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Press Release

TCF Reports Record First Quarter Earnings and EPS ($.83, up 11 percent)

Company Release - 4/16/2003 8:31 AM ET
     FIRST QUARTER HIGHLIGHTS

     -- Record diluted earnings per share of 83 cents, up 11 percent
     -- Record net income of $60.1 million, up 7 percent
     -- Return on average assets of 1.99 percent
     -- Return on average common equity of 24.70 percent
     -- Average Power Assets(R) increased $778.2 million, or 14 percent, from
        the first quarter of 2002
     -- Net loan and lease charge-offs were $1.9 million, or .09 percent
        (annualized) of average loans and leases
     -- Opened three new branches; plan to open 21 more new branches during
        the remainder of 2003
     -- Average low-cost checking, savings and money market deposits increased
        $974.4 million, or 20 percent, from the first quarter of 2002
     -- Increased checking accounts by 20,281 to 1,358,594 during the first
        quarter

     EARNINGS SUMMARY
     ($ in thousands, except per-share data)
                                                Three Months
                                               Ended March 31,
                                              2003        2002      Change

     Net income                             $60,127    $56,317        6.8%
     Diluted earnings per common share         0.83       0.75       10.7

     Financial Ratios
     Return on average assets                  1.99%      2.01%
     Return on average common equity          24.70      24.68
     Net interest margin                       4.45       4.83

WAYZATA, Minn., April 16 /PRNewswire-FirstCall/ -- TCF Financial Corporation (TCF) (NYSE: TCB) today reported record diluted earnings per share of 83 cents for the 2003 first quarter, up 11 percent from 75 cents for the same period in 2002. Net income was a record $60.1 million for the first quarter of 2003, up 7 percent from the same period in 2002. For the first quarter of 2003, return on average assets was 1.99 percent and return on average common equity was 24.70 percent, essentially unchanged from the same period in 2002.

Chairman's Statement

"In this time of economic uncertainty, TCF remains focused on its proven strategy of growing and cultivating our franchise," said William A. Cooper, Chairman and CEO, "and we've delivered yet another solid quarter of results."

    Total Revenue
                                       Three Months
    ($ in thousands)                 Ended March 31,
                                      2003       2002      $ Change  % Change

     Net interest income           $122,412   $124,524    $(2,112)     (1.7)%
     Fees and other revenue:
       Fees and service charges      54,414     47,547      6,867      14.4
       Debit card revenue            12,914     10,092      2,822      28.0
       ATM revenue                   10,415     10,813       (398)     (3.7)
       Investments and insurance
        commissions                   3,520      3,232        288       8.9
         Total banking fees and
          other revenue              81,263     71,684      9,579      13.4
      Leasing and equipment finance  13,607     14,796     (1,189)     (8.0)
      Mortgage banking                 (430)     3,658     (4,088)      N.M.
      Other                           2,076      4,786     (2,710)    (56.6)
        Total fees and other revenue 96,516     94,924      1,592       1.7
          Top-line revenue          218,928    219,448       (520)     (0.2)
     Gains on sales of securities
      available for sale             21,137      6,044     15,093       N.M.
     Gains (losses) on termination
      of debt                        (6,576)         -     (6,576)      N.M.
     Gains on sales of branches           -      1,962     (1,962)      N.M.
        Subtotal                     14,561      8,006      6,555      81.9
          Total revenue            $233,489   $227,454     $6,035       2.7

     Net interest margin               4.45%      4.83%
     Fees and other revenue as a
      % of top-line revenue           44.09      43.26
     Fees and other revenue as a
      % average assets                 3.20       3.39

     N.M.  Not meaningful.

    Net Interest Income

TCF's net interest income decreased $2.1 million, or 2 percent, to $122.4 million in the first quarter of 2003, compared with $124.5 million for the same 2002 period. Net interest margin in the first quarter was 4.45 percent, compared with 4.83 percent last year and 4.59 percent in the fourth quarter of 2002. The decline in both net interest income and net interest margin is primarily the result of continued low interest rates and the resulting prepayment and refinancing of higher yielding assets. "With interest rates at record low levels, our strategy is to sell higher coupon mortgage-backed securities, with higher prepayment rates, and realize the gains. We will wait for interest rates to rise before reinvesting in securities with long maturities. At current interest rates levels, we believe it is better to be a seller rather than a buyer of long-term fixed rate securities. While this strategy will negatively impact our net interest income in the short term, we believe it to be the best long-term strategy," said Cooper. During the 2003 first quarter, TCF realized gains of $21.1 million. At March 31, 2003, the unrealized gain on TCF's mortgage-backed securities available for sale portfolio was $49.4 million.

Interest Rate Risk

TCF's one-year interest rate gap (the difference between interest-earning assets and interest-bearing liabilities repricing or maturing within the next twelve months) was a positive $833.7 million, or 7 percent of total assets, at March 31, 2003, compared with a positive $1.1 billion, or 9 percent of total assets, at December 31, 2002. Although the one-year gap is subject to a number of assumptions and is only one of a number of interest rate risk measurements, TCF believes the interest-rate gap is an important indication of its exposure to interest-rate risk. The positive one-year gap is largely the result of the current low interest rate environment in which TCF and the banking industry as a whole are experiencing sharp increases in prepayments of higher-yielding mortgage-backed securities, residential real estate loans and fixed-rate consumer and commercial real estate loans. Also impacting the gap is significant customer demand for variable-rate consumer and commercial loan products, in addition to the growth in deposits, resulting in reduced variable-rate borrowings. If interest rates remain at current levels or fall further, the net interest margin will compress and net interest income may decline.

