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Press Release

TCF Reports Record First Quarter Earnings and EPS ($.88, up 6 percent)

Company Release - 4/15/2004 8:30 AM ET
     FIRST QUARTER HIGHLIGHTS

     - Record diluted earnings per share of 88 cents
     - Record net income of $60.7 million
     - Return on average assets of 2.11 percent
     - Return on average common equity of 25.90 percent
     - Average Power Assets(R) increased $896.8 million, or 14 percent
     - Net loan and lease charge-offs were $516,000, or .02 percent
       (annualized) of average loans and leases
     - Average low-cost checking, savings and money market deposits increased
       $283.2 million, or 5 percent
     - Increased checking accounts by 28,794 to 1,472,615, an annualized
       increase of 8 percent
     - Opened 4 new branches
     - Acquired VGM Leasing, Inc.


     EARNINGS SUMMARY
     ($ in thousands, except per-share data)
                                                       Three Months
                                                      Ended March 31,
                                               2004         2003       Change
     Net income                              $60,661      $60,127        .9%
     Diluted earnings per common share           .88          .83       6.0

     Financial Ratios
     Return on average assets                   2.11%        1.99%
     Return on average common equity           25.90        24.70
     Net interest margin                        4.52         4.45

WAYZATA, Minn., April 15 /PRNewswire-FirstCall/ -- TCF Financial Corporation (TCF) (NYSE: TCB) today reported record diluted earnings per share of 88 cents for the first quarter of 2004, compared with 83 cents for the same period of 2003. Net income for the first quarter of 2004 was a record $60.7 million, compared with $60.1 million for the same period of 2003. For the first quarter of 2004, return on average assets was 2.11 percent and return on average common equity was 25.90 percent, compared with 1.99 percent and 24.70 percent, respectively, for the first quarter of 2003.

Chairman's Statement

"Our continued focus on growing and cultivating our franchise has again contributed to solid results for the first quarter of 2004 as reflected in our record earnings and EPS," said William A. Cooper, Chairman and CEO. "During the first quarter, our Power Asset(R) growth remained strong, our credit quality remains among the best in the industry and our new branch expansion continues with 4 branches opened during the first quarter and 24 more branches planned to open during the rest of this year."

     Total Revenue
                                         Three Months
    ($ in thousands)                    Ended March 31,
                                        2004       2003     $ Change  % Change

    Net interest income               $118,493   $122,412   $(3,919)   (3.2)%
    Fees and other revenue:
      Fees and service charges          59,659     54,414     5,245     9.6
      Debit card revenue                13,491     13,233       258     1.9
      ATM revenue                        9,997     10,415      (418)   (4.0)
      Investments and insurance
       commissions                       3,462      3,520       (58)   (1.6)
        Total banking fees and other
         revenue                        86,609     81,582     5,027     6.2
      Leasing and equipment finance     10,167     13,607    (3,440)  (25.3)
      Mortgage banking (1)               3,455       (430)    3,885    N.M.
      Other                              2,228      2,076       152     7.3
        Total fees and other revenue   102,459     96,835     5,624     5.8
      Gains on sales of securities
       available for sale               12,717     21,137    (8,420)  (39.8)
      Gains (losses) on termination of
       debt                                -       (6,576)    6,576  (100.0)
        Other non-interest income       12,717     14,561    (1,844)  (12.7)
          Total non-interest income   $115,176   $111,396    $3,780     3.4
            Total revenue             $233,669   $233,808     $(139)    (.1)

    Net interest margin                   4.52%      4.45%
    Fees and other revenue as a % of
     total revenue                       43.85      41.42
    Fees and other revenue as a % of
     average assets                       3.56       3.21

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


    Net Interest Income

TCF's net interest income in the first quarter of 2004 was $118.5 million, down $3.9 million, or 3 percent, from the first quarter of 2003. Net interest margin in the first quarter of 2004 was 4.52 percent, compared with 4.45 percent last year and 4.68 percent in the fourth quarter of 2003. The change in net interest income from the first quarter of 2003 primarily reflects the $517.5 million decrease in average interest earning assets partially offset by the 7 basis point increase in net interest margin. The decrease in asset balances reflects an $896.8 million increase in Power Assets(R) offset by a $1.3 billion decrease in residential real estate loans and mortgage-backed securities ("treasury assets"). The decrease in treasury assets reflects management's decision to delay investing in long-term fixed-rate treasury assets in this very low interest rate environment. The increase in net interest margin in the first quarter 2004 over the same period in 2003 reflects a 59 basis point reduction in asset yields due to significant refinancing of fixed-rate assets and an increase in variable-rate assets as a percentage of total assets offset by a 68 basis point reduction in funding costs due to the 2003 prepayment of $954 million higher cost borrowings and the continued decline in the average rate paid on deposits. The decrease in net interest margin in the first quarter of 2004 of 16 basis points from the fourth quarter of 2003 was driven by a 16 basis point decline in asset yields as TCF continued to experience refinancings of fixed-rate consumer and commercial loans coupled with customer preference for lower cost variable rate loans. TCF's funding costs remained relatively unchanged from the fourth quarter at 1.20 percent.

