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Press Release

TCF Reports Third Quarter Earnings and EPS of $.51, After Prepayment Of Fixed-Rate Borrowings

Company Release - 10/15/2003 8:33 AM ET
    WAYZATA, Minn., Oct. 15 /PRNewswire-FirstCall/ --

     THIRD QUARTER HIGHLIGHTS
     --   Diluted earnings per share of 51 cents
     --   Net income of $36 million
     --   Diluted earnings per share reduced by 35 cents as a result of the
          prepayment of $804 million of fixed-rate borrowings at a cost of
          $37.8 million ($24.6 million after-tax)
     --   Average Power Assets(R) increased $805.6 million, or 13 percent,
          from the third quarter of 2002
     --   Net loan and lease charge-offs were $1.7 million, or .08 percent
          (annualized) of average loans and leases
     --   Average low-cost checking, savings and money market deposits
          increased $793.5 million, or 15 percent, from the third quarter of
          2002
     --   Increased checking accounts during the third quarter by 31,848, or
          9 percent (annualized), to 1,423,702
     --   Opened five new traditional branches


     EARNINGS SUMMARY
     ($ in thousands,
      except per-share data)
                               Three Months               Nine Months
                            Ended September 30,       Ended September 30,
                         2003     2002    Change     2003      2002    Change

     Net income         $35,964  $58,867  (38.9)%  $156,382  $173,155   (9.7)%
     Diluted earnings
      per common
      share                 .51      .80  (36.3)       2.20      2.33   (5.6)

     Financial Ratios
     Return on
      average assets       1.24 %   2.03 %             1.76 %    2.03 %
     Return on average
      common equity       15.77    25.53              22.04     25.43
     Net interest margin   4.57     4.68               4.49      4.76

TCF Financial Corporation (TCF) (NYSE: TCB) today reported diluted earnings per share of 51 cents for the 2003 third quarter, compared with 80 cents for the same period in 2002. Net income was $36 million for the third quarter of 2003, down $22.9 million from $58.9 million for the same period in 2002. On August 27, 2003, TCF prepaid $804 million of fixed-rate borrowings with an average interest rate of 5.70 percent at a cost of $37.8 million ($24.6 million after-tax) which reduced diluted earnings per share by 35 cents. See "Net Interest Income" section below for further discussion of this transaction. For the third quarter of 2003, return on average assets was 1.24 percent and return on average common equity was 15.77 percent, compared with 2.03 percent and 25.53 percent, respectively, for the third quarter of 2002.

Chairman's Statement

"TCF's core businesses continued to deliver solid results during the third quarter of 2003," said William A. Cooper, Chairman and CEO. "The prepayment of fixed-rate borrowings during the 2003 third quarter reduced our earnings by $24.6 million (after-tax) or 35 cents per share. This action has reduced our borrowing costs and will benefit net interest income in future quarters."

     Total Revenue

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

     Net interest income            $119,877    $123,769     $(3,892)   (3.1)%
     Fees and other revenue:
       Fees and service charges       65,757      59,041       6,716    11.4
       Debit card revenue             12,923      12,094         829     6.9
       ATM revenue                    11,566      12,018        (452)   (3.8)
       Investments and insurance
        commissions                    3,584       4,272        (688)  (16.1)
         Total banking fees and
          other revenue               93,830      87,425       6,405     7.3
       Leasing and equipment finance  10,652      13,136      (2,484)  (18.9)
       Mortgage banking (A)           11,304      (1,373)     12,677     N.M.
       Other                           2,303       3,649      (1,346)  (36.9)
         Total fees and
          other revenue              118,089     102,837      15,252    14.8
     Gains on sales of securities
      available for sale                   -       2,662      (2,662) (100.0)
     Gains (losses) on termination
      of debt                        (37,769)          -     (37,769) (100.0)
         Total non-interest income    80,320     105,499     (25,179)  (23.9)
           Total revenue            $200,197    $229,268    $(29,071)  (12.7)

     Net interest margin                4.57 %      4.68 %
     Fees and other revenue as a %
      of total revenue                 58.99       44.85
     Fees and other revenue as a %
      of average assets                 4.08        3.55

     N.M.  Not meaningful.
     (A)  The third quarter of 2002 included $6.5 million of mortgage
          servicing rights impairment.  See "Mortgage Banking" section below
          for further discussion of mortgage banking revenue.


    Net Interest Income

TCF's net interest income in the third quarter of 2003 was $119.9 million, down $3.9 million, or 3 percent, from the third quarter of 2002 and was essentially unchanged from the second quarter of 2003. Net interest margin in the third quarter was 4.57 percent, compared with 4.68 percent last year and 4.45 percent in the second quarter of 2003. The decline in both net interest income and net interest margin from the third quarter of 2002 is primarily the result of continued low interest rates and the resulting prepayment and refinancing of higher yielding assets. During the third quarter of 2003, TCF prepaid $804 million of fixed-rate borrowings. These borrowings had an average interest rate of 5.70 percent and an average remaining maturity of 13 months (see page 21). These borrowings were replaced primarily with $787 million of fixed-rate borrowings with an average maturity of 12 months and an average interest rate of 1.42 percent. The third quarter 2003 net interest income and net interest margin were positively impacted by $3.4 million, and 13 basis points, respectively, as a result of the reduction in interest expense related to the debt prepayment and replacement funding.

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 $500.1 million, or 4 percent of total assets, at September 30, 2003, compared with a positive $1.1 billion, or 9 percent of total assets, at June 30, 2003 and 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 decrease in the one-year interest rate gap is primarily the result of the slowing of forecasted future prepayments of fixed-rate mortgage-backed securities and residential real estate loans driven by the increase in interest rates in recent months. Also contributing to the decrease was the prepayment of long-term borrowings, net of $200 million of 18-month debt replacement extensions during the third quarter of 2003.

