|
Delaware
|
41-1591444
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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(Title of each class)
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(Name of each exchange on which registered)
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Common Stock (par value $.01 per share)
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New York Stock Exchange
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Depositary shares, each representing a 1/1000
th
interest in a share of 5.70% Series C Non-Cumulative Perpetual Preferred Stock
|
New York Stock Exchange
|
Large accelerated filer
þ
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Accelerated filer
¨
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Non-accelerated filer
¨
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Smaller reporting company
¨
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Emerging growth company
¨
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Description
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Page
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At December 31,
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||||||||||||||||||||||
Index
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
||||||||||||
TCF Financial Corporation
|
$
|
100.00
|
|
|
$
|
99.03
|
|
|
$
|
89.27
|
|
|
$
|
126.70
|
|
|
$
|
135.01
|
|
|
$
|
131.65
|
|
KBW NASDAQ Regional Banking Index
|
100.00
|
|
|
102.42
|
|
|
108.48
|
|
|
150.80
|
|
|
153.45
|
|
|
126.59
|
|
||||||
S&P 500 Index
|
100.00
|
|
|
113.69
|
|
|
115.26
|
|
|
129.05
|
|
|
157.22
|
|
|
150.33
|
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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
|
||||||
October 1 to October 31, 2018
|
|
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|
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Share repurchase program
(1)
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
141,025,633
|
|
Employee transactions
(2)
|
12,698
|
|
|
23.78
|
|
|
N.A.
|
|
|
N.A.
|
|
||
November 1 to November 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||
Share repurchase program
(1)
|
1,860,210
|
|
|
$
|
22.01
|
|
|
1,860,210
|
|
|
$
|
100,079,548
|
|
Employee transactions
(2)
|
—
|
|
|
—
|
|
|
N.A.
|
|
|
N.A.
|
|
||
December 1 to December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||
Share repurchase program
(1)
|
1,040,000
|
|
|
$
|
21.18
|
|
|
1,040,000
|
|
|
$
|
78,052,490
|
|
Employee transactions
(2)
|
—
|
|
|
—
|
|
|
N.A.
|
|
|
N.A.
|
|
||
Total
|
|
|
|
|
|
|
|
|
|
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|
||
Share repurchase program
(1)
|
2,900,210
|
|
|
$
|
21.71
|
|
|
2,900,210
|
|
|
$
|
78,052,490
|
|
Employee transactions
(2)
|
12,698
|
|
|
23.78
|
|
|
N.A.
|
|
|
N.A.
|
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(1)
|
On July 25, 2018, the Board of Directors approved a $150.0 million increase to TCF's common stock repurchase program. 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.
|
|
At or For the Year Ended December 31,
|
||||||||||||||||||
(Dollars in thousands, except per share data)
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Consolidated Income:
|
|
|
|
|
|
|
|
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|
||||||||||
Net interest income
|
$
|
992,007
|
|
|
$
|
925,238
|
|
|
$
|
848,106
|
|
|
$
|
820,388
|
|
|
$
|
815,629
|
|
Non-interest income
|
470,885
|
|
|
448,299
|
|
|
465,900
|
|
|
441,998
|
|
|
433,267
|
|
|||||
Total revenue
|
1,462,892
|
|
|
1,373,537
|
|
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1,314,006
|
|
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1,262,386
|
|
|
1,248,896
|
|
|||||
Provision for credit losses
|
46,768
|
|
|
68,443
|
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|
65,874
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|
|
52,944
|
|
|
95,737
|
|
|||||
Non-interest expense
|
1,014,400
|
|
|
1,059,934
|
|
|
909,887
|
|
|
894,747
|
|
|
871,777
|
|
|||||
Income before income tax expense (benefit)
|
401,724
|
|
|
245,160
|
|
|
338,245
|
|
|
314,695
|
|
|
281,382
|
|
|||||
Income tax expense (benefit)
|
86,096
|
|
|
(33,624
|
)
|
|
116,528
|
|
|
108,872
|
|
|
99,766
|
|
|||||
Income attributable to non-controlling interest
|
11,270
|
|
|
10,147
|
|
|
9,593
|
|
|
8,700
|
|
|
7,429
|
|
|||||
Net income attributable to TCF Financial Corporation
|
304,358
|
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268,637
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212,124
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197,123
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174,187
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|
|||||
Preferred stock dividends
|
11,588
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|
|
19,904
|
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|
19,388
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|
|
19,388
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|
|
19,388
|
|
|||||
Impact of preferred stock redemption
|
3,481
|
|
|
5,779
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income available to common stockholders
|
$
|
289,289
|
|
|
$
|
242,954
|
|
|
$
|
192,736
|
|
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$
|
177,735
|
|
|
$
|
154,799
|
|
Earnings per common share:
|
|
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||||||||||
Basic
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$
|
1.75
|
|
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$
|
1.44
|
|
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$
|
1.15
|
|
|
$
|
1.07
|
|
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$
|
0.95
|
|
Diluted
|
1.74
|
|
|
1.44
|
|
|
1.15
|
|
|
1.07
|
|
|
0.94
|
|
|||||
Dividends declared
|
0.60
|
|
|
0.30
|
|
|
0.30
|
|
|
0.225
|
|
|
0.20
|
|
|||||
Consolidated Financial Condition:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans and leases
|
$
|
19,072,311
|
|
|
$
|
19,104,460
|
|
|
$
|
17,843,827
|
|
|
$
|
17,435,999
|
|
|
$
|
16,401,646
|
|
Total assets
|
23,699,612
|
|
|
23,002,159
|
|
|
21,441,326
|
|
|
20,689,609
|
|
|
19,393,656
|
|
|||||
Deposits
|
18,903,686
|
|
|
18,335,002
|
|
|
17,242,522
|
|
|
16,719,989
|
|
|
15,449,882
|
|
|||||
Borrowings
|
1,449,472
|
|
|
1,249,449
|
|
|
1,077,572
|
|
|
1,039,938
|
|
|
1,235,535
|
|
|||||
Total equity
|
2,556,260
|
|
|
2,680,584
|
|
|
2,444,645
|
|
|
2,306,917
|
|
|
2,135,364
|
|
|||||
Book value per common share
|
14.45
|
|
|
13.96
|
|
|
12.66
|
|
|
11.94
|
|
|
11.10
|
|
|||||
Tangible book value per common share
(1)
|
13.38
|
|
|
12.92
|
|
|
11.33
|
|
|
10.59
|
|
|
9.72
|
|
|||||
Financial Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets
|
1.37
|
%
|
|
1.26
|
%
|
|
1.05
|
%
|
|
1.03
|
%
|
|
0.96
|
%
|
|||||
Return on average common equity
|
12.42
|
|
|
10.80
|
|
|
9.13
|
|
|
9.19
|
|
|
8.71
|
|
|||||
Adjusted return on average common equity
(1)
|
13.51
|
|
|
10.80
|
|
|
9.13
|
|
|
9.19
|
|
|
8.71
|
|
|||||
Return on average tangible common equity
(1)
|
13.56
|
|
|
15.73
|
|
|
10.29
|
|
|
10.48
|
|
|
10.08
|
|
|||||
Adjusted return on average tangible common equity
(1)
|
14.74
|
|
|
15.73
|
|
|
10.29
|
|
|
10.48
|
|
|
10.08
|
|
|||||
Net interest margin
(2)
|
4.63
|
|
|
4.54
|
|
|
4.34
|
|
|
4.42
|
|
|
4.61
|
|
|||||
Common equity to assets
|
9.99
|
|
|
10.42
|
|
|
10.09
|
|
|
9.80
|
|
|
9.58
|
|
|||||
Dividend payout ratio
|
34.48
|
|
|
20.83
|
|
|
26.09
|
|
|
21.03
|
|
|
21.28
|
|
|||||
Efficiency ratio
|
69.34
|
|
|
77.17
|
|
|
69.25
|
|
|
70.88
|
|
|
69.80
|
|
|||||
Adjusted efficiency ratio
(1)
|
67.15
|
|
|
77.17
|
|
|
69.25
|
|
|
70.88
|
|
|
69.80
|
|
|||||
Credit Quality Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-accrual loans and leases as a percentage of total loans and leases
|
0.56
|
%
|
|
0.62
|
%
|
|
1.02
|
%
|
|
1.15
|
%
|
|
1.32
|
%
|
|||||
Non-performing assets as a percentage of total loans and leases and other real estate owned
|
0.65
|
|
|
0.72
|
|
|
1.28
|
|
|
1.43
|
|
|
1.71
|
|
|||||
Allowance for loan and lease losses as a percentage of total loans and leases
|
0.83
|
|
|
0.90
|
|
|
0.90
|
|
|
0.90
|
|
|
1.00
|
|
|||||
Net charge-offs as a percentage of average loans and leases
|
0.29
|
|
|
0.24
|
|
|
0.26
|
|
|
0.30
|
|
|
0.49
|
|
(1)
|
See "Item 7. Management's Discussion and Analysis - Consolidated Financial Condition Analysis - Non-GAAP Financial Measures" for further information.
|
(2)
|
Net interest income on a fully tax-equivalent basis divided by average interest-earning assets.
|
Description
|
Page
|
|
Year Ended December 31,
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|||||||||||||||||||||||||||
(Dollars in thousands)
|
Average
Balance |
|
Interest
(1)
|
|
Yields and
Rates (1) |
|
Average
Balance |
|
Interest
(1)
|
|
Yields and
Rates (1) |
|
Average
Balance |
|
Interest
|
|
Yields and
Rates (bps) |
|||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Investments and other
|
$
|
319,472
|
|
|
$
|
11,964
|
|
|
3.74
|
%
|
|
$
|
282,507
|
|
|
$
|
10,491
|
|
|
3.71
|
%
|
|
$
|
36,965
|
|
|
$
|
1,473
|
|
|
3
|
|
Debt securities held to maturity
|
154,619
|
|
|
3,970
|
|
|
2.57
|
|
|
170,006
|
|
|
4,436
|
|
|
2.61
|
|
|
(15,387
|
)
|
|
(466
|
)
|
|
(4
|
)
|
||||||
Debt securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Taxable
|
1,390,016
|
|
|
37,436
|
|
|
2.69
|
|
|
823,526
|
|
|
18,382
|
|
|
2.23
|
|
|
566,490
|
|
|
19,054
|
|
|
46
|
|
||||||
Tax-exempt
(2)
|
815,540
|
|
|
21,694
|
|
|
2.66
|
|
|
712,530
|
|
|
22,916
|
|
|
3.22
|
|
|
103,010
|
|
|
(1,222
|
)
|
|
(56
|
)
|
||||||
Loans and leases held for sale
|
103,240
|
|
|
6,619
|
|
|
6.41
|
|
|
208,678
|
|
|
16,606
|
|
|
7.96
|
|
|
(105,438
|
)
|
|
(9,987
|
)
|
|
(155
|
)
|
||||||
Loans and leases:
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fixed-rate
|
1,790,069
|
|
|
97,850
|
|
|
5.47
|
|
|
1,934,395
|
|
|
109,185
|
|
|
5.64
|
|
|
(144,326
|
)
|
|
(11,335
|
)
|
|
(17
|
)
|
||||||
Variable- and adjustable-rate
|
3,027,030
|
|
|
196,291
|
|
|
6.48
|
|
|
2,961,449
|
|
|
171,671
|
|
|
5.80
|
|
|
65,581
|
|
|
24,620
|
|
|
68
|
|
||||||
Total consumer real estate
|
4,817,099
|
|
|
294,141
|
|
|
6.11
|
|
|
4,895,844
|
|
|
280,856
|
|
|
5.74
|
|
|
(78,745
|
)
|
|
13,285
|
|
|
37
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fixed-rate
|
875,551
|
|
|
39,789
|
|
|
4.54
|
|
|
977,698
|
|
|
47,587
|
|
|
4.87
|
|
|
(102,147
|
)
|
|
(7,798
|
)
|
|
(33
|
)
|
||||||
Variable- and adjustable-rate
|
2,832,471
|
|
|
153,068
|
|
|
5.40
|
|
|
2,455,578
|
|
|
111,886
|
|
|
4.56
|
|
|
376,893
|
|
|
41,182
|
|
|
84
|
|
||||||
Total commercial
|
3,708,022
|
|
|
192,857
|
|
|
5.20
|
|
|
3,433,276
|
|
|
159,473
|
|
|
4.64
|
|
|
274,746
|
|
|
33,384
|
|
|
56
|
|
||||||
Leasing and equipment finance
|
4,642,811
|
|
|
230,418
|
|
|
4.96
|
|
|
4,399,138
|
|
|
202,508
|
|
|
4.60
|
|
|
243,673
|
|
|
27,910
|
|
|
36
|
|
||||||
Inventory finance
|
3,079,059
|
|
|
214,262
|
|
|
6.96
|
|
|
2,646,500
|
|
|
164,386
|
|
|
6.21
|
|
|
432,559
|
|
|
49,876
|
|
|
75
|
|
||||||
Auto finance
|
2,565,668
|
|
|
136,692
|
|
|
5.33
|
|
|
3,105,326
|
|
|
152,974
|
|
|
4.93
|
|
|
(539,658
|
)
|
|
(16,282
|
)
|
|
40
|
|
||||||
Other
|
13,603
|
|
|
579
|
|
|
4.26
|
|
|
11,149
|
|
|
571
|
|
|
5.11
|
|
|
2,454
|
|
|
8
|
|
|
(85
|
)
|
||||||
Total loans and leases
|
18,826,262
|
|
|
1,068,949
|
|
|
5.68
|
|
|
18,491,233
|
|
|
960,768
|
|
|
5.20
|
|
|
335,029
|
|
|
108,181
|
|
|
48
|
|
||||||
Total interest-earning assets
|
21,609,149
|
|
|
1,150,632
|
|
|
5.32
|
|
|
20,688,480
|
|
|
1,033,599
|
|
|
5.00
|
|
|
920,669
|
|
|
117,033
|
|
|
32
|
|
||||||
Other assets
(4)
|
1,452,999
|
|
|
|
|
|
|
1,363,487
|
|
|
|
|
|
|
89,512
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
23,062,148
|
|
|
|
|
|
|
$
|
22,051,967
|
|
|
|
|
|
|
$
|
1,010,181
|
|
|
|
|
|
|
|
|||||||
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-interest bearing deposits
|
$
|
3,843,494
|
|
|
|
|
|
|
$
|
3,492,233
|
|
|
|
|
|
|
$
|
351,261
|
|
|
|
|
|
|
|
|||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Checking
|
2,438,040
|
|
|
714
|
|
|
0.03
|
|
|
2,541,407
|
|
|
379
|
|
|
0.01
|
|
|
(103,367
|
)
|
|
335
|
|
|
2
|
|
||||||
Savings
|
5,621,723
|
|
|
20,009
|
|
|
0.36
|
|
|
4,888,280
|
|
|
4,255
|
|
|
0.09
|
|
|
733,443
|
|
|
15,754
|
|
|
27
|
|
||||||
Money market
|
1,553,255
|
|
|
11,582
|
|
|
0.75
|
|
|
2,140,553
|
|
|
10,139
|
|
|
0.47
|
|
|
(587,298
|
)
|
|
1,443
|
|
|
28
|
|
||||||
Certificates of deposit
|
4,897,937
|
|
|
74,808
|
|
|
1.53
|
|
|
4,495,062
|
|
|
51,239
|
|
|
1.14
|
|
|
402,875
|
|
|
23,569
|
|
|
39
|
|
||||||
Total interest-bearing deposits
|
14,510,955
|
|
|
107,113
|
|
|
0.74
|
|
|
14,065,302
|
|
|
66,012
|
|
|
0.47
|
|
|
445,653
|
|
|
41,101
|
|
|
27
|
|
||||||
Total deposits
|
18,354,449
|
|
|
107,113
|
|
|
0.58
|
|
|
17,557,535
|
|
|
66,012
|
|
|
0.38
|
|
|
796,914
|
|
|
41,101
|
|
|
20
|
|
||||||
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Short-term borrowings
|
3,288
|
|
|
77
|
|
|
2.35
|
|
|
5,267
|
|
|
58
|
|
|
1.10
|
|
|
(1,979
|
)
|
|
19
|
|
|
125
|
|
||||||
Long-term borrowings
|
1,412,186
|
|
|
43,067
|
|
|
3.05
|
|
|
1,239,433
|
|
|
27,749
|
|
|
2.24
|
|
|
172,753
|
|
|
15,318
|
|
|
81
|
|
||||||
Total borrowings
|
1,415,474
|
|
|
43,144
|
|
|
3.05
|
|
|
1,244,700
|
|
|
27,807
|
|
|
2.23
|
|
|
170,774
|
|
|
15,337
|
|
|
82
|
|
||||||
Total interest-bearing liabilities
|
15,926,429
|
|
|
150,257
|
|
|
0.94
|
|
|
15,310,002
|
|
|
93,819
|
|
|
0.61
|
|
|
616,427
|
|
|
56,438
|
|
|
33
|
|
||||||
Total deposits and borrowings
|
19,769,923
|
|
|
150,257
|
|
|
0.76
|
|
|
18,802,235
|
|
|
93,819
|
|
|
0.50
|
|
|
967,688
|
|
|
56,438
|
|
|
26
|
|
||||||
Accrued expenses and other liabilities
|
761,723
|
|
|
|
|
|
|
713,794
|
|
|
|
|
|
|
47,929
|
|
|
|
|
|
||||||||||||
Total liabilities
|
20,531,646
|
|
|
|
|
|
|
19,516,029
|
|
|
|
|
|
|
1,015,617
|
|
|
|
|
|
||||||||||||
Total TCF Financial Corp. stockholders' equity
|
2,506,179
|
|
|
|
|
|
|
2,513,424
|
|
|
|
|
|
|
(7,245
|
)
|
|
|
|
|
||||||||||||
Non-controlling interest in subsidiaries
|
24,323
|
|
|
|
|
|
|
22,514
|
|
|
|
|
|
|
1,809
|
|
|
|
|
|
||||||||||||
Total equity
|
2,530,502
|
|
|
|
|
|
|
2,535,938
|
|
|
|
|
|
|
(5,436
|
)
|
|
|
|
|
||||||||||||
Total liabilities and equity
|
$
|
23,062,148
|
|
|
|
|
|
|
$
|
22,051,967
|
|
|
|
|
|
|
$
|
1,010,181
|
|
|
|
|
|
|||||||||
Net interest income and margin
|
|
|
$
|
1,000,375
|
|
|
4.63
|
|
|
|
|
$
|
939,780
|
|
|
4.54
|
|
|
|
|
|
$
|
60,595
|
|
|
9
|
|
(1)
|
Interest and yields are presented on a fully tax-equivalent basis.
|
(2)
|
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
2018
and
2017
, respectively.
|
(3)
|
Average balances of loans and leases include non-accrual loans and leases and are presented net of unearned income.
|
(4)
|
Includes leased equipment and related initial direct costs under operating leases of
$288.4 million
and
$224.7 million
for
2018
and
2017
, respectively.
|
|
Year Ended December 31,
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|||||||||||||||||||||||||||
(Dollars in thousands)
|
Average
Balance |
|
Interest
(1)
|
|
Yields and
Rates (1) |
|
Average
Balance |
|
Interest
(1)
|
|
Yields and
Rates (1) |
|
Average
Balance |
|
Interest
|
|
Yields and
Rates (bps) |
|||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Investments and other
|
$
|
282,507
|
|
|
$
|
10,491
|
|
|
3.71
|
%
|
|
$
|
319,582
|
|
|
$
|
9,314
|
|
|
2.91
|
%
|
|
$
|
(37,075
|
)
|
|
$
|
1,177
|
|
|
80
|
|
Debt securities held to maturity
|
170,006
|
|
|
4,436
|
|
|
2.61
|
|
|
190,863
|
|
|
4,649
|
|
|
2.44
|
|
|
(20,857
|
)
|
|
(213
|
)
|
|
17
|
|
||||||
Debt securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Taxable
|
823,526
|
|
|
18,382
|
|
|
2.23
|
|
|
719,743
|
|
|
16,238
|
|
|
2.26
|
|
|
103,783
|
|
|
2,144
|
|
|
(3
|
)
|
||||||
Tax-exempt
(2)
|
712,530
|
|
|
22,916
|
|
|
3.22
|
|
|
495,708
|
|
|
15,900
|
|
|
3.21
|
|
|
216,822
|
|
|
7,016
|
|
|
1
|
|
||||||
Loans and leases held for sale
|
208,678
|
|
|
16,606
|
|
|
7.96
|
|
|
479,401
|
|
|
39,648
|
|
|
8.27
|
|
|
(270,723
|
)
|
|
(23,042
|
)
|
|
(31
|
)
|
||||||
Loans and leases:
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fixed-rate
|
1,934,395
|
|
|
109,185
|
|
|
5.64
|
|
|
2,285,647
|
|
|
130,753
|
|
|
5.72
|
|
|
(351,252
|
)
|
|
(21,568
|
)
|
|
(8
|
)
|
||||||
Variable- and adjustable-rate
|
2,961,449
|
|
|
171,671
|
|
|
5.80
|
|
|
2,948,482
|
|
|
156,919
|
|
|
5.32
|
|
|
12,967
|
|
|
14,752
|
|
|
48
|
|
||||||
Total consumer real estate
|
4,895,844
|
|
|
280,856
|
|
|
5.74
|
|
|
5,234,129
|
|
|
287,672
|
|
|
5.50
|
|
|
(338,285
|
)
|
|
(6,816
|
)
|
|
24
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fixed-rate
|
977,698
|
|
|
47,587
|
|
|
4.87
|
|
|
972,107
|
|
|
47,445
|
|
|
4.88
|
|
|
5,591
|
|
|
142
|
|
|
(1
|
)
|
||||||
Variable- and adjustable-rate
|
2,455,578
|
|
|
111,886
|
|
|
4.56
|
|
|
2,154,774
|
|
|
85,996
|
|
|
3.99
|
|
|
300,804
|
|
|
25,890
|
|
|
57
|
|
||||||
Total commercial
|
3,433,276
|
|
|
159,473
|
|
|
4.64
|
|
|
3,126,881
|
|
|
133,441
|
|
|
4.27
|
|
|
306,395
|
|
|
26,032
|
|
|
37
|
|
||||||
Leasing and equipment finance
|
4,399,138
|
|
|
202,508
|
|
|
4.60
|
|
|
4,106,718
|
|
|
183,029
|
|
|
4.46
|
|
|
292,420
|
|
|
19,479
|
|
|
14
|
|
||||||
Inventory finance
|
2,646,500
|
|
|
164,386
|
|
|
6.21
|
|
|
2,414,684
|
|
|
140,453
|
|
|
5.82
|
|
|
231,816
|
|
|
23,933
|
|
|
39
|
|
||||||
Auto finance
|
3,105,326
|
|
|
152,974
|
|
|
4.93
|
|
|
2,693,041
|
|
|
110,651
|
|
|
4.11
|
|
|
412,285
|
|
|
42,323
|
|
|
82
|
|
||||||
Other
|
11,149
|
|
|
571
|
|
|
5.11
|
|
|
9,538
|
|
|
548
|
|
|
5.74
|
|
|
1,611
|
|
|
23
|
|
|
(63
|
)
|
||||||
Total loans and leases
|
18,491,233
|
|
|
960,768
|
|
|
5.20
|
|
|
17,584,991
|
|
|
855,794
|
|
|
4.87
|
|
|
906,242
|
|
|
104,974
|
|
|
33
|
|
||||||
Total interest-earning assets
|
20,688,480
|
|
|
1,033,599
|
|
|
5.00
|
|
|
19,790,288
|
|
|
941,543
|
|
|
4.76
|
|
|
898,192
|
|
|
92,056
|
|
|
24
|
|
||||||
Other assets
(4)
|
1,363,487
|
|
|
|
|
|
|
1,285,127
|
|
|
|
|
|
|
78,360
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
22,051,967
|
|
|
|
|
|
|
$
|
21,075,415
|
|
|
|
|
|
|
$
|
976,552
|
|
|
|
|
|
|||||||||
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-interest bearing deposits
|
$
|
3,492,233
|
|
|
|
|
|
|
$
|
3,248,510
|
|
|
|
|
|
|
$
|
243,723
|
|
|
|
|
|
|||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Checking
|
2,541,407
|
|
|
379
|
|
|
0.01
|
|
|
2,452,206
|
|
|
346
|
|
|
0.01
|
|
|
89,201
|
|
|
33
|
|
|
—
|
|
||||||
Savings
|
4,888,280
|
|
|
4,255
|
|
|
0.09
|
|
|
4,677,517
|
|
|
1,510
|
|
|
0.03
|
|
|
210,763
|
|
|
2,745
|
|
|
6
|
|
||||||
Money market
|
2,140,553
|
|
|
10,139
|
|
|
0.47
|
|
|
2,488,977
|
|
|
15,114
|
|
|
0.61
|
|
|
(348,424
|
)
|
|
(4,975
|
)
|
|
(14
|
)
|
||||||
Certificates of deposit
|
4,495,062
|
|
|
51,239
|
|
|
1.14
|
|
|
4,229,247
|
|
|
44,818
|
|
|
1.06
|
|
|
265,815
|
|
|
6,421
|
|
|
8
|
|
||||||
Total interest-bearing deposits
|
14,065,302
|
|
|
66,012
|
|
|
0.47
|
|
|
13,847,947
|
|
|
61,788
|
|
|
0.45
|
|
|
217,355
|
|
|
4,224
|
|
|
2
|
|
||||||
Total deposits
|
17,557,535
|
|
|
66,012
|
|
|
0.38
|
|
|
17,096,457
|
|
|
61,788
|
|
|
0.36
|
|
|
461,078
|
|
|
4,224
|
|
|
2
|
|
||||||
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Short-term borrowings
|
5,267
|
|
|
58
|
|
|
1.10
|
|
|
7,051
|
|
|
51
|
|
|
0.73
|
|
|
(1,784
|
)
|
|
7
|
|
|
37
|
|
||||||
Long-term borrowings
|
1,239,433
|
|
|
27,749
|
|
|
2.24
|
|
|
890,846
|
|
|
20,785
|
|
|
2.33
|
|
|
348,587
|
|
|
6,964
|
|
|
(9
|
)
|
||||||
Total borrowings
|
1,244,700
|
|
|
27,807
|
|
|
2.23
|
|
|
897,897
|
|
|
20,836
|
|
|
2.32
|
|
|
346,803
|
|
|
6,971
|
|
|
(9
|
)
|
||||||
Total interest-bearing liabilities
|
15,310,002
|
|
|
93,819
|
|
|
0.61
|
|
|
14,745,844
|
|
|
82,624
|
|
|
0.56
|
|
|
564,158
|
|
|
11,195
|
|
|
5
|
|
||||||
Total deposits and borrowings
|
18,802,235
|
|
|
93,819
|
|
|
0.50
|
|
|
17,994,354
|
|
|
82,624
|
|
|
0.46
|
|
|
807,881
|
|
|
11,195
|
|
|
4
|
|
||||||
Accrued expenses and other liabilities
|
713,794
|
|
|
|
|
|
|
686,360
|
|
|
|
|
|
|
27,434
|
|
|
|
|
|
||||||||||||
Total liabilities
|
19,516,029
|
|
|
|
|
|
|
18,680,714
|
|
|
|
|
|
|
835,315
|
|
|
|
|
|
||||||||||||
Total TCF Financial Corp. stockholders' equity
|
2,513,424
|
|
|
|
|
|
|
2,373,176
|
|
|
|
|
|
|
140,248
|
|
|
|
|
|
||||||||||||
Non-controlling interest in subsidiaries
|
22,514
|
|
|
|
|
|
|
21,525
|
|
|
|
|
|
|
989
|
|
|
|
|
|
||||||||||||
Total equity
|
2,535,938
|
|
|
|
|
|
|
2,394,701
|
|
|
|
|
|
|
141,237
|
|
|
|
|
|
||||||||||||
Total liabilities and equity
|
$
|
22,051,967
|
|
|
|
|
|
|
$
|
21,075,415
|
|
|
|
|
|
|
$
|
976,552
|
|
|
|
|
|
|||||||||
Net interest income and margin
|
|
|
$
|
939,780
|
|
|
4.54
|
|
|
|
|
$
|
858,919
|
|
|
4.34
|
|
|
|
|
$
|
80,861
|
|
|
20
|
|
(1)
|
Interest and yields are presented on a fully tax-equivalent basis.
|
(2)
|
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 35% for all periods presented.
|
(3)
|
Average balances of loans and leases include non-accrual loans and leases and are presented net of unearned income.
|
(4)
|
Includes leased equipment and related initial direct costs under operating leases of
$224.7 million
and
$140.3 million
for
2017
and
2016
, respectively.
