Upcoming AWS Coverage on TriState Capital Holdings Post-Earnings Results
LONDON, UK / ACCESSWIRE / April 28, 2017 / Active Wall St. announces its post-earnings coverage on TCF Financial Corp. (NYSE: TCB). The Company announced its financial results for the first quarter fiscal 2017 (Q1 FY17) on April 24, 2017. The Wayzata, Minnesota-based Company's net interest income grew 4.9% y-o-y, while net interest margin was up by 9 basis points y-o-y. Register with us now for your free membership at:
http://www.activewallst.com/register/
One of TCF Financial's competitors within the Money Center Banks space, TriState Capital Holdings, Inc. (NASDAQ: TSC), reported its Q1 2017 financial results and operating performance on Friday, April 21, 2017. AWS will be initiating a research report on TriState Capital in the coming days.
Today, AWS is promoting its earnings coverage on TCB; touching on TSC. Get our free coverage by signing up to:
http://www.activewallst.com/register/
Earnings Reviewed
In the three months ended on March 31, 2017, TCF Financial's total revenues came in at $325.63 million, up 0.4% from $324.26 million in the year ago comparable quarter. However, total revenue numbers for the reported quarter lagged behind market expectations of $327.6 million. During Q1 FY17, TCF Financial's net interest income was $222.11 million compared to $211.66 million in Q1 FY16. Total non-interest income fell 8.1% to $103.51 million in Q1 FY17 from $112.60 million in the prior year's same quarter. Additionally, the Company reported non-interest expense of $244.01 million in Q1 FY17, which came in 6.9% above $228.33 million reported in the year ago corresponding period.
The bank holding Company reported net income available to common stockholders of $41.43 million, or $0.25 per diluted share, in Q1 FY17 compared to $43.20 million, or $0.26 per diluted share, in Q1 FY16. Quarterly net income per diluted share missed analysts' expected $0.26 per diluted share.
Performance Metrics
During Q1 FY17, TCF Financial reported total average loans and leases of $18.04 billion, rising from $17.76 billion in Q1 FY16. Total average deposits also grew to $17.11 billion in Q1 FY17 from $16.88 billion in Q1 FY16.
In Q1 FY17, TCF Financial's return on average assets stood at 0.90% compared to 0.96% in the previous year's same period. The Company's return on average common equity fell to 7.64% in Q1 FY17 from 8.45% reported in the year ago same quarter. Furthermore, return on average tangible common equity was 8.55% in Q1 FY17 compared to 9.57% in Q1 FY16.
During Q1 FY17, total interest earning assets grew to $20.42 billion from $19.63 billion in the last year's comparable quarter. Furthermore, yield on these assets rose to 4.86% in Q1 FY17 from 4.80% in Q1 FY16. The bank's efficiency ratio was 74.93% in Q1 FY17 compared to 70.42% in Q1 FY16. Moreover, TCF Financial's net interest margin for the reported quarter was improved nine basis points to 4.46% from 4.37% in Q1 FY16.
As on March 31, 2017, the bank's transitional Common equity Tier 1 capital ratio was 10.11% compared with 10.24% as on March 31, 2016. At end of Q1 FY17, non-accrual loans and leases balances fell to $138.98 million from $198.65 million, as on March 31, 2016. During the reported quarter charge-offs 0.11% of average loans and leases versus 0.27% of average loans and leases in the prior year's comparable quarter.
Dividend
In separate press release on April 20, 2017, TCF Financial's Board of Directors declared a quarterly cash dividend of $0.075 per common share is payable on June 01, 2017, to stockholders of record at the close of business on May 15, 2017.
Change in Ticker Symbol
On April 26, 2017, TCF Financial announced the change of its NYSE ticker symbol from "TCB" to "TCF", effective with the opening of trading on May 08, 2017.
Stock Performance
On Thursday, April 27, 2017, TCF Financial's share price finished yesterday's trading session at $16.95, slipping 1.68%. A total volume of 1.62 million shares exchanged hands. The stock has advanced 18.90% and 25.91% in the last six months and past twelve months, respectively. The stock is trading at a PE ratio of 14.76 and has a dividend yield of 1.77%.
Active Wall Street:
Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
AWS has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email [email protected]. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: [email protected]
Phone number: 1-858-257-3144
Office Address: 3rd floor, 207 Regent Street, London, W1B 3HH, United Kingdom
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Active Wall Street