Interest Rate Risk

TCF has positioned its balance sheet to benefit from a rising interest rate environment. 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), assuming no change in interest rates, was a positive $1.2 billion, or 10 percent of total assets, at March 31, 2004, compared with a positive $161.3 million, or 1 percent of total assets, at December 31, 2003. As a result of variable rate consumer and commercial loans at or near their interest rate floors and after taking into consideration other factors such as changes in prepayment rates, TCF becomes more asset sensitive in a rising interest rate environment. In a falling interest rate environment TCF's asset sensitivity remains relatively unchanged as the assumed increase in fixed-rate asset runoff is offset by the increase in variable-rate consumer and commercial loans at their floors. The sensitivity of TCF's one-year interest rate gap is summarized as follows:

                                                  One-Year Interest Rate GAP
    ($ in millions)                                  $       % of Total Assets
    Assumed Interest Rates
           Increase 50 basis points *              $1,861           15.9%
           Flat rate as of March 31, 2004           1,167           10.0
           Decrease 50 basis points *               1,303           11.1

     *Assumes an immediate parallel change in interest rates as of March 31,
      2004.

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 and is best used as a general measure of the effect on the net interest income of rising or falling interest rates. In general, TCF's net interest income would increase with rising interest rates and decrease to a somewhat lesser degree with falling interest rates.

Non-interest Income

Total fees and other revenue were up 6 percent to $102.5 million for the 2004 first quarter. Banking fees and other revenue increased $5 million, or 6 percent, as a result of TCF's expanding branch network and customer base. Included in banking fees and other revenue are debit card revenues of $13.5 million, up $258 thousand, or 2 percent, from the first quarter of 2003 as a 19 percent increase in off-line sales volume was partially offset by a 17 percent decline in the average off-line interchange rate. The average off-line interchange rate of 1.32 percent during the first quarter of 2004 was up 12 basis points or 10 percent from the fourth quarter of 2003 primarily due to the new interchange rates established by VISA(R) USA effective February 1, 2004. The average off-line interchange rate since February 1, 2004 has been 1.38 percent.

                                               Three Months Ended
                                                    March 31,         Change
    (Dollars in thousands)                      2004         2003       %

    Average number of checking accounts
     with debit cards                       1,258,593    1,148,926      9.5%

    Percentage of customers with debit
     cards who were active users                 54.3%        53.7%     1.1

    Average number of transactions per
     month on active debit cards                 12.6         11.9      5.9

    Sales volume
      Off-line (Signature)                   $964,168     $809,908     19.0
      On-line (PIN)                           112,775       74,697     51.0
           Total                           $1,076,943     $884,605     21.7

    Off-line sales volume as a percentage
     of total                                   89.53%       91.56%

    Average off-line interchange rate            1.32         1.59    (17.0)

Leasing and equipment finance revenues were $10.2 million for the first quarter of 2004, down $3.4 million, or 25 percent, from the 2003 first quarter due primarily to lower sales-type and operating lease revenue in Winthrop Resources. Leasing and equipment finance revenues may fluctuate from quarter to quarter based on customer driven factors not within the control of TCF.

During the 2004 first quarter, TCF took advantage of the continued low interest rate environment and sold $854 million of mortgage-backed securities and realized gains of $12.7 million. This compares with $21.1 million of gains on the sale of $532.2 million of mortgage backed securities during the same quarter of 2003. In 2003, TCF prepaid $150 million of Federal Home Loan Bank ("FHLB") advances and recorded losses on termination of debt of $6.6 million. There were no similar debt terminations during the first quarter of 2004.

New Branch Expansion

    TCF opened 4 new branches during the first quarter of 2004, including
2 new traditional branches and 2 new supermarket branches.  TCF has now opened
232 new branches since January 1998.  TCF plans to open 24 more new branches
in the remainder of 2004, consisting of 20 traditional branches and
4 supermarket branches.


                                           March 31,   March 31,  December 31,
    (# of branches)                          2004        2003        1997

    Total Branches
    Minnesota                                 99          96          75
    Illinois                                 191         188          47
    Wisconsin                                 34          35          28
    Michigan                                  56          53          60
    Colorado                                  20          15           7
    Indiana                                    6           5         -
                                             406         392         217


    New Branches*
       Traditional                            44          28
       Supermarket                           188         185
         Total                               232         213
             % of Total Branches             57%         54%

     * New branches opened since January 1, 1998.

Additional information regarding the results of TCF's new branches opened since January 1, 1998 is summarized as follows:

                                          At or For the
                                        Three Months Ended
                                             March 31,
    ($ in thousands)                      2004        2003    Change  % Change

    Number of checking accounts         518,105     416,460   101,645  24.4%
    Deposits:
      Checking                         $715,530    $517,209  $198,321  38.3
      Savings                           418,604     424,641    (6,037) (1.4)
      Money market                       67,246      71,912    (4,666) (6.5)
        Subtotal                      1,201,380   1,013,762   187,618  18.5
      Certificates                      149,582     160,118   (10,536) (6.6)
        Total deposits               $1,350,962  $1,173,880  $177,082  15.1

    Total fees and other revenue        $32,176     $27,017    $5,159  19.1


    Power Assets(R)

TCF's Power Asset lending operations continue to generate strong growth. TCF's consumer loan average balances increased $658.3 million, or 22 percent, and leasing and equipment finance average balances have increased $155 million, or 15 percent, from the first quarter of 2003. "We continue to have strong consumer home equity originations during the first quarter," said Cooper. In March 2004, TCF Leasing, Inc. acquired VGM Leasing, Inc., a leasing company specializing in home medical equipment financing. This acquisition added 40 leasing professionals in Waterloo, Iowa and approximately $82 million of new portfolio balances as of March 31, 2004.