Non-interest Income

Total fees and other revenue was $118.1 million for the third quarter, up $15.3 million, or 15 percent, from the 2002 third quarter. Banking fees and other revenue increased $6.4 million, or 7 percent, during the quarter as a result of TCF's expanding branch network and customer base. Included in banking fees and other revenue are debit card revenues of $12.9 million, up $829 thousand, or 7 percent, from the third quarter of 2002. Debit card revenues were negatively impacted by the change in interchange rates effective August 1, 2003. Leasing and equipment finance revenues may fluctuate from quarter to quarter based on customer driven factors not within the control of TCF. Mortgage banking revenue increased $12.7 million and was $11.3 million in the third quarter of 2003, compared with a negative $1.4 million for the same 2002 period. Increased mortgage banking revenue resulted from increased loan originations, lower amortization and impairment of mortgage servicing rights and increased gains on sales of loans.

New Branch Expansion

TCF opened five new traditional branches during the third quarter of 2003, three in Colorado, one in Illinois and one in Michigan. TCF has now opened 229 new branches since January 1998 -- these branches comprise 58 percent of all TCF branches. TCF currently has 396 branches, including 240 full service branches in supermarkets. "During these challenging economic times, TCF continues to remain focused on our long-term strategy of expanding our franchise with the planned opening of 10 more new branches in the fourth quarter of 2003 and 28 new branches in 2004," said Cooper.

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

     Minnesota                 96                  91                 75
     Illinois                 189                 186                 47
     Wisconsin                 34                  33                 28
     Michigan                  54                  55                 60
     Colorado                  18                  14                  7
     Indiana                    5                   5                  0
                              396                 384                217


    Power Assets(R)

TCF's Power Asset lending operations continue to generate strong growth. "Once again, consumer home equity lending delivered solid growth in the quarter," said Cooper. TCF's consumer loan average balances increased $600.6 million, or 22 percent, and commercial real estate loan average balances have increased $77.1 million, or 4 percent, from the third quarter of 2002. Leasing and equipment finance average balances increased $114 million, or 11 percent, from the 2002 third quarter and included the purchase of a $58.7 million specialty vehicle portfolio in the current quarter. The growth in Power Assets during the third quarter 2003 continues to be funded by the run-off in the mortgage-backed securities and residential real estate loan portfolios.

                                    Average Balances for the
                                Three Months Ended September 30,
     ($ in thousands)                 2003        2002     $ Change  % Change
     Loans and leases*:
           Consumer                $3,365,816  $2,765,167  $600,649     21.7 %
           Commercial real estate   1,846,204   1,769,144    77,060      4.4
           Commercial business        452,260     438,350    13,910      3.2
           Leasing and equipment
            finance                 1,123,284   1,009,301   113,983     11.3
                  Power Assets     $6,787,564  $5,981,962  $805,602     13.5

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


    Power Liabilities(R)

"We increased our checking account customer base by 31,848 accounts, or 9 percent (annualized), in the third quarter and 85,389 accounts year-to-date to 1,423,702, despite increased competition in all our markets," said Cooper. "This growth demonstrates our commitment to growing our checking account base -- a cornerstone for developing additional customer relationships." Average Power Liabilities totaled $7.9 billion for the third quarter of 2003, with an average rate paid on these deposits of .60 percent, down 69 basis points from the same period in 2002. TCF continued to experience a decline in certificates of deposit in the third quarter, as other lower-cost funding sources were available to TCF.

                           Average Balances and Rates for the
                            Three Months Ended September 30,
     ($ in thousands)             2003         2002       $ Change    % Change
     Checking                 $3,194,438    $2,676,780    $517,658      19.3 %
     Savings                   2,143,100     1,855,037     288,063      15.5
     Money market                899,071       911,317     (12,246)     (1.3)
       Subtotal                6,236,609     5,443,134     793,475      14.6
     Certificates              1,644,351     2,084,474    (440,123)    (21.1)
       Power Liabilities      $7,880,960    $7,527,608    $353,352       4.7

     Number of checking
      accounts, period-end     1,423,702     1,337,722      85,980       6.4
     Average rate on deposits        .60 %        1.29 %       (69)bps   N/A

     N/A Not applicable.


    Residential Real Estate Loans and Securities Available for Sale

Average balances of residential real estate loans and securities available for sale (consisting primarily of mortgage-backed securities), totaled $3 billion for the third quarter of 2003, down $477.2 million from the second quarter of 2003, and $1.1 billion from the fourth quarter of 2002. The decline was the result of the high level of prepayments during 2003 coupled with the sale of $816.5 million of mortgage-backed securities in the first and second quarters of 2003. At September 30, 2003, the unrealized gain on TCF's securities available for sale portfolio was $21 million.

                         Average Balances for
                        the Three Months Ended             $ Change from
     ($ in      September 30,  June 30,  December 31,  June 30,   December 31,
      thousands)     2003        2003       2002         2003         2002

     Residential
      real estate
      loans      $1,344,921  $1,486,518  $1,844,653  $(141,597)    $(499,732)
     Securities
      available
      for sale *  1,696,800   2,032,384   2,288,409   (335,584)     (591,609)
       Total     $3,041,721  $3,518,902  $4,133,062  $(477,181)  $(1,091,341)

     Yield             5.61 %      5.74 %      6.30 %

     Percentage
      change                                             (13.6)%       (26.4)%

     *  Based on historical amortized cost.


    Supermarket Banking

TCF has one of the largest supermarket banking franchises in the country, with 240 full-service supermarket branches. "Our supermarket branches consistently deliver strong results for TCF," said Cooper. "Supermarket deposits, fee income, and average consumer loans all increased in the third quarter." Total supermarket banking fees and other revenue for the third quarter of 2003 were $45.1 million, an increase of $2.9 million, or 7 percent, over the third quarter of 2002 driven by an increase of nearly 50,000 deposit accounts during the past twelve months.