|
|
Year Ended
|
||||||||||||||||||||||
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
Versus December 31, 2017
|
|
Versus December 31, 2016
|
||||||||||||||||||||
|
Increase (Decrease) Due to
|
|
Increase (Decrease) Due to
|
||||||||||||||||||||
(In thousands)
|
Volume
(1)
|
|
Rate
(1)
|
|
Total
|
|
Volume
(1)
|
|
Rate
(1)
|
|
Total
|
||||||||||||
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investments and other
|
$
|
1,384
|
|
|
$
|
89
|
|
|
$
|
1,473
|
|
|
$
|
(1,166
|
)
|
|
$
|
2,343
|
|
|
$
|
1,177
|
|
Debt securities held to maturity
|
(396
|
)
|
|
(70
|
)
|
|
(466
|
)
|
|
(530
|
)
|
|
317
|
|
|
(213
|
)
|
||||||
Debt securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Taxable
|
14,890
|
|
|
4,164
|
|
|
19,054
|
|
|
2,318
|
|
|
(174
|
)
|
|
2,144
|
|
||||||
Tax-exempt
|
3,052
|
|
|
(4,274
|
)
|
|
(1,222
|
)
|
|
6,974
|
|
|
42
|
|
|
7,016
|
|
||||||
Loans and leases held for sale
|
(7,212
|
)
|
|
(2,775
|
)
|
|
(9,987
|
)
|
|
(21,553
|
)
|
|
(1,489
|
)
|
|
(23,042
|
)
|
||||||
Loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fixed-rate
|
(7,966
|
)
|
|
(3,369
|
)
|
|
(11,335
|
)
|
|
(19,589
|
)
|
|
(1,979
|
)
|
|
(21,568
|
)
|
||||||
Variable- and adjustable-rate
|
3,873
|
|
|
20,747
|
|
|
24,620
|
|
|
715
|
|
|
14,037
|
|
|
14,752
|
|
||||||
Total consumer real estate
|
(4,575
|
)
|
|
17,860
|
|
|
13,285
|
|
|
(18,630
|
)
|
|
11,814
|
|
|
(6,816
|
)
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fixed-rate
|
(4,770
|
)
|
|
(3,028
|
)
|
|
(7,798
|
)
|
|
360
|
|
|
(218
|
)
|
|
142
|
|
||||||
Variable- and adjustable-rate
|
18,617
|
|
|
22,565
|
|
|
41,182
|
|
|
13,001
|
|
|
12,889
|
|
|
25,890
|
|
||||||
Total commercial
|
13,374
|
|
|
20,010
|
|
|
33,384
|
|
|
13,913
|
|
|
12,119
|
|
|
26,032
|
|
||||||
Leasing and equipment finance
|
11,581
|
|
|
16,329
|
|
|
27,910
|
|
|
13,326
|
|
|
6,153
|
|
|
19,479
|
|
||||||
Inventory finance
|
28,730
|
|
|
21,146
|
|
|
49,876
|
|
|
14,284
|
|
|
9,649
|
|
|
23,933
|
|
||||||
Auto finance
|
(28,060
|
)
|
|
11,778
|
|
|
(16,282
|
)
|
|
18,588
|
|
|
23,735
|
|
|
42,323
|
|
||||||
Other
|
113
|
|
|
(105
|
)
|
|
8
|
|
|
88
|
|
|
(65
|
)
|
|
23
|
|
||||||
Total loans and leases
|
17,671
|
|
|
90,510
|
|
|
108,181
|
|
|
46,284
|
|
|
58,690
|
|
|
104,974
|
|
||||||
Total interest income
|
47,218
|
|
|
69,815
|
|
|
117,033
|
|
|
44,754
|
|
|
47,302
|
|
|
92,056
|
|
||||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Checking
|
(16
|
)
|
|
351
|
|
|
335
|
|
|
14
|
|
|
19
|
|
|
33
|
|
||||||
Savings
|
730
|
|
|
15,024
|
|
|
15,754
|
|
|
72
|
|
|
2,673
|
|
|
2,745
|
|
||||||
Money market
|
(3,298
|
)
|
|
4,741
|
|
|
1,443
|
|
|
(1,924
|
)
|
|
(3,051
|
)
|
|
(4,975
|
)
|
||||||
Certificates of deposit
|
4,923
|
|
|
18,646
|
|
|
23,569
|
|
|
2,979
|
|
|
3,442
|
|
|
6,421
|
|
||||||
Total deposits
|
3,124
|
|
|
37,977
|
|
|
41,101
|
|
|
1,768
|
|
|
2,456
|
|
|
4,224
|
|
||||||
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term borrowings
|
(28
|
)
|
|
47
|
|
|
19
|
|
|
(15
|
)
|
|
22
|
|
|
7
|
|
||||||
Long-term borrowings
|
4,257
|
|
|
11,061
|
|
|
15,318
|
|
|
7,862
|
|
|
(898
|
)
|
|
6,964
|
|
||||||
Total borrowings
|
4,195
|
|
|
11,142
|
|
|
15,337
|
|
|
7,801
|
|
|
(830
|
)
|
|
6,971
|
|
||||||
Total interest expense
|
3,921
|
|
|
52,517
|
|
|
56,438
|
|
|
3,310
|
|
|
7,885
|
|
|
11,195
|
|
||||||
Net interest income
|
$
|
42,362
|
|
|
$
|
18,233
|
|
|
$
|
60,595
|
|
|
$
|
40,815
|
|
|
$
|
40,046
|
|
|
$
|
80,861
|
|
(1)
|
Changes attributable to the combined impact of volume and rate have been allocated proportionately to the change due to volume and the change due to rate. Changes due to volume and rate are calculated independently for each line item presented.
|
|
Year Ended December 31,
|
Change
|
|||||||||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
2016
|
|
2018 / 2017
|
|
2017 / 2016
|
||||||||
Leasing and equipment finance
|
$
|
185,107
|
|
|
$
|
145,039
|
|
|
$
|
119,166
|
|
|
27.6
|
%
|
|
21.7
|
%
|
Fees and service charges
|
132,201
|
|
|
131,887
|
|
|
137,664
|
|
|
0.2
|
|
|
(4.2
|
)
|
|||
Card revenue
|
58,864
|
|
|
55,732
|
|
|
54,882
|
|
|
5.6
|
|
|
1.5
|
|
|||
ATM revenue
|
19,690
|
|
|
19,624
|
|
|
20,445
|
|
|
0.3
|
|
|
(4.0
|
)
|
|||
Gains on sales of loans, net
|
33,498
|
|
|
42,787
|
|
|
85,259
|
|
|
(21.7
|
)
|
|
(49.8
|
)
|
|||
Servicing fee income
|
27,334
|
|
|
41,347
|
|
|
40,182
|
|
|
(33.9
|
)
|
|
2.9
|
|
|||
Gains (losses) on debt securities, net
|
348
|
|
|
237
|
|
|
(581
|
)
|
|
46.8
|
|
|
N.M.
|
|
|||
Other
|
13,843
|
|
|
11,646
|
|
|
8,883
|
|
|
18.9
|
|
|
31.1
|
|
|||
Total non-interest income
|
$
|
470,885
|
|
|
$
|
448,299
|
|
|
$
|
465,900
|
|
|
5.0
|
|
|
(3.8
|
)
|
Total non-interest income as a percentage of total revenue
|
32.2
|
%
|
|
32.6
|
%
|
|
35.5
|
%
|
|
|
|
|
(1)
|
See "Consolidated Financial Condition Analysis - Non-GAAP Financial Measures" in this Management's Discussion and Analysis for further information.
|
|
At December 31,
|
|||||||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||||||||||||||
(Dollars in thousands)
|
Amortized Cost
|
|
Fair Value
|
|
Tax-equivalent Yield
|
|
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
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
6
|
|
|
$
|
6
|
|
|
1.98
|
%
|
|
$
|
1
|
|
|
$
|
1
|
|
|
8.02
|
%
|
Due in 1-5 years
|
10,105
|
|
|
10,033
|
|
|
2.04
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
18
|
|
|
2.28
|
|
||||||
Due in 5-10 years
|
210,522
|
|
|
208,514
|
|
|
2.54
|
|
|
82,842
|
|
|
82,046
|
|
|
2.04
|
|
|
54,202
|
|
|
54,429
|
|
|
1.93
|
|
||||||
Due after 10 years
|
1,710,073
|
|
|
1,694,647
|
|
|
3.05
|
|
|
825,347
|
|
|
812,639
|
|
|
2.32
|
|
|
773,519
|
|
|
756,461
|
|
|
2.25
|
|
||||||
Obligations of states and political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due in 1-5 years
|
14,359
|
|
|
14,342
|
|
|
2.39
|
|
|
15,178
|
|
|
15,312
|
|
|
2.97
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Due in 5-10 years
|
299,310
|
|
|
295,254
|
|
|
2.51
|
|
|
431,494
|
|
|
435,821
|
|
|
3.14
|
|
|
277,228
|
|
|
274,576
|
|
|
3.13
|
|
||||||
Due after 10 years
|
252,635
|
|
|
247,275
|
|
|
2.72
|
|
|
363,487
|
|
|
363,194
|
|
|
3.29
|
|
|
351,744
|
|
|
337,950
|
|
|
3.20
|
|
||||||
Total debt securities available for sale
|
$
|
2,497,004
|
|
|
$
|
2,470,065
|
|
|
2.90
|
|
|
$
|
1,718,354
|
|
|
$
|
1,709,018
|
|
|
2.72
|
|
|
$
|
1,456,712
|
|
|
$
|
1,423,435
|
|
|
2.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Debt securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due in 5-10 years
|
$
|
30
|
|
|
$
|
32
|
|
|
6.50
|
%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
Due after 10 years
|
146,022
|
|
|
146,435
|
|
|
2.56
|
|
|
158,776
|
|
|
162,826
|
|
|
2.55
|
|
|
178,514
|
|
|
181,146
|
|
|
2.54
|
|
||||||
Other securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Due in one year or less
|
—
|
|
|
—
|
|
|
—
|
|
|
1,000
|
|
|
1,000
|
|
|
3.00
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Due in 1-5 years
|
2,400
|
|
|
2,400
|
|
|
2.92
|
|
|
1,400
|
|
|
1,400
|
|
|
3.21
|
|
|
1,400
|
|
|
1,400
|
|
|
2.86
|
|
||||||
Due in 5-10 years
|
400
|
|
|
400
|
|
|
3.00
|
|
|
400
|
|
|
400
|
|
|
3.00
|
|
|
1,400
|
|
|
1,400
|
|
|
3.36
|
|
||||||
Total debt securities held to maturity
|
$
|
148,852
|
|
|
$
|
149,267
|
|
|
2.57
|
|
|
$
|
161,576
|
|
|
$
|
165,626
|
|
|
2.56
|
|
|
$
|
181,314
|
|
|
$
|
183,946
|
|
|
2.55
|
|
|
|
|
|
|
|
|
|
|
|
|
Compound Annual
|
||||||||||||||
|
At December 31,
|
|
Growth Rate
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
1-Year
|
|
5-Year
|
||||||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2018 / 2017
|
|
2018 / 2013
|
||||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
First mortgage lien
|
$
|
2,444,380
|
|
|
$
|
1,959,387
|
|
|
$
|
2,292,596
|
|
|
$
|
2,624,956
|
|
|
$
|
3,139,152
|
|
|
24.8
|
%
|
|
(8.3
|
)%
|
Junior lien
|
2,965,960
|
|
|
2,860,309
|
|
|
2,791,756
|
|
|
2,839,316
|
|
|
2,543,212
|
|
|
3.7
|
|
|
2.9
|
|
|||||
Total consumer real estate
|
5,410,340
|
|
|
4,819,696
|
|
|
5,084,352
|
|
|
5,464,272
|
|
|
5,682,364
|
|
|
12.3
|
|
|
(3.1
|
)
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
2,908,147
|
|
|
2,751,285
|
|
|
2,634,191
|
|
|
2,593,429
|
|
|
2,624,255
|
|
|
5.7
|
|
|
1.2
|
|
|||||
Commercial business
|
943,156
|
|
|
809,908
|
|
|
652,287
|
|
|
552,403
|
|
|
533,410
|
|
|
16.5
|
|
|
18.4
|
|
|||||
Total commercial
|
3,851,303
|
|
|
3,561,193
|
|
|
3,286,478
|
|
|
3,145,832
|
|
|
3,157,665
|
|
|
8.1
|
|
|
4.1
|
|
|||||
Leasing and equipment finance
|
4,699,740
|
|
|
4,761,661
|
|
|
4,336,310
|
|
|
4,012,248
|
|
|
3,745,322
|
|
|
(1.3
|
)
|
|
6.5
|
|
|||||
Inventory finance
|
3,107,356
|
|
|
2,739,754
|
|
|
2,470,175
|
|
|
2,146,754
|
|
|
1,877,090
|
|
|
13.4
|
|
|
13.3
|
|
|||||
Auto finance
|
1,982,277
|
|
|
3,199,639
|
|
|
2,647,741
|
|
|
2,647,596
|
|
|
1,915,061
|
|
|
(38.0
|
)
|
|
9.8
|
|
|||||
Other
|
21,295
|
|
|
22,517
|
|
|
18,771
|
|
|
19,297
|
|
|
24,144
|
|
|
(5.4
|
)
|
|
(4.5
|
)
|
|||||
Total loans and leases
|
$
|
19,072,311
|
|
|
$
|
19,104,460
|
|
|
$
|
17,843,827
|
|
|
$
|
17,435,999
|
|
|
$
|
16,401,646
|
|
|
(0.2
|
)
|
|
3.8
|
|
|
At December 31, 2018
|
||||||||||||||||||||||||||
(In thousands)
|
Consumer
Real Estate
|
|
Commercial
|
|
Leasing and
Equipment
Finance
|
|
Inventory
Finance
|
|
Auto
Finance
|
|
Other
|
|
Total
|
||||||||||||||
Geographic Distribution:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
California
|
$
|
1,329,099
|
|
|
$
|
218,714
|
|
|
$
|
654,381
|
|
|
$
|
130,913
|
|
|
$
|
320,379
|
|
|
$
|
2
|
|
|
$
|
2,653,488
|
|
Illinois
|
1,064,791
|
|
|
494,830
|
|
|
195,911
|
|
|
85,169
|
|
|
74,039
|
|
|
5,978
|
|
|
1,920,718
|
|
|||||||
Minnesota
|
863,910
|
|
|
743,567
|
|
|
104,553
|
|
|
75,051
|
|
|
28,491
|
|
|
4,731
|
|
|
1,820,303
|
|
|||||||
Michigan
|
392,431
|
|
|
558,991
|
|
|
138,816
|
|
|
140,492
|
|
|
31,892
|
|
|
5,651
|
|
|
1,268,273
|
|
|||||||
Texas
|
41,680
|
|
|
167,867
|
|
|
452,670
|
|
|
163,134
|
|
|
182,478
|
|
|
9
|
|
|
1,007,838
|
|
|||||||
Florida
|
214,223
|
|
|
151,013
|
|
|
257,472
|
|
|
147,102
|
|
|
120,567
|
|
|
34
|
|
|
890,411
|
|
|||||||
Wisconsin
|
185,359
|
|
|
369,881
|
|
|
70,120
|
|
|
108,032
|
|
|
15,283
|
|
|
833
|
|
|
749,508
|
|
|||||||
Colorado
|
263,066
|
|
|
191,169
|
|
|
89,886
|
|
|
39,799
|
|
|
29,613
|
|
|
3,500
|
|
|
617,033
|
|
|||||||
New York
|
56,028
|
|
|
47,438
|
|
|
257,121
|
|
|
118,489
|
|
|
112,812
|
|
|
40
|
|
|
591,928
|
|
|||||||
Other
|
999,753
|
|
|
907,833
|
|
|
2,478,810
|
|
|
2,099,175
|
|
|
1,066,723
|
|
|
517
|
|
|
7,552,811
|
|
|||||||
Total
|
$
|
5,410,340
|
|
|
$
|
3,851,303
|
|
|
$
|
4,699,740
|
|
|
$
|
3,107,356
|
|
|
$
|
1,982,277
|
|
|
$
|
21,295
|
|
|
$
|
19,072,311
|
|
|
At December 31, 2018
(1)
|
||||||||||||||||||||||||||
(In thousands)
|
Consumer
Real Estate
|
|
Commercial
|
|
Leasing and
Equipment
Finance
|
|
Inventory
Finance
|
|
Auto
Finance
|
|
Other
|
|
Total
|
||||||||||||||
Amounts due:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Within 1 year
|
$
|
117,891
|
|
|
$
|
554,492
|
|
|
$
|
1,621,895
|
|
|
$
|
3,107,356
|
|
|
$
|
632,636
|
|
|
$
|
11,983
|
|
|
$
|
6,046,253
|
|
1 to 5 years
|
406,641
|
|
|
2,630,236
|
|
|
2,955,013
|
|
|
—
|
|
|
1,348,137
|
|
|
3,052
|
|
|
7,343,079
|
|
|||||||
Over 5 years
|
4,885,808
|
|
|
666,575
|
|
|
122,832
|
|
|
—
|
|
|
1,504
|
|
|
6,260
|
|
|
5,682,979
|
|
|||||||
Total
|
$
|
5,410,340
|
|
|
$
|
3,851,303
|
|
|
$
|
4,699,740
|
|
|
$
|
3,107,356
|
|
|
$
|
1,982,277
|
|
|
$
|
21,295
|
|
|
$
|
19,072,311
|
|
Amounts due after 1 year:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fixed-rate loans and leases
|
$
|
2,254,390
|
|
|
$
|
678,811
|
|
|
$
|
3,076,022
|
|
|
$
|
—
|
|
|
$
|
1,349,641
|
|
|
$
|
9,165
|
|
|
$
|
7,368,029
|
|
Variable- and adjustable-rate loans and leases
|
3,038,059
|
|
|
2,618,000
|
|
|
1,823
|
|
|
—
|
|
|
—
|
|
|
147
|
|
|
5,658,029
|
|
|||||||
Total after 1 year
|
$
|
5,292,449
|
|
|
$
|
3,296,811
|
|
|
$
|
3,077,845
|
|
|
$
|
—
|
|
|
$
|
1,349,641
|
|
|
$
|
9,312
|
|
|
$
|
13,026,058
|
|
(1)
|
This table does not include the effect of prepayments, which is an important consideration in management's interest-rate risk analysis. Company experience indicates that loans and leases remain outstanding for significantly shorter periods than their contractual terms.
|
|
At December 31,
|
||||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||||
(In thousands)
|
Permanent
|
|
Construction and
Development
|
|
Total
|
|
Permanent
|
|
Construction and
Development
|
|
Total
|
||||||||||||
Multi-family housing
|
$
|
846,422
|
|
|
$
|
185,187
|
|
|
$
|
1,031,609
|
|
|
$
|
791,201
|
|
|
$
|
178,517
|
|
|
$
|
969,718
|
|
Office buildings
|
388,547
|
|
|
34,937
|
|
|
423,484
|
|
|
305,853
|
|
|
56,177
|
|
|
362,030
|
|
||||||
Health care facilities
|
283,317
|
|
|
41,100
|
|
|
324,417
|
|
|
262,889
|
|
|
34,632
|
|
|
297,521
|
|
||||||
Warehouse/industrial buildings
|
284,040
|
|
|
31,066
|
|
|
315,106
|
|
|
309,804
|
|
|
4,795
|
|
|
314,599
|
|
||||||
Hotels and motels
|
252,404
|
|
|
44,231
|
|
|
296,635
|
|
|
199,336
|
|
|
41,176
|
|
|
240,512
|
|
||||||
Self-storage
|
233,261
|
|
|
43,040
|
|
|
276,301
|
|
|
246,369
|
|
|
44,676
|
|
|
291,045
|
|
||||||
Retail services
(1)
|
187,732
|
|
|
2,050
|
|
|
189,782
|
|
|
251,903
|
|
|
5,052
|
|
|
256,955
|
|
||||||
Residential home builders
|
24,397
|
|
|
15,007
|
|
|
39,404
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other
|
10,463
|
|
|
946
|
|
|
11,409
|
|
|
18,397
|
|
|
508
|
|
|
18,905
|
|
||||||
Total
|
$
|
2,510,583
|
|
|
$
|
397,564
|
|
|
$
|
2,908,147
|
|
|
$
|
2,385,752
|
|
|
$
|
365,533
|
|
|
$
|
2,751,285
|
|
(1)
|
Primarily retail strip shopping centers and malls, convenience stores, supermarkets, restaurants and automobile related businesses.
|
|
At December 31,
|
||||||||||||
|
2018
|
2017
|
|||||||||||
(Dollars in thousands)
|
Balance
|
|
Percent
of Total
|
|
Balance
|
|
Percent
of Total
|
||||||
Specialty vehicles
|
$
|
1,396,113
|
|
|
29.7
|
%
|
|
$
|
1,403,142
|
|
|
29.5
|
%
|
Construction equipment
|
556,905
|
|
|
11.9
|
|
|
548,575
|
|
|
11.5
|
|
||
Golf cart and turf equipment
|
428,578
|
|
|
9.1
|
|
|
431,888
|
|
|
9.1
|
|
||
Manufacturing equipment
|
421,978
|
|
|
9.0
|
|
|
472,902
|
|
|
9.9
|
|
||
Medical equipment
|
353,540
|
|
|
7.5
|
|
|
335,636
|
|
|
7.1
|
|
||
Trucks and trailers
|
339,863
|
|
|
7.2
|
|
|
367,206
|
|
|
7.7
|
|
||
Furniture and fixtures
|
307,075
|
|
|
6.5
|
|
|
334,732
|
|
|
7.0
|
|
||
Technology and data processing equipment
|
297,292
|
|
|
6.3
|
|
|
290,999
|
|
|
6.1
|
|
||
Agricultural equipment
|
144,903
|
|
|
3.1
|
|
|
148,269
|
|
|
3.1
|
|
||
Other
|
453,493
|
|
|
9.7
|
|
|
428,312
|
|
|
9.0
|
|
||
Total
|
$
|
4,699,740
|
|
|
100.0
|
%
|
|
$
|
4,761,661
|
|
|
100.0
|
%
|
|
At December 31,
|
||||||||||||
|
2018
|
|
2017
|
||||||||||
(Dollars in thousands)
|
Balance
|
|
Percent
of Total
|
|
Balance
|
|
Percent
of Total
|
||||||
Powersports
|
$
|
1,275,128
|
|
|
41.0
|
%
|
|
$
|
1,187,049
|
|
|
43.3
|
%
|
Lawn and garden
|
667,429
|
|
|
21.5
|
|
|
606,173
|
|
|
22.1
|
|
||
Other
|
1,164,799
|
|
|
37.5
|
|
|
946,532
|
|
|
34.6
|
|
||
Total
|
$
|
3,107,356
|
|
|
100.0
|
%
|
|
$
|
2,739,754
|
|
|
100.0
|
%
|
•
|
Loans and leases that are over 60-days delinquent have a higher potential to become non-accrual and generally are a leading indicator for future charge-off trends.
|
•
|
Troubled debt restructuring ("TDR") loans are loans to financially troubled borrowers that have been modified such that TCF has granted a concession in terms to improve the likelihood of collection of all principal and modified interest owed.
|
•
|
Non-accrual loans and leases have been charged down to the estimated fair value of the collateral less estimated selling costs, or reserved for expected loss upon workout.
|
•
|
Within the performing loans and leases, TCF classifies customers within regulatory classification guidelines. Loans and leases that are "classified" are loans or leases that management has concerns regarding the ability of the borrowers to meet existing loan or lease terms and conditions, but may never become non-accrual or result in a loss.
