Menu
Email page PDF view Print view Email Alert Social Media Sharing

Press Release

TCF Reports Record Second Quarter Earnings and EPS ($.85, up 9 percent)

Company Release - 7/16/2003 8:30 AM ET
    WAYZATA, Minn., July 16 /PRNewswire-FirstCall/ --

     SECOND QUARTER HIGHLIGHTS

     -- Record diluted earnings per share of 85 cents, up 9 percent
     -- Record net income of $60.3 million, up 4 percent
     -- Return on average assets of 2.04 percent
     -- Return on average common equity of 25.17 percent
     -- Average Power Assets(R) increased $792.3 million, or 14 percent, from
        the second quarter of 2002
     -- Net loan and lease charge-offs were $3.2 million, or .16 percent
        (annualized) of average loans and leases
     -- Average low-cost checking, savings and money market deposits increased
        $897.2 million, or 17 percent, from the second quarter of 2002
     -- Increased checking accounts by 33,260, or 10 percent (annualized), to
        1,391,854 during the second quarter


    EARNINGS SUMMARY
    ($ in thousands, except per-share data)

                            Three Months                    Six Months
                            Ended June 30,                Ended June 30,
                       2003       2002   Change       2003     2002    Change
    Net income       $60,291   $57,971    4.0 %    $120,418  $114,288    5.4 %
    Diluted earnings
     per common share   .85        .78    9.0          1.68      1.53    9.8

    Financial Ratios
    Return on average
     assets            2.04 %     2.04 %               2.02 %    2.02 %
    Return on average
     common equity    25.17      25.36                24.95     25.05
    Net interest
     margin            4.45       4.76                 4.45      4.80

TCF Financial Corporation (TCF) (NYSE: TCB) today reported record diluted earnings per share of 85 cents for the 2003 second quarter, up 9 percent from 78 cents for the same period in 2002. Net income was a record $60.3 million for the second quarter of 2003, up 4 percent from the same period in 2002. For the second quarter of 2003, return on average assets was 2.04 percent, unchanged from the second quarter of 2002. Return on average common equity for the second quarter of 2003 was 25.17 percent, compared with 25.36 percent for the same period in 2002.

Chairman's Statement

    "TCF achieved record results in the second quarter of 2003 despite a very
difficult and challenging interest rate environment," said William A. Cooper,
Chairman and CEO.


     Total Revenue

                                           Three Months
    ($ in thousands)                      Ended June 30,          $       %
                                         2003        2002      Change  Change

     Net interest income              $119,764    $124,309    $(4,545)  (3.7)%
     Fees and other revenue:
      Fees and service charges          62,799      57,104      5,695   10.0
      Debit card revenue                14,766      11,771      2,995   25.4
      ATM revenue                       11,242      11,744       (502)  (4.3)
      Investments and insurance
       commissions                       3,760       3,435        325    9.5
        Total banking fees and other
         revenue                        92,567      84,054      8,513   10.1
      Leasing and equipment finance     11,457      11,839       (382)  (3.2)
      Mortgage banking (A)              (4,728)      2,826     (7,554)   N.M.
      Other                              1,707       3,313     (1,606) (48.5)
        Total fees and other revenue   101,003     102,032     (1,029)  (1.0)
     Gains on sales of securities
      available for sale                11,695           -     11,695  100.0
        Total non-interest income      112,698     102,032     10,666   10.5
           Total revenue              $232,462    $226,341     $6,121    2.7

     Net interest margin                  4.45 %      4.76 %
     Fees and other revenue as a % of
      total revenue                      43.45       45.08
     Fees and other revenue as a %
      average assets                      3.42        3.58

     N.M.  Not meaningful.
     (A)  Includes $14 million of mortgage servicing rights impairment during
          the second quarter of 2003.  See "Mortgage Banking" section below
          for further discussion of mortgage banking revenue.


    Net Interest Income

TCF's net interest income in the second quarter of 2003 was $119.8 million, down $4.5 million, or 4 percent, from the second quarter of 2002 and down $2.6 million, or 2 percent, from the first quarter of 2003. Net interest margin in the second quarter was 4.45 percent, compared with 4.76 percent last year and was unchanged from the first quarter of 2003. The decline in both net interest income and net interest margin from the second quarter of 2002 is primarily the result of continued low interest rates and the resulting prepayment and refinancing of higher yielding assets. During the 2003 second quarter, TCF realized gains on sales of securities of $11.7 million. "In light of the current interest rate environment, we believe it is better to be a seller rather than a buyer of long-term fixed rate securities. This strategy will have a negative impact on our net interest income for the rest of this year, but we believe it is the best long-term strategy," said Cooper. At June 30, 2003, the unrealized gain on TCF's mortgage-backed securities available for sale portfolio was $52.3 million. At June 30, 2003, TCF had $1.7 billion of long-term Federal Home Loan Bank ("FHLB") advances with a weighted-average interest rate of 5.38 percent, which will mature through the end of 2011. See "Long-term Borrowings" table at the end of this release. TCF may, from time to time, sell mortgage-backed securities and restructure long-term borrowings.

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 $1.1 billion, or 9 percent of total assets, at June 30, 2003, unchanged from December 31, 2002. Although the one-year interest rate 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 interest rate gap is largely the result of the current low interest rate environment in which TCF and the banking industry as a whole are experiencing record high levels of prepayments of higher-yielding mortgage- backed securities, residential real estate loans and fixed-rate consumer and commercial real estate loans. Also impacting the one-year interest rate gap is significant current customer demand for variable-rate consumer and commercial loan products, in addition to the growth in deposits, which reduces TCF's reliance on variable-rate borrowings.

