TCF Financial Corporation’s fourth-quarter earnings, driven largely by rising net interest income, beat analyst estimates on Thursday.
Net interest income helped s fourth-quarter earnings beat analyst estimates on Thursday.
Wall Street expected the Wayzata-based bank holding company to earn 13 cents per share, according to analysts polled by Thomson Reuters.
TCF posted earnings of 15 cents per share, or $19.5 million in the fourth quarter. Net interest income, which totaled $169.6 million, rose 15 percent form the same period last year.
Year-over-year net earnings, however, declined 30 percent largely due to higher provisions for loan losses. The bank increased its loan-loss provision 65 percent in the fourth quarter.
“While credit issues remain at elevated levels, TCF has remained profitable throughout this economic crisis, and our credit metrics have outperformed most of our peers,” TCF Chairman and CEO William A. Cooper said in a statement. “An improving economy and stabilizing home values may signal improvements in the credit cycle in the coming quarters.”
Fourth-quarter revenue rose 15 percent to $312.8 million.
Full-year revenue totaled $1.2 billion, a 6 percent increase from 2008.
TCF earned $87.1 million in 2009, which is 33 percent lower than its 2008 earnings.
Shares of TCF rose 1 percent on Thursday to $15.09.
TCF is one of Minnesota’s 35 largest public companies based on annual revenue.