|
|
60 Days or More Delinquent and Accruing
|
|
Percentage of Period-end Loans and Leases
(1)
|
|||||||||||||||||||||||||||||||
|
At December 31,
|
|
At December 31,
|
|||||||||||||||||||||||||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
First mortgage lien
|
$
|
4,557
|
|
|
$
|
4,666
|
|
|
$
|
8,725
|
|
|
$
|
11,565
|
|
|
$
|
13,370
|
|
|
0.19
|
%
|
|
0.25
|
%
|
|
0.40
|
%
|
|
0.46
|
%
|
|
0.49
|
%
|
Junior lien
|
1,213
|
|
|
1,268
|
|
|
1,404
|
|
|
1,519
|
|
|
2,091
|
|
|
0.04
|
|
|
0.04
|
|
|
0.05
|
|
|
0.05
|
|
|
0.08
|
|
|||||
Total consumer real estate
|
5,770
|
|
|
5,934
|
|
|
10,129
|
|
|
13,084
|
|
|
15,461
|
|
|
0.11
|
|
|
0.13
|
|
|
0.21
|
|
|
0.25
|
|
|
0.30
|
|
|||||
Commercial
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leasing and equipment finance
|
10,638
|
|
|
6,389
|
|
|
4,523
|
|
|
2,292
|
|
|
2,549
|
|
|
0.23
|
|
|
0.14
|
|
|
0.10
|
|
|
0.06
|
|
|
0.07
|
|
|||||
Inventory finance
|
310
|
|
|
208
|
|
|
55
|
|
|
118
|
|
|
75
|
|
|
0.01
|
|
|
0.01
|
|
|
—
|
|
|
0.01
|
|
|
—
|
|
|||||
Auto finance
|
11,657
|
|
|
9,077
|
|
|
6,102
|
|
|
3,573
|
|
|
4,263
|
|
|
0.59
|
|
|
0.28
|
|
|
0.23
|
|
|
0.14
|
|
|
0.22
|
|
|||||
Other
|
28
|
|
|
9
|
|
|
20
|
|
|
20
|
|
|
—
|
|
|
0.14
|
|
|
0.04
|
|
|
0.10
|
|
|
0.10
|
|
|
—
|
|
|||||
Subtotal
|
28,404
|
|
|
21,618
|
|
|
20,829
|
|
|
19,088
|
|
|
22,348
|
|
|
0.15
|
|
|
0.11
|
|
|
0.12
|
|
|
0.11
|
|
|
0.14
|
|
|||||
Portfolios acquired with deteriorated credit quality
|
178
|
|
|
1,561
|
|
|
—
|
|
|
1
|
|
|
88
|
|
|
4.65
|
|
|
13.18
|
|
|
—
|
|
|
0.43
|
|
|
0.03
|
|
|||||
Total
|
$
|
28,582
|
|
|
$
|
23,179
|
|
|
$
|
20,829
|
|
|
$
|
19,089
|
|
|
$
|
22,436
|
|
|
0.15
|
|
|
0.12
|
|
|
0.12
|
|
|
0.11
|
|
|
0.14
|
|
(1)
|
Excludes non-accrual loans and leases
|
|
At December 31,
|
||||||||||||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Accruing TDR Loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer real estate
|
$
|
80,739
|
|
|
$
|
88,092
|
|
|
$
|
98,606
|
|
|
$
|
106,787
|
|
|
$
|
111,933
|
|
Commercial
|
4,174
|
|
|
12,249
|
|
|
20,304
|
|
|
24,731
|
|
|
80,375
|
|
|||||
Leasing and equipment finance
|
8,491
|
|
|
10,263
|
|
|
4,802
|
|
|
2,904
|
|
|
924
|
|
|||||
Inventory finance
|
—
|
|
|
—
|
|
|
—
|
|
|
51
|
|
|
527
|
|
|||||
Auto finance
|
5,054
|
|
|
3,464
|
|
|
2,323
|
|
|
799
|
|
|
—
|
|
|||||
Other
|
1
|
|
|
3
|
|
|
6
|
|
|
11
|
|
|
89
|
|
|||||
Total
|
$
|
98,459
|
|
|
$
|
114,071
|
|
|
$
|
126,041
|
|
|
$
|
135,283
|
|
|
$
|
193,848
|
|
Non-accrual TDR Loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer real estate
|
$
|
16,192
|
|
|
$
|
34,282
|
|
|
$
|
71,961
|
|
|
$
|
79,055
|
|
|
$
|
87,685
|
|
Commercial
|
3,946
|
|
|
83
|
|
|
2,170
|
|
|
7,016
|
|
|
11,265
|
|
|||||
Leasing and equipment finance
|
1,754
|
|
|
1,413
|
|
|
1,350
|
|
|
641
|
|
|
1,953
|
|
|||||
Inventory finance
|
453
|
|
|
476
|
|
|
357
|
|
|
172
|
|
|
37
|
|
|||||
Auto finance
|
6,362
|
|
|
5,351
|
|
|
5,504
|
|
|
8,440
|
|
|
3,676
|
|
|||||
Other
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
28,707
|
|
|
$
|
41,606
|
|
|
$
|
81,342
|
|
|
$
|
95,324
|
|
|
$
|
104,616
|
|
Total TDR loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer real estate
|
$
|
96,931
|
|
|
$
|
122,374
|
|
|
$
|
170,567
|
|
|
$
|
185,842
|
|
|
$
|
199,618
|
|
Commercial
|
8,120
|
|
|
12,332
|
|
|
22,474
|
|
|
31,747
|
|
|
91,640
|
|
|||||
Leasing and equipment finance
|
10,245
|
|
|
11,676
|
|
|
6,152
|
|
|
3,545
|
|
|
2,877
|
|
|||||
Inventory finance
|
453
|
|
|
476
|
|
|
357
|
|
|
223
|
|
|
564
|
|
|||||
Auto finance
|
11,416
|
|
|
8,815
|
|
|
7,827
|
|
|
9,239
|
|
|
3,676
|
|
|||||
Other
|
1
|
|
|
4
|
|
|
6
|
|
|
11
|
|
|
89
|
|
|||||
Total
|
$
|
127,166
|
|
|
$
|
155,677
|
|
|
$
|
207,383
|
|
|
$
|
230,607
|
|
|
$
|
298,464
|
|
Over 60-day delinquency as a percentage of total accruing TDR loans
|
0.51
|
%
|
|
0.36
|
%
|
|
1.19
|
%
|
|
1.54
|
%
|
|
1.39
|
%
|
|
At December 31,
|
||||||||||||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Non-accrual loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer real estate
|
$
|
58,765
|
|
|
$
|
83,224
|
|
|
$
|
152,471
|
|
|
$
|
168,269
|
|
|
$
|
173,271
|
|
Commercial
|
15,025
|
|
|
6,785
|
|
|
5,919
|
|
|
10,325
|
|
|
25,035
|
|
|||||
Leasing and equipment finance
|
15,264
|
|
|
17,089
|
|
|
10,880
|
|
|
11,262
|
|
|
12,670
|
|
|||||
Inventory finance
|
8,283
|
|
|
4,116
|
|
|
5,134
|
|
|
1,098
|
|
|
2,082
|
|
|||||
Auto finance
|
8,578
|
|
|
7,366
|
|
|
7,038
|
|
|
9,509
|
|
|
3,676
|
|
|||||
Other
|
3
|
|
|
2
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|||||
Total non-accrual loans and leases
|
105,918
|
|
|
118,582
|
|
|
181,445
|
|
|
200,466
|
|
|
216,734
|
|
|||||
Other real estate owned:
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer real estate
|
13,519
|
|
|
17,907
|
|
|
34,070
|
|
|
42,912
|
|
|
44,932
|
|
|||||
Commercial real estate
|
3,884
|
|
|
318
|
|
|
12,727
|
|
|
7,070
|
|
|
20,718
|
|
|||||
Total other real estate owned
|
17,403
|
|
|
18,225
|
|
|
46,797
|
|
|
49,982
|
|
|
65,650
|
|
|||||
Total non-performing assets
|
$
|
123,321
|
|
|
$
|
136,807
|
|
|
$
|
228,242
|
|
|
$
|
250,448
|
|
|
$
|
282,384
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-accrual loans and leases as a percentage of total loans and leases
|
0.56
|
%
|
|
0.62
|
%
|
|
1.02
|
%
|
|
1.15
|
%
|
|
1.32
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-performing assets as a percentage of total loans and leases and other real estate owned
|
0.65
|
|
|
0.72
|
|
|
1.28
|
|
|
1.43
|
|
|
1.71
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan and lease losses as a percentage of non-accrual loans and leases
|
148.65
|
|
|
144.24
|
|
|
88.33
|
|
|
77.85
|
|
|
75.75
|
|
|
At or For the Year Ended December 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
|
54,922
|
|
|
19,037
|
|
|
30,170
|
|
|
21,714
|
|
|
12,492
|
|
|
101
|
|
|
138,436
|
|
|||||||
Charge-offs
|
(7,119
|
)
|
|
(3,521
|
)
|
|
(7,702
|
)
|
|
(3,504
|
)
|
|
(2,609
|
)
|
|
(76
|
)
|
|
(24,531
|
)
|
|||||||
Transfers to other assets
|
(17,666
|
)
|
|
—
|
|
|
(8,581
|
)
|
|
(6,014
|
)
|
|
(1,912
|
)
|
|
—
|
|
|
(34,173
|
)
|
|||||||
Return to accrual status
|
(6,289
|
)
|
|
—
|
|
|
(2,502
|
)
|
|
(2,188
|
)
|
|
—
|
|
|
—
|
|
|
(10,979
|
)
|
|||||||
Payments received
|
(12,265
|
)
|
|
(9,836
|
)
|
|
(12,797
|
)
|
|
(5,779
|
)
|
|
(6,759
|
)
|
|
(24
|
)
|
|
(47,460
|
)
|
|||||||
Sales
|
(35,786
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35,786
|
)
|
|||||||
Other, net
|
(256
|
)
|
|
2,560
|
|
|
(413
|
)
|
|
(62
|
)
|
|
—
|
|
|
—
|
|
|
1,829
|
|
|||||||
Balance, end of period
|
$
|
58,765
|
|
|
$
|
15,025
|
|
|
$
|
15,264
|
|
|
$
|
8,283
|
|
|
$
|
8,578
|
|
|
$
|
3
|
|
|
$
|
105,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
At or For the Year Ended December 31, 2017
|
||||||||||||||||||||||||||
(In thousands)
|
Consumer Real Estate
|
|
Commercial
|
|
Leasing and Equipment Finance
|
|
Inventory Finance
|
|
Auto Finance
|
|
Other
|
|
Total
|
||||||||||||||
Balance, beginning of period
|
$
|
152,471
|
|
|
$
|
5,919
|
|
|
$
|
10,880
|
|
|
$
|
5,134
|
|
|
$
|
7,038
|
|
|
$
|
3
|
|
|
$
|
181,445
|
|
Additions
|
64,540
|
|
|
16,726
|
|
|
28,779
|
|
|
9,950
|
|
|
9,730
|
|
|
81
|
|
|
129,806
|
|
|||||||
(Charge-offs) recoveries
|
(7,313
|
)
|
|
(5,428
|
)
|
|
(8,175
|
)
|
|
(1,588
|
)
|
|
(2,281
|
)
|
|
2
|
|
|
(24,783
|
)
|
|||||||
Transfers to other assets
|
(26,830
|
)
|
|
(100
|
)
|
|
(5,951
|
)
|
|
(1,858
|
)
|
|
(1,776
|
)
|
|
—
|
|
|
(36,515
|
)
|
|||||||
Return to accrual status
|
(8,111
|
)
|
|
—
|
|
|
(292
|
)
|
|
(3,011
|
)
|
|
—
|
|
|
—
|
|
|
(11,414
|
)
|
|||||||
Payments received
|
(20,576
|
)
|
|
(6,088
|
)
|
|
(8,152
|
)
|
|
(4,539
|
)
|
|
(5,345
|
)
|
|
(84
|
)
|
|
(44,784
|
)
|
|||||||
Sales
|
(72,448
|
)
|
|
(4,284
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(76,732
|
)
|
|||||||
Other, net
|
1,491
|
|
|
40
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
1,559
|
|
|||||||
Balance, end of period
|
$
|
83,224
|
|
|
$
|
6,785
|
|
|
$
|
17,089
|
|
|
$
|
4,116
|
|
|
$
|
7,366
|
|
|
$
|
2
|
|
|
$
|
118,582
|
|
|
At December 31, 2018
|
||||||||||||||||||
|
Non-classified
|
|
Classified
|
|
Total
|
||||||||||||||
(In thousands)
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
|||||||||||
Consumer real estate
|
$
|
5,338,036
|
|
|
$
|
7,353
|
|
|
$
|
64,951
|
|
|
$
|
—
|
|
|
$
|
5,410,340
|
|
Commercial
|
3,753,229
|
|
|
42,315
|
|
|
55,759
|
|
|
—
|
|
|
3,851,303
|
|
|||||
Leasing and equipment finance
|
4,621,229
|
|
|
42,236
|
|
|
36,275
|
|
|
—
|
|
|
4,699,740
|
|
|||||
Inventory finance
|
2,931,221
|
|
|
111,804
|
|
|
64,331
|
|
|
—
|
|
|
3,107,356
|
|
|||||
Auto finance
|
1,960,580
|
|
|
1,302
|
|
|
20,395
|
|
|
—
|
|
|
1,982,277
|
|
|||||
Other
|
21,264
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
21,295
|
|
|||||
Total loans and leases
|
$
|
18,625,559
|
|
|
$
|
205,010
|
|
|
$
|
241,742
|
|
|
$
|
—
|
|
|
$
|
19,072,311
|
|
|
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
|
|
|
Credit Loss Reserves
|
|
Credit Loss Reserves as a
Percentage of Portfolio
|
|||||||||||||||||||||||||||||||
|
At December 31,
|
|
At December 31,
|
|||||||||||||||||||||||||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
First mortgage lien
|
$
|
21,436
|
|
|
$
|
26,698
|
|
|
$
|
33,828
|
|
|
$
|
36,888
|
|
|
$
|
55,319
|
|
|
0.88
|
%
|
|
1.36
|
%
|
|
1.48
|
%
|
|
1.41
|
%
|
|
1.76
|
%
|
Junior lien
|
23,430
|
|
|
20,470
|
|
|
25,620
|
|
|
31,104
|
|
|
30,042
|
|
|
0.79
|
|
|
0.72
|
|
|
0.92
|
|
|
1.10
|
|
|
1.18
|
|
|||||
Consumer real estate
|
44,866
|
|
|
47,168
|
|
|
59,448
|
|
|
67,992
|
|
|
85,361
|
|
|
0.83
|
|
|
0.98
|
|
|
1.17
|
|
|
1.24
|
|
|
1.50
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial real estate
|
22,877
|
|
|
24,842
|
|
|
22,785
|
|
|
22,215
|
|
|
24,616
|
|
|
0.79
|
|
|
0.90
|
|
|
0.86
|
|
|
0.86
|
|
|
0.94
|
|
|||||
Commercial business
|
18,305
|
|
|
12,353
|
|
|
9,910
|
|
|
7,970
|
|
|
6,751
|
|
|
1.94
|
|
|
1.53
|
|
|
1.52
|
|
|
1.44
|
|
|
1.27
|
|
|||||
Total commercial
|
41,182
|
|
|
37,195
|
|
|
32,695
|
|
|
30,185
|
|
|
31,367
|
|
|
1.07
|
|
|
1.04
|
|
|
0.99
|
|
|
0.96
|
|
|
0.99
|
|
|||||
Leasing and equipment finance
|
23,791
|
|
|
22,528
|
|
|
21,350
|
|
|
19,018
|
|
|
18,446
|
|
|
0.51
|
|
|
0.47
|
|
|
0.49
|
|
|
0.47
|
|
|
0.49
|
|
|||||
Inventory finance
|
12,456
|
|
|
13,233
|
|
|
13,932
|
|
|
11,128
|
|
|
10,020
|
|
|
0.40
|
|
|
0.48
|
|
|
0.56
|
|
|
0.52
|
|
|
0.53
|
|
|||||
Auto finance
|
34,329
|
|
|
50,225
|
|
|
32,310
|
|
|
26,486
|
|
|
18,230
|
|
|
1.73
|
|
|
1.57
|
|
|
1.22
|
|
|
1.00
|
|
|
0.95
|
|
|||||
Other
|
822
|
|
|
692
|
|
|
534
|
|
|
1,245
|
|
|
745
|
|
|
3.86
|
|
|
3.07
|
|
|
2.84
|
|
|
6.45
|
|
|
3.09
|
|
|||||
Total allowance for loan and lease losses
|
157,446
|
|
|
171,041
|
|
|
160,269
|
|
|
156,054
|
|
|
164,169
|
|
|
0.83
|
|
|
0.90
|
|
|
0.90
|
|
|
0.90
|
|
|
1.00
|
|
|||||
Other credit loss reserves:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Reserves for unfunded commitments
|
1,429
|
|
|
1,479
|
|
|
1,115
|
|
|
1,044
|
|
|
943
|
|
|
N.A.
|
|
|
N.A.
|
|
|
N.A.
|
|
|
N.A.
|
|
|
N.A.
|
|
|||||
Total credit loss reserves
|
$
|
158,875
|
|
|
$
|
172,520
|
|
|
$
|
161,384
|
|
|
$
|
157,098
|
|
|
$
|
165,112
|
|
|
0.83
|
|
|
0.90
|
|
|
0.90
|
|
|
0.90
|
|
|
1.01
|
|
|
Year Ended December 31,
|
||||||||||||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Balance, beginning of period
|
$
|
171,041
|
|
|
$
|
160,269
|
|
|
$
|
156,054
|
|
|
$
|
164,169
|
|
|
$
|
252,230
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
||||||||||
First mortgage lien
|
(3,585
|
)
|
|
(6,077
|
)
|
|
(10,413
|
)
|
|
(19,448
|
)
|
|
(43,632
|
)
|
|||||
Junior lien
|
(3,544
|
)
|
|
(5,784
|
)
|
|
(8,211
|
)
|
|
(14,239
|
)
|
|
(19,494
|
)
|
|||||
Total consumer real estate
|
(7,129
|
)
|
|
(11,861
|
)
|
|
(18,624
|
)
|
|
(33,687
|
)
|
|
(63,126
|
)
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
—
|
|
|
(3,608
|
)
|
|
(752
|
)
|
|
(5,225
|
)
|
|
(8,646
|
)
|
|||||
Commercial business
|
(3,585
|
)
|
|
(1,823
|
)
|
|
(1
|
)
|
|
(24
|
)
|
|
(11
|
)
|
|||||
Total commercial
|
(3,585
|
)
|
|
(5,431
|
)
|
|
(753
|
)
|
|
(5,249
|
)
|
|
(8,657
|
)
|
|||||
Leasing and equipment finance
|
(9,695
|
)
|
|
(10,816
|
)
|
|
(7,738
|
)
|
|
(7,631
|
)
|
|
(7,316
|
)
|
|||||
Inventory finance
|
(6,928
|
)
|
|
(3,014
|
)
|
|
(2,623
|
)
|
|
(2,501
|
)
|
|
(1,653
|
)
|
|||||
Auto finance
|
(49,833
|
)
|
|
(41,101
|
)
|
|
(26,994
|
)
|
|
(18,386
|
)
|
|
(11,856
|
)
|
|||||
Other
|
(7,558
|
)
|
|
(6,869
|
)
|
|
(7,353
|
)
|
|
(7,093
|
)
|
|
(8,359
|
)
|
|||||
Total charge-offs
|
(84,728
|
)
|
|
(79,092
|
)
|
|
(64,085
|
)
|
|
(74,547
|
)
|
|
(100,967
|
)
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
||||||||||
First mortgage lien
|
5,679
|
|
|
6,231
|
|
|
1,206
|
|
|
1,578
|
|
|
1,513
|
|
|||||
Junior lien
|
6,072
|
|
|
14,550
|
|
|
5,859
|
|
|
5,850
|
|
|
5,354
|
|
|||||
Total consumer real estate
|
11,751
|
|
|
20,781
|
|
|
7,065
|
|
|
7,428
|
|
|
6,867
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
182
|
|
|
776
|
|
|
308
|
|
|
2,032
|
|
|
754
|
|
|||||
Commercial business
|
46
|
|
|
57
|
|
|
65
|
|
|
1,737
|
|
|
2,133
|
|
|||||
Total commercial
|
228
|
|
|
833
|
|
|
373
|
|
|
3,769
|
|
|
2,887
|
|
|||||
Leasing and equipment finance
|
2,252
|
|
|
2,065
|
|
|
2,386
|
|
|
2,792
|
|
|
3,705
|
|
|||||
Inventory finance
|
736
|
|
|
838
|
|
|
816
|
|
|
1,019
|
|
|
826
|
|
|||||
Auto finance
|
11,289
|
|
|
6,625
|
|
|
3,853
|
|
|
2,971
|
|
|
1,491
|
|
|||||
Other
|
3,447
|
|
|
3,510
|
|
|
4,357
|
|
|
5,034
|
|
|
5,860
|
|
|||||
Total recoveries
|
29,703
|
|
|
34,652
|
|
|
18,850
|
|
|
23,013
|
|
|
21,636
|
|
|||||
Net charge-offs
|
(55,025
|
)
|
|
(44,440
|
)
|
|
(45,235
|
)
|
|
(51,534
|
)
|
|
(79,331
|
)
|
|||||
Provision for credit losses
|
46,768
|
|
|
68,443
|
|
|
65,874
|
|
|
52,944
|
|
|
95,737
|
|
|||||
Other
(1)
|
(5,338
|
)
|
|
(13,231
|
)
|
|
(16,424
|
)
|
|
(9,525
|
)
|
|
(104,467
|
)
|
|||||
Balance, end of period
|
$
|
157,446
|
|
|
$
|
171,041
|
|
|
$
|
160,269
|
|
|
$
|
156,054
|
|
|
$
|
164,169
|
|
Net charge-offs as a percentage of average loans and leases
|
0.29
|
%
|
|
0.24
|
%
|
|
0.26
|
%
|
|
0.30
|
%
|
|
0.49
|
%
|
(1)
|
Primarily includes the transfer of the allowance for loan and lease losses to loans and leases held for sale.
|
|
Payments Due by Period
|
||||||||||||||||||
(In thousands)
|
Total
|
|
Less than
1 year
|
|
1-3
years
|
|
3-5
years
|
|
More than
5 years
|
||||||||||
Contractual Obligations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Certificates of deposit
|
$
|
4,790,680
|
|
|
$
|
3,891,081
|
|
|
$
|
872,625
|
|
|
$
|
11,220
|
|
|
$
|
15,754
|
|
Long-term borrowings
|
1,453,637
|
|
|
41,672
|
|
|
1,145,214
|
|
|
115,625
|
|
|
151,126
|
|
|||||
Contractual interest payments
(1)
|
202,661
|
|
|
117,745
|
|
|
59,693
|
|
|
17,075
|
|
|
8,148
|
|
|||||
Annual rental commitments under non-cancelable operating leases
|
123,909
|
|
|
26,309
|
|
|
42,304
|
|
|
22,848
|
|
|
32,448
|
|
|||||
Investments in affordable housing limited liability entities
|
57,815
|
|
|
23,697
|
|
|
33,615
|
|
|
133
|
|
|
370
|
|
|||||
Campus marketing agreement
|
23,302
|
|
|
2,742
|
|
|
5,484
|
|
|
5,484
|
|
|
9,592
|
|
|||||
Liabilities related to acquisition and portfolio purchase
|
6,703
|
|
|
1,000
|
|
|
4,853
|
|
|
850
|
|
|
—
|
|
|||||
Total
|
$
|
6,658,707
|
|
|
$
|
4,104,246
|
|
|
$
|
2,163,788
|
|
|
$
|
173,235
|
|
|
$
|
217,438
|
|
(1)
|
Includes accrued interest and future contractual interest obligations on borrowings and time deposits.
|
|
Amount of Commitment - Expiration by Period
|
||||||||||||||||||
(In thousands)
|
Total
|
|
Less than
1 year
|
|
1-3
years
|
|
3-5
years
|
|
More than
5 years
|
||||||||||
Commitments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commitments to extend credit:
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer real estate and other
|
$
|
1,627,960
|
|
|
$
|
37,920
|
|
|
$
|
17,993
|
|
|
$
|
10,090
|
|
|
$
|
1,561,957
|
|
Commercial
|
1,127,368
|
|
|
152,593
|
|
|
694,439
|
|
|
233,953
|
|
|
46,383
|
|
|||||
Leasing and equipment finance
|
153,339
|
|
|
153,339
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total commitments to extend credit
|
2,908,667
|
|
|
343,852
|
|
|
712,432
|
|
|
244,043
|
|
|
1,608,340
|
|
|||||
Standby letters of credit and guarantees on industrial revenue bonds
|
20,662
|
|
|
19,621
|
|
|
482
|
|
|
559
|
|
|
—
|
|
|||||
Total
|
$
|
2,929,329
|
|
|
$
|
363,473
|
|
|
$
|
712,914
|
|
|
$
|
244,602
|
|
|
$
|
1,608,340
|
|
|
|
For the Year Ended December 31,
|
||||||||||||||||||
(Dollars in thousands)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Net income available to common stockholders
|
(a)
|
$
|
289,289
|
|
|
$
|
242,954
|
|
|
$
|
192,736
|
|
|
$
|
177,735
|
|
|
$
|
154,799
|
|
Plus: Goodwill impairment
|
|
—
|
|
|
73,041
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Plus: Other intangibles amortization and impairment
(1)
|
|
3,426
|
|
|
2,354
|
|
|
1,388
|
|
|
1,562
|
|
|
1,686
|
|
|||||
Less: Income tax expense attributable to other intangibles amortization and impairment
|
|
801
|
|
|
1,050
|
|
|
493
|
|
|
562
|
|
|
624
|
|
|||||
Adjusted net income available to common stockholders
|
(b)
|
$
|
291,914
|
|
|
$
|
317,299
|
|
|
$
|
193,631
|
|
|
$
|
178,735
|
|
|
$
|
155,861
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common stockholders adjusted for CFPB/OCC settlement:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common stockholders
|
|
$
|
289,289
|
|
|
$
|
242,954
|
|
|
$
|
192,736
|
|
|
$
|
177,735
|
|
|
$
|
154,799
|
|
Plus: CFPB/OCC settlement adjustment
|
|
32,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Less: Income tax expense attributable to CFPB/OCC settlement adjustment
|
|
6,491
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income available to common stockholders adjusted for CFPB/OCC settlement
|
(c)
|
314,798
|
|
|
242,954
|
|
|
192,736
|
|
|
177,735
|
|
|
154,799
|
|
|||||
Plus: Goodwill impairment
|
|
—
|
|
|
73,041
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Plus: Other intangibles amortization and impairment
(1)
|
|
3,426
|
|
|
2,354
|
|
|
1,388
|
|
|
1,562
|
|
|
1,686
|
|
|||||
Less: Income tax expense attributable to other intangibles amortization and impairment
|
|
801
|
|
|
1,050
|
|
|
493
|
|
|
562
|
|
|
624
|
|
|||||
Adjusted net income available to common stockholders adjusted for CFPB/OCC settlement
|
(d)
|
$
|
317,423
|
|
|
$
|
317,299
|
|
|
$
|
193,631
|
|
|
$
|
178,735
|
|
|
$
|
155,861
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average balances:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total equity
|
|
$
|
2,530,502
|
|
|
$
|
2,535,938
|
|
|
$
|
2,394,701
|
|
|
$
|
2,217,204
|
|
|
$
|
2,058,442
|
|
Less: Non-controlling interest in subsidiaries
|
|
24,323
|
|
|
22,514
|
|
|
21,525
|
|
|
19,514
|
|
|
17,014
|
|
|||||
Total TCF Financial Corporation stockholders' equity
|
|
2,506,179
|
|
|
2,513,424
|
|
|
2,373,176
|
|
|
2,197,690
|
|
|
2,041,428
|
|
|||||
Less: Preferred stock
|
|
176,971
|
|
|
264,474
|
|
|
263,240
|
|
|
263,240
|
|
|
263,240
|
|
|||||
Average total common stockholders' equity
|
(e)
|
2,329,208
|
|
|
2,248,950
|
|
|
2,109,936
|
|
|
1,934,450
|
|
|
1,778,188
|
|
|||||
Less:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill, net
|
|
154,757
|
|
|
219,144
|
|
|
225,640
|
|
|
225,640
|
|
|
225,640
|
|
|||||
Other intangibles, net
(1)
|
|
22,162
|
|
|
12,807
|
|
|
2,414
|
|
|
3,913
|
|
|
5,498
|
|
|||||
Average tangible common stockholders' equity
|
(f)
|
$
|
2,152,289
|
|
|
$
|
2,016,999
|
|
|
$
|
1,881,882
|
|
|
$
|
1,704,897
|
|
|
$
|
1,547,050
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average total common stockholders' equity adjusted for CFPB/OCC settlement:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average total common stockholders' equity
|
|
$
|
2,329,208
|
|
|
$
|
2,248,950
|
|
|
$
|
2,109,936
|
|
|
$
|
1,934,450
|
|
|
$
|
1,778,188
|
|
Plus: CFPB/OCC settlement adjustment to average total common stockholders' equity
|
|
1,048
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Average total common stockholders' equity adjusted for CFPB/OCC settlement
|
(g)
|
2,330,256
|
|
|
2,248,950
|
|
|
2,109,936
|
|
|
1,934,450
|
|
|
1,778,188
|
|
|||||
Less:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill, net
|
|
154,757
|
|
|
219,144
|
|
|
225,640
|
|
|
225,640
|
|
|
225,640
|
|
|||||
Other intangibles, net
(1)
|
|
22,162
|
|
|
12,807
|
|
|
2,414
|
|
|
3,913
|
|
|
5,498
|
|
|||||
Adjusted average tangible common stockholders' equity
|
(h)
|
$
|
2,153,337
|
|
|
$
|
2,016,999
|
|
|
$
|
1,881,882
|
|
|
$
|
1,704,897
|
|
|
$
|
1,547,050
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ROACE
|
(a) / (e)
|
12.42
|
%
|
|
10.80
|
%
|
|
9.13
|
%
|
|
9.19
|
%
|
|
8.71
|
%
|
|||||
Adjusted ROACE
|
(c) / (g)
|
13.51
|
|
|
10.80
|
|
|
9.13
|
|
|
9.19
|
|
|
8.71
|
|
|||||
ROATCE
|
(b) / (f)
|
13.56
|
|
|
15.73
|
|
|
10.29
|
|
|
10.48
|
|
|
10.08
|
|
|||||
Adjusted ROATCE
|
(d) / (h)
|
14.74
|
|
|
15.73
|
|
|
10.29
|
|
|
10.48
|
|
|
10.08
|
|
(1)
|
Includes non-mortgage servicing assets.
|
|
|
For the Year Ended December 31,
|
||||||||||||||||||
(Dollars in thousands)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Non-interest expense
|
(a)
|
$
|
1,014,400
|
|
|
$
|
1,059,934
|
|
|
$
|
909,887
|
|
|
$
|
894,747
|
|
|
$
|
871,777
|
|
Less: CFPB/OCC settlement adjustment
|
|
32,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Adjusted non-interest expense
|
(b)
|
$
|
982,400
|
|
|
$
|
1,059,934
|
|
|
$
|
909,887
|
|
|
$
|
894,747
|
|
|
$
|
871,777
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
|
$
|
992,007
|
|
|
$
|
925,238
|
|
|
$
|
848,106
|
|
|
$
|
820,388
|
|
|
$
|
815,629
|
|
Non-interest income
|
|
470,885
|
|
|
448,299
|
|
|
465,900
|
|
|
441,998
|
|
|
433,267
|
|
|||||
Total revenue
|
(c)
|
$
|
1,462,892
|
|
|
$
|
1,373,537
|
|
|
$
|
1,314,006
|
|
|
$
|
1,262,386
|
|
|
$
|
1,248,896
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Efficiency ratio
|
(a) / (c)
|
69.34
|
%
|
|
77.17
|
%
|
|
69.25
|
%
|
|
70.88
|
%
|
|
69.80
|
%
|
|||||
Adjusted efficiency ratio
|
(b) / (c)
|
67.15
|
|
|
77.17
|
|
|
69.25
|
|
|
70.88
|
|
|
69.80
|
|
|
|
At December 31,
|
||||||||||||||||||
(Dollars in thousands, except per share data)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Total equity
|
|
$
|
2,556,260
|
|
|
$
|
2,680,584
|
|
|
$
|
2,444,645
|
|
|
$
|
2,306,917
|
|
|
$
|
2,135,364
|
|
Less: Non-controlling interest in subsidiaries
|
|
18,459
|
|
|
17,827
|
|
|
17,162
|
|
|
16,001
|
|
|
13,715
|
|
|||||
Total TCF Financial Corporation stockholders' equity
|
|
2,537,801
|
|
|
2,662,757
|
|
|
2,427,483
|
|
|
2,290,916
|
|
|
2,121,649
|
|
|||||
Less: Preferred stock
|
|
169,302
|
|
|
265,821
|
|
|
263,240
|
|
|
263,240
|
|
|
263,240
|
|
|||||
Total common stockholders' equity
|
(d)
|
2,368,499
|
|
|
2,396,936
|
|
|
2,164,243
|
|
|
2,027,676
|
|
|
1,858,409
|
|
|||||
Less:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill, net
|
|
154,757
|
|
|
154,757
|
|
|
225,640
|
|
|
225,640
|
|
|
225,640
|
|
|||||
Other intangibles, net
(1)
|
|
20,518
|
|
|
23,687
|
|
|
1,738
|
|
|
3,126
|
|
|
4,641
|
|
|||||
Tangible common stockholders' equity
|
(e)
|
$
|
2,193,224
|
|
|
$
|
2,218,492
|
|
|
$
|
1,936,865
|
|
|
$
|
1,798,910
|
|
|
$
|
1,628,128
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
(f)
|
$
|
23,699,612
|
|
|
$
|
23,002,159
|
|
|
$
|
21,441,326
|
|
|
$
|
20,689,609
|
|
|
$
|
19,393,656
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Goodwill, net
|
|
154,757
|
|
|
154,757
|
|
|
225,640
|
|
|
225,640
|
|
|
225,640
|
|
|||||
Other intangibles, net
(1)
|
|
20,518
|
|
|
23,687
|
|
|
1,738
|
|
|
3,126
|
|
|
4,641
|
|
|||||
Tangible assets
|
(g)
|
$
|
23,524,337
|
|
|
$
|
22,823,715
|
|
|
$
|
21,213,948
|
|
|
$
|
20,460,843
|
|
|
$
|
19,163,375
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common stock shares outstanding
|
(h)
|
163,923,227
|
|
|
171,669,419
|
|
|
170,991,940
|
|
|
169,844,464
|
|
|
167,461,002
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common equity to assets
|
(d) / (f)
|
9.99
|
%
|
|
10.42
|
%
|
|
10.09
|
%
|
|
9.80
|
%
|
|
9.58
|
%
|
|||||
Tangible common equity to tangible assets
|
(e) / (g)
|
9.32
|
|
|
9.72
|
|
|
9.13
|
|
|
8.79
|
|
|
8.50
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Book value per common share
|
(d) / (h)
|
$
|
14.45
|
|
|
$
|
13.96
|
|
|
$
|
12.66
|
|
|
$
|
11.94
|
|
|
$
|
11.10
|
|
Tangible book value per common share
|
(e) / (h)
|
13.38
|
|
|
12.92
|
|
|
11.33
|
|
|
10.59
|
|
|
9.72
|
|
(1)
|
Includes non-mortgage servicing assets.
