TCF - TCF Financial: Lower Expenses Paycheck Protection Program To Drive Earnings
Earnings of TCF Financial Corporation (NASDAQ: TCF) declined to $0.14 per share in the second quarter from $0.32 per share in the first quarter of 2020. The earnings decline was mostly attributable to merger-related expenses and a decline in net interest margin. Earnings will likely increase in the year ahead because of accelerated booking of Paycheck Protection Program fees and lower provision expense. Moreover, the non-interest expense will likely decline following the completion of the integration of the Chemical Bank. On the other hand, the net interest margin will likely continue to decline, which