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

Press Release

TCF Reports 2006 Annual Earnings and EPS ($1.90)

Company Release - 1/24/2007 8:32 AM ET

WAYZATA, Minn.--(BUSINESS WIRE)--

TCF Financial Corporation ("TCF") (NYSE:TCB):

    2006 YEAR END HIGHLIGHTS

    --  Diluted earnings per share of $1.90

    --  Net income of $244.9 million

    --  Return on average assets of 1.74 percent

    --  Return on average common equity of 24.37 percent

    --  Board declares quarterly dividend increase of 5.4 percent to
        24.25 cents per share

    --  Average Power Assets(R) increased by $1.3 billion, or 14
        percent

    --  Average Power Liabilities(R) increased by $929 million, or 11
        percent

    --  Increased deposit accounts by 130,417, or 6 percent, to
        2,426,616

    --  Opened 19 new branches

EARNINGS
 SUMMARY
($ in thousands, except per-share data)
                      Three Months                    Year
                   Ended December 31,          Ended December 31,
               --------------------------  --------------------------
                2006      2005     Change    2006      2005    Change
               --------  --------  ------  --------- --------- ------
Net income     $53,733   $65,540   (18.0)% $244,943  $265,132   (7.6)%
Diluted
 earnings per
 common share      .42       .50   (16.0)      1.90      2.00   (5.0)

Financial
 Ratios (1)
--------------
Return on
 average
 assets           1.49 %    2.01 %             1.74 %    2.08 %
Return on
 average
 common equity   20.68     27.09              24.37     28.03
Net interest
 margin           4.07      4.31               4.16      4.46
Net charge-
 offs as a
 percentage of
 average loans
 and leases        .24       .16                .17       .29

----------------------------------------------------------------------
(1)
 Annualized.

TCF Financial Corporation ("TCF") (NYSE:TCB) today reported diluted earnings per share of $1.90 for 2006, down 5 percent from $2.00 in 2005. Net income for 2006 was $244.9 million, compared with $265.1 million for 2005. Net income for 2006 included $5.8 million in pre-tax gains on sales of buildings and mortgage servicing rights and a $6.1 million reduction of income tax expense for a combined after-tax impact of eight cents per diluted share. 2005 net income included $24.3 million in pre-tax gains on sales of buildings and mortgage-backed securities, a $3.3 million commercial loan recovery and a $14 million reduction in income tax expense for a combined after-tax impact of 25 cents per diluted share.

Diluted earnings per share was 42 cents for the 2006 fourth quarter, compared with 50 cents for the same 2005 period, a decline of 16 percent. The fourth quarter of 2006 net income included an $851 thousand, or one cent per diluted share, reduction in income tax expense. Net income for the fourth quarter of 2005 included $3.5 million in pre-tax gains on sales of buildings and branches and an $8.8 million reduction in income tax expense for a combined after-tax impact of nine cents per diluted share.

Dividend Increase

TCF's Board of Directors has announced, for the sixteenth consecutive year, an increase in the regular quarterly dividend to 24.25 cents per common share, effective for the first quarter of 2007. This represents a 5.4 percent increase over the 2006 quarterly dividend of 23 cents per common share. The dividend is payable on February 28, 2007 to common stockholders of record at the close of business on February 2, 2007. TCF's 10-year compounded dividend growth rate is the 5th highest among the 50 largest banks in the country.

Chief Executive Officer's Statement

"TCF recorded its second best year in earnings per share despite an interest rate environment that was not favorable," said Lynn A. Nagorske, Chief Executive Officer. "In 2006, TCF continued to experience strong Power Asset growth and good growth of lower interest cost retail and small business deposits," said Nagorske.

                                      Three Months
($ in thousands)                   Ended December 31,       Change
                                  -------------------- ---------------
                                    2006       2005        $      %
                                  ---------  ---------  ------- ------

Net interest income               $135,887   $129,282   $6,605    5.1
                                  ---------  ---------  -------
Fees and other revenue:
  Fees and service charges          66,735     67,628     (893)  (1.3)
  Card revenue                      23,485     21,419    2,066    9.6
  ATM revenue                        9,019      9,557     (538)  (5.6)
  Investments and insurance          2,087      2,339     (252) (10.8)
                                  ---------  ---------  -------
    Total banking fees and         101,326    100,943      383     .4
      other revenue
  Leasing and equipment finance     15,165     15,405     (240)  (1.6)
  Other                              2,340      8,590   (6,250) (72.8)
                                  ---------  ---------  -------
    Total fees and other revenue   118,831    124,938   (6,107)  (4.9)
                                  ---------  ---------  -------
  Gains on sales of securities           -          -        -      -
                                  ---------  ---------  -------
    Total non-interest income      118,831    124,938   (6,107)  (4.9)
                                  ---------  ---------  -------
      Total revenue               $254,718   $254,220     $498     .2
                                  =========  =========  =======

Net interest margin (1)               4.07 %     4.31 %
Fees and other revenue as a % of:
  Total revenue                      46.65      49.15
  Average assets (1)                  3.29       3.82

                                    Year Ended
($ in thousands)                   December 31,            Change
                              ----------------------  ----------------
                                 2006        2005        $        %
                              -----------  ---------  -------- -------

Net interest income             $537,530   $517,690   $19,840     3.8
                              -----------  ---------  --------
Fees and other revenue:
  Fees and service charges       270,166    262,636     7,530     2.9
  Card revenue                    92,084     79,803    12,281    15.4
  ATM revenue                     37,760     40,730    (2,970)   (7.3)
  Investments and insurance       10,695     10,665        30      .3
                              -----------  ---------  --------
    Total banking fees and       410,705    393,834    16,871     4.3
      other revenue
  Leasing and equipment
   finance                        53,004     47,387     5,617    11.9
  Other                           25,755     26,350      (595)   (2.3)
                              -----------  ---------  --------
    Total fees and other
     revenue                     489,464    467,571    21,893     4.7
                              -----------  ---------  --------
  Gains on sales of
   securities                          -     10,671   (10,671) (100.0)
                              -----------  ---------  --------
    Total non-interest income    489,464    478,242    11,222     2.3
                              -----------  ---------  --------
      Total revenue           $1,026,994   $995,932   $31,062     3.1
                              ===========  =========  ========

Net interest margin (1)             4.16 %     4.46 %
Fees and other revenue as a %
 of:
  Total revenue                    47.66      46.95
  Average assets (1)                3.48       3.67


----------------------------------------------------------------------
(1) Annualized.

Net Interest Income

TCF's net interest income in 2006 was $537.5 million, up $19.8 million, or 3.8 percent, from 2005. Net interest margin in 2006 was 4.16 percent, compared with 4.46 percent for 2005. The increase in net interest income in 2006 was primarily attributable to an increase of $1.3 billion, or 11.2 percent, in average interest-earning assets, partially offset by the 30 basis point decline in net interest margin.

TCF's net interest income in the fourth quarter of 2006 was $135.9 million, up $6.6 million, or 5.1 percent, from the fourth quarter of 2005. Net interest margin in the fourth quarter of 2006 was 4.07 percent, compared with 4.31 percent last year and 4.11 percent in the third quarter of 2006. The decreases in net interest margin from 2005 and the third quarter of 2006 were primarily due to the continued customer preference for lower-yielding fixed-rate loans and higher-cost market-rate deposits, largely due to the flat or inverted yield curve which persisted throughout 2006, and the growth of higher interest-cost borrowings.

In December 2006, TCF lengthened the maturities of $500 million of borrowings at a weighted average fixed rate of 4.29 percent. In January 2007, TCF lengthened the maturities of an additional $300 million of borrowings at a weighted average fixed rate of 4.48 percent. These actions on long-term borrowings will reduce TCF's interest expense as they replace short-term borrowings with current interest rates of approximately one percent higher than the average rate on the new long-term borrowings.

Non-interest Income

Total non-interest income was $489.5 million for 2006, up $11.2 million, or 2.3 percent, from 2005. Fees and service charges were $270.2 million for 2006, up $7.5 million, or 2.9 percent, from 2005, primarily due to the growth in deposit accounts. Card revenues totaled $92.1 million for 2006, up $12.3 million, or 15.4 percent, from 2005 primarily due to an increase in active accounts and customer transaction volumes. ATM revenue was $37.8 million, down $3 million from 2005. The decline in ATM revenue was primarily attributable to continued declines in fees charged to TCF customers for use of non-TCF ATM machines due to expansion of TCF's ATM network and growth in TCF's fee free checking products, partially offset by the increased number of TCF customers. Leasing and equipment finance revenues were $53 million for 2006, up $5.6 million, or 11.9 percent, from 2005, primarily due to an $8.5 million increase in operating lease revenues, partially offset by a $3.7 million decrease in sales-type revenue. Sales-type revenues may fluctuate from period to period based on customer driven factors not within the control of TCF. During 2005, TCF sold $1 billion of mortgage-backed securities and realized gains of $10.7 million, and had no such sales or gains in 2006. At December 31, 2006, the unrealized pre-tax loss on TCF's securities available for sale portfolio was $33.3 million.