|
•
|
the failure to obtain necessary regulatory approvals when expected or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction);
|
•
|
the failure of either TCF or Chemical to obtain shareholder approval, or to satisfy any of the other closing conditions to the transaction on a timely basis or at all;
|
•
|
the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement;
|
•
|
the possibility that the anticipated benefits of the transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy, competitive factors in the areas where TCF and Chemical do business, or as a result of other unexpected factors or events;
|
•
|
the impact of purchase accounting with respect to the transaction, or any change in the assumptions used regarding the assets purchased and liabilities assumed to determine their fair value;
|
•
|
diversion of management's attention from ongoing business operations and opportunities;
|
•
|
potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction;
|
•
|
the ability of either company to effectuate share repurchases and the prices at which such repurchases may be effectuated;
|
•
|
the outcome of any legal proceedings that may be instituted against TCF or Chemical;
|
•
|
the integration of the businesses and operations of TCF and Chemical, which may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to TCF's or Chemical's existing businesses;
|
•
|
business disruptions following the merger; and
|
•
|
other factors that may affect future results of TCF and Chemical including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.
|
|
Impact on Net Interest Income
|
||||
(Dollars in millions)
|
December 31, 2018
|
||||
Immediate change in interest rates:
|
|
|
|||
+200 basis points
|
$
|
63.9
|
|
6.2
|
%
|
+100 basis points
|
36.5
|
|
3.5
|
|
|
-100 basis points
|
(71.8
|
)
|
(7.0
|
)
|
|
At December 31,
|
||||||
(Dollars in thousands, except per share data)
|
2018
|
|
2017
|
||||
Assets:
|
|
|
|
|
|
||
Cash and due from banks
|
$
|
587,057
|
|
|
$
|
621,782
|
|
Investments
|
91,654
|
|
|
82,644
|
|
||
Debt securities held to maturity
|
148,852
|
|
|
161,576
|
|
||
Debt securities available for sale
|
2,470,065
|
|
|
1,709,018
|
|
||
Loans and leases held for sale
|
90,664
|
|
|
134,862
|
|
||
Loans and leases:
|
|
|
|
|
|
||
Consumer real estate:
|
|
|
|
|
|
||
First mortgage lien
|
2,444,380
|
|
|
1,959,387
|
|
||
Junior lien
|
2,965,960
|
|
|
2,860,309
|
|
||
Total consumer real estate
|
5,410,340
|
|
|
4,819,696
|
|
||
Commercial
|
3,851,303
|
|
|
3,561,193
|
|
||
Leasing and equipment finance
|
4,699,740
|
|
|
4,761,661
|
|
||
Inventory finance
|
3,107,356
|
|
|
2,739,754
|
|
||
Auto finance
|
1,982,277
|
|
|
3,199,639
|
|
||
Other
|
21,295
|
|
|
22,517
|
|
||
Total loans and leases
|
19,072,311
|
|
|
19,104,460
|
|
||
Allowance for loan and lease losses
|
(157,446
|
)
|
|
(171,041
|
)
|
||
Net loans and leases
|
18,914,865
|
|
|
18,933,419
|
|
||
Premises and equipment, net
|
427,534
|
|
|
421,549
|
|
||
Goodwill, net
|
154,757
|
|
|
154,757
|
|
||
Other assets
|
814,164
|
|
|
782,552
|
|
||
Total assets
|
$
|
23,699,612
|
|
|
$
|
23,002,159
|
|
Liabilities and Equity:
|
|
|
|
|
|
||
Deposits:
|
|
|
|
|
|
||
Checking
|
$
|
6,381,327
|
|
|
$
|
6,300,127
|
|
Savings
|
6,122,257
|
|
|
5,287,606
|
|
||
Money market
|
1,609,422
|
|
|
1,764,998
|
|
||
Certificates of deposit
|
4,790,680
|
|
|
4,982,271
|
|
||
Total deposits
|
18,903,686
|
|
|
18,335,002
|
|
||
Long-term borrowings
|
1,449,472
|
|
|
1,249,449
|
|
||
Accrued expenses and other liabilities
|
790,194
|
|
|
737,124
|
|
||
Total liabilities
|
21,143,352
|
|
|
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
|
169,302
|
|
|
265,821
|
|
||
Common stock, par value $0.01 per share, 280,000,000 shares authorized;
|
|
|
|
||||
173,584,846 and 172,158,449 shares issued
|
1,736
|
|
|
1,722
|
|
||
Additional paid-in capital
|
885,089
|
|
|
877,217
|
|
||
Retained earnings, subject to certain restrictions
|
1,766,994
|
|
|
1,577,311
|
|
||
Accumulated other comprehensive income (loss)
|
(33,138
|
)
|
|
(18,517
|
)
|
||
Treasury stock at cost, 9,661,619 and 489,030 shares and other
|
(252,182
|
)
|
|
(40,797
|
)
|
||
Total TCF Financial Corporation stockholders' equity
|
2,537,801
|
|
|
2,662,757
|
|
||
Non-controlling interest in subsidiaries
|
18,459
|
|
|
17,827
|
|
||
Total equity
|
2,556,260
|
|
|
2,680,584
|
|
||
Total liabilities and equity
|
$
|
23,699,612
|
|
|
$
|
23,002,159
|
|
|
Year Ended December 31,
|
||||||||||
(Dollars in thousands, except per share data)
|
2018
|
|
2017
|
|
2016
|
||||||
Interest income:
|
|
|
|
|
|
||||||
Loans and leases
|
$
|
1,065,137
|
|
|
$
|
954,246
|
|
|
$
|
850,546
|
|
Debt securities available for sale
|
54,574
|
|
|
33,278
|
|
|
26,573
|
|
|||
Debt securities held to maturity
|
3,970
|
|
|
4,436
|
|
|
4,649
|
|
|||
Loans held for sale and other
|
18,583
|
|
|
27,097
|
|
|
48,962
|
|
|||
Total interest income
|
1,142,264
|
|
|
1,019,057
|
|
|
930,730
|
|
|||
Interest expense:
|
|
|
|
|
|
||||||
Deposits
|
107,113
|
|
|
66,012
|
|
|
61,788
|
|
|||
Borrowings
|
43,144
|
|
|
27,807
|
|
|
20,836
|
|
|||
Total interest expense
|
150,257
|
|
|
93,819
|
|
|
82,624
|
|
|||
Net interest income
|
992,007
|
|
|
925,238
|
|
|
848,106
|
|
|||
Provision for credit losses
|
46,768
|
|
|
68,443
|
|
|
65,874
|
|
|||
Net interest income after provision for credit losses
|
945,239
|
|
|
856,795
|
|
|
782,232
|
|
|||
Non-interest income:
|
|
|
|
|
|
||||||
Leasing and equipment finance
|
185,107
|
|
|
145,039
|
|
|
119,166
|
|
|||
Fees and service charges
|
132,201
|
|
|
131,887
|
|
|
137,664
|
|
|||
Card revenue
|
58,864
|
|
|
55,732
|
|
|
54,882
|
|
|||
ATM revenue
|
19,690
|
|
|
19,624
|
|
|
20,445
|
|
|||
Gains on sales of loans, net
|
33,498
|
|
|
42,787
|
|
|
85,259
|
|
|||
Servicing fee income
|
27,334
|
|
|
41,347
|
|
|
40,182
|
|
|||
Gains (losses) on debt securities, net
|
348
|
|
|
237
|
|
|
(581
|
)
|
|||
Other
|
13,843
|
|
|
11,646
|
|
|
8,883
|
|
|||
Total non-interest income
|
470,885
|
|
|
448,299
|
|
|
465,900
|
|
|||
Non-interest expense:
|
|
|
|
|
|
||||||
Compensation and employee benefits
|
497,063
|
|
|
482,512
|
|
|
475,964
|
|
|||
Occupancy and equipment
|
165,812
|
|
|
156,909
|
|
|
149,980
|
|
|||
Operating lease depreciation
|
73,829
|
|
|
55,901
|
|
|
40,359
|
|
|||
Foreclosed real estate and repossessed assets, net
|
17,050
|
|
|
17,756
|
|
|
13,187
|
|
|||
Other
|
260,646
|
|
|
346,856
|
|
|
230,397
|
|
|||
Total non-interest expense
|
1,014,400
|
|
|
1,059,934
|
|
|
909,887
|
|
|||
Income before income tax expense (benefit)
|
401,724
|
|
|
245,160
|
|
|
338,245
|
|
|||
Income tax expense (benefit)
|
86,096
|
|
|
(33,624
|
)
|
|
116,528
|
|
|||
Income after income tax expense (benefit)
|
315,628
|
|
|
278,784
|
|
|
221,717
|
|
|||
Income attributable to non-controlling interest
|
11,270
|
|
|
10,147
|
|
|
9,593
|
|
|||
Net income attributable to TCF Financial Corporation
|
304,358
|
|
|
268,637
|
|
|
212,124
|
|
|||
Preferred stock dividends
|
11,588
|
|
|
19,904
|
|
|
19,388
|
|
|||
Impact of preferred stock redemption
|
3,481
|
|
|
5,779
|
|
|
—
|
|
|||
Net income available to common stockholders
|
$
|
289,289
|
|
|
$
|
242,954
|
|
|
$
|
192,736
|
|
|
|
|
|
|
|
||||||
Earnings per common share:
|
|
|
|
|
|
||||||
Basic
|
$
|
1.75
|
|
|
$
|
1.44
|
|
|
$
|
1.15
|
|
Diluted
|
1.74
|
|
|
1.44
|
|
|
1.15
|
|
|||
Weighted-average common shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
165,585,493
|
|
|
168,679,501
|
|
|
167,219,964
|
|
|||
Diluted
|
166,561,705
|
|
|
169,089,244
|
|
|
167,807,451
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Net income attributable to TCF Financial Corporation
|
$
|
304,358
|
|
|
$
|
268,637
|
|
|
$
|
212,124
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|||
Net unrealized gains (losses) on debt securities available for sale and interest-only strips
|
(11,669
|
)
|
|
16,454
|
|
|
(18,894
|
)
|
|||
Net unrealized gains (losses) on net investment hedges
|
10,450
|
|
|
(2,746
|
)
|
|
(756
|
)
|
|||
Foreign currency translation adjustment
|
(13,368
|
)
|
|
4,921
|
|
|
1,300
|
|
|||
Recognized postretirement prior service cost
|
(34
|
)
|
|
(29
|
)
|
|
(29
|
)
|
|||
Total other comprehensive income (loss), net of tax
|
(14,621
|
)
|
|
18,600
|
|
|
(18,379
|
)
|
|||
Comprehensive income
|
$
|
289,737
|
|
|
$
|
287,237
|
|
|
$
|
193,745
|
|
|
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, 2015
|
4,006,900
|
|
169,887,030
|
|
$
|
263,240
|
|
$
|
1,699
|
|
$
|
851,836
|
|
$
|
1,240,347
|
|
$
|
(15,346
|
)
|
$
|
(50,860
|
)
|
$
|
2,290,916
|
|
$
|
16,001
|
|
$
|
2,306,917
|
|
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
212,124
|
|
—
|
|
—
|
|
212,124
|
|
9,593
|
|
221,717
|
|
|||||||||
Other comprehensive income (loss), net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(18,379
|
)
|
—
|
|
(18,379
|
)
|
—
|
|
(18,379
|
)
|
|||||||||
Net investment by (distribution to) non-controlling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(8,432
|
)
|
(8,432
|
)
|
|||||||||
Dividends on 7.50% Series A Preferred Stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(12,938
|
)
|
—
|
|
—
|
|
(12,938
|
)
|
—
|
|
(12,938
|
)
|
|||||||||
Dividends on 6.45% Series B Preferred Stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(6,450
|
)
|
—
|
|
—
|
|
(6,450
|
)
|
—
|
|
(6,450
|
)
|
|||||||||
Dividends on common stock of $0.30 per common share
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(50,182
|
)
|
—
|
|
—
|
|
(50,182
|
)
|
—
|
|
(50,182
|
)
|
|||||||||
Common shares purchased by TCF employee benefit plans
|
—
|
|
511,420
|
|
—
|
|
5
|
|
5,833
|
|
—
|
|
—
|
|
—
|
|
5,838
|
|
—
|
|
5,838
|
|
|||||||||
Stock compensation plans, net of tax
|
—
|
|
636,056
|
|
—
|
|
6
|
|
6,548
|
|
—
|
|
—
|
|
—
|
|
6,554
|
|
—
|
|
6,554
|
|
|||||||||
Change in shares held in trust for deferred compensation plans, at cost
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,441
|
)
|
—
|
|
—
|
|
1,441
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Balance, December 31, 2016
|
4,006,900
|
|
171,034,506
|
|
263,240
|
|
1,710
|
|
862,776
|
|
1,382,901
|
|
(33,725
|
)
|
(49,419
|
)
|
2,427,483
|
|
17,162
|
|
2,444,645
|
|
|||||||||
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
|
|
|||||||||
Reclassification of stranded tax effects from AOCI to retained earnings
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,392
|
|
(3,392
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
268,637
|
|
—
|
|
—
|
|
268,637
|
|
10,147
|
|
278,784
|
|
|||||||||
Other comprehensive income (loss), net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
18,600
|
|
—
|
|
18,600
|
|
—
|
|
18,600
|
|
|||||||||
Net investment by (distribution to) non-controlling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9,482
|
)
|
(9,482
|
)
|
|||||||||
Public offering of Series C Preferred Stock
|
7,000
|
|
—
|
|
169,302
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
169,302
|
|
—
|
|
169,302
|
|
|||||||||
Redemption of Series A Preferred Stock
|
(6,900
|
)
|
—
|
|
(166,721
|
)
|
—
|
|
—
|
|
(5,779
|
)
|
—
|
|
—
|
|
(172,500
|
)
|
—
|
|
(172,500
|
)
|
|||||||||
Repurchase of 446,464 shares of common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9,163
|
)
|
(9,163
|
)
|
—
|
|
(9,163
|
)
|
|||||||||
Dividends on 7.50% Series A Preferred Stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(11,320
|
)
|
—
|
|
—
|
|
(11,320
|
)
|
—
|
|
(11,320
|
)
|
|||||||||
Dividends on 6.45% Series B Preferred Stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(6,450
|
)
|
—
|
|
—
|
|
(6,450
|
)
|
—
|
|
(6,450
|
)
|
|||||||||
Dividends on 5.70% Series C Preferred Stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,134
|
)
|
—
|
|
—
|
|
(2,134
|
)
|
—
|
|
(2,134
|
)
|
|||||||||
Dividends on common stock of $0.30 per common share
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(50,617
|
)
|
—
|
|
—
|
|
(50,617
|
)
|
—
|
|
(50,617
|
)
|
|||||||||
Common shares purchased by TCF employee benefit plans
|
—
|
|
1,381,448
|
|
—
|
|
14
|
|
23,240
|
|
—
|
|
—
|
|
—
|
|
23,254
|
|
—
|
|
23,254
|
|
|||||||||
Stock compensation plans, net of tax
|
—
|
|
(257,505
|
)
|
—
|
|
(2
|
)
|
7,667
|
|
—
|
|
—
|
|
—
|
|
7,665
|
|
—
|
|
7,665
|
|
|||||||||
Change in shares held in trust for deferred compensation plans, at cost
|
—
|
|
—
|
|
—
|
|
—
|
|
(17,785
|
)
|
—
|
|
—
|
|
17,785
|
|
—
|
|
—
|
|
—
|
|
|||||||||
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
|
|
|
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, 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
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
304,358
|
|
—
|
|
—
|
|
304,358
|
|
11,270
|
|
315,628
|
|
|||||||||
Other comprehensive income (loss), net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(14,621
|
)
|
—
|
|
(14,621
|
)
|
—
|
|
(14,621
|
)
|
|||||||||
Net investment by (distribution to) non-controlling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(10,638
|
)
|
(10,638
|
)
|
|||||||||
Redemption of Series B Preferred Stock
|
(4,000,000
|
)
|
—
|
|
(96,519
|
)
|
—
|
|
—
|
|
(3,481
|
)
|
—
|
|
—
|
|
(100,000
|
)
|
—
|
|
(100,000
|
)
|
|||||||||
Repurchases of 9,188,589 shares of common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(212,929
|
)
|
(212,929
|
)
|
—
|
|
(212,929
|
)
|
|||||||||
Dividends on 6.45% Series B Preferred Stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,613
|
)
|
—
|
|
—
|
|
(1,613
|
)
|
—
|
|
(1,613
|
)
|
|||||||||
Dividends on 5.70% Series C Preferred Stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9,975
|
)
|
—
|
|
—
|
|
(9,975
|
)
|
—
|
|
(9,975
|
)
|
|||||||||
Dividends on common stock of $0.60 per common share
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(99,490
|
)
|
—
|
|
—
|
|
(99,490
|
)
|
—
|
|
(99,490
|
)
|
|||||||||
Common stock warrants exercised
|
—
|
|
1,088,918
|
|
—
|
|
11
|
|
(11
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Common shares purchased by TCF employee benefit plans
|
—
|
|
34,627
|
|
—
|
|
—
|
|
715
|
|
—
|
|
—
|
|
—
|
|
715
|
|
—
|
|
715
|
|
|||||||||
Stock compensation plans, net of tax
|
—
|
|
302,852
|
|
—
|
|
3
|
|
8,334
|
|
—
|
|
—
|
|
378
|
|
8,715
|
|
—
|
|
8,715
|
|
|||||||||
Change in shares held in trust for deferred compensation plans, at cost
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,166
|
)
|
—
|
|
—
|
|
1,166
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Balance, December 31, 2018
|
7,000
|
|
173,584,846
|
|
$
|
169,302
|
|
$
|
1,736
|
|
$
|
885,089
|
|
$
|
1,766,994
|
|
$
|
(33,138
|
)
|
$
|
(252,182
|
)
|
$
|
2,537,801
|
|
$
|
18,459
|
|
$
|
2,556,260
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
315,628
|
|
|
$
|
278,784
|
|
|
$
|
221,717
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
||||
Provision for credit losses
|
46,768
|
|
|
68,443
|
|
|
65,874
|
|
|||
Depreciation and amortization
|
222,602
|
|
|
206,567
|
|
|
182,226
|
|
|||
Impairment of goodwill and other intangible assets
|
—
|
|
|
73,409
|
|
|
—
|
|
|||
Provision (benefit) for deferred income taxes
|
58,986
|
|
|
(53,729
|
)
|
|
32,966
|
|
|||
Proceeds from sales of loans and leases held for sale
|
372,354
|
|
|
280,640
|
|
|
1,044,282
|
|
|||
Originations of loans and leases held for sale, net of repayments
|
(375,622
|
)
|
|
(430,121
|
)
|
|
(1,207,227
|
)
|
|||
Gains on sales of assets, net
|
(39,881
|
)
|
|
(51,965
|
)
|
|
(97,383
|
)
|
|||
Net change in other assets and accrued expenses and other liabilities
|
(2,121
|
)
|
|
(96,380
|
)
|
|
71,495
|
|
|||
Other, net
|
(41,949
|
)
|
|
(36,196
|
)
|
|
(24,667
|
)
|
|||
Net cash provided by (used in) operating activities
|
556,765
|
|
|
239,452
|
|
|
289,283
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
||||
Proceeds from sales of debt securities
|
254,146
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from maturities of and principal collected on debt securities
|
185,029
|
|
|
137,544
|
|
|
145,782
|
|
|||
Purchases of debt securities
|
(1,232,618
|
)
|
|
(354,608
|
)
|
|
(692,996
|
)
|
|||
Redemption of Federal Home Loan Bank stock
|
269,002
|
|
|
246,002
|
|
|
156,967
|
|
|||
Purchases of Federal Home Loan Bank stock
|
(278,000
|
)
|
|
(254,000
|
)
|
|
(161,080
|
)
|
|||
Proceeds from sales of loans and leases
|
903,606
|
|
|
1,618,791
|
|
|
2,830,807
|
|
|||
Principal collected on loans and leases, net of loan and lease originations and purchases
|
172,849
|
|
|
(1,808,603
|
)
|
|
(2,200,776
|
)
|
|||
Acquisition of Equipment Financing & Leasing Corporation, net of cash acquired
|
—
|
|
|
(8,120
|
)
|
|
—
|
|
|||
Purchases of lease equipment
|
(1,230,094
|
)
|
|
(1,038,208
|
)
|
|
(1,197,281
|
)
|
|||
Proceeds from sales of assets
|
88,942
|
|
|
63,875
|
|
|
76,885
|
|
|||
Purchases of premises and equipment
|
(56,091
|
)
|
|
(48,428
|
)
|
|
(34,513
|
)
|
|||
Other, net
|
20,935
|
|
|
26,103
|
|
|
23,002
|
|
|||
Net cash provided by (used in) investing activities
|
(902,294
|
)
|
|
(1,419,652
|
)
|
|
(1,053,203
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||
Net change in deposits
|
549,157
|
|
|
1,094,612
|
|
|
518,468
|
|
|||
Net change in short-term borrowings
|
160
|
|
|
(4,747
|
)
|
|
(1,192
|
)
|
|||
Proceeds from long-term borrowings
|
9,380,950
|
|
|
9,990,967
|
|
|
5,582,983
|
|
|||
Payments on long-term borrowings
|
(9,182,536
|
)
|
|
(9,816,286
|
)
|
|
(5,542,831
|
)
|
|||
Payments on liabilities related to acquisition and portfolio purchase
|
(2,000
|
)
|
|
(3,000
|
)
|
|
—
|
|
|||
Redemption of Series B preferred stock
|
(100,000
|
)
|
|
—
|
|
|
—
|
|
|||
Net proceeds from public offering of Series C preferred stock
|
—
|
|
|
169,302
|
|
|
—
|
|
|||
Redemption of Series A preferred stock
|
—
|
|
|
(172,500
|
)
|
|
—
|
|
|||
Repurchases of common stock
|
(212,929
|
)
|
|
(9,163
|
)
|
|
—
|
|
|||
Common shares sold to TCF employee benefit plans
|
715
|
|
|
23,254
|
|
|
5,838
|
|
|||
Dividends paid on preferred stock
|
(11,588
|
)
|
|
(19,904
|
)
|
|
(19,388
|
)
|
|||
Dividends paid on common stock
|
(99,490
|
)
|
|
(50,617
|
)
|
|
(50,182
|
)
|
|||
Stock compensation tax (expense) benefit
|
—
|
|
|
—
|
|
|
(377
|
)
|
|||
Exercise of stock options
|
(997
|
)
|
|
(57
|
)
|
|
(701
|
)
|
|||
Net investment by (distribution to) non-controlling interest
|
(10,638
|
)
|
|
(9,482
|
)
|
|
(8,432
|
)
|
|||
Net cash provided by (used in) financing activities
|
310,804
|
|
|
1,192,379
|
|
|
484,186
|
|
|||
Net change in cash and due from banks
|
(34,725
|
)
|
|
12,179
|
|
|
(279,734
|
)
|
|||
Cash and due from banks at beginning of period
|
621,782
|
|
|
609,603
|
|
|
889,337
|
|
|||
Cash and due from banks at end of period
|
$
|
587,057
|
|
|
$
|
621,782
|
|
|
$
|
609,603
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
||||
Cash paid (received) for:
|
|
|
|
|
|
|
|
||||
Interest on deposits and borrowings
|
$
|
139,026
|
|
|
$
|
86,411
|
|
|
$
|
78,930
|
|
Income taxes, net
|
(26,308
|
)
|
|
62,115
|
|
|
23,064
|
|
|||
Transfer of loans and leases to other assets
|
105,247
|
|
|
100,608
|
|
|
107,768
|
|
|||
Transfer of loans and leases from held for investment to held for sale, net
|
848,941
|
|
|
1,320,210
|
|
|
2,739,126
|
|
|
At December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Federal Home Loan Bank stock, at cost
|
$
|
54,019
|
|
|
$
|
45,021
|
|
Federal Reserve Bank stock, at cost
|
37,635
|
|
|
37,623
|
|
||
Total investments
|
$
|
91,654
|
|
|
$
|
82,644
|
|
|
At December 31,
|
||||||||||||||||||||||||||||||
|
2018
|
|
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
|
$
|
1,930,696
|
|
|
$
|
9,222
|
|
|
$
|
26,728
|
|
|
$
|
1,913,190
|
|
|
$
|
908,189
|
|
|
$
|
308
|
|
|
$
|
13,812
|
|
|
$
|
894,685
|
|
Other
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||||
Obligations of states and political subdivisions
|
566,304
|
|
|
46
|
|
|
9,479
|
|
|
556,871
|
|
|
810,159
|
|
|
7,967
|
|
|
3,799
|
|
|
814,327
|
|
||||||||
Total debt securities available for sale
|
$
|
2,497,004
|
|
|
$
|
9,268
|
|
|
$
|
36,207
|
|
|
$
|
2,470,065
|
|
|
$
|
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
|
$
|
146,052
|
|
|
$
|
1,460
|
|
|
$
|
1,045
|
|
|
$
|
146,467
|
|
|
$
|
158,776
|
|
|
$
|
4,462
|
|
|
$
|
412
|
|
|
$
|
162,826
|
|
Other securities
|
2,800
|
|
|
—
|
|
|
—
|
|
|
2,800
|
|
|
2,800
|
|
|
—
|
|
|
—
|
|
|
2,800
|
|
||||||||
Total debt securities held to maturity
|
$
|
148,852
|
|
|
$
|
1,460
|
|
|
$
|
1,045
|
|
|
$
|
149,267
|
|
|
$
|
161,576
|
|
|
$
|
4,462
|
|
|
$
|
412
|
|
|
$
|
165,626
|
|
|
At December 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
|
$
|
102,709
|
|
|
$
|
184
|
|
|
$
|
838,482
|
|
|
$
|
26,544
|
|
|
$
|
941,191
|
|
|
$
|
26,728
|
|
Obligations of states and political subdivisions
|
3,620
|
|
|
—
|
|
|
526,817
|
|
|
9,479
|
|
|
530,437
|
|
|
9,479
|
|
||||||
Total debt securities available for sale
|
$
|
106,329
|
|
|
$
|
184
|
|
|
$
|
1,365,299
|
|
|
$
|
36,023
|
|
|
$
|
1,471,628
|
|
|
$
|
36,207
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Government sponsored enterprises and federal agencies
|
$
|
3,074
|
|
|
$
|
14
|
|
|
$
|
31,738
|
|
|
$
|
1,031
|
|
|
$
|
34,812
|
|
|
$
|
1,045
|
|
Total debt securities held to maturity
|
$
|
3,074
|
|
|
$
|
14
|
|
|
$
|
31,738
|
|
|
$
|
1,031
|
|
|
$
|
34,812
|
|
|
$
|
1,045
|
|
|
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 December 31,
|
||||||||||||||
|
2018
|
|
2017
|
||||||||||||
(In thousands)
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
Debt securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Due in one year or less
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
6
|
|
Due in 1-5 years
|
24,464
|
|
|
24,375
|
|
|
15,178
|
|
|
15,312
|
|
||||
Due in 5-10 years
|
509,832
|
|
|
503,768
|
|
|
514,336
|
|
|
517,867
|
|
||||
Due after 10 years
|
1,962,708
|
|
|
1,941,922
|
|
|
1,188,834
|
|
|
1,175,833
|
|
||||
Total debt securities available for sale
|
$
|
2,497,004
|
|
|
$
|
2,470,065
|
|
|
$
|
1,718,354
|
|
|
$
|
1,709,018
|
|
|
|
|
|
|
|
|
|
||||||||
Debt securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Due in one year or less
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
Due in 1-5 years
|
2,400
|
|
|
2,400
|
|
|
1,400
|
|
|
1,400
|
|
||||
Due in 5-10 years
|
430
|
|
|
432
|
|
|
400
|
|
|
400
|
|
||||
Due after 10 years
|
146,022
|
|
|
146,435
|
|
|
158,776
|
|
|
162,826
|
|
||||
Total debt securities held to maturity
|
$
|
148,852
|
|
|
$
|
149,267
|
|
|
$
|
161,576
|
|
|
$
|
165,626
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Taxable interest income
|
$
|
37,436
|
|
|
$
|
18,382
|
|
|
$
|
16,238
|
|
Tax-exempt interest income
|
17,138
|
|
|
14,896
|
|
|
10,335
|
|
|||
Total interest income
|
$
|
54,574
|
|
|
$
|
33,278
|
|
|
$
|
26,573
|
|
|
At December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Consumer real estate:
|
|
|
|
|
|
||
First mortgage lien
|
$
|
2,444,380
|
|
|
$
|
1,959,387
|
|
Junior lien
|
2,965,960
|
|
|
2,860,309
|
|
||
Total consumer real estate
|
5,410,340
|
|
|
4,819,696
|
|
||
Commercial:
|
|
|
|
|
|
||
Commercial real estate:
|
|
|
|
|
|
||
Permanent
|
2,510,583
|
|
|
2,385,752
|
|
||
Construction and development
|
397,564
|
|
|
365,533
|
|
||
Total commercial real estate
|
2,908,147
|
|
|
2,751,285
|
|
||
Commercial business
|
943,156
|
|
|
809,908
|
|
||
Total commercial
|
3,851,303
|
|
|
3,561,193
|
|
||
Leasing and equipment finance
|
4,699,740
|
|
|
4,761,661
|
|
||
Inventory finance
|
3,107,356
|
|
|
2,739,754
|
|
||
Auto finance
|
1,982,277
|
|
|
3,199,639
|
|
||
Other
|
21,295
|
|
|
22,517
|
|
||
Total loans and leases
(1)
|
$
|
19,072,311
|
|
|
$
|
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
$(2.2) million
and
$33.3 million
at
December 31, 2018
and
2017
, respectively.
