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

Press Release

TCF Reports Third Quarter Earnings and EPS ($.50, up 11 percent)

Company Release - 10/19/2005 8:30 AM ET
    WAYZATA, Minn., Oct. 19 /PRNewswire-FirstCall/ --

    THIRD QUARTER HIGHLIGHTS

    - Diluted earnings per share of 50 cents
    - Net income of $65.5 million
    - Return on average assets of 2.07 percent
    - Return on average common equity of 27.41 percent
    - Average Power Assets(R) increased $1.1 billion, or 14 percent
    - Average Power Liabilities(R) increased $773.2 million, or 10 percent
    - Increased checking accounts by 17,496 to 1,612,497 accounts
    - Opened eight new branches during the quarter; plan to open a total of 28
      new branches in 2005


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

                                 Three Months             Nine Months
                             Ended September 30,      Ended September 30,
                            2005    2004  Change   2005      2004    Change

    Net income            $65,486 $61,712   6.1% $199,592  $187,591    6.4%
    Diluted earnings
     per common share         .50     .45  11.1      1.50      1.36   10.3


    Financial Ratios
    Return on average
     assets                  2.07%   2.06%           2.11%     2.12%
    Return on average
     common equity          27.41   25.96           28.32     26.56
    Net interest margin      4.43    4.56            4.51      4.54

TCF Financial Corporation (TCF) (NYSE: TCB) today reported diluted earnings per share of 50 cents for the third quarter of 2005, compared with 45 cents for the same period of 2004. Net income for the third quarter of 2005 was $65.5 million, compared with $61.7 million for the same period of 2004. For the third quarter of 2005, return on average assets ("ROA") was 2.07 percent and return on average common equity ("ROE") was 27.41 percent, compared with 2.06 percent and 25.96 percent, respectively, for the third quarter of 2004.

Chairman's Statement

"The current interest rate environment and changing customer behaviors have contributed to a challenging quarter for the banking industry. TCF was not immune to these forces," said William A. Cooper, Chairman and CEO. "The flat yield curve has enabled consumers to refinance higher yielding variable- rate loans with lower cost fixed-rate loans. This has limited TCF's growth in interest income as funding costs have increased, thus compressing margins. Credit quality, however, was strong and continued to improve with the exception of Delta Airlines, Inc. ("Delta"). TCF charged off its investment in the leveraged lease due to Delta's September 14, 2005 bankruptcy filing. TCF remains focused on its long-term strategies of high-quality secured lending, product innovation and targeted new branch expansion," said Cooper.

    Total Revenue

                                          Three Months
    ($ in thousands)                  Ended September 30,
                                        2005       2004   $ Change  % Change

    Net interest income              $128,070  $124,490   $3,580      2.9%
    Fees and other revenue:
      Fees and service charges         69,431    71,353   (1,922)    (2.7)
      Card revenue                     21,025    16,339    4,686     28.7
      ATM revenue                      10,646    11,474     (828)    (7.2)
      Investments and insurance
       revenue                          2,682     3,057     (375)   (12.3)
          Total banking fees
           and other revenue          103,784   102,223    1,561      1.5
      Leasing and equipment finance    10,197     6,864    3,333     48.6
      Mortgage banking (1)                982     4,132   (3,150)   (76.2)
      Other                             7,743     2,584    5,159    199.7
          Total fees and
           other revenue              122,706   115,803    6,903      6.0
      Gains on sales of securities
       available for sale                 995     3,679   (2,684)   (73.0)
          Total non-interest income   123,701   119,482    4,219      3.5

                  Total revenue      $251,771  $243,972   $7,799      3.2

    Net interest margin (2)              4.43%     4.56%
    Fees and other revenue as
     a % of total revenue               48.74     47.47
    Fees and other revenue as
     a % of average assets (2)           3.89      3.87


    (1) Beginning in 2005, TCF's mortgage banking business no longer
        originates or sells loans (see page 10).

    (2) Annualized.


    Net Interest Income

TCF's net interest income in the third quarter of 2005 was $128.1 million, up $3.6 million, or 3 percent, from the third quarter of 2004 and down $3.2 million, or 2 percent, from the second quarter of 2005. Net interest margin in the third quarter of 2005 was 4.43 percent, compared with 4.56 percent last year and 4.53 percent in the second quarter of 2005. The increase in net interest income from the third quarter of 2004 was primarily driven by increases in average Power Assets and Power Liabilities, partially offset by higher funding costs and the effect of a flattening yield curve. The decrease in net interest income from the second quarter of 2005 was primarily due to lower average balances of securities available for sale and residential real estate loans and higher funding costs as deposit rates increased and certain lower-cost long-term borrowings matured. The decrease in the net interest margin from the third quarter of 2004 and the second quarter of 2005 is primarily due to the rates on interest-bearing liabilities increasing more than the yields on interest-earning assets, partially reflecting an increase in customer preference for fixed-rate consumer loans.

Non-interest Income

Total non-interest income in the third quarter of 2005 was $123.7 million, up $4.2 million, or 4 percent, from the third quarter of 2004 primarily due to increases in card revenues, leasing and equipment finance revenues and other revenue, partially offset by declines in fees and service charges, gains on sales of securities and mortgage banking revenues.

Fees and service charges decreased $1.9 million, or 3 percent, from the third quarter of 2004, but increased $3.6 million, or 5 percent, from the second quarter of 2005. "Deposit service charge trends showed improvement during the quarter due to increased customer transactions," said Cooper. "Fee income growth will, however, continue to be challenging for the banking industry and TCF. TCF remains focused on checking account growth to increase future fee revenue."

Card revenues totaled $21 million for the third quarter of 2005, up 29 percent over the same period in 2004. The increase was primarily attributable to an increase in customer transaction volumes and related fees.

Leasing and equipment finance revenues were $10.2 million for the third quarter of 2005, up $3.3 million, or 49 percent, from the 2004 third quarter primarily due to higher operating lease and sales-type revenues. Sales-type revenues may fluctuate from quarter to quarter based on customer driven factors not within the control of TCF.

Other revenue increased $5.2 million from $2.6 million in the third quarter of 2004, primarily due to a $3.4 million gain on the sale of a branch building.

During the 2005 third quarter, TCF took advantage of market conditions and sold $99.5 million of mortgage-backed securities and realized gains of $1 million, compared with $216.3 million in sales and $3.7 million of gains for the third quarter of 2004.

New Branch Expansion

"TCF's continued focus on new branch expansion resulted in the opening of eight new branches during the quarter, including five traditional branches, two supermarket branches and one campus branch," said Cooper. TCF has now opened 140 new branches since January 2000. TCF plans to open 13 new branches in the fourth quarter of 2005, consisting of nine traditional branches, three supermarket branches and one campus branch, bringing the total number of new branches to be opened in 2005 to 28.

                                 September 30,  September 30,  December 31,
    (# of branches)                   2005           2004          1999

    Total Branches
    Minnesota                          104           101             82
    Illinois                           199           194            150
    Wisconsin                           34            34             31
    Michigan                            62            58             64
    Colorado                            37            26             10
    Indiana                              6             6              1
                                       442           419            338


    New Branches*
      Traditional                       62            45
      Supermarket                       76            68
      Campus                             2             -
        Total                          140           113
           % of Total Branches          32%           27%


    *  New branches opened since January 1, 2000.

