total |
|
Amount
|
|
% of
Total |
|
$
|
|
%
|
|||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
First mortgage lien
|
$
|
1,878,441
|
|
|
9.7
|
%
|
|
$
|
1,959,387
|
|
|
10.3
|
%
|
|
$
|
(80,946
|
)
|
|
(4.1
|
)%
|
Junior lien
|
2,843,221
|
|
|
14.7
|
|
|
2,860,309
|
|
|
15.0
|
|
|
(17,088
|
)
|
|
(0.6
|
)
|
|||
Total consumer real estate
|
4,721,662
|
|
|
24.4
|
|
|
4,819,696
|
|
|
25.2
|
|
|
(98,034
|
)
|
|
(2.0
|
)
|
|||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
2,809,452
|
|
|
14.5
|
|
|
2,751,285
|
|
|
14.4
|
|
|
58,167
|
|
|
2.1
|
|
|||
Commercial business
|
868,729
|
|
|
4.5
|
|
|
809,908
|
|
|
4.2
|
|
|
58,821
|
|
|
7.3
|
|
|||
Total commercial
|
3,678,181
|
|
|
19.0
|
|
|
3,561,193
|
|
|
18.6
|
|
|
116,988
|
|
|
3.3
|
|
|||
Leasing and equipment finance
|
4,666,239
|
|
|
24.1
|
|
|
4,761,661
|
|
|
24.9
|
|
|
(95,422
|
)
|
|
(2.0
|
)
|
|||
Inventory finance
|
3,457,855
|
|
|
17.8
|
|
|
2,739,754
|
|
|
14.3
|
|
|
718,101
|
|
|
26.2
|
|
|||
Auto finance
|
2,839,363
|
|
|
14.6
|
|
|
3,199,639
|
|
|
16.7
|
|
|
(360,276
|
)
|
|
(11.3
|
)
|
|||
Other
|
19,854
|
|
|
0.1
|
|
|
22,517
|
|
|
0.3
|
|
|
(2,663
|
)
|
|
(11.8
|
)
|
|||
Total loans and leases
|
$
|
19,383,154
|
|
|
100.0
|
%
|
|
$
|
19,104,460
|
|
|
100.0
|
%
|
|
$
|
278,694
|
|
|
1.5
|
|
|
At March 31, 2018
|
|
At December 31, 2017
|
||||||||||
(Dollars in thousands)
|
60 Days or More Delinquent and Accruing
|
|
Percentage of Period-End Loans and Leases
(1)
|
|
60 Days or More Delinquent and Accruing
|
|
Percentage of Period-End Loans and Leases
(1)
|
||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||
First mortgage lien
|
$
|
4,248
|
|
|
0.23
|
%
|
|
$
|
4,666
|
|
|
0.25
|
%
|
Junior lien
|
1,601
|
|
|
0.06
|
|
|
1,268
|
|
|
0.04
|
|
||
Total consumer real estate
|
5,849
|
|
|
0.13
|
|
|
5,934
|
|
|
0.13
|
|
||
Commercial
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||
Leasing and equipment finance
|
5,184
|
|
|
0.11
|
|
|
6,389
|
|
|
0.14
|
|
||
Inventory finance
|
45
|
|
|
—
|
|
|
208
|
|
|
0.01
|
|
||
Auto finance
|
6,739
|
|
|
0.24
|
|
|
9,077
|
|
|
0.28
|
|
||
Other
|
48
|
|
|
0.24
|
|
|
9
|
|
|
0.04
|
|
||
Subtotal
|
17,865
|
|
|
0.09
|
|
|
21,618
|
|
|
0.11
|
|
||
Portfolios acquired with deteriorated credit quality
|
1,176
|
|
|
12.95
|
|
|
1,561
|
|
|
13.18
|
|
||
Total
|
$
|
19,041
|
|
|
0.10
|
|
|
$
|
23,179
|
|
|
0.12
|
|
(1)
|
Excludes non-accrual loans and leases.
