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Press Release

TCF Reports 2003 Earnings and Announces Quarterly Dividend Increase of 15 Percent

Company Release - 1/15/2004 9:02 AM ET
     2003 YEAR-END HIGHLIGHTS
     -- Diluted earnings per share of $3.05
     -- Net income of $215.9 million
     -- Board declares quarterly dividend increase of 15 percent to 37.5 cents
        per share, $1.50 (annualized)
     -- 19 branches opened in 2003; 239 branches opened since January 1998
     -- Average Power Assets(R) increased $792.5 million, or 13 percent
     -- Average low-cost checking, savings and money market deposits increased
        $742.7 million, or 14 percent
     -- Increased checking accounts by 105,508 to 1,443,821, an increase of 8
        percent

     FOURTH QUARTER HIGHLIGHTS
     -- Diluted earnings per share of 86 cents
     -- Net income of $59.5 million
     -- Return on average assets of 2.13 percent
     -- Return on average common equity of 26.18 percent
     -- Opened 10 new branches in the fourth quarter
     -- Increased checking accounts by 20,119 in the fourth quarter


     EARNINGS SUMMARY
     ($ in thousands, except per-share data)
                              Three Months                   Year
                           Ended December 31,         Ended December 31,
                       2003      2002    Change    2003     2002     Change
     Net income      $59,496   $59,776    (.5)%  $215,878  $232,931   (7.3)%
     Diluted earnings
      per common share   .86       .82    4.9        3.05      3.15   (3.2)

     Financial Ratios
     Return on
      average assets    2.13%     1.97%              1.85%     2.01%
     Return on average
      common equity    26.18     25.17              23.05     25.38
     Net interest
      margin            4.68      4.59               4.54      4.71

WAYZATA, Minn., Jan. 15 /PRNewswire-FirstCall/ -- TCF Financial Corporation (TCF) (NYSE: TCB) today reported diluted earnings per share of $3.05 for 2003, compared with $3.15 for 2002. Net income for 2003 was $215.9 million, down $17.1 million from 2002. For 2003, return on average assets was 1.85 percent and return on average common equity was 23.05 percent, compared with 2.01 percent and 25.38 percent, respectively, for 2002. Diluted earnings per share was 86 cents for the 2003 fourth quarter, compared with 82 cents for the same period in 2002. Net income was $59.5 million for the fourth quarter of 2003, compared with $59.8 million for the same period in 2002.

Dividend Increase

TCF's board of directors is pleased to announce, for the thirteenth consecutive year, an increase in the regular quarterly dividend to 37.5 cents per common share, effective first quarter 2004. This represents a 15 percent increase over the prior rate of 32.5 cents per common share. The dividend is payable on February 27, 2004 to common shareholders of record at the close of business on February 6, 2004. As of December 31, 2003, TCF had a 10-year compounded dividend growth rate of 22.4 percent, the highest 10-year growth rate of the 50 largest banks in the country.

Chairman's Statement

"2003 was a very challenging year," said William A. Cooper, Chairman and CEO. "TCF failed to meet its earning goals due to the 40-year low in interest rates which was not anticipated. These very low interest rates caused a high level of prepayments in our residential loans and mortgage-backed securities portfolio, which shrank $1.5 billion in total during the year. We chose not to replace the runoff of these assets at the low interest rates available at that time. As a result, total assets decreased $883 million, or 7 percent, during 2003. Also, loan yields fell faster and further than we could reduce our costs of funds, lowering our net interest margin. During the year we prepaid $954 million of high cost fixed-rate FHLB borrowings, at a cost of $44.3 million, to restructure our balance sheet and reduce our cost of funds in future periods." These very low interest rates also triggered unusually high prepayments in our third-party mortgage servicing portfolio, resulting in $44.8 million in amortization and impairment of our mortgage servicing rights asset.

"On the positive side, Power Asset(R) and Power Liability(R) growth was strong in 2003," said Cooper. "Our credit quality remains among the best in the industry, new branch expansion continues with 19 branches opened in 2003 and 28 planned for 2004. The reduction in VISA(R) debit card interchange rates since August 2003 adversely impacted our debit card revenues. However, with our continued customer and sales volume growth, coupled with an anticipated interchange rate increase in February 2004, we remain well positioned in this product line. In general, our core banking business did well."

"As a result of the failure to meet TCF's earnings goals, incentive compensation bonuses to executive management will not be paid for 2003," said Cooper. "The earnings per share goal for maximum incentive compensation for 2004 is $3.70 per share."

     Total Revenue
     ($ in thousands)
                             Three Months               Year Ended
                           Ended December 31,           December 31,
                        2003      2002  % Change   2003      2002  % Change
     Net interest
      income        $119,092  $126,623    (5.9)% $481,145  $499,225    (3.6)%
     Fees and
      other revenue:
       Fees and
        service
         charges      64,486    62,359     3.4    247,456   226,051     9.5
       Debit card
        revenue       12,069    13,095    (7.8)    52,991    47,190    12.3

       ATM revenue    10,400    10,734    (3.1)    43,623    45,296    (3.7)
       Investments and
        insurance
        commissions    3,037     4,909   (38.1)    13,901    15,848   (12.3)
         Total
          banking
          fees and
          other
          revenue     89,992    91,097    (1.2)   357,971   334,385     7.1
       Leasing
        and
        equipment
        finance       15,372    11,857    29.6     51,088    51,628    (1.0)
       Mortgage
        banking (a)    6,573     1,868    N.M.     12,719     6,979    82.2
       Other           2,928     1,524    92.1      9,014    13,272   (32.1)
       Total fees
        and other
        revenue      114,865   106,346     8.0    430,792   406,264     6.0
       Gains on sales
        of securities
        available
        for sale           -     2,830  (100.0)    32,832    11,536   184.6
       Gains (losses)
        on termination
        of debt            -         -    N.M.    (44,345)        -    N.M.
       Gains on
        sales of
        branches           -         -    N.M.          -     1,962  (100.0)
         Total
          non-interest
          income    $114,865  $109,176     5.2   $419,279  $419,762     (.1)
           Total
            revenue $233,957  $235,799     (.8)  $900,424  $918,987    (2.0)

     Net interest
      margin            4.68%     4.59%              4.54%     4.71%
     Fees and other
      revenue as a %
      of total revenue 49.10     45.10              47.84     44.21
     Fees and other
      revenue as a %
      average assets    4.11      3.50               3.70      3.50

     N.M.  Not meaningful
     (a) See "Mortgage Banking" section below for further discussion of
     mortgage banking revenue.


    Net Interest Income

TCF's net interest income in 2003 was $481.1 million, down $18.1 million, or 4 percent, from 2002. Net interest margin in 2003 was 4.54 percent, compared with 4.71 percent in 2002. The decline in both net interest income and net interest margin from 2002 is primarily the result of low interest rates and the resulting prepayment and refinancing of higher yielding assets. During 2003, TCF prepaid $954 million of fixed-rate borrowings at a cost of $44.3 million. These borrowings were replaced by shorter-term, lower-cost borrowings to reduce future interest expense.

TCF's net interest income in the fourth quarter of 2003 was $119.1 million, down $7.5 million, or 6 percent, from the fourth quarter of 2002 and was down $785 thousand, or 1 percent, from the third quarter of 2003. Net interest margin in the fourth quarter of 2003 was 4.68 percent, compared with 4.59 percent last year and 4.57 percent in the third quarter of 2003. The decline in net interest income from the fourth quarter of 2002 is primarily the result of an $849.2 million decline in average interest-earning assets which was driven by a $1.4 billion decline in average balances of residential real estate loans and mortgage-backed securities partially offset by a $793.5 million increase in Power Assets(R). The increase in the fourth quarter 2003 net interest margin over the same period in 2002 is primarily due to the prepayment of fixed-rate borrowings and the continued decline in the average rate paid on deposits, partially offset by declines in the yields on interest-earning assets.

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 $161.3 million, or 1 percent of total assets, at December 31, 2003, compared with a positive $1.1 billion, or 9 percent of total assets, at December 31, 2002 and a positive $500.1 million or 4 percent of total assets, at September 30, 2003. Although the one-year gap is subject to a number of assumptions and is only one of a number of interest rate risk measurements, TCF believes the interest rate gap is an important indication of its exposure to interest rate risk. The decrease in the one-year gap during 2003 is primarily the result of a decrease in fixed-rate mortgage-backed securities and residential real estate loans of $1.5 billion. In addition, the remaining fixed-rate mortgage-backed securities and residential real estate loans have lower interest rates. Late in 2003, these interest rates approached market rates, which result in slowed forecasted prepayments on these assets.

