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Press Release

TCF Reports Record First Quarter Earnings and EPS ($.75, up 21 percent)

Company Release - 4/17/2002 8:31 AM ET
Wayzata, Minn. April 17, 2002 (PRNewsWire-FirstCall)

FIRST QUARTER HIGHLIGHTS:

_
    -- Diluted earnings per share increased 21 percent to 75 cents
    -- Record return on average assets of 2.01 percent
    -- Top-line revenues increased 13 percent to $219.4 million
    -- Fees and other revenues increased 18 percent
    -- Net interest margin increased 48 basis points to 4.83 percent
    -- Opened 4 new branches
    -- Power Assets(R) increased $182.4 million from year-end
         (up 14 percent from March 31, 2001)
    -- Low-cost checking, savings and money market deposits increased
        $329.8 million from year-end
         (up 19 percent from March 31, 2001)
    -- Increased checking accounts by 35,000 to 1,284,044
_
    EARNINGS SUMMARY                             Three Months
    ($ in thousands, except per-share data)     Ended March 31,
                                               2002         2001*    % Change
    Net income                               $56,317      $48,223      16.8%
    Diluted earnings per common share           0.75         0.62      21.0
    Net interest margin                         4.83%        4.35%     11.0
    Return on average assets                    2.01         1.71      17.5
    Return on average realized common equity   24.86        21.47      15.8
_
    * In 2002, new accounting rules under generally accepted accounting
      principles (GAAP) eliminated the amortization of goodwill.  Goodwill
      amortization reduced net income in the first quarter of 2001 by
      $1.9 million or 2 cents per common share.

TCF Financial Corporation (TCF) (TCB) today reported record diluted earnings per share of 75 cents for the 2002 first quarter, up 21 percent from 62 cents for the same period in 2001. For the first quarter of 2002, return on average assets was a record 2.01 percent and return on average realized common equity was 24.86 percent, up from 1.71 percent and 21.47 percent, respectively, for the same period in 2001.

Chairman's Statement

"Although our first quarter results contained several significant items (gain on the sale of a branch, gains on sales of securities, significant sales-type leasing revenues and higher provisions for loan losses) our fundamentals continue to improve with the growth of Power Assets(R) and Power Liabilities(R), resulting in growth of our top-line revenues and profitability," said William A. Cooper, Chairman and Chief Executive Officer. "We continue to focus on the fundamentals that have made us successful over time. Our record first quarter results are evidence that our strategy is working."

Top-line Revenues

TCF's top-line revenues (net interest income plus fees and other revenues) increased 13 percent to $219.4 million for the 2002 first quarter. TCF's net interest income increased 9 percent to $124.5 million in the first quarter of 2002. Net interest margin in the 2002 first quarter was 4.83 percent compared with 4.35 percent last year and 4.74 percent for the fourth quarter of 2001. The improvement in net interest income for the first quarter of 2002 is primarily the result of the $778.2 million, or 19 percent, growth in average low-cost deposits (checking, savings and money market) coupled with the $672.1 million, or 14 percent, growth in average Power Assets(R) over the first quarter of 2001. These increases were partially offset by the $986.5 million, or 19 percent, decrease in lower-margin residential mortgages and mortgage-backed securities. "TCF's net interest margin continues to benefit from the growth in Power Assets and low-cost deposit accounts and balances," said Cooper. Fees and other revenues were up 18 percent to $94.9 million for the 2002 first quarter, representing 43 percent of top-line revenues. During the first quarter of 2002, TCF's leasing and equipment financing businesses experienced exceptionally high levels of sales-type lease transactions. The volume of these transactions and resulting revenues fluctuate from period to period based on customer-driven factors not within the control of TCF. Also contributing to the increase in fees and other revenues were increased fees, service charges and electronic funds transfer revenues generated by TCF's expanding customer base, offset somewhat by lower service charge income per account as a result of higher average deposit balances per account.