|
|
At March 31, 2018
|
||||||||||
(Dollars in thousands)
|
Accruing
TDR Loans
|
|
Non-accrual
TDR Loans
|
|
Total TDR Loans
|
||||||
Consumer real estate
|
$
|
87,314
|
|
|
$
|
33,531
|
|
|
$
|
120,845
|
|
Commercial
|
6,843
|
|
|
4,807
|
|
|
11,650
|
|
|||
Leasing and equipment finance
|
7,365
|
|
|
1,691
|
|
|
9,056
|
|
|||
Inventory finance
|
—
|
|
|
371
|
|
|
371
|
|
|||
Auto finance
|
3,549
|
|
|
5,296
|
|
|
8,845
|
|
|||
Other
|
3
|
|
|
1
|
|
|
4
|
|
|||
Total
|
$
|
105,074
|
|
|
$
|
45,697
|
|
|
$
|
150,771
|
|
Over 60-day delinquency as a percentage of total accruing TDR loans
|
0.08
|
%
|
|
N.A
|
|
|
N.A
|
|
|
At December 31, 2017
|
||||||||||
(Dollars in thousands)
|
Accruing
TDR Loans
|
|
Non-accrual
TDR Loans
|
|
Total TDR Loans
|
||||||
Consumer real estate
|
$
|
88,092
|
|
|
$
|
34,282
|
|
|
$
|
122,374
|
|
Commercial
|
12,249
|
|
|
83
|
|
|
12,332
|
|
|||
Leasing and equipment finance
|
10,263
|
|
|
1,413
|
|
|
11,676
|
|
|||
Inventory finance
|
—
|
|
|
476
|
|
|
476
|
|
|||
Auto finance
|
3,464
|
|
|
5,351
|
|
|
8,815
|
|
|||
Other
|
3
|
|
|
1
|
|
|
4
|
|
|||
Total
|
$
|
114,071
|
|
|
$
|
41,606
|
|
|
$
|
155,677
|
|
Over 60-day delinquency as a percentage of total accruing TDR loans
|
0.36
|
%
|
|
N.A
|
|
|
N.A
|
|
(Dollars in thousands)
|
At March 31, 2018
|
|
At December 31, 2017
|
||||
Non-accrual loans and leases:
|
|
|
|
||||
Consumer real estate
|
$
|
84,237
|
|
|
$
|
83,224
|
|
Commercial
|
11,401
|
|
|
6,785
|
|
||
Leasing and equipment finance
|
19,968
|
|
|
17,089
|
|
||
Inventory finance
|
3,621
|
|
|
4,116
|
|
||
Auto finance
|
7,199
|
|
|
7,366
|
|
||
Other
|
2
|
|
|
2
|
|
||
Total non-accrual loans and leases
|
126,428
|
|
|
118,582
|
|
||
Other real estate owned:
|
|
|
|
||||
Consumer real estate
|
16,486
|
|
|
17,907
|
|
||
Commercial real estate
|
693
|
|
|
318
|
|
||
Total other real estate owned
|
17,179
|
|
|
18,225
|
|
||
Total non-accrual loans and leases and other real estate owned
|
$
|
143,607
|
|
|
$
|
136,807
|
|
|
|
|
|
||||
Non-accrual loans and leases as a percentage of total loans and leases
|
0.65
|
%
|
|
0.62
|
%
|
||
|
|
|
|
||||
Non-accrual loans and leases and other real estate owned as a percentage of total loans and leases and other real estate owned
|
0.74
|
|
|
0.72
|
|
||
|
|
|
|
||||
Allowance for loan and lease losses as a percentage of non-accrual loans and leases
|
132.65
|
|
|
144.24
|
|
|
At or For the Quarter Ended March 31, 2018
|
||||||||||||||||||||||||||
(In thousands)
|
Consumer Real Estate
|
|
Commercial
|
|