Non-interest Income

Total non-interest income was $111.1 million for the first quarter of 2003, up $8.1 million, or 8 percent, from the 2002 first quarter. Banking fees and other revenue increased $9.6 million, or 13 percent during the quarter as a result of TCF's expanding branch network and customer base. Leasing and equipment finance revenue was $13.6 million for the first three months of 2003, down $1.2 million from the same period of 2002. The decline in leasing and equipment finance revenue was the result of fewer sales-type leasing transactions, which fluctuate from quarter to quarter based on customer driven factors not within the control of TCF. Mortgage banking revenue decreased $4.1 million and was a negative $430 thousand in the first quarter of 2003, compared with revenue of $3.7 million for the same 2002 period, resulting from a $13.4 million increase in amortization and impairment of mortgage servicing rights.

During the 2003 first quarter, TCF took advantage of market conditions and sold $532.2 million of mortgage-backed securities and realized gains of $21.1 million. In addition, and in connection with these securities sales, TCF prepaid $150 million of higher cost Federal Home Loan Bank ("FHLB") advances and recorded losses on termination of debt of $6.6 million. The prepayment of higher cost FHLB advances reduces future interest expense. TCF may, from time to time, sell additional mortgage-backed securities at gains as market conditions warrant.

New Branch Expansion

    TCF opened three new branches during the first quarter of 2003, one in a
Jewel-Osco(R) store in Illinois and two in Cub Foods(R) stores in Minnesota.
TCF has now opened 223 new branches since January 1998 -- these branches
comprise 57 percent of all TCF branches.  TCF currently has 392 branches,
including 241 full service branches in supermarkets and has new branches under
development in each of its markets.  TCF plans to open 21 more new branches
during the remainder of 2003, consisting of 18 traditional branches and three
supermarket branches.

                                At March 31,     At March 31, At December 31,
     (# of branches)                2003             2002              1997

     Minnesota                       96               90               75
     Illinois                       188              179               47
     Wisconsin                       35               33               28
     Michigan                        53               56               60
     Colorado                        15               13                7
     Indiana                          5                5                0
                                    392              376              217

    Power Assets(R)

TCF's Power Asset lending operations continue to generate strong growth. TCF's consumer loan average balances increased $527.5 million, or 21 percent, and commercial real estate loan average balances have increased $165.3 million, or 10 percent, from the first quarter of 2002. "Our consumer home equity lending business had strong growth in the first quarter of 2003," said Cooper, "and our commercial real estate and leasing and equipment finance businesses also grew despite the continued difficult business climate."

                            Average Balances for the
                            Three Months Ended March 31,
     ($ in thousands)           2003           2002        $ Change  % Change
     Loans and leases*:
       Consumer             $3,047,799     $2,520,258      $527,541    20.9%
       Commercial real
        estate               1,848,125      1,682,801       165,324     9.8
       Commercial business     438,681        431,542         7,139     1.7
       Leasing and equipment
        finance              1,039,213        961,006        78,207     8.1
       Power Assets         $6,373,818     $5,595,607      $778,211    13.9

     *Excludes residential real estate loans and loans held for sale.

    Power Liabilities(R)

"In this highly competitive environment, TCF continued to increase its checking account base in the first quarter of 2003 by 20,281 accounts to 1,358,594," said Cooper. Average Power Liabilities totaled $7.7 billion for the first quarter of 2003 with an average rate paid on these deposits of .96 percent, down 43 basis points from the same period in 2002. Checking, savings and money market average balances increased $974.4 million, or 20 percent, from the first quarter of 2002; checking balances increased 15 percent, savings balances increased 49 percent, and money market balances decreased 7 percent. In this low interest rate environment, TCF continued to experience a decline in certificates of deposit, as other lower-cost funding sources were available to TCF.

                       Average Balances and Rates for the
                            Three Months Ended March 31,
     ($ in thousands)            2003         2002       $ Change    % Change

     Checking                $2,858,113    $2,495,581    $362,532      14.5%
     Savings                  2,057,542     1,381,574     675,968      48.9
     Money market               886,552       950,603     (64,051)     (6.7)
       Subtotal               5,802,207     4,827,758     974,449      20.2
     Certificates             1,901,136     2,214,547    (313,411)    (14.2)
       Power Liabilities     $7,703,343    $7,042,305    $661,038       9.4

     Number of checking
      accounts, period-end    1,358,594     1,284,044      74,550       5.8

     Average rate on deposits       .96%        1.39%         (43)bps   N/A

     N/A Not applicable.

    Supermarket Banking

"Our position as the most convenient bank in our markets is enhanced by our supermarket branches. Open seven days a week with extended hours and 363 days a year, we offer our customers one-stop banking and shopping that fits their busy schedules," said Cooper. TCF's supermarket operation experienced a 23 percent increase in average deposits during the first quarter of 2003, compared with the first quarter of 2002, and a 16 percent gain in average consumer loans outstanding. Total supermarket banking fees and other revenue for the first quarter of 2003 were $38.4 million, an increase of $5.1 million, or 15 percent over the first quarter of 2002. TCF now has 241 full-service supermarket branches, and is the fourth largest supermarket banking branch system in the country.

In the 2003 first quarter, TCF closed five branches in Michigan when Kmart closed certain stores in that market and one other supermarket branch in Colorado. The accounts in these branches were transferred to other nearby TCF branches. In conjunction with these branch closures, TCF wrote off $711 thousand in leasehold improvements.