|
|
At December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Interest-only strips attributable to:
|
|
|
|
||||
Consumer real estate loan sales
|
$
|
15,316
|
|
|
$
|
16,440
|
|
Auto finance loan sales
|
1,519
|
|
|
4,946
|
|
||
Total interest-only strips
|
$
|
16,835
|
|
|
$
|
21,386
|
|
Contractual liabilities attributable to:
|
|
|
|
||||
Consumer real estate loan sales
|
$
|
1,321
|
|
|
$
|
1,234
|
|
|
At or For the Year Ended December 31,
|
||||||||||||||
|
2018
|
|
2017
|
||||||||||||
(In thousands)
|
Accretable Yield
|
|
Carrying Amount
|
|
Accretable Yield
|
|
Carrying Amount
|
||||||||
Balance, beginning of period
|
$
|
1,051
|
|
|
$
|
11,844
|
|
|
$
|
—
|
|
|
$
|
17
|
|
Additions due to acquisitions of loans
|
—
|
|
|
—
|
|
|
2,635
|
|
|
13,951
|
|
||||
Accretion
|
(215
|
)
|
|
215
|
|
|
(25
|
)
|
|
25
|
|
||||
Reclassifications from non-accretable difference
|
370
|
|
|
(356
|
)
|
|
312
|
|
|
—
|
|
||||
Payments received
|
(245
|
)
|
|
(7,886
|
)
|
|
(1,871
|
)
|
|
(2,149
|
)
|
||||
Balance, end of period
|
$
|
961
|
|
|
$
|
3,817
|
|
|
$
|
1,051
|
|
|
$
|
11,844
|
|
|
At or For the Year Ended December 31, 2018
|
||||||||||||||||||||||||||
(In thousands)
|
Consumer
Real Estate |
|
Commercial
|
|
Leasing and
Equipment Finance |
|
Inventory
Finance |
|
Auto
Finance |
|
Other
|
|
Total
|
||||||||||||||
Balance, beginning of period
|
$
|
47,168
|
|
|
$
|
37,195
|
|
|
$
|
22,528
|
|
|
$
|
13,233
|
|
|
$
|
50,225
|
|
|
$
|
692
|
|
|
$
|
171,041
|
|
Charge-offs
|
(7,129
|
)
|
|
(3,585
|
)
|
|
(9,695
|
)
|
|
(6,928
|
)
|
|
(49,833
|
)
|
|
(7,558
|
)
|
|
(84,728
|
)
|
|||||||
Recoveries
|
11,751
|
|
|
228
|
|
|
2,252
|
|
|
736
|
|
|
11,289
|
|
|
3,447
|
|
|
29,703
|
|
|||||||
Net (charge-offs) recoveries
|
4,622
|
|
|
(3,357
|
)
|
|
(7,443
|
)
|
|
(6,192
|
)
|
|
(38,544
|
)
|
|
(4,111
|
)
|
|
(55,025
|
)
|
|||||||
Provision for credit losses
|
(2,038
|
)
|
|
7,344
|
|
|
8,960
|
|
|
5,613
|
|
|
22,648
|
|
|
4,241
|
|
|
46,768
|
|
|||||||
Other
(1)
|
(4,886
|
)
|
|
—
|
|
|
(254
|
)
|
|
(198
|
)
|
|
—
|
|
|
—
|
|
|
(5,338
|
)
|
|||||||
Balance, end of period
|
$
|
44,866
|
|
|
$
|
41,182
|
|
|
$
|
23,791
|
|
|
$
|
12,456
|
|
|
$
|
34,329
|
|
|
$
|
822
|
|
|
$
|
157,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
At or For the Year Ended December 31, 2017
|
||||||||||||||||||||||||||
(In thousands)
|
Consumer
Real Estate |
|
Commercial
|
|
Leasing and
Equipment Finance |
|
Inventory
Finance |
|
Auto
Finance |
|
Other
|
|
Total
|
||||||||||||||
Balance, beginning of period
|
$
|
59,448
|
|
|
$
|
32,695
|
|
|
$
|
21,350
|
|
|
$
|
13,932
|
|
|
$
|
32,310
|
|
|
$
|
534
|
|
|
$
|
160,269
|
|
Charge-offs
|
(11,861
|
)
|
|
(5,431
|
)
|
|
(10,816
|
)
|
|
(3,014
|
)
|
|
(41,101
|
)
|
|
(6,869
|
)
|
|
(79,092
|
)
|
|||||||
Recoveries
|
20,781
|
|
|
833
|
|
|
2,065
|
|
|
838
|
|
|
6,625
|
|
|
3,510
|
|
|
34,652
|
|
|||||||
Net (charge-offs) recoveries
|
8,920
|
|
|
(4,598
|
)
|
|
(8,751
|
)
|
|
(2,176
|
)
|
|
(34,476
|
)
|
|
(3,359
|
)
|
|
(44,440
|
)
|
|||||||
Provision for credit losses
|
(12,318
|
)
|
|
9,098
|
|
|
10,067
|
|
|
1,367
|
|
|
56,712
|
|
|
3,517
|
|
|
68,443
|
|
|||||||
Other
(1)
|
(8,882
|
)
|
|
—
|
|
|
(138
|
)
|
|
110
|
|
|
(4,321
|
)
|
|
—
|
|
|
(13,231
|
)
|
|||||||
Balance, end of period
|
$
|
47,168
|
|
|
$
|
37,195
|
|
|
$
|
22,528
|
|
|
$
|
13,233
|
|
|
$
|
50,225
|
|
|
$
|
692
|
|
|
$
|
171,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
At or For the Year Ended December 31, 2016
|
||||||||||||||||||||||||||
(In thousands)
|
Consumer
Real Estate |
|
Commercial
|
|
Leasing and
Equipment Finance |
|
Inventory
Finance |
|
Auto
Finance |
|
Other
|
|
Total
|
||||||||||||||
Balance, beginning of period
|
$
|
67,992
|
|
|
$
|
30,185
|
|
|
$
|
19,018
|
|
|
$
|
11,128
|
|
|
$
|
26,486
|
|
|
$
|
1,245
|
|
|
$
|
156,054
|
|
Charge-offs
|
(18,624
|
)
|
|
(753
|
)
|
|
(7,738
|
)
|
|
(2,623
|
)
|
|
(26,994
|
)
|
|
(7,353
|
)
|
|
(64,085
|
)
|
|||||||
Recoveries
|
7,065
|
|
|
373
|
|
|
2,386
|
|
|
816
|
|
|
3,853
|
|
|
4,357
|
|
|
18,850
|
|
|||||||
Net (charge-offs) recoveries
|
(11,559
|
)
|
|
(380
|
)
|
|
(5,352
|
)
|
|
(1,807
|
)
|
|
(23,141
|
)
|
|
(2,996
|
)
|
|
(45,235
|
)
|
|||||||
Provision for credit losses
|
9,304
|
|
|
2,890
|
|
|
7,706
|
|
|
4,540
|
|
|
39,149
|
|
|
2,285
|
|
|
65,874
|
|
|||||||
Other
(1)
|
(6,289
|
)
|
|
—
|
|
|
(22
|
)
|
|
71
|
|
|
(10,184
|
)
|
|
—
|
|
|
(16,424
|
)
|
|||||||
Balance, end of period
|
$
|
59,448
|
|
|
$
|
32,695
|
|
|
$
|
21,350
|
|
|
$
|
13,932
|
|
|
$
|
32,310
|
|
|
$
|
534
|
|
|
$
|
160,269
|
|
(1)
|
Primarily includes the transfer of the allowance for loan and lease losses to loans and leases held for sale.
|
|
At December 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
|
$
|
22,134
|
|
|
$
|
36,411
|
|
|
$
|
20,108
|
|
|
$
|
11,621
|
|
|
$
|
34,157
|
|
|
$
|
822
|
|
|
$
|
125,253
|
|
Individually evaluated for impairment
|
22,732
|
|
|
4,771
|
|
|
3,683
|
|
|
835
|
|
|
172
|
|
|
—
|
|
|
32,193
|
|
|||||||
Total
|
$
|
44,866
|
|
|
$
|
41,182
|
|
|
$
|
23,791
|
|
|
$
|
12,456
|
|
|
$
|
34,329
|
|
|
$
|
822
|
|
|
$
|
157,446
|
|
Loans and leases outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Collectively evaluated for impairment
|
$
|
5,295,817
|
|
|
$
|
3,815,422
|
|
|
$
|
4,672,168
|
|
|
$
|
3,099,073
|
|
|
$
|
1,968,645
|
|
|
$
|
21,291
|
|
|
$
|
18,872,416
|
|
Individually evaluated for impairment
|
114,523
|
|
|
35,881
|
|
|
23,755
|
|
|
8,283
|
|
|
13,632
|
|
|
4
|
|
|
196,078
|
|
|||||||
Loans acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
3,817
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,817
|
|
|||||||
Total
|
$
|
5,410,340
|
|
|
$
|
3,851,303
|
|
|
$
|
4,699,740
|
|
|
$
|
3,107,356
|
|
|
$
|
1,982,277
|
|
|
$
|
21,295
|
|
|
$
|
19,072,311
|
|
|
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 December 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
|
$
|
2,403,391
|
|
|
$
|
3,281
|
|
|
$
|
1,276
|
|
|
$
|
2,407,948
|
|
|
$
|
36,432
|
|
|
$
|
2,444,380
|
|
Junior lien
|
2,942,414
|
|
|
1,213
|
|
|
—
|
|
|
2,943,627
|
|
|
22,333
|
|
|
2,965,960
|
|
||||||
Total consumer real estate
|
5,345,805
|
|
|
4,494
|
|
|
1,276
|
|
|
5,351,575
|
|
|
58,765
|
|
|
5,410,340
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
2,903,629
|
|
|
—
|
|
|
—
|
|
|
2,903,629
|
|
|
4,518
|
|
|
2,908,147
|
|
||||||
Commercial business
|
932,648
|
|
|
1
|
|
|
—
|
|
|
932,649
|
|
|
10,507
|
|
|
943,156
|
|
||||||
Total commercial
|
3,836,277
|
|
|
1
|
|
|
—
|
|
|
3,836,278
|
|
|
15,025
|
|
|
3,851,303
|
|
||||||
Leasing and equipment finance
|
4,670,021
|
|
|
7,996
|
|
|
2,642
|
|
|
4,680,659
|
|
|
15,264
|
|
|
4,695,923
|
|
||||||
Inventory finance
|
3,098,763
|
|
|
310
|
|
|
—
|
|
|
3,099,073
|
|
|
8,283
|
|
|
3,107,356
|
|
||||||
Auto finance
|
1,962,042
|
|
|
8,326
|
|
|
3,331
|
|
|
1,973,699
|
|
|
8,578
|
|
|
1,982,277
|
|
||||||
Other
|
21,264
|
|
|
11
|
|
|
17
|
|
|
21,292
|
|
|
3
|
|
|
21,295
|
|
||||||
Subtotal
|
18,934,172
|
|
|
21,138
|
|
|
7,266
|
|
|
18,962,576
|
|
|
105,918
|
|
|
19,068,494
|
|
||||||
Portfolios acquired with deteriorated credit quality
|
3,639
|
|
|
—
|
|
|
178
|
|
|
3,817
|
|
|
—
|
|
|
3,817
|
|
||||||
Total
|
$
|
18,937,811
|
|
|
$
|
21,138
|
|
|
$
|
7,444
|
|
|
$
|
18,966,393
|
|
|
$
|
105,918
|
|
|
$
|
19,072,311
|
|
|
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
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Contractual interest due on non-accrual loans and leases
|
$
|
10,921
|
|
|
$
|
15,009
|
|
|
$
|
20,604
|
|
Interest income recognized on non-accrual loans and leases
|
1,351
|
|
|
2,982
|
|
|
4,152
|
|
|||
Unrecognized interest income
|
$
|
9,570
|
|
|
$
|
12,027
|
|
|
$
|
16,452
|
|
|
At December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Consumer real estate loans to customers in bankruptcy:
|
|
|
|
|
|
||
0-59 days delinquent and accruing
|
$
|
3,306
|
|
|
$
|
7,324
|
|
Non-accrual
|
9,046
|
|
|
10,552
|
|
||
Total consumer real estate loans to customers in bankruptcy
|
$
|
12,352
|
|
|
$
|
17,876
|
|
|
At December 31,
|
||||||||||||||||||||||
|
2018
|
|
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
|
$
|
80,739
|
|
|
$
|
16,192
|
|
|
$
|
96,931
|
|
|
$
|
88,092
|
|
|
$
|
34,282
|
|
|
$
|
122,374
|
|
Commercial
|
4,174
|
|
|
3,946
|
|
|
8,120
|
|
|
12,249
|
|
|
83
|
|
|
12,332
|
|
||||||
Leasing and equipment finance
|
8,491
|
|
|
1,754
|
|
|
10,245
|
|
|
10,263
|
|
|
1,413
|
|
|
11,676
|
|
||||||
Inventory finance
|
—
|
|
|
453
|
|
|
453
|
|
|
—
|
|
|
476
|
|
|
476
|
|
||||||
Auto finance
|
5,054
|
|
|
6,362
|
|
|
11,416
|
|
|
3,464
|
|
|
5,351
|
|
|
8,815
|
|
||||||
Other
|
1
|
|
|
—
|
|
|
1
|
|
|
3
|
|
|
1
|
|
|
4
|
|
||||||
Total
|
$
|
98,459
|
|
|
$
|
28,707
|
|
|
$
|
127,166
|
|
|
$
|
114,071
|
|
|
$
|
41,606
|
|
|
$
|
155,677
|
|
(In thousands)
|
Contractual Interest Due
|
|
Interest Income
|
|
Unrecognized Interest
|
||||||
Year ended December 31, 2018:
|
|
|
|
|
|
||||||
Consumer real estate:
|
|
|
|
|
|
||||||
First mortgage lien
|
$
|
4,161
|
|
|
$
|
2,473
|
|
|
$
|
1,688
|
|
Junior lien
|
1,642
|
|
|
1,122
|
|
|
520
|
|
|||
Total consumer real estate
|
$
|
5,803
|
|
|
$
|
3,595
|
|
|
$
|
2,208
|
|
Year ended December 31, 2017:
|
|
|
|
|
|
||||||
Consumer real estate:
|
|
|
|
|
|
||||||
First mortgage lien
|
$
|
4,522
|
|
|
$
|
2,707
|
|
|
$
|
1,815
|
|
Junior lien
|
1,923
|
|
|
1,327
|
|
|
596
|
|
|||
Total consumer real estate
|
$
|
6,445
|
|
|
$
|
4,034
|
|
|
$
|
2,411
|
|
Year ended December 31, 2016:
|
|
|
|
|
|
||||||
Consumer real estate:
|
|
|
|
|
|
||||||
First mortgage lien
|
$
|
4,722
|
|
|
$
|
2,765
|
|
|
$
|
1,957
|
|
Junior lien
|
2,325
|
|
|
1,632
|
|
|
693
|
|
|||
Total consumer real estate
|
$
|
7,047
|
|
|
$
|
4,397
|
|
|
$
|
2,650
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Defaulted TDR loan balances modified during the applicable period:
(1)
|
|
|
|
|
|
||||||
Consumer real estate:
|
|
|
|
|
|
|
|
||||
First mortgage lien
|
$
|
3,514
|
|
|
$
|
3,081
|
|
|
$
|
8,193
|
|
Junior lien
|
302
|
|
|
579
|
|
|
1,630
|
|
|||
Total consumer real estate
|
3,816
|
|
|
3,660
|
|
|
9,823
|
|
|||
Commercial business
|
4,697
|
|
|
—
|
|
|
—
|
|
|||
Leasing and equipment finance
|
—
|
|
|
555
|
|
|
—
|
|
|||
Auto finance
|
1,436
|
|
|
1,169
|
|
|
1,693
|
|
|||
Defaulted TDR loans modified during the applicable period
|
$
|
9,949
|
|
|
$
|
5,384
|
|
|
$
|
11,516
|
|
(1)
|
The loan balances presented are not materially different than the pre-modification loan balances as TCF's loan modifications generally do not forgive principal amounts.
|
|
At December 31,
|
||||||||||||||||||||||
|
2018
|
|
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
|
$
|
64,529
|
|
|
$
|
61,744
|
|
|
$
|
16,848
|
|
|
$
|
91,624
|
|
|
$
|
80,802
|
|
|
$
|
13,792
|
|
Junior lien
|
25,861
|
|
|
24,264
|
|
|
5,656
|
|
|
32,327
|
|
|
29,544
|
|
|
4,165
|
|
||||||
Total consumer real estate
|
90,390
|
|
|
86,008
|
|
|
22,504
|
|
|
123,951
|
|
|
110,346
|
|
|
17,957
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
4,905
|
|
|
4,474
|
|
|
1,108
|
|
|
6,810
|
|
|
6,702
|
|
|
1,000
|
|
||||||
Commercial business
|
12,317
|
|
|
9,192
|
|
|
3,663
|
|
|
7,841
|
|
|
7,841
|
|
|
560
|
|
||||||
Total commercial
|
17,222
|
|
|
13,666
|
|
|
4,771
|
|
|
14,651
|
|
|
14,543
|
|
|
1,560
|
|
||||||
Leasing and equipment finance
|
15,763
|
|
|
15,763
|
|
|
1,856
|
|
|
17,105
|
|
|
17,105
|
|
|
1,345
|
|
||||||
Inventory finance
|
7,364
|
|
|
7,371
|
|
|
835
|
|
|
1,296
|
|
|
1,298
|
|
|
288
|
|
||||||
Auto finance
|
917
|
|
|
646
|
|
|
81
|
|
|
1,333
|
|
|
1,016
|
|
|
243
|
|
||||||
Other
|
2
|
|
|
1
|
|
|
—
|
|
|
3
|
|
|
4
|
|
|
1
|
|
||||||
Total impaired loans with an allowance recorded
|
131,658
|
|
|
123,455
|
|
|
30,047
|
|
|
158,339
|
|
|
144,312
|
|
|
21,394
|
|
||||||
Impaired loans without an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
First mortgage lien
|
11,829
|
|
|
9,586
|
|
|
—
|
|
|
12,898
|
|
|
10,445
|
|
|
—
|
|
||||||
Junior lien
|
10,427
|
|
|
1,337
|
|
|
—
|
|
|
17,697
|
|
|
1,583
|
|
|
—
|
|
||||||
Total consumer real estate
|
22,256
|
|
|
10,923
|
|
|
—
|
|
|
30,595
|
|
|
12,028
|
|
|
—
|
|
||||||
Commercial real estate
|
4,275
|
|
|
4,208
|
|
|
—
|
|
|
4,552
|
|
|
4,491
|
|
|
—
|
|
||||||
Commercial business
|
1,328
|
|
|
1,325
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total commercial
|
5,603
|
|
|
5,533
|
|
|
—
|
|
|
4,552
|
|
|
4,491
|
|
|
—
|
|
||||||
Inventory finance
|
911
|
|
|
912
|
|
|
—
|
|
|
2,810
|
|
|
2,818
|
|
|
—
|
|
||||||
Auto finance
|
15,071
|
|
|
10,770
|
|
|
—
|
|
|
10,566
|
|
|
7,799
|
|
|
—
|
|
||||||
Other
|
329
|
|
|
—
|
|
|
—
|
|
|
331
|
|
|
—
|
|
|
—
|
|
||||||
Total impaired loans without an allowance recorded
|
44,170
|
|
|
28,138
|
|
|
—
|
|
|
48,854
|
|
|
27,136
|
|
|
—
|
|
||||||
Total impaired loans
|
$
|
175,828
|
|
|
$
|
151,593
|
|
|
$
|
30,047
|
|
|
$
|
207,193
|
|
|
$
|
171,448
|
|
|
$
|
21,394
|
|
|
Year Ended December 31,
|
||||||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||||||||||||||
(In thousands)
|
Average Loan Balance
|
|
Interest Income Recognized
|
|
Average Loan Balance
|
|
Interest Income Recognized
|
|
Average Loan Balance
|
|
Interest Income Recognized
|
||||||||||||
Impaired loans with an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
First mortgage lien
|
$
|
71,273
|
|
|
$
|
2,172
|
|
|
$
|
92,702
|
|
|
$
|
2,748
|
|
|
$
|
114,164
|
|
|
$
|
3,597
|
|
Junior lien
|
26,904
|
|
|
1,090
|
|
|
40,477
|
|
|
1,488
|
|
|
54,888
|
|
|
2,606
|
|
||||||
Total consumer real estate
|
98,177
|
|
|
3,262
|
|
|
133,179
|
|
|
4,236
|
|
|
169,052
|
|
|
6,203
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
5,588
|
|
|
—
|
|
|
8,388
|
|
|
16
|
|
|
5,186
|
|
|
353
|
|
||||||
Commercial business
|
8,517
|
|
|
130
|
|
|
3,927
|
|
|
97
|
|
|
15
|
|
|
—
|
|
||||||
Total commercial
|
14,105
|
|
|
130
|
|
|
12,315
|
|
|
113
|
|
|
5,201
|
|
|
353
|
|
||||||
Leasing and equipment finance
|
16,433
|
|
|
82
|
|
|
13,502
|
|
|
58
|
|
|
8,579
|
|
|
40
|
|
||||||
Inventory finance
|
4,335
|
|
|
70
|
|
|
2,831
|
|
|
192
|
|
|
2,619
|
|
|
56
|
|
||||||
Auto finance
|
831
|
|
|
—
|
|
|
3,218
|
|
|
—
|
|
|
6,741
|
|
|
112
|
|
||||||
Other
|
3
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
9
|
|
|
—
|
|
||||||
Total impaired loans with an allowance recorded
|
133,884
|
|
|
3,544
|
|
|
165,050
|
|
|
4,599
|
|
|
192,201
|
|
|
6,764
|
|
||||||
Impaired loans without an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumer real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
First mortgage lien
|
10,016
|
|
|
689
|
|
|
11,560
|
|
|
921
|
|
|
7,951
|
|
|
449
|
|
||||||
Junior lien
|
1,460
|
|
|
182
|
|
|
1,733
|
|
|
438
|
|
|
1,201
|
|
|
672
|
|
||||||
Total consumer real estate
|
11,476
|
|
|
871
|
|
|
13,293
|
|
|
1,359
|
|
|
9,152
|
|
|
1,121
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
4,350
|
|
|
231
|
|
|
10,136
|
|
|
709
|
|
|
23,468
|
|
|
743
|
|
||||||
Commercial business
|
662
|
|
|
1
|
|
|
177
|
|
|
4
|
|
|
1,970
|
|
|
—
|
|
||||||
Total commercial
|
5,012
|
|
|
232
|
|
|
10,313
|
|
|
713
|
|
|
25,438
|
|
|
743
|
|
||||||
Inventory finance
|
1,865
|
|
|
172
|
|
|
1,794
|
|
|
196
|
|
|
523
|
|
|
95
|
|
||||||
Auto finance
|
9,284
|
|
|
302
|
|
|
5,102
|
|
|
209
|
|
|
1,792
|
|
|
—
|
|
||||||
Total impaired loans without an allowance recorded
|
27,637
|
|
|
1,577
|
|
|
30,502
|
|
|
2,477
|
|
|
36,905
|
|
|
1,959
|
|
||||||
Total impaired loans
|
$
|
161,521
|
|
|
$
|
5,121
|
|
|
$
|
195,552
|
|
|
$
|
7,076
|
|
|
$
|
229,106
|
|
|
$
|
8,723
|
|
|
At December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Other real estate owned
|
$
|
17,403
|
|
|
$
|
18,225
|
|
Repossessed and returned assets
|
14,574
|
|
|
12,630
|
|
||
Consumer real estate loans in process of foreclosure
|
15,540
|
|
|
22,622
|
|
|
At December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Land
|
$
|
144,754
|
|
|
$
|
146,688
|
|
Office buildings
|
268,495
|
|
|
272,428
|
|
||
Leasehold improvements
|
51,868
|
|
|
48,543
|
|
||
Furniture, equipment and computer software
|
404,743
|
|
|
363,445
|
|
||
Premises and equipment leased under capital leases
|
3,180
|
|
|
—
|
|
||
Subtotal
|
873,040
|
|
|
831,104
|
|
||
Less: Accumulated depreciation and amortization
|
445,506
|
|
|
409,555
|
|
||
Premises and equipment, net
|
$
|
427,534
|
|
|
$
|
421,549
|
|
|
At December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Goodwill related to consumer banking segment
|
$
|
141,245
|
|
|
$
|
141,245
|
|
Goodwill related to wholesale banking segment
|
13,512
|
|
|
13,512
|
|
||
Goodwill, net
|
$
|
154,757
|
|
|
$
|
154,757
|
|
|
At December 31,
|
||||||||||||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||||||||||||
(In thousands)
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Impairment
|
|
Net
Amount
|
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Impairment
|
|
Net
Amount
|
||||||||||||||||
Program agreement
|
$
|
14,700
|
|
|
$
|
408
|
|
|
$
|
—
|
|
|
$
|
14,292
|
|
|
$
|
14,700
|
|
|
$
|
49
|
|
|
$
|
—
|
|
|
$
|
14,651
|
|
Non-compete agreement
|
9,250
|
|
|
3,643
|
|
|
—
|
|
|
5,607
|
|
|
9,000
|
|
|
1,081
|
|
|
—
|
|
|
7,919
|
|
||||||||
Customer base intangibles
|
2,000
|
|
|
1,950
|
|
|
—
|
|
|
50
|
|
|
3,330
|
|
|
2,630
|
|
|
368
|
|
|
332
|
|
||||||||
Deposit base intangibles
|
3,049
|
|
|
2,502
|
|
|
—
|
|
|
547
|
|
|
3,049
|
|
|
2,289
|
|
|
—
|
|
|
760
|
|
||||||||
Total
|
$
|
28,999
|
|
|
$
|
8,503
|
|
|
$
|
—
|
|
|
$
|
20,496
|
|
|
$
|
30,079
|
|
|
$
|
6,049
|
|
|
$
|
368
|
|
|
$
|
23,662
|
|
|
At December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Investments in affordable housing limited liability entities
|
$
|
90,871
|
|
|
$
|
82,399
|
|
Accrued expenses and other liabilities - unfunded commitments
|
56,167
|
|
|
48,973
|
|
|
At December 31,
|
||||||||||||
|
2018
|
|
2017
|
||||||||||
(Dollars in thousands)
|
Amount
|
|
Year-to-Date Weighted-average Rate
|
|
Amount
|
|
Year-to-Date Weighted-average Rate
|
||||||
Checking:
|
|
|
|
|
|
|
|
|
|
|
|
||
Non-interest bearing
|
$
|
3,921,710
|
|
|
—
|
%
|
|
$
|
3,671,915
|
|
|
—
|
%
|
Interest bearing
|
2,459,617
|
|
|
0.03
|
|
|
2,628,212
|
|
|
0.01
|
|
||
Total checking
|
6,381,327
|
|
|
0.01
|
|
|
6,300,127
|
|
|
0.01
|
|
||
Savings
|
6,122,257
|
|
|
0.36
|
|
|
5,287,606
|
|
|
0.09
|
|
||
Money market
|
1,609,422
|
|
|
0.75
|
|
|
1,764,998
|
|
|
0.47
|
|
||
Certificates of deposit
|
4,790,680
|
|
|
1.53
|
|
|
4,982,271
|
|
|
1.14
|
|
||
Total deposits
|
$
|
18,903,686
|
|
|
0.58
|
|
|
$
|
18,335,002
|
|
|
0.38
|
|
|
At December 31,
|
|||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||
(Dollars in thousands)
|
Amount
|
|
Rate
|
|
Amount
|
|
Rate
|
|
Amount
|
|
Rate
|
|||||||||
Period-end balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Securities sold under repurchase agreements
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
2,159
|
|
|
0.10
|
%
|
Line of Credit - TCF Commercial Finance Canada, Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,232
|
|
|
1.75
|
|
|||
Total
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
4,391
|
|
|
0.94
|
|
Average daily balances for the period ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Federal funds purchased
|
$
|
156
|
|
|
1.91
|
%
|
|
$
|
142
|
|
|
1.30
|
%
|
|
$
|
156
|
|
|
0.71
|
%
|
Securities sold under repurchase agreements
|
1,977
|
|
|
2.22
|
|
|
3,730
|
|
|
0.78
|
|
|
5,235
|
|
|
0.41
|
|
|||
Line of Credit - TCF Commercial Finance Canada, Inc.