Total non-interest income in the fourth quarter of 2006 was $118.8 million, down $6.1 million, or 4.9 percent, from the fourth quarter of 2005. Fees and service charges were $66.7 million, down 1.3 percent from the fourth quarter of 2005 primarily due to lower consumer spending and lower overdraft incident rates. Card revenues totaled $23.5 million for the fourth quarter of 2006, up 9.6 percent over the same period in 2005. Other revenues were $2.3 million for the fourth quarter of 2006, down $6.3 million from the same period of 2005. This decrease was primarily due to a $3.1 million decrease in mortgage banking revenue relating to the exit from this business in the first quarter of 2006 and a $3.5 million decrease in gains on sales of buildings and branches.

Branches

TCF opened 19 new branches during 2006, including ten traditional branches, five supermarket branches, and four campus branches. TCF has now opened 148 new branches since January 2001, representing nearly one-third of TCF's 453 total branches. During the fourth quarter of 2006, TCF opened seven new branches consisting of six traditional branches, including its first branch in Arizona, and one campus branch. TCF closed 13 supermarket branches in the fourth quarter of 2006 primarily as a result of the sale of the supermarket stores.

TCF plans to open 20 new branches in 2007; consisting of 11 traditional branches, including six branches carried over from 2006 due to construction and municipal delays; six supermarket branches and three campus branches. In order to improve the customer experience and enhance deposit and loan growth, TCF also plans to relocate nine branches, including seven traditional branches and two supermarket branches to improved locations and new facilities, and to remodel 15 existing supermarket branches in 2007. In connection with the traditional branch relocation activities, the sale of existing real estate will produce significant gains in 2007, which will more than offset the increased operating costs of the new branches.

In November 2006, TCF entered into a definitive agreement to sell ten outstate Michigan branches with approximately $235 million of deposits. TCF expects to record a pre-tax gain on the sale of these branches of approximately $29 million, or 15 cents per diluted share after-tax in 2007.

                              December 31,  December 31,  December 31,
(# of branches)                  2006          2005          2000
                              ------------  ------------  ------------

Total Branches
------------------------------
Minnesota                             107           105            84
Illinois                              195           202           167
Michigan                               64            63            56
Colorado                               44            42            12
Wisconsin                              36            35            32
Indiana                                 6             6             1
Arizona                                 1             -             -
                              ------------  ------------  ------------
                                      453           453           352
                              ============  ============  ============


New Branches(a)
------------------------------
   Traditional                         78            68
   Supermarket                         63            58
   Campus                               7             3
                              ------------  ------------
     Total                            148           129
                              ============  ============
         % of Total Branches           33 %          28 %
                              ============  ============

----------------------------------------------------------------------
(a) New branches opened since January 1, 2001.

Additional information regarding the results of TCF's new branches opened since January 1, 2001 is summarized as follows:

                             At or For the Year Ended
                                   December 31,            Change
                             ------------------------ ----------------
($ in thousands)                 2006         2005        $       %
                             -------------- --------- --------- ------

Number of deposit accounts         389,236   287,474   101,762   35.4
Average deposits:
  Checking                        $404,331  $298,706  $105,625   35.4
  Savings                          313,129   208,004   105,125   50.5
  Money market                      35,323    20,191    15,132   74.9
                             -------------- --------- ---------
    Subtotal                       752,783   526,901   225,882   42.9
  Certificates of deposit          437,708   186,889   250,819  134.2
                             -------------- --------- ---------
    Total deposits             $ 1,190,491  $713,790  $476,701   66.8
                             ============== ========= =========

Total fees and other revenue
 (quarter ended)                   $18,447   $15,291    $3,156   20.6
                             ============== ========= =========
Total fees and other revenue
 (year ended)                      $71,587   $55,028   $16,559   30.1
                             ============== ========= =========

Power Assets(R)

Average Power Assets grew $1.3 billion, or 14.1 percent, in 2006. TCF's average consumer loan balances increased $757.6 million, or 15.8 percent; average commercial loan balances increased $257.1 million, or 9.7 percent; and average leasing and equipment finance balances increased $236.5 million, or 16.6 percent, from 2005.

                           Average Balances for the
                            Year Ended December 31,       Change
                           ------------------------- -----------------
($ in thousands)               2006         2005          $        %
                           ------------- ----------- ----------- -----
Loans and leases(a):
  Consumer home equity and
   other:
    Home equity:
      First mortgage lien    $3,561,922  $3,139,232    $422,690  13.5
      Junior lien             1,948,739   1,615,742     332,997  20.6
                           ------------- ----------- -----------
       Total consumer home
        equity                5,510,661   4,754,974     755,687  15.9
    Other                        36,711      34,763       1,948   5.6
                           ------------- ----------- -----------
       Total consumer home
        equity and other      5,547,372   4,789,737     757,635  15.8
  Commercial real estate      2,387,402   2,212,839     174,563   7.9
  Commercial business           508,250     425,704      82,546  19.4
                           ------------- ----------- -----------
    Total commercial loans    2,895,652   2,638,543     257,109   9.7
  Leasing and equipment
   finance                    1,659,807   1,423,264     236,543  16.6
                           ------------- ----------- -----------
        Power Assets       $ 10,102,831  $8,851,544  $1,251,287  14.1
                           ============= =========== ===========

----------------------------------------------------------------------
(a) Excludes residential real estate loans, education loans held for
 sale and operating leases.

Power Liabilities(R)

Average Power Liabilities totaled $9.4 billion for 2006, with an average interest rate of 2.08 percent, an increase of $928.6 million, or 11 percent, from 2005. The increase was primarily driven by increases in Premier Checking and Savings and certificates of deposit, partially offset by declines in other checking and savings deposits and a $69.8 million decline in non-interest bearing custodial deposits as a result of the sale of mortgage servicing rights. TCF increased the total number of deposit accounts by 130,417, or 5.7 percent, in 2006 to 2,426,616 accounts, as compared with an increase of 80,186, or 3.6 percent, in 2005.

                          Average Balances and
                               Rates for the
                         Year Ended December 31,         Change
                         ------------------------  -------------------
($ in thousands)            2006         2005          $          %
                         -----------  -----------  ----------   ------
Non-interest bearing
 deposits:
  Retail                 $1,513,121   $1,548,027    $(34,906)    (2.3)
  Small business            609,907      585,860      24,047      4.1
  Commercial and
   custodial                232,725      311,497     (78,772)   (25.3)
                         -----------  -----------  ----------
      Total non-interest
       bearing deposits   2,355,753    2,445,384     (89,631)    (3.7)
Interest-bearing
 deposits:
  Premier checking        1,001,024      641,672     359,352     56.0
  Other checking            864,316    1,026,017    (161,701)   (15.8)
                         -----------  -----------  ----------
      Subtotal            1,865,340    1,667,689     197,651     11.9
  Premier savings           899,067      427,070     471,997    110.5
  Other savings           1,376,182    1,558,423    (182,241)   (11.7)
                         -----------  -----------  ----------
      Subtotal            2,275,249    1,985,493     289,756     14.6
  Money market              620,844      640,576     (19,732)    (3.1)
                         -----------  -----------  ----------
      Subtotal            4,761,433    4,293,758     467,675     10.9
  Certificates of
   deposit                2,291,002    1,740,440     550,562     31.6
                         -----------  -----------  ----------
      Total interest-
       bearing deposits   7,052,435    6,034,198   1,018,237     16.9
                         -----------  -----------  ----------
      Power Liabilities  $9,408,188   $8,479,582    $928,606     11.0
                         ===========  ===========  ==========

Average rate on deposits       2.08 %       1.15 %        93 bps  N/A
Total number of deposit
 accounts                 2,426,616    2,296,199     130,417      5.7

----------------------------------------------------------------------
N/A Not Applicable.

Non-interest Expense

Non-interest expense totaled $649.2 million for 2006, an increase of $42.3 million, or 7 percent, from 2005. Compensation and employee benefits increased $15.3 million, or 4.7 percent, from 2005, primarily due to an $8.2 million increase from new branch expansion, an $8.2 million increase in other salaries and employee benefits, partially offset by lower performance-based incentive compensation. Occupancy and equipment expenses increased $10.7 million, or 10.3 percent, from 2005, primarily due to $5.3 million associated with new branch expansion. Operating lease depreciation increased $7 million from 2005, primarily driven by a $39.7 million increase in average operating lease balances. Other expenses totaled $151.4 million for 2006, up $8 million from 2005, primarily driven by a $2.3 million increase in card and internet processing expenses related to transaction increases and a $1.4 million increase in foreclosed real estate expense primarily due to net losses on sales in 2006 versus net gains in 2005.