                           At or For the Quarter Ended
                                     March 31,
     ($ in thousands)           2003          2002       $ Change    % Change
     Number of branches
      (period-end)                241            236            5       2.1%
     Number of deposit accounts
      (period-end)            825,935        773,370       52,565       6.8
     Average Deposits:
       Checking              $718,736       $605,300     $113,436      18.7
       Savings                496,801        274,692      222,109      80.9
       Money market           107,556        127,606      (20,050)    (15.7)
         Subtotal           1,323,093      1,007,598      315,495      31.3
       Certificates           223,831        252,416      (28,585)    (11.3)
         Total Power
          Liabilities      $1,546,924     $1,260,014     $286,910      22.8


     Average rate on deposits     .73%          1.11%         (38)bps   N/A

     Average consumer loans
      outstanding            $362,428        $311,570     $50,858      16.3

     Total fees and other
      revenue                  38,423          33,316       5,107      15.3

     N/A Not applicable.


    Non-interest Expense

Non-interest expense totaled $138.4 million for the 2003 first quarter, a 5 percent increase from the 2002 first quarter. The increase was primarily due to costs associated with de novo expansion, higher levels of mortgage banking production and prepayment activity, additional advertising and promotions expense focused on the expansion and retention of TCF's deposit customer base, as well as the previously mentioned write-off of leasehold improvements related to closed supermarket branches.

                                   Three Months Ended
                                        March 31,
     ($ in thousands)                2003        2002     $ Change   % Change
     Compensation and employee
      benefits                     $76,599     $72,292    $4,307        6.0%
     Occupancy and equipment        21,599      20,262     1,337        6.6
     Advertising and promotions      6,353       5,330     1,023       19.2
     Deposit account losses          3,713       4,283      (570)     (13.3)
     Other                          30,167      29,130     1,037        3.6
       Total non-interest
        expense                   $138,431    $131,297    $7,134        5.4


    Credit Quality

The provision for credit losses was $2.7 million for the first three months of 2003, down from $9.2 million in the same period in 2002, reflecting the decline in net charge-offs, non-accrual loans and leases and delinquencies. At March 31, 2003, TCF's allowance for loan and lease losses totaled $77.8 million, or .97 percent of loans and leases, compared with $77 million, or .95 percent, at December 31, 2002. Net loan and lease charge- offs were $1.9 million, or .09 percent (annualized) of average loans and leases, in the 2003 first quarter, down from $8.7 million, or .43 percent (annualized), respectively in the first quarter of 2002. "TCF's credit quality was excellent in the first quarter of 2003 and reflects our emphasis on secured lending," said Cooper. Leasing and equipment finance net charge-offs were $971 thousand, or .37 percent (annualized) of related average loans and leases, during the 2003 first quarter down from $2.4 million, or .99 percent (annualized), for the 2002 first quarter. At March 31, 2003, TCF's over-30- day delinquency rate was .49 percent, down from .57 percent at December 31, 2002, driven by a $6.3 million decline in commercial real estate delinquencies during the quarter. The over-30-day delinquency rate for the leasing and equipment finance portfolio was 1.01 percent at March 31, 2003, essentially unchanged from December 31, 2002. Non-accrual loans and leases were $41 million, or .51 percent of net loans and leases, at March 31, 2003, down from $43.6 million, or .54 percent, at December 31, 2002. Total non- performing assets were $67.5 million, or .56 percent of total assets, at March 31, 2003, down from $70.2 million, or .58 percent, at December 31, 2002.

                                                      Three Months Ended
                                                            March 31,
     ($ in thousands)                                  2003           2002
     Allowance for loan and lease losses:
       Balance at beginning of period                $77,008        $75,028
         Net (charge-offs) recoveries:
             Consumer                                 (1,045)          (915)
             Commercial real estate                       (2)          (439)
             Commercial business                          84         (4,996)
             Leasing and equipment finance              (971)        (2,378)
             Residential real estate                      29              2
                   Total                              (1,905)        (8,726)
         Provision for credit losses                   2,710          9,154
     Balance at end of period                        $77,813        $75,456

     Allowance for loan and lease losses as
      a percentage of total loans and leases             .97%           .93%

     Annualized net loan and lease charge-offs as
      a percentage of average total loans and leases     .09%           .43%

    Mortgage Banking

TCF's mortgage banking operations funded $729.6 million in loans during the first quarter of 2003, up from $574.8 million in the first quarter of 2002, primarily reflecting continued record levels of refinance activity. Mortgage banking revenue decreased $4.1 million and was a negative $430 thousand in the first quarter of 2003, compared with revenue of $3.7 million for the same 2002 period. The decline in mortgage banking revenue resulted from an increase in amortization and impairment of mortgage servicing rights of $13.4 million, as TCF continued to experience strong refinance activity and high prepayments in the servicing portfolio. The increased amortization and impairment were partially offset by the increased loan production activity and the related increase in gains on sales of loans. TCF's third party servicing portfolio was $5.4 billion at March 31, 2003, an increase of $479.8 million, or 10 percent, from March 31, 2002. The related capitalized mortgage servicing rights asset was $53 million at March 31, 2003, or .97 percent of the servicing portfolio.

