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TCF Reports Third Quarter Earnings and EPS of $.45

Company Release - 10/14/2004 8:30 AM ET
     THIRD QUARTER HIGHLIGHTS

     -- Diluted earnings per share of 45 cents(A)
     -- Net income of $61.7 million
     -- Return on average assets of 2.06 percent
     -- Return on average common equity of 25.96 percent
     -- Average Power Assets(R) increased $1.1 billion, or 16 percent, from
        2003
     -- Net loan and lease charge-offs were $3.7 million, or .17 percent
        (annualized) of average loans and leases
     -- Increased checking accounts by 24,096 or 6 percent (annualized), to
        1,526,952
     -- Opened nine new branches during the quarter; 246 new branches since
        January 1998


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

                             Three Months               Nine Months
                         Ended September 30,        Ended September 30,
                       2004      2003    Change    2004     2003    Change
     Net income      $61,712   $35,964   71.6% $187,591  $156,382    20.0%
     Diluted earnings
      per common
      share (A)          .45       .26   73.1      1.36      1.10    23.6

     Financial Ratios
     Return on average
      assets            2.06%     1.24%            2.12%     1.76%
     Return on average
      common equity    25.96     15.77            26.56     22.04
     Net interest
      margin            4.56      4.57             4.54      4.49

     (A) During the third quarter of 2004, TCF announced and completed a two-
         for-one stock split of its common stock in the form of a 100 percent
         stock dividend.  As a result of the two-for-one stock split, all
         prior period share and per share data have been restated.

WAYZATA, Minn., Oct. 14 /PRNewswire-FirstCall/ -- TCF Financial Corporation (TCF) (NYSE: TCB) today reported diluted earnings per share of 45 cents for the third quarter of 2004, compared with 26 cents for the same period of 2003. Net income for the third quarter of 2004 was $61.7 million, compared with $36 million for the same period of 2003. Net income for the third quarter of 2003 included $24.6 million after-tax, or 18 cents per diluted share, of losses on termination of debt. For the third quarter of 2004, return on average assets ("ROA") was 2.06 percent and return on average common equity ("ROE") was 25.96 percent, compared with 1.24 percent and 15.77 percent, respectively, for the third quarter of 2003.

Chairman's Statement

"TCF's earnings in the third quarter (2.06 percent ROA and 25.96 ROE) reflect the growth of our core businesses which generate high quality Power Assets(R) and low-cost Power Liabilities(R)," said William A. Cooper, Chairman and CEO. "Our focus on growing our core businesses is evidenced by opening new branches, nine during the third quarter, and offering new products like our Premier Checking Plus(SM) with Miles Plus(SM) Credit Card, launched during the third quarter."

     Total Revenue

                                Three Months
     ($ in thousands)       Ended September 30,
                             2004         2003        $ Change     % Change
     Net interest income  $124,490     $119,877       $4,613          3.8%
     Fees and other revenue:
       Fees and service
        charges             71,353       65,757        5,596          8.5
       Card revenue         16,339       12,923        3,416         26.4
       ATM revenue          11,474       11,566          (92)         (.8)
       Investments and
        insurance
        commissions          3,057        3,584         (527)       (14.7)
         Total banking fees
          and other
          revenue          102,223       93,830        8,393          8.9
       Leasing and equipment
        finance              6,864       10,652       (3,788)       (35.6)
       Mortgage banking (A)  4,131       11,304       (7,173)       (63.5)
       Other                 2,585        2,303          282         12.2
         Total fees and other
          revenue          115,803      118,089       (2,286)        (1.9)
     Gains on sales of
      securities available
      for sale               3,679            -        3,679         N.M.
     Gains (losses) on
      termination of debt        -      (37,769)      37,769        100.0
       Total non-interest
        income             119,482       80,320       39,162         48.8
         Total revenue    $243,972     $200,197      $43,775         21.9

     Net interest margin      4.56%        4.57%
     Fees and other revenue
      as a % of total
      revenue                47.47        58.99
     Fees and other revenue
      as a % of average
      assets                  3.87         4.08

     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 the third quarter of 2004 was $124.5 million, up $4.6 million, or 4 percent, from the third quarter of 2003 and up $2.1 million, or 2 percent, from the second quarter of 2004. Net interest margin in the third quarter of 2004 was 4.56 percent, compared with 4.57 percent last year and 4.53 percent in the second quarter of 2004. The increase in net interest income from the third quarter of 2003 primarily reflects growth in Power Assets partially offset by the reductions in residential real estate loans and mortgage-backed securities ("treasury assets") and mortgage loans held for sale. Average Power Assets increased $1.1 billion over the third quarter of 2003, while treasury assets declined $419.3 million during the same period. The decrease in average treasury assets reflects management's decision to delay investing in long-term fixed-rate treasury assets to replace prepayments and sales of such assets during the very low interest rate environment. The increase in net interest income and net interest margin in the third quarter from the second quarter of 2004 was primarily driven by a $268.6 million increase in average Power Assets coupled with the favorable impact of the increases in short-term interest rates partially offset by the reductions in treasury assets and mortgage loans held for sale, the issuance of $75 million of subordinated debt and the impact of placing a leveraged lease on non-accrual.

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 $1.1 billion, or 9 percent of total assets, at September 30, 2004, essentially unchanged from June 30, 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 net interest income of rising or falling interest rates.