Leasing and Equipment Finance
|
|
Inventory Finance
|
|
Auto Finance
|
|
Other
|
|
Total
|
||||||||||||||
Balance, beginning of period
|
$
|
83,224
|
|
|
$
|
6,785
|
|
|
$
|
17,089
|
|
|
$
|
4,116
|
|
|
$
|
7,366
|
|
|
$
|
2
|
|
|
$
|
118,582
|
|
Additions
|
13,800
|
|
|
4,636
|
|
|
10,485
|
|
|
2,916
|
|
|
2,614
|
|
|
11
|
|
|
34,462
|
|
|||||||
(Charge-offs) recoveries
|
(1,387
|
)
|
|
1
|
|
|
(1,481
|
)
|
|
(462
|
)
|
|
(596
|
)
|
|
34
|
|
|
(3,891
|
)
|
|||||||
Transfers to other assets
|
(5,196
|
)
|
|
—
|
|
|
(1,707
|
)
|
|
(962
|
)
|
|
(592
|
)
|
|
—
|
|
|
(8,457
|
)
|
|||||||
Return to accrual status
|
(2,698
|
)
|
|
—
|
|
|
(1,225
|
)
|
|
(412
|
)
|
|
—
|
|
|
—
|
|
|
(4,335
|
)
|
|||||||
Payments received
|
(3,542
|
)
|
|
(698
|
)
|
|
(3,193
|
)
|
|
(1,537
|
)
|
|
(1,593
|
)
|
|
(45
|
)
|
|
(10,608
|
)
|
|||||||
Other, net
|
36
|
|
|
677
|
|
|
—
|
|
|
(38
|
)
|
|
—
|
|
|
—
|
|
|
675
|
|
|||||||
Balance, end of period
|
$
|
84,237
|
|
|
$
|
11,401
|
|
|
$
|
19,968
|
|
|
$
|
3,621
|
|
|
$
|
7,199
|
|
|
$
|
2
|
|
|
$
|
126,428
|
|
|
At March 31, 2018
|
||||||||||||||||||
|
Non-classified
|
|
Classified
|
|
Total
|
||||||||||||||
(In thousands)
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
|||||||||||
Consumer real estate
|
$
|
4,611,789
|
|
|
$
|
18,037
|
|
|
$
|
91,836
|
|
|
$
|
—
|
|
|
$
|
4,721,662
|
|
Commercial
|
3,566,472
|
|
|
47,680
|
|
|
64,029
|
|
|
—
|
|
|
3,678,181
|
|
|||||
Leasing and equipment finance
|
4,586,354
|
|
|
38,783
|
|
|
41,102
|
|
|
—
|
|
|
4,666,239
|
|
|||||
Inventory finance
|
3,247,364
|
|
|
139,543
|
|
|
70,948
|
|
|
—
|
|
|
3,457,855
|
|
|||||
Auto finance
|
2,821,035
|
|
|
528
|
|
|
17,800
|
|
|
—
|
|
|
2,839,363
|
|
|||||
Other
|
19,804
|
|
|
—
|
|
|
50
|
|
|
—
|
|
|
19,854
|
|
|||||
Total loans and leases
|
$
|
18,852,818
|
|
|
$
|
244,571
|
|
|
$
|
285,765
|
|
|
$
|
—
|
|
|
$
|
19,383,154
|
|
|
At December 31, 2017
|
||||||||||||||||||
|
Non-classified
|
|
Classified
|
|
Total
|
||||||||||||||
(In thousands)
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
|||||||||||
Consumer real estate
|
$
|
4,706,493
|
|
|
$
|
22,075
|
|
|
$
|
91,128
|
|
|
$
|
—
|
|
|
$
|
4,819,696
|
|
Commercial
|
3,452,837
|
|
|
42,729
|
|
|
65,627
|
|
|
—
|
|
|
3,561,193
|
|
|||||
Leasing and equipment finance
|
4,681,488
|
|
|
40,252
|
|
|
39,921
|
|
|
—
|
|
|
4,761,661
|
|
|||||
Inventory finance
|
2,553,028
|
|
|
116,312
|
|
|
70,414
|
|
|
—
|
|
|
2,739,754
|
|
|||||
Auto finance
|
3,180,807
|
|
|
551
|
|
|
18,281
|
|
|
—
|
|
|
3,199,639
|
|
|||||
Other
|
22,507
