TCF Reports First Quarter 2020 Results
TCF FINANCIAL (TCF)
Last tcf financial earnings: 4/27 04:30 pm
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Source: Business Wire
TCF also announces quarterly cash dividends on common and preferred stock DETROIT--(BUSINESS WIRE)--TCF Financial Corporation (NASDAQ: TCF):First Quarter 2020 HighlightsQuarterly net income of $51.9 million, or $0.32 per diluted share, down 53.8% from the fourth quarter of 2019Adjusted diluted earnings per common share of $0.57(1), down 45.2% from the fourth quarter of 2019. Adjusted diluted earnings per common share excludes $38.0 million, or $0.25 per share, after-tax impact of merger-related expenses and notable itemsLoan and lease growth of 4.1% compared to December 31, 2019, driven by $1.2 billion of commercial loan and lease portfolio growthDeposit growth of 3.9% compared to December 31, 2019Net charge-offs of $5.5 million, or 0.06% of average loans and leases (annualized)Provision for credit losses of $96.9 million, including $74.1 million related to COVID-19, a $0.38 detriment to earnings per diluted common shareAssisted consumers via approximately 7,300 COVID-19-related lo
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