Non-interest Income

Total fees and other revenue was $430.8 million for 2003, up $24.5 million, or 6 percent, from 2002. Banking fees and other revenue increased $23.6 million, or 7 percent, during the year as a result of TCF's expanding branch network and customer base. Included in banking fees and other revenue are debit card revenues of $53 million, up $5.8 million, or 12 percent, from 2002. Growth in debit card revenue from increased customers and transactions in 2003 were partially offset by a decline in the average off-line interchange rate. The decline in the average off-line interchange rate was the result of VISA(R) USA lowering interchange rates for certain merchants effective August 1, 2003.

     (Dollars
      in              Three Months Ended          Year Ended
      thousands)       At December 31,  Change   At December 31,     Change
                       2003       2002    %     2003         2002       %
     TCF Express Card
     Average number
      of checking
      accounts with
      debit cards  1,235,564 1,128,157   9.5  1,193,936  1,087,592    9.8

     Percentage of
      customers with
      Express Cards
      who were
      active users      54.0%     53.7%  0.6       54.3%      53.2%   2.1

     Average number
      of transactions
      per month on
      active Express
      Cards             13.0      12.2   6.6       12.5       11.8    5.9

     Sales volume
       Off-line
        (Signature) $948,721  $807,181  17.5 $3,543,657 $2,958,633   19.8
       On-line
        (PIN)        105,808    67,344  57.1    355,045    257,560   37.8
         Total    $1,054,529  $874,525  20.6 $3,898,702 $3,216,193   21.2

     Percentage
      off-line          89.97%   92.30%           90.89%     91.99%

     Average
      off-line
      interchange
      rate               1.20     1.58 (24.1)      1.43       1.55   (7.7)

Total fees and other revenue were up 8 percent to $114.9 million for the 2003 fourth quarter. Leasing and equipment finance revenues were $15.4 million for the fourth quarter of 2003, up $3.5 million, or 30 percent, from the 2002 fourth quarter. The increase is primarily the result of a $4.9 million increase in sales-type lease revenues. Leasing and equipment finance revenues may fluctuate from quarter to quarter based on customer driven factors not within the control of TCF.

New Branch Expansion

TCF opened 19 new branches during 2003 including 10 new branches during the fourth quarter. TCF has now opened 239 new branches since January 1998.

                                                 At December 31,
     (# of branches)                    2003            2002          1997
     Minnesota                           98              94            75
     Illinois                           191             187            47
     Wisconsin                           34              35            28
     Michigan                            55              58            60
     Colorado                            18              16             7
     Indiana                              5               5             0
                                        401             395           217

During the fourth quarter of 2003, TCF closed five supermarket branches in Colorado, as a result of the closure of the stores by the supermarket owner, and the customer accounts were transferred to nearby traditional branches. Also during the fourth quarter TCF opened five new traditional branches in Colorado. The focus on opening new branches will continue in 2004, with the planned opening of 28 branches, including 22 new traditional branches and six new supermarket branches. Additional information regarding TCF's branches opened since January 1, 1998 is summarized as follows:

                           At or For the Year Ended
                                 December 31,
     ($ in thousands)          2003          2002       Change      % Change
     Number of new branches*
      - opened during the year
       Traditional              14           12            2         16.7%
       Supermarket               5           15          (10)       (66.7)
         Total                  19           27           (8)       (29.6)

     Number of new branches*
      - at year-end
       Traditional              42           28           14         50.0%
       Supermarket             186          184            2          1.1
         Total                 228          212           16          7.5
           % of Total
            branches            57%          54%

     Number of checking
      accounts             480,371      396,266       84,105         21.2
     Deposits - at
      year-end:
       Checking           $616,539     $447,914     $168,625         37.6
       Savings             390,253      407,088      (16,835)        (4.1)
       Money market         66,604       70,476       (3,872)        (5.5)
         Subtotal        1,073,396      925,478      147,918         16.0
       Certificates        152,050      162,655      (10,605)        (6.5)
       Total deposits   $1,225,446   $1,088,133     $137,313         12.6

     Total fees and
      other revenue
      (quarter ended)      $32,766      $29,806       $2,960          9.9
     Total fees and
      other revenue
      (year ended)        $126,123     $107,769      $18,354         17.0

     *  New branches opened since January 1, 1998.


    Power Assets(R)

TCF's Power Asset lending operations continue to generate strong growth. TCF's consumer loan average balances increased $575.2 million, or 21 percent, and leasing and equipment finance average balances have increased $98.9 million, or 10 percent, from 2002. "We experienced strong consumer home equity originations in 2003," said Cooper. "We also had good commercial and commercial real estate originations; however, we experienced increased payoffs in those areas due to the very low interest rate environment."


                        Average Balances for the
                         Year Ended December 31,

($ in thousands) 2003 2002 $ Change % Change

Loans and leases*:

Consumer $3,288,040 $2,712,812 $575,228 21.2%

Commercial real

      estate             1,854,452    1,746,207      108,245          6.2

Commercial business 445,634 435,488 10,146 2.3

Leasing and

equipment finance 1,094,532 995,672 98,860 9.9

Power Assets $6,682,658 $5,890,179 $792,479 13.5

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

Power Liabilities(R)

"We increased our checking account customer base by 105,508 accounts, or 8 percent, in 2003 to 1,443,821, despite increased competition in all our markets," said Cooper. "Our Totally-Free Checking product is the catalyst for establishing ongoing and deeper relationships with our customers." Average Power Liabilities totaled $7.8 billion for 2003, with an average interest rate of .73 percent, down 56 basis points from 2002. TCF continued to experience a decline in certificates of deposit during 2003, as other lower-cost funding sources were available to TCF. During the fourth quarter of 2003, TCF experienced a $202.6 million reduction in average custodial checking and savings balances from the third quarter of 2003, primarily related to the significant decrease in mortgage banking loan prepayments.

                  Average Balances and Rates for the
                       Year Ended December 31,
     ($ in thousands)       2003          2002        Change      % Change
     Checking           $3,073,490   $2,650,472     $423,018         16.0%
     Savings             2,071,548    1,719,703      351,845         20.5
     Money market          887,273      919,393      (32,120)        (3.5)
       Subtotal          6,032,311    5,289,568      742,743         14.0
     Certificates        1,743,533    2,108,708     (365,175)       (17.3)
       Power
        Liabilities     $7,775,844   $7,398,276     $377,568          5.1

     Number of checking
      accounts,
      period-end         1,443,821    1,338,313      105,508          7.9
     Average rate on
      deposits                 .73%        1.29%         (56)bps      N/A


    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 $3.3 billion for 2003, down $775.5 million from 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 2003. At December 31, 2003, residential real estate loans and securities available for sale totaled $2.7 billion, or 27 percent of total interest earning assets, down $1.5 billion from $4.2 billion, or 37 percent, at December 31, 2002. At December 31, 2003, the unrealized gain on TCF's securities available for sale portfolio was $8.9 million.

                    Average Balances for the
                     Year Ended December 31,
     ($ in thousands)       2003         2002       $ Change     % Change
     Residential real
      estate loans      $1,440,688   $2,227,537    $(786,849)     (35.3)%
     Securities
      available
      for sale           1,891,062    1,879,674       11,388         .6
         Total          $3,331,750   $4,107,211    $(775,461)     (18.9)

     Yield                   5.77%        6.57%


    Non-interest Expense

Non-interest expense totaled $560.1 million for 2003, a 4 percent increase from 2002. The increase was primarily due to costs associated with new branch expansion, additional advertising and promotions expense focused on the production and retention of TCF's deposit customer base, and higher levels of mortgage banking loan production and prepayment activities, partially offset by reduced incentive compensation, legal fees and debit card promotional and processing expenses. Non-interest expense totaled $142.2 million for the 2003 fourth quarter, compared with $141.3 million for the 2002 fourth quarter. Increases from the fourth quarter of 2002 in occupancy expense of $1.2 million due to branch expansion and in advertising of $1 million to support checking account growth were mostly offset by a $1.9 million decrease in other non- interest expense primarily due to lower mortgage banking volumes and lower ATM and debit card processing expense.