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
22,517
|
|
|||||
Total loans and leases
|
$
|
18,597,160
|
|
|
$
|
221,919
|
|
|
$
|
285,381
|
|
|
$
|
—
|
|
|
$
|
19,104,460
|
|
|
At March 31, 2018
|
|
At December 31, 2017
|
||||||||||
|
Credit Loss Reserves
|
|
Credit Loss Reserves
|
||||||||||
(Dollars in thousands)
|
Amount
|
|
As a Percentage of Portfolio
|
|
Amount
|
|
As a Percentage of Portfolio
|
||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|||||
First mortgage lien
|
$
|
26,077
|
|
|
1.39
|
%
|
|
$
|
26,698
|
|
|
1.36
|
%
|
Junior lien
|
21,608
|
|
|
0.76
|
|
|
20,470
|
|
|
0.72
|
|
||
Consumer real estate
|
47,685
|
|
|
1.01
|
|
|
47,168
|
|
|
0.98
|
|
||
Commercial:
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
20,766
|
|
|
0.74
|
|
|
24,842
|
|
|
0.90
|
|
||
Commercial business
|
16,432
|
|
|
1.89
|
|
|
12,353
|
|
|
1.53
|
|
||
Total commercial
|
37,198
|
|
|
1.01
|
|
|
37,195
|
|
|
1.04
|
|
||
Leasing and equipment finance
|
23,182
|
|
|
0.50
|
|
|
22,528
|
|
|
0.47
|
|
||
Inventory finance
|
13,253
|
|
|
0.38
|
|
|
13,233
|
|
|
0.48
|
|
||
Auto finance
|
45,822
|
|
|
1.61
|
|
|
50,225
|
|
|
1.57
|
|
||
Other
|
563
|
|
|
2.84
|
|
|
692
|
|
|
3.07
|
|
||
Total allowance for loan and lease losses
|
167,703
|
|
|
0.87
|
|
|
171,041
|
|
|
0.90
|
|
||
Other credit loss reserves:
|
|
|
|
|
|
|
|
|
|
|
|||
Reserves for unfunded commitments
|
2,001
|
|
|
N.A.
|
|
|
1,479
|
|
|
N.A.
|
|
||
Total credit loss reserves
|
$
|
169,704
|
|
|
0.88
|
|
|
$
|
172,520
|
|
|
0.90
|
|
(In thousands)
|
Denominations $100 Thousand or Greater at March 31, 2018
|
||
Maturity:
|
|
||
Three months or less
|
$
|
347,012
|
|
Over three through six months
|
481,591
|
|
|
Over six through 12 months
|
942,581
|
|
|
Over 12 months
|
700,822
|
|
|
Total
|
$
|
2,472,006
|
|
(Dollars in thousands)
|
|
At March 31, 2018
|
|
At December 31, 2017
|
||||
Computation of tangible common equity to tangible assets:
|
|
|
|
|
|
|
||
Total equity
|
|
$
|
2,550,950
|
|
|
$
|
2,680,584
|
|
Less: Non-controlling interest in subsidiaries
|
|
28,437
|
|
|
17,827
|
|
||
Total TCF Financial Corporation stockholders' equity
|
|
2,522,513
|
|
|
2,662,757
|
|
||
Less: Preferred stock
|
|
169,302
|
|
|
265,821
|
|
||
Total common stockholders' equity
|
(a)
|
2,353,211
|
|
|
2,396,936
|
|
||
Less:
|
|
|
|
|
||||
Goodwill, net
|
|
154,757
|
|
|
154,757
|
|
||
Other intangibles, net
(1)
|
|
23,112
|
|
|
23,687
|
|
||
Tangible common equity
|
(b)
|
$
|
2,175,342
|
|
|
$
|
2,218,492
|
|
Total assets
|
(c)
|
$
|
23,385,052
|