Non-interest expense totaled $165.6 million for the 2006 fourth quarter, up $8.9 million, or 5.7 percent, from the fourth quarter of 2005. Compensation and employee benefits increased $3.1 million, or 3.8 percent, from the fourth quarter of 2005, primarily due to new branch expansion totaling $1.8 million. Occupancy and equipment expenses increased $2.1 million, or 7.5 percent, from the fourth quarter of 2005, primarily due to $1.1 million associated with new branch expansion. Operating lease depreciation increased $1.8 million from the fourth quarter of 2005, primarily driven by a $36.1 million increase in average operating lease balances. Other expenses increased $1.8 million, or 4.6 percent, from the fourth quarter of 2005, primarily driven by new branch expansion totaling $1.3 million and a $671 thousand increase in net real estate expense primarily due to the sale of real estate owned.

During the fourth quarter of 2006, TCF incurred approximately $1 million of severance and other exit costs related to the closure and consolidation of 13 branches, and other staff reductions. "These actions will improve TCF's efficiency in 2007," said Nagorske.

                                     Three Months Ended
                                        December 31,        Change
                                     ------------------- -------------
($ in thousands)                       2006      2005       $      %
                                     --------- --------- ------- -----

Compensation and employee benefits    $85,811   $82,700  $3,111   3.8
Occupancy and equipment                29,905    27,819   2,086   7.5
Advertising and promotions              6,235     6,088     147   2.4
Operating lease depreciation            4,000     2,164   1,836  84.8
Other                                  39,610    37,858   1,752   4.6
                                     --------- --------- -------
    Total non-interest expense       $165,561  $156,629  $8,932   5.7
                                     ========= ========= =======

                                        Year Ended
                                       December 31,         Change
                                    ------------------- --------------
($ in thousands)                      2006      2005       $       %
                                    --------- --------- -------- -----

Compensation and employee benefits  $341,857  $326,526  $15,331   4.7
Occupancy and equipment              114,618   103,900   10,718  10.3
Advertising and promotions            26,926    25,691    1,235   4.8
Operating lease depreciation          14,347     7,335    7,012  95.6
Other                                151,449   143,483    7,966   5.6
                                    --------- --------- --------
    Total non-interest expense      $649,197  $606,935  $42,262   7.0
                                    ========= ========= ========

Credit Quality

At December 31, 2006, TCF's allowance for loan and lease losses totaled $58.5 million, or .52 percent of loans and leases, compared with $55.8 million, or .55 percent, at December 31, 2005 and $55.1 million, or .49 percent, at September 30, 2006. The provision for credit losses for 2006 was $20.7 million, up from $8.6 million in 2005, primarily due to higher consumer net charge-offs, a $3.3 million recovery on one commercial business loan in 2005 and the $1.1 billion increase in total loans and leases. Net loan and lease charge-offs in 2006 were $18 million, or .17 percent of average loans and leases, down from $28.2 million, or .29 percent, in 2005. Excluding the charge-off of an $18.8 million investment in a leveraged lease, 2005 net charge-offs were $9.4 million, or .10 percent of average loans and leases.

The provision for credit losses was $10.1 million in the fourth quarter of 2006, up from $5.4 million in the fourth quarter of 2005, primarily due to higher consumer and leasing and equipment finance net charge-offs and provisions related to increases in commercial real estate non-accrual loans. Net loan and lease charge-offs during the fourth quarter of 2006 were $6.6 million, or .24 percent of average loans and leases, up from $4.1 million, or .16 percent in the same period of 2005.

At December 31, 2006, TCF's over-30-day delinquency rate was .63 percent, up from .43 percent at December 31, 2005 and .45 percent at September 30, 2006. Non-accrual loans and leases were $43.2 million, or .38 percent of net loans and leases, at December 31, 2006, compared with $29.6 million, or .29 percent, at December 31, 2005 and $27.3 million, or .25 percent at September 30, 2006. Non-accrual loans increased primarily due to several Michigan commercial real estate loans.

Total non-performing assets were $65.6 million, or .45 percent of total assets, at December 31, 2006, up from $47.4 million, or .35 percent, at December 31, 2005 and $55.1 million, or .39 percent at September 30, 2006. The increase in non-performing assets was primarily due to increases in commercial real estate non-accrual loans and residential real estate owned.

                                  Three Months Ended    Year Ended
                                     December 31,      December 31,
                                  ------------------ -----------------
($ in thousands)                    2006     2005     2006     2005
                                  --------- -------- -------- --------
Allowance for loan and lease
 losses:
  Balance at beginning of period   $55,098  $54,531  $55,823  $75,393
   Net (charge-offs) recoveries:
     Consumer home equity           (3,100)  (1,784)  (7,346)  (4,892)
     Consumer other                 (1,611)  (2,062)  (4,802)  (3,970)
                                  --------- -------- -------- --------
       Total consumer               (4,711)  (3,846) (12,148)  (8,862)
     Commercial real estate             28       76     (189)       8
     Commercial business              (168)    (157)    (469)   2,173
     Leasing and equipment finance  (1,611)    (167)  (4,892) (21,384)
     Residential real estate          (166)     (10)    (271)     (91)
                                  --------- -------- -------- --------
       Total net charge-offs        (6,628)  (4,104) (17,969) (28,156)
   Provision for credit losses      10,073    5,396   20,689    8,586
                                  --------- -------- -------- --------
Balance at end of period           $58,543  $55,823  $58,543  $55,823
                                  ========= ======== ======== ========

Accounting for Deposit Account Overdrafts

During the fourth quarter of 2006, TCF changed its accounting policy for deposit account overdrafts to a more preferred method under generally accepted accounting principles. Previously, certain deposit account overdraft balances were presented net in deposits and net losses on uncollectible overdrafts were reported in deposit account losses in non-interest expense. TCF now reports all overdraft balances in either consumer or commercial loans. Net losses on uncollectible overdrafts are reported as net charge-offs in the allowance for loan and lease losses. In addition, the portion of the allowance for loan and lease losses related to uncollectible deposit fees was transferred to other liabilities. This accounting change had no impact on net income and all prior period amounts have been reclassified to conform to the new accounting policy.

Income Taxes

TCF's income tax expense was $112.2 million for 2006, or 31.41 percent of pre-tax income, compared with $115.3 million, or 30.30 percent, for 2005. The 2006 effective income tax rate increased over the 2005 rate primarily due to $6.1 million of reductions in income tax expense in 2006 for favorable developments involving uncertain tax positions, compared with $14 million of reductions in income tax expense in 2005. Favorable developments included the closing of certain previous years' tax returns, clarification of existing state tax legislation and favorable developments in income tax audits.

TCF's income tax expense was $25.4 million for the fourth quarter of 2006, or 32.05 percent of pre-tax income, compared with $26.7 million, or 28.91 percent, for the comparable 2005 period. The higher effective income tax rate for the fourth quarter of 2006 is primarily due to $851 thousand of reductions in income tax expense for favorable developments involving uncertain tax positions, compared with $8.8 million of reductions in income tax expense in the fourth quarter of 2005.

Capital

TCF repurchased 3.9 million shares of its common stock during 2006 at an average cost of $25.91 per share. TCF has 2.8 million shares remaining in its stock repurchase programs authorized by its Board of Directors.

During the fourth quarter of 2006, TCF adopted SFAS No. 158, Employer's Accounting for Defined Benefit Pension and Other Postretirement Plans. Total stockholders' equity at December 31, 2006 was reduced by $13.3 million from the adoption of this Statement.

In November 2006, TCF retired 52.5 million shares of treasury stock, which reduced additional paid-in capital and retained earnings by $126.7 million and $876.7 million, respectively with an equal offset in treasury stock.


($ in thousands, except per-    At December 31,     At December 31,
 share data)                         2006                 2005
                              -------------------  -------------------

Stockholders' equity          $1,033,374            $998,472
Stockholders' equity to total
 assets                             7.04 %              7.46 %
Book value per common share        $7.92               $7.46

Tier 1 risk-based capital       $914,128    8.65 %  $863,955    8.79 %
Total risk-based capital       1,173,073   11.10   1,049,615   10.68
Total risk-based capital
 "well-capitalized"
 requirement                   1,056,694   10.00     982,821   10.00
Excess total risk-based
 capital over "well-
 capitalized" requirement        116,379    1.10      66,794     .68

Website Information

A live webcast of TCF's conference call to discuss 2006 earnings will be hosted at TCF's website, www.tcfbank.com, on January 24, 2007 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 $14.7 billion in total assets. TCF has 453 banking offices in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana and Arizona. Other TCF affiliates provide leasing and equipment finance, 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 and 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; an inability to increase the number of deposit 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; monetary, fiscal or tax policies of the federal or state governments; adverse findings in tax audits or regulatory examinations; 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 or loss or theft of information; adverse changes in securities markets; 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 on Form 10-K, and Forms 10-Q and 8-K for additional important information about the Company.

