TCF Financial Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended of December 31, 2017; Reports Goodwill Impairment Charge for the Fourth Quarter of 2017; Provides Effective Tax Rate Guidance for the Year 2018
For the full year, the company reported total interest income of $1,019,057,000 compared to $930,730,000 a year ago. Net interest income was $925,238,000 compared to $848,106,000 a year ago. Income before income tax expense was $245,160,000 compared to $338,245,000 a year ago. Income after income tax expense was $278,784,000 compared to $221,717,000 a year ago. Net income attributable to the company was $268,637,000 compared to $212,124,000 a year ago. Net income available to common stockholders was $242,954,000 compared to $192,736,000 a year ago. Diluted earnings per share were $1.44 compared to $1.15 a year ago. Return on average common equity was 10.80% compared to 9.13% a year ago. Return on average tangible common equity was 15.73% compared to 10.29% a year ago. Book value per common share was $13.96 compared to $12.66 a year ago. Tangible Book value per common share was $12.92 compared to $11.33 a year ago.
The company provides effective tax rate guidance for the year 2018, the company expects effective tax rate to decline to between 23% to 25%.
For the quarter the company recorded a goodwill impairment charge of 73,041,000.