                               At or For the Quarter Ended
                                      September 30,
     ($ in thousands)                2003        2002      $ Change   % Change
     Number of branches
      (period-end)                     240          241         (1)      (.4)%
     Number of deposit accounts
      (period-end)                 854,205      804,656     49,549       6.2
     Average Deposits:
       Checking                   $793,588     $661,429   $132,159      20.0
       Savings                     477,756      470,188      7,568       1.6
       Money market                106,734      114,451     (7,717)     (6.7)
         Subtotal                1,378,078    1,246,068    132,010      10.6
       Certificates                185,826      239,109    (53,283)    (22.3)
         Total Power
          Liabilities           $1,563,904   $1,485,177    $78,727       5.3

     Average rate on deposits          .43 %       1.11 %      (68)bps   N/A
     Average consumer loans
      outstanding                 $405,642     $345,601    $60,041      17.4
     Total fees and other
      revenue                       45,134       42,223      2,911       6.9

     N/A Not applicable.


    Non-interest Expense

Non-interest expense totaled $142.4 million for the 2003 third quarter, a 6 percent increase from the 2002 third quarter. The increase was primarily due to higher levels of mortgage banking loan production and prepayment activity, costs associated with de novo expansion, and additional advertising and promotions expense focused on the expansion and retention of TCF's deposit customer base.

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

     Compensation and employee benefits   $75,646   $72,804  $2,842      3.9 %
     Occupancy and equipment               22,309    20,539   1,770      8.6
     Advertising and promotions             6,536     5,640     896     15.9
     Deposit account losses                 5,700     5,943    (243)    (4.1)
     Other                                 32,191    29,559   2,632      8.9
       Total non-interest expense        $142,382  $134,485  $7,897      5.9


    Credit Quality

At September 30, 2003, TCF's allowance for loan and lease losses totaled $78.7 million, or .97 percent of loans and leases, compared with $77.7 million, or .96 percent, at June 30, 2003. The provision for credit losses for the third quarter for 2003 was $2.7 million, down from $4.1 million in the same period in 2002, reflecting a decline in net charge-offs. Net loan and lease charge-offs were $1.7 million, or .08 percent (annualized) of average loans and leases, in the 2003 third quarter, down from $3.1 million, or .15 percent (annualized), respectively in the third quarter of 2002. "Our emphasis on secured lending has once again contributed to our strong credit quality in the third quarter of 2003," said Cooper. Leasing and equipment finance net charge-offs were $834 thousand, or .30 percent (annualized) of related average loans and leases, during the 2003 third quarter, down from $1.6 million, or .62 percent (annualized), for the 2002 third quarter. At September 30, 2003, TCF's over-30-day delinquency rate was .58 percent, up slightly from June 30, 2003. Non-accrual loans and leases were $44.3 million, or .55 percent of net loans and leases, at September 30, 2003, compared with $39.6 million, or .49 percent, at June 30, 2003. Total non-performing assets were $66.3 million, or .59 percent of total assets, at September 30, 2003, up from $64.4 million, or .55 percent, at June 30, 2003.

                                    Three Months Ended    Nine Months Ended
                                      September 30,         September 30,
     ($ in thousands)                2003       2002       2003       2002
     Allowance for loan and lease
      losses:
       Balance at beginning of
        period                     $77,696    $75,182    $77,008    $75,028
         Net (charge-offs)
          recoveries:
           Consumer                   (685)    (1,023)    (2,187)    (2,876)
           Commercial real estate      (60)       (69)       (42)    (2,138)
           Commercial business         (38)      (407)      (735)    (5,598)
           Leasing and
            equipment finance         (834)    (1,567)    (3,829)    (6,174)
           Residential real estate     (71)       (30)       (44)       (24)
             Total                  (1,688)    (3,096)    (6,837)   (16,810)
         Provision for
          credit losses              2,658      4,071      8,495     17,939
       Balance at end of period    $78,666    $76,157    $78,666    $76,157

       Allowance for loan and
        lease losses as a
        percentage of total
        loans and leases               .97 %      .94 %      .97 %      .94 %

       Annualized net loan and
        lease charge-offs as a
        percentage of average
        total loans and leases         .08 %      .15 %      .11 %      .28 %


    Mortgage Banking

TCF's mortgage banking operations funded $995.4 million in loans during the third quarter of 2003, up 33 percent from $749.4 million in the third quarter of 2002, primarily reflecting continued high levels of refinance activity. Mortgage banking revenue increased $12.7 million and was $11.3 million in the third quarter of 2003, compared with a negative $1.4 million for the same 2002 period. The increase in mortgage banking revenue resulted from lower amortization and impairment of servicing rights of $8.7 million and increased gains on sales of loans. TCF's third party servicing portfolio was $5.2 billion at September 30, 2003, essentially unchanged from September 30, 2002. The related capitalized mortgage servicing rights asset was $49.1 million at September 30, 2003, or .95 percent of the servicing portfolio, down from $62.4 million, or 1.19 percent of the servicing portfolio at September 30, 2002. Mortgage applications in process declined to $354.6 million at September 30, 2003, down from $978.8 million at June 30, 2003, as refinancing activity slowed during the third quarter. As a result of this decline, TCF expects lower mortgage loan fundings and gains on sales of loans in the fourth quarter of 2003.

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

     Third-party servicing
      portfolio                $5,168,205   $5,235,636    $(67,431)   (1.3)%
     Weighted average note
      rate                           6.02 %       6.90 %               (88)bps
     Mortgage applications in
      process                    $354,631     $895,592   $(540,961)  (60.4)%
     Mortgage servicing rights    $49,119      $62,437    $(13,318)  (21.3)
       -  As a percentage of
           servicing portfolio        .95 %       1.19 %               (24)bps
       -  As a multiple of
           service fees               3.0 X        3.6 X


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

     Servicing income              $4,946       $5,358       $(412)   (7.7)%
     Less mortgage servicing:
       Amortization                 4,147        6,349      (2,202)  (34.7)
       Impairment                       -        6,500      (6,500) (100.0)
         Subtotal                   4,147       12,849      (8,702)  (67.7)
           Net servicing
            income (loss)             799       (7,491)      8,290     N.M.
     Gains on sales of loans        9,524        5,063       4,461    88.1
     Other income                     981        1,055         (74)   (7.0)
         Total mortgage banking   $11,304      $(1,373)    $12,677     N.M.