Non-interest Income

Total non-interest income was $112.7 million for the second quarter of 2003, up $10.7 million, or 10 percent, from the 2002 second quarter. Banking fees and other revenue increased $8.5 million, or 10 percent, during the quarter as a result of TCF's expanding branch network and customer base. Leasing and equipment finance revenue was $11.5 million for the second quarter of 2003, down slightly from the same period of 2002. Leasing and equipment finance revenues fluctuate from quarter to quarter based on customer driven factors not within the control of TCF. Mortgage banking revenue decreased $7.6 million and was a negative $4.7 million in the second quarter of 2003, compared with revenue of $2.8 million for the same 2002 period. Decreased mortgage banking revenue resulted from a $17.6 million increase in amortization and impairment of mortgage servicing rights caused by increased actual and expected mortgage loan prepayments.

In May 2003, VISA(R), USA announced it had agreed to settle class action lawsuits brought by various retail merchants. Although TCF was not a party to this litigation, the VISA settlement will have an adverse affect on TCF's debit card income beginning in August of 2003 as debit card interchange rates will be reduced. Assuming that the minimum reduction in debit card interchange rates reported to be part of the settlement was effective during the first six months of 2003, and there were no changes in transaction volumes, TCF's debit card revenue would have been reduced by approximately $3.9 million and $7.3 million, for the second quarter and first six months of 2003, respectively.

New Branch Expansion

TCF opened one new traditional branch in Michigan during the second quarter of 2003. TCF has now opened 224 new branches since January 1998-these branches comprise 57 percent of all TCF branches. TCF currently has 391 branches, including 240 full service branches in supermarkets and has new branches under development in each of its markets. TCF plans to open 19 more new branches during the remainder of 2003, consisting of 16 traditional branches and three supermarket branches.

                                  At June 30,    At June 30,   At December 31,
     (# of branches)                 2003           2002             1997

     Minnesota                        96              90              75
     Illinois                        188             182              47
     Wisconsin                        34              33              28
     Michigan                         53              54              60
     Colorado                         15              14               7
     Indiana                           5               5               0
                                     391             378             217




    Power Assets(R)

TCF's Power Asset lending operations continue to generate strong growth. "Our consumer home equity lending continued its strong growth in the second quarter of 2003," said Cooper. "We're also pleased to report that our leasing assets are up $75.2 million, or 8 percent." TCF's consumer loan average balances increased $575.6 million, or 22 percent, and commercial real estate loan average balances have increased $117.6 million, or 7 percent, from the second quarter of 2002.

                                  Average Balances for the
                                Three Months Ended June 30,      $       %
     ($ in thousands)                    2003        2002     Change  Change
     Loans and leases*:
           Consumer                  $3,203,226  $2,627,616  $575,610  21.9 %
           Commercial real estate     1,848,055   1,730,419   117,636   6.8
           Commercial business          467,368     443,596    23,772   5.4
           Leasing and equipment
            finance                   1,061,315     986,082    75,233   7.6
                  Power Assets       $6,579,964  $5,787,713  $792,251  13.7

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


    Power Liabilities(R)

"We have demonstrated over time that we can consistently grow our checking account base-a cornerstone for developing customer relationships. Despite increased competition, TCF continued to increase its checking account base by 33,260 accounts, or 10 percent (annualized), in the second quarter and 53,500 accounts year-to-date to 1,391,854," said Cooper. Average Power Liabilities totaled $7.9 billion for the second quarter of 2003, with an average rate paid on these deposits of .78 percent, down 59 basis points from the same period in 2002. 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 June 30,
     ($ in thousands)            2003          2002       $ Change   % Change
     Checking                 $3,041,711    $2,651,200    $390,511      14.7 %
     Savings                   2,154,317     1,613,791     540,526      33.5
     Money market                897,154       930,961     (33,807)     (3.6)
       Subtotal                6,093,182     5,195,952     897,230      17.3
     Certificates              1,825,466     2,181,326    (355,860)    (16.3)
       Power Liabilities      $7,918,648    $7,377,278    $541,370       7.3

     Number of checking
      accounts, period-end     1,391,854     1,313,911      77,943       5.9
     Average rate on deposits        .78 %        1.37 %       (59)bps    N/A

     N/A Not applicable.


    Supermarket Banking

TCF remains the fourth largest supermarket banking franchise in the country and now has 240 full-service supermarket branches. "Our supermarket branches are consistent performers, generating 12 percent growth in deposits, a 9 percent increase in fee income and a 19 percent net gain in average consumer loans," said Cooper. Total supermarket banking fees and other revenue for the second quarter of 2003 were $44.9 million, an increase of $3.7 million, or 9 percent, over the second quarter of 2002 driven by an increase of over 50,000 deposit accounts during the past twelve months.

                                         At or For
                                     the Quarter Ended
                                          June 30,
     ($ in thousands)                 2003         2002   $ Change   % Change

Number of branches (period-end) 240 238 2 .8 %

Number of deposit accounts

      (period-end)                 844,103      793,471     50,632       6.4
     Average Deposits:
      Checking                    $770,472     $657,136   $113,336      17.2
      Savings                      496,819      388,319    108,500      27.9
      Money market                 109,151      123,842    (14,691)    (11.9)
       Subtotal                  1,376,442    1,169,297    207,145      17.7
      Certificates                 213,404      251,216    (37,812)    (15.1)

Total Power Liabilities $1,589,846 $1,420,513 $169,333 11.9

Average rate on deposits .56 % 1.22 % (66)bps N/A

Average consumer loans

      outstanding                 $391,168     $328,570    $62,598      19.1

Total fees and other revenue 44,937 41,258 3,679 8.9

N/A Not applicable.

Non-interest Expense

Non-interest expense totaled $136.7 million for the 2003 second quarter, a 3 percent increase from the 2002 second quarter. The increase was primarily due to 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, and costs associated with de novo expansion.