Additional information regarding the results of TCF's new branches opened since January 1, 2000 is summarized as follows:

                          At or For the Three Months Ended
                                   September 30,
    ($ in thousands)              2005         2004       Change    % Change

    Number of checking accounts  256,452     194,686       61,766      31.7%
    Average deposits:
      Checking                  $380,004    $272,101     $107,903      39.7
      Savings                    264,301     140,411      123,890      88.2
      Money market                27,128      20,785        6,343      30.5
        Subtotal                 671,433     433,297      238,136      55.0
      Certificates of deposit    224,278      55,191      169,087      N.M.
        Total deposits          $895,711    $488,488     $407,223      83.4

    Total deposit fees and
     other revenue               $18,508     $14,010       $4,498      32.1


    N.M. Not meaningful.


    Power Assets(R)

TCF's Power Asset lending operations continue to generate strong growth. TCF's average consumer loan balances increased $782.6 million, or 19 percent; average commercial real estate loan balances increased $207.8 million, or 10 percent; and leasing and equipment finance average balances increased $108.2 million, or 8 percent, from the third quarter of 2004.

                             Average Balances for the
                         Three Months Ended September 30,
    ($ in thousands)              2005         2004        Change   % Change

    Loans and leases*:
      Consumer home equity and other
        Home equity:
         First mortgage lien  $3,194,663   $2,712,447     $482,216     17.8%
         Junior lien           1,653,033    1,348,053      304,980     22.6
            Total consumer
             home equity       4,847,696    4,060,500      787,196     19.4
        Other                     34,469       39,069       (4,600)   (11.8)
            Total consumer
             home equity and
             other             4,882,165    4,099,569      782,596     19.1
      Commercial real estate   2,220,563    2,012,790      207,773     10.3
      Commercial business        433,641      440,010       (6,369)    (1.4)
      Leasing and equipment
       finance                 1,428,653    1,320,495      108,158      8.2
            Power Assets      $8,965,022   $7,872,864   $1,092,158     13.9

    * Excludes residential real estate loans, loans held for sale and
      operating leases.


    Power Liabilities(R)

Average Power Liabilities totaled $8.6 billion for the third quarter of 2005, with an average interest rate of 1.23 percent. Average Power Liabilities increased $773.2 million, or 10 percent, from the third quarter of 2004, primarily driven by increases in Premier Checking, Premier Savings and certificates of deposit, partially offset by declines in other interest- bearing checking and savings. The total number of checking accounts was 1,612,497 at September 30, 2005, up 85,545 accounts, or 6 percent, from September 30, 2004 and up 77,345 accounts, or 7 percent (annualized) from December 31, 2004.

                             Average Balances for the
                         Three Months Ended September 30,
    ($ in thousands)              2005         2004        Change   % Change

    Non-interest bearing
     deposits:
      Retail                  $1,539,893   $1,512,434      $27,459      1.8%
      Small business             600,374      525,466       74,908     14.3
      Commercial and custodial   325,025      329,329       (4,304)    (1.3)
        Total non-interest
         bearing deposits      2,465,292    2,367,229       98,063      4.1
    Interest-bearing deposits:
      Premier checking           694,835      248,217      446,618    179.9
      Other checking           1,004,507    1,140,098     (135,591)   (11.9)
        Subtotal               1,699,342    1,388,315      311,027     22.4
      Premier savings            436,690      109,681      327,009     N.M.
      Other savings            1,549,451    1,717,789     (168,338)    (9.8)
        Subtotal               1,986,141    1,827,470      158,671      8.7
      Money market               632,293      738,769     (106,476)   (14.4)
        Subtotal               4,317,776    3,954,554      363,222      9.2
      Certificates of deposit  1,770,805    1,458,905      311,900     21.4
        Total interest-bearing
         deposits              6,088,581    5,413,459      675,122     12.5
        Power Liabilities     $8,553,873   $7,780,688     $773,185      9.9


    Average rate on deposits        1.23%         .53%          70 bps  N/A
    Number of checking
     accounts, period-end      1,612,497    1,526,952       85,545      5.6

    N.M. Not meaningful.


    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 $2.2 billion for the third quarter of 2005, a decrease of $379.6 million from the third quarter of 2004. The residential real estate loans consist of first mortgage loans originated by TCF's mortgage banking operations. TCF no longer originates any new loans in its mortgage banking business, so this portfolio will continue to decline from normal amortization and prepayments. At September 30, 2005, the unrealized pre-tax loss on TCF's securities available for sale portfolio was $21.3 million.

                       Average Balances and Yields
                       for the Three Months Ended         Change from
                    Sept. 30,    June 30,  Sept. 30,  June 30,   Sept. 30,
    ($ in thousands)   2005        2005       2004      2005        2004
    Securities
     available for
     sale         $1,393,742  $1,646,986  1,545,768 $(253,244)  $(152,026)
    Residential
     real estate
     loans           849,069     919,379  1,076,619   (70,310)   (227,550)
         Total    $2,242,811  $2,566,365 $2,622,387 $(323,554)  $(379,576)


    Yield               5.36%       5.37%      5.46%       (1)bps     (10)bps



    Non-interest Expense

Non-interest expense totaled $154 million for the 2005 third quarter, up $6.1 million, or 4 percent, from $147.9 million for the 2004 third quarter. Compensation and employee benefits increased $2.4 million, or 3 percent, from the third quarter of 2004, primarily due to a $1.4 million increase for new branches opened during the past 12 months and a $2.8 million increase in incentives, partially offset by a $3.1 million decrease for mortgage banking. Occupancy and equipment expenses increased $2.3 million, or 10 percent, from the third quarter of 2004, primarily related to costs associated with new branches opened during the past 12 months. Deposit losses decreased $741 thousand from the third quarter of 2004, due to lower uncollectable overdraft losses, partially offset by increased fraud losses. Other expenses increased $3 million, or 9 percent, from the third quarter of 2004, primarily driven by a $1.6 million increase in operating lease depreciation expense in the leasing businesses and a $660 thousand increase in card processing and issuance expenses related to the overall increase in card volumes.

                                   Three Months Ended
                                     September 30,             Change
    ($ in thousands)                2005        2004        $           %

    Compensation and
     employee benefits            $80,402     $78,010     $2,392        3.1%
    Occupancy and equipment        25,931      23,673      2,258        9.5
    Advertising and promotions      6,578       7,377       (799)     (10.8)
    Deposit account losses          6,680       7,421       (741)     (10.0)
    Other                          34,412      31,445      2,967        9.4
          Total non-interest
           expense               $154,003    $147,926     $6,077        4.1


    Credit Quality

At September 30, 2005, TCF's allowance for loan and lease losses totaled $59 million, or .59 percent of loans and leases, compared with $79 million, or .87 percent, at September 30, 2004. The provision for credit losses for the third quarter of 2005 was $3.4 million, compared with $2.6 million for the third quarter of 2004, or an increase of $750 thousand. Delta declared bankruptcy on September 14, 2005, and TCF charged off its $18.8 million investment in the related leveraged lease. TCF increased the specific allowance for loan and lease losses assigned to the leveraged lease from $13.9 million at June 30, 2005, to $18.8 million through changes in existing leasing and equipment finance allocated allowances and $1.3 million in additional provision. In the 2005 third quarter, net loan and lease charge-offs were $20.8 million, or .85 percent (annualized) of average loans and leases, up from $3.7 million, or .17 percent (annualized), for the same period of 2004. Net loan and lease charge-offs excluding the leveraged lease loss were $2 million, or .08 percent (annualized) for the third quarter of 2005.