     N.M.  Not meaningful.


    Income Taxes

TCF's income tax expense was $19.2 million for the third quarter of 2003, or 34.8 percent of income before income tax expense, compared with $31.8 million, or 35.1 percent of income before income tax expense, for the comparable 2002 period.

Capital

TCF repurchased 343,301 shares of its common stock during the 2003 third quarter at an average cost of $45.42 per share. TCF has 4.5 million shares remaining in its stock repurchase program authorized by its Board of Directors. Since 1997, TCF has repurchased 24.3 million shares of its stock, at an average cost of $32.70 per share.

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

     Stockholders' equity             $931,968             $977,020
     Stockholders' equity to total
      assets                              8.28 %               8.01 %
     Book value per common share        $13.08               $13.23

     Total risk-based capital         $847,126    11.08 %  $850,694    10.95 %
     Total risk-based capital
      requirement                     $611,655     8.00 %  $621,657     8.00 %


    Website Information

A live webcast of TCF's conference call to discuss third quarter earnings will be hosted at TCF's website, www.tcfexpress.com , on October 15, 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 $11.3 billion in assets. TCF has more than 395 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 and other retail merchants 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
                (Dollars in thousands, except per-share data)
                                 (Unaudited)

                                       Three Months Ended
                                          September 30,
                                         2003      2002    $ Change % Change
    Interest income:
      Loans and leases                 $126,854  $145,424  $(18,570)  (12.8)%
      Securities available for sale      22,579    30,814    (8,235)  (26.7)
      Loans held for sale                 5,905     4,436     1,469    33.1
      Investments                         1,144     1,732      (588)  (33.9)
        Total interest income           156,482   182,406   (25,924)  (14.2)
    Interest expense:
      Deposits                           11,816    24,282   (12,466)  (51.3)
      Borrowings                         24,789    34,355    (9,566)  (27.8)
        Total interest expense           36,605    58,637   (22,032)  (37.6)
          Net interest income           119,877   123,769    (3,892)   (3.1)
    Provision for credit losses           2,658     4,071    (1,413)  (34.7)
        Net interest income after
         provision for credit losses    117,219   119,698    (2,479)   (2.1)
    Non-interest income:
      Fees and service charges           65,757    59,041     6,716    11.4
      Debit card revenue                 12,923    12,094       829     6.9
      ATM revenue                        11,566    12,018      (452)   (3.8)
      Investments and insurance
       commissions                        3,584     4,272      (688)  (16.1)
        Subtotal                         93,830    87,425     6,405     7.3
      Leasing and equipment finance      10,652    13,136    (2,484)  (18.9)
      Mortgage banking                   11,304    (1,373)   12,677     N.M.
      Other                               2,303     3,649    (1,346)  (36.9)
        Fees and other revenue          118,089   102,837    15,252    14.8
      Gains on sales of securities
       available for sale                     -     2,662    (2,662) (100.0)
      Gains (losses) on termination
       of debt                          (37,769)        -   (37,769) (100.0)
        Other non-interest income       (37,769)    2,662   (40,431)    N.M.
          Total non-interest income      80,320   105,499   (25,179)  (23.9)
    Non-interest expense:
      Compensation and employee
       benefits                          75,646    72,804     2,842     3.9
      Occupancy and equipment            22,309    20,539     1,770     8.6
      Advertising and promotions          6,536     5,640       896    15.9
      Other                              37,891    35,502     2,389     6.7
        Total non-interest expense      142,382   134,485     7,897     5.9
          Income before income tax
           expense                       55,157    90,712   (35,555)  (39.2)
    Income tax expense                   19,193    31,845   (12,652)  (39.7)
          Net income                    $35,964   $58,867  $(22,903)  (38.9)

    Net income per common share:
      Basic                                $.51      $.81     $(.30)  (37.0)
      Diluted                              $.51      $.80     $(.29)  (36.3)

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

    Average common and common
     equivalent shares outstanding:
      Basic                              69,948    73,062    (3,114)   (4.3)
      Diluted                            70,225    73,402    (3,177)   (4.3)


     N.M.  Not meaningful.


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

                                         Nine Months Ended
                                           September 30,
                                         2003      2002    $ Change % Change
    Interest income:
      Loans and leases                 $388,129  $445,886  $(57,757)  (13.0)%
      Securities available for sale      83,826    83,948      (122)    (.1)
      Loans held for sale                16,919    15,972       947     5.9
      Investments                         3,726     5,205    (1,479)  (28.4)
        Total interest income           492,600   551,011   (58,411)  (10.6)
    Interest expense:
      Deposits                           45,805    74,106   (28,301)  (38.2)
      Borrowings                         84,742   104,303   (19,561)  (18.8)
        Total interest expense          130,547   178,409   (47,862)  (26.8)
          Net interest income           362,053   372,602   (10,549)   (2.8)
    Provision for credit losses           8,495    17,939    (9,444)  (52.6)
        Net interest income after
         provision for credit losses    353,558   354,663    (1,105)    (.3)
    Non-interest income:
      Fees and service charges          182,970   163,692    19,278    11.8
      Debit card revenue                 40,922    34,095     6,827    20.0
      ATM revenue                        33,223    34,562    (1,339)   (3.9)
      Investments and insurance
       commissions                       10,864    10,939       (75)    (.7)
        Subtotal                        267,979   243,288    24,691    10.1
      Leasing and equipment finance      35,716    39,771    (4,055)  (10.2)
      Mortgage banking                    6,146     5,111     1,035    20.3
      Other                               6,086    11,748    (5,662)  (48.2)
        Fees and other revenue          315,927   299,918    16,009     5.3
      Gains on sales of securities
       available for sale                32,832     8,706    24,126     N.M.
      Gains (losses) on termination
       of debt                          (44,345)        -   (44,345) (100.0)
      Gains on sales of branches              -     1,962    (1,962) (100.0)
        Other non-interest income       (11,513)   10,668   (22,181)    N.M.
          Total non-interest income     304,414   310,586    (6,172)   (2.0)
    Non-interest expense:
      Compensation and employee
       benefits                         226,052   217,981     8,071     3.7
      Occupancy and equipment            65,439    61,332     4,107     6.7
      Advertising and promotions         19,332    16,773     2,559    15.3
      Other                             107,042   101,951     5,091     5.0
        Total non-interest expense      417,865   398,037    19,828     5.0
          Income before income tax
           expense                      240,107   267,212   (27,105)  (10.1)
    Income tax expense                   83,725    94,057   (10,332)  (11.0)
          Net income                   $156,382  $173,155  $(16,773)   (9.7)