                                   At March 31,
     ($ in thousands)            2003         2002       $ Change   % Change

     Third-party servicing
      portfolio              $5,431,456   $4,951,672     $479,784     9.7%
     Weighted average note
      rate                         6.50%        7.03%                 (53)bps
     Mortgage applications
      in process               $763,969     $444,189     $319,780    72.0%
     Mortgage servicing
      rights                    $52,953      $62,771      $(9,818)  (15.6)
       - As a percentage of
          servicing portfolio      0.97%        1.27%                 (30)bps
       - As a multiple of
          service fees              3.0X         3.9X



                                     Three Months Ended
                                         March 31,
     ($ in thousands)                 2003       2002     $ Change   % Change
     Servicing income                $5,433     $4,646       $787      16.9%
     Less mortgage servicing:
       Amortization                   7,801      3,925      3,876      98.8
       Impairment                     9,500          -      9,500       N.M.
         Subtotal                    17,301      3,925     13,376       N.M.
           Net servicing
            income (loss)           (11,868)       721    (12,589)      N.M.
     Gains on sales of loans         10,626      2,144      8,482       N.M.
     Other income                       812        793         19       2.4
         Total mortgage banking       $(430)    $3,658    $(4,088)      N.M

     N.M.  Not meaningful.


    Income Taxes

TCF's income tax expense was $32.2 million for the first quarter of 2003, or 34.9% of income before income tax expense, compared with $30.7 million, or 35.3% of income before income tax expense, for the comparable 2002 period.

Capital

TCF repurchased 757,097 shares of its common stock during the 2003 first quarter at an average cost of $41.72 per share. TCF has 2.8 million shares remaining in its stock repurchase program authorized by its Board of Directors. Since 1997, TCF has repurchased 22.4 million shares of its stock, at an average cost of $32.05 per share.

     ($ in thousands, except        At March 31,            At December 31,
       per-share data)                 2003                      2002

     Stockholders' equity      $971,413                  $977,020
     Tangible equity           $818,795                  $823,985
     Stockholders' equity to
      total assets                 8.01%                     8.01%
     Tangible equity to total
      assets                       6.75%                     6.75%
     Book value per common share $13.29                    $13.23
     Tangible book value per
      common share               $11.20                    $11.16

     Total risk-based
      capital                  $864,199    11.09%        $850,694    10.95%
     Total risk-based capital
      requirement              $623,218     8.00%        $621,657     8.00%

    Website Information

A live webcast of TCF's conference call to discuss first quarter earnings will be hosted at TCF's website, www.tcfexpress.com, on April 16, 2003 at 10:00 a.m., CDT. Additionally, the webcast is available for replay at TCF's website after the conference call. The website also includes free 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 $12.1 billion in assets. TCF has more than 390 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana. Other TCF affiliates provide leasing and equipment finance, mortgage banking, brokerage, and investments and insurance sales.

Forward-looking Information

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; ability to increase the number of checking accounts and the possibility that deposit account losses (fraudulent checks, etc.) may increase; reduced demand for financial services and loan and lease products; adverse developments affecting TCF's supermarket banking relationships or any of the supermarket chains in which TCF maintains supermarket branches; 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; the risk that TCF could be unable to effectively manage the volatility of its mortgage banking business, which could adversely affect earnings; results of litigation or other significant uncertainties. 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,
                                         2003      2002    $ Change % Change
    Interest income:
      Loans and leases                 $131,721  $151,751  $(20,030)  (13.2)%
      Securities available for sale      33,764    24,591     9,173    37.3
      Loans held for sale                 5,226     6,320    (1,094)  (17.3)
      Investments                         1,403     1,709      (306)  (17.9)
        Total interest income           172,114   184,371   (12,257)   (6.6)
    Interest expense:
      Deposits                           18,477    24,500    (6,023)  (24.6)
      Borrowings                         31,225    35,347    (4,122)  (11.7)
        Total interest expense           49,702    59,847   (10,145)  (17.0)
          Net interest income           122,412   124,524    (2,112)   (1.7)
    Provision for credit losses           2,710     9,154    (6,444)  (70.4)
        Net interest income after
         provision for credit losses    119,702   115,370     4,332     3.8
    Non-interest income:
      Fees and service charges           54,414    47,547     6,867    14.4
      Debit card revenue                 12,914    10,092     2,822    28.0
      ATM revenue                        10,415    10,813      (398)   (3.7)
      Investments and insurance
       commissions                        3,520     3,232       288     8.9
        Subtotal                         81,263    71,684     9,579    13.4
      Leasing and equipment finance      13,607    14,796    (1,189)   (8.0)
      Mortgage banking                     (430)    3,658    (4,088)    N.M.
      Other                               2,076     4,786    (2,710)  (56.6)
        Fees and other revenue           96,516    94,924     1,592     1.7
      Gains on sales of securities
       available for sale                21,137     6,044    15,093     N.M.
      Gains (losses) on termination of
       debt                              (6,576)        -    (6,576) (100.0)
      Gains on sales of branches              -     1,962    (1,962) (100.0)
        Other non-interest income        14,561     8,006     6,555    81.9
          Total non-interest income     111,077   102,930     8,147     7.9
    Non-interest expense:
      Compensation and employee
       benefits                          76,599    72,292     4,307     6.0
      Occupancy and equipment            21,599    20,262     1,337     6.6
      Advertising and promotions          6,353     5,330     1,023    19.2
      Other                              33,880    33,413       467     1.4
        Total non-interest expense      138,431   131,297     7,134     5.4
          Income before income tax
           expense                       92,348    87,003     5,345     6.1
    Income tax expense                   32,221    30,686     1,535     5.0
          Net income                    $60,127   $56,317    $3,810     6.8

    Net income per common share:
      Basic                                $.83      $.75      $.08    10.7
      Diluted                              $.83      $.75      $.08    10.7

    Dividends declared per common share   $.325    $.2875    $.0375    13.0

    Average common and common equivalent
     shares outstanding:
      Basic                              72,021    74,953    (2,932)   (3.9)
      Diluted                            72,288    75,314    (3,026)   (4.0)

    N.M.  Not meaningful.


