Company profile

David T. Provost
Incorporated in
Fiscal year end
Industry (SEC)
Former names
Chemical Financial Corp
IRS number

TCF stock data



2 Mar 20
7 Apr 20
31 Dec 20


Company financial data Financial data

Quarter (USD) Dec 19 Sep 19 Jun 19 Mar 19
Revenue 49.63M
Net income 112.4M 22.15M 90.43M 70.49M
Diluted EPS 0.72 0.15 1.07 0.83
Net profit margin 44.63%
Net change in cash -94.64M 730.26M 75.18M -69.48M
Cash on hand 1.23B 1.32B 592.76M 517.58M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 465.53M 454.4M 436.06M
Net income 295.47M 304.36M 268.64M 108.03M
Diluted EPS 2.55 3.43 2.83 2.17
Net profit margin 63.47% 66.98% 61.61%
Net change in cash 641.31M 131.07M -18.41M 235.61M
Cash on hand 1.23B 587.06M 455.99M 474.4M

Financial data from company earnings reports

Date Owner Security Transaction Code $Price #Shares $Value #Remaining
1 Apr 20 Costa James M Common Stock Payment of exercise Dispose F 21.02 3,326 69.91K 102,432
1 Apr 20 Dahl Craig R Common Stock Payment of exercise Dispose F 21.02 3,664 77.02K 318,600
1 Apr 20 Maass Brian W Common Stock Payment of exercise Dispose F 21.02 6,088 127.97K 119,287
1 Apr 20 Jones Michael Scott Common Stock Payment of exercise Dispose F 21.02 1,241 26.09K 75,398
1 Apr 20 Andrew J Jackson Common Stock Payment of exercise Dispose F 21.02 1,977 41.56K 51,822
13F holders
Current Prev Q Change
Total holders 3 7 -57.1%
Opened positions 0 2 -100.0%
Closed positions 4 243 -98.4%
Increased positions 1 0 +Infinity%
Reduced positions 0 3 -100.0%
13F shares
Current Prev Q Change
Total value 454K 8.18M -94.5%
Total shares 9.71K 216.39K -95.5%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Shakespeare Wealth Management 9.59K $449K 0.0%
Gemmer Asset Management 120 $5K +287.1%
Proequities 0 $0
Largest transactions
Shares Bought/sold Change
California State Teachers Retirement System 0 -110.27K EXIT
Quantitative Systematic Strategies 0 -64.17K EXIT
SWS Partners 0 -32.18K EXIT
Advisory Services Network 0 -145 EXIT
Gemmer Asset Management 120 +89 +287.1%
Proequities 0 0
Shakespeare Wealth Management 9.59K 0 0.0%

