TCF Financial Corp. said Thursday its fourth-quarter net income fell 40 percent after special charges related to the sale of loans and a provision for credit losses.

The Wayzata bank company said it earned $24 million, or 12 cents a share, in the last three months of the year.

Not including the special charges, TCF would have earned 29 cents a share, in line with analysts' expectations. The firm earned 22 cents a share in the last three months of 2013. Revenue was $313.8 million, up 2.1 percent.

The company's net interest margin was 4.49 percent, compared with 4.6 percent in the third quarter.

In a one-time event, TCF sold a portfolio of residential loans that were classified as TDR, or "trouble debt restructuring." While that deal produced costs for the firm, it removed a long-term fixed-rate asset from its books, creating flexibility at a time when the Federal Reserve is expected to begin raising interest rates.

"We will benefit even more from a rising rate environment than we would have otherwise," TCF Chairman William Cooper said in a call with analysts.

TCF shares rose 3.3 percent Thursday.

Evan Ramstad