|
1,155
|
|
|
2.64
|
|
|
1,395
|
|
|
1.92
|
|
|
1,660
|
|
|
1.75
|
|
|||
Total
|
$
|
3,288
|
|
|
2.35
|
|
|
$
|
5,267
|
|
|
1.10
|
|
|
$
|
7,051
|
|
|
0.73
|
|
Maximum month-end balances for the period ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Securities sold under repurchase agreements
|
$
|
—
|
|
|
N.A.
|
|
|
$
|
2,868
|
|
|
N.A.
|
|
|
$
|
3,391
|
|
|
N.A.
|
|
Line of Credit - TCF Commercial Finance Canada, Inc.
|
8,565
|
|
|
N.A.
|
|
|
6,171
|
|
|
N.A.
|
|
|
5,907
|
|
|
N.A.
|
|
|
|
|
At December 31,
|
||||||||||||||||||
|
|
|
2018
|
|
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
|
|
|
2.55
|
%
|
-
|
2.79
|
|
|
275,000
|
|
|
1.76
|
|
-
|
1.78
|
|
||
Subtotal
|
|
|
1,100,000
|
|
|
|
|
|
|
875,000
|
|
|
|
|
|
||||||
Subordinated bank notes
|
2022
|
|
109,095
|
|
|
|
|
6.25
|
|
|
108,867
|
|
|
|
|
6.25
|
|
||||
|
2025
|
|
148,461
|
|
|
|
|
4.60
|
|
|
148,252
|
|
|
|
|
4.60
|
|
||||
Hedge-related basis adjustment
(1)
|
|
|
(4,165
|
)
|
|
|
|
|
|
(2,157
|
)
|
|
|
|
|
||||||
Subtotal
|
|
|
253,391
|
|
|
|
|
|
|
254,962
|
|
|
|
|
|
||||||
Discounted lease rentals
|
2018
|
|
—
|
|
|
|
|
—
|
|
|
52,347
|
|
|
2.55
|
|
-
|
7.95
|
|
|||
|
2019
|
|
41,605
|
|
|
2.53
|
|
-
|
6.00
|
|
|
34,978
|
|
|
2.53
|
|
-
|
6.00
|
|
||
|
2020
|
|
28,258
|
|
|
2.64
|
|
-
|
6.50
|
|
|
19,736
|
|
|
2.64
|
|
-
|
6.50
|
|
||
|
2021
|
|
16,781
|
|
|
2.88
|
|
-
|
5.82
|
|
|
10,077
|
|
|
2.88
|
|
-
|
5.00
|
|
||
|
2022
|
|
5,765
|
|
|
3.04
|
|
-
|
5.95
|
|
|
2,349
|
|
|
3.04
|
|
-
|
5.43
|
|
||
|
2023
|
|
567
|
|
|
4.89
|
|
-
|
6.07
|
|
|
—
|
|
|
|
|
—
|
|
|||
Subtotal
|
|
|
92,976
|
|
|
|
|
|
|
119,487
|
|
|
|
|
|
||||||
Capital lease obligation
|
2019
|
|
67
|
|
|
|
|
3.73
|
|
|
—
|
|
|
|
|
—
|
|
||||
|
2020
|
|
86
|
|
|
|
|
3.73
|
|
|
—
|
|
|
|
|
—
|
|
||||
|
2021
|
|
89
|
|
|
|
|
3.73
|
|
|
—
|
|
|
|
|
—
|
|
||||
|
2022
|
|
93
|
|
|
|
|
3.73
|
|
|
—
|
|
|
|
|
—
|
|
||||
|
2023
|
|
105
|
|
|
|
|
3.73
|
|
|
—
|
|
|
|
|
—
|
|
||||
|
2024 - 2038
|
|
2,665
|
|
|
|
|
3.73
|
|
|
—
|
|
|
|
|
—
|
|
||||
Subtotal
|
|
|
3,105
|
|
|
|
|
|
|
—
|
|
|
|
|
|
||||||
Total long-term borrowings
|
|
|
$
|
1,449,472
|
|
|
|
|
|
|
$
|
1,249,449
|
|
|
|
|
|
(1)
|
Related to subordinated bank notes with a stated maturity of 2025.
|
(In thousands)
|
Current
|
|
Deferred
|
|
Total
|
||||||
Year Ended December 31, 2018:
|
|
|
|
|
|
||||||
Federal
|
$
|
9,424
|
|
|
$
|
54,858
|
|
|
$
|
64,282
|
|
State
|
13,251
|
|
|
3,722
|
|
|
16,973
|
|
|||
Foreign
|
4,435
|
|
|
406
|
|
|
4,841
|
|
|||
Total
|
$
|
27,110
|
|
|
$
|
58,986
|
|
|
$
|
86,096
|
|
Year Ended December 31, 2017:
|
|
|
|
|
|
||||||
Federal
|
$
|
14,384
|
|
|
$
|
(62,913
|
)
|
|
$
|
(48,529
|
)
|
State
|
237
|
|
|
9,340
|
|
|
9,577
|
|
|||
Foreign
|
5,484
|
|
|
(156
|
)
|
|
5,328
|
|
|||
Total
|
$
|
20,105
|
|
|
$
|
(53,729
|
)
|
|
$
|
(33,624
|
)
|
Year Ended December 31, 2016:
|
|
|
|
|
|
||||||
Federal
|
$
|
66,810
|
|
|
$
|
28,629
|
|
|
$
|
95,439
|
|
State
|
11,402
|
|
|
4,425
|
|
|
15,827
|
|
|||
Foreign
|
5,350
|
|
|
(88
|
)
|
|
5,262
|
|
|||
Total
|
$
|
83,562
|
|
|
$
|
32,966
|
|
|
$
|
116,528
|
|
|
Year Ended December 31,
|
|||||||
|
2018
|
|
2017
|
|
2016
|
|||
Federal income tax rate
|
21.00
|
%
|
|
35.00
|
%
|
|
35.00
|
%
|
Increase (decrease) resulting from:
|
|
|
|
|
|
|||
State income tax, net of federal tax
|
3.34
|
|
|
3.92
|
|
|
3.04
|
|
Tax-exempt income
|
(1.64
|
)
|
|
(3.86
|
)
|
|
(2.07
|
)
|
Stock compensation
|
(0.64
|
)
|
|
(1.15
|
)
|
|
—
|
|
Non-controlling interest tax effect
|
(0.59
|
)
|
|
(1.45
|
)
|
|
(0.99
|
)
|
Investments in affordable housing limited liability entities
|
(0.34
|
)
|
|
(0.89
|
)
|
|
(0.24
|
)
|
Foreign tax effects
|
0.26
|
|
|
(0.67
|
)
|
|
(0.50
|
)
|
Tax Reform effects, net
|
(0.26
|
)
|
|
(53.29
|
)
|
|
—
|
|
Nondeductible goodwill impairment effect
|
—
|
|
|
10.43
|
|
|
—
|
|
State tax settlements, net of federal tax
|
—
|
|
|
(1.38
|
)
|
|
0.19
|
|
Other, net
|
0.30
|
|
|
(0.38
|
)
|
|
0.02
|
|
Effective income tax rate
|
21.43
|
%
|
|
(13.72
|
)%
|
|
34.45
|
%
|
|
At or For the Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Balance, beginning of period
|
$
|
4,645
|
|
|
$
|
4,690
|
|
|
$
|
4,249
|
|
Increases for tax positions related to the current year
|
903
|
|
|
200
|
|
|
546
|
|
|||
Increases for tax positions related to prior years
|
1,438
|
|
|
86
|
|
|
627
|
|
|||
Decreases for tax positions related to prior years
|
(970
|
)
|
|
(331
|
)
|
|
(84
|
)
|
|||
Settlements with taxing authorities
|
—
|
|
|
—
|
|
|
(525
|
)
|
|||
Decreases related to lapses of applicable statutes of limitation
|
(144
|
)
|
|
—
|
|
|
(123
|
)
|
|||
Balance, end of period
|
$
|
5,872
|
|
|
$
|
4,645
|
|
|
$
|
4,690
|
|
|
At December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Deferred tax assets:
|
|
|
|
||||
Allowance for loan and lease losses
|
$
|
33,546
|
|
|
$
|
41,339
|
|
Stock compensation and deferred compensation plans
|
32,686
|
|
|
21,150
|
|
||
Net operating losses and other carryforwards
|
20,591
|
|
|
16,452
|
|
||
Debt securities available for sale
|
9,235
|
|
|
5,345
|
|
||
Accrued expense
|
2,524
|
|
|
2,507
|
|
||
Other
|
1,900
|
|
|
3,603
|
|
||
Deferred tax assets
|
100,482
|
|
|
90,396
|
|
||
Valuation allowance
|
(14,291
|
)
|
|
(14,267
|
)
|
||
Total deferred tax assets, net of valuation allowance
|
86,191
|
|
|
76,129
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Lease financing
|
297,603
|
|
|
246,221
|
|
||
Premises and equipment
|
40,130
|
|
|
30,109
|
|
||
Loan fees and discounts
|
17,465
|
|
|
12,489
|
|
||
Prepaid expenses
|
7,921
|
|
|
8,047
|
|
||
Goodwill and other intangibles
|
2,290
|
|
|
2,475
|
|
||
Other
|
7,319
|
|
|
4,715
|
|
||
Total deferred tax liabilities
|
372,728
|
|
|
304,056
|
|
||
Net deferred tax liabilities
|
$
|
286,537
|
|
|
$
|
227,927
|
|
|
At December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Series C non-cumulative perpetual preferred stock
|
$
|
169,302
|
|
|
$
|
169,302
|
|
Series B non-cumulative perpetual preferred stock
|
—
|
|
|
96,519
|
|
||
Total preferred stock
|
$
|
169,302
|
|
|
$
|
265,821
|
|
|
At December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Treasury stock, at cost
|
$
|
222,816
|
|
|
$
|
10,265
|
|
Shares held in trust for deferred compensation plans, at cost
|
29,366
|
|
|
30,532
|
|
||
Total
|
$
|
252,182
|
|
|
$
|
40,797
|
|
|
TCF
|
|
TCF Bank
|
||||||||||||||||||
|
At December 31,
|
|
At December 31,
|
|
|
|
|
||||||||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Well-capitalized Standard
|
|
Minimum Capital Requirement
(1)
|
||||||||||
Regulatory Capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common equity Tier 1 capital
|
$
|
2,224,183
|
|
|
$
|
2,242,410
|
|
|
$
|
2,282,013
|
|
|
$
|
2,409,027
|
|
|
|
|
|
||
Tier 1 capital
|
2,408,393
|
|
|
2,522,178
|
|
|
2,300,472
|
|
|
2,426,854
|
|
|
|
|
|
||||||
Total capital
|
2,750,581
|
|
|
2,889,323
|
|
|
2,675,347
|
|
|
2,837,374
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Regulatory Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common equity Tier 1 capital ratio
|
10.82
|
%
|
|
10.79
|
%
|
|
11.10
|
%
|
|
11.59
|
%
|
|
6.50
|
%
|
|
4.50
|
%
|
||||
Tier 1 risk-based capital ratio
|
11.72
|
|
|
12.14
|
|
|
11.19
|
|
|
11.68
|
|
|
8.00
|
|
|
6.00
|
|
||||
Total risk-based capital ratio
|
13.38
|
|
|
13.90
|
|
|
13.01
|
|
|
13.65
|
|
|
10.00
|
|
|
8.00
|
|
||||
Tier 1 leverage ratio
|
10.44
|
|
|
11.12
|
|
|
9.97
|
|
|
10.70
|
|
|
5.00
|
|
|
4.00
|
|
(1)
|
Excludes capital conservation buffer of
1.875%
and
1.25%
at
December 31, 2018
and
2017
, respectively.
|
|
At or For the Year Ended December 31,
|
||||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Unrecognized stock compensation expense
|
$
|
18,052
|
|
|
$
|
17,944
|
|
|
$
|
24,925
|
|
Weighted-average amortization (years)
|
1.6
|
|
|
1.6
|
|
|
1.6
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Compensation expense
|
$
|
16,549
|
|
|
$
|
12,687
|
|
|
$
|
8,715
|
|
Tax benefit recognized for stock compensation expense
|
3,871
|
|
|
5,661
|
|
|
3,103
|
|
|
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, 2015
|
3,273,086
|
|
|
$
|
13.09
|
|
|
1,379,000
|
|
|
2.17
|
|
|
$
|
14.07
|
|
Granted
|
899,000
|
|
|
12.13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
—
|
|
|
—
|
|
|
(857,000
|
)
|
|
—
|
|
|
13.04
|
|
||
Forfeited/canceled
|
(230,486
|
)
|
|
13.59
|
|
|
(118,000
|
)
|
|
—
|
|
|
15.75
|
|
||
Vested
|
(405,425
|
)
|
|
13.10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Outstanding at December 31, 2016
|
3,536,175
|
|
|
12.81
|
|
|
404,000
|
|
|
1.06
|
|
|
15.75
|
|
||
Granted
|
583,388
|
|
|
16.47
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
—
|
|
|
—
|
|
|
(38,000
|
)
|
|
—
|
|
|
15.75
|
|
||
Forfeited/canceled
|
(577,020
|
)
|
|
11.38
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Vested
|
(902,880
|
)
|
|
13.65
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Outstanding at December 31, 2017
|
2,639,663
|
|
|
13.65
|
|
|
366,000
|
|
|
0.06
|
|
|
15.75
|
|
||
Granted
|
763,446
|
|
|
21.65
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
—
|
|
|
—
|
|
|
(366,000
|
)
|
|
—
|
|
|
15.75
|
|
||
Forfeited/canceled
|
(234,974
|
)
|
|
15.12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Vested
|
(878,689
|
)
|
|
12.24
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Outstanding at December 31, 2018
|
2,289,446
|
|
|
16.70
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
At or For the Year Ended December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Change in projected benefit obligation:
|
|
|
|
||||
Projected benefit obligation, beginning of period
|
$
|
31,389
|
|
|
$
|
33,174
|
|
Interest cost on projected benefit obligation
|
983
|
|
|
1,138
|
|
||
Actuarial (gain) loss
|
(630
|
)
|
|
765
|
|
||
Benefits paid
|
(3,412
|
)
|
|
(3,688
|
)
|
||
Projected benefit obligation, end of period
|
28,330
|
|
|
31,389
|
|
||
Change in fair value of plan assets:
|
|
|
|
||||
Fair value of plan assets, beginning of period
|
36,863
|
|
|
39,377
|
|
||
Actual gain (loss) on plan assets
|
(607
|
)
|
|
1,174
|
|
||
Benefits paid
|
(3,412
|
)
|
|
(3,688
|
)
|
||
Fair value of plan assets, end of period
|
32,844
|
|
|
36,863
|
|
||
Funded status of plan, end of period
|
$
|
4,514
|
|
|
$
|
5,474
|
|
Amounts recognized in the Consolidated Statements of Financial Condition:
|
|
|
|
||||
Prepaid (accrued) benefit cost, end of period
|
$
|
4,514
|
|
|
$
|
5,474
|
|
|
At December 31, 2018
|
||||||||||||||
(In thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Mutual funds
|
$
|
21,566
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21,566
|
|
U.S. Treasury Bills
|
2,993
|
|
|
—
|
|
|
—
|
|
|
2,993
|
|
||||
Interest-bearing cash
|
83
|
|
|
—
|
|
|
—
|
|
|
83
|
|
||||
Mortgage-backed securities
|
—
|
|
|
3,399
|
|
|
—
|
|
|
3,399
|
|
||||
Collective investment fund (measured at NAV of units as a practical expedient)
|
—
|
|
|
—
|
|
|
—
|
|
|
4,812
|
|
||||
Total investments at fair value
|
$
|
24,642
|
|
|
$
|
3,399
|
|
|
$
|
—
|
|
|
$
|
32,853
|
|
|
|
|
|
|
|
|
|
||||||||
|
At December 31, 2017
|
||||||||||||||
(In thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Mutual funds
|
$
|
27,178
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27,178
|
|
Interest-bearing cash
|
63
|
|
|
—
|
|
|
—
|
|
|
63
|
|
||||
Mortgage-backed securities
|
—
|
|
|
4,613
|
|
|
—
|
|
|
4,613
|
|
||||
Collective investment fund (measured at NAV of units as a practical expedient)
|
—
|
|
|
—
|
|
|
—
|
|
|
4,995
|
|
||||
Total investments at fair value
|
$
|
27,241
|
|
|
$
|
4,613
|
|
|
$
|
—
|
|
|
$
|
36,849
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Interest cost
|
$
|
983
|
|
|
$
|
1,138
|
|
|
$
|
1,281
|
|
Return on plan assets
|
607
|
|
|
(1,174
|
)
|
|
(1,898
|
)
|
|||
Recognized actuarial (gain) loss
|
(630
|
)
|
|
765
|
|
|
(625
|
)
|
|||
Net periodic benefit plan (income) cost
|
$
|
960
|
|
|
$
|
729
|
|
|
$
|
(1,242
|
)
|
|
Year Ended December 31,
|
|||||||
|
2018
|
|
2017
|
|
2016
|
|||
Discount rate
|
3.30
|
%
|
|
3.60
|
%
|
|
3.75
|
%
|
Expected long-term rate of return on plan assets
|
1.50
|
|
|
1.50
|
|
|
1.50
|
|
|
At or For the Year Ended December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Change in benefit obligation:
|
|
|
|
||||
Benefit obligation, beginning of period
|
$
|
3,717
|
|
|
$
|
4,164
|
|
Interest cost on benefit obligation
|
110
|
|
|
133
|
|
||
Actuarial (gain) loss
|
(115
|
)
|
|
(248
|
)
|
||
Benefits paid
|
(392
|
)
|
|
(332
|
)
|
||
Benefit obligation, end of period
|
3,320
|
|
|
3,717
|
|
||
Change in fair value of plan assets:
|
|
|
|
||||
Fair value of plan assets, beginning of period
|
—
|
|
|
—
|
|
||
Benefits paid
|
(392
|
)
|
|
(332
|
)
|
||
TCF contributions
|
392
|
|
|
332
|
|
||
Fair value of plan assets, end of period
|
—
|
|
|
—
|
|
||
Funded status of plan, end of period
|
$
|
(3,320
|
)
|
|
$
|
(3,717
|
)
|
Amounts recognized in the Consolidated Statements of Financial Condition:
|
|
|
|
||||
Prepaid (accrued) benefit cost, end of period
|
$
|
(3,320
|
)
|
|
$
|
(3,717
|
)
|
Prior service cost included in accumulated other comprehensive income (loss)
|
(147
|
)
|
|
(193
|
)
|
|
At or For the Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Accumulated other comprehensive income (loss) before tax, beginning of period
|
$
|
(193
|
)
|
|
$
|
(239
|
)
|
|
$
|
(285
|
)
|
Amortization of prior service credit (recognized in net periodic benefit cost)
|
46
|
|
|
46
|
|
|
46
|
|
|||
Accumulated other comprehensive income (loss) before tax, end of period
|
$
|
(147
|
)
|
|
$
|
(193
|
)
|
|
$
|
(239
|
)
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Interest cost
|
$
|
110
|
|
|
$
|
133
|
|
|
$
|
151
|
|
Recognized actuarial (gain) loss
|
(115
|
)
|
|
(248
|
)
|
|
(211
|
)
|
|||
Amortization of prior service cost
|
(46
|
)
|
|
(46
|
)
|
|
(46
|
)
|
|||
Net periodic benefit plan (income) cost
|
$
|
(51
|
)
|
|
$
|
(161
|
)
|
|
$
|
(106
|
)
|
|
Year Ended December 31,
|
||||
|
2018
|
|
2017
|
||
Discount rate
|
3.85
|
%
|
|
3.15
|
%
|
Health care cost trend rate assumed for next year
|
5.6
|
|
|
5.7
|
|
Final health care cost trend rate
|
4.5
|
|
|
4.5
|
|
Year that final health care trend rate is reached
|
2038
|
|
|
2038
|
|
|
At December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Commitments to extend credit:
|
|
|
|
||||
Consumer real estate and other
|
$
|
1,627,960
|
|
|
$
|
1,484,065
|
|
Commercial
|
1,127,368
|
|
|
1,033,973
|
|
||
Leasing and equipment finance
|
153,339
|
|
|
126,249
|
|
||
Total commitments to extend credit
|
2,908,667
|
|
|
2,644,287
|
|
||
Standby letters of credit and guarantees on industrial revenue bonds
|
20,662
|
|
|
12,992
|
|
||
Total
|
$
|
2,929,329
|
|
|
$
|
2,657,279
|
|
|
At December 31, 2018
|
||||||||||
|
|
|
Fair Value
|
||||||||
(In thousands)
|
Notional Amount
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
||||||
Interest rate contract
|
$
|
150,000
|
|
|
$
|
393
|
|
|
$
|
—
|
|
Forward foreign exchange contracts
|
157,271
|
|
|
2,980
|
|
|
—
|
|
|||
Total derivatives designated as hedging instruments
|
|
|
3,373
|
|
|
—
|
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
||||||
Interest rate contracts
|
1,095,449
|
|
|
7,516
|
|
|
3,732
|
|
|||
Forward foreign exchange contracts
|
254,274
|
|
|
3,709
|
|
|
13
|
|
|||
Interest rate lock commitments
|
28,007
|
|
|
652
|
|
|
28
|
|
|||
Other contracts
|
13,020
|
|
|
—
|
|
|
583
|
|
|||
Total derivatives not designated as hedging instruments
|
|
|
11,877
|
|
|
4,356
|
|
||||
Total derivatives before netting
|
|
|
15,250
|
|
|
4,356
|
|
||||
Netting
(1)
|
|
|
(6,982
|
)
|
|
(991
|
)
|
||||
Total derivatives, net
|
|
|
$
|
8,268
|
|
|
$
|
3,365
|
|
|
At December 31, 2017
|
||||||||||
|
|
|
Fair Value
|
||||||||
(In thousands)
|
Notional Amount
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
||||||
Interest rate contract
|
$
|
150,000
|
|
|
$
|
405
|
|
|
$
|
—
|
|
Forward foreign exchange contracts
|
77,879
|
|
|
—
|
|
|
1,744
|
|
|||
Total derivatives designated as hedging instruments
|
|
|
405
|
|
|
1,744
|
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
||||||
Interest rate contracts
|
592,383
|
|
|
1,392
|
|
|
1,688
|
|
|||
Forward foreign exchange contracts
|
330,928
|
|
|
—
|
|
|
4,619
|
|
|||
Interest rate lock commitments
|
18,015
|
|
|
223
|
|
|
—
|
|
|||
Other contracts
|
13,804
|
|
|
—
|
|
|
615
|
|
|||
Total derivatives not designated as hedging instruments
|
|
|
1,615
|
|
|
6,922
|
|
||||
Total derivatives before netting
|
|
|
2,020
|
|
|
8,666
|
|
||||
Netting
(1)
|
|
|
(457
|
)
|
|
(7,098
|
)
|
||||
Total derivatives, net
|
|
|
$
|
1,563
|
|
|
$
|
1,568
|
|
(1)
|
Includes balance sheet netting of derivative asset and derivative liability balances, related cash collateral and portfolio level counterparty valuation adjustments.
|
|
At December 31, 2018
|
||||||||||
(In thousands)
|
Gross Amounts Recognized
|
|
Gross Amounts
Offset
(1)
|
|
Net Amount Presented
|
||||||
Derivative assets:
|
|
|
|
|
|
||||||
Interest rate contracts
|
$
|
7,909
|
|
|
$
|
(395
|
)
|
|
$
|
7,514
|
|
Forward foreign exchange contracts
|
6,689
|
|
|
(6,587
|
)
|
|
102
|
|
|||
Interest rate lock commitments
|
652
|
|
|
—
|
|
|
652
|
|
|||
Total derivative assets
|
$
|
15,250
|
|
|
$
|
(6,982
|
)
|
|
$
|
8,268
|
|
Derivative liabilities:
|
|
|
|
|
|
||||||
Interest rate contracts
|
$
|
3,732
|
|
|
$
|
(395
|
)
|
|
$
|
3,337
|
|
Forward foreign exchange contracts
|
13
|
|
|
(13
|
)
|
|
—
|
|
|||
Interest rate lock commitments
|
28
|
|
|
—
|
|
|
28
|
|
|||
Other contracts
|
583
|
|
|
(583
|
)
|
|
—
|
|
|||
Total derivative liabilities
|
$
|
4,356
|
|
|
$
|
(991
|
)
|
|
$
|
3,365
|
|
|
At December 31, 2017
|
||||||||||
(In thousands)
|
Gross Amounts Recognized
|
|
Gross Amounts
Offset
(1)
|
|
Net Amount Presented
|
||||||
Derivative assets:
|
|
|
|
|
|
||||||
Interest rate contracts
|
$
|
1,797
|
|
|
$
|
(457
|
)
|
|
$
|
1,340
|
|
Interest rate lock commitments
|
223
|
|
|
—
|
|
|
223
|
|
|||
Total derivative assets
|
$
|
2,020
|
|
|
$
|
(457
|
)
|
|
$
|
1,563
|
|
Derivative liabilities:
|
|
|
|
|
|
||||||
Interest rate contracts
|
$
|
1,688
|
|
|
$
|
(457
|
)
|
|
$
|
1,231
|
|
Forward foreign exchange contracts
|
6,363
|
|
|
(6,026
|
)
|
|
337
|
|
|||
Other contracts
|
615
|
|
|
(615
|
)
|
|
—
|
|
|||
Total derivative liabilities
|
$
|
8,666
|
|
|
$
|
(7,098
|
)
|
|
$
|
1,568
|
|
(1)
|
Includes the amounts with counterparties subject to enforceable master netting arrangements that have been offset in the Consolidated Statements of Financial Condition.
|
|
Carrying Amount
of the Hedged Liability
|
|
Cumulative Amount of
Fair Value Hedging Adjustments
Included in the Carrying Amount
of the Hedged Liability
|
||||||||||||
|
At December 31,
|
|
At December 31,
|
||||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Subordinated bank note - 2025
|
$
|
144,296
|
|
|
$
|
146,095
|
|
|
$
|
(4,165
|
)
|
|
$
|
(2,157
|
)
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Gain (loss) of fair value hedge:
|
|
|
|
|
|
||||||
Hedged item
|
$
|
2,163
|
|
|
$
|
808
|
|
|
$
|
1,140
|
|
Derivative designated as a hedging instrument
|
(2,275
|
)
|
|
(609
|
)
|
|
(1,178
|
)
|
|||
Income statement line where the gain (loss) on the fair value hedge was recorded:
|
|
|
|
|
|
||||||
Interest expense - borrowings
|
$
|
43,144
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other non-interest income
|
—
|
|
|
11,646
|
|
|
8,883
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Forward foreign exchange contracts
|
$
|
13,762
|
|
|
$
|
(4,430
|
)
|
|
$
|
(1,213
|
)
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
Location of Gain (Loss)
|
2018
|
|
2017
|
|
2016
|
||||||
Interest rate contracts
|
Other non-interest income
|
$
|
(409
|
)
|
|
$
|
(268
|
)
|
|
$
|
71
|
|
Forward foreign exchange contracts
|
Other non-interest expense
|
23,707
|
|
|
(15,748
|
)
|
|
(13,689
|
)
|
|||
Interest rate lock commitments
|
Gains on sales of loans, net
|
806
|
|
|
(73
|
)
|
|
(419
|
)
|
|||
Other contracts
|
Other non-interest expense
|
(274
|
)
|
|
(311
|
)
|
|
(629
|
)
|
|||
Net gain (loss) recognized
|
|
$
|
23,830
|
|
|
$
|
(16,400
|
)
|
|
$
|
(14,666
|
)
|
|
At December 31, 2018
|
||||||||||||||
(In thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Recurring fair value measurements through net income:
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Loans held for sale
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18,070
|
|
|
$
|
18,070
|
|
Interest rate contracts
(1)
|
—
|
|
|
7,909
|
|
|
—
|
|
|
7,909
|
|
||||
Forward foreign exchange contracts
(1)
|
—
|
|
|
3,709
|
|
|
—
|
|
|
3,709
|
|
||||
Interest rate lock commitments
(1)
|
—
|
|
|
—
|
|
|
652
|
|
|
652
|
|
||||
Forward loan sales commitments
|
—
|
|
|
—
|
|
|
152
|
|
|
152
|
|
||||
Assets held in trust for deferred compensation plans
|
33,217
|
|
|
—
|
|
|
—
|
|
|
33,217
|
|
||||
Total assets
|
$
|
33,217
|
|
|
$
|
11,618
|
|
|
$
|
18,874
|
|
|
$
|
63,709
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
(1)
|
$
|
—
|
|
|
$
|
3,732
|
|
|
$
|
—
|
|
|
$
|
3,732
|
|
Forward foreign exchange contracts
(1)
|
—
|
|
|
13
|
|
|
—
|
|
|
13
|
|
||||
Interest rate lock commitments
(1)
|
—
|
|
|
—
|
|
|
28
|
|
|
28
|
|
||||
Other contracts
(1)
|
—
|
|
|
—
|
|
|
583
|
|
|
583
|
|
||||
Forward loan sales commitments
|
—
|
|
|
—
|
|
|
178
|
|
|
178
|
|
||||
Liabilities held in trust for deferred compensation plans
|
33,217
|
|
|
—
|
|
|
—
|
|
|
33,217
|
|
||||
Total liabilities
|
$
|
33,217
|
|
|
$
|
3,745
|
|
|
$
|
789
|
|
|
$
|
37,751
|
|
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
|
$
|
—
|
|
|
$
|
1,913,190
|
|
|
$
|
—
|
|
|
$
|
1,913,190
|
|
Other
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
||||
Obligations of states and political subdivisions
|
—
|
|
|
556,871
|
|
|
—
|
|
|
556,871
|
|
||||
Interest-only strips
|
—
|
|
|
—
|
|
|
16,835
|
|
|
16,835
|
|
||||
Forward foreign exchange contracts
(1)
|
—
|
|
|
2,980
|
|
|
—
|
|
|
2,980
|
|
||||
Total assets
|
$
|
—
|
|
|
$
|
2,473,041
|
|
|
$
|
16,839
|
|
|
$
|
2,489,880
|
|
Non-recurring fair value measurements:
|
|
|
|
|
|
|
|
||||||||
Loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
57,663
|
|
|
$
|
57,663
|
|
Other real estate owned
|
—
|
|
|
—
|
|
|
9,397
|
|
|
9,397
|
|
||||
Repossessed and returned assets
|
—
|
|
|
4,358
|
|
|
5,165
|
|
|
9,523
|
|
||||
Total non-recurring fair value measurements
|
$
|
—
|
|
|
$
|
4,358
|
|
|
$
|
72,225
|
|
|
$
|
76,583
|
|
(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.