                                            Three Months Ended
                                                  June 30,         $      %
    ($ in thousands)                          2003     2002     Change Change

     Compensation and employee benefits      $73,807   $72,885    $922   1.3 %
     Occupancy and equipment                  21,531    20,531   1,000   4.9
     Advertising and promotions                6,443     5,803     640  11.0
     Deposit account losses                    4,241     3,840     401  10.4
     Other                                    30,711    29,071   1,640   5.6
      Total non-interest expense            $136,733  $132,130  $4,603   3.5


    Credit Quality

At June 30, 2003, TCF's allowance for loan and lease losses totaled $77.7 million, or .96 percent of loans and leases, compared with $77.8 million, or .97 percent, at March 31, 2003. The provision for credit losses for the second quarter for 2003 was $3.1 million, down from $4.7 million in the same period in 2002, reflecting the decline in net charge- offs and non-accrual loans and leases. Net loan and lease charge-offs were $3.2 million, or .16 percent (annualized) of average loans and leases, in the 2003 second quarter, down from $5 million, or .25 percent (annualized), respectively in the second quarter of 2002. "TCF's credit quality was outstanding in the second quarter of 2003, reflecting once again our emphasis on secured lending," said Cooper. Leasing and equipment finance net charge- offs were $2 million, or .76 percent (annualized) of related average loans and leases, during the 2003 second quarter, down from $2.2 million, or .90 percent (annualized), for the 2002 second quarter. At June 30, 2003, TCF's over-30- day delinquency rate was .56 percent, up from .49 percent at March 31, 2003. Non-accrual loans and leases were $39.6 million, or .49 percent of net loans and leases, at June 30, 2003, compared with $41 million, or .51 percent, at March 31, 2003. Total non-performing assets were $64.4 million, or .55 percent of total assets, at June 30, 2003, down from $67.5 million, or .56 percent, at March 31, 2003.

                                  Three Months Ended      Six Months Ended
                                        June 30,              June 30,
     ($ in thousands)                2003       2002       2003       2002
     Allowance for loan and lease
      losses:
      Balance at beginning of
       period                     $77,813    $75,456    $77,008    $75,028
        Net (charge-offs) recoveries:
         Consumer                    (457)      (938)    (1,502)    (1,853)
         Commercial real estate        20     (1,630)        18     (2,069)
         Commercial business         (781)      (195)      (697)    (5,191)
         Leasing and equipment
          finance                  (2,024)    (2,229)    (2,995)    (4,607)
         Residential real estate       (2)         4         27          6
            Total                  (3,244)    (4,988)    (5,149)   (13,714)
        Provision for credit
         losses                     3,127      4,714      5,837     13,868
       Balance at end of period   $77,696    $75,182    $77,696    $75,182

     Allowance for loan and lease
      losses as a percentage of
      total loans and leases          .96 %      .92 %      .96 %      .92 %

    Annualized net loan and lease
     charge-offs as a percentage of
     average total loans and leases   .16 %      .25 %      .13 %      .34 %


    Mortgage Banking

TCF's mortgage banking operations funded $990.4 million in loans during the second quarter of 2003, up from $481.7 million in the second quarter of 2002, primarily reflecting continued increased levels of refinance activity. Mortgage banking revenue decreased $7.6 million and was a negative $4.7 million in the second quarter of 2003, compared with revenue of $2.8 million for the same 2002 period. The decline in mortgage banking revenue resulted from impairment of mortgage servicing rights of $14 million and higher amortization of servicing rights, as TCF continued to experience strong refinance activity and record high prepayments in the servicing portfolio. The increased amortization and impairment was partially offset by the increased loan production activity and the related increase of $9.1 million in gains on sales of loans. TCF's third party servicing portfolio was $5.3 billion at June 30, 2003, an increase of $55 million, or 1.1 percent, from June 30, 2002. The related capitalized mortgage servicing rights asset was $41.4 million at June 30, 2003, or .78 percent of the servicing portfolio, down from $65.8 million, or 1.26 percent of the servicing portfolio at June 30, 2002.

                                         At June 30,
    ($ in thousands)                 2003          2002    $ Change  % Change

     Third-party servicing
      portfolio                $5,291,774    $5,236,658     $55,116    1.1 %
       Weighted average note rate    6.27 %        6.98 %              (71)bps
     Mortgage applications in
      process                    $978,768      $427,857    $550,911  128.8 %
     Mortgage servicing rights    $41,379       $65,835    $(24,456) (37.1)
        - As a percentage of
          servicing portfolio         .78 %        1.26 %              (48)bps
        - As a multiple of
          service fees                2.4 X         3.8 X


                                   Three Months Ended
                                         June 30,
     ($ in thousands)               2003          2002     $ Change  % Change

     Servicing income              $5,363        $4,845        $518   10.7 %
     Less mortgage servicing:
      Amortization                  8,345         4,757       3,588   75.4
      Impairment                   14,000             -      14,000    N.M.
       Subtotal                    22,345         4,757      17,588    N.M.
        Net servicing income
         (loss)                   (16,982)           88     (17,070)   N.M.
     Gains on sales of loans       10,963         1,895       9,068    N.M.
     Other income                   1,291           843         448   53.1
       Total mortgage banking     $(4,728)       $2,826     $(7,554)   N.M.

     N.M.  Not meaningful.


    Income Taxes

TCF's income tax expense was $32.3 million for the second quarter of 2003, or 34.9% of income before income tax expense, compared with $31.5 million, or 35.2% of income before income tax expense, for the comparable 2002 period.

Capital

TCF repurchased 1,543,153 shares of its common stock during the 2003 second quarter at an average cost of $39.35 per share. TCF has 1.3 million shares remaining in its stock repurchase program authorized by its Board of Directors. Since 1997, TCF has repurchased 24 million shares of its stock, at an average cost of $32.52 per share.