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


                                  Three Months Ended
                                     December 31,          Change
                                  ------------------- ----------------
                                    2006      2005        $       %
                                  --------- --------- --------- ------
Interest income:
  Loans and leases                $204,150  $171,436   $32,714   19.1
  Securities available for sale     24,699    20,766     3,933   18.9
  Education loans held for sale      3,019     3,342      (323)  (9.7)
  Investments                        1,173       841       332   39.5
                                  --------- --------- ---------
   Total interest income           233,041   196,385    36,656   18.7
                                  --------- --------- ---------
Interest expense:
  Deposits                          55,996    34,283    21,713   63.3
  Borrowings                        41,158    32,820     8,338   25.4
                                  --------- --------- ---------
   Total interest expense           97,154    67,103    30,051   44.8
                                  --------- --------- ---------
       Net interest income         135,887   129,282     6,605    5.1
Provision for credit losses         10,073     5,396     4,677   86.7
                                  --------- --------- ---------
   Net interest income after
    provision for credit losses    125,814   123,886     1,928    1.6
                                  --------- --------- ---------
Non-interest income:
  Fees and service charges          66,735    67,628      (893)  (1.3)
  Card revenue                      23,485    21,419     2,066    9.6
  ATM revenue                        9,019     9,557      (538)  (5.6)
  Investments and insurance
   revenue                           2,087     2,339      (252) (10.8)
                                  --------- --------- ---------
   Subtotal                        101,326   100,943       383     .4
  Leasing and equipment finance     15,165    15,405      (240)  (1.6)
  Other                              2,340     8,590    (6,250) (72.8)
                                  --------- --------- ---------
   Fees and other revenue          118,831   124,938    (6,107)  (4.9)
  Gains on sales of securities
   available for sale                    -         -         -
                                  --------- --------- ---------
   Total non-interest income       118,831   124,938    (6,107)  (4.9)
                                  --------- --------- ---------
Non-interest expense:
  Compensation and employee
   benefits                         85,811    82,700     3,111    3.8
  Occupancy and equipment           29,905    27,819     2,086    7.5
  Advertising and promotions         6,235     6,088       147    2.4
  Operating lease depreciation       4,000     2,164     1,836   84.8
  Other                             39,610    37,860     1,750    4.6
                                  --------- --------- ---------
   Total non-interest expense      165,561   156,631     8,930    5.7
                                  --------- --------- ---------
       Income before income tax
        expense                     79,084    92,193   (13,109) (14.2)
Income tax expense                  25,351    26,653    (1,302)  (4.9)
                                  --------- --------- ---------
       Net income                  $53,733   $65,540  $(11,807) (18.0)
                                  ========= ========= =========

Net income per common share:
  Basic                               $.42      $.50     $(.08) (16.0)
                                  ========= ========= =========
  Diluted                             $.42      $.50     $(.08) (16.0)
                                  ========= ========= =========

Dividends declared per common
 share                                $.23    $.2125    $.0175    8.2
                                  ========= ========= =========

Average common and common
 equivalent shares outstanding
 (in thousands):
   Basic                           128,209   131,447    (3,238)  (2.5)
                                  ========= ========= =========
   Diluted                         128,515   131,816    (3,301)  (2.5)
                                  ========= ========= =========
              TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF INCOME
            (Dollars in thousands, except per-share data)
                             (Unaudited)


                                     Year Ended
                                    December 31,          Change
                                -------------------- -----------------
                                  2006       2005        $        %
                                ---------- --------- --------- -------
Interest income:
  Loans and leases               $769,590  $636,172  $133,418    21.0
  Securities available for sale    98,035    81,479    16,556    20.3
  Education loans held for sale    15,009    10,921     4,088    37.4
  Investments                       3,504     3,450        54     1.6
                                ---------- --------- ---------
   Total interest income          886,138   732,022   154,116    21.1
                                ---------- --------- ---------
Interest expense:
  Deposits                        195,324    97,406    97,918   100.5
  Borrowings                      153,284   116,926    36,358    31.1
                                ---------- --------- ---------
   Total interest expense         348,608   214,332   134,276    62.6
                                ---------- --------- ---------
       Net interest income        537,530   517,690    19,840     3.8
Provision for credit losses        20,689     8,586    12,103   141.0
                                ---------- --------- ---------
   Net interest income after
    provision for credit losses   516,841   509,104     7,737     1.5
                                ---------- --------- ---------
Non-interest income:
  Fees and service charges        270,166   262,636     7,530     2.9
  Card revenue                     92,084    79,803    12,281    15.4
  ATM revenue                      37,760    40,730    (2,970)   (7.3)
  Investments and insurance
   revenue                         10,695    10,665        30      .3
                                ---------- --------- ---------
   Subtotal                       410,705   393,834    16,871     4.3
  Leasing and equipment finance    53,004    47,387     5,617    11.9
  Other                            25,755    26,350      (595)   (2.3)
                                ---------- --------- ---------
   Fees and other revenue         489,464   467,571    21,893     4.7
  Gains on sales of securities
   available for sale                   -    10,671   (10,671) (100.0)
                                ---------- --------- ---------
       Total non-interest
        income                    489,464   478,242    11,222     2.3
                                ---------- --------- ---------
Non-interest expense:
  Compensation and employee
   benefits                       341,857   326,526    15,331     4.7
  Occupancy and equipment         114,618   103,900    10,718    10.3
  Advertising and promotions       26,926    25,691     1,235     4.8
  Operating lease depreciation     14,347     7,335     7,012    95.6
  Other                           151,449   143,484     7,965     5.6
                                ---------- --------- ---------
   Total non-interest expense     649,197   606,936    42,261     7.0
                                ---------- --------- ---------
       Income before income tax
        expense                   357,108   380,410   (23,302)   (6.1)
Income tax expense                112,165   115,278    (3,113)   (2.7)
                                ---------- --------- ---------
       Net income                $244,943  $265,132  $(20,189)   (7.6)
                                ========== ========= =========

Net income per common share:
  Basic                             $1.90     $2.00     $(.10)   (5.0)
                                ========== ========= =========
  Diluted                           $1.90     $2.00     $(.10)   (5.0)
                                ========== ========= =========

Dividends declared per common
 share                               $.92      $.85    $.0700     8.2
                                ========== ========= =========

Average common and common
 equivalent shares outstanding
 (in thousands):
   Basic                          129,010   132,379    (3,369)   (2.5)
                                ========== ========= =========
   Diluted                        129,225   132,742    (3,517)   (2.6)
                                ========== ========= =========
              TCF FINANCIAL CORPORATION AND SUBSIDIARIES
            CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
            (Dollars in thousands, except per-share data)
                             (Unaudited)




                                At           At           Change
                           December 31, December 31, -----------------
                               2006         2005         $        %
                           ------------ ------------ ---------- ------

ASSETS

Cash and due from banks       $348,980     $374,701   $(25,721)  (6.9)
Investments                    170,129       79,943     90,186  112.8
Securities available for
 sale                        1,816,126    1,648,615    167,511   10.2
Education loans held for
 sale                          144,574      229,820    (85,246) (37.1)
Loans and leases:
 Consumer home equity and
  other                      5,945,077    5,206,275    738,802   14.2
 Commercial real estate      2,390,653    2,297,500     93,153    4.1
 Commercial business           551,995      435,203    116,792   26.8
 Leasing and equipment
  finance                    1,818,165    1,503,794    314,371   20.9
                           ------------ ------------
  Subtotal                  10,705,890    9,442,772  1,263,118   13.4
 Residential real estate       627,790      770,441   (142,651) (18.5)
                           ------------ ------------
  Total loans and leases    11,333,680   10,213,213  1,120,467   11.0
 Allowance for loan and
  lease losses                 (58,543)     (55,823)    (2,720)  (4.9)
                           ------------ ------------
  Net loans and leases      11,275,137   10,157,390  1,117,747   11.0
Premises and equipment         406,087      365,146     40,941   11.2
Goodwill                       152,599      152,599          -      -
Other assets                   356,102      380,380    (24,278)  (6.4)
                           ------------ ------------
                           $14,669,734  $13,388,594  1,281,140    9.6
                           ============ ============

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits:
 Checking                   $4,348,256   $4,298,145    $50,111    1.2
 Savings                     2,351,580    2,238,562    113,018    5.0
 Money market                  585,779      677,028    (91,249) (13.5)
                           ------------ ------------
  Subtotal                   7,285,615    7,213,735     71,880    1.0
 Certificates of deposit     2,483,635    1,915,620    568,015   29.7
                           ------------ ------------
  Total deposits             9,769,250    9,129,355    639,895    7.0
                           ------------ ------------
Short-term borrowings          214,112      472,126   (258,014) (54.6)
Long-term borrowings         3,374,428    2,511,010    863,418   34.4
                           ------------ ------------
  Total borrowings           3,588,540    2,983,136    605,404   20.3
Accrued expenses and other
 liabilities                   278,570      277,631        939     .3
                           ------------ ------------
  Total liabilities         13,636,360   12,390,122  1,246,238   10.1
                           ------------ ------------
Stockholders' equity:
 Common stock, par value
  $.01 per share,
  280,000,000 shares
  authorized; 131,660,749
  and 184,386,193 shares
  issued                         1,317        1,844       (527) (28.6)
 Additional paid-in capital    343,744      476,884   (133,140) (27.9)
 Retained earnings, subject
  to certain restrictions      784,011    1,536,611   (752,600) (49.0)
 Accumulated other
  comprehensive loss           (34,926)     (21,215)   (13,711) (64.6)
 Treasury stock at cost,
  1,242,413 and 50,609,970
  shares, and other            (60,772)    (995,652)   934,880   93.9
                           ------------ ------------
         Total
          stockholders'
          equity             1,033,374      998,472     34,902    3.5
                           ------------ ------------
                           $14,669,734  $13,388,594  1,281,140    9.6
                           ============ ============
              TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                         CREDIT QUALITY DATA
                        (Dollars in thousands)
                             (Unaudited)