|
|
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:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
(1)
|
$
|
—
|
|
|
$
|
1,688
|
|
|
$
|
—
|
|
|
$
|
1,688
|
|
Forward foreign exchange contracts
(1)
|
—
|
|
|
4,619
|
|
|
—
|
|
|
4,619
|
|
||||
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
|
—
|
|
|
—
|
|
|
14,036
|
|
|
14,036
|
|
||||
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
|
|
Other Contracts
|
|
Forward
Loan Sales
Commitments
|
||||||||||||
Asset (liability) balance, December 31, 2015
|
$
|
34
|
|
|
$
|
10,568
|
|
|
$
|
44,332
|
|
|
$
|
716
|
|
|
$
|
(305
|
)
|
|
$
|
265
|
|
Total net gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
(48
|
)
|
|
2,980
|
|
|
(419
|
)
|
|
(629
|
)
|
|
96
|
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
159
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sales
|
—
|
|
|
(343,949
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Originations
|
—
|
|
|
339,930
|
|
|
22,620
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal paydowns / settlements
|
(16
|
)
|
|
(3
|
)
|
|
(29,939
|
)
|
|
—
|
|
|
315
|
|
|
—
|
|
||||||
Asset (liability) balance, December 31, 2016
|
18
|
|
|
6,498
|
|
|
40,152
|
|
|
297
|
|
|
(619
|
)
|
|
361
|
|
||||||
Total net gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
129
|
|
|
3,939
|
|
|
(74
|
)
|
|
(310
|
)
|
|
(298
|
)
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
(452
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sales
|
—
|
|
|
(215,381
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Originations
|
—
|
|
|
212,509
|
|
|
3,377
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal paydowns / settlements
|
(12
|
)
|
|
(399
|
)
|
|
(25,630
|
)
|
|
—
|
|
|
314
|
|
|
—
|
|
||||||
Asset (liability) balance, December 31, 2017
|
6
|
|
|
3,356
|
|
|
21,386
|
|
|
223
|
|
|
(615
|
)
|
|
63
|
|
||||||
Total net gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
454
|
|
|
2,616
|
|
|
401
|
|
|
(274
|
)
|
|
(89
|
)
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
1,195
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sales
|
—
|
|
|
(332,288
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Originations
|
—
|
|
|
346,560
|
|
|
4,797
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal paydowns / settlements
|
(2
|
)
|
|
(12
|
)
|
|
(13,159
|
)
|
|
—
|
|
|
306
|
|
|
—
|
|
||||||
Asset (liability) balance, December 31, 2018
|
$
|
4
|
|
|
$
|
18,070
|
|
|
$
|
16,835
|
|
|
$
|
624
|
|
|
$
|
(583
|
)
|
|
$
|
(26
|
)
|
|
At December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Fair value carrying amount
|
$
|
18,070
|
|
|
$
|
3,356
|
|
Aggregate unpaid principal amount
|
17,517
|
|
|
3,268
|
|
||
Fair value carrying amount less aggregate unpaid principal
|
$
|
553
|
|
|
$
|
88
|
|
|
At December 31, 2018
|
||||||||||||||||||
|
Carrying
|
|
Estimated Fair Value
|
||||||||||||||||
(In thousands)
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial instrument assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investments
|
$
|
91,654
|
|
|
$
|
—
|
|
|
$
|
91,654
|
|
|
$
|
—
|
|
|
$
|
91,654
|
|
Debt securities held to maturity
|
148,852
|
|
|
—
|
|
|
146,467
|
|
|
2,800
|
|
|
149,267
|
|
|||||
Loans held for sale
|
72,594
|
|
|
—
|
|
|
—
|
|
|
74,078
|
|
|
74,078
|
|
|||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer real estate
|
5,410,340
|
|
|
—
|
|
|
—
|
|
|
5,461,209
|
|
|
5,461,209
|
|
|||||
Commercial real estate
|
2,908,147
|
|
|
—
|
|
|
—
|
|
|
2,872,829
|
|
|
2,872,829
|
|
|||||
Commercial business
|
943,156
|
|
|
—
|
|
|
—
|
|
|
890,828
|
|
|
890,828
|
|
|||||
Equipment finance
|
2,169,577
|
|
|
—
|
|
|
—
|
|
|
2,131,147
|
|
|
2,131,147
|
|
|||||
Inventory finance
|
3,107,356
|
|
|
—
|
|
|
—
|
|
|
3,091,593
|
|
|
3,091,593
|
|
|||||
Auto finance
|
1,982,277
|
|
|
—
|
|
|
—
|
|
|
1,935,017
|
|
|
1,935,017
|
|
|||||
Other
|
21,295
|
|
|
—
|
|
|
—
|
|
|
16,928
|
|
|
16,928
|
|
|||||
Allowance for loan losses
(1)
|
(157,446
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Securitization receivable
(2)
|
19,432
|
|
|
—
|
|
|
—
|
|
|
19,025
|
|
|
19,025
|
|
|||||
Total financial instrument assets
|
$
|
16,717,234
|
|
|
$
|
—
|
|
|
$
|
238,121
|
|
|
$
|
16,495,454
|
|
|
$
|
16,733,575
|
|
Financial instrument liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits
|
$
|
18,903,686
|
|
|
$
|
14,113,006
|
|
|
$
|
4,820,442
|
|
|
$
|
—
|
|
|
$
|
18,933,448
|
|
Long-term borrowings
|
1,449,472
|
|
|
—
|
|
|
1,451,550
|
|
|
—
|
|
|
1,451,550
|
|
|||||
Total financial instrument liabilities
|
$
|
20,353,158
|
|
|
$
|
14,113,006
|
|
|
$
|
6,271,992
|
|
|
$
|
—
|
|
|
$
|
20,384,998
|
|
Financial instruments with off-balance sheet risk:
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commitments to extend credit
|
$
|
18,555
|
|
|
$
|
—
|
|
|
$
|
18,555
|
|
|
$
|
—
|
|
|
$
|
18,555
|
|
Standby letters of credit
|
(77
|
)
|
|
—
|
|
|
(77
|
)
|
|
—
|
|
|
(77
|
)
|
|||||
Total financial instruments with off-balance sheet risk
|
$
|
18,478
|
|
|
$
|
—
|
|
|
$
|
18,478
|
|
|
$
|
—
|
|
|
$
|
18,478
|
|
(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.
|
|
At December 31, 2017
|
||||||||||||||||||
|
Carrying
|
|
Estimated Fair Value
|
||||||||||||||||
(In thousands)
|
Amount
|
|
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.
|
|
Year Ended December 31,
|
||||||||||
(Dollars in thousands, except per share data)
|
2018
|
|
2017
|
|
2016
|
||||||
Basic Earnings Per Common Share:
|
|
|
|
|
|
|
|
||||
Net income attributable to TCF Financial Corporation
|
$
|
304,358
|
|
|
$
|
268,637
|
|
|
$
|
212,124
|
|
Preferred stock dividends
|
11,588
|
|
|
19,904
|
|
|
19,388
|
|
|||
Impact of preferred stock redemption
(1)
|
3,481
|
|
|
5,779
|
|
|
—
|
|
|||
Net income available to common stockholders
|
289,289
|
|
|
242,954
|
|
|
192,736
|
|
|||
Less: Earnings allocated to participating securities
|
42
|
|
|
42
|
|
|
49
|
|
|||
Earnings allocated to common stock
|
$
|
289,247
|
|
|
$
|
242,912
|
|
|
$
|
192,687
|
|
Weighted-average common shares outstanding used in basic earnings per common share calculation
|
165,585,493
|
|
|
168,679,501
|
|
|
167,219,964
|
|
|||
Basic earnings per common share
|
$
|
1.75
|
|
|
$
|
1.44
|
|
|
$
|
1.15
|
|
|
|
|
|
|
|
||||||
Diluted Earnings Per Common Share:
|
|
|
|
|
|
|
|
||||
Earnings allocated to common stock
|
$
|
289,247
|
|
|
$
|
242,912
|
|
|
$
|
192,687
|
|
Weighted-average common shares outstanding used in basic earnings per common share calculation
|
165,585,493
|
|
|
168,679,501
|
|
|
167,219,964
|
|
|||
Net dilutive effect of:
|
|
|
|
|
|
|
|
|
|||
Non-participating restricted stock
|
600,884
|
|
|
353,610
|
|
|
505,162
|
|
|||
Stock options
|
2,332
|
|
|
28,625
|
|
|
82,325
|
|
|||
Warrants
|
372,996
|
|
|
27,508
|
|
|
—
|
|
|||
Weighted-average common shares outstanding used in diluted earnings per common share calculation
|
166,561,705
|
|
|
169,089,244
|
|
|
167,807,451
|
|
|||
Diluted earnings per common share
|
$
|
1.74
|
|
|
$
|
1.44
|
|
|
$
|
1.15
|
|
(1)
|
Amounts represent the deferred stock issuance costs originally recorded in preferred stock that were reclassified to retained earnings.
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Consumer Financial Protection Bureau and OCC settlement charge
(1)
|
$
|
32,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Advertising and marketing
|
28,120
|
|
|
26,927
|
|
|
22,264
|
|
|||
Professional fees
|
21,529
|
|
|
33,070
|
|
|
19,335
|
|
|||
Outside processing
|
20,574
|
|
|
20,473
|
|
|
15,313
|
|
|||
Card processing and issuance costs
|
17,461
|
|
|
18,325
|
|
|
15,856
|
|
|||
FDIC insurance
|
15,056
|
|
|
16,049
|
|
|
15,912
|
|
|||
Loan and lease processing
|
13,649
|
|
|
22,149
|
|
|
26,193
|
|
|||
Severance
|
6,324
|
|
|
22,299
|
|
|
5,280
|
|
|||
Goodwill impairment
|
—
|
|
|
73,041
|
|
|
—
|
|
|||
Other
|
105,933
|
|
|
114,523
|
|
|
110,244
|
|
|||
Total other non-interest expense
|
$
|
260,646
|
|
|
$
|
346,856
|
|
|
$
|
230,397
|
|
(1)
|
See
Note 26
.
Litigation Contingencies
for further information.
|
(In thousands)
|
Consumer Banking
|
|
Wholesale Banking
|
|
Enterprise Services
|
|
Consolidated
|
||||||||
At or For the Year Ended December 31, 2018:
|
|
|
|
|
|
|
|
||||||||
Interest income:
|
|
|
|
|
|
|
|
||||||||
Loans and leases
|
$
|
430,762
|
|
|
$
|
638,188
|
|
|
$
|
(3,813
|
)
|
|
$
|
1,065,137
|
|
Debt securities available for sale
|
—
|
|
|
—
|
|
|
54,574
|
|
|
54,574
|
|
||||
Debt securities held to maturity
|
—
|
|
|
91
|
|
|
3,879
|
|
|
3,970
|
|
||||
Loans held for sale and other
|
10,413
|
|
|
306
|
|
|
7,864
|
|
|
18,583
|
|
||||
Funds transfer pricing - credits
|
404,770
|
|
|
35,370
|
|
|
(440,140
|
)
|
|
—
|
|
||||
Total interest income
|
845,945
|
|
|
673,955
|
|
|
(377,636
|
)
|
|
1,142,264
|
|
||||
Interest expense:
|
|
|
|
|
|
|
|
||||||||
Deposits
|
79,680
|
|
|
9,611
|
|
|
17,822
|
|
|
107,113
|
|
||||
Borrowings
|
43,398
|
|
|
79,660
|
|
|
(79,914
|
)
|
|
43,144
|
|
||||
Funds transfer pricing - charges
|
166,787
|
|
|
205,001
|
|
|
(371,788
|
)
|
|
—
|
|
||||
Total interest expense
|
289,865
|
|
|
294,272
|
|
|
(433,880
|
)
|
|
150,257
|
|
||||
Net interest income (expense)
|
556,080
|
|
|
379,683
|
|
|
56,244
|
|
|
992,007
|
|
||||
Provision for credit losses
|
24,922
|
|
|
21,846
|
|
|
—
|
|
|
46,768
|
|
||||
Net interest income (expense) after provision for credit losses
|
531,158
|
|
|
357,837
|
|
|
56,244
|
|
|
945,239
|
|
||||
Non-interest income:
|
|
|
|
|
|
|
|
||||||||
Leasing and equipment finance
|
—
|
|
|
185,107
|
|
|
—
|
|
|
185,107
|
|
||||
Fees and service charges
|
119,541
|
|
|
12,660
|
|
|
—
|
|
|
132,201
|
|
||||
Card revenue
|
58,811
|
|
|
53
|
|
|
—
|
|
|
58,864
|
|
||||
ATM revenue
|
19,687
|
|
|
3
|
|
|
—
|
|
|
19,690
|
|
||||
Gains on sales of loans, net
|
33,488
|
|
|
10
|
|
|
—
|
|
|
33,498
|
|
||||
Servicing fee income
|
26,042
|
|
|
1,292
|
|
|
—
|
|
|
27,334
|
|
||||
Gains (losses) on debt securities, net
|
—
|
|
|
221
|
|
|
127
|
|
|
348
|
|
||||
Other
|
11,611
|
|
|
1,201
|
|
|
1,031
|
|
|
13,843
|
|
||||
Total non-interest income
|
269,180
|
|
|
200,547
|
|
|
1,158
|
|
|
470,885
|
|
||||
Non-interest expense:
|
|
|
|
|
|
|
|
||||||||
Compensation and employee benefits
|
215,548
|
|
|
94,709
|
|
|
186,806
|
|
|
497,063
|
|
||||
Occupancy and equipment
|
105,000
|
|
|
20,141
|
|
|
40,671
|
|
|
165,812
|
|
||||
Operating lease depreciation
|
—
|
|
|
73,829
|
|
|
—
|
|
|
73,829
|
|
||||
Foreclosed real estate and repossessed assets, net
|
14,600
|
|
|
2,443
|
|
|
7
|
|
|
17,050
|
|
||||
Other
|
331,600
|
|
|
120,824
|
|
|
(191,778
|
)
|
|
260,646
|
|
||||
Total non-interest expense
|
666,748
|
|
|
311,946
|
|
|
35,706
|
|
|
1,014,400
|
|
||||
Income (loss) before income tax expense (benefit)
|
133,590
|
|
|
246,438
|
|
|
21,696
|
|
|
401,724
|
|
||||
Income tax expense (benefit)
|
30,706
|
|
|
53,614
|
|
|
1,776
|
|
|
86,096
|
|
||||
Income (loss) after income tax expense (benefit)
|
102,884
|
|
|
192,824
|
|
|
19,920
|
|
|
315,628
|
|
||||
Income attributable to non-controlling interest
|
—
|
|
|
11,270
|
|
|
—
|
|
|
11,270
|
|
||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
11,588
|
|
|
11,588
|
|
||||
Impact of preferred stock redemption
|
—
|
|
|
—
|
|
|
3,481
|
|
|
3,481
|
|
||||
Net income (loss) available to common stockholders
|
$
|
102,884
|
|
|
$
|
181,554
|
|
|
$
|
4,851
|
|
|
$
|
289,289
|
|
Revenues from external customers:
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
441,175
|
|
|
$
|
634,772
|
|
|
$
|
66,317
|
|
|
$
|
1,142,264
|
|
Non-interest income
|
269,180
|
|
|
200,547
|
|
|
1,158
|
|
|
470,885
|
|
||||
Total
|
$
|
710,355
|
|
|
$
|
835,319
|
|
|
$
|
67,475
|
|
|
$
|
1,613,149
|
|
|
|
|
|
|
|
|
|
||||||||
Total assets
|
$
|
8,193,021
|
|
|
$
|
12,229,071
|
|
|
$
|
3,277,520
|
|
|
$
|
23,699,612
|
|
(In thousands)
|
Consumer Banking
|
|
Wholesale Banking
|
|
Enterprise Services
|
|
Consolidated
|
||||||||
At or For the Year Ended December 31, 2017:
|
|
|
|
|
|
|
|
||||||||
Interest income:
|
|
|
|
|
|
|
|
||||||||
Loans and leases
|
$
|
433,627
|
|
|
$
|
527,141
|
|
|
$
|
(6,522
|
)
|
|
$
|
954,246
|
|
Debt securities available for sale
|
—
|
|
|
—
|
|
|
33,278
|
|
|
33,278
|
|
||||
Debt securities held to maturity
|
—
|
|
|
101
|
|
|
4,335
|
|
|
4,436
|
|
||||
Loans held for sale and other
|
22,698
|
|
|
81
|
|
|
4,318
|
|
|
27,097
|
|
||||
Funds transfer pricing - credits
|
367,149
|
|
|
25,499
|
|
|
(392,648
|
)
|
|
—
|
|
||||
Total interest income
|
823,474
|
|
|
552,822
|
|
|
(357,239
|
)
|
|
1,019,057
|
|
||||
Interest expense:
|
|
|
|
|
|
|
|
||||||||
Deposits
|
55,237
|
|
|
2,745
|
|
|
8,030
|
|
|
66,012
|
|
||||
Borrowings
|
49,879
|
|
|
47,460
|
|
|
(69,532
|
)
|
|
27,807
|
|
||||
Funds transfer pricing - charges
|
143,748
|
|
|
143,336
|
|
|
(287,084
|
)
|
|
—
|
|
||||
Total interest expense
|
248,864
|
|
|
193,541
|
|
|
(348,586
|
)
|
|
93,819
|
|
||||
Net interest income (expense)
|
574,610
|
|
|
359,281
|
|
|
(8,653
|
)
|
|
925,238
|
|
||||
Provision for credit losses
|
48,227
|
|
|
20,216
|
|
|
—
|
|
|
68,443
|
|
||||
Net interest income (expense) after provision for credit losses
|
526,383
|
|
|
339,065
|
|
|
(8,653
|
)
|
|
856,795
|
|
||||
Non-interest income:
|
|
|
|
|
|
|
|
||||||||
Leasing and equipment finance
|
—
|
|
|
145,039
|
|
|
—
|
|
|
145,039
|
|
||||
Fees and service charges
|
121,728
|
|
|
10,159
|
|
|
—
|
|
|
131,887
|
|
||||
Card revenue
|
55,728
|
|
|
4
|
|
|
—
|
|
|
55,732
|
|
||||
ATM revenue
|
19,621
|
|
|
3
|
|
|
—
|
|
|
19,624
|
|
||||
Gains on sales of loans, net
|
42,787
|
|
|
—
|
|
|
—
|
|
|
42,787
|
|
||||
Servicing fee income
|
39,996
|
|
|
1,351
|
|
|
—
|
|
|
41,347
|
|
||||
Gains (losses) on debt securities, net
|
—
|
|
|
237
|
|
|
—
|
|
|
237
|
|
||||
Other
|
10,135
|
|
|
1,192
|
|
|
319
|
|
|
11,646
|
|
||||
Total non-interest income
|
289,995
|
|
|
157,985
|
|
|
319
|
|
|
448,299
|
|
||||
Non-interest expense:
|
|
|
|
|
|
|
|
||||||||
Compensation and employee benefits
|
224,420
|
|
|
86,397
|
|
|
171,695
|
|
|
482,512
|
|
||||
Occupancy and equipment
|
109,848
|
|
|
20,402
|
|
|
26,659
|
|
|
156,909
|
|
||||
Operating lease depreciation
|
—
|
|
|
55,901
|
|
|
—
|
|
|
55,901
|
|
||||
Foreclosed real estate and repossessed assets, net
|
14,097
|
|
|
3,279
|
|
|
380
|
|
|
17,756
|
|
||||
Other
|
395,364
|
|
|
111,452
|
|
|
(159,960
|
)
|
|
346,856
|
|
||||
Total non-interest expense
|
743,729
|
|
|
277,431
|
|
|
38,774
|
|
|
1,059,934
|
|
||||
Income (loss) before income tax expense (benefit)
|
72,649
|
|
|
219,619
|
|
|
(47,108
|
)
|
|
245,160
|
|
||||
Income tax expense (benefit)
|
49,513
|
|
|
(68,883
|
)
|
|
(14,254
|
)
|
|
(33,624
|
)
|
||||
Income (loss) after income tax expense (benefit)
|
23,136
|
|
|
288,502
|
|
|
(32,854
|
)
|
|
278,784
|
|
||||
Income attributable to non-controlling interest
|
—
|
|
|
10,147
|
|
|
—
|
|
|
10,147
|
|
||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
19,904
|
|
|
19,904
|
|
||||
Impact of preferred stock redemption
|
—
|
|
|
—
|
|
|
5,779
|
|
|
5,779
|
|
||||
Net income (loss) available to common stockholders
|
$
|
23,136
|
|
|
$
|
278,355
|
|
|
$
|
(58,537
|
)
|
|
$
|
242,954
|
|
Revenues from external customers:
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
456,325
|
|
|
$
|
520,801
|
|
|
$
|
41,931
|
|
|
$
|
1,019,057
|
|
Non-interest income
|
289,995
|
|
|
157,985
|
|
|
319
|
|
|
448,299
|
|
||||
Total
|
$
|
746,320
|
|
|
$
|
678,786
|
|
|
$
|
42,250
|
|
|
$
|
1,467,356
|
|
|
|
|
|
|
|
|
|
||||||||
Total assets
|
$
|
8,894,798
|
|
|
$
|
11,571,587
|
|
|
$
|
2,535,774
|
|
|
$
|
23,002,159
|
|
(In thousands)
|
Consumer Banking
|
|
Wholesale Banking
|
|
Enterprise Services
|
|
Consolidated
|
||||||||
At or For the Year Ended December 31, 2016:
|
|
|
|
|
|
|
|
||||||||
Interest income:
|
|
|
|
|
|
|
|
||||||||
Loans and leases
|
$
|
397,886
|
|
|
$
|
457,908
|
|
|
$
|
(5,248
|
)
|
|
$
|
850,546
|
|
Debt securities available for sale
|
—
|
|
|
—
|
|
|
26,573
|
|
|
26,573
|
|
||||
Debt securities held to maturity
|
—
|
|
|
172
|
|
|
4,477
|
|
|
4,649
|
|
||||
Loans held for sale and other
|
46,073
|
|
|
50
|
|
|
2,839
|
|
|
48,962
|
|
||||
Funds transfer pricing - credits
|
352,096
|
|
|
21,452
|
|
|
(373,548
|
)
|
|
—
|
|
||||
Total interest income
|
796,055
|
|
|
479,582
|
|
|
(344,907
|
)
|
|
930,730
|
|
||||
Interest expense:
|
|
|
|
|
|
|
|
||||||||
Deposits
|
56,105
|
|
|
1,014
|
|
|
4,669
|
|
|
61,788
|
|
||||
Borrowings
|
42,595
|
|
|
25,104
|
|
|
(46,863
|
)
|
|
20,836
|
|
||||
Funds transfer pricing - charges
|
137,504
|
|
|
109,811
|
|
|
(247,315
|
)
|
|
—
|
|
||||
Total interest expense
|
236,204
|
|
|
135,929
|
|
|
(289,509
|
)
|
|
82,624
|
|
||||
Net interest income (expense)
|
559,851
|
|
|
343,653
|
|
|
(55,398
|
)
|
|
848,106
|
|
||||
Provision for credit losses
|
50,819
|
|
|
15,055
|
|
|
—
|
|
|
65,874
|
|
||||
Net interest income (expense) after provision for credit losses
|
509,032
|
|
|
328,598
|
|
|
(55,398
|
)
|
|
782,232
|
|
||||
Non-interest income:
|
|
|
|
|
|
|
|
||||||||
Leasing and equipment finance
|
—
|
|
|
119,166
|
|
|
—
|
|
|
119,166
|
|
||||
Fees and service charges
|
130,542
|
|
|
7,122
|
|
|
—
|
|
|
137,664
|
|
||||
Card revenue
|
54,879
|
|
|
3
|
|
|
—
|
|
|
54,882
|
|
||||
ATM revenue
|
20,441
|
|
|
4
|
|
|
—
|
|
|
20,445
|
|
||||
Gains on sales of loans, net
|
85,205
|
|
|
54
|
|
|
—
|
|
|
85,259
|
|
||||
Servicing fee income
|
38,560
|
|
|
1,622
|
|
|
—
|
|
|
40,182
|
|
||||
Gains (losses) on debt securities, net
|
—
|
|
|
(581
|
)
|
|
—
|
|
|
(581
|
)
|
||||
Other
|
7,364
|
|
|
1,491
|
|
|
28
|
|
|
8,883
|
|
||||
Total non-interest income
|
336,991
|
|
|
128,881
|
|
|
28
|
|
|
465,900
|
|
||||
Non-interest expense:
|
|
|
|
|
|
|
|
||||||||
Compensation and employee benefits
|
243,445
|
|
|
84,692
|
|
|
147,827
|
|
|
475,964
|
|
||||
Occupancy and equipment
|
96,512
|
|
|
10,954
|
|
|
42,514
|
|
|
149,980
|
|
||||
Operating lease depreciation
|
—
|
|
|
40,359
|
|
|
—
|
|
|
40,359
|
|
||||
Foreclosed real estate and repossessed assets, net
|
10,552
|
|
|
2,035
|
|
|
600
|
|
|
13,187
|
|
||||
Other
|
301,951
|
|
|
109,075
|
|
|
(180,629
|
)
|
|
230,397
|
|
||||
Total non-interest expense
|
652,460
|
|
|
247,115
|
|
|
10,312
|
|
|
909,887
|
|
||||
Income (loss) before income tax expense (benefit)
|
193,563
|
|
|
210,364
|
|
|
(65,682
|
)
|
|
338,245
|
|
||||
Income tax expense (benefit)
|
69,523
|
|
|
70,805
|
|
|
(23,800
|
)
|
|
116,528
|
|
||||
Income (loss) after income tax expense (benefit)
|
124,040
|
|
|
139,559
|
|
|
(41,882
|
)
|
|
221,717
|
|
||||
Income attributable to non-controlling interest
|
—
|
|
|
9,593
|
|
|
—
|
|
|
9,593
|
|
||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
19,388
|
|
|
19,388
|
|
||||
Net income (loss) available to common stockholders
|
$
|
124,040
|
|
|
$
|
129,966
|
|
|
$
|
(61,270
|
)
|
|
$
|
192,736
|
|
Revenues from external customers:
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
443,959
|
|
|
$
|
452,882
|
|
|
$
|
33,889
|
|
|
$
|
930,730
|
|
Non-interest income
|
336,991
|
|
|
128,881
|
|
|
28
|
|
|
465,900
|
|
||||
Total
|
$
|
780,950
|
|
|
$
|
581,763
|
|
|
$
|
33,917
|
|
|
$
|
1,396,630
|
|
|
|
|
|
|
|
|
|
||||||||
Total assets
|
$
|
8,885,412
|
|
|
$
|
10,391,305
|
|
|
$
|
2,164,609
|
|
|
$
|
21,441,326
|
|
|
At December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Assets:
|
|
|
|
||||
Cash and due from banks
|
$
|
91,132
|
|
|
$
|
80,471
|
|
Investment in TCF Bank
|
2,426,329
|
|
|
2,563,552
|
|
||
Accounts receivable from TCF Bank
|
23,780
|
|
|
22,015
|
|
||
Other assets
|
4,253
|
|
|
5,739
|
|
||
Total assets
|
$
|
2,545,494
|
|
|
$
|
2,671,777
|
|
Liabilities and Equity:
|
|
|
|
||||
Accrued expenses and other liabilities
|
$
|
7,693
|
|
|
$
|
9,020
|
|
Total liabilities
|
7,693
|
|
|
9,020
|
|
||
Equity
|
2,537,801
|
|
|
2,662,757
|
|
||
Total liabilities and equity
|
$
|
2,545,494
|
|
|
$
|
2,671,777
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Interest income
|
$
|
200
|
|
|
$
|
183
|
|
|
$
|
155
|
|
Non-interest income:
|
|
|
|
|
|
||||||
Dividends from TCF Bank
|
431,000
|
|
|
65,000
|
|
|
63,000
|
|
|||
Management fees
|
20,532
|
|
|
15,660
|
|
|
17,657
|
|
|||
Other
|
426
|
|
|
13
|
|
|
5
|
|
|||
Total non-interest income
|
451,958
|
|
|
80,673
|
|
|
80,662
|
|
|||
Non-interest expense:
|
|
|
|
|
|
||||||
Compensation and employee benefits
|
21,825
|
|
|
17,801
|
|
|
17,578
|
|
|||
Occupancy and equipment
|
301
|
|
|
275
|
|
|
370
|
|
|||
Other
|
4,139
|
|
|
1,785
|
|
|
3,545
|
|
|||
Total non-interest expense
|
26,265
|
|
|
19,861
|
|
|
21,493
|
|
|||
Income before income tax benefit and equity in undistributed earnings (loss) of TCF Bank
|
425,893
|
|
|
60,995
|
|
|
59,324
|
|
|||
Income tax benefit
|
952
|
|
|
1,575
|
|
|
1,010
|
|
|||
Income before equity in undistributed earnings (loss) of TCF Bank
|
426,845
|
|
|
62,570
|
|
|
60,334
|
|
|||
Equity in undistributed earnings (loss) of TCF Bank
|
(122,487
|
)
|
|
206,067
|
|
|
151,790
|
|
|||
Net income
|
304,358
|
|
|
268,637
|
|
|
212,124
|
|
|||
Preferred stock dividends
|
11,588
|
|
|
19,904
|
|
|
19,388
|
|
|||
Impact of preferred stock redemption
|
3,481
|
|
|
5,779
|
|
|
—
|
|
|||
Net income available to common stockholders
|
$
|
289,289
|
|
|
$
|
242,954
|
|
|
$
|
192,736
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
304,358
|
|
|
$
|
268,637
|
|
|
$
|
212,124
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Equity in undistributed (earnings) loss of TCF Bank
|
122,487
|
|
|
(206,067
|
)
|
|
(151,790
|
)
|
|||
Depreciation and amortization
|
4,986
|
|
|
9,110
|
|
|
4,734
|
|
|||
Provision (benefit) for deferred income taxes
|
(583
|
)
|
|
4,690
|
|
|
(592
|
)
|
|||
Gains on sales of assets, net
|
(402
|
)
|
|
—
|
|
|
—
|
|
|||
Net change in other assets and accrued expenses and other liabilities
|
379
|
|
|
(2,494
|
)
|
|
1,032
|
|
|||
Other, net
|
3,001
|
|
|
(3,408
|
)
|
|
(443
|
)
|
|||
Net cash provided by (used in) operating activities
|
434,226
|
|
|
70,468
|
|
|
65,065
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Purchases of premises and equipment
|
(3
|
)
|
|
(23
|
)
|
|
(69
|
)
|
|||
Proceeds from sales of assets
|
727
|
|
|
—
|
|
|
22
|
|
|||
Net cash provided by (used in) investing activities
|
724
|
|
|
(23
|
)
|
|
(47
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Redemption of Series B preferred stock
|
(100,000
|
)
|
|
—
|
|
|
—
|
|
|||
Net proceeds from public offering of Series C preferred stock
|
—
|
|
|
169,302
|
|
|
—
|
|
|||
Redemption of Series A preferred stock
|
—
|
|
|
(172,500
|
)
|
|
—
|
|
|||
Repurchases of common stock
|
(212,929
|
)
|
|
(9,163
|
)
|
|
—
|
|
|||
Common shares sold to TCF employee benefit plans
|
715
|
|
|
23,254
|
|
|
5,838
|
|
|||
Dividends paid on preferred stock
|
(11,588
|
)
|
|
(19,904
|
)
|
|
(19,388
|
)
|
|||
Dividends paid on common stock
|
(99,490
|
)
|
|
(50,617
|
)
|
|
(50,182
|
)
|
|||
Stock compensation tax (expense) benefit
|
—
|
|
|
—
|
|
|
(377
|
)
|
|||
Exercise of stock options
|
(997
|
)
|
|
(57
|
)
|
|
(701
|
)
|
|||
Net cash provided by (used in) financing activities
|
(424,289
|
)
|
|
(59,685
|
)
|
|
(64,810
|
)
|
|||
Net change in cash and due from banks
|
10,661
|
|
|
10,760
|
|
|
208
|
|
|||
Cash and due from banks at beginning of period
|
80,471
|
|
|
69,711
|
|
|
69,503
|
|
|||
Cash and due from banks at end of period
|
$
|
91,132
|
|
|
$
|
80,471
|
|
|
$
|
69,711
|
|
(In thousands)
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
||||||
Year Ended December 31, 2018:
|
|
|
|
|
|
|
|
|
|||
Net unrealized gains (losses) on debt securities available for sale and interest-only strips:
|
|
|
|
|
|
||||||
Net unrealized gains (losses) arising during the period
|
$
|
(16,373
|
)
|
|
$
|
4,002
|
|
|
$
|
(12,371
|
)
|
Reclassification of net (gains) losses from accumulated other comprehensive income (loss) to:
|
|
|
|
|
|
||||||
Total interest income
|
1,066
|
|
|
(335
|
)
|
|
731
|
|
|||
Gains (losses) on debt securities, net
|
(127
|
)
|
|
31
|
|
|
(96
|
)
|
|||
Other non-interest expense
|
90
|
|
|
(23
|
)
|
|
67
|
|
|||