|
|
$
|
23,002,159
|
|
Less:
|
|
|
|
|
|
|
||
Goodwill, net
|
|
154,757
|
|
|
154,757
|
|
||
Other intangibles, net
(1)
|
|
23,112
|
|
|
23,687
|
|
||
Tangible assets
|
(d)
|
$
|
23,207,183
|
|
|
$
|
22,823,715
|
|
|
|
|
|
|
||||
Common equity to assets
|
(a) / (c)
|
10.06
|
%
|
|
10.42
|
%
|
||
Tangible common equity to tangible assets
|
(b) / (d)
|
9.37
|
%
|
|
9.72
|
%
|
(1)
|
Includes non-mortgage servicing assets.
|
|
Impact on Net Interest Income
|
||||||||||
(Dollars in millions)
|
March 31, 2018
|
|
December 31, 2017
|
||||||||
Immediate Change in Interest Rates:
|
|
|
|
|
|
||||||
+200 basis points
|
$
|
94.4
|
|
9.5
|
%
|
|
$
|
97.5
|
|
10.1
|
%
|
+100 basis points
|
51.7
|
|
5.2
|
|
|
53.1
|
|
5.5
|
|
Period
|
Total Number
of Shares
Purchased
|
|
Average
Price Paid
Per Share
|
|
Total Number of Shares
Purchased as Part of
Publicly Announced Plan
|
|
Approximate Dollar Value of
Shares that May Yet Be
Purchased Under the Plan
|
||||||
January 1 to January 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||
Share repurchase program
(1)
|
59,980
|
|
|
$
|
21.36
|
|
|
59,980
|
|
|
$
|
139,562,105
|
|
Employee transactions
(2)
|
193,895
|
|
|
$
|
21.69
|
|
|
N.A.
|
|
|
N.A.
|
|
|
February 1 to February 28, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||
Share repurchase program
(1)
|
1,138,165
|
|
|
$
|
21.86
|
|
|
1,138,165
|
|
|
$
|
114,683,014
|
|
Employee transactions
(2)
|
—
|
|
|
$
|
—
|
|
|
N.A.
|
|
|
N.A.
|
|
|
March 1 to March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||
Share repurchase program
(1)
|
1,369,026
|
|
|
$
|
22.99
|
|
|
1,369,026
|
|
|
$
|
83,209,281
|
|
Employee transactions
(2)
|
—
|
|
|
$
|
—
|
|
|
N.A.
|
|
|
N.A.
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
||
Share repurchase program
(1)
|
2,567,171
|
|
|
$
|
22.45
|
|
|
2,567,171
|
|
|
$
|
83,209,281
|
|
Employee transactions
(2)
|
193,895
|
|
|
$
|
21.69
|
|
|
N.A.
|
|
|
N.A.
|
|
(1)
|
The current share repurchase authorization was approved by the Board of Directors and announced in a press release on November 27, 2017. The authorization was for a repurchase of up to
$150.0 million
in aggregate value of shares of TCF's common stock. Future repurchases will be based on market conditions, the trading price of TCF shares and other factors. The ability to repurchase shares in the future may be adversely affected by new legislation or regulations or by changes in regulatory policies. Repurchases under this authorization may be commenced or suspended at any time or from time to time.