                                      Average Balances for
                                     the Three Months Ended
                                            March 31,
    ($ in thousands)                    2004        2003      Change  % Change
    Loans and leases*:
           Consumer                  $3,706,061  $3,047,799  $658,262  21.6%
           Commercial real estate     1,942,494   1,848,125    94,369   5.1
           Commercial business          427,824     438,681   (10,857) (2.5)
           Leasing and equipment
            finance                   1,194,235   1,039,213   155,022  14.9
                  Power Assets       $7,270,614  $6,373,818  $896,796  14.1

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


    Power Liabilities(R)

"In this highly competitive environment, we increased our checking account customer base by 28,794 accounts, or 8 percent (annualized), in the first quarter of 2004 (up from 20,281 net new accounts added during the first quarter of 2003) to 1,472,615," said Cooper. "Our Totally-Free Checking product is the catalyst for establishing long-term relationships with our customers." Average Power Liabilities totaled $7.7 billion for the first quarter of 2004, with an average interest rate of .55 percent, down 41 basis points from the same period in 2003. Average checking, savings and money market balances increased $283.2 million, or 5 percent, including a $111.6 million reduction in average custodial checking and savings balances related to the significant decrease in mortgage banking loan prepayments. TCF continued to experience a decline in certificates of deposit during the first quarter of 2004, as other lower-cost funding sources were available to TCF.

                             Average Balances and Rates
                               for the Three Months
                                  Ended March 31,
    ($ in thousands)             2004          2003       Change     % Change
    Checking                 $3,329,383    $2,858,113    $471,270      16.5%
    Savings                   1,923,295     2,057,542    (134,247)     (6.5)
    Money market                832,695       886,552     (53,857)     (6.1)
      Subtotal                6,085,373     5,802,207     283,166       4.9
    Certificates              1,580,107     1,901,136    (321,029)    (16.9)
      Power Liabilities      $7,665,480    $7,703,343    $(37,863)      (.5)

    Number of checking
     accounts, period-end     1,472,615     1,358,594     114,021       8.4
    Average rate on deposits        .55%          .96%        (41)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 $2.7 billion for the first quarter of 2004, a decrease of $1.3 billion from the first quarter of 2003. The decline was the result of the high level of prepayments during 2003 coupled with the sales of mortgage-backed securities. At March 31, 2004, the unrealized pre-tax gain on TCF's securities available for sale portfolio was $20 million.

             Average Balances for the Three Months Ended    Change from
                    March 31,  December 31,  March 31, December 31,  March 31,
    ($ in thousands)  2004        2003         2003       2003         2003
    Residential
     real estate
     loans         $1,193,435  $1,256,847  $1,680,170  $(63,412)    $(486,735)
    Securities
     available
     for sale       1,519,374   1,505,379   2,341,002    13,995      (821,628)
      Total        $2,712,809  $2,762,226  $4,021,172  $(49,417)  $(1,308,363)

    Yield                5.54%       5.55%       6.04%


    Non-interest Expense

Non-interest expense totaled $140.7 million for the 2004 first quarter, up $2 million, or one percent, from $138.8 million for the 2003 first quarter. Compensation and employee benefits increased $2.3 million, or 3 percent, from the first quarter of 2003, driven by a $1.4 million increase related to new branches opened in the past 12 months. Occupancy and equipment expenses increased $1.9 million, or 9 percent, from the first quarter of 2003, with $862 thousand relating to costs associated with new branch expansion. Other expenses declined $2.2 million, or 7 percent, to $28.3 million for the first quarter of 2004. The decline in other expenses is primarily attributable to the lower mortgage banking volumes and declines in operating lease expenses and depreciation in the leasing businesses.

                                             Three Months Ended
                                                  March 31,        Change
    ($ in thousands)                           2004      2003      $     %

    Compensation and employee benefits       $78,879   $76,599  $2,280   3.0%
    Occupancy and equipment                   23,490    21,599   1,891   8.8
    Advertising and promotions                 5,910     6,353    (443) (7.0)
    Deposit account losses                     4,158     3,713     445  12.0
    Other                                     28,269    30,486  (2,217) (7.3)
      Total non-interest expense            $140,706  $138,750  $1,956   1.4


    Credit Quality

At March 31, 2004, TCF's allowance for loan and lease losses totaled $79.1 million, or .92 percent of loans and leases, compared with $77.8 million, or .97 percent, at March 31, 2003. The provision for credit losses for the first quarter of 2004 was $1.2 million, down from $2.7 million for the first quarter of 2003. Net loan and lease charge-offs were $516 thousand, or .02 percent (annualized) of average loans and leases, in the 2004 first quarter, down from $1.9 million, or .09 percent (annualized), for the same period of 2003. "TCF's credit quality was exceptional in the first quarter of 2004, reflecting our emphasis on secured lending," said Cooper, "and it continues to rank among the best in the industry." Leasing and equipment finance had net recoveries of $106 thousand during the 2004 first quarter, compared with net charge-offs of $971 thousand for the 2003 first quarter. At March 31, 2004, TCF's over-30-day delinquency rate was .40 percent, down from .47 percent for December 31, 2003. Non-accrual loans and leases were $37 million, or .43 percent of net loans and leases, at March 31, 2004, compared with $35.4 million, or .43 percent, at December 31, 2003. Total non-performing assets were $67.5 million, or .58 percent of total assets, at March 31, 2004, down from $68.9 million, or .61 percent, at December 31, 2003.