At September 30, 2005, TCF's over-30-day delinquency rate was .31 percent, down from .39 percent at September 30, 2004. Non-accrual loans and leases were $21.7 million, or .22 percent of net loans and leases, at September 30, 2005, compared with $46.7 million, or .51 percent, at September 30, 2004. Total non-performing assets were $38.5 million, or .30 percent of total assets, at September 30, 2005, down from $69.5 million, or .58 percent of total assets, at September 30, 2004. The decrease in non-accrual loans and non-performing assets was primarily due to the charge-off of the leveraged lease and a decline in commercial real estate owned.

                                      Three Months Ended   Nine Months Ended
                                         September 30,        September 30,
    ($ in thousands)                    2005      2004       2005      2004

    Allowance for loan and lease losses:
      Balance at beginning of period  $76,406   $80,025    $79,878   $76,619
       Net (charge-offs) recoveries:
           Consumer home equity
            and other                    (886)   (1,133)    (3,211)   (2,426)
           Commercial real estate         (34)     (526)       (68)     (478)
           Commercial business           (140)      (30)     2,330       (87)
           Leasing and equipment
            finance                   (19,690)   (1,999)   (21,217)   (3,271)
           Residential real estate        (34)       (5)       (81)      (46)
                    Total             (20,784)   (3,693)   (22,247)   (6,308)
       Provision for credit losses      3,394     2,644      1,385     6,874
       Acquired allowance                   -         -          -     1,791
    Balance at end of period          $59,016   $78,976    $59,016   $78,976

    Key Indicators:
      Allowance for loans and leases
       as a percentage of total loans
       and leases                         .59%      .87%       .59%      .87%

      Annualized net charge-offs as
       a percentage of average loans
       and leases                         .85%      .17%       .31%      .10%

      Annualized net charge-offs as
       a percentage of average loans
       and leases - excluding the
       leveraged lease                    .08%      .17%       .05%      .10%

      Period-end allowance as a
       multiple of annualized net
       charge-offs                         .7X      5.3X       2.0X      9.4X

      Income before income taxes and
       provision for loan losses as a
       multiple of net charge-offs        4.7X     26.0X      13.0X     46.1X


    Mortgage Banking

At September 30, 2005, TCF's mortgage servicing portfolio totaled $3.6 billion and the mortgage servicing rights asset totaled $37.4 million, or 1.05 percent of the related servicing portfolio, down from $4.7 billion and $51.5 million, respectively, at September 30, 2004. The following table summarizes the components of mortgage banking revenues.

                                    Three Months Ended
                                      September 30,
    ($ in thousands)                  2005       2004     Change   % Change

    Servicing income                $3,329     $4,215      $(886)     (21.0)%
    Less mortgage servicing rights:
      Amortization                   2,516      2,807       (291)     (10.4)
      Recovery                           -     (1,000)     1,000      100.0
        Net servicing income           813      2,408     (1,595)     (66.2)
    Gains on sales of loans *            -      1,442     (1,442)    (100.0)
    Other income                       169        282       (113)     (40.1)
       Total mortgage banking
        revenue                       $982     $4,132    $(3,150)     (76.2)


    * Beginning in 2005, TCF's mortgage banking business no longer originates
      or sells loans.


    Income Taxes

TCF's income tax expense was $28.9 million for the third quarter of 2005, or 30.61 percent of income before income tax expense, compared with $31.7 million, or 33.93 percent, for the comparable 2004 period. The lower effective income tax rate in the third quarter of 2005, compared with the second quarter of 2005, is primarily due to a reduction in the expected 2005 annual effective income tax rate related to an increased effect of permanent differences as a percentage of pre-tax income and lower expected state income taxes.

Capital

    During the third quarter of 2005, TCF repurchased 400,000 shares of its
common stock at an average cost of $27.79 per share.  TCF has 6.7 million
shares remaining in its stock repurchase program authorized by its Board of
Directors.



    ($ in thousands,                At September 30,      At December 31,
     except per-share data)               2005                  2004

    Stockholders' equity          $967,069               $958,418
    Stockholders' equity to
     total assets                     7.59%                  7.77%
    Book value per common share       7.23                   6.99

    Total risk-based capital    $1,008,858     10.66%    $958,900    10.88%
    Total risk-based capital
     "well-capitalized"
     requirement                  $946,220     10.00%    $881,481    10.00%
    Excess risk-based capital
     over "well-capitalized"
     requirement                   $62,638       .66%     $77,419      .88%



    Website Information

A live webcast of TCF's conference call to discuss third quarter earnings will be hosted at TCF's website, www.TCFExpress.com, on October 19, 2005 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 $12.7 billion in assets. TCF has 442 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana. Other TCF affiliates provide leasing and equipment finance, securities 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 standards or interpretations of existing standards, or monetary, fiscal or tax policies of the federal or state governments; adverse findings in tax audits; changes in credit and other risks posed by TCF's loan, lease and investment portfolios, including declines in commercial or residential real estate values; imposition of vicarious liability on TCF as lessor in its leasing operations; denial of insurance coverage for claims made by TCF; 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 servicing portfolio, which could adversely affect earnings; and results of litigation, including reductions in card revenues resulting from litigation brought by various merchants or merchant organizations against VISA, 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,
                                           2005      2004   $ Change  % Change
    Interest income:
      Loans and leases                   $163,178  $133,295  $29,883     22.4%
      Securities available for sale        17,893    20,414   (2,521)   (12.3)
      Loans held for sale                   2,759     2,931     (172)    (5.9)
      Investments                             463       773     (310)   (40.1)
        Total interest income             184,293   157,413   26,880     17.1
    Interest expense:
      Deposits                             26,539    10,318   16,221    157.2
      Borrowings                           29,684    22,605    7,079     31.3
        Total interest expense             56,223    32,923   23,300     70.8
          Net interest income             128,070   124,490    3,580      2.9
    Provision for credit losses             3,394     2,644      750     28.4
        Net interest income after
         provision for credit losses      124,676   121,846    2,830      2.3
    Non-interest income:
      Fees and service charges             69,431    71,353   (1,922)    (2.7)
      Card revenue                         21,025    16,339    4,686     28.7
      ATM revenue                          10,646    11,474     (828)    (7.2)
      Investments and insurance revenue     2,682     3,057     (375)   (12.3)
        Subtotal                          103,784   102,223    1,561      1.5
      Leasing and equipment finance        10,197     6,864    3,333     48.6
      Mortgage banking                        982     4,132   (3,150)   (76.2)
      Other                                 7,743     2,584    5,159    199.7
        Fees and other revenue            122,706   115,803    6,903      6.0
      Gains on sales of securities
       available for sale                     995     3,679   (2,684)   (73.0)
          Total non-interest income       123,701   119,482    4,219      3.5
    Non-interest expense:
      Compensation and employee benefits   80,402    78,010    2,392      3.1
      Occupancy and equipment              25,931    23,673    2,258      9.5
      Advertising and promotions            6,578     7,377     (799)   (10.8)
      Deposit account losses                6,680     7,421     (741)   (10.0)
      Other                                34,412    31,445    2,967      9.4
        Total non-interest expense        154,003   147,926    6,077      4.1
          Income before income tax
           expense                         94,374    93,402      972      1.0
    Income tax expense                     28,888    31,690   (2,802)    (8.8)
          Net income                      $65,486   $61,712   $3,774      6.1

    Net income per common share:
      Basic                                  $.50      $.45     $.05     11.1
      Diluted                                $.50      $.45     $.05     11.1

    Dividends declared per common share    $.2125    $.1875    $.025     13.3

    Average common and common equivalent
      shares outstanding (in thousands):
        Basic                             131,702   136,184   (4,482)    (3.3)
        Diluted                           132,052   136,844   (4,792)    (3.5)