                  TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                (Dollars in thousands, except per-share data)
                                 (Unaudited)

                                       At               At              At
                                    March 31,       December 31,     March 31,
                                      2003             2002            2002

    ASSETS

    Cash and due from banks          $371,489        $416,397        $341,622
    Investments                       122,957         153,722         153,966
    Securities available for sale   2,442,724       2,426,794       1,556,798
    Loans held for sale               463,829         476,475         416,413
    Loans and leases:
      Consumer                      3,137,517       3,005,882       2,565,920
      Commercial real estate        1,858,070       1,835,788       1,721,038
      Commercial business             446,929         440,074         438,697
      Leasing and equipment
       finance                      1,042,663       1,039,040         967,675
        Subtotal                    6,485,179       6,320,784       5,693,330
      Residential real estate       1,568,430       1,800,344       2,458,431
        Total loans and leases      8,053,609       8,121,128       8,151,761
        Allowance for loan and
         lease losses                 (77,813)        (77,008)        (75,456)
          Net loans and leases      7,975,796       8,044,120       8,076,305
    Premises and equipment            248,697         243,452         224,159
    Goodwill                          145,462         145,462         145,462
    Deposit base intangibles            7,156           7,573           8,826
    Mortgage servicing rights          52,953          62,644          62,771
    Other assets                      296,209         225,430         184,261
                                  $12,127,272     $12,202,069     $11,170,583

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Deposits:
      Checking                     $3,070,512      $2,864,896      $2,675,060
      Savings                       2,108,587       2,041,723       1,486,089
      Money market                    888,996         884,614         947,345
        Subtotal                    6,068,095       5,791,233       5,108,494
      Certificates                  1,897,243       1,918,755       2,185,478
        Total deposits              7,965,338       7,709,988       7,293,972
    Short-term borrowings             774,603         842,051         324,575
    Long-term borrowings            1,993,287       2,268,244       2,286,137
        Total borrowings            2,767,890       3,110,295       2,610,712
    Accrued expenses and
     other liabilities                422,631         404,766         344,052
        Total liabilities          11,155,859      11,225,049      10,248,736
    Stockholders' equity:
      Common stock, par value
       $.01 per share,
       280,000,000 shares
       authorized; 92,539,643;
       92,638,937 and
       92,657,300 shares issued           925             926             927
      Additional paid-in capital      516,159         518,813         520,199
      Retained earnings, subject
       to certain restrictions      1,148,361       1,111,955         999,980
      Accumulated other
       comprehensive
       income (loss)                   31,462          46,102          (1,871)
      Treasury stock at cost,
       19,420,229; 18,783,051
       and 16,183,703 shares, and
       other                         (725,494)       (700,776)       (597,388)
          Total stockholders'
           equity                     971,413         977,020         921,847
                                  $12,127,272     $12,202,069     $11,170,583


                                                           % Change from
                                                  December 31,       March 31,
                                                      2002              2002

    ASSETS

    Cash and due from banks                          (10.8)%              8.7
    Investments                                      (20.0)             (20.1)
    Securities available for sale                       .7               56.9
    Loans held for sale                               (2.7)              11.4
    Loans and leases:
       Consumer                                        4.4               22.3
       Commercial real estate                          1.2                8.0
       Commercial business                             1.6                1.9
       Leasing and equipment finance                    .3                7.7
          Subtotal                                     2.6               13.9
       Residential real estate                       (12.9)             (36.2)
          Total loans and leases                       (.8)              (1.2)
          Allowance for loan and lease losses          1.0                3.1
             Net loans and leases                      (.8)              (1.2)
    Premises and equipment                             2.2               10.9
    Goodwill                                            -                  -
    Deposit base intangibles                          (5.5)             (18.9)
    Mortgage servicing rights                        (15.5)             (15.6)
    Other assets                                      31.4               60.8
                                                       (.6)               8.6
    LIABILITIES AND STOCKHOLDERS' EQUITY

    Deposits:
      Checking                                         7.2               14.8
      Savings                                          3.3               41.9
      Money market                                      .5               (6.2)
        Subtotal                                       4.8               18.8
      Certificates                                    (1.1)             (13.2)
        Total deposits                                 3.3                9.2
    Short-term borrowings                             (8.0)             138.7
    Long-term borrowings                             (12.1)             (12.8)
        Total borrowings                             (11.0)               6.0
    Accrued expenses and
     other liabilities                                 4.4               22.8
        Total liabilities                              (.6)               8.9
    Stockholders' equity:
      Common stock, par value $.01 per share,
        280,000,000 shares authorized; 92,539,643;
        92,638,937 and 92,657,300 shares issued        (.1)               (.2)
      Additional paid-in capital                       (.5)               (.8)
      Retained earnings, subject to certain
       restrictions                                    3.3               14.8
      Accumulated other comprehensive income (loss)  (31.8)              N.M.
      Treasury stock at cost, 19,420,229;
       18,783,051 and 16,183,703 shares, and other     3.5               21.4
          Total stockholders' equity                   (.6)               5.4
                                                       (.6)               8.6
    N.M.  Not meaningful.