     ($ in thousands, except           At June 30,           At December 31,
      per-share data)                     2003                    2002

     Stockholders' equity       $952,069                $977,020
     Tangible equity            $799,867                $823,985
     Stockholders' equity to
      total assets                  8.06 %                  8.01 %
     Tangible equity to total
      assets                        6.77 %                  6.75 %
     Book value per common
      share                       $13.30                  $13.23
     Tangible book value per
      common share                $11.17                  $11.16

     Total risk-based capital   $843,662       10.88 %  $850,694       10.95 %
     Total risk-based capital
      requirement               $620,317        8.00 %  $621,657        8.00 %


    Website Information

A live webcast of TCF's conference call to discuss second quarter earnings will be hosted at TCF's website, www.tcfexpress.com , on July 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 $11.8 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, including reductions in debit card revenues resulting from settlement of litigation brought by Wal-Mart against VISA(R), USA, 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
                                             June 30,
                                          2003       2002   $ Change  % Change
    Interest income:
      Loans and leases                  $129,554  $148,711  $(19,157) (12.9)%
      Securities available for sale       27,483    28,543    (1,060)  (3.7)
      Loans held for sale                  5,788     5,216       572   11.0
      Investments                          1,179     1,764      (585) (33.2)
        Total interest income            164,004   184,234   (20,230) (11.0)
    Interest expense:
      Deposits                            15,512    25,324    (9,812) (38.7)
      Borrowings                          28,728    34,601    (5,873) (17.0)
        Total interest expense            44,240    59,925   (15,685) (26.2)
          Net interest income            119,764   124,309    (4,545)  (3.7)
    Provision for credit losses            3,127     4,714    (1,587) (33.7)
        Net interest income after
         provision for credit losses     116,637   119,595    (2,958)  (2.5)
    Non-interest income:
      Fees and service charges            62,799    57,104     5,695   10.0
      Debit card revenue                  14,766    11,771     2,995   25.4
      ATM revenue                         11,242    11,744      (502)  (4.3)
      Investments and insurance
       commissions                         3,760     3,435       325    9.5
        Subtotal                          92,567    84,054     8,513   10.1
      Leasing and equipment finance       11,457    11,839      (382)  (3.2)
      Mortgage banking                    (4,728)    2,826    (7,554)   N.M.
      Other                                1,707     3,313    (1,606) (48.5)
        Fees and other revenue           101,003   102,032    (1,029)  (1.0)
      Gains on sales of securities
       available for sale                 11,695         -    11,695  100.0
          Total non-interest income      112,698   102,032    10,666   10.5
    Non-interest expense:
      Compensation and employee benefits  73,807    72,885       922    1.3
      Occupancy and equipment             21,531    20,531     1,000    4.9
      Advertising and promotions           6,443     5,803       640   11.0
      Other                               34,952    32,911     2,041    6.2
        Total non-interest expense       136,733   132,130     4,603    3.5
          Income before income tax
           expense                        92,602    89,497     3,105    3.5
    Income tax expense                    32,311    31,526       785    2.5
          Net income                     $60,291   $57,971    $2,320    4.0

    Net income per common share:
      Basic                                 $.85      $.78      $.07    9.0
      Diluted                               $.85      $.78      $.07    9.0

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

    Average common and common
     equivalent shares outstanding:
      Basic                               70,779    73,966    (3,187)  (4.3)
      Diluted                             71,010    74,315    (3,305)  (4.4)

    N.M.  Not meaningful.



                    TCF FINANCIAL CORPORATION
 AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME
                      (In thousands, except per-share data)
                                   (Unaudited)


                                        Six Months Ended
                                            June 30,
                                         2003      2002    $ Change  % Change
    Interest income:
      Loans and leases                 $261,275  $300,462  $(39,187)  (13.0)%
      Securities available for sale      61,247    53,134     8,113    15.3
      Loans held for sale                11,014    11,536      (522)   (4.5)
      Investments                         2,582     3,473      (891)  (25.7)
        Total interest income           336,118   368,605   (32,487)   (8.8)
    Interest expense:
      Deposits                           33,989    49,824   (15,835)  (31.8)
      Borrowings                         59,953    69,948    (9,995)  (14.3)
        Total interest expense           93,942   119,772   (25,830)  (21.6)
          Net interest income           242,176   248,833    (6,657)   (2.7)
    Provision for credit losses           5,837    13,868    (8,031)  (57.9)
        Net interest income after
         provision for credit losses    236,339   234,965     1,374      .6
    Non-interest income:
      Fees and service charges          117,213   104,651    12,562    12.0
      Debit card revenue                 27,999    22,001     5,998    27.3
      ATM revenue                        21,657    22,544      (887)   (3.9)
      Investments and insurance
       commissions                        7,280     6,667       613     9.2
        Subtotal                        174,149   155,863    18,286    11.7
      Leasing and equipment finance      25,064    26,635    (1,571)   (5.9)
      Mortgage banking                   (5,158)    6,484   (11,642)    N.M.
      Other                               3,783     8,099    (4,316)  (53.3)
        Fees and other revenue          197,838   197,081       757      .4
      Gains on sales of securities
       available for sale                32,832     6,044    26,788     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        26,256     8,006    18,250     N.M.
          Total non-interest income     224,094   205,087    19,007     9.3
    Non-interest expense:
      Compensation and employee
       benefits                         150,406   145,177     5,229     3.6
      Occupancy and equipment            43,130    40,793     2,337     5.7
      Advertising and promotions         12,796    11,133     1,663    14.9
      Other                              69,151    66,449     2,702     4.1
        Total non-interest expense      275,483   263,552    11,931     4.5
          Income before income tax
           expense                      184,950   176,500     8,450     4.8
    Income tax expense                   64,532    62,212     2,320     3.7
          Net income                   $120,418  $114,288    $6,130     5.4

    Net income per common share:
      Basic                               $1.69     $1.53      $.16    10.5
      Diluted                             $1.68     $1.53      $.15     9.8

    Dividends declared per common
     share                                 $.65     $.575     $.075    13.0

    Average common and common
     equivalent shares outstanding:
      Basic                              71,400    74,460    (3,060)   (4.1)
      Diluted                            71,649    74,815    (3,166)   (4.2)


    N.M.  Not meaningful.