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

                                          Nine Months Ended
                                            September 30,
                                           2005      2004   $ Change  % Change
    Interest income:
      Loans and leases                   $464,736  $386,709  $78,027     20.2%
      Securities available for sale        60,713    61,159     (446)     (.7)
      Loans held for sale                   7,579     9,112   (1,533)   (16.8)
      Investments                           2,609     2,441      168      6.9
        Total interest income             535,637   459,421   76,216     16.6
    Interest expense:
      Deposits                             63,123    30,331   32,792    108.1
      Borrowings                           84,106    63,688   20,418     32.1
        Total interest expense            147,229    94,019   53,210     56.6
          Net interest income             388,408   365,402   23,006      6.3
    Provision for credit losses             1,385     6,874   (5,489)   (79.9)
        Net interest income after
         provision for credit losses      387,023   358,528   28,495      7.9
    Non-interest income:
      Fees and service charges            192,286   204,128  (11,842)    (5.8)
      Card revenue                         58,384    45,854   12,530     27.3
      ATM revenue                          31,173    32,609   (1,436)    (4.4)
      Investments and insurance revenue     8,326     9,949   (1,623)   (16.3)
        Subtotal                          290,169   292,540   (2,371)     (.8)
      Leasing and equipment finance        31,982    29,276    2,706      9.2
      Mortgage banking                      2,340    13,082  (10,742)   (82.1)
      Other                                18,392     6,657   11,735    176.3
        Fees and other revenue            342,883   341,555    1,328       .4
      Gains on sales of securities
       available for sale                  10,671    16,396   (5,725)   (34.9)
          Total non-interest income       353,554   357,951   (4,397)    (1.2)
    Non-interest expense:
      Compensation and employee benefits  243,826   236,486    7,340      3.1
      Occupancy and equipment              76,081    70,560    5,521      7.8
      Advertising and promotions           19,603    19,785     (182)     (.9)
      Deposit account losses               14,116    16,949   (2,833)   (16.7)
      Other                                98,735    88,758    9,977     11.2
        Total non-interest expense        452,361   432,538   19,823      4.6
          Income before income tax
           expense                        288,216   283,941    4,275      1.5
    Income tax expense                     88,624    96,350   (7,726)    (8.0)
          Net income                     $199,592  $187,591  $12,001      6.4

    Net income per common share:
      Basic                                 $1.50     $1.37     $.13      9.5
      Diluted                               $1.50     $1.36     $.14     10.3

    Dividends declared per common share    $.6375    $.5625    $.075     13.3

    Average common and common equivalent
      shares outstanding (in thousands):
        Basic                             132,692   137,223   (4,531)    (3.3)
        Diluted                           133,054   137,842   (4,788)    (3.5)



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

                                        At              At              At
                                   September 30,   December 31,  September 30,
                                       2005            2004            2004

    ASSETS

    Cash and due from banks          $361,595        $359,798        $354,651
    Investments                        79,583         103,226          92,177
    Securities available for
     sale                           1,318,787       1,619,941       1,330,708
    Loans held for sale               230,571         154,279         330,647
    Loans and leases:
      Consumer home equity and
       other                        5,035,661       4,418,588       4,222,025
      Commercial real estate        2,241,069       2,154,396       2,031,031
      Commercial business             438,028         424,135         444,632
      Leasing and equipment
       finance                      1,424,317       1,375,372       1,328,116
        Subtotal                    9,139,075       8,372,491       8,025,804
      Residential real estate         815,893       1,014,166       1,047,079
        Total loans and leases      9,954,968       9,386,657       9,072,883
      Allowance for loan and
       lease losses                   (59,016)        (79,878)        (78,976)
        Net loans and leases        9,895,952       9,306,779       8,993,907
    Premises and equipment            352,154         326,667         316,833
    Goodwill                          152,599         152,599         152,599
    Mortgage servicing rights          37,420          46,442          51,474
    Other assets                      308,428         270,836         374,953
                                  $12,737,089     $12,340,567     $11,997,949

    LIABILITIES AND
     STOCKHOLDERS' EQUITY

    Deposits:
      Checking                     $4,218,993      $3,905,987      $3,692,132
      Savings                       2,140,483       1,927,872       1,924,481
      Money market                    632,367         659,686         707,046
        Subtotal                    6,991,843       6,493,545       6,323,659
      Certificates of deposit       1,866,425       1,468,650       1,471,164
        Total deposits              8,858,268       7,962,195       7,794,823
    Short-term borrowings           1,084,933       1,056,111         845,499
    Long-term borrowings            1,547,690       2,048,492       2,057,608
        Total borrowings            2,632,623       3,104,603       2,903,107
    Accrued expenses and other
     liabilities                      279,129         315,351         334,753
        Total liabilities          11,770,020      11,382,149      11,032,683
    Stockholders' equity:
      Common stock, par value
       $.01 per share,
       280,000,000 shares
       authorized;
       184,395,593;
       184,939,094 and
       184,964,602 shares
       issued                           1,844           1,849           1,850
      Additional paid-in capital      496,605         518,741         517,537
      Retained earnings,
       subject to certain
       restrictions                 1,499,427       1,385,760       1,344,036
      Accumulated other
       comprehensive (loss)
       income                         (13,596)         (1,415)          1,471
      Treasury stock at cost,
       50,645,520; 47,752,934
       and 46,200,454 shares,
       and other                   (1,017,211)       (946,517)       (899,628)
          Total stockholders'
           equity                     967,069         958,418         965,266
                                  $12,737,089     $12,340,567     $11,997,949


    N.M.  Not meaningful.


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

                                                         % Change from
                                                 December 31,    September 30,
                                                     2004             2004

    ASSETS

    Cash and due from banks                            .5%                2.0
    Investments                                     (22.9)              (13.7)
    Securities available for sale                   (18.6)                (.9)
    Loans held for sale                              49.5               (30.3)
    Loans and leases:
       Consumer home equity and other                14.0                19.3
       Commercial real estate                         4.0                10.3
       Commercial business                            3.3                (1.5)
       Leasing and equipment finance                  3.6                 7.2
          Subtotal                                    9.2                13.9
       Residential real estate                      (19.6)              (22.1)
          Total loans and leases                      6.1                 9.7
       Allowance for loan and lease losses          (26.1)              (25.3)
          Net loans and leases                        6.3                10.0
    Premises and equipment                            7.8                11.1
    Goodwill                                           -                   -
    Mortgage servicing rights                       (19.4)              (27.3)
    Other assets                                     13.9               (17.7)
                                                      3.2                 6.2

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Deposits:
       Checking                                       8.0                14.3
       Savings                                       11.0                11.2
       Money market                                  (4.1)              (10.6)
          Subtotal                                    7.7                10.6
       Certificates of deposit                       27.1                26.9
          Total deposits                             11.3                13.6
    Short-term borrowings                             2.7                28.3
    Long-term borrowings                            (24.4)              (24.8)
          Total borrowings                          (15.2)               (9.3)
    Accrued expenses and other liabilities          (11.5)              (16.6)
          Total liabilities                           3.4                 6.7
    Stockholders' equity:
       Common stock, par value $.01 per
        share, 280,000,000 shares authorized;
        184,395,593; 184,939,094 and
        184,964,602 shares issued                     (.3)                (.3)
       Additional paid-in capital                    (4.3)               (4.0)
       Retained earnings, subject to
        certain restrictions                          8.2                11.6
       Accumulated other comprehensive
        (loss) income                                N.M.                N.M.
       Treasury stock at cost,
        50,645,520; 47,752,934
        and 46,200,454 shares, and
        other                                         7.5                13.1
             Total stockholders' equity                .9                  .2
                                                      3.2                 6.2

    N.M.  Not meaningful.