Allowance for loan and lease losses:
-------------------------------------


                                At or For the Year Ended December 31,
                                                 2006
                                -------------------------------------


                                                        Net Charge-
                                                            offs
                                          Allowance     (Recoveries)
                                           as a % of   --------------
                                Allowance  Portfolio      $       %
                                --------- -----------  -------- -----
 Consumer home equity            $12,615         .21 %  $7,346   .13 %
 Consumer other                    2,211        3.54     4,802   N.M.
                                ---------              --------
  Total consumer                 $14,826         .25   $12,148   .22
 Commercial real estate           22,662         .95       189   .01
 Commercial business               7,503        1.36       469   .09
 Leasing and equipment finance    12,990         .71     4,892   .29
 Residential real estate             562         .09       271   .04
                                ---------              --------
  Total                          $58,543         .52   $17,969   .17
                                =========              ========


                                  At or For the Year Ended December
                                               31, 2005
                                 ------------------------------------


                                                        Net Charge-
                                                            offs
                                           Allowance    (Recoveries)
                                            as a % of  --------------
                                 Allowance  Portfolio     $       %
                                 --------- ----------  -------- -----
 Consumer home equity             $10,017        .19 %  $4,892   .10 %
 Consumer other                     2,053       3.57     3,970   N.M.
                                 ---------             --------
   Total consumer                 $12,070        .23    $8,862   .19
 Commercial real estate            21,222        .92        (8)    -
 Commercial business                6,602       1.52    (2,173) (.51)
 Leasing and equipment finance     15,313       1.02    21,384  1.50
 Residential real estate              616        .08        91   .01
                                 ---------             --------
   Total                          $55,823        .55   $28,156   .29
                                 =========             ========
Quarterly Net Charge-Offs:
--------------------------

                                         Quarter Ended
                          --------------------------------------------
                          Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
                           2006     2006     2006     2006     2005
                          -------- -------- -------- -------- --------

 Consumer home equity      $3,100   $1,615   $1,232   $1,399   $1,784
 Consumer other             1,611    2,340    1,167     (316)   2,062
                          -------- -------- -------- -------- --------
   Total consumer          $4,711   $3,955   $2,399   $1,083   $3,846
 Commercial real estate       (28)     148        -       69      (76)
 Commercial business          168      (23)     170      154      157
 Leasing and equipment
  finance                   1,611      745    1,705      831      167
 Residential real estate      166       38       35       32       10
                          -------- -------- -------- -------- --------
   Total                   $6,628   $4,863   $4,309   $2,169   $4,104
                          ======== ======== ======== ======== ========

                                                        Change from
                                                     -----------------
                                                     Sep. 30, Dec. 31,
                                                      2006     2005
                                                     -------- --------

 Consumer home equity                                 $1,485   $1,316
 Consumer other                                         (729)    (451)
                                                     -------- --------
  Total consumer                                        $756     $865
 Commercial real estate                                 (176)      48
 Commercial business                                     191       11
 Leasing and equipment finance                           866    1,444
 Residential real estate                                 128      156
                                                     -------- --------
  Total                                               $1,765   $2,524
                                                     ======== ========
Quarterly Net Charge-Offs as a Percentage of Average Loans
 and Leases:
-------------------------------------------------------------


                                      Quarter Ended
                     ------------------------------------------------
                     Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                      2006      2006      2006      2006      2005
                     --------  --------  --------  --------  --------

 Consumer home
  equity                 .21 %     .12 %     .09 %     .11 %     .14 %
 Total
  consumer               .32       .28       .18       .08       .30
 Commercial real
  estate                   -       .02         -       .01      (.01)
 Commercial business     .13      (.02)      .14       .14       .15
 Leasing and
  equipment finance      .36       .17       .42       .22       .05
 Residential real
  estate                 .10       .02       .02       .02       .01
  Total                  .24       .18       .16       .08       .16


                                                      Change from
                                                   ------------------
                                                   Sep. 30,  Dec. 31,
                                                    2006      2005
                                                   --------  --------

 Consumer home equity                                  .09 %     .07 %
 Total consumer                                        .04       .02
 Commercial real estate                               (.02)      .01
 Commercial business                                   .15      (.02)
 Leasing and equipment finance                         .19       .31
 Residential real estate                               .08       .09
   Total                                               .06       .08
Non-performing
 assets:                At         At        At        Change from
---------------------December  September  December  ------------------
                        31,        30,       31,    Sept. 30, Dec. 31,
                       2006       2006      2005      2006     2005
                     --------- ---------- --------- --------- --------
 Non-accrual loans
  and leases:
  Consumer home
   equity and
   other              $16,520    $12,363   $18,410    $4,157  $(1,890)
  Commercial real
   estate              12,849      5,226       188     7,623   12,661
  Commercial
   business             3,421      1,337     2,207     2,084    1,214
  Leasing and
   equipment
   finance              7,596      6,133     6,434     1,463    1,162
  Residential
   real estate          2,799      2,209     2,409       590      390
                     --------- ---------- --------- --------- --------
   Total non-
    accrual loans
    and leases         43,185     27,268    29,648    15,917   13,537
 Other real
  estate owned:
  Residential
   real estate         19,899     20,712    14,877      (813)   5,022
  Commercial real
   estate               2,554      7,156     2,834    (4,602)    (280)
                     --------- ---------- --------- --------- --------
   Total other
    real estate
    owned              22,453     27,868    17,711    (5,415)   4,742
                     --------- ---------- --------- --------- --------
  Total non-
   performing
   assets             $65,638    $55,136   $47,359   $10,502  $18,279
                     ========= ========== ========= ========= ========
              TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                         CREDIT QUALITY DATA
                        (Dollars in thousands)
                             (Unaudited)



 Over 30-day
  delinquency
  data (1):
 --------------     At December 31,           At September 30,
                          2006                      2006
                 ----------------------  ---------------------------

                 Principal     % of        Principal        % of
                 Balances   Portfolio       Balances     Portfolio
                 --------- ------------  -------------- ------------
  Consumer home
   equity and
   other          $34,313          .58 %       $25,808          .45  %
  Commercial
   real estate     18,072          .76           4,697          .19
  Commercial
   business           762          .14             340          .06
  Leasing and
   equipment
   finance          8,499          .47           8,849          .51
  Residential
   real estate     10,047         1.61          10,018         1.52
                 ---------               --------------
   Total          $71,693          .63         $49,712          .45
                 =========               ==============



                                At            At            At
                           December 31,  September 30,  December 31,
                               2006           2006          2005
                           ------------  -------------- ------------
  Accruing loans and
  leases 90 or
  more days past due           $12,164          $9,243       $6,475
                           ============  ============== ============


 Potential
  Problem Loans
  and Leases
  (2):
 ---------------                At             At            At
                           December 31,  September 30,  December 31,
                               2006           2006          2005
                           ------------  -------------- ------------
  Commercial
   real
   estate                      $43,216         $25,878      $35,341
  Commercial
   business                     11,664          12,493       11,793
  Leasing and
   equipment
   finance                      11,265          11,707        7,648
                           ------------  -------------- ------------
                               $66,145         $50,078      $54,782
                           ============  ============== ============



 Over 30-day delinquency data (1):
 ---------------------------------------        At December 31,
                                                      2005
                                           --------------------------

                                            Principal        % of
                                            Balances      Portfolio
                                           -----------   ------------
  Consumer home equity and other              $18,556            .36 %
  Commercial real estate                       10,038            .44
  Commercial business                             819            .19
  Leasing and equipment finance                 6,182            .41
  Residential real estate                       8,009           1.04
                                           -----------
    Total                                     $43,604            .43
                                           ===========


                                                  Change from
                                           --------------------------
                                           September 30, December 31,
                                              2006          2005
                                           -----------   ------------
  Accruing loans and
  leases 90 or
  more days past due                           $2,921         $5,689
                                           ===========   ============


