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.