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

                                                                % Change from
                                   At         At          At   December  June
                                June 30,  December 31, June 30,   31,     30,
                                  2003       2002        2002    2002    2002
    ASSETS

    Cash and due from banks $   419,228 $   416,397 $   367,810    .7 % 14.0 %
    Investments                 123,102     153,722     154,068 (19.9) (20.1)
    Securities available for
     sale                     1,980,830   2,426,794   1,965,664 (18.4)    .8
    Loans held for sale         577,367     476,475     337,531  21.2   71.1
    Loans and leases:
      Consumer                3,299,688   3,005,882   2,700,670   9.8   22.2
      Commercial real estate  1,850,958   1,835,788   1,749,470    .8    5.8
      Commercial business       475,299     440,074     428,244   8.0   11.0
      Leasing and equipment
       finance                1,079,224   1,039,040   1,001,223   3.9    7.8
        Subtotal              6,705,169   6,320,784   5,879,607   6.1   14.0
      Residential real estate 1,393,183   1,800,344   2,249,365 (22.6) (38.1)
        Total loans and
         leases               8,098,352   8,121,128   8,128,972   (.3)   (.4)
        Allowance for loan
         and lease losses       (77,696)    (77,008)    (75,182)   .9    3.3
          Net loans and
           leases             8,020,656   8,044,120   8,053,790   (.3)   (.4)
    Premises and equipment      258,171     243,452     228,396   6.0   13.0
    Goodwill                    145,462     145,462     145,462    -      -
    Deposit base intangibles      6,740       7,573       8,408 (11.0) (19.8)
    Mortgage servicing
     rights                      41,379      62,644      65,835 (33.9) (37.1)
    Other assets                234,829     225,430     200,387   4.2   17.2
                            $11,807,764 $12,202,069 $11,527,351  (3.2)   2.4

    LIABILITIES AND
     STOCKHOLDERS' EQUITY

    Deposits:
      Checking              $ 3,194,545 $ 2,864,896 $ 2,755,266  11.5   15.9
      Savings                 2,131,510   2,041,723   1,728,580   4.4   23.3
      Money market              908,392     884,614     913,659   2.7    (.6)
        Subtotal              6,234,447   5,791,233   5,397,505   7.7   15.5
      Certificates            1,745,290   1,918,755   2,159,121  (9.0) (19.2)
        Total deposits        7,979,737   7,709,988   7,556,626   3.5    5.6
    Short-term borrowings       546,118     842,051     418,131 (35.1)  30.6
    Long-term borrowings      1,959,921   2,268,244   2,284,002 (13.6) (14.2)
        Total borrowings      2,506,039   3,110,295   2,702,133 (19.4)  (7.3)
    Accrued expenses and
     other liabilities          369,919     404,766     348,504  (8.6)   6.1
        Total liabilities    10,855,695  11,225,049  10,607,263  (3.3)   2.3
    Stockholders' equity:
      Common stock, par
       value $.01 per share,
       280,000,000 shares
       authorized; 92,536,817;
       92,638,937 and
       92,650,669 shares issued     925         926         927   (.1)   (.2)
      Additional paid-in
       capital                  517,373     518,813     518,181   (.3)   (.2)
      Retained earnings,
       subject to certain
       restrictions           1,185,261   1,111,955   1,036,472   6.6   14.4
      Accumulated other
       comprehensive income      33,359      46,102      23,183 (27.6)  43.9
      Treasury stock at
       cost, 20,942,932;
       18,783,051 and
       17,660,345 shares,
       and other               (784,849)   (700,776)   (658,675) 12.0   19.2
          Total stockholders'
           equity               952,069     977,020     920,088  (2.6)   3.5
                            $11,807,764 $12,202,069 $11,527,351  (3.2)   2.4

    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 Six Months Ended June 30, 2003
                               Allowance       Net Charge-offs
                               as a % of       (Recoveries) (A)

                 Allowance     Portfolio         $             %

    Consumer       $9,139          .28 %     $1,502          .10 %
    Commercial
     real estate   24,861         1.34         (18)           -
    Commercial
     business      12,437         2.62          697          .31
    Leasing and
     equipment
     finance       13,988         1.30        2,995          .57
    Unallocated    16,139          n/a            -          n/a
      Subtotal     76,564         1.14        5,176          .16
    Residential
     real estate    1,132          .08         (27)           -
      Total       $77,696          .96       $5,149          .13


                       At or For the Year Ended December 31, 2002
                                Allowance
                                as a % of       Net 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
                    June 30,  March 31,  December 31,  March 31,  December 31,
                     2003        2003         2002         2003       2002
    Non-accrual
     loans and
     leases:
      Consumer     $12,415      $11,496      $11,163      $ 919      $1,252
      Commercial
       real estate   2,945        2,984        3,213        (39)       (268)
      Commercial
       business      3,390        4,642        4,777     (1,252)     (1,387)

      Leasing and
       equipment
       finance,
       net          15,075       15,664       17,127       (589)     (2,052)
      Residential
       real estate   5,028        5,501        5,798       (473)       (770)
        Total non-
         accrual
         loans and
         leases,
         net        38,853       40,287       42,078     (1,434)     (3,225)
      Non-recourse
       discounted
       lease rentals   699          700        1,562         (1)       (863)
        Total non-
         accrual
         loans and
         leases,
         gross      39,552       40,987       43,640     (1,435)     (4,088)
    Other real
     estate owned:
      Residential
       real estate  17,889       17,458       16,479        431       1,410
      Commercial
       real estate   6,919        9,042       10,093     (2,123)     (3,174)
        Total other
         real estate
         owned      24,808       26,500       26,572     (1,692)     (1,764)
      Total non-
       performing
       assets,
       gross       $64,360      $67,487      $70,212    $(3,127)    $(5,852)