                                      Three Months Ended
                                           March 31,
    ($ in thousands)                    2004       2003
    Allowance for loan and lease
     losses:
      Balance at beginning of period  $76,619    $77,008
        Net (charge-offs) recoveries:
          Consumer                       (574)    (1,045)
          Commercial real estate           33         (2)
          Commercial business             (73)        84
          Leasing and equipment finance   106       (971)
          Residential real estate          (8)        29
            Total                        (516)    (1,905)
        Provision for credit losses     1,160      2,710
        Acquired allowance              1,791          -
      Balance at end of period        $79,054    $77,813

    Key Indicators:
      Allowance for loans and leases
       as a percentage of total
       loans and leases                   .92%       .97%

      Ratio of annualized net loan
       and lease charge-offs to
       average loans and leases
       outstanding                        .02%       .09%

      Period-end allowance as a
       multiple of annualized
       net charge-offs                   38.3 X     10.2 X

      Income before income taxes and
       provision for loan losses
       as a multiple of net
       charge-offs                      180.2 X     49.9 X


    Mortgage Banking

TCF's mortgage banking operations funded $241.8 million in new loans during the first quarter of 2004, down 67 percent from $729.6 million in the first quarter of 2003, primarily reflecting lower levels of refinance activity. Mortgage banking revenue increased $3.9 million and was $3.5 million in the first quarter of 2004, compared with a negative $430 thousand for the same 2003 period. The increase in mortgage banking revenue was primarily due to a $13.6 million decrease in amortization and impairment of mortgage servicing rights related to lower levels of prepayments, partially offset by an $8.5 million decline in gains on sales of loans. Mortgage applications in process declined to $444.1 million at March 31, 2004, down from $764 million at March 31, 2003, as refinance activity slowed during the later part of 2003. TCF's third party servicing portfolio was $5 billion at March 31, 2004, a decrease of $426.4 million, or 8 percent, from March 31, 2003. The related capitalized mortgage servicing rights asset was $50.7 million at March 31, 2004, or 1.01 percent of the servicing portfolio. The annualized prepayment rate of the third party servicing portfolio was 22 percent during the first quarter of 2004, down from 50 percent during the first quarter of 2003.

                                    At March 31,
    ($ in thousands)             2004          2003        Change    % Change

    Third-party servicing
     portfolio                $5,005,082    $5,431,456   $(426,374)   (7.9)%
      Weighted average note
       rate                         5.92%         6.50%                (58)bps
    Mortgage applications in
     process                    $444,124      $763,969   $(319,845)  (41.9)%
    Mortgage servicing rights    $50,726       $52,953     $(2,227)   (4.2)
      -  As a percentage of
          servicing portfolio       1.01%          .97%                  4 bps
      -  As a multiple of
          service fees               3.2 X         3.0 X


                                  Three Months Ended
                                       March 31,
    ($ in thousands)               2004          2003       Change  % Change

    Servicing income              $4,625        $5,433       $(808)  (14.9)%
    Less mortgage servicing
     rights:
      Amortization                 3,676         7,801      (4,125)  (52.9)
      Impairment                     -           9,500      (9,500) (100.0)
        Subtotal                   3,676        17,301     (13,625)  (78.8)
          Net servicing
           income (loss)             949       (11,868)     12,817     N.M.
    Gains on sales of loans        2,136        10,626      (8,490)  (79.9)
    Other income                     370           812        (442)  (54.4)
      Total mortgage banking      $3,455         $(430)     $3,885     N.M.

     N.M.  Not meaningful.


    Income Taxes

TCF's income tax expense was $31.1 million for the first quarter of 2004, or 33.9 percent of income before income tax expense, compared with $32.2 million, or 34.9 percent, for the comparable 2003 period. The effective tax rate was lower in the first quarter of 2004 compared with previous quarters, primarily due to the increased investment in affordable housing limited partnerships.

Capital

TCF repurchased 13,445 shares of its common stock during the first quarter of 2004 at an average cost of $51.66 per share. 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 $33.34 per share.

    ($ in thousands, except        At March 31,       At December 31,
      per-share data)                  2004                 2003

    Stockholders' equity             $965,950             $920,858
    Stockholders' equity to total
     assets                              8.24%                8.14%
    Book value per common share        $13.70               $13.07

    Total risk-based capital         $870,330    10.76%   $841,982    10.73%
    Total risk-based capital
     requirement                     $647,054     8.00%   $627,650     8.00%


    Website Information

A live webcast of TCF's conference call to discuss first quarter earnings will be hosted at TCF's website, www.tcfexpress.com , on April 15, 2004 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 $11.7 billion in assets. TCF has 406 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, fiscal or tax policies of the federal or state governments; 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 volatility of its mortgage banking business, which could adversely affect earnings; and results of litigation or other significant uncertainties. Investors should consult TCF's Annual Report to Shareholders and 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
                    (In thousands, except per-share data)
                                 (Unaudited)

