TCF Financial Q1 Earnings Rise, Beat Estimates - Quick Facts

(RTTNews) - TCF Financial Corp. (TCB), the bank holding company for TCF National Bank, Tuesday reported rise in earnings for the first quarter mainly due to higher revenues. Earnings beat analysts' estimates by a penny.

For the first quarter, net earnings increased to $39.91 million or $0.24 per share, from $25.45 million or $0.16 per share a year earlier. On average, 21 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.23 for the quarter. Analysts' estimates typically exclude one-time items.

Comprehensive income for the first quarter totaled $51.41 million, compared with $21.07 million a year earlier.

Total revenue for the period rose to $304.68 million from $291.79 million a year ago. Net interest income increased to $201.27 million from $199.09 million in the first quarter of last year. Total non-interest income grew to $103.41 million from $92.7 million a year ago. Analysts had expected revenues of $200.44 million.

Net interest margin was 4.66 percent for the first quarter, compared with 4.72 percent in the same period last year.

Deposits increased to $14.801 billion from $14.433 billion a year earlier. Net loans and leases grew to $15.968 billion from $15.595 billion in the first quarter of the previous year.

On April 21, the company's Board declared a regular quarterly cash dividend of 5 cents per common share, payable on June 2 to shareholders on the register at May 15.