BOSTON (Thomson Financial) - TCF Financial Corp. Tuesday said first-quarter
net income fell to $47.4 million, or 38 cents a share, from net income of $82.7
million, or 65 cents a share, in the year-ago period.
Results for the latest quarter include a combined after-tax impact of 10
cents a share, resulting from a pretax gain related to Visa's initial public
offering, a pretax expense related to a decrease in TCF's estimated contingent
obligation in regard to its Visa USA litigation indemnification, and pretax
gains on sales of securities.
The mean estimate of analysts polled by Thomson Financial was for
first-quarter profit of 38 cents a share.
Net interest income for the Wayzata, Minnesota-based financial holding
company rose 5.4% to $142.8 million. TCF Financial attributed the increase in
net interest income to a 9.3% increase in average interest-earning assets,
partially offset by a 16-basis-point reduction in net interest margin.
TCF said its results were hurt by "the depressed housing markets and a
weakening economy."
Shares closed Monday at $16.80.
Casey Logan
cl/pc
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