Amounts reclassified from accumulated other comprehensive income (loss)
|
1,029
|
|
|
(327
|
)
|
|
702
|
|
|||
Net unrealized gains (losses) on debt securities available for sale and interest-only strips
|
(15,344
|
)
|
|
3,675
|
|
|
(11,669
|
)
|
|||
Net unrealized gains (losses) on net investment hedges
|
13,762
|
|
|
(3,312
|
)
|
|
10,450
|
|
|||
Foreign currency translation adjustment
(1)
|
(13,368
|
)
|
|
—
|
|
|
(13,368
|
)
|
|||
Recognized postretirement prior service cost:
|
|
|
|
|
|
|
|
|
|||
Reclassification of amortization of prior service cost to Other non-interest expense
|
(46
|
)
|
|
12
|
|
|
(34
|
)
|
|||
Total other comprehensive income (loss)
|
$
|
(14,996
|
)
|
|
$
|
375
|
|
|
$
|
(14,621
|
)
|
Year Ended December 31, 2017:
|
|
|
|
|
|
|
|
|
|||
Net unrealized gains (losses) on debt securities available for sale and interest-only strips:
|
|
|
|
|
|
||||||
Net unrealized gains (losses) arising during the period
|
$
|
24,244
|
|
|
$
|
(8,857
|
)
|
|
$
|
15,387
|
|
Reclassification of net (gains) losses from accumulated other comprehensive income (loss) to:
|
|
|
|
|
|
||||||
Total interest income
|
963
|
|
|
572
|
|
|
1,535
|
|
|||
Other non-interest expense
|
(755
|
)
|
|
287
|
|
|
(468
|
)
|
|||
Amounts reclassified from accumulated other comprehensive income (loss)
|
208
|
|
|
859
|
|
|
1,067
|
|
|||
Net unrealized gains (losses) on debt securities available for sale and interest-only strips
|
24,452
|
|
|
(7,998
|
)
|
|
16,454
|
|
|||
Net unrealized gains (losses) on net investment hedges
|
(4,430
|
)
|
|
1,684
|
|
|
(2,746
|
)
|
|||
Foreign currency translation adjustment
(1)
|
4,921
|
|
|
—
|
|
|
4,921
|
|
|||
Recognized postretirement prior service cost:
|
|
|
|
|
|
|
|
|
|||
Reclassification of amortization of prior service cost to Other non-interest expense
|
(46
|
)
|
|
17
|
|
|
(29
|
)
|
|||
Total other comprehensive income (loss)
|
$
|
24,897
|
|
|
$
|
(6,297
|
)
|
|
$
|
18,600
|
|
Year Ended December 31, 2016:
|
|
|
|
|
|
||||||
Net unrealized gains (losses) on debt securities available for sale and interest-only strips:
|
|
|
|
|
|
||||||
Net unrealized gains (losses) arising during the period
|
$
|
(32,408
|
)
|
|
$
|
12,323
|
|
|
$
|
(20,085
|
)
|
Reclassification of net (gains) losses from accumulated other comprehensive income (loss) to:
|
|
|
|
|
|
||||||
Total interest income
|
1,764
|
|
|
(665
|
)
|
|
1,099
|
|
|||
Other non-interest expense
|
149
|
|
|
(57
|
)
|
|
92
|
|
|||
Amounts reclassified from accumulated other comprehensive income (loss)
|
1,913
|
|
|
(722
|
)
|
|
1,191
|
|
|||
Net unrealized gains (losses) on debt securities available for sale and interest-only strips
|
(30,495
|
)
|
|
11,601
|
|
|
(18,894
|
)
|
|||
Net unrealized gains (losses) on net investment hedges
|
(1,213
|
)
|
|
457
|
|
|
(756
|
)
|
|||
Foreign currency translation adjustment
(1)
|
1,300
|
|
|
—
|
|
|
1,300
|
|
|||
Recognized postretirement prior service cost:
|
|
|
|
|
|
|
|
|
|||
Reclassification of amortization of prior service cost to Other non-interest expense
|
(46
|
)
|
|
17
|
|
|
(29
|
)
|
|||
Total other comprehensive income (loss)
|
$
|
(30,454
|
)
|
|
$
|
12,075
|
|
|
$
|
(18,379
|
)
|
(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 Year Ended December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance, beginning of period
|
$
|
(16,353
|
)
|
|
$
|
4,536
|
|
|
$
|
(6,843
|
)
|
|
$
|
143
|
|
|
$
|
(18,517
|
)
|
Other comprehensive income (loss)
|
(12,371
|
)
|
|
10,450
|
|
|
(13,368
|
)
|
|
—
|
|
|
(15,289
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
702
|
|
|
—
|
|
|
—
|
|
|
(34
|
)
|
|
668
|
|
|||||
Net other comprehensive income (loss)
|
(11,669
|
)
|
|
10,450
|
|
|
(13,368
|
)
|
|
(34
|
)
|
|
(14,621
|
)
|
|||||
Balance, end of period
|
$
|
(28,022
|
)
|
|
$
|
14,986
|
|
|
$
|
(20,211
|
)
|
|
$
|
109
|
|
|
$
|
(33,138
|
)
|
At or For the Year Ended December 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance, beginning of period
|
$
|
(28,601
|
)
|
|
$
|
6,493
|
|
|
$
|
(11,764
|
)
|
|
$
|
147
|
|
|
$
|
(33,725
|
)
|
Other comprehensive income (loss)
|
15,387
|
|
|
(2,746
|
)
|
|
4,921
|
|
|
—
|
|
|
17,562
|
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
1,067
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
1,038
|
|
|||||
Net other comprehensive income (loss)
|
16,454
|
|
|
(2,746
|
)
|
|
4,921
|
|
|
(29
|
)
|
|
18,600
|
|
|||||
Adoption impact of ASU 2018-02
|
(4,206
|
)
|
|
789
|
|
|
—
|
|
|
25
|
|
|
(3,392
|
)
|
|||||
Balance, end of period
|
$
|
(16,353
|
)
|
|
$
|
4,536
|
|
|
$
|
(6,843
|
)
|
|
$
|
143
|
|
|
$
|
(18,517
|
)
|
At or For the Year Ended December 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance, beginning of period
|
$
|
(9,707
|
)
|
|
$
|
7,249
|
|
|
$
|
(13,064
|
)
|
|
$
|
176
|
|
|
$
|
(15,346
|
)
|
Other comprehensive income (loss)
|
(20,085
|
)
|
|
(756
|
)
|
|
1,300
|
|
|
—
|
|
|
(19,541
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
1,191
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
1,162
|
|
|||||
Net other comprehensive income (loss)
|
(18,894
|
)
|
|
(756
|
)
|
|
1,300
|
|
|
(29
|
)
|
|
(18,379
|
)
|
|||||
Balance, end of period
|
$
|
(28,601
|
)
|
|
$
|
6,493
|
|
|
$
|
(11,764
|
)
|
|
$
|
147
|
|
|
$
|
(33,725
|
)
|
|
Quarter Ended
|
|||||||||||||||||||||||
(In thousands, except per share data)
|
Dec. 31, 2018
|
Sep. 30, 2018
|
Jun. 30, 2018
|
Mar. 31, 2018
|
Dec. 31, 2017
|
Sep. 30, 2017
|
Jun. 30, 2017
|
Mar. 31, 2017
|
||||||||||||||||
Net interest income
|
$
|
248,888
|
|
$
|
249,121
|
|
$
|
250,799
|
|
$
|
243,199
|
|
$
|
241,860
|
|
$
|
234,103
|
|
$
|
227,161
|
|
$
|
222,114
|
|
Provision for credit losses
|
18,894
|
|
2,270
|
|
14,236
|
|
11,368
|
|
22,259
|
|
14,545
|
|
19,446
|
|
12,193
|
|
||||||||
Net interest income after provision for credit losses
|
229,994
|
|
246,851
|
|
236,563
|
|
231,831
|
|
219,601
|
|
219,558
|
|
207,715
|
|
209,921
|
|
||||||||
Non-interest income
|
128,133
|
|
116,445
|
|
114,103
|
|
112,204
|
|
120,892
|
|
109,230
|
|
114,663
|
|
103,514
|
|
||||||||
Non-interest expense
|
249,958
|
|
246,423
|
|
272,039
|
|
245,980
|
|
347,806
|
|
235,035
|
|
233,087
|
|
244,006
|
|
||||||||
Income (loss) before income tax expense (benefit)
|
108,169
|
|
116,873
|
|
78,627
|
|
98,055
|
|
(7,313
|
)
|
93,753
|
|
89,291
|
|
69,429
|
|
||||||||
Income tax expense (benefit)
|
20,013
|
|
28,034
|
|
16,418
|
|
21,631
|
|
(110,965
|
)
|
30,704
|
|
25,794
|
|
20,843
|
|
||||||||
Income after income tax expense (benefit)
|
88,156
|
|
88,839
|
|
62,209
|
|
76,424
|
|
103,652
|
|
63,049
|
|
63,497
|
|
48,586
|
|
||||||||
Income attributable to non-controlling interest
|
2,504
|
|
2,643
|
|
3,460
|
|
2,663
|
|
2,253
|
|
2,521
|
|
3,065
|
|
2,308
|
|
||||||||
Net income attributable to TCF Financial Corporation
|
85,652
|
|
86,196
|
|
58,749
|
|
73,761
|
|
101,399
|
|
60,528
|
|
60,432
|
|
46,278
|
|
||||||||
Preferred stock dividends
|
2,494
|
|
2,494
|
|
2,494
|
|
4,106
|
|
3,746
|
|
6,464
|
|
4,847
|
|
4,847
|
|
||||||||
Impact of preferred stock redemption or notice to redeem preferred stock
|
—
|
|
—
|
|
—
|
|
3,481
|
|
—
|
|
5,779
|
|
—
|
|
—
|
|
||||||||
Net income available to common stockholders
|
$
|
83,158
|
|
$
|
83,702
|
|
$
|
56,255
|
|
$
|
66,174
|
|
$
|
97,653
|
|
$
|
48,285
|
|
$
|
55,585
|
|
$
|
41,431
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
$
|
0.51
|
|
$
|
0.51
|
|
$
|
0.34
|
|
$
|
0.39
|
|
$
|
0.58
|
|
$
|
0.29
|
|
$
|
0.33
|
|
$
|
0.25
|
|
Diluted
|
0.51
|
|
0.51
|
|
0.34
|
|
0.39
|
|
0.57
|
|
0.29
|
|
0.33
|
|
0.25
|
|
1. Financial Statements
|
|
The following consolidated financial statements of TCF Financial Corporation are filed as part of this report:
|
|
|
|
Description
|
Page
|
|
|
2. Financial Statement Schedules
|
|
All financial statement schedules have been included in the Consolidated Financial Statements or the Notes thereto, or are either inapplicable or not required.
|
|
Exhibit Number
|
|
Description
|
2.1
|
|
Agreement and Plan of Merger by and between TCF Financial Corporation and Chemical Financial Corporation, dated as of January 27, 2019
[incorporated by reference to Exhibit 2.1 of TCF Financial Corporation's Current Report on Form 8–K filed January 28, 2019 (No.19546413)]
|
3(a)
|
|
Amended and Restated Certificate of Incorporation of TCF Financial Corporation
[incorporated by reference to Exhibit 3.1 of TCF Financial Corporation’s Quarterly Report on Form 10-Q filed May 3, 2018 (No. 18803407)]
|
3(b)
|
|
Amended and Restated Bylaws of TCF Financial Corporation
[incorporated by reference to Exhibit 3.1 to TCF Financial Corporation's Current Report on Form 8–K filed January 28, 2019 (No.19546413)]
|
4(a)
|
|
Specimen Common Stock Certificate of TCF Financial Corporation
[incorporated by reference to Exhibit 4.3 to TCF Financial Corporation’s Registration Statement on Form S-3ASR filed May 29, 2012 (No. 12874917)]
|
4(b)
|
|
Form of Stock Certificate representing the Series C Non-Cumulative Perpetual Preferred Stock
[incorporated by reference to Exhibit 4.1 to TCF Financial Corporation’s Current Report on Form 8-K filed September 14, 2017 (No. 171084863)]
|
4(c)
|
|
Deposit Agreement dated September 14, 2017 by and among TCF Financial Corporation, Computershare Trust Company, N.A. and Computershare Inc. and the holders from time to time of the Depositary Receipts described therein
[incorporated by reference to Exhibit 4.2 to TCF Financial Corporation’s Current Report on Form 8-K filed September 14, 2017 (No. 171084863)]
|
4(d)
|
|
Form of Depositary Receipt
[included as part of Exhibit 4.2 to TCF Financial Corporation’s Current Report on Form 8-K filed September 14, 2017 (No. 171084863)]
|
4(e)
|
|
Copies of instruments with respect to long-term debt will be furnished to the Securities and Exchange Commission upon request.
|
10(a)*
|
|
Amended and Restated TCF Financial 2015 Omnibus Incentive Plan
[incorporated by reference to Exhibit 10.1 to TCF Financial Corporation's Current Report on Form 8-K filed April 27, 2018 (No. 18784131)]
|
10(a)-1*
|
|
Form of Restricted Stock Award Agreement under the TCF Financial 2015 Omnibus Incentive Plan
[incorporated by reference to Exhibit 10(a)-1 to TCF Financial Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (No. 17624401)]
|
10(a)-2*
|
|
Form of Performance-Based Restricted Stock Award Agreement under the TCF Financial 2015 Omnibus Incentive Plan
[incorporated by reference to Exhibit 10.3 to TCF Financial Corporation’s Current Report on Form 8-K filed April 28, 2015 (No. 15798862)]
|
10(a)-3*
|
|
Form of Restricted Stock Unit Agreement under the TCF Financial 2015 Omnibus Incentive Plan
[incorporated by reference to Exhibit 10.4 to TCF Financial Corporation’s Current Report on Form 8-K filed April 28, 2015 (No. 15798862)]
|
10(a)-4*
|
|
Form of Performance-Based Restricted Stock Unit Agreement under the TCF Financial 2015 Omnibus Incentive Plan
[incorporated by reference to Exhibit 10.5 to TCF Financial Corporation’s Current Report on Form 8-K filed April 28, 2015 (No. 15798862)]
|
10(a)-5*
|
|
2015 Performance-Based Restricted Stock Unit Agreement under the TCF Financial 2015 Omnibus Incentive Plan entered into by certain executives
[incorporated by reference to Exhibit 10.6 to TCF Financial Corporation’s Current Report on Form 8-K filed April 28, 2015 (No. 15798862)]
|
10(a)-6*#
|
|
|
10(a)-7*#
|
|
|
10(b)*
|
|
TCF Financial Incentive Stock Program, as amended and restated April 24, 2013
[incorporated by reference to Exhibit 10.1 to TCF Financial Corporation’s Current Report on Form 8-K filed April 30, 2013 (No. 13797581)]
|
10(b)-1*
|
|
Form of Nonqualified Stock Option Award Agreement as executed by certain executives
[incorporated by reference to Exhibit 10(b)-10 to TCF Financial Corporation’s Current Report on Form 8-K filed January 25, 2008 (No. 08551203)]
|
10(b)-2*
|
|
Form of Deferred Restricted Stock Award Agreement as executed by certain executives
[incorporated by reference to Exhibit 10(b)-16 to TCF Financial Corporation’s Current Report on Form 8-K filed February 18, 2011 (No. 11625311)]
|
10(b)-3*
|
|
Form of Performance-Based Restricted Stock Award Agreement as executed by certain executives
[incorporated by reference to Exhibit 10.3 to TCF Financial Corporation’s Current Report on Form 8-K filed January 20, 2012 (No. 12537269)]
|
10(c)*
|
|
TCF Performance-Based Compensation Policy for Covered Executive Officers, as approved effective January 1, 2013
[incorporated by reference to Exhibit 10.2 to TCF Financial Corporation’s Current Report on Form 8-K filed April 30, 2013 (No. 13797581)]
|
10(d)*
|
|
Employment Agreement between Craig R. Dahl and TCF Financial Corporation, effective as of April 25, 2018
[incorporated by reference to Exhibit 10.3 to TCF Financial Corporation’s Current Report on Form 8-K filed April 27, 2018 (No. 18784131)]
|
10(e)*
|
|
TCF Financial Corporation Supplemental Employee Retirement Plan - ESPP Plan as amended and restated through January 24, 2005
[incorporated by reference to Exhibit 10(j) to TCF Financial Corporation’s Current Report on Form 8-K filed January 27, 2005 (No. 05552640)]
|
10(e)-1*
|
|
TCF 401K Supplemental Plan, as amended effective October 18, 2016
[incorporated by reference to Exhibit 10(e)-1 to TCF Financial Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (No. 17624401)]
|
10(f)*
|
|
Trust Agreement for TCF 401K Plan Supplemental Plan effective November 1, 2017, by and between TCF Financial Corporation and Reliance Trust Company
[incorporated by reference to Exhibit 10(f) to TCF Financial Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (No. 18635448)]
|
10(i)*
|
|
TCF Financial Corporation Senior Officer Deferred Compensation Plan as amended and restated through January 24, 2005
[incorporated by reference to Exhibit 10(l) to TCF Financial Corporation’s Current Report on Form 8-K filed January 27, 2005 (No. 05552640)]
|
10(j)*
|
|
Trust Agreement for TCF Financial Senior Officer Deferred Compensation Plan as executed with First National Bank in Sioux Falls as trustee effective as of October 1, 2000
[incorporated by reference to Exhibit 10(m) to TCF Financial Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2000 (No. 1584625)];
as amended by amendment adopted April 30, 2001
[incorporated by reference to Exhibit 10(m) to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2001 (No. 1706058)];
and as amended by Second Amendment of Trust Agreement for TCF Financial Senior Officers Deferred Compensation Plan effective as of June 30, 2003
[incorporated by reference to Exhibit 10(m) to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2003 (No. 03830138)]
|
10(k)*
|
|
Amended and Restated Directors Stock Grant Program
[incorporated by reference to Exhibit 10.2 to TCF Financial Corporation’s Current Report on Form 8-K filed April 27, 2018 (No. 18784131)]
|
10(k)-1*
|
|
Form of Director’s Restricted Stock Agreement dated January 24, 2012
[incorporated by reference to Exhibit 10(j)-1 to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (No. 12986667)]
|
10(k)-2*
|
|
Form of Deferred Director’s Restricted Stock Agreement dated January 24, 2012
[incorporated by reference to Exhibit 10(j)-2 to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (No. 12986667)]
|
10(l)*
|
|
TCF Financial Corporation TCF Directors Deferred Compensation Plan as amended and restated through January 24, 2005
[incorporated by reference to Exhibit 10(r) to TCF Financial Corporation’s Current Report on Form 8-K filed January 27, 2005 (No. 05552640)]
|
10(l)-1*
|
|
TCF Financial Corporation TCF Directors 2005 Deferred Compensation Plan, adopted effective as of January 6, 2005, as amended and restated through January 24, 2005
[incorporated by reference to Exhibit 10(r)-1 to TCF Financial Corporation’s Current Report on Form 8-K filed January 27, 2005 (No. 05552640)];
and as amended by Amendment of Directors 2005 Deferred Compensation Plan effective July 19, 2010
[incorporated by reference to Exhibit 10(r)-1 to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2010 (No. 101147679)]
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10(m)*
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Trust Agreement for TCF Directors Deferred Compensation Plan
[incorporated by reference to Exhibit 10(d) to TCF Financial Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2000 (No. 1584625)];
as amended by amendment adopted April 30, 2001
[incorporated by reference to Exhibit 10(s) to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2001 (No. 1706058)];
as amended by amendment adopted October 10, 2001
[incorporated by reference to Exhibit 10(s) to TCF Financial Corporation’s Annual Report on Form 10-K for the year ended December 31, 2001 (No. 02568362)];
and as amended by amendments adopted May 3, 2002
[incorporated by reference to Exhibit 10(s) to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (No. 02730799)];
and as amended by Third Amendment of TCF Directors Deferred Compensation Trust effective as of June 30, 2003
[incorporated by reference to Exhibit 10(s) to TCF Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2003 (No. 03830138)]
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10(n)*
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Summary of Non-Employee Director Compensation
[incorporated by reference to Exhibit 10.1 to TCF Financial Corporation's Current Report on Form 8–K filed February 20, 2019 (No. 19616276)]
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10(o)*
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TCF Employees Deferred Stock Compensation Plan, effective January 1, 2011
[incorporated by reference to Exhibit 10(u) to TCF Financial Corporation’s Current Report on Form 8-K filed February 18, 2011 (No. 11625311)]
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10(p)*
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Form of Rabbi Trust Agreement for the TCF Employees Deferred Stock Compensation Plan
[incorporated by reference to Exhibit 10(v) to TCF Financial Corporation’s Current Report on Form 8-K filed February 18, 2011 (No. 11625311)]
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10(q)
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TCF 401K Plan, as amended and restated effective January 24, 2018
[incorporated by reference to Exhibit 99.1 to TCF Financial Corporation's Current Report on Form S-8 filed July 30, 2018 (No. 18978481)]
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10(r)*
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Form of Change in Control Severance Agreement, as executed by certain executives
[incorporated by reference to Exhibit 10.1 to TCF Financial Corporation's Current Report on Form 8-K filed March 2, 2018 (No. 18662196)]
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21#
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23#
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31.1#
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31.2#
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32.1#
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32.2#
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101#
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Financial statements from the Annual Report on Form 10-K of the Company for the period ended December 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
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TCF FINANCIAL CORPORATION
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/s/ Craig R. Dahl
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Craig R. Dahl,
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Chairman, President and Chief Executive Officer
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(Principal Executive Officer)
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Name
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Title
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Date
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/s/ Craig R. Dahl
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February 26, 2019
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Craig R. Dahl
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Chairman, President and Chief Executive Officer (Principal Executive Officer)
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/s/ Brian W. Maass
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February 26, 2019
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Brian W. Maass
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Executive Vice President and Chief Financial Officer (Principal Financial Officer)
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/s/ Susan D. Bode
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February 26, 2019
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Susan D. Bode
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Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)
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/s/ Peter Bell
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February 26, 2019
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Peter Bell
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Director
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/s/ William F. Bieber
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February 26, 2019
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William F. Bieber
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Director
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/s/ Theodore J. Bigos
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February 26, 2019
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Theodore J. Bigos
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Director
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/s/ Karen L. Grandstrand
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February 26, 2019
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Karen L. Grandstrand
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Director
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/s/ George G. Johnson
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February 26, 2019
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George G. Johnson
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Director
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/s/ Richard H. King
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February 26, 2019
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Richard H. King
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Director
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/s/ Vance K. Opperman
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February 26, 2019
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Vance K. Opperman
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Lead Director
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/s/ Roger J. Sit
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February 26, 2019
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Roger J. Sit
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Director
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/s/ Julie H. Sullivan
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February 26, 2019
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Julie H. Sullivan
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Director
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/s/ Barry N. Winslow
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February 26, 2019
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Barry N. Winslow
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Director
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/s/ Theresa M. H. Wise
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February 26, 2019
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Theresa M. H. Wise
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Director
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