TCF reports $94.1 million income in fourth quarter
WARREN — Detroit-based TCF Financial Corporation, parent company of TCF National Bank, reported fourth quarter 2020 net income of $91.4 million, an increase of 64 percent from the previous quarter.
Adjusted net income was $116 million compared to $98.7 million for the third quarter, according to the company.
Loans and leases were $34.5 billion at Dec. 31, an increase of $122.7 million. Also at the end of the year, TCF had $1.6 billion of Paycheck Protection Program loans outstanding, compared to $1.8 billion at Sept. 30, all included in its commercial and industrial loan portfolio.
Loans and leases excluding PPP loans increased $405.7 million from Sept. 30 mostly due to increases in the residential mortgage, lease financing and commercial and industrial portfolios.
“The fourth quarter was highlighted by strong momentum across the bank, which helped drive higher loan and lease balances, increased revenues, net interest margin expansion and strong capital ratios, all of which position us well as we prepare to complete our announced merger with Huntington in the second quarter of 2021,” David T. Provost, chief executive officer, said.
TCF and Huntington National Bank announced the merger in December. The deal, worth about $22 billion, will create a top 10 regional bank in the U.S. The transaction is expected to close at the end of the second quarter.