TCF Bank Revenue Up But Misses Expectations

The company credits growth to an uptick in loan origination.

TCF Bank Revenue Up But Misses Expectations
TCF Bank saw positive growth during the third quarter, but still fell short of analyst expectations.
Revenue for the Wayzata-based company was up 4.7 percent to $320.3 million for the period ending September 30. Earnings per share came in at 29 cents (with net income of $52.3 million), which was below expectations of 30 cents per share.
The company credits part of the quarter’s growth to its loan origination activities, which ticked up nearly 15 percent to $3.6 billion.
“TCF’s growth is driven by a unique loan and lease origination capabilities funded by an increasing, low-cost deposit base,” CEO Bill Cooper said in a statement. “I believe TCF’s ability to generate national loan and lease growth while developing a diversified revenue base positions us to deliver long-term shareholder growth.”
Shares of TCF Bank were down slightly to $14.69.
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