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

    Allowance for loan and lease losses:

                           At or For the Nine Months Ended September 30, 2005
                                               Allowance   Net Charge-offs
                                               as a % of   (Recoveries) (1)
                                  Allowance    Portfolio       $         %

    Consumer home equity
     and other                      $16,346       .32%      $3,211     .09%
    Commercial real estate           20,745        .93          68       -
    Commercial business               6,859       1.57      (2,330)   (.73)
    Leasing and equipment
     finance (2)                     14,445       1.01      21,217    2.01
    Residential real estate             621        .08          81     .01
    Unallocated (3)                       -          -           -       -
       Total                        $59,016        .59     $22,247     .31



                               At or For the Year Ended December 31, 2004
                                               Allowance   Net Charge-offs
                                               as a % of  (Recoveries) (1)
                                  Allowance    Portfolio       $         %

    Consumer home equity and other   $9,939        .22%     $3,232     .08%
    Commercial real estate           20,742        .96         476     .02
    Commercial business               7,696       1.81         153     .04
    Leasing and equipment
     finance (2)                     24,566       1.79       5,545     .43
    Residential real estate             796        .08          73     .01
    Unallocated (3)                  16,139          -           -       -
       Total                        $79,878        .85      $9,479     .11



    Non-performing assets:     At         At       At         Change from
                           Sept. 30,  Dec. 31, Sept. 30,  Dec. 31,   Sept. 30,
                              2005      2004     2004       2004       2004

      Non-accrual loans
        and leases:
           Consumer home
            equity and
            other           $9,849   $12,187   $11,959   $(2,338)   $(2,110)
           Commercial real
            estate             188     1,093     1,026      (905)      (838)
           Commercial
            business         2,328     4,533     2,861    (2,205)      (533)
           Leasing and
            equipment
            finance          6,808    25,678    27,844   (18,870)   (21,036)
           Residential
            real estate      2,515     3,387     2,763      (872)      (248)
                Total non-
                 accrual
                 loans and
                 leases     21,688    46,878    46,453   (25,190)   (24,765)
      Other real estate owned:
           Residential real
            estate          13,919    11,726    12,028     2,193      1,891
           Commercial real
            estate           2,886     5,465    10,717    (2,579)    (7,831)
                Total other
                 real estate
                 owned      16,805    17,191    22,745      (386)    (5,940)
           Total non-
            performing
            assets         $38,493   $64,069   $69,198  $(25,576)  $(30,705)


    Over 30-day delinquency data (4):

                        At Sept. 30,      At Dec. 31,        At Sept. 30,
                          2005               2004               2004
                 Principal    % of    Principal   % of   Principal   % of
                  Balances  Portfolio  Balances Portfolio Balances Portfolio
    Consumer home
     equity and
     other        $17,351      .35%   $15,436       .35%  $15,256   .36%
    Commercial
     real estate       36         -        32          -    1,958    .10
    Commercial
     business         370       .08       404        .10    1,282    .29
    Leasing and
     equipment
     finance        5,651       .40     8,997        .67    7,064    .54
    Residential
     real estate    7,610       .94     9,516        .94    9,776    .94
       Total      $31,018       .31   $34,385        .37  $35,336    .39


    Potential Problem Loans and Leases (5):

                            At        At        At         Change from
                        Sept. 30,  Dec. 31,  Sept. 30,   Dec. 31, Sept. 30,
                           2005      2004       2004       2004      2004

    Commercial real
     estate              $28,228   $34,138    $31,397    $(5,910)  $(3,169)
    Commercial business   13,367    18,112     21,607     (4,745)   (8,240)
    Leasing and equipment
     finance               9,850    18,816     17,669     (8,966)   (7,819)
                         $51,445   $71,066    $70,673   $(19,621) $(19,228)


    (1) Annualized.
    (2) For the nine months ended September 30, 2005, net charge-offs
        excluding the leveraged lease were $2.4 million, or .23% annualized.
    (3) In the second quarter of 2005, TCF refined its allowance for loan and
        lease losses allocation methodology resulting in the allocation of the
        entire allowance for loan and lease losses to the individual loan and
        lease portfolios.  This change allocates the previous unallocated
        portion of the allowance for loan and lease losses.
    (4) Excludes non-accrual loans and leases.
    (5) 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,
                                                            2005
                                               Average              Yields and
                                               Balance    Interest   Rates (1)

    ASSETS

      Investments                               $91,355      $463      2.02%
      Securities available for sale           1,393,742    17,893      5.14
      Loans held for sale                       206,850     2,759      5.29
      Loans and leases:
        Consumer home equity - variable
         rate                                 2,392,934    43,543      7.22
        Consumer home equity - fixed rate     2,454,762    41,317      6.68
        Consumer - other                         34,469       815      9.38
          Total consumer home equity and
           other                              4,882,165    85,675      6.96
        Commercial real estate - variable
         rate                                   822,223    13,003      6.27
        Commercial real estate - fixed
         and adjustable rate                  1,398,340    21,687      6.15
          Total commercial real estate        2,220,563    34,690      6.20
        Commercial business - variable
         rate                                   348,030     5,284      6.02
        Commercial business - fixed and
         adjustable rate                         85,611     1,268      5.88
          Total commercial business             433,641     6,552      5.99
        Leasing and equipment finance         1,428,653    24,082      6.74
          Subtotal                            8,965,022   150,999      6.69
        Residential real estate                 849,069    12,179      5.73
          Total loans and leases              9,814,091   163,178      6.61

            Total interest-earning assets    11,506,038   184,293      6.37

      Other assets                            1,125,499

        Total assets                        $12,631,537

    LIABILITIES AND STOCKHOLDERS' EQUITY

      Non-interest bearing deposits:
        Retail                               $1,539,893
        Small business                          600,374
        Commercial and custodial                325,025
          Total non-interest bearing
           deposits                           2,465,292
      Interest-bearing deposits:
        Premier checking                        694,835     4,654      2.66
        Other checking                        1,004,507       593       .23
          Subtotal                            1,699,342     5,247      1.23
        Premier savings                         436,690     3,529      3.21
        Other savings                         1,549,451     2,612       .67
          Subtotal                            1,986,141     6,141      1.23
        Money market                            632,293     2,091      1.31
          Subtotal                            4,317,776    13,479      1.24
        Certificates of deposit               1,770,805    13,060      2.93
          Total interest-bearing deposits     6,088,581    26,539      1.73

            Total deposits                    8,553,873    26,539      1.23

      Borrowings:
        Short-term borrowings                 1,037,240     9,212      3.52
        Long-term borrowings                  1,757,968    20,472      4.62
            Total borrowings                  2,795,208    29,684      4.22

        Total deposits and borrowings        11,349,081    56,223      1.97

      Other liabilities                         326,976

        Total liabilities                    11,676,057

      Stockholders' equity                      955,480

        Total liabilities and
            stockholders' equity            $12,631,537


    Net interest income and margin                       $128,070      4.43%

    (1)  Annualized.