Non-interest Income

Total non-interest income in the third quarter of 2004 was $119.5 million, up $39.2 million, or 49 percent, from the third quarter of 2003. The 2003 third quarter non-interest income included $37.8 million of losses on termination of debt. There were no debt terminations during 2004. Banking fees and other revenue increased $8.4 million, or 9 percent, as a result of TCF's expanding branch network and customer base, new products and services, and increased fees. Included in banking fees and other revenue are card revenues of $16.3 million, up $3.4 million, or 26 percent, from the third quarter of 2003 primarily reflecting a 16 percent increase in off-line sales volume coupled with a 7 percent increase in the average off-line interchange rate.

Leasing and equipment finance revenues were $6.9 million for the third quarter of 2004, compared with $10.7 million for the 2003 third quarter. The decline in leasing revenues is the result of a decrease in sales-type revenues of $2.9 million and operating lease revenues of $1.1 million. 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 third quarter, TCF took advantage of market conditions and sold $216.3 million of mortgage-backed securities and realized gains of $3.7 million. There were no sales of securities during the third quarter of 2003.

New Branch Expansion

TCF opened nine new branches during the third quarter of 2004, comprised of five traditional branches and four supermarket branches. TCF has now opened 246 new branches since January 1998. TCF plans to open 14 more new branches in the remainder of 2004, consisting of ten traditional branches and four supermarket branches, bringing the total number of new branch openings in 2004 to 32. In 2005, TCF plans to open 31 new branches, consisting of 24 traditional branches and seven supermarket branches.

                                          September  September     December
                                             30,        30,           31,
     (# of branches)                        2004       2003          1997

     Total Branches
     Minnesota                               101         96            75
     Illinois                                194        189            47
     Wisconsin                                34         34            28
     Michigan                                 58         54            60
     Colorado                                 26         18             7
     Indiana                                   6          5            -
                                             419        396           217

     New Branches*
       Traditional                            53         34
       Supermarket                           193        184
         Total                               246        218
           % of Total Branches                59%        55%

     *  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
                                           September 30,
     ($ in thousands)                     2004        2003    Change  % Change

     Number of checking accounts        562,496     473,974    88,522   18.7%
     Deposits:
       Checking                        $801,571    $589,035  $212,536   36.1
       Savings                          415,643     395,134    20,509    5.2
       Money market                      58,432      69,783   (11,351) (16.3)
         Subtotal                     1,275,646   1,053,952   221,694   21.0
       Certificates of deposit          140,203     127,478    12,725   10.0
         Total deposits              $1,415,849  $1,181,430  $234,419   19.8

     Total fees and other revenue       $40,877     $33,517    $7,360   22.0


    Power Assets(R)

TCF's Power Asset lending operations continue to generate strong growth. TCF's consumer loan average balances increased $733.8 million, or 22 percent, and leasing and equipment finance average balances increased $197.2 million, or 18 percent, from the third quarter of 2003. "The solid growth in our Power Assets continues to be driven by increased consumer and commercial loan originations during the third quarter," said Cooper. The growth in leasing and equipment finance was aided by the March 2004 acquisition of VGM Leasing Inc., ("VGM") a company specializing in home medical equipment financing, which had $128.1 million of average leasing and equipment finance balances for the third quarter of 2004.

                             Average Balances for the
                          Three Months Ended September 30,
     ($ in thousands)             2004        2003        Change  % Change
     Loans and leases*:
       Consumer                $4,099,569  $3,365,816    $733,753  21.8 %
       Commercial real estate   2,012,790   1,846,204     166,586   9.0
       Commercial business        440,010     452,260     (12,250) (2.7)
       Leasing and equipment
        finance                 1,320,495   1,123,284     197,211  17.6
         Power Assets          $7,872,864  $6,787,564  $1,085,300  16.0

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


    Power Liabilities(R)

"Our continued emphasis on growing our customer base resulted in an increase of 24,096 checking accounts, or 6 percent (annualized), in the third quarter of 2004 to 1,526,952 accounts despite increased competition in all our markets," said Cooper. "Our new Premier Checking Plus(SM) checking account with the Miles Plus(SM) credit card rewards program is an example of unique new product offerings focused on attracting new checking account customers." Average Power Liabilities totaled $7.8 billion for the third quarter of 2004, with an average interest rate of .53 percent, down 6 basis points from the same period in 2003. Average checking, savings and money market balances increased $85.2 million from 2003 despite a $227.5 million reduction in average custodial account balances primarily related to the significant decrease in mortgage banking activity. Certificates of deposit declined from the third quarter of 2003, as other lower-cost funding sources were available to TCF. However, certificates of deposit increased $31.3 million from June 30, 2004.

                      Average Balances and Rates for the
                       Three Months Ended September 30,
     ($ in thousands)        2004           2003          Change    % Change
     Checking             $3,657,340     $3,194,438      $462,902     14.5 %
     Savings               1,925,674      2,143,100      (217,426)   (10.1)
     Money market            738,769        899,071      (160,302)   (17.8)
       Subtotal            6,321,783      6,236,609        85,174      1.4
     Certificates of
      deposit              1,458,905      1,644,351      (185,446)   (11.3)
       Power Liabilities  $7,780,688     $7,880,960     $(100,272)    (1.3)

     Number of checking
      accounts, period-
      end                  1,526,952      1,423,702       103,250      7.3
     Average rate on
      deposits                   .53%           .59%           (6)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 $2.6 billion for the third quarter of 2004, a decrease of $419.3 million from the third quarter of 2003. The decline was the result of the high level of prepayments during the past twelve months coupled with sales of mortgage- backed securities. At September 30, 2004, the unrealized pre-tax gain on TCF's securities available for sale portfolio was $2.3 million.