In addition to top-line revenues, TCF took advantage of market conditions and sold $264.5 million of mortgage-backed securities and realized a $6 million gain during the first quarter of 2002. During the past four quarters, TCF's balance sheet strategy has resulted in a $674.5 million, or 6 percent decrease in total assets. This included a $683.1 million, or 14 percent, increase in Power Assets offset by a $1.4 billion, or 25 percent, decrease in securities available for sale and residential mortgage loans. TCF anticipates total assets will increase throughout the remainder of 2002 with growth in Power Assets and mortgage-backed securities, partially offset by the continued net run-off in residential mortgage loans.

_
                                            Three Months
    ($ in thousands)                       Ended March 31,
                                          2002        2001     $Change %Change
_
    Net interest income                 $124,524    $113,791    $10,733   9.4%
    Fees and other revenues:
      Fees and service charges            47,243      43,451      3,792   8.7
      Electronic funds transfer revenues  21,209      19,438      1,771   9.1
      Leasing and equipment finance       14,796       8,220      6,576  80.0
      Mortgage banking                     3,658       2,519      1,139  45.2
      Investments and insurance            3,221       2,735        486  17.8
      Other                                4,797       4,378        419   9.6
        Total fees and other revenues     94,924      80,741     14,183  17.6
          Top-line revenues             $219,448    $194,532    $24,916  12.8
          Top-line revenues per
           diluted common share            $2.92       $2.50      $0.42  16.8
_
    Net interest margin                     4.83%       4.35%
    Fees and other revenues as % of
     top-line revenues                     43.26       41.51
    Fees and other revenues as %
     average assets                         3.39        2.86
    Return on total revenues               24.76       24.37

New Branch Expansion

TCF opened four branches during the first quarter of 2002, two in Jewel-Osco(R) stores in Illinois and two in Cub Foods(R) stores in Minnesota. TCF has opened 197 branches since January 1998 and currently has 376 branches, including 236 full service branches in supermarkets. "Branch expansion is a key to continued increased revenues and solid growth in our operations," stated Cooper. "Our de novo strategy has produced strong results year after year, since its inception in 1998." TCF currently has branches under construction in each of its markets and plans to open approximately 25 more new branches during the remainder of 2002.

_
                                  At March 31,  At March 31,  At December 31,
    (# of branches)                  2002           2001           1997
_
    Minnesota                          90            84             75
    Illinois                          179           168             47
    Wisconsin                          33            32             28
    Michigan                           56            55             60
    Colorado                           13            12              7
    Indiana                             5             1              0
                                      376           352            217

Power Assets(R)

TCF's Power Asset lending operations continue to show strong growth. Commercial real estate outstandings have increased $290.5 million, or 20 percent, during the past year, with $98.6 million of the increase in the first quarter of 2002. TCF's consumer lending increased $296.3 million, or 13 percent, during the past year and $56.6 million in the 2002 first quarter. "The consumer lending growth can be attributed to de novo expansion, effective marketing promotion and the addition of lenders in many of our branches," said Cooper. The leasing and equipment finance businesses continued to experience a slowdown in originations in the first quarter of 2002 due to the slowed economy; however, TCF is beginning to see increased origination activity with the backlog of approved transactions increasing to $136.8 million from $126.1 million last year-end. In the first quarter of 2002, TCF Leasing completed the shutdown of its truck and trailer segment.

_
                                           At March 31,
    ($ in thousands)                     2002        2001     $Change %Change
    Loans and leases*:
      Consumer                        $2,565,920  $2,269,585  $296,335  13.1%
      Commercial real estate           1,721,038   1,430,529   290,509  20.3
      Commercial business                438,697     413,464    25,233   6.1
      Leasing and equipment finance      967,675     896,678    70,997   7.9
        Power Assets                  $5,693,330  $5,010,256  $683,074  13.6

*Excludes residential real estate loans.