                  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, 2003
                                                                    Net
                                                   Allowance    Charge-offs
                                                   as a % of        (A)
                                         Allowance Portfolio     $       %
       Consumer                             $8,505    .27 %   $1,045    .14
       Commercial real estate               24,388   1.31          2    -
       Commercial business                  13,868   3.10        (84)  (.08)
       Leasing and equipment finance        13,637   1.31        971    .37
       Unallocated                          16,139    n/a          -    n/a
           Subtotal                         76,537   1.18      1,934    .12
       Residential real estate               1,276    .08        (29)  (.01)
           Total                           $77,813    .97     $1,905    .09


    Allowance for loan and lease losses:

                                               At or For the Year Ended
                                                  December 31, 2002
                                                   Allowance       Net
                                                   as a % of   Charge-offs
                                         Allowance Portfolio     $       %
       Consumer                             $8,532    .28  %  $3,974    .15
       Commercial real estate               22,176   1.21      2,138    .12
       Commercial business                  15,910   3.62      5,898   1.35
       Leasing and equipment finance        12,881   1.24      7,966    .80
       Unallocated                          16,139    n/a          -    n/a
           Subtotal                         75,638   1.20     19,976    .34
       Residential real estate               1,370    .08         50      -
           Total                           $77,008    .95    $20,026    .25


    Non-performing assets:         At       At       At      $ Change from
                                 March   December  March   December   March
                                   31,      31,      31,      31,      31,
                                  2003     2002     2002     2002     2002
     Non-accrual loans and
      leases:
       Consumer                 $11,496  $11,163  $15,256     $333  $(3,760)
       Commercial real estate     2,984    3,213    4,885     (229)  (1,901)
       Commercial business        4,642    4,777    5,100     (135)    (458)
       Leasing and equipment
        finance, net             15,664   17,127   17,022   (1,463)  (1,358)
       Residential real estate    5,501    5,798    7,292     (297)  (1,791)
         Total non-accrual
          loans and leases, net  40,287   42,078   49,555   (1,791)  (9,268)
       Non-recourse discounted
        lease rentals               700    1,562      189     (862)     511
         Total non-accrual
          loans and leases,
          gross                  40,987   43,640   49,744   (2,653)  (8,757)
     Other real estate owned:
       Residential real estate   17,458   16,479   12,983      979    4,475
       Commercial real estate     9,042   10,093    7,779   (1,051)   1,263
         Total other real
          estate owned           26,500   26,572   20,762      (72)   5,738
       Total non-performing
        assets, gross           $67,487  $70,212  $70,506  $(2,725) $(3,019)

       Total non-performing
        assets, net             $66,787  $68,650  $70,317  $(1,863) $(3,530)


    Delinquency data (B):
                          At March 31,    At December 31,    At March 31,
                             2003              2002               2002
                      Principal  % of    Principal  % of    Principal  % of
                      Balances Portfolio Balances Portfolio Balances Portfolio
     Consumer         $18,255    .58 %   $19,067    .64 %    $16,718   .66 %
     Commercial real
      estate              548    .03       6,835    .37          790   .05
     Commercial business  611    .14         555    .13          868   .20
     Leasing and
      equipment
      finance          10,416   1.01      10,159   1.00       13,819  1.45
     Residential real
      estate            9,503    .61       9,708    .54       12,112   .49
       Total          $39,333    .49     $46,324    .57      $44,307   .55


    Potential Problem Loans (C):
                                  At       At        At      $ Change from
    (Dollars in thousands)       March   December   March  December   March
                                   31,      31,      31,      31,      31,
                                  2003     2002     2002     2002     2002
     Consumer                    $4,500   $4,500     $715       $-   $3,785
     Commercial real estate      29,522   30,132   10,781     (610)  18,741
     Commercial business         27,092   33,408   38,293   (6,316) (11,201)
     Leasing and equipment
      finance                    18,284   15,314   13,055    2,970    5,229
                                $79,398  $83,354  $62,844  $(3,956) $16,554

    (A)  Annualized.
    (B)  Excludes non-accrual loans and leases.
    (C)  Consists of loans and leases classified for regulatory purposes as
         substandard and reflect the distinct possibility, but not
         probability, that they will become non-performing or that TCF will
         not be able to collect all amounts due according to the contractual
         terms of the loan or lease agreement.


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

                                                Three Months Ended March 31,
                                                            2003
                                               Average              Yields and
                                               Balance    Interest   Rates (A)
    ASSETS

        Investments                            $118,828      $1,403    4.72 %
        Securities available for sale         2,341,002      33,764    5.77
        Loans held for sale                     488,110       5,226    4.28
        Loans and leases:
          Consumer                            3,047,799      51,653    6.78
          Commercial real estate              1,848,125      28,054    6.07
          Commercial business                   438,681       4,775    4.35
          Leasing and equipment finance       1,039,213      20,279    7.81
            Subtotal                          6,373,818     104,761    6.57
          Residential real estate             1,680,170      26,960    6.42
            Total loans and leases            8,053,988     131,721    6.54

              Total interest-earning
               assets                        11,001,928     172,114    6.26

        Other assets                          1,075,990

          Total assets                      $12,077,918

    LIABILITIES AND STOCKHOLDERS' EQUITY

        Non-interest bearing deposits        $2,083,099
        Interest-bearing deposits:
          Checking                              990,411         304     .12
          Savings                             1,842,145       3,618     .79
          Money market                          886,552       1,544     .70
            Subtotal                          3,719,108       5,466     .59
          Certificates                        1,901,136      13,011    2.74
            Total interest-bearing
             deposits                         5,620,244      18,477    1.32