                      Average Balances for the
                         Three Months Ended            Change from

     ($ in    September 30,  June 30, September 30, June 30,  September 30,
      thousands)  2004         2004       2003        2004        2003
     Residential
      real estate
      loans     $1,076,619  $1,123,062  $1,344,921  $(46,443)   $(268,302)
     Securities
      available
      for sale   1,545,768   1,546,694   1,696,800      (926)    (151,032)
         Total  $2,622,387  $2,669,756  $3,041,721  $(47,369)   $(419,334)
     Yield            5.46%       5.47%       5.61%       (1)bps      (15)bps


    Non-interest Expense

Non-interest expense totaled $147.9 million for the 2004 third quarter, up $5.5 million, or 4 percent, from $142.4 million for the 2003 third quarter. Compensation and employee benefits increased $2.4 million, or 3 percent, from the third quarter of 2003, driven by a $1.8 million increase related to new branches opened during the past 12 months and $396 thousand due to the acquisition of VGM. Occupancy and equipment expenses increased $1.4 million, or 6 percent, from the third quarter of 2003, with $1.2 million relating to costs associated with new branch expansion. Deposit account losses increased $1.9 million during the third quarter of 2004 compared with 2003. The increase in deposit account losses is attributed to the growth in the number of checking accounts and related transaction activity. Other expenses decreased $897 thousand, or 3 percent, to $31.4 million for the third quarter of 2004. Contributing to the decline in other expenses was a reduction in mortgage banking expenses of $1 million as a result of a decline in mortgage operations.

                            Three Months Ended
                               September 30,                  Change
     ($ in thousands)        2004         2003           $             %
     Compensation and
      employee benefits    $78,010      $75,646       $2,364          3.1%
     Occupancy and
      equipment             23,673       22,309        1,364          6.1
     Advertising and
      promotions             7,377        6,536          841         12.9
     Deposit account losses  7,465        5,593        1,872         33.5
     Other                  31,401       32,298         (897)        (2.8)
         Total non-interest
          expense         $147,926     $142,382       $5,544          3.9


    Credit Quality

At September 30, 2004, TCF's allowance for loan and lease losses totaled $79 million, or .87 percent of loans and leases, compared with $78.7 million, or .97 percent, at September 30, 2003. The provision for credit losses for the third quarter of 2004 was $2.6 million, compared with $2.7 million for the third quarter of 2003. Net loan and lease charge-offs were $3.7 million, or .17 percent (annualized) of average loans and leases, in the 2004 third quarter, compared with $1.7 million, or .08 percent (annualized), for the same period of 2003. Leasing and equipment finance had net charge-offs of $2 million during the 2004 third quarter, compared with net charge-offs of $834 thousand for the 2003 third quarter. At September 30, 2004, TCF's over-30-day delinquency rate was .39 percent, down from .44 percent at June 30, 2004. Non-accrual loans and leases were $46.7 million, or .51 percent of net loans and leases, at September 30, 2004, compared with $36.8 million, or .41 percent, at June 30, 2004. Total non-performing assets were $69.5 million, or .58 percent of total assets, at September 30, 2004, up from $56.6 million, or .47 percent, at June 30, 2004.

Included in the non-accrual loans and leases and non-performing assets at September 30, 2004, is TCF's $18.8 million investment in a leveraged lease with Delta Airlines, Inc. ("Delta"). Delta is current on its payments to TCF and is aggressively working to restructure its operations. However, if Delta declares bankruptcy, it would likely result in the write-off of the leveraged lease and the acceleration of related income tax obligations.

                                   Three Months Ended    Nine Months Ended
                                     September 30,         September 30,
     ($ in thousands)                  2004       2003       2004       2003
     Allowance for loan and lease
      losses:
       Balance at beginning of
        period                      $80,025    $77,696    $76,619    $77,008
         Net (charge-offs)
          recoveries:
           Consumer                  (1,133)      (685)    (2,426)    (2,187)
           Commercial real estate      (526)       (60)      (478)       (42)
           Commercial business          (30)       (38)       (87)      (735)
           Leasing and equipment
            finance                  (1,999)      (834)    (3,271)    (3,829)
           Residential real estate       (5)       (71)       (46)       (44)
             Total                   (3,693)    (1,688)    (6,308)    (6,837)
         Provision for credit losses  2,644      2,658      6,874      8,495
         Acquired allowance               -          -      1,791          -
     Balance at end of period       $78,976    $78,666    $78,976    $78,666

     Key Indicators:
       Allowance for loans and
        leases as a percentage of
        total loans and leases          .87%      .97%      .87%      .97%

     Annualized net charge-offs as
      a percentage of average
      loans and leases                  .17%      .08%      .10%      .11%

      Period-end allowance as a
       multiple of annualized
       net charge-offs                  5.3 X    11.7 X     9.4 X     8.6 X

      Income before income taxes
       and provision for loan
       losses as a multiple of
       net charge-offs                 26.0 X    34.3 X    46.1 X    36.4 X


    Mortgage Banking

During the third quarter of 2004, TCF announced a restructuring of its mortgage origination businesses and ceased wholesale originations. The retail originations function will be downsized and integrated with TCF's consumer lending business by year-end. During the third quarter of 2004, TCF recorded $1.1 million of expense related to the restructuring. In late 2004, TCF will cease selling new loan originations to investors and will retain all new loans. TCF continues to service mortgage loans for investors. TCF's mortgage banking operations funded $193.1 million in new loans during the third quarter of 2004, down 81 percent from $995.4 million in the third quarter of 2003.

Mortgage banking revenue decreased $7.2 million and was $4.1 million in the third quarter of 2004, compared with $11.3 million for the same 2003 period. The decrease in mortgage banking revenue was primarily due to an $8.1 million decrease in gains on sales of loans as a result of the significant decrease in mortgage refinance activity as well as the above-mentioned restructuring of TCF's mortgage banking operations.