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

                                             Three Months Ended September 30,
                                                          2004
                                             Average               Yields and
                                             Balance     Interest   Rates (1)

    ASSETS

      Investments                               $94,910      $773      3.25%
      Securities available for sale           1,545,768    20,414      5.28
      Loans held for sale                       327,953     2,931      3.56
      Loans and leases:
        Consumer home equity - variable
         rate                                 2,547,648    35,646      5.57
        Consumer home equity - fixed rate     1,512,853    26,035      6.85
        Consumer - other                         39,068       813      8.28
          Total consumer home equity and
           other                              4,099,569    62,494      6.06
        Commercial real estate - variable
         rate                                   769,225     8,327      4.31
        Commercial real estate - fixed
         and adjustable rate                  1,243,565    19,424      6.21
          Total commercial real estate        2,012,790    27,751      5.49
        Commercial business - variable rate     357,205     3,628      4.04
        Commercial business - fixed and
         adjustable rate                         82,805     1,145      5.50
          Total commercial business             440,010     4,773      4.32
        Leasing and equipment finance         1,320,495    22,855      6.92
          Subtotal                            7,872,864   117,873      5.96
        Residential real estate               1,076,619    15,422      5.72
          Total loans and leases              8,949,483   133,295      5.93

            Total interest-earning assets    10,918,114   157,413      5.75

      Other assets                            1,057,444

        Total assets                        $11,975,558

    LIABILITIES AND STOCKHOLDERS' EQUITY

      Non-interest bearing deposits:
        Retail                               $1,512,434
        Small business                          525,466
        Commercial and custodial                329,329
          Total non-interest bearing
           deposits                           2,367,229
      Interest-bearing deposits:
        Premier checking                        248,217       826      1.32
        Other checking                        1,140,098       187       .07
          Subtotal                            1,388,315     1,013       .29
        Premier savings                         109,681       498      1.81
        Other savings                         1,717,789     1,341       .31
          Subtotal                            1,827,470     1,839       .40
        Money market                            738,769       704       .38
          Subtotal                            3,954,554     3,556       .36
        Certificates of deposit               1,458,905     6,762      1.84
          Total interest-bearing deposits     5,413,459    10,318       .76

            Total deposits                    7,780,688    10,318       .53

      Borrowings:
        Short-term borrowings                   824,955     3,057      1.47
        Long-term borrowings                  2,059,525    19,548      3.78
            Total borrowings                  2,884,480    22,605      3.12

        Total deposits and borrowings        10,665,168    32,923      1.23

      Other liabilities                         359,488

        Total liabilities                    11,024,656

      Stockholders' equity                      950,902

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


    Net interest income and margin                       $124,490      4.56%

    (1)  Annualized.



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

                                              Nine Months Ended September 30,
                                                            2005
                                             Average               Yields and
                                             Balance    Interest    Rates (1)

    ASSETS

      Investments                            $99,502      $2,609       3.50%
      Securities available for sale        1,567,059      60,713       5.17
      Loans held for sale                    209,184       7,579       4.84
      Loans and leases:
        Consumer home equity - variable
         rate                              2,561,936     130,074       6.79
        Consumer home equity - fixed rate  2,088,550     104,784       6.71
        Consumer - other                      34,836       2,379       9.13
          Total consumer home equity and
           other                           4,685,322     237,237       6.77
        Commercial real estate - variable
         rate                                832,689      35,775       5.74
        Commercial real estate - fixed
         and adjustable rate               1,363,805      62,664       6.14
          Total commercial real estate     2,196,494      98,439       5.99
        Commercial business - variable
         rate                                346,674      14,379       5.55
        Commercial business - fixed and
         adjustable rate                      78,117       3,368       5.76
          Total commercial business          424,791      17,747       5.59
        Leasing and equipment finance      1,410,381      72,006       6.81
          Subtotal                         8,716,988     425,429       6.52
        Residential real estate              917,241      39,307       5.72
          Total loans and leases           9,634,229     464,736       6.45

            Total interest-earning assets 11,509,974     535,637       6.22

      Other assets                         1,099,712

        Total assets                     $12,609,686

    LIABILITIES AND STOCKHOLDERS' EQUITY

      Non-interest bearing deposits:
        Retail                            $1,566,767
        Small business                       573,240
        Commercial and custodial             316,749
          Total non-interest bearing
           deposits                        2,456,756
      Interest-bearing deposits:
        Premier checking                     578,967       9,709       2.24
        Other checking                     1,056,178       1,517        .19
          Subtotal                         1,635,145      11,226        .92
        Premier savings                      355,164       7,340       2.76
        Other savings                      1,586,367       6,394        .54
          Subtotal                         1,941,531      13,734        .95
        Money market                         637,696       4,726        .99
          Subtotal                         4,214,372      29,686        .94
        Certificates of deposit            1,691,121      33,437       2.64
          Total interest-bearing deposits  5,905,493      63,123       1.43
            Total deposits                 8,362,249      63,123       1.01

      Borrowings:
        Short-term borrowings                977,750      22,200       3.04
        Long-term borrowings               1,981,558      61,906       4.18
            Total borrowings               2,959,308      84,106       3.80

        Total deposits and borrowings     11,321,557     147,229       1.74

      Other liabilities                      348,543

        Total liabilities                 11,670,100

      Stockholders' equity                   939,586

        Total liabilities and
            stockholders' equity         $12,609,686


    Net interest income and margin                      $388,408       4.51%

    (1)  Annualized.



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

                                             Nine Months Ended September 30,
                                                            2004
                                             Average               Yields and
                                             Balance     Interest   Rates (1)

    ASSETS

      Investments                           $131,290      $2,441       2.48%
      Securities available for sale        1,537,310      61,159       5.30
      Loans held for sale                    357,354       9,112       3.41
      Loans and leases:
        Consumer home equity - variable
         rate                              2,376,149      97,059       5.46
        Consumer home equity - fixed rate  1,488,090      77,708       6.98
        Consumer - other                      39,751       2,442       8.21
          Total consumer home equity and
           other                           3,903,990     177,209       6.06
        Commercial real estate - variable
         rate                                759,923      23,666       4.16
        Commercial real estate - fixed
         and adjustable rate               1,220,457      57,306       6.27
          Total commercial real estate     1,980,380      80,972       5.46
        Commercial business - variable
         rate                                343,946       9,833       3.82
        Commercial business - fixed and
         adjustable rate                      88,228       3,639       5.51
          Total commercial business          432,174      13,472       4.16
        Leasing and equipment finance      1,267,102      66,333       6.98
          Subtotal                         7,583,646     337,986       5.95
        Residential real estate            1,130,840      48,723       5.75
          Total loans and leases           8,714,486     386,709       5.92

            Total interest-earning assets 10,740,440     459,421       5.71

      Other assets                         1,046,080

        Total assets                     $11,786,520

    LIABILITIES AND STOCKHOLDERS' EQUITY

      Non-interest bearing deposits:
        Retail                            $1,508,102
        Small business                       491,729
        Commercial and custodial             345,878
          Total non-interest bearing
           deposits                        2,345,709
      Interest-bearing deposits:
        Premier checking                     150,094       1,468       1.31
        Other checking                     1,151,426         652        .08
          Subtotal                         1,301,520       2,120        .22
        Premier savings                       47,438         606       1.71
        Other savings                      1,777,512       4,546        .34
          Subtotal                         1,824,950       5,152        .38
        Money market                         790,128       2,199        .37
          Subtotal                         3,916,598       9,471        .32
        Certificates of deposit            1,502,064      20,860       1.86
          Total interest-bearing deposits  5,418,662      30,331        .75

            Total deposits                 7,764,371      30,331        .52

      Borrowings:
        Short-term borrowings                743,754       7,522       1.35
        Long-term borrowings               1,963,440      56,166       3.82
            Total borrowings               2,707,194      63,688       3.14