                                        Three Months Ended
                                             March 31,
                                          2004      2003   $ Change % Change
    Interest income:
      Loans and leases                  $125,273  $131,721  $(6,448)   (4.9)%
      Securities available for sale       20,332    33,764  (13,432)  (39.8)
      Loans held for sale                  2,841     5,226   (2,385)  (45.6)
      Investments                            773     1,403     (630)  (44.9)
        Total interest income            149,219   172,114  (22,895)  (13.3)
    Interest expense:
      Deposits                            10,539    18,477   (7,938)  (43.0)
      Borrowings                          20,187    31,225  (11,038)  (35.3)
        Total interest expense            30,726    49,702  (18,976)  (38.2)
          Net interest income            118,493   122,412   (3,919)   (3.2)
    Provision for credit losses            1,160     2,710   (1,550)  (57.2)
        Net interest income after
         provision for credit losses     117,333   119,702   (2,369)   (2.0)
    Non-interest income:
      Fees and service charges            59,659    54,414    5,245     9.6
      Debit card revenue                  13,491    13,233      258     1.9
      ATM revenue                          9,997    10,415     (418)   (4.0)
      Investments and insurance
       commissions                         3,462     3,520      (58)   (1.6)
        Subtotal                          86,609    81,582    5,027     6.2
      Leasing and equipment finance       10,167    13,607   (3,440)  (25.3)
      Mortgage banking                     3,455      (430)   3,885     N.M.
      Other                                2,228     2,076      152     7.3
        Fees and other revenue           102,459    96,835    5,624     5.8
      Gains on sales of securities
       available for sale                 12,717    21,137   (8,420)  (39.8)
      Gains (losses) on termination of
       debt                                    -    (6,576)   6,576  (100.0)
        Other non-interest income         12,717    14,561   (1,844)  (12.7)
          Total non-interest income      115,176   111,396    3,780     3.4
    Non-interest expense:
      Compensation and employee
       benefits                           78,879    76,599    2,280     3.0
      Occupancy and equipment             23,490    21,599    1,891     8.8
      Advertising and promotions           5,910     6,353     (443)   (7.0)
      Other                               32,427    34,199   (1,772)   (5.2)
        Total non-interest expense       140,706   138,750    1,956     1.4
          Income before income tax
           expense                        91,803    92,348     (545)    (.6)
    Income tax expense                    31,142    32,221   (1,079)   (3.3)
          Net income                     $60,661   $60,127     $534      .9

    Net income per common share:
      Basic                                 $.88      $.83     $.05     6.0
      Diluted                               $.88      $.83     $.05     6.0

    Dividends declared per common share    $.375     $.325    $.050    15.4

    Average common and common
     equivalent shares outstanding:
      Basic                               68,991    72,021   (3,030)   (4.2)
      Diluted                             69,277    72,288   (3,011)   (4.2)

     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
                     March 31,  December 31,  March 31, December 31, March 31,
                        2004        2003        2003         2003       2003

    ASSETS

    Cash and
     due from banks   $368,409    $370,054    $371,489        (.4)%      (.8)%
    Investments        411,934      75,223     122,957        N.M.       N.M.
    Securities
     available
     for sale        1,269,293   1,533,288   2,442,724      (17.2)     (48.0)
    Loans held
     for sale          377,926     335,372     463,829       12.7      (18.5)
    Loans and
     leases:
      Consumer       3,821,648   3,630,341   3,137,517        5.3       21.8
      Commercial
       real estate   1,963,815   1,916,701   1,858,070        2.5        5.7
      Commercial
       business        428,588     427,696     446,929         .2       (4.1)
      Leasing and
       equipment
       finance       1,256,377   1,160,397   1,042,663        8.3       20.5
        Subtotal     7,470,428   7,135,135   6,485,179        4.7       15.2
      Residential
       real estate   1,152,357   1,212,643   1,568,430       (5.0)     (26.5)
        Total loans
         and leases  8,622,785   8,347,778   8,053,609        3.3        7.1
        Allowance
         for loan
         and lease
         losses        (79,054)    (76,619)    (77,813)       3.2        1.6
          Net loans
           and
           leases    8,543,731   8,271,159   7,975,796        3.3        7.1
    Premises and
     equipment         290,478     282,193     248,697        2.9       16.8
    Goodwill           152,599     145,462     145,462        4.9        4.9
    Deposit base
     intangibles         5,491       5,907       7,156       (7.0)     (23.3)
    Mortgage
     servicing
     rights             50,726      52,036      52,953       (2.5)      (4.2)
    Other assets       253,732     248,321     296,209        2.2      (14.3)
                   $11,724,319 $11,319,015 $12,127,272        3.6       (3.3)

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Deposits:
      Checking      $3,527,674  $3,248,412  $3,070,512        8.6       14.9
      Savings        1,979,170   1,905,923   2,108,587        3.8       (6.1)
      Money market     821,913     845,291     888,996       (2.8)      (7.5)
        Subtotal     6,328,757   5,999,626   6,068,095        5.5        4.3
      Certificates
       of deposit    1,540,371   1,612,123   1,897,243       (4.5)     (18.8)
       Total
        deposits     7,869,128   7,611,749   7,965,338        3.4       (1.2)
    Short-term
     borrowings        469,663     878,412     774,603      (46.5)     (39.4)
    Long-term
     borrowings      2,037,424   1,536,413   1,993,287       32.6        2.2
       Total
        borrowings   2,507,087   2,414,825   2,767,890        3.8       (9.4)
    Accrued
     expenses
     and other
     liabilities       382,154     371,583     422,631        2.8       (9.6)
       Total
        liabilities 10,758,369  10,398,157  11,155,859        3.5       (3.6)
    Stockholders'
     equity:
      Preferred
       stock, par
       value $.01
       per share,
       30,000,000
       shares
       authorized;
       none issued
       or outstanding        -           -          -           -          -
      Common stock,
       par value
       $.01 per share,
       280,000,000
       shares
       authorized;
       92,504,082;
       92,513,355 and
       92,539,643
       shares issued       925         925         925          -          -
      Additional
       paid-in
       capital         516,902     518,878     516,159        (.4)        .1
      Retained
       earnings,
       subject to
       certain
       restrictions  1,269,229   1,234,804   1,148,361        2.8       10.5
      Accumulated
       other
       comprehensive
       income           12,827       5,652      31,462      126.9      (59.2)
      Treasury
       stock at
       cost,
       21,996,070;
       22,037,025 and
       19,420,229
       shares, and
       other          (833,933)   (839,401)   (725,494)       (.7)      14.9
        Total
         stockholders'
         equity        965,950     920,858     971,413        4.9        (.6)
                   $11,724,319 $11,319,015 $12,127,272        3.6       (3.3)