                           Three Months Ended
                               December 31,                  Change
                            2003         2002             $            %
    Compensation and
     employee benefits    $76,752      $76,314         $438           .6%
    Occupancy and
     equipment             22,984       21,799        1,185          5.4
    Advertising and
     promotions             6,204        5,121        1,083         21.1
    Deposit account
     losses                 5,841        5,684          157          2.8
    Other                  30,463       32,333       (1,870)        (5.8)
       Total non-interest
        expense          $142,244     $141,251         $993           .7


                              Year Ended
                              December 31,                    Change
                             2003         2002             $            %


     Compensation and
      employee benefits   $302,804     $294,295       $8,509          2.9%

     Occupancy and
      equipment             88,423       83,131        5,292          6.4
     Advertising and
      promotions            25,536       21,894        3,642         16.6
     Deposit account
      losses                19,495       19,750         (255)        (1.3)
     Other                 123,851      120,218        3,633          3.0
        Total non-interest
         expense          $560,109     $539,288      $20,821          3.9


    Credit Quality

At December 31, 2003, TCF's allowance for loan and lease losses totaled $76.6 million, or .92 percent of loans and leases, compared with $77 million, or .95 percent at December 31, 2002. The provision for credit losses for 2003 was $12.5 million, down from $22 million for 2002. Net loan and lease charge-offs in 2003, were $12.9 million, or .16 percent of average loans and leases, down from $20 million, or .25 percent in 2002. Included in net charge-offs is a $1.3 million charge-off related to an office building that TCF took ownership of during the fourth quarter of 2003. Leasing and equipment finance net charge-offs were $7.5 million, or .69 percent of related average loans and leases, during 2003, compared with $8 million, or .80 percent for 2002. Included in leasing and equipment net charge-offs in the fourth quarter of 2003 is a $1.3 million charge-off related to the sale of $5.6 million of underperforming leases from the transportation portfolio. TCF stopped originating leases in this marketing segment in 2001 and this portfolio totals $51.2 million at December 31, 2003, down from $100.7 million at December 31, 2002. At December 31, 2003, TCF's over-30-day delinquency rate was .47 percent, down from .57 percent for December 31, 2002. Non-accrual loans and leases were $35.4 million, or .43 percent of net loans and leases, at December 31, 2003, down from $43.6 million, or .54 percent, at December 31, 2002. Total non-performing assets were $68.9 million, or .61 percent of total assets, at December 31, 2003, down from $70.2 million, or .58 percent, at December 31, 2002.

                             Three Months Ended            Year Ended
                                December 31,               December 31,
     ($ in thousands)        2003          2002         2003          2002
     Allowance for
      loan and lease losses:
       Balance at
        beginning of
        period             $78,666      $76,157      $77,008      $75,028
         Net charge-offs:
           Consumer         (1,002)      (1,098)      (3,189)      (3,974)
           Commercial real
            estate          (1,294)           -       (1,336)      (2,138)
           Commercial
            business           (47)        (301)        (782)      (5,898)
           Leasing and
            equipment
            finance         (3,708)      (1,791)      (7,537)      (7,966)
           Residential
            real estate        (33)         (26)         (77)         (50)
             Total          (6,084)      (3,216)     (12,921)     (20,026)
         Provision for
          credit losses      4,037        4,067       12,532       22,006
     Balance at end
      of period            $76,619      $77,008      $76,619      $77,008

     Allowance for
      loan and lease
      losses as a percentage
      of total loans
      and leases               .92%         .95%         .92%         .95%

     Annualized net loan
      and lease charge-offs
      as a percentage of
      average total loans
      and leases               .30%         .16%         .16%         .25%


    Mortgage Banking

TCF's mortgage banking operations funded $3 billion in loans during 2003, up 5 percent from $2.9 billion in 2002, primarily reflecting high levels of refinance activity. In 2003, 74 percent of total mortgage banking loan originations were refinancings, up from 67 percent in 2002. Mortgage banking revenue increased $5.7 million and was $12.7 million in 2003, compared with $7 million for 2002. The increase in mortgage banking revenue was primarily due to increased gains on sales of loans, up $15.4 million over 2002, partially offset by a $9.5 million increase in amortization and impairment of mortgage servicing rights related to the sustained high level of prepayments. The increase in gains on sales of loans was primarily due to the increase in retail loan originations as a percentage of total loan originations from 37 percent in 2002 to 45 percent in 2003 and the improved pricing on wholesale loan originations during the refinance boom. Mortgage applications in process declined to $241.1 million at December 31, 2003, down from $532 million at December 31, 2002, and $354.6 million at September 30, 2003 as refinance activity slowed during the later part of 2003.

TCF's mortgage banking operations funded $319.5 million in loans during the fourth quarter of 2003, compared with $1.1 billion in the fourth quarter of 2002. Mortgage banking revenue was $6.6 million in the fourth quarter of 2003, up $4.7 million, from $1.9 million in the fourth quarter of 2002. This increase in mortgage banking revenue was due to a $12.8 million reduction in the amortization and impairment of mortgage servicing rights partially offset by a $6.6 million reduction in gains on sales of loans which reflects the significant reduction in loan originations. The annualized prepayment rate of the third party servicing portfolio was 22 percent during the fourth quarter of 2003, down from 67 percent during the fourth quarter of 2002.

                             At December 31,
     ($ in thousands)       2003         2002        $ Change      % Change
     Third-party
      servicing
      portfolio         $5,122,741   $5,576,066    $(453,325)        (8.1)%
       Weighted average
        note rate             5.97%        6.64%         (67)bps
     Mortgage applications
      in process          $241,126     $532,012    $(290,886)       (54.7)%
     Mortgage servicing
      rights               $52,036      $62,644     $(10,608)       (16.9)
       - As a percentage
         of servicing
         portfolio            1.02%        1.12%                      (10)bps
       - As a multiple of
         service fees         3.2X         3.4X


                            Three Months Ended
                                December 31,
                             2003          2002       $ Change     % Change
     Servicing income       $4,791       $5,594        $(803)       (14.4)%
     Less mortgage
      servicing rights:
       Amortization          3,387        7,843       (4,456)       (56.8)
       Impairment
        (recovery)          (2,347)       6,000       (8,347)         N.M.
         Subtotal            1,040       13,843      (12,803)       (92.5)
           Net servicing
            income (loss)    3,751       (8,249)      12,000         N.M.
     Gains on sales
      of loans               2,392        9,008       (6,616)       (73.4)
     Other income              430        1,109         (679)       (61.2)
       Total mortgage
        banking             $6,573       $1,868       $4,705         N.M.


                                Year Ended
                                December 31,
                             2003          2002         $ Change    % Change
     Servicing income      $20,533      $20,443          $90           .4%
     Less mortgage
      servicing rights:
       Amortization         23,680       22,874          806          3.5
       Impairment
        (recovery)          21,153       12,500        8,653         69.2
         Subtotal           44,833       35,374        9,459         26.7
           Net servicing
            income (loss)  (24,300)     (14,931)      (9,369)        62.7
     Gains on sales
      of loans              33,505       18,110       15,395         85.0
     Other income            3,514        3,800         (286)        (7.5)
       Total mortgage
        banking            $12,719       $6,979       $5,740         82.2

     N.M.  Not meaningful.


    Income Taxes

TCF's income tax expense was $111.9 million for 2003, or 34.1 percent of income before income tax expense, compared with $124.8 million, or 34.9 percent, for 2002. The lower effective tax rate in 2003 primarily reflects increases in investments in affordable housing limited partnerships, tax deductible dividends and lower state and local income taxes. TCF's income tax expense was $28.2 million for the fourth quarter of 2003, or 32.1 percent of income before income tax expense, compared with $30.7 million, or 33.9 percent, for the comparable 2002 period. The effective tax rate was lower in the fourth quarter of 2003 compared with previous quarters, primarily due to the increased investment in affordable housing limited partnerships and a reduction in state and local income taxes.

Capital

TCF repurchased 3,459,490 shares of its common stock during 2003 at an average cost of $43.46 per share, including 815,939 shares at an average cost of $52.03 during the fourth quarter. TCF has 3.7 million shares remaining in its stock repurchase program authorized by its Board of Directors. Since 1997, TCF has repurchased 25.1 million shares of its stock, at an average cost of $33.33 per share.