      Total non-
       performing
       assets,
       net         $63,661      $66,787      $68,650    $(3,126)    $(4,989)



    Delinquency
     data (B):    At June 30,           At March 31,       At December 31,
                     2003                   2003                 2002
              Principal    % of    Principal     % of    Principal    % of
               Balances Portfolio   Balances  Portfolio   Balances  Portfolio

    Consumer   $22,827     .69 %      $18,255    .58 %    $19,067    .64 %
    Commercial
     real estate   102     .01            548    .03        6,835    .37
    Commercial
     business      133     .03            611    .14          555    .13
    Leasing and
     equipment
     finance    12,123    1.14         10,416   1.01       10,159   1.00
    Residential
     real
     estate     10,204     .74          9,503    .61        9,708    .54
      Total    $45,389     .56        $39,333    .49      $46,324    .57


    Potential
     Problem Loans (C):

                      At           At           At         $ Change from
   (Dollars in     June 30,    March 31,   December 31, March 31, December 31,
     thousands)      2003         2003         2002         2003        2002

    Consumer       $4,500       $4,500       $4,500          $-          $-
    Commercial
     real estate   23,216       29,522       30,132      (6,306)     (6,916)
    Commercial
     business      20,412       27,092       33,408      (6,680)    (12,996)
    Leasing and
     equipment
     finance       22,481       18,284       15,314       4,197       7,167
                  $70,609      $79,398      $83,354     $(8,789)   $(12,745)

    (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 June 30,
                                  2003                         2002
                      Average             Yields    Average            Yields
                      Balance   Interest   and      Balance   Interest   and
                                          Rates                         Rates
                                           (A)                           (A)

    ASSETS

    Investments       $123,028    $1,179  3.83%    $154,313     $1,764  4.57%
    Securities
     available
     for sale        2,032,384    27,483  5.41    1,774,182     28,543  6.44
    Loans held
     for sale          534,435     5,788  4.33      369,649      5,216  5.64
    Loans and
     leases:
      Consumer       3,203,226    53,221  6.65    2,627,616     51,310  7.81
      Commercial
       real estate   1,848,055    27,865  6.03    1,730,419     29,714  6.87
      Commercial
       business        467,368     5,081  4.35      443,596      5,915  5.33
      Leasing and
       equipment
       finance       1,061,315    20,386  7.68      986,082     21,510  8.73
        Subtotal     6,579,964   106,553  6.48    5,787,713    108,449  7.50
      Residential
       real estate   1,486,518    23,001  6.19    2,349,500     40,262  6.85
        Total loans
         and
         leases      8,066,482   129,554  6.42    8,137,213    148,711  7.31

          Total
           interest-
           earning
           assets   10,756,329   164,004  6.10   10,435,357    184,234  7.06

    Other assets     1,060,004                      947,402

      Total
       assets      $11,816,333                  $11,382,759

    LIABILITIES AND
     STOCKHOLDERS'
     EQUITY

    Non-interest
     bearing
     deposits       $2,256,210                   $1,850,407
    Interest-
     bearing
     deposits:
      Checking       1,059,648       213   .08      918,305        451   .20
      Savings        1,880,170     2,309   .49    1,496,279      4,080  1.09
      Money market     897,154     1,189   .53      930,961      2,640  1.13
        Subtotal     3,836,972     3,711   .39    3,345,545      7,171   .86
      Certificates   1,825,466    11,801  2.59    2,181,326     18,153  3.33
        Total
         interest-
         bearing
         deposits    5,662,438    15,512  1.10    5,526,871     25,324  1.83

          Total
           deposits  7,918,648    15,512   .78    7,377,278     25,324  1.37

    Borrowings:
      Short-term
       borrowings      544,136     1,759  1.29      400,590      1,826  1.82
      Long-term
       borrowings    1,962,893    26,969  5.50    2,281,452     32,775  5.75
        Total
         borrowings  2,507,029    28,728  4.58    2,682,042     34,601  5.16

      Total
       deposits and
       borrowings   10,425,677    44,240  1.70   10,059,320     59,925  2.38

    Other
     liabilities       432,547                      409,246

      Total
       liabilities  10,858,224                   10,468,566

    Stockholders'
     equity            958,109                      914,193

      Total
       liabilities
       and
       stockholders'
       equity      $11,816,333                  $11,382,759

    Net interest
     income and
     margin                     $119,764  4.45%               $124,309  4.76%

    (A) Annualized.


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

                                      Six Months Ended June 30,
                                  2003                         2002
                      Average             Yields    Average            Yields
                      Balance   Interest   and      Balance   Interest   and
                                          Rates                         Rates
                                           (A)                           (A)

    ASSETS

    Investments       $120,939    $2,582  4.27%    $155,015     $3,473  4.48%
    Securities
     available
     for sale        2,185,840    61,247  5.60    1,644,385     53,134  6.46
    Loans held
     for sale          511,400    11,014  4.31      404,959     11,536  5.70
    Loans and
     leases:
      Consumer       3,125,941   104,874  6.71    2,574,235    102,001  7.92
      Commercial
       real
       estate        1,848,090    55,919  6.05    1,706,741     58,551  6.86
      Commercial
       business        453,104     9,856  4.35      437,602     11,651  5.32
      Leasing and
       equipment
       finance       1,050,325    40,665  7.74      973,613     43,453  8.93
        Subtotal     6,477,460   211,314  6.52    5,692,191    215,656  7.58
      Residential
       real
       estate        1,582,809    49,961  6.31    2,473,813     84,806  6.86
        Total
         loans and
         leases      8,060,269   261,275  6.48    8,166,004    300,462  7.36

          Total
           interest-
           earning
           assets   10,878,448   336,118  6.18   10,370,363    368,605  7.11