              Total deposits                  7,703,343      18,477     .96

        Borrowings:
          Short-term borrowings                 869,735       2,830    1.30
          Long-term borrowings                2,080,713      28,395    5.46
              Total borrowings                2,950,448      31,225    4.23

          Total deposits and borrowings      10,653,791      49,702    1.87

        Other liabilities                       450,534

          Total liabilities                  11,104,325

        Stockholders' equity                    973,593

          Total liabilities and
              stockholders' equity          $12,077,918

    Net interest income and margin                         $122,412    4.45 %


                                                 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     .17
          Savings                             1,243,722       2,418     .78
          Money market                          950,603       2,660    1.12
            Subtotal                          3,067,576       5,448     .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 QUARTERLY STATEMENTS OF INCOME AND FINANCIAL RATIOS
                    (In thousands, except per-share data)
                                 (Unaudited)

                                                Three Months Ended
                                         Mar. 31,     Dec. 31,     Sep. 30,
                                           2003         2002         2002
    Interest income:
      Loans and leases                    $131,721     $139,807     $145,424
      Securities available for sale         33,764       34,324       30,814
      Loans held for sale                    5,226        6,492        4,436
      Investments                            1,403        1,729        1,732
        Total interest income              172,114      182,352      182,406
    Interest expense:
      Deposits                              18,477       21,280       24,282
      Borrowings                            31,225       34,449       34,355
        Total interest expense              49,702       55,729       58,637
          Net interest income              122,412      126,623      123,769
    Provision for credit losses              2,710        4,067        4,071
        Net interest income after
         provision for credit losses       119,702      122,556      119,698
    Non-interest income:
      Fees and service charges              54,414       62,359       59,041
      Debit card revenue                    12,914       12,805       11,815
      ATM revenue                           10,415       10,734       12,036
      Investments and insurance
       commissions                           3,520        4,909        4,272
        Subtotal                            81,263       90,807       87,164
      Leasing and equipment finance         13,607       11,857       13,136
      Mortgage banking                        (430)       1,868       (1,373)
      Other                                  2,076        1,525        3,648
        Fees and other revenue              96,516      106,057      102,575
      Gains on sales of securities
       available for sale                   21,137        2,830        2,662
      Gains (losses) on termination of
       debt                                 (6,576)           -            -
      Gains on sales of branches                 -            -            -
        Other non-interest income           14,561        2,830        2,662
          Total non-interest income        111,077      108,887      105,237
    Non-interest expense:
      Compensation and employee benefits    76,599       76,314       72,804
      Occupancy and equipment               21,599       21,799       20,539
      Advertising and promotions             6,353        5,121        5,640
      Other                                 33,880       37,729       35,240
        Total non-interest expense         138,431      140,963      134,223
          Income before income tax
           expense                          92,348       90,480       90,712
    Income tax expense                      32,221       30,704       31,845
        Net income                         $60,127      $59,776      $58,867

    Net income per common share:
      Basic                                   $.83         $.83         $.81
      Diluted                                 $.83         $.82         $.80

    Dividends declared per common share      $.325       $.2875       $.2875


    Financial Ratios (A):

    Return on average assets                  1.99 %       1.97 %       2.03 %
    Return on average common equity          24.70        25.17        25.53
    Average total equity to average
     assets                                   8.06         7.82         7.96
    Average tangible equity to average
     assets                                   6.80         6.56         6.64
    Net interest margin                       4.45         4.59         4.68


                                                     Three Months Ended
                                                 Jun. 30,           Mar. 31,
                                                   2002               2002
    Interest income:
       Loans and leases                          $148,711           $151,751
       Securities available for sale               28,543             24,591
       Loans held for sale                          5,216              6,320
       Investments                                  1,764              1,709
          Total interest income                   184,234            184,371
    Interest expense:
       Deposits                                    25,324             24,500
       Borrowings                                  34,601             35,347
          Total interest expense                   59,925             59,847
             Net interest income                  124,309            124,524
    Provision for credit losses                     4,714              9,154
          Net interest income after
           provision for credit losses            119,595            115,370
    Non-interest income:
       Fees and service charges                    57,104             47,547
       Debit card revenue                          11,511             10,092
       ATM revenue                                 11,760             10,813
       Investments and insurance
        commissions                                 3,435              3,232
          Subtotal                                 83,810             71,684
       Leasing and equipment finance               11,839             14,796
       Mortgage banking                             2,826              3,658
       Other                                        3,313              4,786
          Fees and other revenue                  101,788             94,924
       Gains on sales of securities
        available for sale                              -              6,044
       Gains (losses) on termination of
        debt                                            -                  -
       Gains on sales of branches                       -              1,962
          Other non-interest income                     -              8,006
             Total non-interest income            101,788            102,930
    Non-interest expense:
       Compensation and employee benefits          72,885             72,292
       Occupancy and equipment                     20,531             20,262
       Advertising and promotions                   5,803              5,330
       Other                                       32,667             33,413
          Total non-interest expense              131,886            131,297
             Income before income tax
              expense                              89,497             87,003
    Income tax expense                             31,526             30,686
          Net income                              $57,971            $56,317

    Net income per common share:
       Basic                                         $.78               $.75
       Diluted                                       $.78               $.75

    Dividends declared per common share            $.2875             $.2875


    Financial Ratios (A):

    Return on average assets                         2.04 %             2.01 %
    Return on average common equity                 25.36              24.68
    Average total equity to average
     assets                                          8.03               8.15
    Average tangible equity to average
     assets                                          6.68               6.77
    Net interest margin                              4.76               4.83

    (A)  Annualized.