                                          At December 31,
     ($ in thousands,
      except per-share data)       2003                      2002
     Stockholders'
      equity              $920,858                  $977,020
     Stockholders'
      equity to
      total assets            8.14%                     8.01%
     Book value per
      common share          $13.07                    $13.23
     Total risk-based
      capital             $841,982       10.73%     $850,694       10.95%
     Total risk-based
      capital
      requirement         $627,650        8.00%     $621,657        8.00%


    Website Information

A live webcast of TCF's conference call to discuss 2003 and fourth quarter earnings will be hosted at TCF's website, www.tcfexpress.com, on January 15, 2004 at 10:00 a.m., CST. 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 400 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, which could be impacted by lower prepayment rates in a period of rising interest rates; 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-K, 10-Q 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
                                           December 31,
                                         2003      2002    $ Change % Change
    Interest income:
      Loans and leases                 $125,042  $139,807  $(14,765)  (10.6)%
      Securities available for sale      19,995    34,324   (14,329)  (41.7)
      Loans held for sale                 3,097     6,492    (3,395)  (52.3)
      Investments                           785     1,729      (944)  (54.6)
        Total interest income           148,919   182,352   (33,433)  (18.3)
    Interest expense:
      Deposits                           10,990    21,280   (10,290)  (48.4)
      Borrowings                         18,837    34,449   (15,612)  (45.3)
        Total interest expense           29,827    55,729   (25,902)  (46.5)
          Net interest income           119,092   126,623    (7,531)   (5.9)
    Provision for credit losses           4,037     4,067       (30)    (.7)
        Net interest income after
         provision for credit losses    115,055   122,556    (7,501)   (6.1)
    Non-interest income:
      Fees and service charges           64,486    62,359     2,127     3.4
      Debit card revenue                 12,069    13,095    (1,026)   (7.8)
      ATM revenue                        10,400    10,734      (334)   (3.1)
      Investments and insurance
       commissions                        3,037     4,909    (1,872)  (38.1)
        Subtotal                         89,992    91,097    (1,105)   (1.2)
      Leasing and equipment finance      15,372    11,857     3,515    29.6
      Mortgage banking                    6,573     1,868     4,705     N.M.
      Other                               2,928     1,524     1,404    92.1
        Fees and other revenue          114,865   106,346     8,519     8.0
      Gains on sales of securities
       available for sale                     -     2,830    (2,830) (100.0)
          Total non-interest income     114,865   109,176     5,689     5.2
    Non-interest expense:
      Compensation and employee
       benefits                          76,752    76,314       438      .6
      Occupancy and equipment            22,984    21,799     1,185     5.4
      Advertising and promotions          6,204     5,121     1,083    21.1
      Other                              36,304    38,017    (1,713)   (4.5)
        Total non-interest expense      142,244   141,251       993      .7
          Income before income tax
           expense                       87,676    90,481    (2,805)   (3.1)
    Income tax expense                   28,180    30,705    (2,525)   (8.2)
          Net income                    $59,496   $59,776     $(280)    (.5)

    Net income per common share:
      Basic                                $.86      $.83      $.03     3.6
      Diluted                              $.86      $.82      $.04     4.9

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

    Average common and common
     equivalent shares outstanding:
      Basic                              69,225    72,401    (3,176)   (4.4)
      Diluted                            69,559    72,732    (3,173)   (4.4)


    N.M.  Not meaningful.


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


                                           Year Ended
                                           December 31,
                                         2003      2002    $ Change % Change
    Interest income:
      Loans and leases                 $513,171  $585,693  $(72,522)  (12.4)%
      Securities available for sale     103,821   118,272   (14,451)  (12.2)
      Loans held for sale                20,016    22,464    (2,448)  (10.9)
      Investments                         4,511     6,934    (2,423)  (34.9)
        Total interest income           641,519   733,363   (91,844)  (12.5)
    Interest expense:
      Deposits                           56,795    95,386   (38,591)  (40.5)
      Borrowings                        103,579   138,752   (35,173)  (25.3)
        Total interest expense          160,374   234,138   (73,764)  (31.5)
          Net interest income           481,145   499,225   (18,080)   (3.6)
    Provision for credit losses          12,532    22,006    (9,474)  (43.1)
        Net interest income after
         provision for credit losses    468,613   477,219    (8,606)   (1.8)
    Non-interest income:
      Fees and service charges          247,456   226,051    21,405     9.5
      Debit card revenue                 52,991    47,190     5,801    12.3
      ATM revenue                        43,623    45,296    (1,673)   (3.7)
      Investments and insurance
       commissions                       13,901    15,848    (1,947)  (12.3)
        Subtotal                        357,971   334,385    23,586     7.1
      Leasing and equipment finance      51,088    51,628      (540)   (1.0)
      Mortgage banking                   12,719     6,979     5,740    82.2
      Other                               9,014    13,272    (4,258)  (32.1)
        Fees and other revenue          430,792   406,264    24,528     6.0
      Gains on sales of securities
       available for sale                32,832    11,536    21,296   184.6
      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)   13,498   (25,011)    N.M.
          Total non-interest income     419,279   419,762      (483)    (.1)
    Non-interest expense:
      Compensation and employee
       benefits                         302,804   294,295     8,509     2.9
      Occupancy and equipment            88,423    83,131     5,292     6.4
      Advertising and promotions         25,536    21,894     3,642    16.6
      Other                             143,346   139,968     3,378     2.4
        Total non-interest expense      560,109   539,288    20,821     3.9
          Income before income tax
           expense                      327,783   357,693   (29,910)   (8.4)
    Income tax expense                  111,905   124,762   (12,857)  (10.3)
          Net income                   $215,878  $232,931  $(17,053)   (7.3)

    Net income per common share:
      Basic                               $3.06     $3.17     $(.11)   (3.5)
      Diluted                             $3.05     $3.15     $(.10)   (3.2)

    Dividends declared per common
     share                                $1.30     $1.15      $.15    13.0

    Average common and common
     equivalent shares outstanding:
      Basic                              70,493    73,595    (3,102)   (4.2)
      Diluted                            70,770    73,941    (3,171)   (4.3)


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

                                      At December 31,
                                   2003            2002     $ Change % Change
    ASSETS

    Cash and due from banks      $370,054        $416,397   $(46,343) (11.1)%
    Investments                    75,223         153,722    (78,499) (51.1)
    Securities available for
     sale                       1,533,288       2,426,794   (893,506) (36.8)
    Loans held for sale           335,372         476,475   (141,103) (29.6)
    Loans and leases:
      Consumer                  3,630,341       3,005,882    624,459   20.8
      Commercial real estate    1,916,701       1,835,788     80,913    4.4
      Commercial business         427,696         440,074    (12,378)  (2.8)
      Leasing and equipment
       finance                  1,160,397       1,039,040    121,357   11.7
        Subtotal                7,135,135       6,320,784    814,351   12.9
      Residential real estate   1,212,643       1,800,344   (587,701) (32.6)
        Total loans and leases  8,347,778       8,121,128    226,650    2.8
        Allowance for loan
         and lease losses         (76,619)        (77,008)       389    (.5)
          Net loans and leases  8,271,159       8,044,120    227,039    2.8
    Premises and equipment        282,193         243,452     38,741   15.9
    Goodwill                      145,462         145,462        -       -
    Deposit base intangibles        5,907           7,573     (1,666) (22.0)
    Mortgage servicing rights      52,036          62,644    (10,608) (16.9)
    Other assets                  248,321         225,430     22,891   10.2
                              $11,319,015     $12,202,069  $(883,054)  (7.2)

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Deposits:
      Checking                 $3,248,412      $2,864,896   $383,516   13.4
      Savings                   1,905,923       2,041,723   (135,800)  (6.7)
      Money market                845,291         884,614    (39,323)  (4.4)
        Subtotal                5,999,626       5,791,233    208,393    3.6
      Certificates              1,612,123       1,918,755   (306,632) (16.0)
        Total deposits          7,611,749       7,709,988    (98,239)  (1.3)
    Short-term borrowings         878,412         842,051     36,361    4.3
    Long-term borrowings        1,536,413       2,268,244   (731,831) (32.3)
        Total borrowings        2,414,825       3,110,295   (695,470) (22.4)
    Accrued expenses and
     other liabilities            371,583         404,766    (33,183)  (8.2)
        Total liabilities      10,398,157      11,225,049   (826,892)  (7.4)
    Stockholders' equity:
      Common stock, par value
       $.01 per share,
       280,000,000 shares
       authorized; 92,513,355
       and 92,638,937 shares
       issued                         925             926         (1)   (.1)
      Additional paid-in
       capital                    518,878         518,813         65     -
      Retained earnings,
       subject to certain
       restrictions             1,234,804       1,111,955    122,849   11.0
      Accumulated other
       comprehensive income         5,652          46,102    (40,450) (87.7)
      Treasury stock at cost,
       22,037,025 and 18,783,051
       shares, and other         (839,401)       (700,776)  (138,625)  19.8
        Total stockholders'
           equity                 920,858         977,020    (56,162)  (5.7)
                              $11,319,015     $12,202,069  $(883,054)  (7.2)

