TCF Financial Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014
For the year, the company reported net income to the company of $174.2 million compared with $151.7 million for the same period in 2013. Diluted earnings per common share were 94 cents compared with 82 cents for the same period in 2013. Total interest income was $874.229 million against $864.540 million a year ago. Net interest income was $815.629 million against $802.624 million a year ago. Income before income tax expense was $281.382 million against $243.045 million a year ago. Net income available to common stockholders was $154.799 million against $132.603 million a year ago. Annualized return on average tangible common equity was 10.08% against 9.58% a year ago. Adjusted net income available to common stockholders was $155.861 million against $134.082 million a year ago. Return on average assets of 0.96% against 0.87% a year ago. Return on average assets was 0.53% against 0.90% a year ago. Return on average common equity was 8.71% against 8.12% a year ago.
The company's net charge-offs were $16.6 million for the fourth quarter of 2014, a decrease of $13.5 million, or 44.8%, from the fourth quarter of 2013 of $30.096 million. The decrease from the fourth quarter of 2013 was primarily due to improved credit quality in both the commercial and consumer real estate loan portfolios.