     N.M.  Not meaningful.


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

    Allowance for loan and lease losses:

                                         At or For the Three Months Ended
                                                  March 31, 2004
                                                                  Net
                                                  Allowance   Charge-offs
                                                  as a % of   (Recoveries)
                                       Allowance  Portfolio    $       %
       Consumer                         $9,285       .24%    $574    .06%
       Commercial real estate           25,831      1.32      (33)  (.01)
       Commercial business              11,117      2.59       73    .07
       Leasing and equipment finance    15,795      1.26     (106)  (.04)
       Unallocated                      16,139       n/a        -    n/a
           Subtotal                     78,167      1.05      508    .03
       Residential real estate             887       .08        8    -
           Total                       $79,054       .92     $516    .02


    Allowance for loan and lease losses:

                                               At or For the Year Ended
                                                   December 31, 2003
                                                  Allowance       Net
                                                  as a % of   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


    Non-performing assets:         At       At       At     $ Change from
                                 March   December  March   December  March
                                   31,      31,      31,      31,      31,
                                  2004     2003     2003     2003     2003
     Non-accrual loans and
      leases:
       Consumer                 $14,428  $12,052  $11,496   $2,376  $2,932
       Commercial real estate     3,120    2,490    2,984      630     136
       Commercial business        3,102    2,931    4,642      171  (1,540)
       Leasing and equipment
        finance, net             11,219   13,241   15,664   (2,022) (4,445)
       Residential real estate    4,473    3,993    5,501      480  (1,028)
         Total non-accrual
          loans and leases, net  36,342   34,707   40,287    1,635  (3,945)
       Non-recourse discounted
        lease rentals               644      699      700      (55)    (56)
         Total non-accrual
          loans and leases,
          gross                  36,986   35,406   40,987    1,580  (4,001)
     Other real estate owned:
       Residential real estate   18,960   20,462   17,458   (1,502)  1,502
       Commercial real estate    11,549   12,992    9,042   (1,443)  2,507
         Total other real
          estate owned           30,509   33,454   26,500   (2,945)  4,009
       Total non-performing
        assets, gross           $67,495  $68,860  $67,487  $(1,365)     $8

       Total non-performing
        assets, net             $66,851  $68,161  $66,787  $(1,310)    $64


    Delinquency data (1):   At March 31,    At December 31,   At March 31,
                                2004             2003             2003
                                     % of             % of              % of
                          Principal  Port-  Principal Port-  Principal  Port-
                          Balances  folio   Balances folio   Balances  folio
     Consumer              $14,262   .37%   $17,673   .49%   $18,255   .58%
     Commercial real
      estate                   319   .02         58   -          548   .03
     Commercial business       128   .03        282   .07        611   .14
     Leasing and equipment
      finance               12,716  1.02     10,619   .93     10,416  1.01
     Residential real
      estate                 6,499   .57     10,112   .84      9,503   .61
       Total               $33,924   .40    $38,744   .47    $39,333   .49


    Potential Problem Loans (2):
                                   At       At       At      $ Change from
                                  March  December   March  December    March
                                   31,      31,      31,      31,       31,
                                  2004     2003     2003     2003      2003
     Consumer                        $-       $-   $4,500       $-   $(4,500)
     Commercial real estate      30,316   20,279   29,522   10,037       794
     Commercial business         13,072   12,721   27,092      351   (14,020)
     Leasing and equipment
      finance                    15,043   15,094   18,284      (51)   (3,241)
                                $58,431  $48,094  $79,398  $10,337  $(20,967)

     (1) Excludes non-accrual loans and leases.
     (2) 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 March 31,
                                    2004                        2003
                                            Yields                      Yields
                                             and                          and
                        Average             Rates   Average              Rates
                        Balance   Interest   (1)    Balance    Interest   (1)
    ASSETS

     Investments       $141,770      $773   2.18%   $118,828    $1,403   4.72%
     Securities
      available
      for sale        1,519,374    20,332   5.35   2,341,002    33,764   5.77
     Loans held
      for sale          359,238     2,841   3.16     488,110     5,226   4.28
     Loans and
      leases:
      Consumer        3,706,061    56,306   6.08   3,047,799    51,653   6.78
      Commercial
       real estate    1,942,494    26,523   5.46   1,848,125    28,054   6.07
      Commercial
       business         427,824     4,341   4.06     438,681     4,775   4.35
      Leasing and
       equipment
       finance        1,194,235    20,868   6.99   1,039,213    20,279   7.81
       Subtotal       7,270,614   108,038   5.94   6,373,818   104,761   6.57
      Residential
       real
       estate         1,193,435    17,235   5.78   1,680,170    26,960   6.42
       Total loans
        and leases    8,464,049   125,273   5.92   8,053,988   131,721   6.54