Income Taxes

TCF's income tax expense was $31.7 million for the third quarter of 2004, or 33.9 percent of income before income tax expense, compared with $19.2 million, or 34.8 percent, for the comparable 2003 period. The lower effective income tax rate in the third quarter of 2004 was primarily due to increased investments in affordable housing limited partnerships.

Capital

During the third quarter of 2004, TCF repurchased 908,000 shares of its common stock at an average cost of $29.74 per share. TCF has 5 million shares remaining in its stock repurchase program authorized by its Board of Directors. Since 1997, TCF has repurchased 52.7 million shares of its stock, at an average cost of $17.19 per share.

     ($ in thousands, except per-       At September 30,     At December 31,
      share data)                            2004                 2003

     Stockholders' equity             $965,266             $920,858
     Stockholders' equity to total
      assets                              8.05%                8.14%
     Book value per common share         $6.96                $6.53

     Total risk-based capital         $961,539    11.23%   $841,982    10.73%
     Total risk-based capital "well-
      capitalized" requirement        $856,416    10.00%   $784,562    10.00%
     Excess risk-based capital over
      "well-capitalized" requirement  $105,123     1.23%    $57,420      .73%


    Website Information

A live webcast of TCF's conference call to discuss third quarter earnings will be hosted at TCF's website, http://www.tcfexpress.com , on October 14, 2004 at 10:00 a.m., CT. Additionally, the webcast is available for replay at TCF's website after the conference call. The website also includes free access to company news releases, TCF's annual report, quarterly reports, investor presentations and SEC filings.

TCF is a Wayzata, Minnesota-based national financial holding company with $12 billion in assets. TCF has 419 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 and other reports issued by the Company, including reports filed with the SEC, may contain "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, including declines in commercial or residential real estate values or a bankruptcy filing by Delta Airlines, the lessee under a leveraged lease in which TCF holds an equity interest; 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; 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
                  (Dollars in thousands, except per-share data)
                                   (Unaudited)


                                         Three Months Ended
                                            September 30,
                                           2004      2003   $ Change  % Change
    Interest income:
      Loans and leases                   $133,295  $126,854   $6,441    5.1 %
      Securities available for sale        20,414    22,579   (2,165)  (9.6)
      Loans held for sale                   2,931     5,905   (2,974) (50.4)
      Investments                             773     1,144     (371) (32.4)
        Total interest income             157,413   156,482      931     .6
    Interest expense:
      Deposits                             10,318    11,816   (1,498) (12.7)
      Borrowings                           22,605    24,789   (2,184)  (8.8)
        Total interest expense             32,923    36,605   (3,682) (10.1)
          Net interest income             124,490   119,877    4,613    3.8
    Provision for credit losses             2,644     2,658      (14)   (.5)
        Net interest income after
         provision for credit losses      121,846   117,219    4,627    3.9
    Non-interest income:
      Fees and service charges             71,353    65,757    5,596    8.5
      Card revenue                         16,339    12,923    3,416   26.4
      ATM revenue                          11,474    11,566      (92)   (.8)
      Investments and insurance
       commissions                          3,057     3,584     (527) (14.7)
        Subtotal                          102,223    93,830    8,393    8.9
      Leasing and equipment finance         6,864    10,652   (3,788) (35.6)
      Mortgage banking                      4,131    11,304   (7,173) (63.5)
      Other                                 2,585     2,303      282   12.2
        Fees and other revenue            115,803   118,089   (2,286)  (1.9)
      Gains on sales of securities
       available for sale                   3,679         -    3,679    N.M.
      Gains (losses) on termination of
       debt                                     -   (37,769)  37,769  100.0
        Other non-interest income           3,679   (37,769)  41,448    N.M.
          Total non-interest income       119,482    80,320   39,162   48.8
    Non-interest expense:
      Compensation and employee benefits   78,010    75,646    2,364    3.1
      Occupancy and equipment              23,673    22,309    1,364    6.1
      Advertising and promotions            7,377     6,536      841   12.9
      Other                                38,866    37,891      975    2.6
        Total non-interest expense        147,926   142,382    5,544    3.9
          Income before income tax
           expense                         93,402    55,157   38,245   69.3
    Income tax expense                     31,690    19,193   12,497   65.1
          Net income                      $61,712   $35,964  $25,748   71.6

    Net income per common share:
      Basic                                  $.45      $.26     $.19   73.1
      Diluted                                $.45      $.26     $.19   73.1

    Dividends declared per common share    $.1875    $.1625    $.025   15.4

    Average common and common equivalent
      shares outstanding (in thousands):
        Basic                             136,184   139,896   (3,712)  (2.7)
        Diluted                           136,844   140,450   (3,606)  (2.6)

    N.M.  Not meaningful.