Power Liabilities(R)

"TCF added over 122,000 of its popular 'Totally Free Checking' accounts during the past twelve months, including approximately 35,000 in the first quarter of 2002, and now has 1.3 million accounts," stated Cooper. Checking, savings and money market average balances were up $778.2 million, or 19 percent, during the first quarter of 2002, compared with the first quarter of 2001; checking balances were up 19 percent, savings balances were up 27 percent, and money market balances were up 11 percent. Certificates of deposit continued to decline during the 2002 first quarter, due to TCF's disciplined pricing and its availability of other lower-cost funding sources.

_
                        Average Balances and Rates for the
                           Three Months Ended March 31,
    ($ in thousands)            2002          2001        Change     %Change
    Checking                 $2,495,581    $2,102,235    $393,346      18.7%
    Savings                   1,381,574     1,087,495     294,079      27.0
    Money market                950,603       859,865      90,738      10.6
      Subtotal                4,827,758     4,049,595     778,163      19.2
    Certificates              2,214,547     2,763,152    (548,605)    (19.9)
      Power Liabilities      $7,042,305    $6,812,747    $229,558       3.4
_
    Number of checking
     accounts, period-end     1,284,044     1,161,809     122,235      10.5
    Average rate on deposits       1.39%         2.96%       (157)bps   N/A

Supermarket Banking

"Our supermarket branch network continues its strong performance; we have generated 41 percent growth in checking, savings and money market deposits and 30 percent net gain in consumer loans during the past twelve months," said Cooper. Total supermarket banking fees and other revenues for the first quarter of 2002 were $33.3 million, an increase of $3.7 million, or 12 percent over the first quarter of 2001. TCF now has 236 full-service supermarket branches, and the fourth largest supermarket banking franchise in the country.

_
                                      At March 31,
    ($ in thousands)               2002         2001      Change     %Change
    Number of branches                236          215         21       9.8%
    Number of deposit accounts    773,370      677,856     95,514      14.1
    Deposits:
      Checking                   $677,043     $536,847   $140,196      26.1
      Savings                     336,208      155,897    180,311     115.7
      Money market                125,098      115,746      9,352       8.1
        Subtotal                1,138,349      808,490    329,859      40.8
      Certificates                246,277      344,473    (98,196)    (28.5)
        Total Power
         Liabilities           $1,384,626   $1,152,963   $231,663      20.1
_
    Average rate on deposits         1.11%        2.34%      (123)bps   N/A
    Consumer loans outstanding   $322,320     $247,624    $74,696      30.2
    Total fees and other
     revenues (quarter-to-date)    33,316       29,636      3,680      12.4

Non-interest Expense

Non-interest expense (excluding the amortization of goodwill in 2001) totaled $131.3 million for the 2002 first quarter, a 13 percent increase from the 2001 first quarter. The increase was primarily due to costs associated with our de novo expansion and the addition of lenders and sales representatives in all of our businesses.

_
                                              At March 31,
    ($ in thousands)                         2002      2001    Change %Change
_
    Compensation and employee benefits     $72,346   $62,764   $9,582  15.3%
    Occupancy and equipment                 20,262    19,591      671   3.4
    Advertising and promotions               5,330     5,268       62   1.2
    Other                                   33,359    28,389    4,970  17.5
      Subtotal                             131,297   116,012   15,285  13.2
    Amortization of goodwill                    --     1,944   (1,944)   --
        Total non-interest expense        $131,297  $117,956  $13,341  11.3