    Net income per common share:
      Basic                               $2.21     $2.34     $(.13)   (5.6)
      Diluted                             $2.20     $2.33     $(.13)   (5.6)

    Dividends declared per common
     share                                $.975    $.8625    $.1125    13.0

    Average common and common
     equivalent shares outstanding:
      Basic                              70,916    73,994    (3,078)   (4.2)
      Diluted                            71,174    74,344    (3,170)   (4.3)


     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      % Change from
                           September    December  September December September
                              30,           31,       30,       31,      30,
                             2003          2002      2002      2002     2002

    ASSETS

    Cash and due
     from banks            $389,237     $416,397     $362,840   (6.5)%   7.3 %
    Investments              75,600      153,722      155,421  (50.8)  (51.4)
    Securities available
     for sale             1,604,282    2,426,794    2,252,786  (33.9)  (28.8)
    Loans held for sale     429,999      476,475      515,621   (9.8)  (16.6)
    Loans and leases:
      Consumer            3,456,167    3,005,882    2,872,528   15.0    20.3
      Commercial
       real estate        1,838,728    1,835,788    1,781,827     .2     3.2
      Commercial
       business             426,694      440,074      436,314   (3.0)   (2.2)
      Leasing and
       equipment finance  1,142,094    1,039,040    1,016,149    9.9    12.4
        Subtotal          6,863,683    6,320,784    6,106,818    8.6    12.4
      Residential
       real estate        1,283,640    1,800,344    1,975,481  (28.7)  (35.0)
        Total loans
         and leases       8,147,323    8,121,128    8,082,299     .3      .8
        Allowance for
         loan and
         lease losses       (78,666)     (77,008)     (76,157)   2.2     3.3
          Net loans
           and leases     8,068,657    8,044,120    8,006,142     .3      .8
    Premises and
     equipment              266,597      243,452      231,125    9.5    15.3
    Goodwill                145,462      145,462      145,462      -       -
    Deposit base
     intangibles              6,323        7,573        7,990  (16.5)  (20.9)
    Mortgage servicing
     rights                  49,119       62,644       62,437  (21.6)  (21.3)
    Other assets            218,630      225,430      230,507   (3.0)   (5.2)
                        $11,253,906  $12,202,069  $11,970,331   (7.8)   (6.0)

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Deposits:
      Checking           $3,229,072   $2,864,896   $2,794,380   12.7    15.6
      Savings             2,000,194    2,041,723    1,947,695   (2.0)    2.7
      Money market          886,597      884,614      894,914     .2     (.9)
        Subtotal          6,115,863    5,791,233    5,636,989    5.6     8.5
      Certificates        1,596,740    1,918,755    2,023,508  (16.8)  (21.1)
        Total deposits    7,712,603    7,709,988    7,660,497      -      .7
    Short-term
     borrowings             900,835      842,051      679,589    7.0    32.6
    Long-term
     borrowings           1,342,890    2,268,244    2,275,706  (40.8)  (41.0)
        Total
         borrowings       2,243,725    3,110,295    2,955,295  (27.9)  (24.1)
    Accrued expenses and
     other liabilities      365,610      404,766      404,249   (9.7)   (9.6)
        Total
         liabilities     10,321,938   11,225,049   11,020,041   (8.0)   (6.3)
    Stockholders' equity:
      Common stock,
       par value $.01
       per share,
       280,000,000 shares
       authorized;
       92,524,637;
       92,638,937 and
       92,646,375 shares
       issued                   925          926          926    (.1)    (.1)
      Additional paid-in
       capital              517,605      518,813      518,641    (.2)    (.2)
      Retained earnings,
       subject to certain
       restrictions       1,198,164    1,111,955    1,074,098    7.8    11.6
      Accumulated other
       comprehensive
       income                13,385       46,102       40,207  (71.0)  (66.7)
      Treasury stock at
       cost, 21,267,166;
       18,783,051 and
       18,284,028 shares,
       and other           (798,111)    (700,776)    (683,582)  13.9    16.8
          Total
           stockholders'
           equity           931,968      977,020      950,290   (4.6)   (1.9)
                        $11,253,906  $12,202,069  $11,970,331   (7.8)   (6.0)


                  TCF FINANCIAL CORPORATION
 AND SUBSIDIARIES
                             CREDIT QUALITY DATA
                            (Dollars in thousands)
                                 (Unauditied)

    Allowance for loan and lease losses:

                          At or For the Nine Months Ended September 30, 2003
                                          Allowance
                                          as a % of      Net Charge-offs (A)
                           Allowance      Portfolio       $               %
    Consumer                $8,537           .25 %     $2,187           .09 %
    Commercial real estate  25,327          1.38           42             -
    Commercial business     12,326          2.89          735           .22
    Leasing and
     equipment finance      15,312          1.34        3,829           .47
    Unallocated             16,139           n/a            -           n/a
      Subtotal              77,641          1.13        6,793           .14
    Residential
     real estate             1,025           .08           44             -
      Total                $78,666           .97       $6,837           .11


