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New words:
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Removed:
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Financial report summary
?Management Discussion
- Performance Summary We reported net income of $123.3 million for the three months ended March 31, 2021, compared to $51.9 million for the three months ended March 31, 2020. Merger-related expenses included in net income totaled $16.2 million for the three months ended March 31, 2021, and $36.7 million for the three months ended, March 31, 2020. Notable items, on a pre-tax basis, for the three months ended March 31, 2021 included $7.6 million loan servicing rights recovery of impairment. Notable items, for the three months ended March 31, 2020, included $8.2 million of loan servicing rights impairment and a $3.1 million net loss on transfer of Legacy TCF auto finance portfolio to held-for-sale. Adjusted net income, a non-GAAP financial measure that excludes merger-related expenses and the identified notable items, net of tax, was $130.1 million for the three months ended March 31, 2021, compared to $89.9 million for the three months ended March 31, 2020. See "Non-GAAP Financial Measures" in this Management's Discussion and Analysis for further information.