Credit Quality

At March 31, 2002, TCF's allowance for loan and lease losses totaled $75.5 million, or .93 percent of loans and leases, compared with $68.1 million, or .81 percent at March 31, 2001 and $75 million, or .91 percent at December 31, 2001. Net loan and lease charge-offs were $8.7 million, or .43 percent (annualized) of average loans and leases, in the 2002 first quarter, compared with $958 thousand, or .05 percent (annualized), respectively, in the 2001 first quarter. Commercial lending net charge-offs were $5 million during the first quarter of 2002, compared with net recoveries of $96 thousand for the same period in 2001. The commercial lending charge-offs included $3.6 million related to $7.4 million of loans to a banking customer in the transportation industry, which has been severely impacted by the economic slow-down. Leasing and equipment finance net charge-offs were $2.4 million, or .99 percent (annualized) of related average loans and leases, during the 2002 first quarter, compared with $656 thousand, or .30 percent (annualized), for the same 2001 period. The charge-offs in the leasing and equipment finance portfolio, during the first quarter of 2002, were primarily in the discontinued truck and trailer division. At March 31, 2002, TCF's over-30-day delinquency rate was .55 percent, down from .57 percent at December 31, 2001. The over-30-day delinquency rate for the leasing and equipment finance portfolio was 1.45 percent at March 31, 2002, down from 1.84 percent at year-end 2001. Non-accrual loans and leases were $49.7 million, or .62 percent of net loans and leases, at March 31, 2002, compared with $52 million, or .64 percent, at December 31, 2001.

_
                                                    Three Months Ended
                                                          March 31,
    ($ in thousands)                               2002              2001
    Allowance for loan and lease losses:
      Balance at beginning of period             $75,028           $66,669
        Provision for credit losses                9,154             2,425
        Charge-offs                               (9,882)           (2,259)
        Recoveries                                 1,156             1,301
          Net charge-offs                         (8,726)             (958)
          Balance at end of period               $75,456           $68,136
_
      Allowance for loan and lease losses
       as a percentage of total loans and
       leases                                       0.93%             0.81%
_ 
     Annualized net loan and lease
       charge-offs as a percentage of average
       total loans and leases                       0.43%             0.05%

Mortgage Banking

TCF's mortgage banking operations closed $574.8 million in loans during the first quarter of 2002, up from $395.5 million in the first quarter 2001. Mortgage banking revenues were $3.7 million in first quarter 2002, compared with $2.5 million in first quarter 2001, reflecting the increased loan origination and sale activity. TCF is experiencing a decrease in refinance transactions, consistent with industry trends, which is reflected in the decrease in mortgage applications in process.

_
                                       At March 31,  At December 31,
    ($ in thousands)                        2002          2001      Change
    Third-party servicing portfolio    $4,951,672    $4,679,355   $272,317
      Weighted average coupon rate           7.03%         7.13%       (10)bps
    Mortgage applications in process     $444,189      $606,676  $(162,487)
    Mortgage servicing rights             $62,771       $58,261     $4,510
      Mortgage servicing rights as
       percentage of servicing portfolio     1.27%         1.25%         2 bps
_
                                            Three Months Ended
                                                 March 31,
    ($ in thousands)                        2002          2001
    Servicing income                       $4,646        $3,760
    Mortgage servicing amortization and
     impairment                            (3,925)       (2,504)
      Net servicing income                    721         1,256
    Gains on sales of loans                 2,144           594
    Other income                              793           669
      Total mortgage banking               $3,658        $2,519

Income Taxes

TCF recorded income tax expense of $30.7 million for the first quarter of 2002, or 35.3% of income before income tax expense, compared with $29.2 million, or 37.8% of income before income tax expense, for the comparable 2001 period. The lower effective tax rate in 2002 primarily reflects the effect of the change in accounting for goodwill and lower state income taxes.

Capital

TCF repurchased 478,797 shares of its common stock during the 2002 first quarter at an average cost of $49.65 per share. TCF has 6.2 million shares remaining in its stock repurchase program authorized by its Board of Directors. Since 1997, TCF has repurchased 19 million shares of its stock, at an average cost of $29.56 per share.