                  TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS
                (Dollars in thousands, except per-share data)
                                 (Unaudited)

                                           Mar. 31,     Dec. 31,     Sept. 30,
                                             2003         2002         2002

    ASSETS

    Cash and due from banks                $332,705     $352,540     $330,864
    Investments                             118,828      154,252      155,171
    Securities available for sale         2,341,002    2,288,409    1,934,711
    Loans held for sale                     488,110      552,687      387,134
    Loans and leases:
        Consumer                          3,047,799    2,933,094    2,765,167
        Commercial real estate            1,848,125    1,800,915    1,769,144
        Commercial business                 438,681      428,466      438,350
        Leasing and equipment finance     1,039,213    1,025,439    1,009,301
            Subtotal                      6,373,818    6,187,914    5,981,962
        Residential real estate           1,680,170    1,844,653    2,125,902
            Total loans and leases        8,053,988    8,032,567    8,107,864
            Allowance for loan and
             lease losses                   (77,509)     (76,280)     (75,510)
                Net loans and leases      7,976,479    7,956,287    8,032,354
    Premises and equipment                  247,453      239,226      230,392
    Goodwill                                145,462      145,462      145,462
    Deposit base intangibles                  7,362        7,778        8,197
    Mortgage servicing rights                61,561       63,694       66,406
    Other assets                            358,956      383,817      294,646
                                        $12,077,918  $12,144,152  $11,585,337

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Deposits:
        Checking                         $2,858,113   $2,774,972   $2,676,780
        Savings                           2,057,542    2,019,908    1,855,037
        Money market                        886,552      885,493      911,317
            Subtotal                      5,802,207    5,680,373    5,443,134
        Certificates                      1,901,136    1,957,574    2,084,474
            Total deposits                7,703,343    7,637,947    7,527,608
    Short-term borrowings                   869,735      827,590      444,717
    Long-term borrowings                  2,080,713    2,265,663    2,275,757
            Total borrowings              2,950,448    3,093,253    2,720,474
    Accrued expenses and other
     liabilities                            450,534      462,862      414,820
            Total liabilities            11,104,325   11,194,062   10,662,902
    Stockholders' equity:
        Common stock                            926          926          926
        Additional paid-in capital          515,972      518,585      518,246
        Retained earnings                 1,125,330    1,087,530    1,050,085
        Accumulated other comprehensive
            income                           40,928       38,265       23,327
        Treasury stock at cost and
         other                             (709,563)    (695,216)    (670,149)
                Total stockholders'
                 equity                     973,593      950,090      922,435
                                        $12,077,918  $12,144,152  $11,585,337


                                                  Jun. 30,          Mar. 31,
                                                    2002              2002

    ASSETS

    Cash and due from banks                        $319,076          $340,522
    Investments                                     154,313           155,725
    Securities available for sale                 1,774,182         1,513,146
    Loans held for sale                             369,649           440,661
    Loans and leases:
         Consumer                                 2,627,616         2,520,258
         Commercial real estate                   1,730,419         1,682,801
         Commercial business                        443,596           431,542
         Leasing and equipment finance              986,082           961,006
              Subtotal                            5,787,713         5,595,607
         Residential real estate                  2,349,500         2,599,509
              Total loans and leases              8,137,213         8,195,116
              Allowance for loan and lease
               losses                               (73,721)          (76,159)
                   Net loans and leases           8,063,492         8,118,957
    Premises and equipment                          226,697           221,153
    Goodwill                                        145,462           145,462
    Deposit base intangibles                          8,617             9,035
    Mortgage servicing rights                        65,544            60,957
    Other assets                                    255,727           200,748
                                                $11,382,759       $11,206,366

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Deposits:
         Checking                                $2,651,200        $2,495,581
         Savings                                  1,613,791         1,381,574
         Money market                               930,961           950,603
              Subtotal                            5,195,952         4,827,758
         Certificates                             2,181,326         2,214,547
              Total deposits                      7,377,278         7,042,305
    Short-term borrowings                           400,590           622,003
    Long-term borrowings                          2,281,452         2,289,309
              Total borrowings                    2,682,042         2,911,312
    Accrued expenses and other liabilities          409,246           339,894
              Total liabilities                  10,468,566        10,293,511
    Stockholders' equity:
         Common stock                                   927               927
         Additional paid-in capital                 520,698           518,572
         Retained earnings                        1,014,865           977,886
         Accumulated other comprehensive
              income                                 13,807             6,656
         Treasury stock at cost and other          (636,104)         (591,186)
                   Total stockholders'
                    equity                          914,193           912,855
                                                $11,382,759       $11,206,366

SOURCE  TCF Financial Corporation
    -0-                             04/16/2003
    /CONTACT:  Jason Korstange, +1-952-745-2755, or Patricia Quaal,
+1-952-745-2758, both of TCF Financial Corporation/
    /Company News On-Call: http://www.prnewswire.com/gh/cnoc/comp/840750.html/
    /Web site:  http://www.tcfbank.com /
    (TCB)

CO:  TCF Financial Corporation
ST:  Minnesota
IN:  FIN
SU:  ERN CCA



CM-AB 
-- CGW014 --
3912 04/16/2003 08:31 EDT http://www.prnewswire.com

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