TCF Financial reports large increase in revenue
WARREN — TCF Financial Corp. reported third-quarter net income of $55.7 million, a 134 percent increase from $23.8 million the company reported in the previous quarter.
TCF Financial, the holding company for TCF Bank, the former Chemical Bank, also reported loans and leases were $34.3 billion on Sept. 30, the end of the quarter, a decrease of $1.2 billion from the the second quarter.
The decrease, according to the company, was mostly due to a decline in inventory finance loans in the commercial and industrial portfolio and the lack of backfill from manufacturers as a result of the economic shutdown and slow reopening. At both Sept. 30 and June 30, TCF had $1.8 billion of Paycheck Protection Program loans outstanding, all included in their commercial and industrial loan portfolio.
Deposits were stagnant, staying at $39.2 billion despite the continued run-off of higher cost certificates of deposit.
Increases in checking deposit account balances of $760 million and noninterest bearing deposits of $210 million were offset by decreases in certificates of deposits of $808 million, money market accounts of $186 million and savings account balances of nearly $15 million in the third quarter compared with the second quarter.