    ($ in thousands, except per-share data)
                                        At March 31, 2002 At December 31, 2001
_
    Stockholders' equity                  $921,847          $917,033
    Tangible equity                       $767,559          $762,327
    Stockholders' equity to total assets      8.25%             8.07%
    Tangible equity to total assets           6.87%             6.71%
    Book value per common share             $12.05            $11.92
    Tangible book value per common share    $10.04             $9.91
_
    Total risk-based capital              $847,348  11.44%  $833,821  11.26%
    Total risk-based capital
     requirement                          $592,309   8.00%  $592,520   8.00%

Website Information

A live webcast of TCF's conference call to discuss first quarter earnings will be hosted at TCF's website, http://www.tcfexpress.com , on April 17, 2002 at 10:00 a.m., CDT. The website also includes access to company news releases, TCF's annual report, quarterly reports, investor presentations and SEC filings.

TCF is a Wayzata, Minnesota-based national financial holding company with $11.2 billion in assets. TCF has more than 375 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana. Other TCF affiliates provide leasing and equipment finance, mortgage banking, discount brokerage and investments and insurance sales.

This earnings release contains "forward-looking" statements that deal with future results, plans or performance. In addition, TCF's management may make such statements orally to the media, or to securities analysts, investors or others. Forward-looking statements deal with matters that do not relate strictly to historical facts. TCF's future results may differ materially from historical performance and forward-looking statements about TCF's expected financial results or other plans are subject to a number of risks and uncertainties. These include but are not limited to possible legislative changes and adverse economic, business and competitive developments such as shrinking interest margins; deposit outflows; reduced demand for financial services and loan and lease products; changes in accounting policies and guidelines, or monetary and fiscal policies of the federal government; changes in credit and other risks posed by TCF's loan, lease and investment portfolios; technological, computer-related or operational difficulties; adverse changes in securities markets; results of litigation or other significant uncertainties. The terrorist attacks on September 11, 2001 and related subsequent developments, have had an adverse impact on the United States' economy and could have a continuing adverse impact on the economy and the Company's business, most likely by reducing capital and consumer spending. Such developments could result in decreased demand for TCF's products and services, and increased credit losses. Investors should consult TCF's Annual Report to Shareholders and periodic reports on Forms 10-Q, 10-K and 8-K for additional important information about the Company.