    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 Year Ended December 31, 2003

                                            Allowance
                                            as a % of      Net Charge-offs
                                Allowance   Portfolio       $           %
    Consumer                     $9,084        .25%      $3,189        .10%
    Commercial real estate       25,142       1.31        1,336        .07
    Commercial business          11,797       2.76          782        .18
    Leasing and equipment
     finance                     13,515       1.16        7,537        .69
    Unallocated                  16,139        n/a            -        n/a
      Subtotal                   75,677       1.06       12,844        .19
    Residential real estate         942        .08           77        .01
      Total                     $76,619        .92      $12,921        .16


                               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
                          December   September  December  September December
                            31,         30,       31,         30,     31,
                            2003        2003      2002        2003    2002
    Non-accrual loans
     and leases:
      Consumer            $12,052    $13,650   $11,163    $(1,598)    $889
      Commercial real
       estate               2,490      2,643     3,213       (153)   (723)
      Commercial business   2,931      3,162     4,777       (231) (1,846)
      Leasing and equipment
       finance, net        13,241     19,502    17,127     (6,261) (3,886)
      Residential real
       estate               3,993      4,677     5,798       (684) (1,805)
        Total non-accrual
         loans and leases,
         net               34,707     43,634    42,078     (8,927) (7,371)
      Non-recourse
       discounted lease
       rentals                699        699     1,562          -    (863)
        Total non-accrual
         loans and leases,
         gross             35,406     44,333    43,640     (8,927) (8,234)
    Other real estate owned:
      Residential real
       estate              20,462     15,596    16,479      4,866   3,983
      Commercial real
       estate              12,992      6,383    10,093      6,609   2,899
        Total other real
         estate owned      33,454     21,979    26,572     11,475   6,882
      Total non-performing
       assets, gross      $68,860    $66,312   $70,212     $2,548 $(1,352)
      Total non-performing
       assets, net        $68,161    $65,613   $68,650     $2,548   $(489)



    Delinquency data (A):      At December 31,         At September 30,
                                    2003                     2003

                            Principal    % of       Principal      % of
                             Balances  Portfolio     Balances    Portfolio
    Consumer                 $17,673      .49%       $22,558        .66%
    Commercial real estate        58        -          2,005        .11
    Commercial business          282      .07            120        .03
    Leasing and equipment
     finance                  10,619      .93         11,718       1.04
    Residential real estate   10,112      .84         10,889        .85
    Total                    $38,744      .47        $47,290        .58


                                                    At December 31,
                                                          2002

                                              Principal             % of
                                              Balances          Portfolio
    Consumer                                  $19,067              .64%
    Commercial real estate                      6,835               .37
    Commercial business                           555               .13
    Leasing and equipment finance              10,159              1.00
    Residential real estate                     9,708               .54
    Total                                     $46,324               .57



    Potential Problem Loans (B):

                            At         At        At        $ Change from
                          December  September  December  September December
                            31,        30,       31,        30,       31,
                           2003       2003      2002       2003      2002
    Consumer                 $-     $4,500     $4,500    $(4,500) $(4,500)
    Commercial real
     estate              20,279     31,460     30,132    (11,181)  (9,853)
    Commercial business  12,721     13,247     33,408       (526) (20,687)
    Leasing and equipment
     finance             15,094     19,931     15,314     (4,837)    (220)
                        $48,094    $69,138    $83,354   $(21,044) $(35,260)

    (A) Excludes non-accrual loans and leases.
    (B) Consists of loans and leases primarily 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 December 31,
                                 2003                         2002
                                       Yields                       Yields
                      Average           and      Average             and
                      Balance Interest Rates(A)  Balance  Interest Rates(A)

    ASSETS
      Investments    $75,397     $785  4.16%    $154,252    $1,729  4.48%
      Securities
       available
       for sale    1,505,379   19,995   5.31   2,288,409    34,324   6.00
      Loans held for
       sale          359,650    3,097   3.44     552,687     6,492   4.70
      Loans and
       leases:
        Consumer   3,529,177   55,657   6.31   2,933,094    53,033   7.23
        Commercial
         real
         estate    1,875,215   26,290   5.61   1,800,915    29,715   6.60
        Commercial
         business    424,310    4,438   4.18     428,466     5,270   4.92
        Leasing and
         equipment
         finance   1,152,753   20,318   7.05   1,025,439    21,049   8.21
          Subtotal 6,981,455  106,703   6.11   6,187,914   109,067   7.05
        Residential
         real
         estate    1,256,847   18,339   5.84   1,844,653    30,740   6.67
          Total
           loans
           and
           leases  8,238,302  125,042   6.07   8,032,567   139,807   6.96

           Total
            interest
            -earning
            assets 10,178,728  148,919   5.85  11,027,915   182,352   6.61
    Other assets   1,002,824                    1,116,237

    Total assets $11,181,552                  $12,144,152

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Non-interest
     bearing
     deposits     $2,199,983                   $2,056,679
    Interest-bearing
     deposits:
      Checking     1,110,296      213    .08     947,229       312    .13
      Savings      1,816,220    1,782    .39   1,790,972     4,533   1.01
      Money market   866,408      823    .38     885,493     1,952    .88
        Subtotal   3,792,924    2,818    .30   3,623,694     6,797    .75
      Certificates 1,607,495    8,172   2.03   1,957,574    14,483   2.96
        Total
         interest-
         bearing
         deposits  5,400,419   10,990    .81   5,581,268    21,280   1.53

          Total
           deposits 7,600,402   10,990    .58   7,637,947    21,280   1.11

    Borrowings:
      Short-term
       borrowings    941,460    2,931   1.25     827,590     3,249   1.57
      Long-term
       borrowings  1,358,496   15,906   4.68   2,265,663    31,200   5.51
        Total
         borrowings 2,299,956   18,837   3.28   3,093,253    34,449   4.45

      Total deposits
       and
       borrowings  9,900,358   29,827   1.21  10,731,200    55,729   2.08


    Other
     liabilities     372,034                      462,862

      Total
       liabilities 10,272,392                   11,194,062

    Stockholders'
     equity          909,160                      950,090

      Total liabilities
       and stockholders'
       equity    $11,181,552                  $12,144,152

    Net interest
     income and
     margin                   $119,092  4.68%              $126,623  4.59%

    (A) Annualized.


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


                                       Three Months Ended
                                           December 31,
                                         2003      2002    $ Change % Change
    Interest income:
      Loans and leases                 $125,042  $139,807  $(14,765)  (10.6)%
      Securities available for sale      19,995    34,324   (14,329)  (41.7)
      Loans held for sale                 3,097     6,492    (3,395)  (52.3)
      Investments                           785     1,729      (944)  (54.6)
        Total interest income           148,919   182,352   (33,433)  (18.3)
    Interest expense:
      Deposits                           10,990    21,280   (10,290)  (48.4)
      Borrowings                         18,837    34,449   (15,612)  (45.3)
        Total interest expense           29,827    55,729   (25,902)  (46.5)
          Net interest income           119,092   126,623    (7,531)   (5.9)
    Provision for credit losses           4,037     4,067       (30)    (.7)
        Net interest income after
         provision for credit losses    115,055   122,556    (7,501)   (6.1)
    Non-interest income:
      Fees and service charges           64,486    62,359     2,127     3.4
      Debit card revenue                 12,069    13,095    (1,026)   (7.8)
      ATM revenue                        10,400    10,734      (334)   (3.1)
      Investments and insurance
       commissions                        3,037     4,909    (1,872)  (38.1)
        Subtotal                         89,992    91,097    (1,105)   (1.2)
      Leasing and equipment finance      15,372    11,857     3,515    29.6
      Mortgage banking                    6,573     1,868     4,705     N.M.
      Other                               2,928     1,524     1,404    92.1
        Fees and other revenue          114,865   106,346     8,519     8.0
      Gains on sales of securities
       available for sale                     -     2,830    (2,830) (100.0)
          Total non-interest income     114,865   109,176     5,689     5.2
    Non-interest expense:
      Compensation and employee
       benefits                          76,752    76,314       438      .6
      Occupancy and equipment            22,984    21,799     1,185     5.4
      Advertising and promotions          6,204     5,121     1,083    21.1
      Other                              36,304    38,017    (1,713)   (4.5)
        Total non-interest expense      142,244   141,251       993      .7
          Income before income tax
           expense                       87,676    90,481    (2,805)   (3.1)
    Income tax expense                   28,180    30,705    (2,525)   (8.2)
          Net income                    $59,496   $59,776     $(280)    (.5)

    Net income per common share:
      Basic                                $.86      $.83      $.03     3.6
      Diluted                              $.86      $.82      $.04     4.9

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

    Average common and common
     equivalent shares outstanding:
      Basic                              69,225    72,401    (3,176)   (4.4)
      Diluted                            69,559    72,732    (3,173)   (4.4)


    N.M.  Not meaningful.