 Potential Problem Loans and Leases (2):          Change from
 ----------------------------------------  --------------------------
                                           September 30, December 31,
                                                 2006           2005
                                           -----------   ------------
  Commercial real estate                      $17,338         $7,875
  Commercial business                            (829)          (129)
  Leasing and equipment finance                  (442)         3,617
                                           -----------   ------------
                                              $16,067        $11,363
                                           ===========   ============
(1)  Excludes non-accrual loans and leases.
(2)  Consists of loans and leases primarily classified for regulatory
      purposes as substandard and reflect the distinct possibility,
      but not probability, that they will become non-performing or
      that TCF will not be able to collect all amounts due according
      to the contractual terms of the loan or lease agreement.
N.M. Not meaningful.
             TCF FINANCIAL CORPORATION AND SUBSIDIARIES
        CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES
                       (Dollars in thousands)
                             (Unaudited)



                                    Three Months Ended December 31,
                                  -----------------------------------
                                                2006
                                  ---------------------------------
                                    Average              Yields and
                                    Balance    Interest  Rates (1)
                                  ------------ --------- ----------

ASSETS

  Investments                        $101,548    $1,173       4.59 %
  Securities available for sale     1,840,649    24,699       5.37
  Education loans held for sale       145,283     3,019       8.24
  Loans and leases:
     Consumer home equity:
       Fixed-rate                   4,293,070    74,869       6.92
       Variable-rate                1,502,537    33,636       8.88
     Consumer - other                  40,119     1,042      10.30
                                  ------------ ---------
         Total consumer home
          equity and other          5,835,726   109,547       7.45
     Commercial real estate:
       Fixed- and adjustable-rate   1,718,735    28,220       6.51
       Variable-rate                  692,497    13,761       7.88
                                  ------------ ---------
         Total commercial real
          estate                    2,411,232    41,981       6.91
     Commercial business:
       Fixed- and adjustable-rate     152,018     2,488       6.49
       Variable-rate                  384,360     7,320       7.56
                                  ------------ ---------
         Total commercial business    536,378     9,808       7.25
     Leasing and equipment finance  1,771,231    33,462       7.56
                                  ------------ ---------
       Subtotal                    10,554,567   194,798       7.33
     Residential real estate          643,087     9,352       5.81
                                  ------------ ---------
       Total loans and leases      11,197,654   204,150       7.25
                                  ------------ ---------

         Total interest-earning
          assets                   13,285,134   233,041       6.98
                                  ------------ ---------

  Other assets                      1,160,876
                                  ------------

     Total assets                 $14,446,010
                                  ============

LIABILITIES AND STOCKHOLDERS'
 EQUITY

  Non-interest bearing deposits:
     Retail                        $1,457,265
     Small business                   629,011
     Commercial and custodial         206,034
                                  ------------
       Total non-interest bearing
        deposits                    2,292,310
  Interest-bearing deposits:
     Premier checking               1,042,361     8,196       3.12
     Other checking                   813,851       464        .23
                                  ------------ ---------
       Subtotal                     1,856,212     8,660       1.85
     Premier savings                1,014,427    11,073       4.33
     Other savings                  1,299,319     3,473       1.06
                                  ------------ ---------
       Subtotal                     2,313,746    14,546       2.49
     Money market                     593,961     4,179       2.79
                                  ------------ ---------
       Subtotal                     4,763,919    27,385       2.28
     Certificates of deposit        2,470,659    28,611       4.59
                                  ------------ ---------
       Total interest-bearing
        deposits                    7,234,578    55,996       3.07
                                  ------------ ---------

         Total deposits             9,526,888    55,996       2.33
                                  ------------ ---------

  Borrowings:
     Short-term borrowings            520,883     7,026       5.35
     Long-term borrowings           3,039,011    34,132       4.46
                                  ------------ ---------
         Total borrowings           3,559,894    41,158       4.59
                                  ------------ ---------

     Total deposits and borrowings 13,086,782    97,154       2.94
                                  ------------ ---------

  Other liabilities                   319,740
                                  ------------

     Total liabilities             13,406,522

  Stockholders' equity              1,039,488
                                  ------------

     Total liabilities and
         stockholders' equity     $14,446,010
                                  ============


Net interest income and margin                 $135,887       4.07 %
                                               ========= ==========




                                    Three Months Ended December 31,
                                  -----------------------------------
                                                  2005
                                    ---------------------------------
                                      Average              Yields and
                                      Balance    Interest  Rates (1)
                                    ------------ --------- ----------

ASSETS

  Investments                           $83,027      $841       4.03 %
  Securities available for sale       1,577,967    20,766       5.26
  Education loans held for sale         230,623     3,342       5.75
  Loans and leases:
    Consumer home equity:
     Fixed-rate                       2,944,673    49,457       6.66
     Variable-rate                    2,120,363    41,059       7.68
    Consumer - other                     34,544       834       9.58
                                    ------------ ---------
      Total consumer home equity
       and other                      5,099,580    91,350       7.11
    Commercial real estate:
     Fixed- and adjustable-rate       1,451,488    22,550       6.16
     Variable-rate                      809,855    13,786       6.75
                                    ------------ ---------
      Total commercial real estate    2,261,343    36,336       6.37
    Commercial business:
     Fixed- and adjustable-rate         106,974     1,591       5.90
     Variable-rate                      321,436     5,196       6.41
                                    ------------ ---------
      Total commercial business         428,410     6,787       6.29
    Leasing and equipment finance     1,461,491    25,590       7.00
                                    ------------ ---------
     Subtotal                         9,250,824   160,063       6.87
    Residential real estate             792,245    11,373       5.73
                                    ------------ ---------
     Total loans and leases          10,043,069   171,436       6.78
                                    ------------ ---------

      Total interest-earning
       assets                        11,934,686   196,385       6.54
                                    ------------ ---------

  Other assets                        1,139,016
                                    ------------

    Total assets                    $13,073,702
                                    ============

LIABILITIES AND STOCKHOLDERS'
 EQUITY

  Non-interest bearing deposits:
    Retail                           $1,492,418
    Small business                      623,310
    Commercial and custodial            295,910
                                    ------------
     Total non-interest bearing
      deposits                        2,411,638
  Interest-bearing deposits:
    Premier checking                    827,742     6,201       2.97
    Other checking                      936,517       550        .23
                                    ------------ ---------
     Subtotal                         1,764,259     6,751       1.52
    Premier savings                     640,444     5,906       3.66
    Other savings                     1,475,505     3,025        .81
                                    ------------ ---------
     Subtotal                         2,115,949     8,931       1.67
    Money market                        649,123     2,914       1.78
                                    ------------ ---------
     Subtotal                         4,529,331    18,596       1.63
    Certificates of deposit           1,886,787    15,687       3.29
                                    ------------ ---------
     Total interest-bearing
      deposits                        6,416,118    34,283       2.12
                                    ------------ ---------

      Total deposits                  8,827,756    34,283       1.54
                                    ------------ ---------

  Borrowings:
    Short-term borrowings               739,372     7,630       4.09
    Long-term borrowings              2,207,711    25,190       4.53
                                    ------------ ---------
      Total borrowings                2,947,083    32,820       4.42
                                    ------------ ---------

    Total deposits and borrowings    11,774,839    67,103       2.26
                                    ------------ ---------

  Other liabilities                     331,095
                                    ------------

    Total liabilities                12,105,934

  Stockholders' equity                  967,768
                                    ------------

    Total liabilities and
      stockholders' equity          $13,073,702
                                    ============


Net interest income and margin                   $129,282       4.31 %
                                                 ========= ==========


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



                                        Year Ended December 31,
                                  -----------------------------------
                                                2006
                                  ---------------------------------
                                    Average              Yields and
                                    Balance    Interest    Rates
                                  ------------ --------- ----------

ASSETS

  Investments                         $78,511    $3,504       4.46 %
  Securities available for sale     1,833,359    98,035       5.35
  Education loans held for sale       210,992    15,009       7.11
  Loans and leases:
   Consumer home equity:
    Fixed-rate                      3,851,117   263,157       6.83
    Variable-rate                   1,659,544   143,576       8.65
   Consumer - other                    36,711     3,717      10.13
                                  ------------ ---------
                     Total
                      consumer
                      home equity
                      and other     5,547,372   410,450       7.40
   Commercial real estate:
    Fixed- and adjustable-rate      1,665,531   105,089       6.31
    Variable-rate                     721,871    55,239       7.65
                                  ------------ ---------
                     Total
                      commercial
                      real estate   2,387,402   160,328       6.72
   Commercial business:
    Fixed- and adjustable-rate        134,560     8,471       6.30
    Variable-rate                     373,690    27,619       7.39
                                  ------------ ---------
                     Total
                      commercial
                      business        508,250    36,090       7.10
   Leasing and equipment finance    1,659,807   122,292       7.37
                                  ------------ ---------
    Subtotal                       10,102,831   729,160       7.22
   Residential real estate            696,086    40,430       5.81
                                  ------------ ---------
    Total loans and leases         10,798,917   769,590       7.13
                                  ------------ ---------

                     Total
                      interest-
                      earning
                      assets       12,921,779   886,138       6.86
                                  ------------ ---------

  Other assets                      1,141,934
                                  ------------

   Total assets                   $14,063,713
                                  ============