_
                  TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF INCOME
                    (In thousands, except per-share data)
                                 (Unaudited)
_
                                       Three Months Ended
                                            March 31,
                                         2002      2001     Change  % Change
    Interest income:
      Loans and leases                 $151,751  $180,268  $(28,517)  (15.8)%
      Securities available for sale      24,591    25,001      (410)   (1.6)
      Loans held for sale                 6,320     4,996     1,324    26.5
      Investments                         1,709     2,296      (587)  (25.6)
        Total interest income           184,371   212,561   (28,190)  (13.3)
    Interest expense:
      Deposits                           24,500    50,357   (25,857)  (51.3)
      Borrowings                         35,347    48,413   (13,066)  (27.0)
        Total interest expense           59,847    98,770   (38,923)  (39.4)
          Net interest income           124,524   113,791    10,733     9.4
    Provision for credit losses           9,154     2,425     6,729     N.M.
        Net interest income after
         provision for credit losses    115,370   111,366     4,004     3.6
    Non-interest income:
      Fees and service charges           47,243    43,451     3,792     8.7
      Electronic funds transfer
       revenues                          21,209    19,438     1,771     9.1
      Leasing and equipment finance      14,796     8,220     6,576    80.0
      Mortgage banking                    3,658     2,519     1,139    45.2
      Investments and insurance           3,221     2,735       486    17.8
      Other                               4,797     4,378       419     9.6
        Fees and other revenues          94,924    80,741    14,183    17.6
      Gains on sales of branches          1,962     3,316    (1,354)  (40.8)
      Gains on sales of securities
       available for sale                 6,044        --     6,044   100.0
        Other non-interest income         8,006     3,316     4,690   141.4
          Total non-interest income     102,930    84,057    18,873    22.5
    Non-interest expense:
      Compensation and employee
       benefits                          72,346    62,764     9,582    15.3
      Occupancy and equipment            20,262    19,591       671     3.4
      Advertising and promotions          5,330     5,268        62     1.2
      Amortization of goodwill               --     1,944    (1,944) (100.0)
      Other                              33,359    28,389     4,970    17.5
        Total non-interest expense      131,297   117,956    13,341    11.3
          Income before income tax
           expense                       87,003    77,467     9,536    12.3
    Income tax expense                   30,686    29,244     1,442     4.9
          Net income                    $56,317   $48,223    $8,094    16.8
_
    Net income per common share:
      Basic                                $.75      $.62      $.13    21.0
      Diluted                              $.75      $.62      $.13    21.0
_
    Dividends declared per common
     share                               $.2875      $.25    $.0375    15.0
_
    Average common and common
     equivalent shares outstanding:
      Basic                              74,953    77,174    (2,221)   (2.9)
      Diluted                            75,314    78,147    (2,833)   (3.6)
_
                  TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                (Dollars in thousands, except per-share data)
                                 (Unaudited)
_
                                    ASSETS
_
                                At              At
                             March 31,      December 31,
                               2002            2001         $ Change  % Change
_
    Cash and due from banks   $341,622        $386,700      $(45,078) (11.7)%
    Investments                153,966         155,942        (1,976)  (1.3)
    Securities
     available for sale      1,556,798       1,584,661       (27,863)  (1.8)
    Loans held for sale        416,413         451,609       (35,196)  (7.8)
    Loans and leases:
     Consumer                2,565,920       2,509,333        56,587    2.3
     Commercial real
      estate                 1,721,038       1,622,461        98,577    6.1
     Commercial
      business                 438,697         422,381        16,316    3.9
     Leasing and
      equipment finance        967,675         956,737        10,938    1.1
       Subtotal              5,693,330       5,510,912       182,418    3.3
     Residential real
      estate                 2,458,431       2,733,290      (274,859) (10.1)
       Total loans and
        leases               8,151,761       8,244,202       (92,441)  (1.1)
       Allowance for
        loan and lease
        losses                 (75,456)        (75,028)          428    0.6
         Net loans and
          leases             8,076,305       8,169,174       (92,869)  (1.1)
    Premises and
     equipment, net            224,159         215,237         8,922    4.1
    Goodwill                   145,462         145,462            --     --
    Deposit base
     intangibles                 8,826           9,244          (418)  (4.5)
    Other assets               247,032         240,686         6,346    2.6
                           $11,170,583     $11,358,715     $(188,132)  (1.7)
_
                     LIABILITIES AND STOCKHOLDERS' EQUITY
_
    Deposits:
      Checking              $2,675,060      $2,536,865      $138,195     5.4
      Savings                1,486,089       1,290,816       195,273    15.1
      Money market             947,345         951,033        (3,688)   (0.4)
        Subtotal             5,108,494       4,778,714       329,780     6.9
      Certificates           2,185,478       2,320,244      (134,766)   (5.8)
        Total deposits       7,293,972       7,098,958       195,014     2.7
    Short-term borrowings      324,575         719,859      (395,284)  (54.9)
    Long-term borrowings     2,286,137       2,303,166       (17,029)   (0.7)
        Total borrowings     2,610,712       3,023,025      (412,313)  (13.6)
    Accrued expenses and
     other liabilities         344,052         319,699        24,353     7.6
        Total liabilities   10,248,736      10,441,682      (192,946)   (1.8)
    Stockholders' equity:
      Common stock, par
       value $.01 per share,
       280,000,000 shares
       authorized;
       92,657,300 and
       92,719,544 shares
       issued                      927             927            --      --
      Additional paid-in
       capital                 520,199         520,940          (741)   (0.1)
      Retained earnings,
       subject to certain
       restrictions            999,980         965,454        34,526     3.6
      Accumulated other
       comprehensive
       income (loss)            (1,871)          6,229        (8,100)   N.M.
      Treasury stock at cost,
       16,183,703 and
       15,787,716 shares,
       and other              (597,388)       (576,517)      (20,871)    3.6
          Total
           stockholders'
           equity              921,847         917,033         4,814     0.5