                                  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
                     September      June       December       June    December
                        30,          30,          31,          30,       31,
                       2003         2003         2002         2003      2002
      Non-accrual
       loans and
       leases:
        Consumer    $13,650       $12,415      $11,163      $1,235    $2,487
        Commercial
         real estate  2,643         2,945        3,213        (302)     (570)
        Commercial
         business     3,162         3,390        4,777        (228)   (1,615)
        Leasing and
         equipment
         finance,
         net         19,502        15,075       17,127       4,427     2,375
        Residential
         real estate  4,677         5,028        5,798        (351)   (1,121)
          Total
           non-accrual
           loans and
           leases,
           net       43,634        38,853       42,078       4,781     1,556
        Non-recourse
         discounted
         lease rentals  699           699        1,562           -      (863)
          Total
           non-accrual
           loans and
           leases,
           gross     44,333        39,552       43,640       4,781       693
      Other real
       estate owned:
        Residential
         real
         estate      15,596        17,889       16,479      (2,293)     (883)
        Commercial
         real
         estate       6,383         6,919       10,093        (536)   (3,710)
          Total other
           real
           estate
           owned     21,979        24,808       26,572      (2,829)   (4,593)
        Total non-
         performing
         assets,
         gross      $66,312       $64,360      $70,212      $1,952   $(3,900)

        Total non-
         performing
         assets,
         net        $65,613       $63,661      $68,650      $1,952   $(3,037)


    Delinquency data (B):
                      At September 30,    At June 30,     At December 31,
                            2003             2003               2002
                     Principal   % of   Principal  % of   Principal   % of
                     Balances Portfolio Balances Portfolio Balances Portfolio
      Consumer       $22,558    .66 %   $22,827    .69 %   $19,067    .64 %
      Commercial
       real estate     2,005    .11         102    .01       6,835    .37
      Commercial
       business          120    .03         133    .03         555    .13
      Leasing and
       equipment
       finance        11,718   1.04      12,123   1.14      10,159   1.00
      Residential
       real estate    10,889    .85      10,204    .74       9,708    .54
        Total        $47,290    .58     $45,389    .56     $46,324    .57


    Potential Problem Loans (C):
    (Dollars in       At           At           At            $ Change from
     thousands)    September      June       December       June      December
                      30,          30,          31,          30,          31,
                     2003         2003         2002         2003         2002
      Consumer     $4,500       $4,500       $4,500           $-          $-
      Commercial
       real
       estate      31,460       23,216       30,132        8,244       1,328
      Commercial
       business    13,247       20,412       33,408       (7,165)    (20,161)
      Leasing and
       equipment
       finance     19,931       22,481       15,314       (2,550)      4,617
                  $69,138      $70,609      $83,354      $(1,471)   $(14,216)


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

    ASSETS

      Investments        $89,182   $1,144  5.13 %    $155,171   $1,732  4.46 %
      Securities
       available for
       sale            1,696,800   22,579  5.32     1,933,846   30,814  6.37
      Loans held
       for sale          572,827    5,905  4.12       387,134    4,436  4.58
      Loans and leases:
        Consumer       3,365,816   54,440  6.47     2,765,167   52,458  7.59
        Commercial
         real estate   1,846,204   26,658  5.78     1,769,144   30,089  6.80
        Commercial
         business        452,260    4,726  4.18       438,350    5,778  5.27
        Leasing and
         equipment
         finance       1,123,284   20,929  7.45     1,009,301   20,945  8.30
          Subtotal     6,787,564  106,753  6.29     5,981,962  109,270  7.31
        Residential
         real estate   1,344,921   20,101  5.98     2,125,902   36,154  6.80
          Total loans
           and leases  8,132,485  126,854  6.24     8,107,864  145,424  7.17

            Total
             interest-
             earning
             assets   10,491,294  156,482  5.97    10,584,015  182,406  6.89

      Other assets     1,074,046                    1,001,322

        Total assets $11,565,340                  $11,585,337

    LIABILITIES AND STOCKHOLDERS' EQUITY

      Non-interest
       bearing
       deposits       $2,389,237                   $1,905,014
      Interest-
       bearing
       deposits:
        Checking       1,095,507      218   .08       923,205      346   .15
        Savings        1,852,794    1,589   .34     1,703,598    4,893  1.15
        Money market     899,071      891   .40       911,317    2,485  1.09
          Subtotal     3,847,372    2,698   .28     3,538,120    7,724   .87
        Certificates   1,644,351    9,118  2.22     2,084,474   16,558  3.18
          Total
           interest-
           bearing
           deposits    5,491,723   11,816   .86     5,622,594   24,282  1.73

            Total
             deposits  7,880,960   11,816   .60     7,527,608   24,282  1.29

      Borrowings:
        Short-term
         borrowings      673,312    1,931  1.15       444,717    2,046  1.84
        Long-term
         borrowings    1,721,151   22,858  5.31     2,275,757   32,309  5.68
          Total
           borrowings  2,394,463   24,789  4.14     2,720,474   34,355  5.05

        Total deposits
         and
         borrowings   10,275,423   36,605  1.42    10,248,082   58,637  2.29

      Other
       liabilities       377,779                      414,820

        Total
         liabilities  10,653,202                   10,662,902

      Stockholders'
       equity            912,138                      922,435

        Total
         liabilities
         and
         stockholders'
         equity      $11,565,340                  $11,585,337

    Net interest
     income and
     margin                      $119,877  4.57 %             $123,769  4.68 %

     (A)  Annualized.