    Other assets     1,067,955                      929,683

      Total
       assets      $11,946,403                  $11,300,046

    LIABILITIES AND
     STOCKHOLDERS'
     EQUITY

    Non-interest
     bearing
     deposits       $2,170,132                   $1,805,543
    Interest-bearing
     deposits:
      Checking       1,025,221       517   .10      895,903        821   .18
      Savings        1,861,263     5,927   .64    1,370,698      6,498   .95
      Money market     891,882     2,733   .61      940,728      5,300  1.13
        Subtotal     3,778,366     9,177   .49    3,207,329     12,619   .79
      Certificates   1,863,092    24,812  2.66    2,197,845     37,205  3.39
        Total
         interest-
         bearing
         deposits    5,641,458    33,989  1.20    5,405,174     49,824  1.84

          Total
           deposits  7,811,590    33,989   .87    7,210,717     49,824  1.38

    Borrowings:
      Short-term
       borrowings      706,035     4,589  1.30      510,685      4,579  1.79
      Long-term
       borrowings    2,021,478    55,364  5.48    2,285,359     65,369  5.72
        Total
         borrowings  2,727,513    59,953  4.40    2,796,044     69,948  5.00

      Total deposits
       and
       borrowings   10,539,103    93,942  1.78   10,006,761    119,772  2.39

    Other
     liabilities       442,070                      380,950

      Total
       liabilities  10,981,173                   10,387,711

    Stockholders'
     equity            965,230                      912,335

      Total
       liabilities
       and
       stockholders'
       equity      $11,946,403                  $11,300,046

    Net interest
     income and
     margin                     $242,176  4.45%               $248,833  4.80%

    (A) Annualized.


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

                                       Three Months Ended
                    Jun. 30,   Mar. 31,      Dec. 31,    Sep. 30,     Jun. 30,
                      2003       2003          2002        2002         2002
    Interest income:
      Loans and
       leases       $129,554    $131,721     $139,807    $145,424    $148,711
      Securities
       available
       for sale       27,483      33,764       34,324      30,814      28,543
      Loans held
       for sale        5,788       5,226        6,492       4,436       5,216
      Investments      1,179       1,403        1,729       1,732       1,764
        Total
         interest
         income      164,004     172,114      182,352     182,406     184,234
    Interest
     expense:
      Deposits        15,512      18,477       21,280      24,282      25,324
      Borrowings      28,728      31,225       34,449      34,355      34,601
        Total
         interest
         expense      44,240      49,702       55,729      58,637      59,925
          Net
           interest
           income    119,764     122,412      126,623     123,769     124,309
    Provision for
     credit losses     3,127       2,710        4,067       4,071       4,714
        Net
         interest
         income after
         provision for
         credit
         losses      116,637     119,702      122,556     119,698     119,595
    Non-interest
     income:
      Fees and
       service
       charges        62,799      54,414       62,359      59,041      57,104
      Debit card
       revenue        14,766      13,233       13,095      12,094      11,771
      ATM revenue     11,242      10,415       10,734      12,018      11,744
      Investments
       and insurance
       commissions     3,760       3,520        4,909       4,272       3,435
        Subtotal      92,567      81,582       91,097      87,425      84,054
      Leasing and
       equipment
       finance        11,457      13,607       11,857      13,136      11,839
      Mortgage
       banking        (4,728)       (430)       1,868      (1,373)      2,826
      Other            1,707       2,076        1,524       3,649       3,313
        Fees and
         other
         revenue     101,003      96,835      106,346     102,837     102,032
      Gains on
       sales of
       securities
       available
       for sale       11,695      21,137        2,830       2,662           -
      Gains (losses)
       on termination
       of debt             -     (6,576)            -           -           -
        Other
         non-interest
         income       11,695      14,561        2,830       2,662           -
        Total
         non-interest
         income      112,698     111,396      109,176     105,499     102,032
    Non-interest
     expense:
      Compensation
       and employee
       benefits       73,807      76,599       76,314      72,804      72,885
      Occupancy
       and equipment  21,531      21,599       21,799      20,539      20,531
      Advertising
       and
       promotions      6,443       6,353        5,121       5,640       5,803
      Other           34,952      34,199       38,017      35,502      32,911
        Total
         non-interest
         expense     136,733     138,750      141,251     134,485     132,130
        Income
         before
         income tax
         expense      92,602      92,348       90,481      90,712      89,497
    Income tax
     expense          32,311      32,221       30,705      31,845      31,526
        Net
         income      $60,291     $60,127      $59,776     $58,867     $57,971

    Net income
     per common
     share:
      Basic             $.85        $.83         $.83        $.81        $.78
      Diluted           $.85        $.83         $.82        $.80        $.78

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

    Financial Ratios:

    Return on
     average
     assets(A)          2.04%       1.99%        1.97%       2.03%       2.04%
    Return on
     average common
     equity(A)         25.17       24.70        25.17       25.53       25.36
    Average
     total equity to
     average assets     8.11        8.06         7.82        7.96        8.03
    Net interest
     margin(A)          4.45        4.45         4.59        4.68        4.76

    (A) Annualized.


                    TCF FINANCIAL CORPORATION
 AND SUBSIDIARIES
                  CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS
                                  (In thousands)
                                   (Unaudited)