|
(2)
|
Represents restricted stock withheld pursuant to the terms of awards granted under either the TCF Financial Incentive Stock Program or the TCF Financial 2015 Omnibus Incentive Plan to offset tax withholding obligations that occur upon vesting and release of restricted stock. Both plans provide that the value of shares withheld shall be the average of the high and low prices of common stock of TCF Financial Corporation on the date the relevant transaction occurs.
|
|
TCF FINANCIAL CORPORATION
|
|
|
|
|
|
|
|
|
/s/ Craig R. Dahl
|
|
|
Craig R. Dahl,
|
|
|
Chairman, President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
/s/ Brian W. Maass
|
|
|
Brian W. Maass,
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
/s/ Susan D. Bode
|
|
|
Susan D. Bode,
|
|
|
Senior Vice President and Chief Accounting Officer
|
|
|
(Principal Accounting Officer)
|
|
Exhibit
Number
|
|
Description
|
3.1#
|
|
|
10.1
|
|
|
31.1#
|
|
|
31.2#
|
|
|
32.1#
|
|
|
32.2#
|
|
|
101#
|
|
Financial statements from the Quarterly Report on Form 10-Q of the Company for the period ended March 31, 2018, 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.
|
On June 11, 2012, the Board of Directors of the Corporation (the “
Board
”), adopted resolutions establishing the terms of the Corporation’s Series A Non-Cumulative Perpetual Preferred Stock, $25,000 liquidation preference per share (the “
Series A Preferred Stock
”), and authorized a committee of the Board (the “
Committee
”) to act on behalf of the Board in establishing the dividend rate, optional redemption date, number of authorized shares and certain other terms of the Series A Preferred Stock.
|
2.
|
On June 18, 2012, the Committee duly adopted the following resolutions at a special meeting of the Board:
|
1.
|
On December 11, 2012, the Board of Directors of the Corporation (the “
Board
”), adopted resolutions establishing the terms of the Corporation’s 6.45% Series B Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, $25 liquidation preference per share (the “
Series B Preferred Stock
”), and authorized a committee of the Board (the “
Committee
”) to act on behalf of the Board in establishing the dividend rate, optional redemption date, number of authorized shares and certain other terms of the Series B Preferred Stock.
|
2.
|
On December 12, 2012, the Committee duly adopted the following resolutions at a special meeting of the Board:
|
1.
|
On August 31, 2017, the Board of Directors of the Corporation (the “
Board
”), adopted resolutions establishing the terms of the Corporation’s 5.70% Series C Non‑Cumulative Perpetual Preferred Stock, par value $0.01 per share (the “
Series C Preferred Stock
”), $25,000 liquidation preference per share, and authorized a committee of the Board (the “
Committee
”) to act on behalf of the Board in establishing the dividend rate, number of authorized shares and certain other terms of the Series C Preferred Stock.
|
2.
|
On September 7, 2017, the Committee duly adopted the following resolutions at a special meeting of the Board:
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of TCF Financial Corporation for the quarter ended
March 31, 2018
;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Craig R. Dahl
|
|
|
Craig R. Dahl
|
|
|
Chairman, President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of TCF Financial Corporation for the quarter ended
March 31, 2018
;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Brian W. Maass
|
|
|
Brian W. Maass
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
|
1.
|
This statement is provided pursuant to 18 U.S.C. § 1350 in connection with the Company’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2018
(the “Periodic Report”);
|
2.
|
The Periodic Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
3.
|
The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods indicated therein.
|
|
/s/ Craig R. Dahl
|
|
|
Craig R. Dahl
|
|
|
Chairman, President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
*
|
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to TCF Financial Corporation and will be retained by TCF Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request.
|
1.
|
This statement is provided pursuant to 18 U.S.C. § 1350 in connection with the Company’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2018
(the “Periodic Report”);
|
2.
|
The Periodic Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
3.
|
The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods indicated therein.
|
|
/s/ Brian W. Maass
|
|
|
Brian W. Maass
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
|
*
|
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to TCF Financial Corporation and will be retained by TCF Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request.
|