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

                                      Nine Months Ended September 30,
                                    2003                         2002
                                          Yields and                Yields and
                         Average            Rates     Average           Rates
                         Balance  Interest   (A)      Balance  Interest  (A)

    ASSETS

      Investments       $110,237   $3,726  4.51 %    $155,068   $5,205  4.48 %
      Securities
       available for
       sale            2,021,036   83,826  5.53     1,741,933   83,948  6.43
      Loans held
       for sale          532,101   16,919  4.24       398,952   15,972  5.34
      Loans and
       leases:
        Consumer       3,206,777  159,314  6.62     2,638,578  154,459  7.81
        Commercial
         real
         estate        1,847,455   82,577  5.96     1,727,771   88,640  6.84
        Commercial
         business        452,820   14,582  4.29       437,854   17,429  5.31
        Leasing and
         equipment
         finance       1,074,912   61,594  7.64       985,640   64,398  8.71
          Subtotal     6,581,964  318,067  6.44     5,789,843  324,926  7.48
        Residential
         real estate   1,502,642   70,062  6.22     2,356,568  120,960  6.84
          Total loans
           and leases  8,084,606  388,129  6.40     8,146,411  445,886  7.30

            Total
             interest-
             earning
             assets   10,747,980  492,600  6.11    10,442,364  551,011  7.04

      Other assets     1,070,006                      953,504

        Total assets $11,817,986                  $11,395,868

    LIABILITIES AND STOCKHOLDERS' EQUITY

      Non-interest
       bearing
       deposits       $2,243,970                   $1,839,064
      Interest-
       bearing
       deposits:
        Checking       1,048,907      735   .09       905,104    1,167   .17
        Savings        1,858,409    7,516   .54     1,482,884   11,391  1.02
        Money market     894,305    3,624   .54       930,817    7,785  1.12
          Subtotal     3,801,621   11,875   .42     3,318,805   20,343   .82
        Certificates   1,789,377   33,930  2.53     2,159,639   53,763  3.32
          Total
           interest-
           bearing
           deposits    5,590,998   45,805  1.09     5,478,444   74,106  1.80

            Total
             deposits  7,834,968   45,805   .78     7,317,508   74,106  1.35

      Borrowings:
        Short-term
         borrowings      695,008    6,520  1.25       488,454    6,625  1.81
        Long-term
         borrowings    1,920,269   78,222  5.43     2,282,123   97,678  5.71
          Total
           borrowings  2,615,277   84,742  4.32     2,770,577  104,303  5.02

        Total
         deposits
         and
         borrowings   10,450,245  130,547  1.67    10,088,085  178,409  2.36

      Other
       liabilities       421,862                      399,955

        Total
         liabilities  10,872,107                   10,488,040

      Stockholders'
       equity            945,879                      907,828

        Total
         liabilities
         and
         stockholders'
         equity      $11,817,986                  $11,395,868

    Net interest
     income and
     margin                      $362,053  4.49 %             $372,602  4.76 %

     (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
                  Sep. 30,       Jun. 30,    Mar. 31,    Dec. 31,    Sep. 30,
                    2003          2003        2003         2002        2002
    Interest
     income:
      Loans and
       leases    $126,854     $129,554     $131,721     $139,807    $145,424
      Securities
       available
       for sale    22,579       27,483       33,764       34,324      30,814
      Loans held
       for sale     5,905        5,788        5,226        6,492       4,436
      Investments   1,144        1,179        1,403        1,729       1,732
        Total
         interest
         income   156,482      164,004      172,114      182,352     182,406
    Interest
     expense:
      Deposits     11,816       15,512       18,477       21,280      24,282
      Borrowings   24,789       28,728       31,225       34,449      34,355
        Total
         interest
         expense   36,605       44,240       49,702       55,729      58,637
          Net
          interest
          income  119,877      119,764      122,412      126,623     123,769
    Provision for
     credit
     losses         2,658        3,127        2,710        4,067       4,071
        Net
         interest
         income
         after
         provision
         for
         credit
         losses   117,219      116,637      119,702      122,556     119,698
    Non-interest
     income:
      Fees and
       service
       charges     65,757       62,799       54,414       62,359      59,041
      Debit card
       revenue     12,923       14,766       13,233       13,095      12,094
      ATM revenue  11,566       11,242       10,415       10,734      12,018
      Investments
       and
       insurance
       commissions  3,584        3,760        3,520        4,909       4,272
        Subtotal   93,830       92,567       81,582       91,097      87,425
      Leasing and
       equipment
       finance     10,652       11,457       13,607       11,857      13,136
      Mortgage
       banking     11,304       (4,728)        (430)       1,868      (1,373)
      Other         2,303        1,707        2,076        1,524       3,649
        Fees and
         other
         revenue  118,089      101,003       96,835      106,346     102,837
      Gains on
       sales of
       securities
       available
       for sale         -       11,695       21,137        2,830       2,662
      Gains
       (losses) on
       termination
       of debt    (37,769)           -       (6,576)           -           -
        Other
         non-
         interest
         income   (37,769)      11,695       14,561        2,830       2,662
          Total
           non-
           interest
           income  80,320      112,698      111,396      109,176     105,499
    Non-interest
     expense:
      Compensation
       and employee
       benefits    75,646       73,807       76,599       76,314      72,804
      Occupancy
       and
       equipment   22,309       21,531       21,599       21,799      20,539
      Advertising
       and
       promotions   6,536        6,443        6,353        5,121       5,640
      Other        37,891       34,952       34,199       38,017      35,502
        Total non-
         interest
         expense  142,382      136,733      138,750      141,251     134,485
          Income
           before
           income
           tax
           expense 55,157       92,602       92,348       90,481      90,712
    Income tax
     expense       19,193       32,311       32,221       30,705      31,845
        Net
         income   $35,964      $60,291      $60,127      $59,776     $58,867

    Net income
     per common
     share:
      Basic          $.51         $.85         $.83         $.83        $.81
      Diluted        $.51         $.85         $.83         $.82        $.80

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

    Financial
     Ratios:

    Return on
     average
     assets(A)       1.24%        2.04%        1.99%        1.97%       2.03%
    Return on
     average
     common
     equity(A)      15.77        25.17        24.70        25.17       25.53
    Average total
     equity to
     average
     assets          7.89         8.11         8.06         7.82        7.96
    Net interest
     margin(A)       4.57         4.45         4.45         4.59        4.68

     (A)  Annualized.