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


                                           Year Ended
                                           December 31,
                                         2003      2002    $ Change % Change
    Interest income:
      Loans and leases                 $513,171  $585,693  $(72,522)  (12.4)%
      Securities available for sale     103,821   118,272   (14,451)  (12.2)
      Loans held for sale                20,016    22,464    (2,448)  (10.9)
      Investments                         4,511     6,934    (2,423)  (34.9)
        Total interest income           641,519   733,363   (91,844)  (12.5)
    Interest expense:
      Deposits                           56,795    95,386   (38,591)  (40.5)
      Borrowings                        103,579   138,752   (35,173)  (25.3)
        Total interest expense          160,374   234,138   (73,764)  (31.5)
          Net interest income           481,145   499,225   (18,080)   (3.6)
    Provision for credit losses          12,532    22,006    (9,474)  (43.1)
        Net interest income after
         provision for credit losses    468,613   477,219    (8,606)   (1.8)
    Non-interest income:
      Fees and service charges          247,456   226,051    21,405     9.5
      Debit card revenue                 52,991    47,190     5,801    12.3
      ATM revenue                        43,623    45,296    (1,673)   (3.7)
      Investments and insurance
       commissions                       13,901    15,848    (1,947)  (12.3)
        Subtotal                        357,971   334,385    23,586     7.1
      Leasing and equipment finance      51,088    51,628      (540)   (1.0)
      Mortgage banking                   12,719     6,979     5,740    82.2
      Other                               9,014    13,272    (4,258)  (32.1)
        Fees and other revenue          430,792   406,264    24,528     6.0
      Gains on sales of securities
       available for sale                32,832    11,536    21,296   184.6
      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)   13,498   (25,011)    N.M.
          Total non-interest income     419,279   419,762      (483)    (.1)
    Non-interest expense:
      Compensation and employee
       benefits                         302,804   294,295     8,509     2.9
      Occupancy and equipment            88,423    83,131     5,292     6.4
      Advertising and promotions         25,536    21,894     3,642    16.6
      Other                             143,346   139,968     3,378     2.4
        Total non-interest expense      560,109   539,288    20,821     3.9
          Income before income tax
           expense                      327,783   357,693   (29,910)   (8.4)
    Income tax expense                  111,905   124,762   (12,857)  (10.3)
          Net income                   $215,878  $232,931  $(17,053)   (7.3)

    Net income per common share:
      Basic                               $3.06     $3.17     $(.11)   (3.5)
      Diluted                             $3.05     $3.15     $(.10)   (3.2)

    Dividends declared per common
     share                                $1.30     $1.15      $.15    13.0

    Average common and common
     equivalent shares outstanding:
      Basic                              70,493    73,595    (3,102)   (4.2)
      Diluted                            70,770    73,941    (3,171)   (4.3)


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

                                      At December 31,
                                   2003            2002     $ Change % Change
    ASSETS

    Cash and due from banks      $370,054        $416,397   $(46,343) (11.1)%
    Investments                    75,223         153,722    (78,499) (51.1)
    Securities available for
     sale                       1,533,288       2,426,794   (893,506) (36.8)
    Loans held for sale           335,372         476,475   (141,103) (29.6)
    Loans and leases:
      Consumer                  3,630,341       3,005,882    624,459   20.8
      Commercial real estate    1,916,701       1,835,788     80,913    4.4
      Commercial business         427,696         440,074    (12,378)  (2.8)
      Leasing and equipment
       finance                  1,160,397       1,039,040    121,357   11.7
        Subtotal                7,135,135       6,320,784    814,351   12.9
      Residential real estate   1,212,643       1,800,344   (587,701) (32.6)
        Total loans and leases  8,347,778       8,121,128    226,650    2.8
        Allowance for loan
         and lease losses         (76,619)        (77,008)       389    (.5)
          Net loans and leases  8,271,159       8,044,120    227,039    2.8
    Premises and equipment        282,193         243,452     38,741   15.9
    Goodwill                      145,462         145,462        -       -
    Deposit base intangibles        5,907           7,573     (1,666) (22.0)
    Mortgage servicing rights      52,036          62,644    (10,608) (16.9)
    Other assets                  248,321         225,430     22,891   10.2
                              $11,319,015     $12,202,069  $(883,054)  (7.2)

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Deposits:
      Checking                 $3,248,412      $2,864,896   $383,516   13.4
      Savings                   1,905,923       2,041,723   (135,800)  (6.7)
      Money market                845,291         884,614    (39,323)  (4.4)
        Subtotal                5,999,626       5,791,233    208,393    3.6
      Certificates              1,612,123       1,918,755   (306,632) (16.0)
        Total deposits          7,611,749       7,709,988    (98,239)  (1.3)
    Short-term borrowings         878,412         842,051     36,361    4.3
    Long-term borrowings        1,536,413       2,268,244   (731,831) (32.3)
        Total borrowings        2,414,825       3,110,295   (695,470) (22.4)
    Accrued expenses and
     other liabilities            371,583         404,766    (33,183)  (8.2)
        Total liabilities      10,398,157      11,225,049   (826,892)  (7.4)
    Stockholders' equity:
      Common stock, par value
       $.01 per share,
       280,000,000 shares
       authorized; 92,513,355
       and 92,638,937 shares
       issued                         925             926         (1)   (.1)
      Additional paid-in
       capital                    518,878         518,813         65     -
      Retained earnings,
       subject to certain
       restrictions             1,234,804       1,111,955    122,849   11.0
      Accumulated other
       comprehensive income         5,652          46,102    (40,450) (87.7)
      Treasury stock at cost,
       22,037,025 and 18,783,051
       shares, and other         (839,401)       (700,776)  (138,625)  19.8
        Total stockholders'
           equity                 920,858         977,020    (56,162)  (5.7)
                              $11,319,015     $12,202,069  $(883,054)  (7.2)

    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 Year Ended December 31, 2003

                                            Allowance
                                            as a % of      Net Charge-offs
                                Allowance   Portfolio       $           %
    Consumer                     $9,084        .25%      $3,189        .10%
    Commercial real estate       25,142       1.31        1,336        .07
    Commercial business          11,797       2.76          782        .18
    Leasing and equipment
     finance                     13,515       1.16        7,537        .69
    Unallocated                  16,139        n/a            -        n/a
      Subtotal                   75,677       1.06       12,844        .19
    Residential real estate         942        .08           77        .01
      Total                     $76,619        .92      $12,921        .16


                               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
                          December   September  December  September December
                            31,         30,       31,         30,     31,
                            2003        2003      2002        2003    2002
    Non-accrual loans
     and leases:
      Consumer            $12,052    $13,650   $11,163    $(1,598)    $889
      Commercial real
       estate               2,490      2,643     3,213       (153)   (723)
      Commercial business   2,931      3,162     4,777       (231) (1,846)
      Leasing and equipment
       finance, net        13,241     19,502    17,127     (6,261) (3,886)
      Residential real
       estate               3,993      4,677     5,798       (684) (1,805)
        Total non-accrual
         loans and leases,
         net               34,707     43,634    42,078     (8,927) (7,371)
      Non-recourse
       discounted lease
       rentals                699        699     1,562          -    (863)
        Total non-accrual
         loans and leases,
         gross             35,406     44,333    43,640     (8,927) (8,234)
    Other real estate owned:
      Residential real
       estate              20,462     15,596    16,479      4,866   3,983
      Commercial real
       estate              12,992      6,383    10,093      6,609   2,899
        Total other real
         estate owned      33,454     21,979    26,572     11,475   6,882
      Total non-performing
       assets, gross      $68,860    $66,312   $70,212     $2,548 $(1,352)
      Total non-performing
       assets, net        $68,161    $65,613   $68,650     $2,548   $(489)



