TCF Financial Corporation(NYSE:TCB.PRC) added to S&P Preferred Stock Index

TCF Financial Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total interest income of $215.550 million compared to $227.529 million a year ago. Net interest income was $199.091 million compared to $180.173 million a year ago. Income before income tax expense was $49.359 million compared to loss before income tax expense of $451.732 million a year ago. Income after income tax expense was $31.800 million compared to loss after income tax expense of $281.488 million a year ago. Net income attributable to the company was $29.974 million compared to net loss attributable to the company of $282.894 million a year ago. Net income available to common stockholders was $25.450 million compared to net loss available to common stockholders of $282.894 million a year ago. Basic and diluted net income per share was $0.16 compared to basic and diluted net loss per share of $1.78 a year ago. Return on average assets was 0.70% compared to negative return of 5.96% a year ago. Return on average common equity was 6.36% compared to negative return of 63.38% a year ago. The increase in net interest income from the first quarter of 2012 was primarily due to the balance sheet repositioning completed in that quarter, which resulted in a $28.6 million reduction to the cost of borrowings, partially offset by a $14.3 million reduction of interest income on lower levels of mortgage-backed securities for the first quarter of 2013, as well as higher average loan balances primarily from the inventory finance and auto finance portfolios. These increases were partially offset by reduced interest income due to lower average balances of consumer real estate loans as a result of loan sales in the third and fourth quarters of 2012 and first quarter of 2013, as well as lower yields as new originations in its lending businesses continued to be impacted by the low interest rate environment. Book value per common share was $9.86. Revenue for the period was $292 million and was about flat with previous quarters. Net charge offs for the quarter was $41.0 million. The Board of Directors of the company declared quarterly cash dividends on TCF's common shares, 7.50% Series A Non-Cumulative Perpetual Preferred Stock and 6.45% Series B Non-Cumulative Perpetual Preferred Stock. A quarterly cash dividend of $0.05 per common share is payable on May 31, 2013 to stockholders of record at the close of business on May 15, 2013. A quarterly cash dividend of $0.46875 per depositary share is payable on June 3, 2013 to holders of record of the depositary shares, representing a 1/1,000th interest in a share of the 7.50% Series A Non-Cumulative Perpetual Preferred Stock, at the close of business on May 15, 2013. A quarterly cash dividend of $0.403125 per share is payable on June 3, 2013 to holders of record of the 6.45% Series B Non-Cumulative Perpetual Preferred Stock at the close of business on May 15, 2013.

TCF Financial Corporation, Q1 2013 Earnings Call, Apr 19, 2013