        Total
         interest-
         earning
         assets      10,484,431   149,219   5.69  11,001,928   172,114   6.26

     Other assets     1,041,213                    1,075,990

      Total assets  $11,525,644                  $12,077,918

    LIABILITIES AND STOCKHOLDERS' EQUITY

     Non-interest
      bearing
      deposits       $2,255,675                   $2,083,099
     Interest-
      bearing
      deposits:
      Checking        1,187,865       409    .14     990,411       304    .12
      Savings         1,809,138     1,734    .38   1,842,145     3,618    .79
      Money market      832,695       768    .37     886,552     1,544    .70
       Subtotal       3,829,698     2,911    .30   3,719,108     5,466    .59
      Certificates    1,580,107     7,628   1.93   1,901,136    13,011   2.74
       Total
        interest-
        bearing
        deposits      5,409,805    10,539    .78   5,620,244    18,477   1.32

        Total
         deposits     7,665,480    10,539    .55   7,703,343    18,477    .96

     Borrowings:
      Short-term
       borrowings       735,475     2,350   1.28     869,735     2,830   1.30
      Long-term
       borrowings     1,812,508    17,837   3.94   2,080,713    28,395   5.46
       Total
        borrowings    2,547,983    20,187   3.17   2,950,448    31,225   4.23

      Total
       deposits
       and
       borrowings    10,213,463    30,726   1.20  10,653,791    49,702   1.87

     Other
      liabilities       375,192                      450,534

      Total
       liabilities   10,588,655                   11,104,325

     Stockholders'
      equity            936,989                      973,593

      Total
       liabilities
       and
       stockholders'
       equity       $11,525,644                  $12,077,918

     Net interest
      income and
      margin                     $118,493   4.52%             $122,412   4.45%

     (1)  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
                     Mar. 31,  Dec. 31,    Sep. 30,    Jun. 30,     Mar. 31,
                       2004     2003         2003        2003        2003
    Interest income:
      Loans and
       leases       $125,273  $125,042     $126,854    $129,554    $131,721
      Securities
       available
       for sale       20,332    19,995       22,579      27,483      33,764
      Loans held
       for sale        2,841     3,097        5,905       5,788       5,226
      Investments        773       785        1,144       1,179       1,403
        Total
         interest
         income      149,219   148,919      156,482     164,004     172,114
    Interest expense:
      Deposits        10,539    10,990       11,816      15,512      18,477
      Borrowings      20,187    18,837       24,789      28,728      31,225
        Total
         interest
         expense      30,726    29,827       36,605      44,240      49,702
          Net
           interest
           income    118,493   119,092      119,877     119,764     122,412
    Provision for
     credit losses     1,160     4,037        2,658       3,127       2,710
        Net interest
         income
         after
         provision
         for credit
         losses      117,333   115,055      117,219     116,637     119,702
    Non-interest
     income:
      Fees and
       service
       charges        59,659    64,486       65,757      62,799      54,414
      Debit card
       revenue        13,491    12,069       12,923      14,766      13,233
      ATM revenue      9,997    10,400       11,566      11,242      10,415
      Investments
       and
       insurance
       commissions     3,462     3,037        3,584       3,760       3,520
        Subtotal      86,609    89,992       93,830      92,567      81,582
      Leasing and
       equipment
       finance        10,167    15,372       10,652      11,457      13,607
      Mortgage
       banking         3,455     6,573       11,304      (4,728)       (430)
      Other            2,228     2,928        2,303       1,707       2,076
        Fees and
         other
         revenue     102,459   114,865      118,089     101,003      96,835
      Gains on
       sales of
       securities
       available
       for sale       12,717         -            -      11,695      21,137
      Gains
       (losses) on
       termination
       of debt             -         -      (37,769)          -      (6,576)
        Other
         non-interest
         income       12,717         -      (37,769)     11,695      14,561
          Total
           non-
           interest
           income    115,176   114,865       80,320     112,698     111,396
    Non-interest
     expense:
      Compensation
       and employee
       benefits       78,879    76,752       75,646      73,807      76,599
      Occupancy and
       equipment      23,490    22,984       22,309      21,531      21,599
      Advertising and
       promotions      5,910     6,204        6,536       6,443       6,353
      Other           32,427    36,304       37,891      34,952      34,199
        Total
         non-interest
         expense     140,706   142,244      142,382     136,733     138,750
          Income
           before
           income
           tax
           expense    91,803    87,676       55,157      92,602      92,348
    Income tax
     expense          31,142    28,180       19,193      32,311      32,221
        Net income   $60,661   $59,496      $35,964     $60,291     $60,127

    Net income per
     common share:
      Basic             $.88      $.86         $.51        $.85        $.83
      Diluted           $.88      $.86         $.51        $.85        $.83

    Dividends
     declared per
     common share      $.375     $.325        $.325       $.325       $.325

    Financial Ratios:

    Return on
     average
     assets(1)          2.11%     2.13%        1.24%       2.04%       1.99%
    Return on
     average
     common
     equity(1)         25.90     26.18        15.77       25.17       24.70
    Average total
     equity to
     average assets     8.13      8.13         7.89        8.11        8.06
    Net interest
     margin(1)          4.52      4.68         4.57        4.45        4.45

     (1)  Annualized.