    Delinquency data (A):      At December 31,         At September 30,
                                    2003                     2003

                            Principal    % of       Principal      % of
                             Balances  Portfolio     Balances    Portfolio
    Consumer                 $17,673      .49%       $22,558        .66%
    Commercial real estate        58        -          2,005        .11
    Commercial business          282      .07            120        .03
    Leasing and equipment
     finance                  10,619      .93         11,718       1.04
    Residential real estate   10,112      .84         10,889        .85
    Total                    $38,744      .47        $47,290        .58


                                                    At December 31,
                                                          2002

                                              Principal             % of
                                              Balances          Portfolio
    Consumer                                  $19,067              .64%
    Commercial real estate                      6,835               .37
    Commercial business                           555               .13
    Leasing and equipment finance              10,159              1.00
    Residential real estate                     9,708               .54
    Total                                     $46,324               .57



    Potential Problem Loans (B):

                            At         At        At        $ Change from
                          December  September  December  September December
                            31,        30,       31,        30,       31,
                           2003       2003      2002       2003      2002
    Consumer                 $-     $4,500     $4,500    $(4,500) $(4,500)
    Commercial real
     estate              20,279     31,460     30,132    (11,181)  (9,853)
    Commercial business  12,721     13,247     33,408       (526) (20,687)
    Leasing and equipment
     finance             15,094     19,931     15,314     (4,837)    (220)
                        $48,094    $69,138    $83,354   $(21,044) $(35,260)

    (A) Excludes non-accrual loans and leases.
    (B) Consists of loans and leases primarily 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 December 31,
                                 2003                         2002
                                       Yields                       Yields
                      Average           and      Average             and
                      Balance Interest Rates(A)  Balance  Interest Rates(A)

    ASSETS
      Investments    $75,397     $785  4.16%    $154,252    $1,729  4.48%
      Securities
       available
       for sale    1,505,379   19,995   5.31   2,288,409    34,324   6.00
      Loans held for
       sale          359,650    3,097   3.44     552,687     6,492   4.70
      Loans and
       leases:
        Consumer   3,529,177   55,657   6.31   2,933,094    53,033   7.23
        Commercial
         real
         estate    1,875,215   26,290   5.61   1,800,915    29,715   6.60
        Commercial
         business    424,310    4,438   4.18     428,466     5,270   4.92
        Leasing and
         equipment
         finance   1,152,753   20,318   7.05   1,025,439    21,049   8.21
          Subtotal 6,981,455  106,703   6.11   6,187,914   109,067   7.05
        Residential
         real
         estate    1,256,847   18,339   5.84   1,844,653    30,740   6.67
          Total
           loans
           and
           leases  8,238,302  125,042   6.07   8,032,567   139,807   6.96

           Total
            interest
            -earning
            assets 10,178,728  148,919   5.85  11,027,915   182,352   6.61
    Other assets   1,002,824                    1,116,237

    Total assets $11,181,552                  $12,144,152

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Non-interest
     bearing
     deposits     $2,199,983                   $2,056,679
    Interest-bearing
     deposits:
      Checking     1,110,296      213    .08     947,229       312    .13
      Savings      1,816,220    1,782    .39   1,790,972     4,533   1.01
      Money market   866,408      823    .38     885,493     1,952    .88
        Subtotal   3,792,924    2,818    .30   3,623,694     6,797    .75
      Certificates 1,607,495    8,172   2.03   1,957,574    14,483   2.96
        Total
         interest-
         bearing
         deposits  5,400,419   10,990    .81   5,581,268    21,280   1.53

          Total
           deposits 7,600,402   10,990    .58   7,637,947    21,280   1.11

    Borrowings:
      Short-term
       borrowings    941,460    2,931   1.25     827,590     3,249   1.57
      Long-term
       borrowings  1,358,496   15,906   4.68   2,265,663    31,200   5.51
        Total
         borrowings 2,299,956   18,837   3.28   3,093,253    34,449   4.45

      Total deposits
       and
       borrowings  9,900,358   29,827   1.21  10,731,200    55,729   2.08


    Other
     liabilities     372,034                      462,862

      Total
       liabilities 10,272,392                   11,194,062

    Stockholders'
     equity          909,160                      950,090

      Total liabilities
       and stockholders'
       equity    $11,181,552                  $12,144,152

    Net interest
     income and
     margin                   $119,092  4.68%              $126,623  4.59%

    (A) Annualized.


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

                                       Year Ended December 31,
                                    2003                      2002
                                           Yields                    Yields
                         Average            and    Average             and
                         Balance  Interest Rates   Balance  Interest  Rates
    ASSETS
      Investments       $101,455   $4,511  4.45%   $154,862  $6,934  4.48%
      Securities
        available
        for sale       1,891,062  103,821   5.49  1,879,674 118,272   6.29
      Loans held for
        sale             488,634   20,016   4.10    437,702  22,464   5.13
      Loans and leases:
        Consumer       3,288,040  214,971   6.54  2,712,812 207,492   7.65
        Commercial real
          estate       1,854,452  108,867   5.87  1,746,207 118,355   6.78
        Commercial
          business       445,634   19,020   4.27    435,488  22,699   5.21
        Leasing and
          equipment
          finance      1,094,532   81,912   7.48    995,672  85,447   8.58
          Subtotal     6,682,658  424,770   6.36  5,890,179 433,993   7.37
        Residential
          real estate  1,440,688   88,401   6.14  2,227,537 151,700   6.81
          Total loans
            and leases 8,123,346  513,171   6.32  8,117,716 585,693   7.21

      Total interest
        -earning
        assets        10,604,497  641,519   6.05 10,589,954 733,363   6.92

    Other assets       1,053,073                  1,020,550

    Total assets     $11,657,570                $11,610,504

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Non-interest
      bearing
      deposits        $2,232,883                 $1,893,916
    Interest-bearing
      deposits:
      Checking         1,064,380      948    .09    915,720   1,479    .16
      Savings          1,847,775    9,298    .50  1,560,539  15,924   1.02
      Money market       887,273    4,447    .50    919,393   9,737   1.06
        Subtotal       3,799,428   14,693    .39  3,395,652  27,140    .80
      Certificates     1,743,533   42,102   2.41  2,108,708  68,246   3.24
        Total interest-
          bearing
          deposits     5,542,961   56,795   1.02  5,504,360  95,386   1.73

        Total
          deposits     7,775,844   56,795    .73  7,398,276  95,386   1.29

    Borrowings:
      Short-term
        borrowings       757,128    9,451   1.25    573,935   9,874   1.72
      Long-term
        borrowings     1,778,671   94,128   5.29  2,277,974 128,878   5.66
        Total
        borrowings     2,535,799  103,579   4.08  2,851,909 138,752   4.87

      Total deposits
        and
        borrowings    10,311,643  160,374   1.56 10,250,185 234,138   2.28

    Other liabilities    409,539                    442,404

    Total liabilities 10,721,182                 10,692,589

    Stockholders' equity 936,388                    917,915

    Total liabilities and
      stockholders'
      equity         $11,657,570                $11,610,504

    Net interest income
      and margin                 $481,145  4.54%            $499,225  4.71%