LIABILITIES AND STOCKHOLDERS'
 EQUITY

  Non-interest bearing deposits:
   Retail                          $1,513,121
   Small business                     609,907
   Commercial and custodial           232,725
                                  ------------
    Total non-interest bearing
     deposits                       2,355,753
  Interest-bearing deposits:
   Premier checking                 1,001,024    31,539       3.15
   Other checking                     864,316     2,017        .23
                                  ------------ ---------
    Subtotal                        1,865,340    33,556       1.80
   Premier savings                    899,067    37,275       4.15
   Other savings                    1,376,182    12,797        .93
                                  ------------ ---------
    Subtotal                        2,275,249    50,072       2.20
   Money market                       620,844    15,216       2.45
                                  ------------ ---------
    Subtotal                        4,761,433    98,844       1.39
   Certificates of deposit          2,291,002    96,480       4.21
                                  ------------ ---------
    Total interest-bearing
     deposits                       7,052,435   195,324       2.77
                                  ------------ ---------

                     Total
                      deposits      9,408,188   195,324       2.08
                                  ------------ ---------

  Borrowings:
   Short-term borrowings              596,852    30,041       5.03
   Long-term borrowings             2,752,847   123,243       4.48
                                  ------------ ---------
                     Total
                      borrowings    3,349,699   153,284       4.58
                                  ------------ ---------

   Total deposits and borrowings   12,757,887   348,608       2.73
                                  ------------ ---------

  Other liabilities                   300,930
                                  ------------

   Total liabilities               13,058,817

  Stockholders' equity              1,004,896
                                  ------------

   Total liabilities and
                     stockholders'
                      equity      $14,063,713
                                  ============


 Net interest income and margin                $537,530       4.16 %
                                               ========= ==========



                                        Year Ended December 31,
                                  -----------------------------------
                                                  2005
                                    ---------------------------------
                                      Average              Yields and
                                      Balance    Interest    Rates
                                    ------------ --------- ----------

ASSETS

  Investments                           $95,349    $3,450       3.62 %
  Securities available for sale       1,569,808    81,479       5.19
  Education loans held for sale         214,588    10,921       5.09
  Loans and leases:
   Consumer home equity:
     Fixed-rate                       2,304,340   154,241       6.69
     Variable-rate                    2,450,634   171,133       6.98
   Consumer - other                      34,763     3,213       9.24
                                    ------------ ---------
        Total consumer home equity
         and other                    4,789,737   328,587       6.86
   Commercial real estate:
     Fixed- and adjustable-rate       1,385,905    85,214       6.15
     Variable-rate                      826,934    49,561       5.99
                                    ------------ ---------
        Total commercial real
         estate                       2,212,839   134,775       6.09
   Commercial business:
     Fixed- and adjustable-rate          85,390     4,959       5.81
     Variable-rate                      340,314    19,575       5.75
                                    ------------ ---------
        Total commercial business       425,704    24,534       5.76
   Leasing and equipment finance      1,423,264    97,596       6.86
                                    ------------ ---------
     Subtotal                         8,851,544   585,492       6.61
   Residential real estate              885,735    50,680       5.72
                                    ------------ ---------
     Total loans and leases           9,737,279   636,172       6.53
                                    ------------ ---------

        Total interest-earning
         assets                      11,617,024   732,022       6.30
                                    ------------ ---------

  Other assets                        1,113,850
                                    ------------

   Total assets                     $12,730,874
                                    ============

LIABILITIES AND STOCKHOLDERS'
 EQUITY

  Non-interest bearing deposits:
   Retail                            $1,548,027
   Small business                       585,860
   Commercial and custodial             311,497
                                    ------------
     Total non-interest bearing
      deposits                        2,445,384
  Interest-bearing deposits:
   Premier checking                     641,672    15,910       2.48
   Other checking                     1,026,017     2,067        .20
                                    ------------ ---------
     Subtotal                         1,667,689    17,977       1.08
   Premier savings                      427,070    13,246       3.10
   Other savings                      1,558,423     9,419        .60
                                    ------------ ---------
     Subtotal                         1,985,493    22,665       1.14
   Money market                         640,576     7,640       1.19
                                    ------------ ---------
     Subtotal                         4,293,758    48,282       1.12
   Certificates of deposit            1,740,440    49,124       2.82
                                    ------------ ---------
     Total interest-bearing
      deposits                        6,034,198    97,406       1.61
                                    ------------ ---------

        Total deposits                8,479,582    97,406       1.15
                                    ------------ ---------

  Borrowings:
   Short-term borrowings                917,665    29,830       3.25
   Long-term borrowings               2,038,561    87,096       4.27
                                    ------------ ---------
        Total borrowings              2,956,226   116,926       3.96
                                    ------------ ---------

   Total deposits and borrowings     11,435,808   214,332       1.87
                                    ------------ ---------

  Other liabilities                     349,216
                                    ------------

   Total liabilities                 11,785,024

  Stockholders' equity                  945,850
                                    ------------

   Total liabilities and
        stockholders' equity        $12,730,874
                                    ============


 Net interest income and margin                  $517,690       4.46 %
                                                 ========= ==========
             TCF FINANCIAL CORPORATION AND SUBSIDIARIES
  CONSOLIDATED QUARTERLY STATEMENTS OF INCOME AND FINANCIAL RATIOS
            (Dollars in thousands, except per-share data)
                             (Unaudited)



                                         At or For the Three Months
                                                    Ended
                                       -------------------------------
                                       Dec. 31,  Sep. 30,  Jun. 30,
                                         2006      2006      2006
                                       --------- --------- ---------
Interest income:
  Loans and leases                     $204,150  $199,469  $188,988
  Securities available for sale          24,699    24,481    25,156
  Education loans held for sale           3,019     3,438     4,205
  Investments                             1,173       862       792
                                       --------- --------- ---------
    Total interest income               233,041   228,250   219,141
                                       --------- --------- ---------
Interest expense:
  Deposits                               55,996    53,234    46,247
  Borrowings                             41,158    39,983    37,452
                                       --------- --------- ---------
    Total interest expense               97,154    93,217    83,699
                                       --------- --------- ---------
         Net interest income            135,887   135,033   135,442
Provision for credit losses              10,073     5,288     4,177
                                       --------- --------- ---------
    Net interest income after
     provision for credit losses        125,814   129,745   131,265
Non-interest income:
  Fees and service charges               66,735    70,777    71,099
  Card revenue                           23,485    24,353    22,984
  ATM revenue                             9,019     9,880     9,762
  Investments and insurance revenue       2,087     3,226     2,894
                                       --------- --------- ---------
    Subtotal                            101,326   108,236   106,739
  Leasing and equipment finance          15,165    13,372    12,552
  Other                                   2,340     7,904     4,331
                                       --------- --------- ---------
    Fees and other revenue              118,831   129,512   123,622
  Gains on sales of securities
   available for sale                         -         -         -
                                       --------- --------- ---------
         Total non-interest income      118,831   129,512   123,622
                                       --------- --------- ---------
Non-interest expense:
  Compensation and employee benefits     85,811    84,795    85,083
  Occupancy and equipment                29,905    28,664    27,998
  Advertising and promotions              6,235     8,220     6,755
  Operating lease depreciation            4,000     3,779     3,405
  Other                                  39,610    36,931    37,725
                                       --------- --------- ---------
    Total non-interest expense          165,561   162,389   160,966
                                       --------- --------- ---------
         Income before income tax
          expense                        79,084    96,868    93,921
Income tax expense                       25,351    30,941    26,860
                                       --------- --------- ---------
    Net income                          $53,733   $65,927   $67,061
                                       ========= ========= =========

Net income per common share:
  Basic                                    $.42      $.51      $.52
                                       ========= ========= =========
  Diluted                                  $.42      $.51      $.52
                                       ========= ========= =========

Dividends declared per common share        $.23      $.23      $.23
                                       ========= ========= =========

Financial Ratios:
--------------------------------------

Return on average assets (1)               1.49 %    1.86 %    1.92 %
Return on average common equity (1)       20.68     26.44     27.75
Net interest margin (1)                    4.07      4.11      4.22
Net charge-offs as a percentage of
  average loans and leases (1)              .24       .18       .16
Average total equity to average assets     7.20 %    7.02 %    6.92 %