Financial report summary

  • If we fail to effectively manage credit risk, our business and financial condition will suffer.
  • Our financial results are significantly affected by general economic and political conditions.
  • Our financial results are subject to interest rate risk.
  • We operate in a highly competitive industry and market areas.
  • Failure to keep pace with technological changes could adversely affect our business.
  • Our allowance for loan and lease losses, and fair value adjustments with respect to loans and leases acquired in our acquisitions, may prove to be insufficient to absorb actual losses in our loan and lease portfolio, which may adversely affect our business, financial condition and results of operations.
  • New accounting standards will require us to increase our allowance for loan and lease losses and may have a material adverse effect on our financial condition and results of operation.
  • Changes in U.S. trade policies and other factors beyond our control, including the imposition of tariffs and retaliatory tariffs and the impacts of epidemics or pandemics, may adversely impact our business, financial condition and results of operations.
  • Our supermarket branches are subject to a number of risks, including the long-term success and viability of our supermarket partners, our ability to maintain or terminate licenses or lease agreements for our supermarket locations, and customer preferences.
  • We may fail to realize all of the anticipated benefits, including estimated cost savings and revenue synergies, of our Merger with Legacy TCF.
  • We may be adversely affected by risks associated with future mergers and acquisitions, including execution risk, which could disrupt our business and dilute shareholder value.
  • We may be exposed to difficulties in combining the operations of acquired or merged businesses into our own operations, which may prevent us from achieving the expected benefits from our merger and acquisition activities.
  • We face risk of noncompliance with the Bank Secrecy Act and other anti-money laundering statutes and regulations and corresponding enforcement proceedings.
  • New lines of business or new products and services may subject us to additional risk.
  • We are subject to certain risks related to originating and selling loans that could have a material adverse effect on our financial condition and results of operations.
  • Our ability to maintain our reputation is critical to the success of our business, including our ability to attract and retain customer relationships, and failure to do so may materially adversely affect our performance.
  • We are subject to liquidity risk in our operations, which could adversely affect our ability to fund our various obligations and jeopardize our business, financial condition and results of operations.
  • Our earnings are significantly affected by the fiscal and monetary policies of the federal government and its agencies, as well as other legal changes affecting businesses and consumers.
  • Our evaluation of investment securities for other-than-temporary impairment involves subjective determinations and could materially impact our financial condition and results of operations.
  • We may be required to recognize an impairment of our goodwill or core deposit intangible assets, or to establish a valuation allowance against our deferred income tax assets, which could have a material adverse effect on our financial condition and results of operations.
  • We are periodically named as a defendant in a variety of litigation and other actions, which may have a material adverse effect on our financial condition and results of operations.
  • From time to time we are, or may become, involved in suits, legal proceedings, investigations and proceedings by governmental and self-regulatory agencies that may lead to adverse consequences.
  • We are subject to extensive laws and government regulation and supervision and these laws or regulations, or changes to them or their enforcement could have a material adverse effect on our financial results.
  • We are exposed to risk of environmental liabilities with respect to real properties that we may acquire.
  • Our framework for managing risks may not be effective in mitigating risk and any resulting loss.
  • We depend on the accuracy and completeness of information about our customers and counterparties.
  • We depend on our executive officers and other key employees to continue the implementation of our long-term business strategy, and we could be harmed by the unexpected loss of their services.
  • Our business needs and future growth may require us to raise additional capital, but that capital may not be available or may be dilutive.
  • The soundness of other financial institutions could adversely affect us.
  • Our controls and procedures may fail or be circumvented.
  • We depend on information technology, information and data, and telecommunications systems of third-parties, and systems failures, interruptions involving these systems could have an adverse effect on our operations, financial condition and results of operations.
  • Uncertainty relating to the London Inter-bank Offered Rate, or LIBOR, calculation process and potential phasing out of LIBOR may adversely affect us.
  • We rely on quantitative models to manage certain accounting, risk management and capital planning functions.
  • We are subject to examinations, challenges and rates set by tax authorities that could adversely affect our results of operations and financial condition.
  • Severe weather, natural disasters, acts of war or terrorism and other external events could significantly impact our business.
Management Discussion
  • Performance Summary We reported net income of $295.5 million for 2019, compared with $304.4 million for 2018 and $268.6 million for 2017. For the year ended December 31, 2019, net income included merger-related expenses of $172.0 million and notable items of $63.2 million. Notable items, on a pre-tax basis, for the year ended December 31, 2019, included a $32.1 million loss on sale of the Legacy TCF auto finance portfolio, a $17.3 million loss on termination of interest rate swaps, $9.4 million of expense associated with the write-down of company-owned vacant land parcels due to an intent to sell and branch exit costs, $6.3 million of expense related to pension fair valuation adjustment on plans with previously announced terminations, and $3.9 million of loan servicing rights impairment, partially offset by $5.8 million of gain on sales of certain investment securities. The year ended December 31, 2019, also included $11.8 million of tax basis adjustment benefits considered a notable item. For the year ended December 31, 2018, net income included a $32.0 million pre-tax charge related to the settlement to resolve certain matters with the Consumer Financial Protection Bureau (the "CFPB") and Office of the Comptroller of the Currency (the "OCC") considered a notable item. For the year ended December 31, 2017, net income included a $73.0 million goodwill impairment related to the discontinued auto finance loan originations and a $130.7 million income tax benefit due to the impact of the re-measurement of our estimated net deferred tax liability as a result of the enactment of the Tax Cuts and Jobs Act ("Tax Reform") considered notable items. Adjusted net income, a non-GAAP financial measure that excludes merger-related expenses and the identified notable items, net of tax, was $461.2 million for the year ended December 31, 2019, compared to $329.9 million for 2018 and $211.0 million for 2017. See "Non-GAAP Financial Measures" in this Management's Discussion and Analysis for further information.
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