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

                                          Three Months Ended
                        Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,  Dec. 31,
                          2003       2003       2003       2003      2002
    Interest income:
      Loans and leases $125,042   $126,854   $129,554   $131,721  $139,807
      Securities available
        for sale         19,995     22,579     27,483     33,764    34,324
      Loans held for sale 3,097      5,905      5,788      5,226     6,492
      Investments           785      1,144      1,179      1,403     1,729
        Total interest
          income        148,919    156,482    164,004    172,114   182,352
    Interest expense:
      Deposits           10,990     11,816     15,512     18,477    21,280
      Borrowings         18,837     24,789     28,728     31,225    34,449
        Total interest
          expense        29,827     36,605     44,240     49,702    55,729
          Net interest
           income       119,092    119,877    119,764    122,412   126,623
    Provision for
      credit losses       4,037      2,658      3,127      2,710     4,067
    Net interest income
      after provision for
      credit losses     115,055    117,219    116,637    119,702   122,556
    Non-interest income:
      Fees and service
        charges          64,486     65,757     62,799     54,414    62,359
      Debit card revenue 12,069     12,923     14,766     13,233    13,095
      ATM revenue        10,400     11,566     11,242     10,415    10,734
      Investments and
        insurance
        commissions       3,037      3,584      3,760      3,520     4,909
        Subtotal         89,992     93,830     92,567     81,582    91,097
      Leasing and equipment
        finance          15,372     10,652     11,457     13,607    11,857
      Mortgage banking    6,573     11,304    (4,728)      (430)     1,868
      Other               2,928      2,303      1,707      2,076     1,524
        Fees and other
          revenue       114,865    118,089    101,003     96,835   106,346
      Gains on sales
        of securities
        available
        for sale              -          -     11,695     21,137     2,830
      Gains (losses)
        on termination
        of debt               -    (37,769)         -     (6,576)        -
      Other non-interest
        income                -    (37,769)    11,695     14,561     2,830
        Total non-interest
          income        114,865     80,320    112,698    111,396   109,176
    Non-interest expense:
      Compensation and
        employee
        benefits         76,752     75,646     73,807     76,599    76,314
      Occupancy and
        equipment        22,984     22,309     21,531     21,599    21,799
      Advertising and
        promotions        6,204      6,536      6,443      6,353     5,121
        Other            36,304     37,891     34,952     34,199    38,017
        Total non-interest
          expense       142,244    142,382    136,733    138,750   141,251
        Income before
          income tax
          expense        87,676     55,157     92,602     92,348    90,481
    Income tax expense   28,180     19,193     32,311     32,221    30,705
      Net income        $59,496    $35,964    $60,291    $60,127   $59,776

    Net income per common share:
      Basic                $.86       $.51       $.85       $.83      $.83
      Diluted              $.86       $.51       $.85       $.83      $.82

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

    Financial Ratios:
    Return on average
      assets(A)            2.13%      1.24%      2.04%      1.99%     1.97%
    Return on average
      common equity(A)    26.18      15.77      25.17      24.70     25.17
    Average total equity to
      average assets       8.13       7.89       8.11       8.06      7.82
    Net interest margin(A) 4.68       4.57       4.45       4.45      4.59

    (A) Annualized.


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

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

    ASSETS
    Cash and due
      from banks   $339,531    $372,777    $349,524    $332,705    $352,540
    Investments      75,397      89,182     123,028     118,828     154,252
    Securities
      available
      for sale    1,505,379   1,696,800   2,032,384   2,341,002   2,288,409
    Loans held
      for sale      359,650     572,827     534,435     488,110     552,687
    Loans and leases:
      Consumer    3,529,177   3,365,816   3,203,226   3,047,799   2,933,094
      Commercial
        real
        estate    1,875,215   1,846,204   1,848,055   1,848,125   1,800,915
      Commercial
        business    424,310     452,260     467,368     438,681     428,466
      Leasing and
        equipment
        finance   1,152,753   1,123,284   1,061,315   1,039,213   1,025,439
        Subtotal  6,981,455   6,787,564   6,579,964   6,373,818   6,187,914
      Residential
        real
        estate    1,256,847   1,344,921   1,486,518   1,680,170   1,844,653
        Total loans
         and
         leases   8,238,302   8,132,485   8,066,482   8,053,988   8,032,567
        Allowance for
          loan and
          lease
          losses    (78,655)    (78,657)    (78,074)    (77,509)    (76,280)
        Net loans
          and
          leases  8,159,647   8,053,828   7,988,408   7,976,479   7,956,287
    Premises and
      equipment     276,541     262,676     253,759     247,453     239,226
    Goodwill        145,462     145,462     145,462     145,462     145,462
    Deposit base
      intangibles     6,111       6,529       6,945       7,362       7,778
    Mortgage servicing
      rights         49,955      45,300      51,913      61,561      63,694
    Other assets    263,879     319,959     330,475     358,956     383,817
                $11,181,552 $11,565,340 $11,816,333 $12,077,918 $12,144,152

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Deposits:
      Checking   $3,194,672  $3,194,438  $3,041,711  $2,858,113  $2,774,972
      Savings     1,931,827   2,143,100   2,154,317   2,057,542   2,019,908
      Money
        market      866,408     899,071     897,154     886,552     885,493
      Subtotal    5,992,907   6,236,609   6,093,182   5,802,207   5,680,373
    Certificates  1,607,495   1,644,351   1,825,466   1,901,136   1,957,574
      Total
       deposits   7,600,402   7,880,960   7,918,648   7,703,343   7,637,947
    Short-term
      borrowings    941,460     673,312     544,136     869,735     827,590
    Long-term
     borrowings   1,358,496   1,721,151   1,962,893   2,080,713   2,265,663
      Total
      borrowings  2,299,956   2,394,463   2,507,029   2,950,448   3,093,253
    Accrued expenses
      and other
      liabilities   372,034     377,779     432,547     450,534     462,862
    Total liab-
     ilities     10,272,392  10,653,202  10,858,224  11,104,325  11,194,062

    Stockholders' equity:
      Common stock      925         925         925         926         926
      Additional
       paid-in
       capital      517,657     517,345     516,853     515,972     518,585
    Retained
      earnings    1,209,630   1,185,987   1,164,827   1,125,330   1,087,530
    Accumulated other
      comprehensive
      income (loss)   4,332      (2,174)     33,414      40,928      38,265
    Treasury stock
      at cost and
      other        (823,384)   (789,945)   (757,910)   (709,563)   (695,216)
    Total stockholders'
      equity        909,160     912,138     958,109     973,593     950,090
                $11,181,552 $11,565,340 $11,816,333 $12,077,918 $12,144,152

    Supplemental Information:
    Residential real
      estate
      loans      $1,256,847  $1,344,921  $1,486,518  $1,680,170  $1,844,653
    Securities
      available
      for sale    1,505,379   1,696,800   2,032,384   2,341,002   2,288,409
    Total residential
      real estate
      loans and
      securities
      available for
      sale       $2,762,226  $3,041,721  $3,518,902  $4,021,172  $4,133,062


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

                            At December 31,  At December 31,
                                2003             2002           Change
                                  Weighted-       Weighted-       Weighted-
                   Year of         Average         Average         Average
                   Maturity Amount  Rate   Amount   Rate   Amount    Rate
                                                                    (bps)

    Federal Home Loan Bank
      advances and securities
      sold under repurchase
      agreements    2003        $-    -%   $135,000 5.76% $(135,000) (576)

      January       2004     3,000  4.76    103,000  5.58  (100,000)  (82)
      May           2004         -     -    100,000  5.46  (100,000) (546)
      June          2004         -     -     50,000  5.37   (50,000) (537)
      July          2004         -     -    100,000  5.69  (100,000) (569)
      September     2004         -     -    150,000  5.74  (150,000) (574)
      October       2004         -     -    250,000  5.89  (250,000) (589)
      November      2004         -     -    100,000  5.90  (100,000) (590)
                    2004     3,000  4.76    853,000  5.72  (850,000)  (96)
                    2005   741,500  3.82    446,000  6.13   295,500  (231)
                    2006   303,000  4.20    303,000  4.30         -   (10)
                    2009   122,500  5.25    122,500  5.25         -     -
                    2010   100,000  6.02    100,000  6.02         -     -
                    2011   200,000  4.85    200,000  4.85         -     -

    Total Federal Home
      Loan Bank advances
      and securities
      sold under
      repurchase
      agreements         1,470,000  4.31  2,159,500  5.51  (689,500) (120)

    Discounted
      lease
      rentals       2003         -     -     62,461  7.30   (62,461) (730)
                    2004    43,607  6.24     36,101  7.08     7,506   (84)
                    2005    18,097  5.68      9,459  6.88     8,638  (120)
                    2006     4,134  5.55        723  6.94     3,411  (139)
                    2007       522  5.30          -     -       522   530
                    2008        53  5.54          -     -        53   554
      Total discounted
        lease
        rentals             66,413  6.04    108,744  7.19   (42,331) (115)

    Total long-term
      borrowings        $1,536,413  4.38 $2,268,244  5.59 $(731,831) (121)

SOURCE  TCF Financial Corporation

    -0-                             01/15/2004
    /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.tcfbank.com/
    (TCB)

CO:  TCF Financial Corporation

ST:  Minnesota
IN:  FIN
SU:  ERN DIV

SH-CM 
-- CGTH012A --
1776 01/15/2004 09:02 EST http://www.prnewswire.com

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