        Total deposits and borrowings     10,471,565      94,019       1.20

      Other liabilities                      373,089

        Total liabilities                 10,844,654

      Stockholders' equity                   941,866

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


    Net interest income and margin                      $365,402       4.54%

    (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
                                        Sept. 30,    Jun. 30,     Mar. 31,
                                          2005         2005         2005
    Interest income:
      Loans and leases                   $163,178     $155,014     $146,544
      Securities available for sale        17,893       21,325       21,495
      Loans held for sale                   2,759        2,566        2,254
      Investments                             463        1,094        1,052
        Total interest income             184,293      179,999      171,345
    Interest expense:
      Deposits                             26,539       20,646       15,938
      Borrowings                           29,684       28,068       26,354
        Total interest expense             56,223       48,714       42,292
          Net interest income             128,070      131,285      129,053
    Provision for credit losses             3,394        1,427       (3,436)
        Net interest income after
         provision for credit losses      124,676      129,858      132,489
    Non-interest income:
      Fees and service charges             69,431       65,824       57,031
      Card revenue                         21,025       19,717       17,642
      ATM revenue                          10,646       10,795        9,732
      Investments and insurance revenue     2,682        2,791        2,853
        Subtotal                          103,784       99,127       87,258
      Leasing and equipment finance        10,197       11,092       10,693
      Mortgage banking                        982          216        1,142
      Other                                 7,743        2,833        7,816
        Fees and other revenue            122,706      113,268      106,909
      Gains on sales of securities
       available for sale                     995        4,437        5,239
          Total non-interest income       123,701      117,705      112,148
    Non-interest expense:
      Compensation and employee benefits   80,402       81,973       81,451
      Occupancy and equipment              25,931       24,771       25,379
      Advertising and promotions            6,578        6,778        6,247
      Deposit account losses                6,680        3,775        3,661
      Other                                34,412       32,950       31,373
        Total non-interest expense        154,003      150,247      148,111
          Income before income tax
           expense                         94,374       97,316       96,526
    Income tax expense                     28,888       26,675       33,061
        Net income                        $65,486      $70,641      $63,465

    Net income per common share:
      Basic                                  $.50         $.53         $.47
      Diluted                                $.50         $.53         $.47

    Dividends declared per common share    $.2125       $.2125       $.2125

    Financial Ratios:

    Return on average assets (1)             2.07%        2.22%        2.03%
    Return on average common equity (1)     27.41        30.23        27.18
    Net interest margin (1)                  4.43         4.53         4.56
    Net charge-offs (recoveries) as a
     percentage of average loans and
     leases (1)                               .85          .08         (.02)
    Average total equity to average
     assets                                  7.56         7.36         7.48
    Average tangible equity to average
     assets                                  6.33         6.13         6.22

    (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
                                                 Dec. 31,           Sept. 30,
                                                   2004               2004
    Interest income:
       Loans and leases                          $140,469           $133,295
       Securities available for sale               19,484             20,414
       Loans held for sale                          2,421              2,931
       Investments                                  1,014                773
          Total interest income                   163,388            157,413
    Interest expense:
       Deposits                                    12,250             10,318
       Borrowings                                  24,649             22,605
          Total interest expense                   36,899             32,923
             Net interest income                  126,489            124,490
    Provision for credit losses                     4,073              2,644
          Net interest income after
           provision for credit losses            122,416            121,846
    Non-interest income:
       Fees and service charges                    67,385             71,353
       Card revenue                                17,609             16,339
       ATM revenue                                 10,326             11,474
       Investments and insurance revenue            2,609              3,057
          Subtotal                                 97,929            102,223
       Leasing and equipment finance               21,047              6,864
       Mortgage banking                              (122)             4,132
       Other                                        7,457              2,584
          Fees and other revenue                  126,311            115,803
       Gains on sales of securities
        available for sale                          6,204              3,679
             Total non-interest income            132,515            119,482
    Non-interest expense:
       Compensation and employee benefits          86,338             78,010
       Occupancy and equipment                     25,057             23,673
       Advertising and promotions                   6,568              7,377
       Deposit account losses                       5,675              7,421
       Other                                       30,758             31,445
          Total non-interest expense              154,396            147,926
             Income before income tax expense     100,535             93,402
    Income tax expense                             33,133             31,690
          Net income                              $67,402            $61,712

    Net income per common share:
       Basic                                         $.50               $.45
       Diluted                                       $.50               $.45

    Dividends declared per common share            $.1875             $.1875

    Financial Ratios:

    Return on average assets (1)                     2.22%              2.06%
    Return on average common equity (1)             28.35              25.96
    Net interest margin (1)                          4.56               4.56
    Net charge-offs (recoveries) as a
     percentage of average loans and leases (1)       .14                .17
    Average total equity to average assets           7.81               7.94
    Average tangible equity to average assets        6.52               6.63

    (1)  Annualized.



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

                                           Sept. 30,     Jun. 30     Mar. 31,
                                             2005         2005         2005

    ASSETS

    Cash and due from banks                $346,065     $331,110     $332,800
    Investments                              91,355      101,305      106,006
    Securities available for sale         1,393,742    1,646,986    1,663,412
    Loans held for sale                     206,850      213,279      207,430
    Loans and leases:
       Consumer home equity - variable
        rate                              2,392,934    2,594,538    2,701,729
       Consumer home equity - fixed
        rate                              2,454,762    2,048,035    1,755,164
       Consumer - other                      34,469       34,012       36,046
          Total consumer home equity
           and other                      4,882,165    4,676,585    4,492,939
       Commercial real estate -
        variable rate                       822,223      834,876      841,176
       Commercial real estate - fixed
        and adjustable rate               1,398,340    1,365,132    1,327,160
          Total commercial real estate    2,220,563    2,200,008    2,168,336
       Commercial business - variable
        rate                                348,030      359,269      332,555
       Commercial business - fixed and
        adjustable rate                      85,611       73,654       74,968
          Total commercial business         433,641      432,923      407,523
       Leasing and equipment finance      1,428,653    1,412,520    1,389,541
          Subtotal                        8,965,022    8,722,036    8,458,339
       Residential real estate              849,069      919,379      984,764
          Total loans and leases          9,814,091    9,641,415    9,443,103
       Allowance for loan and lease
        losses                              (76,207)     (76,774)     (79,918)
          Net loans and leases            9,737,884    9,564,641    9,363,185
    Premises and equipment                  345,641      333,614      328,336
    Goodwill                                152,599      152,599      152,599
    Mortgage servicing rights                38,773       42,218       45,101
    Other assets                            318,628      316,281      295,107
                                        $12,631,537  $12,702,033  $12,493,976

    LIABILITIES AND STOCKHOLDERS'
     EQUITY

    Non-interest-bearing deposits:
       Retail                            $1,539,893   $1,589,015   $1,571,740
       Small business                       600,374      571,701      547,060
       Commercial and custodial             325,025      311,463      313,635
          Total non-interest bearing
           deposits                       2,465,292    2,472,179    2,432,435
    Interest-bearing deposits:
       Premier checking                     694,835      580,093      459,385
       Other checking                     1,004,507    1,075,421    1,089,541
          Subtotal                        1,699,342    1,655,514    1,548,926
       Premier savings                      436,690      345,567      281,529
       Other savings                      1,549,451    1,603,720    1,606,560
          Subtotal                        1,986,141    1,949,287    1,888,089
       Money market                         632,293      633,762      647,197
          Subtotal                        4,317,776    4,238,563    4,084,212
       Certificates of deposit            1,770,805    1,707,919    1,592,682
          Total interest-bearing
           deposits                       6,088,581    5,946,482    5,676,894
             Total deposits               8,553,873    8,418,661    8,109,329
    Borrowings:
       Short-term borrowings              1,037,240      920,471      974,853
       Long-term borrowings               1,757,968    2,075,264    2,115,369
          Total borrowings                2,795,208    2,995,735    3,090,222
    Accrued expenses and other
     liabilities                            326,976      352,861      360,362
          Total liabilities              11,676,057   11,767,257   11,559,913
    Stockholders' equity:
       Common stock                           1,844        1,845        1,846
       Additional paid-in capital           496,496      497,810      503,762
       Retained earnings                  1,473,273    1,431,903    1,394,163
       Accumulated other comprehensive
        loss                                 (3,104)      (1,992)      (4,139)
       Treasury stock at cost and other  (1,013,029)    (994,790)    (961,569)
                                            955,480      934,776      934,063
                                        $12,631,537  $12,702,033  $12,493,976