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


                                         Nine Months Ended
                                            September 30,
                                           2004      2003   $ Change % Change
    Interest income:
      Loans and leases                   $386,709  $388,129  $(1,420)   (.4)%
      Securities available for sale        61,159    83,826  (22,667) (27.0)
      Loans held for sale                   9,112    16,919   (7,807) (46.1)
      Investments                           2,441     3,726   (1,285) (34.5)
        Total interest income             459,421   492,600  (33,179)  (6.7)
    Interest expense:
      Deposits                             30,331    45,805  (15,474) (33.8)
      Borrowings                           63,688    84,742  (21,054) (24.8)
        Total interest expense             94,019   130,547  (36,528) (28.0)
          Net interest income             365,402   362,053    3,349     .9
    Provision for credit losses             6,874     8,495   (1,621) (19.1)
        Net interest income after
         provision for credit losses      358,528   353,558    4,970    1.4
    Non-interest income:
      Fees and service charges            204,128   182,970   21,158   11.6
      Card revenue                         45,854    40,922    4,932   12.1
      ATM revenue                          32,609    33,223     (614)  (1.8)
      Investments and insurance
       commissions                          9,949    10,864     (915)  (8.4)
        Subtotal                          292,540   267,979   24,561    9.2
      Leasing and equipment finance        29,276    35,716   (6,440) (18.0)
      Mortgage banking                     12,376     6,146    6,230  101.4
      Other                                 6,657     6,086      571    9.4
        Fees and other revenue            340,849   315,927   24,922    7.9
      Gains on sales of securities
       available for sale                  16,396    32,832  (16,436) (50.1)
      Gains (losses) on termination of
       debt                                     -   (44,345)  44,345  100.0
      Gain on sale of loan servicing          706         -      706    N.M.
        Other non-interest income          17,102   (11,513)  28,615    N.M.
          Total non-interest income       357,951   304,414   53,537   17.6
    Non-interest expense:
      Compensation and employee benefits  236,486   226,052   10,434    4.6
      Occupancy and equipment              70,560    65,439    5,121    7.8
      Advertising and promotions           19,785    19,332      453    2.3
      Other                               105,707   107,042   (1,335)  (1.2)
        Total non-interest expense        432,538   417,865   14,673    3.5
          Income before income tax
           expense                        283,941   240,107   43,834   18.3
    Income tax expense                     96,350    83,725   12,625   15.1
          Net income                     $187,591  $156,382  $31,209   20.0

    Net income per common share:
      Basic                                 $1.37     $1.10     $.27   24.5
      Diluted                               $1.36     $1.10     $.26   23.6

    Dividends declared per common share    $.5625    $.4875    $.075   15.4

    Average common and common equivalent
      shares outstanding (in thousands):
        Basic                             137,223   141,832   (4,609)  (3.2)
        Diluted                           137,842   142,348   (4,506)  (3.2)

    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
                           September  December    September December September
                               30,        31,          30,     31,     30,
                              2004       2003         2003    2003    2003

    ASSETS

    Cash and due from banks $354,651    $370,054    $389,237  (4.2)%  (8.9)%
    Investments               92,177      75,223      75,600  22.5    21.9
    Securities available
     for sale              1,330,708   1,533,288   1,604,282 (13.2)  (17.1)
    Loans held for sale      330,647     335,372     429,999  (1.4)  (23.1)
    Loans and leases:
      Consumer             4,222,025   3,630,341   3,456,167  16.3    22.2
      Commercial real
       estate              2,031,031   1,916,701   1,838,728   6.0    10.5
      Commercial business    444,632     427,696     426,694   4.0     4.2
      Leasing and equipment
       finance             1,328,116   1,160,397   1,142,094  14.5    16.3
        Subtotal           8,025,804   7,135,135   6,863,683  12.5    16.9
      Residential real
       estate              1,047,079   1,212,643   1,283,640 (13.7)  (18.4)
        Total loans and
         leases            9,072,883   8,347,778   8,147,323   8.7    11.4
      Allowance for loan and
       lease losses          (78,976)    (76,619)    (78,666)  3.1      .4
        Net loans and
         leases            8,993,907   8,271,159   8,068,657   8.7    11.5
    Premises and equipment   316,833     282,193     266,597  12.3    18.8
    Goodwill                 152,599     145,462     145,462   4.9     4.9
    Deposit base intangibles   4,660       5,907       6,323 (21.1)  (26.3)
    Mortgage servicing rights 51,474      52,036      49,119  (1.1)    4.8
    Other assets             370,293     248,321     218,630  49.1    69.4
                         $11,997,949 $11,319,015 $11,253,906   6.0     6.6

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Deposits:
      Checking            $3,692,132  $3,248,412  $3,229,072  13.7    14.3
      Savings              1,924,481   1,905,923   2,000,194   1.0    (3.8)
      Money market           707,046     845,291     886,597 (16.4)  (20.3)
        Subtotal           6,323,659   5,999,626   6,115,863   5.4     3.4
      Certificates of
       deposit             1,471,164   1,612,123   1,596,740  (8.7)   (7.9)
        Total deposits     7,794,823   7,611,749   7,712,603   2.4     1.1
    Short-term borrowings    845,499     878,412     900,835  (3.7)   (6.1)
    Long-term borrowings   2,057,608   1,536,413   1,342,890  33.9    53.2
        Total borrowings   2,903,107   2,414,825   2,243,725  20.2    29.4
    Accrued expenses and
     other liabilities       334,753     371,583     365,610  (9.9)   (8.4)
        Total liabilities 11,032,683  10,398,157  10,321,938   6.1     6.9
    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,
       560,000,000 shares
       authorized; 184,964,602;
       185,026,710 and
       185,049,274 shares
       issued                  1,850         925         925 100.0   100.0
      Additional paid-in
       capital               517,537     518,878     517,605   (.3)      -
      Retained earnings,
       subject to certain
       restrictions        1,344,036   1,234,804   1,198,164   8.8    12.2
      Accumulated other
       comprehensive income    1,471       5,652      13,385 (74.0)  (89.0)
      Treasury stock at cost,
       46,200,454; 44,074,050
       and 42,534,332 shares,
       and other            (899,628)   (839,401)   (798,111)  7.2    12.7
         Total stockholders'
          equity             965,266     920,858     931,968   4.8     3.6
                         $11,997,949 $11,319,015 $11,253,906   6.0     6.6

      N.M.  Not meaningful


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

    Allowance for loan and lease losses:

                    At or For the Nine Months Ended September 30, 2004

                                           Allowance    Net Charge-offs
                                           as a % of    (Recoveries)(A)
                                Allowance  Portfolio       $         %
    Consumer                      $9,348      .22%      $2,426      .08%
    Commercial real estate        24,961     1.23          478      .03
    Commercial business           10,923     2.46           87      .03
    Leasing and equipment finance 16,841     1.27        3,271      .34
    Unallocated                   16,139      n/a            -      n/a
      Subtotal                    78,212     0.97        6,262      .11
    Residential real estate          764      .07           46      .01
      Total                      $78,976      .87       $6,308      .10

                    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


    Non-performing assets:
                                 At         At        At      $ Change from
                             September     June    December  June    December
                                 30,        30,        31,     30,      31,
                                2004       2004       2003    2004     2003
    Non-accrual loans and leases:
      Consumer                $11,959    $11,718    $12,052    $241    $(93)
      Commercial real estate    1,026      6,750      2,490  (5,724) (1,464)
      Commercial business       2,861      3,490      2,931    (629)    (70)
      Leasing and equipment
       finance, net            27,844     10,398     13,241  17,446  14,603
      Residential real estate   2,763      3,886      3,993  (1,123) (1,230)
        Total non-accrual loans
          and leases, net      46,453     36,242     34,707  10,211  11,746
      Non-recourse discounted
       lease rentals              270        514        699    (244)   (429)
        Total non-accrual loans
         and leases, gross     46,723     36,756     35,406   9,967  11,317
    Other real estate owned:
      Residential real estate  12,028     10,790     20,462   1,238  (8,434)
      Commercial real estate   10,717      9,078     12,992   1,639  (2,275)
        Total other real
         estate owned          22,745     19,868     33,454   2,877 (10,709)
      Total non-performing
       assets, gross          $69,468    $56,624    $68,860 $12,844    $608
      Total non-performing
       assets, net            $69,198    $56,110    $68,161 $13,088  $1,037


    Delinquency data (B):

                      At September 30,      At June 30,      December 31,
                           2004                2004              2003
                      Principal  % of    Principal  % of    Principal  % of
                      Balances Portfolio Balances Portfolio Balances Portfolio
    Consumer           $15,256    .36%    $15,078    .38%   $17,673    .49%
    Commercial real
     estate              1,958    .10         101    .01         58      -
    Commercial business  1,282    .29         383    .09        282    .07
    Leasing and equipment
     finance             7,064    .54      15,774   1.22     10,619    .93
    Residential real
     estate              9,776    .94       7,597    .70     10,112    .84
      Total            $35,336    .39     $38,933    .44    $38,744    .47


    Potential Problem Loans and Leases (C):

                                  At       At        At         $ Change from
                              September   June    December    June    December
                                  30,       30,       31,       30,      31,
                                 2004      2004      2003      2004     2003
    Commercial real estate     $31,397   $28,052   $20,279   $3,345   $11,118
    Commercial business         21,607    14,999    12,721    6,608     8,886
    Leasing and equipment
     finance                    17,669    32,754    15,094  (15,085)    2,575
                               $70,673   $75,805   $48,094  $(5,132)  $22,579

    (A) Annualized.
    (B) Excludes non-accrual loans and leases.
    (C) 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 September 30,
                                  2004                        2003
                      Average           Yields and Average          Yields and
                      Balance   Interest Rates (A) Balance  Interest Rates (A)
    ASSETS

      Investments      $94,910      $773   3.25%    $89,182   $1,144   5.10%
      Securities
       available for
       sale          1,545,768    20,414   5.28   1,696,800   22,579   5.32
      Loans held
       for sale        327,953     2,931   3.56     572,827    5,905   4.09
      Loans and
       leases:
        Consumer     4,099,569    62,494   6.06   3,365,816   54,440   6.42
        Commercial
         real
         estate      2,012,790    27,751   5.49   1,846,204   26,658   5.73
        Commercial
         business      440,010     4,773   4.32     452,260    4,726   4.15
        Leasing and
         equipment
         finance     1,320,495    22,855   6.92   1,123,284   20,929   7.45
          Subtotal   7,872,864   117,873   5.96   6,787,564  106,753   6.25
        Residential
         real
         estate      1,076,619    15,422   5.72   1,344,921   20,101   5.97
          Total loans
           and
           leases    8,949,483   133,295   5.93   8,132,485  126,854   6.20

      Total interest-
       earning
       assets       10,918,114   157,413   5.75  10,491,294  156,482   5.94

      Other assets   1,057,444                    1,074,046

       Total
        assets     $11,975,558                  $11,565,340

    LIABILITIES AND STOCKHOLDERS' EQUITY

      Non-interest
       bearing
       deposits     $2,367,229                   $2,389,237
      Interest-
       bearing
       deposits:
        Checking     1,388,315     1,013    .29   1,095,507      218     .08
        Savings      1,827,470     1,839    .40   1,852,794    1,589     .34
        Money market   738,769       704    .38     899,071      891     .39
          Subtotal   3,954,554     3,556    .36   3,847,372    2,698     .28
        Certificates
         of deposit  1,458,905     6,762   1.84   1,644,351    9,118    2.20
          Total
           interest-
           bearing
           deposits  5,413,459    10,318    .76   5,491,723   11,816     .86

           Total
            deposits 7,780,688    10,318    .53   7,880,960   11,816     .59

      Borrowings:
       Short-term
        borrowings     824,955     3,057   1.47     673,312    1,931    1.14
       Long-term
        borrowings   2,059,525    19,548   3.84   1,721,151   22,858    5.34
         Total
          borrowings 2,884,480    22,605   3.17   2,394,463   24,789    4.16

       Total deposits
        and
        borrowings  10,665,168    32,923   1.24  10,275,423   36,605    1.42

      Other
       liabilities     359,488                      377,779

       Total
        liabilities 11,024,656                   10,653,202

      Stockholders'
       equity          950,902                      912,138

       Total liabilities
        and
        stockholders'
        equity     $11,975,558                  $11,565,340

      Net interest
       income and
       margin                   $124,490   4.56%            $119,877    4.57%

    (A)  Annualized.