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

    ASSETS

    Cash and due
     from banks     $349,524    $332,705     $352,540    $330,864    $319,076
    Investments      123,028     118,828      154,252     155,171     154,313
    Securities
     available
     for sale      2,032,384   2,341,002    2,288,409   1,933,846   1,774,182
    Loans held
     for sale        534,435     488,110      552,687     387,134     369,649
    Loans and
     leases:
      Consumer     3,203,226   3,047,799    2,933,094   2,765,167   2,627,616
      Commercial
       real
       estate      1,848,055   1,848,125    1,800,915   1,769,144   1,730,419
      Commercial
       business      467,368     438,681      428,466     438,350     443,596
      Leasing and
       equipment
       finance     1,061,315   1,039,213    1,025,439   1,009,301     986,082
        Sub-total  6,579,964   6,373,818    6,187,914   5,981,962   5,787,713
      Residential
       real
       estate      1,486,518   1,680,170    1,844,653   2,125,902   2,349,500
        Total
         loans
         and
         leases    8,066,482   8,053,988    8,032,567   8,107,864   8,137,213
        Allowance
         for
         loan
         and
         lease
         losses      (78,074)    (77,509)     (76,280)    (75,510)    (73,721)
        Net
         loans
         and
         leases    7,988,408   7,976,479    7,956,287   8,032,354   8,063,492
    Premises
     and equipment   253,759     247,453      239,226     230,392     226,697
    Goodwill         145,462     145,462      145,462     145,462     145,462
    Deposit base
     intangibles       6,945       7,362        7,778       8,197       8,617
    Mortgage
     servicing
     rights           51,913      61,561       63,694      66,406      65,544
    Other
     assets          330,475     358,956      383,817     295,511     255,727
                 $11,816,333 $12,077,918  $12,144,152 $11,585,337 $11,382,759

    LIABILITIES AND
     STOCKHOLDERS'
     EQUITY

    Deposits:
     Checking     $3,041,711  $2,858,113   $2,774,972  $2,676,780  $2,651,200
     Savings       2,154,317   2,057,542    2,019,908   1,855,037   1,613,791
     Money
      market         897,154     886,552      885,493     911,317     930,961
       Sub-total   6,093,182   5,802,207    5,680,373   5,443,134   5,195,952
     Certificates  1,825,466   1,901,136    1,957,574   2,084,474   2,181,326
       Total
        deposits   7,918,648   7,703,343    7,637,947   7,527,608   7,377,278
    Short-term
     borrowings      544,136     869,735      827,590     444,717     400,590
    Long-term
     borrowings    1,962,893   2,080,713    2,265,663   2,275,757   2,281,452
       Total
        borrow-
        ings       2,507,029   2,950,448    3,093,253   2,720,474   2,682,042
    Accrued
     expenses and
     other
     liabilities     432,547     450,534      462,862     414,820     409,246
       Total
        liabil-
        ities     10,858,224  11,104,325   11,194,062  10,662,902  10,468,566
    Stockholders'
     equity:
     Common stock        925         926          926         926         927
     Additional
      paid-in
      capital        516,853     515,972      518,585     518,246     520,698
     Retained
      earnings     1,164,827   1,125,330    1,087,530   1,050,085   1,014,865
     Accumulated
      other
      comprehensive
      income          33,414      40,928       38,265      23,327      13,807
     Treasury stock
      at cost and
      other         (757,910)   (709,563)    (695,216)   (670,149)   (636,104)
       Total
        stockholders'
        equity       958,109     973,593      950,090     922,435     914,193
                 $11,816,333 $12,077,918  $12,144,152 $11,585,337 $11,382,759


                    TCF FINANCIAL CORPORATION
 AND SUBSIDIARIES
                         SUMMARY OF LONG-TERM BORROWINGS
                              (Dollars in thousands)
                                   (Unaudited)


                              At June 30,    At December 31,   At June 30,
                                 2003             2002            2002
                                  Weighted-        Weighted-        Weighted-
                  Year of          Average          Average           Average
                 Maturity  Amount   Rate     Amount  Rate      Amount  Rate

    Securities
     sold under
     repurchase
     agreements    2005   $200,000 6.26%    $200,000 6.26%    $200,000 6.26%

    Federal Home
     Loan Bank
     advances      2003          -     -     135,000  5.76     135,000  5.76

      January      2004      3,000  4.76     103,000  5.58     103,000  5.58
      May          2004    100,000  5.46     100,000  5.46     100,000  5.46
      June         2004          -     -      50,000  5.37      50,000  5.37
      July         2004    100,000  5.69     100,000  5.69     100,000  5.69
      September    2004    150,000  5.74     150,000  5.74     150,000  5.74
      October      2004    250,000  5.89     250,000  5.89     250,000  5.89
      November     2004    100,000  5.90     100,000  5.90     100,000  5.90
                   2004    703,000  5.76     853,000  5.72     853,000  5.72

                   2005    246,000  6.02     246,000  6.02     246,000  6.02
                   2006    303,000  4.16     303,000  4.30     303,000  4.44
                   2009    122,500  5.25     122,500  5.25     122,500  5.25
                   2010    100,000  6.02     100,000  6.02     100,000  6.02
                   2011    200,000  4.85     200,000  4.85     200,000  4.85
      Total Federal
       Home Loan Bank
       advances          1,674,500  5.38   1,959,500  5.44   1,959,500  5.46

    Discounted
     lease rentals 2002          -     -           -     -      37,770  7.97
                   2003     29,734  6.69      62,461  7.30      55,598  7.74
                   2004     39,871  6.51      36,101  7.08      26,877  7.84
                   2005     13,404  5.86       9,459  6.88       3,974  7.88
                   2006      1,968  5.56         723  6.94         283  6.93
                   2007        416  5.20           -     -           -     -
                   2008         28  5.20           -     -           -     -
      Total
       discounted
       lease rentals        85,421  6.44     108,744  7.19     124,502  7.83

    Total
     long-term
     borrowings         $1,959,921  5.51  $2,268,244  5.59  $2,284,002  5.66
SOURCE  TCF Financial Corporation

    -0-                             07/16/2003
    /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.tcfexpress.com
                http://www.tcfbank.com /
    (TCB)

CO:  TCF Financial Corporation

ST:  Minnesota
IN:  FIN
SU:  ERN CCA


JR-AB 
-- CGW003 --
4199 07/16/2003 08:30 EDT http://www.prnewswire.com

The information that is on or available through this site speaks only as of the particular date or dates of that information. We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for inaccuracies or omissions in that information or for actions taken in reliance on that information. TCF Financial Corporation does not undertake an obligation, and disclaims any duty, to update any of the information on or available through this site.