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

                    Mar. 31,     Dec. 31,     Sept. 30,  Jun. 30,     Mar. 31,
                     2004          2003         2003       2003        2003
    ASSETS
    Cash and
     due from
     banks         $326,731     $339,531     $372,777    $349,524    $332,705
    Investments     141,770       75,397       89,182     123,028     118,828
    Securities
     available
     for sale     1,519,374    1,505,379    1,696,800   2,032,384   2,341,002
    Loans held
     for sale       359,238      359,650      572,827     534,435     488,110
    Loans and
     leases:
     Consumer     3,706,061    3,529,177    3,365,816   3,203,226   3,047,799
     Commercial
      real
      estate      1,942,494    1,875,215    1,846,204   1,848,055   1,848,125
     Commercial
      business      427,824      424,310      452,260     467,368     438,681
     Leasing and
      equipment
      finance     1,194,235    1,152,753    1,123,284   1,061,315   1,039,213
      Subtotal    7,270,614    6,981,455    6,787,564   6,579,964   6,373,818
     Residential
      real
      estate      1,193,435    1,256,847    1,344,921   1,486,518   1,680,170
      Total
       loans
       and
       leases     8,464,049    8,238,302    8,132,485   8,066,482   8,053,988
      Allowance
       for loan
       and lease
       losses       (77,655)     (78,655)     (78,657)    (78,074)    (77,509)
       Net loans
       and
       leases     8,386,394    8,159,647    8,053,828   7,988,408   7,976,479
    Premises and
     equipment      287,322      276,541      262,676     253,759     247,453
    Goodwill        146,678      145,462      145,462     145,462     145,462
    Deposit
     base
     intangibles      5,695        6,111        6,529       6,945       7,362
    Mortgage
     servicing
     rights          51,432       49,955       45,300      51,913      61,561
    Other
     assets         301,010      263,879      319,959     330,475     358,956
                $11,525,644  $11,181,552  $11,565,340 $11,816,333 $12,077,918

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Deposits:
     Checking    $3,329,383   $3,194,672   $3,194,438  $3,041,711  $2,858,113
     Savings      1,923,295    1,931,827    2,143,100   2,154,317   2,057,542
     Money
      market        832,695      866,408      899,071     897,154     886,552
      Subtotal    6,085,373    5,992,907    6,236,609   6,093,182   5,802,207
     Certificates 1,580,107    1,607,495    1,644,351   1,825,466   1,901,136
      Total
       deposits   7,665,480    7,600,402    7,880,960   7,918,648   7,703,343
    Short-term
     borrowings     735,475      941,460      673,312     544,136     869,735
    Long-term
     borrowings   1,812,508    1,358,496    1,721,151   1,962,893   2,080,713
      Total
       borrowings 2,547,983    2,299,956    2,394,463   2,507,029   2,950,448
    Accrued
     expenses
     and other
     liabilities    375,192      372,034      377,779     432,547     450,534
      Total
       liabili-
       ties      10,588,655   10,272,392   10,653,202  10,858,224  11,104,325
    Stockholders'
     equity:
     Common stock       925          925          925         925         926
     Additional
      paid-in
      capital       517,203      517,657      517,345     516,853     515,972
     Retained
      earnings    1,243,968    1,209,630    1,185,987   1,164,827   1,125,330
     Accumulated
      other
      comprehensive
      income (loss)  11,784        4,332       (2,174)     33,414      40,928
     Treasury
      stock at
      cost and
      other        (836,891)    (823,384)    (789,945)   (757,910)   (709,563)
       Total
        stockholders'
        equity      936,989      909,160      912,138     958,109     973,593
                $11,525,644  $11,181,552  $11,565,340 $11,816,333 $12,077,918

    Supplemental
     Information:
    Residential
     real estate
     loans       $1,193,435   $1,256,847   $1,344,921  $1,486,518  $1,680,170
    Securities
     available
     for sale     1,519,374    1,505,379    1,696,800   2,032,384   2,341,002
      Total
       residential
       real estate
       loans and
       securities
       available
       for sale  $2,712,809   $2,762,226   $3,041,721  $3,518,902  $4,021,172


                  TCF FINANCIAL CORPORATION
 AND SUBSIDIARIES
                   SUMMARY OF CONSUMER AND COMMERCIAL LOANS
                            (Dollars in millions)
                                 (Unaudited)

                                                  At March 31, 2004
                                            Consumer   Commercial
                                              Loans       Loans       Total
    Variable-rate loans:
      Floor rate vs. variable rate

        Plus 26 bps or more                    $419        $247        $666

        Plus 1 - 25 bps                         484         119         603

        Floor rate = variable rate              938          53         991

           Subtotal of loans at floor
            rates                             1,841         419       2,260

        Minus 1 - 25 bps                        374          65         439

        Minus 26 bps or more                     88         623         711

           Total variable-rate loans          2,303       1,107       3,410

    Fixed-rate loans                          1,519         387       1,906

    Adjustable rate loans                         -         898         898

        Total loans                          $3,822      $2,392      $6,214

    Variable rate loans as a percentage
      of total loans                            60%         46%         55%

    Variable rate loans at their floor
      as a percentage of total variable
      loans                                     80%         38%         66%
SOURCE  TCF Financial Corporation

    -0-                             04/15/2004
    /CONTACT:  Jason Korstange of TCF Financial Corporation
, +1-952-745-2755/
    /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-JK 
-- CGTH005 --
7060 04/15/2004 08:30 EDT http://www.prnewswire.com

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