                           $11,170,583     $11,358,715     $(188,132)   (1.7)
_
                  TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                             CREDIT QUALITY DATA
                            (Dollars in thousands)
                                 (Unaudited)
_
    Allowance for loan and lease losses:
                              At or For the Three Months Ended March 31, 2002
                                                           Net
                                               Allowance Charge-
                         Total Loans           as a % of  offs (Recoveries)(a)
                         and Leases  Allowance Portfolio    $        %
      Consumer           $2,565,920   $8,223       .32%    $915      .15
      Commercial real
       estate             1,721,038   23,921      1.39      439      .10
      Commercial business   438,697   12,054      2.75    4,996     4.63
      Leasing and equipment
       finance              967,675   13,147      1.36    2,378      .99
      Unallocated                --   16,139       n/a       --      n/a
        Subtotal          5,693,330   73,484      1.29    8,728      .62
      Residential real
       estate             2,458,431    1,972       .08       (2)      --
        Total            $8,151,761  $75,456       .93   $8,726      .43
_
                                  At or For the Year Ended December 31, 2001
                                                           Net
                                               Allowance Charge-
                         Total Loans           as a % of  offs (Recoveries)
                         and Leases  Allowance Portfolio    $        %
      Consumer           $2,509,333   $8,355       .33%  $3,118      .13
      Commercial real
       estate             1,622,461   24,459      1.51       19       --
      Commercial business   422,381   12,117      2.87      236      .06
      Leasing and
       equipment finance    956,737   11,774      1.23    9,145     1.00
      Unallocated                --   16,139       n/a       --      n/a
        Subtotal          5,510,912   72,844      1.32   12,518      .24
      Residential real
       estate             2,733,290    2,184       .08        1       --
        Total            $8,244,202  $75,028       .91  $12,519      .15
_
    Non-performing assets:                   At        At
                                         March 31, December 31,
                                            2002      2001   $Change %Change
      Non-accrual loans and leases:
        Consumer                           $15,256  $16,473  $(1,217)  (7.4)%
        Commercial real estate               4,885   11,135   (6,250) (56.1)
        Commercial business                  5,100    3,550    1,550   43.7
        Leasing and equipment finance, net  17,022   11,723    5,299   45.2
        Residential real estate              7,292    6,959      333    4.8
          Total non-accrual loans and
           leases, net                      49,555   49,840     (285)  (0.6)
        Non-recourse discounted lease
         rentals                               189    2,134   (1,945) (91.1)
          Total non-accrual loans and
           leases, gross                    49,744   51,974   (2,230)  (4.3)
      Other real estate owned:
        Commercial real estate               7,779    1,825    5,954  326.2
        Residential real estate             12,983   12,830      153    1.2
          Total other real estate owned     20,762   14,655    6,107   41.7
        Total non-performing assets, gross $70,506  $66,629   $3,877    5.8
_
        Total non-performing assets, net   $70,317  $64,495  $ 5,822    9.0
_
    Delinquency data(b):                    At March 31,     At December 31,
                                                2002              2001
_
                                        Principal   % of   Principal   % of
                                         Balances Portfolio Balances Portfolio
      Consumer                            $16,718    .66%    $17,939    .72%
      Commercial real estate                  790    .05         538    .03
      Commercial business                     868    .20         526    .13
      Leasing and equipment finance        13,819   1.45      17,393   1.84
      Residential real estate              12,112    .49      10,377    .38
         Total                            $44,307    .55     $46,773    .57
_
    (a)  Annualized.
    (b)  Excludes non-accrual loans and leases.
_
                  TCF FINANCIAL CORPORATION AND SUBSIDIARIES
            CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
                            (Dollars In Thousands)
                                 (Unaudited)
_
                                             Three Months Ended March 31, 2002
                                               Average              Yields and
                                               Balance     Interest  Rates (a)
    Assets:
        Investments                            $155,725      $1,709    4.39%
        Securities available for sale         1,513,146      24,591    6.50
        Loans held for sale                     440,661       6,320    5.74
        Loans and leases:
          Consumer                            2,520,258      50,691    8.05
          Commercial real estate              1,682,801      28,837    6.85
          Commercial business                   431,542       5,736    5.32
          Leasing and equipment finance         961,006      21,943    9.13
            Subtotal                          5,595,607     107,207    7.66
          Residential real estate             2,599,509      44,544    6.85
            Total loans and leases            8,195,116     151,751    7.41
_
              Total interest-earning assets  10,304,648     184,371    7.16
_
        Other assets                            901,718
_
          Total assets                      $11,206,366
_
    Liabilities and Stockholders' Equity:
        Non-interest bearing deposits        $1,760,182
        Interest-bearing deposits:
          Checking                              873,251         370    0.17
          Savings                             1,243,722       2,418    0.78
          Money market                          950,603       2,660    1.12
            Subtotal                          3,067,576       5,448    0.71
          Certificates                        2,214,547      19,052    3.44
            Total interest-bearing
             deposits                         5,282,123      24,500    1.86
_
              Total deposits                  7,042,305      24,500    1.39
_
        Borrowings:
          Short-term borrowings                 622,003       2,753    1.77
          Long-term borrowings                2,289,309      32,594    5.69
              Total borrowings                2,911,312      35,347    4.86
_
          Total deposits and borrowings       9,953,617      59,847    2.41
_
        Other liabilities                       339,894
_
          Total liabilities                  10,293,511
_
        Stockholders' equity                    912,855
_
          Total liabilities and
              stockholders' equity          $11,206,366
_
    Net interest income and margin                         $124,524    4.83%