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

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

    Cash and due
     from banks      $372,777    $349,524    $332,705    $352,540    $330,864
    Investments        89,182     123,028     118,828     154,252     155,171
    Securities
     available
     for sale       1,696,800   2,032,384   2,341,002   2,288,409   1,933,846
    Loans held
     for sale         572,827     534,435     488,110     552,687     387,134
    Loans and
     leases:
      Consumer      3,365,816   3,203,226   3,047,799   2,933,094   2,765,167
      Commercial
       real
       estate       1,846,204   1,848,055   1,848,125   1,800,915   1,769,144
      Commercial
       business       452,260     467,368     438,681     428,466     438,350
      Leasing and
       equipment
       finance      1,123,284   1,061,315   1,039,213   1,025,439   1,009,301
        Sub-total   6,787,564   6,579,964   6,373,818   6,187,914   5,981,962
      Residential
       real estate  1,344,921   1,486,518   1,680,170   1,844,653   2,125,902
        Total loans
         and leases 8,132,485   8,066,482   8,053,988   8,032,567   8,107,864
        Allowance
         for loan
         and lease
         losses       (78,657)    (78,074)    (77,509)    (76,280)    (75,510)
          Net loans
           and
           leases   8,053,828   7,988,408   7,976,479   7,956,287   8,032,354
    Premises and
     equipment        262,676     253,759     247,453     239,226     230,392
    Goodwill          145,462     145,462     145,462     145,462     145,462
    Deposit base
     intangibles        6,529       6,945       7,362       7,778       8,197
    Mortgage
     servicing
     rights            45,300      51,913      61,561      63,694      66,406
    Other assets      319,959     330,475     358,956     383,817     295,511
                  $11,565,340 $11,816,333 $12,077,918 $12,144,152 $11,585,337

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Deposits:
      Checking     $3,194,438  $3,041,711  $2,858,113  $2,774,972  $2,676,780
      Savings       2,143,100   2,154,317   2,057,542   2,019,908   1,855,037
      Money market    899,071     897,154     886,552     885,493     911,317
        Subtotal    6,236,609   6,093,182   5,802,207   5,680,373   5,443,134
      Certificates  1,644,351   1,825,466   1,901,136   1,957,574   2,084,474
        Total
         deposits   7,880,960   7,918,648   7,703,343   7,637,947   7,527,608
    Short-term
     borrowings       673,312     544,136     869,735     827,590     444,717
    Long-term
     borrowings     1,721,151   1,962,893   2,080,713   2,265,663   2,275,757
        Total
         borrowings 2,394,463   2,507,029   2,950,448   3,093,253   2,720,474
    Accrued
     expenses and
     other
     liabilities      377,779     432,547     450,534     462,862     414,820
      Total
       liabilities 10,653,202  10,858,224  11,104,325  11,194,062  10,662,902
    Stockholders'
     equity:
      Common stock        925         925         926         926         926
      Additional
       paid-in
       capital        517,345     516,853     515,972     518,585     518,246
      Retained
       earnings     1,185,987   1,164,827   1,125,330   1,087,530   1,050,085
      Accumulated
       other
       comprehensive
       income (loss)   (2,174)     33,414      40,928      38,265      23,327
      Treasury stock
       at cost and
       other         (789,945)   (757,910)   (709,563)   (695,216)   (670,149)
        Total
         stockholders'
         equity       912,138     958,109     973,593     950,090     922,435
                  $11,565,340 $11,816,333 $12,077,918 $12,144,152 $11,585,337

    Supplemental
     Information:
    Residential
     real estate
     loans         $1,344,921  $1,486,518  $1,680,170  $1,844,653  $2,125,902
    Securities
     available
     for sale       1,696,800   2,032,384   2,341,002   2,288,409   1,933,846
      Total
       residential
       real estate
       loans and
       securities
       available
       for sale    $3,041,721  $3,518,902  $4,021,172  $4,133,062  $4,059,748


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

                            At September 30,   At June 30,    At December 31,
                                 2003             2003              2002
                                   Weighted-        Weighted-        Weighted-
                   Year of          Average           Average          Average
                  Maturity  Amount   Rate      Amount  Rate     Amount   Rate
    Federal Home
     Loan Bank
     advances and
     securities
     sold
     under
     repurchase
     agreements    2003          -       -%         -      -%   135,000  5.76%

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

                   2005    541,529    4.58    446,000   6.13    446,000  6.13
                   2006    303,000    4.19    303,000   4.16    303,000  4.30
                   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 and
       securities
       sold under
       repurchase
       agreements        1,270,029    4.71  1,874,500   5.47  2,159,500  5.51

    Discounted
     lease
     rentals       2003     13,953    6.74     29,734   6.69     62,461  7.30
                   2004     40,658    6.39     39,871   6.51     36,101  7.08
                   2005     14,997    5.77     13,404   5.86      9,459  6.88
                   2006      2,755    5.54      1,968   5.56        723  6.94
                   2007        461    5.23        416   5.20          -     -
                   2008         37    5.22         28   5.20          -     -
      Total
       discounted
       lease
       rentals              72,861    6.29     85,421   6.44    108,744  7.19

        Total
         long-term
         borrowings     $1,342,890    4.80 $1,959,921   5.51 $2,268,244  5.59
SOURCE  TCF Financial Corporation

    -0-                             10/15/2003
    /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/comp/840750.html /
    /Web site:  http://www.tcfexpress.com /
    (TCB)

CO:  TCF Financial Corporation

ST:  Minnesota
IN:  FIN
SU:  ERN CCA


AM-CM 
-- CGW010 --
6278 10/15/2003 08:33 EDT http://www.prnewswire.com

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