    Supplemental Information:
    Securities available for sale        $1,393,742   $1,646,986   $1,663,412
    Residential real estate loans           849,069      919,379      984,764
       Total  securities available for
        sale and residential real
        estate loans                     $2,242,811   $2,566,365   $2,648,176



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

                                                  Dec. 31,         Sept. 30,
                                                    2004              2004

    ASSETS

    Cash and due from banks                       $350,497          $351,383
    Investments                                    105,603            94,910
    Securities available for sale                1,534,776         1,545,768
    Loans held for sale                            254,617           327,953
    Loans and leases:
       Consumer home equity - variable rate      2,699,156         2,547,648
       Consumer home equity - fixed rate         1,571,494         1,512,853
       Consumer - other                             37,403            39,068
          Total consumer home equity and
           other                                 4,308,053         4,099,569
       Commercial real estate - variable rate      805,219           769,225
       Commercial real estate - fixed and
          adjustable rate                        1,288,793         1,243,565
          Total commercial real estate           2,094,012         2,012,790
       Commercial business - variable rate         353,752           357,205
       Commercial business - fixed and
        adjustable rate                             76,906            82,805
          Total commercial business                430,658           440,010
       Leasing and equipment finance             1,341,985         1,320,495
          Subtotal                               8,174,708         7,872,864
       Residential real estate                   1,027,302         1,076,619
          Total loans and leases                 9,202,010         8,949,483
       Allowance for loan and lease losses         (79,502)          (80,077)
          Net loans and leases                   9,122,508         8,869,406
    Premises and equipment                         322,492           313,068
    Goodwill                                       152,599           152,599
    Mortgage servicing rights                       49,746            51,380
    Other assets                                   276,498           269,091
                                               $12,169,336       $11,975,558

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Non-interest-bearing deposits:
       Retail                                   $1,493,344        $1,512,434
       Small business                              557,103           525,466
       Commercial and custodial                    332,228           329,329
          Total non-interest bearing deposits    2,382,675         2,367,229
    Interest-bearing deposits:
       Premier checking                            343,266           248,217
       Other checking                            1,106,934         1,140,098
          Subtotal                               1,450,200         1,388,315
       Premier savings                             198,769           109,681
       Other savings                             1,621,810         1,717,789
          Subtotal                               1,820,579         1,827,470
       Money market                                685,885           738,769
          Subtotal                               3,956,664         3,954,554
       Certificates of deposit                   1,469,735         1,458,905
          Total interest-bearing deposits        5,426,399         5,413,459
             Total deposits                      7,809,074         7,780,688
    Borrowings:
       Short-term borrowings                     1,003,746           824,955
       Long-term borrowings                      2,045,505         2,059,525
          Total borrowings                       3,049,251         2,884,480
    Accrued expenses and other liabilities         360,004           359,488
          Total liabilities                     11,218,329        11,024,656
    Stockholders' equity:
       Common stock                                  1,850             1,206
       Additional paid-in capital                  518,012           517,020
       Retained earnings                         1,360,169         1,318,461
       Accumulated other comprehensive loss           (527)           (2,781)
       Treasury stock at cost and other           (928,497)         (883,004)
                                                   951,007           950,902
                                               $12,169,336       $11,975,558

    Supplemental Information:
    Securities available for sale               $1,534,776        $1,545,768
    Residential real estate loans                1,027,302         1,076,619
       Total  securities available for
        sale and residential real estate loans  $2,562,078        $2,622,387



                    TCF FINANCIAL CORPORATION
 AND SUBSIDIARIES
                   CONSOLIDATED QUARTERLY YIELDS AND RATES (1)
                                   (Unaudited)



                                Sept. 30, Jun. 30, Mar. 31, Dec. 31, Sept. 30,
                                  2005      2005     2005     2004     2004

    ASSETS

      Investments                 2.02%     4.33%     4.01%   3.83%    3.25%
      Securities available
       for sale                   5.14      5.18      5.17    5.08     5.28
      Loans held for sale         5.29      4.83      4.41    3.78     3.56
      Loans and leases:
        Consumer home equity -
         variable rate            7.22      6.77      6.41    6.00     5.57
        Consumer home equity
         - fixed rate             6.68      6.72      6.73    6.78     6.85
        Consumer - other          9.38      9.19      8.83    8.17     8.28
          Total consumer home
           equity and other       6.96      6.77      6.56    6.30     6.06
        Commercial real estate -
         variable rate            6.27      5.72      5.24    4.74     4.31
        Commercial real estate -
         fixed and adjustable
         rate                     6.15      6.14      6.13    6.14     6.21
          Total commercial real
           estate                 6.20      5.98      5.79    5.60     5.49
        Commercial business -
         variable rate            6.02      5.56      5.02    4.48     4.04
        Commercial business -
         fixed and adjustable
         rate                     5.88      5.75      5.65    5.77     5.50
          Total commercial
           business               5.99      5.59      5.14    4.71     4.32
        Leasing and equipment
         finance                  6.74      6.83      6.85    6.86     6.92
          Subtotal                6.69      6.52      6.34    6.13     5.96
        Residential real estate   5.73      5.71      5.70    5.69     5.72
          Total loans and leases  6.61      6.44      6.27    6.08     5.93

            Total interest-
             earning assets       6.37      6.22      6.06    5.87     5.75


    LIABILITIES

      Interest-bearing deposits:
        Premier checking          2.66      2.04      1.86    1.65     1.32
        Other checking             .23       .21       .14     .10      .07
          Subtotal                1.23       .85       .65     .47      .29
        Premier savings           3.21      2.51      2.38    2.20     1.81
        Other savings              .67       .53       .42     .30      .31
          Subtotal                1.23       .88       .71     .51      .40
        Money market              1.31       .99       .67     .46      .38
          Subtotal                1.24       .89       .68     .49      .36
        Certificates of deposit   2.93      2.65      2.32    2.01     1.84
          Total interest-bearing
           deposits               1.73      1.39      1.14     .90      .76
            Total deposits        1.23       .98       .80     .62      .53

      Borrowings:
        Short-term borrowings     3.52      3.01      2.53    2.04     1.47
        Long-term borrowings      4.62      4.09      3.88    3.80     3.78
          Total borrowings        4.22      3.76      3.46    3.22     3.12

            Total interest-
             bearing liabilities  1.97      1.71      1.53    1.35     1.23


    Net interest margin           4.43%     4.53%     4.56%   4.56%    4.56%

    (1)  Annualized.
SOURCE  TCF Financial Corporation

    -0-                             10/19/2005
    /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

AJ-AM
-- CGW019A --
7429 10/19/2005 08:30 EDT http://www.prnewswire.com

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