(a) Annualized.

_
                  TCF FINANCIAL CORPORATION AND SUBSIDIARIES
            CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
                            (Dollars In Thousands)
                                 (Unaudited)

_

                                            Three Months Ended March 31, 2001
                                             Average               Yields and
                                             Balance      Interest  Rates (a)
    Assets:
      Investments                            $145,135      $2,296     6.33%
      Securities available for sale         1,511,908      25,001     6.61
      Loans held for sale                     285,464       4,996     7.00
      Loans and leases:
        Consumer                            2,247,686      55,300     9.84
        Commercial real estate              1,393,839      28,767     8.26
        Commercial business                   402,666       8,583     8.53
        Leasing and equipment finance         879,272      23,010    10.47
          Subtotal                          4,923,463     115,660     9.40
        Residential real estate             3,586,981      64,608     7.20
          Total loans and leases            8,510,444     180,268     8.47
_
            Total interest-earning
             assets                        10,452,951     212,561     8.13
_
      Other assets                            844,279
_
        Total assets                      $11,297,230
_
    Liabilities and Stockholders' Equity:
      Non-interest bearing deposits        $1,457,149
      Interest-bearing deposits:
        Checking                              748,935       1,107     0.59
        Savings                               983,646       2,480     1.01
        Money market                          859,865       6,995     3.25
          Subtotal                          2,592,446      10,582     1.63
        Certificates                        2,763,152      39,775     5.76
          Total interest-bearing deposits   5,355,598      50,357     3.76
_
            Total deposits                  6,812,747      50,357     2.96
_
      Borrowings:
        Short-term borrowings                 964,627      13,941     5.78
        Long-term borrowings                2,340,160      34,472     5.89
            Total borrowings                3,304,787      48,413     5.86
_
        Total deposits and borrowings      10,117,534      98,770     3.90
_
      Other liabilities                       284,213
_
        Total liabilities                  10,401,747
_
      Stockholders' equity                    895,483
_
        Total liabilities and
            stockholders' equity          $11,297,230
_
    Net interest income and margin                       $113,791     4.35%
_
    (a)  Annualized.
CONTACT:          Jason Korstange, +1-952-745-2755, or Patricia Quaal,
                  +1-952-745-2758, both of TCF Financial Corporation

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