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

                                   Nine Months Ended September 30,
                                  2004                       2003
                      Average           Yields and  Average        Yields and
                      Balance    Interest Rates(A)  Balance Interest  Rates(A)

    ASSETS
      Investments     $131,290    $2,441    2.48%   $110,237  $3,726    4.52%
      Securities
       available for
       sale          1,537,310    61,159    5.30   2,021,036  83,826    5.53
      Loans held for
       sale            357,354     9,112    3.41     532,101  16,919    4.25
      Loans and leases:
        Consumer     3,903,990   177,209    6.06   3,206,777 159,314    6.64
        Commercial
         real estate 1,980,380    80,972    5.46   1,847,455  82,577    5.98
        Commercial
         business      432,174    13,472    4.16     452,820  14,582    4.31
        Leasing and
         equipment
         finance     1,267,102    66,333    6.98   1,074,912  61,594    7.64
          Subtotal   7,583,646   337,986    5.95   6,581,964 318,067    6.46
        Residential
         real estate 1,130,840    48,723    5.75   1,502,642  70,062    6.22
          Total loans
           and
           leases    8,714,486   386,709    5.92   8,084,606 388,129    6.41

           Total
            interest-
            earning
            assets  10,740,440   459,421    5.71  10,747,980 492,600    6.12

      Other assets   1,046,080                     1,070,006
        Total
         assets    $11,786,520                   $11,817,986

    LIABILITIES AND STOCKHOLDERS' EQUITY

      Non-interest
       bearing
       deposits     $2,345,709                    $2,243,970
      Interest-bearing
       deposits:
        Checking     1,301,520     2,120     .22   1,048,907     735     .09
        Savings      1,824,950     5,152     .38   1,858,409   7,516     .54
        Money market   790,128     2,199     .37     894,305   3,624     .54
         Subtotal    3,916,598     9,471     .32   3,801,621  11,875     .42
        Certificates
         of deposit  1,502,064    20,860    1.86   1,789,377  33,930    2.54
         Total
          interest-
          bearing
          deposits  5,418,662    30,331     .75   5,590,998  45,805    1.10
          Total
           deposits 7,764,371    30,331     .52   7,834,968  45,805     .78

      Borrowings:
       Short-term
        borrowings    743,754     7,522    1.35     695,008   6,520    1.25
       Long-term
        borrowings  1,963,440    56,166    3.88   1,920,269  78,222    5.49
         Total
         borrowings 2,707,194    63,688    3.18   2,615,277  84,742    4.36

       Total deposits
        and
        borrowings 10,471,565    94,019    1.21  10,450,245 130,547    1.68

      Other
      liabilities     373,089                       421,862

       Total
       liabilities 10,844,654                    10,872,107

      Stockholders'
      equity          941,866                       945,879

       Total liabilities
       and
       stockholders'
       equity     $11,786,520                   $11,817,986

      Net interest
      income and
      margin                   $365,402    4.54%           $362,053    4.49%

    (A) Annualized.


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

                                       Three Months Ended
                       Sep. 30,  Jun. 30,    Mar. 31,   Dec. 31,    Sep. 30,
                         2004      2004        2004        2003        2003
    Interest income:
      Loans and leases $133,295  $128,141    $125,273    $125,042    $126,854
      Securities
       available for
       sale              20,414    20,413      20,332      19,995      22,579
      Loans held for sale 2,931     3,340       2,841       3,097       5,905
      Investments           773       895         773         785       1,144
        Total interest
         income         157,413   152,789     149,219     148,919     156,482
    Interest expense:
      Deposits           10,318     9,474      10,539      10,990      11,816
      Borrowings         22,605    20,896      20,187      18,837      24,789
        Total interest
         expense         32,923    30,370      30,726      29,827      36,605
          Net interest
           income       124,490   122,419     118,493     119,092     119,877
    Provision for
     credit losses        2,644     3,070       1,160       4,037       2,658
        Net interest
         income after
         provision for
         credit losses  121,846   119,349     117,333     115,055     117,219
    Non-interest income:
      Fees and service
       charges           71,353    73,116      59,659      64,486      65,757
      Card revenue       16,339    16,024      13,491      12,069      12,923
      ATM revenue        11,474    11,138       9,997      10,400      11,566
      Investments and
       insurance
       commissions        3,057     3,430       3,462       3,037       3,584
        Subtotal        102,223   103,708      86,609      89,992      93,830
      Leasing and
       equipment finance  6,864    12,245      10,167      15,372      10,652
      Mortgage banking    4,131     4,790       3,455       6,573      11,304
      Other               2,585     1,844       2,228       2,928       2,303
         Fees and other
          revenue       115,803   122,587     102,459     114,865     118,089
      Gains on sales of
       securities available
       for sale           3,679         -      12,717           -          -
      Gains (losses) on
       termination of debt    -         -           -           -    (37,769)
      Gain on sale of loan
       servicing              -       706           -           -          -
        Other non-interest
         income           3,679       706      12,717           -    (37,769)
          Total non-
           interest
           income       119,482   123,293     115,176     114,865     80,320
    Non-interest expense:
      Compensation and
       employee benefits 78,010    79,597      78,879      76,752     75,646
      Occupancy and
       equipment         23,673    23,397      23,490      22,984     22,309
      Advertising and
       promotions         7,377     6,498       5,910       6,204      6,536
      Other              38,866    34,414      32,427      36,304     37,891
        Total non-interest
         expense        147,926   143,906     140,706     142,244    142,382
         Income before
          income tax
          expense        93,402    98,736      91,803      87,676     55,157
    Income tax expense   31,690    33,518      31,142      28,180     19,193
      Net income        $61,712   $65,218     $60,661     $59,496    $35,964

    Net income per common share:
      Basic               $ .45     $ .47       $ .44       $ .43      $ .26
      Diluted             $ .45     $ .47       $ .44       $ .43      $ .26

    Dividends declared
     per common share    $.1875    $.1875      $.1875      $.1625     $.1625

    Financial Ratios:

    Return on average
     assets(A)             2.06%     2.20%       2.11%       2.13%      1.24%
    Return on average
     common equity(A)     25.96     27.68       25.90       26.18      15.77
    Net interest margin(A) 4.56      4.53        4.52        4.68       4.57
    Net charge-offs as a
     percentage of average
     loans and leases(A)    .17       .10         .02         .30        .08
    Average total equity
     to average assets     7.94      7.95        8.13        8.13       7.89

    (A) Annualized.


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

                  Sept. 30,    Jun. 30,    Mar. 31,    Dec. 31,   Sept. 30,
                     2004        2004        2004        2003        2003
    ASSETS

    Cash and due
     from banks    $351,383    $347,551    $326,731    $339,531    $372,777
    Investments      94,910     157,591     141,770      75,397      89,182
    Securities
     available for
     sale         1,545,768   1,546,694   1,519,374   1,505,379   1,696,800
    Loans held for
     sale           327,953     385,193     359,238     359,650     572,827
    Loans and leases:
      Consumer    4,099,569   3,904,194   3,706,061   3,529,177   3,365,816
      Commercial
       real
       estate     2,012,790   1,985,498   1,942,494   1,875,215   1,846,204
      Commercial
       business     440,010     428,602     427,824     424,310     452,260
      Leasing and
       equipment
       finance    1,320,495   1,285,989   1,194,235   1,152,753   1,123,284
        Subtotal  7,872,864   7,604,283   7,270,614   6,981,455   6,787,564
      Residential
       real
       estate     1,076,619   1,123,062   1,193,435   1,256,847   1,344,921
        Total loans
         and
         leases   8,949,483   8,727,345   8,464,049   8,238,302   8,132,485
      Allowance
       for loan and
       lease losses (80,077)    (79,169)    (77,655)    (78,655)    (78,657)
        Net loans
         and
         leases   8,869,406   8,648,176   8,386,394   8,159,647   8,053,828
    Premises and
     equipment      313,068     297,492     287,322     276,541     262,676
    Goodwill        152,599     152,599     146,678     145,462     145,462
    Deposit base
     intangibles      4,865       5,280       5,695       6,111       6,529
    Mortgage
     servicing
     rights          51,380      50,876      51,432      49,955      45,300
    Other assets    264,226     264,826     301,010     263,879     319,959

                $11,975,558 $11,856,278 $11,525,644 $11,181,552 $11,565,340

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Deposits:
      Checking   $3,657,340  $3,596,808  $3,329,383  $3,194,672  $3,194,438
      Savings     1,925,674   1,982,818   1,923,295   1,931,827   2,143,100
      Money market  738,769     799,485     832,695     866,408     899,071
        Subtotal  6,321,783   6,379,111   6,085,373   5,992,907   6,236,609
      Certificates
       of deposit 1,458,905   1,467,654   1,580,107   1,607,495   1,644,351
        Total
         deposits 7,780,688   7,846,765   7,665,480   7,600,402   7,880,960
    Short-term
     borrowings     824,955     669,938     735,475     941,460     673,312
    Long-term
     borrowings   2,059,525   2,017,232   1,812,508   1,358,496   1,721,151
      Total
       borrowings 2,884,480   2,687,170   2,547,983   2,299,956   2,394,463
    Accrued
     expenses and
     other
     liabilities    359,488     379,965     375,192     372,034     377,779
     Total
     liabilities 11,024,656  10,913,900  10,588,655  10,272,392  10,653,202
    Stockholders'
     equity:
      Common stock    1,206         925         925         925         925
      Additional
       paid-in
       capital      517,020     516,990     517,203     517,657     517,345
      Retained
       earnings   1,318,461   1,282,080   1,243,968   1,209,630   1,185,987
      Accumulated
       other
       comprehensive
       income (loss) (2,781)    (11,666)     11,784       4,332      (2,174)
      Treasury stock
       at cost and
       other       (883,004)   (845,951)   (836,891)   (823,384)   (789,945)
                    950,902     942,378     936,989     909,160     912,138
                $11,975,558 $11,856,278 $11,525,644 $11,181,552 $11,565,340

    Supplemental Information:
    Residential
     real estate
     loans       $1,076,619  $1,123,062  $1,193,435  $1,256,847  $1,344,921
    Securities
     available for
     sale         1,545,768   1,546,694   1,519,374   1,505,379   1,696,800
      Total
       residential
       real estate
       loans and
       securities
       available
       for sale  $2,622,387  $2,669,756  $2,712,809  $2,762,226  $3,041,721
SOURCE  TCF Financial Corporation

    -0-                             10/14/2004
    /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

CM-CS 
-- CGTH004 --
8019 10/14/2004 08:30 EDT http://www.prnewswire.com

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