                                        At or For the Three Months
                                                   Ended
                                      -------------------------------
                                           Mar. 31,       Dec. 31,
                                             2006          2005
                                      ---------------  --------------
Interest income:
  Loans and leases                          $176,983        $171,436
  Securities available for sale               23,699          20,766
  Education loans held for sale                4,347           3,342
  Investments                                    677             841
                                      ---------------  --------------
    Total interest income                    205,706         196,385
                                      ---------------  --------------
Interest expense:
  Deposits                                    39,847          34,283
  Borrowings                                  34,691          32,820
                                      ---------------  --------------
    Total interest expense                    74,538          67,103
                                      ---------------  --------------
         Net interest income                 131,168         129,282
Provision for credit losses                    1,151           5,396
                                      ---------------  --------------
    Net interest income after
     provision for credit losses             130,017         123,886
Non-interest income:
  Fees and service charges                    61,555          67,628
  Card revenue                                21,262          21,419
  ATM revenue                                  9,099           9,557
  Investments and insurance revenue            2,488           2,339
                                      ---------------  --------------
    Subtotal                                  94,404         100,943
  Leasing and equipment finance               11,915          15,405
  Other                                       11,180           8,590
                                      ---------------  --------------
    Fees and other revenue                   117,499         124,938
  Gains on sales of securities
   available for sale                              -               -
                                      ---------------  --------------
         Total non-interest income           117,499         124,938
                                      ---------------  --------------
Non-interest expense:
  Compensation and employee benefits          86,168          82,700
  Occupancy and equipment                     28,051          27,819
  Advertising and promotions                   5,716           6,088
  Operating lease depreciation                 3,163           2,164
  Other                                       37,182          37,860
                                      ---------------  --------------
    Total non-interest expense               160,280         156,631
                                      ---------------  --------------
         Income before income tax
          expense                             87,236          92,193
Income tax expense                            29,014          26,653
                                      ---------------  --------------
    Net income                               $58,222         $65,540
                                      ===============  ==============

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

Dividends declared per common share             $.23          $.2125
                                      ===============  ==============

Financial Ratios:
--------------------------------------

Return on average assets (1)                    1.71  %         2.01 %
Return on average common equity (1)            23.82           27.09
Net interest margin (1)                         4.25            4.31
Net charge-offs as a percentage of
  average loans and leases (1)                   .08             .16
Average total equity to average assets          7.18  %         7.40 %


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



                                  Dec. 31,     Sep. 30,     Jun. 30,
                                   2006         2006         2006
                                ------------ ------------ ------------

ASSETS

Cash and due from banks            $316,389     $322,484     $325,715
Investments                         101,548       72,393       69,176
Securities available for sale     1,840,649    1,829,917    1,880,671
Education loans held for sale       145,283      190,724      228,492
Loans and leases:
 Consumer home equity:
  Fixed-rate                      4,293,070    4,027,680    3,721,249
  Variable-rate                   1,502,537    1,585,487    1,689,402
 Consumer - other                    40,119       36,978       34,854
                                ------------ ------------ ------------
      Total consumer home equity
       and other                  5,835,726    5,650,145    5,445,505
 Commercial real estate:
  Fixed- and adjustable-rate      1,718,735    1,699,431    1,672,865
  Variable-rate                     692,497      709,806      725,560
                                ------------ ------------ ------------
      Total commercial real
       estate                     2,411,232    2,409,237    2,398,425
 Commercial business:
  Fixed- and adjustable-rate        152,018      142,293      127,702
  Variable-rate                     384,360      403,070      372,828
                                ------------ ------------ ------------
      Total commercial business     536,378      545,363      500,530
 Leasing and equipment finance    1,771,231    1,707,045    1,624,781
                                ------------ ------------ ------------
  Subtotal                       10,554,567   10,311,790    9,969,241
 Residential real estate            643,087      676,454      714,433
                                ------------ ------------ ------------
  Total loans and leases         11,197,654   10,988,244   10,683,674
 Allowance for loan and lease
  losses                            (56,440)     (55,079)     (55,085)
                                ------------ ------------ ------------
  Net loans and leases           11,141,214   10,933,165   10,628,589
Premises and equipment              400,812      388,099      381,174
Goodwill                            152,599      152,599      152,599
Other assets                        347,516      321,465      305,771
                                ------------ ------------ ------------
                                $14,446,010  $14,210,846  $13,972,187
                                ============ ============ ============

LIABILITIES AND STOCKHOLDERS' EQUITY

Non-interest-bearing deposits:
 Retail                          $1,457,265   $1,484,651   $1,557,933
 Small business                     629,011      615,119      604,776
 Commercial and custodial           206,034      209,365      234,188
                                ------------ ------------ ------------
  Total non-interest bearing
   deposits                       2,292,310    2,309,135    2,396,897
Interest-bearing deposits:
 Premier checking                 1,042,361    1,021,560    1,000,749
 Other checking                     813,851      840,966      893,800
                                ------------ ------------ ------------
  Subtotal                        1,856,212    1,862,526    1,894,549
 Premier savings                  1,014,427      942,760      855,979
 Other savings                    1,299,319    1,350,659    1,415,767
                                ------------ ------------ ------------
  Subtotal                        2,313,746    2,293,419    2,271,746
 Money market                       593,961      609,997      610,766
                                ------------ ------------ ------------
  Subtotal                        4,763,919    4,765,942    4,777,061
 Certificates of deposit          2,470,659    2,431,364    2,249,694
                                ------------ ------------ ------------
  Total interest-bearing
   deposits                       7,234,578    7,197,306    7,026,755
                                ------------ ------------ ------------
      Total deposits              9,526,888    9,506,441    9,423,652
                                ------------ ------------ ------------
Borrowings:
 Short-term borrowings              520,883      619,683      573,418
 Long-term borrowings             3,039,011    2,780,532    2,703,623
                                ------------ ------------ ------------
  Total borrowings                3,559,894    3,400,215    3,277,041
Accrued expenses and other
 liabilities                        319,740      306,971      304,875
                                ------------ ------------ ------------
  Total liabilities              13,406,522   13,213,627   13,005,568
                                ------------ ------------ ------------
Stockholders' equity:
 Common stock                         1,534        1,842        1,842
 Additional paid-in capital         395,237      468,271      467,768
 Retained earnings                1,129,892    1,611,335    1,573,856
 Accumulated other comprehensive
  loss                              (23,804)     (37,225)     (48,838)
 Treasury stock at cost and
  other                            (463,371)  (1,047,004)  (1,028,009)
                                ------------ ------------ ------------
                                  1,039,488      997,219      966,619
                                ------------ ------------ ------------
                                $14,446,010  $14,210,846  $13,972,187
                                ============ ============ ============

Supplemental Information:
--------------------------------
Securities available for sale    $1,840,649   $1,829,917   $1,880,671
Residential real estate loans       643,087      676,454      714,433
                                ------------ ------------ ------------
 Total securities available for
  sale and residential real
  estate loans                   $2,483,736   $2,506,371   $2,595,104
                                ============ ============ ============



                                               Mar. 31,     Dec. 31,
                                                2006         2005
                                             ------------ ------------

ASSETS

Cash and due from banks                         $332,293     $346,555
Investments                                       70,655       83,027
Securities available for sale                  1,781,586    1,577,967
Education loans held for sale                    281,185      230,623
Loans and leases:
 Consumer home equity:
  Fixed-rate                                   3,350,168    2,944,673
  Variable-rate                                1,865,549    2,120,363
 Consumer - other                                 34,833       34,544
                                             ------------ ------------
      Total consumer home equity and other     5,250,550    5,099,580
 Commercial real estate:
  Fixed- and adjustable-rate                   1,569,077    1,451,488
  Variable-rate                                  760,502      809,855
                                             ------------ ------------
      Total commercial real estate             2,329,579    2,261,343
 Commercial business:
  Fixed- and adjustable-rate                     115,745      106,974
  Variable-rate                                  333,619      321,436
                                             ------------ ------------
      Total commercial business                  449,364      428,410
 Leasing and equipment finance                 1,533,034    1,461,491
                                             ------------ ------------
  Subtotal                                     9,562,527    9,250,824
 Residential real estate                         751,782      792,245
                                             ------------ ------------
  Total loans and leases                      10,314,309   10,043,069
 Allowance for loan and lease losses             (55,121)     (55,107)
                                             ------------ ------------
  Net loans and leases                        10,259,188    9,987,962
Premises and equipment                           372,746      358,505
Goodwill                                         152,599      152,599
Other assets                                     364,808      336,464
                                             ------------ ------------
                                             $13,615,060  $13,073,702
                                             ============ ============

LIABILITIES AND STOCKHOLDERS' EQUITY

Non-interest-bearing deposits:
 Retail                                       $1,554,007   $1,492,418
 Small business                                  590,240      623,310
 Commercial and custodial                        282,409      295,910
                                             ------------ ------------
  Total non-interest bearing deposits          2,426,656    2,411,638
Interest-bearing deposits:
 Premier checking                                938,055      827,742
 Other checking                                  909,960      936,517
                                             ------------ ------------
  Subtotal                                     1,848,015    1,764,259
 Premier savings                                 780,046      640,444
 Other savings                                 1,440,818    1,475,505
                                             ------------ ------------
  Subtotal                                     2,220,864    2,115,949
 Money market                                    669,602      649,123
                                             ------------ ------------
  Subtotal                                     4,738,481    4,529,331
 Certificates of deposit                       2,005,639    1,886,787
                                             ------------ ------------
  Total interest-bearing deposits              6,744,120    6,416,118
                                             ------------ ------------
      Total deposits                           9,170,776    8,827,756
                                             ------------ ------------
Borrowings:
 Short-term borrowings                           674,868      739,372
 Long-term borrowings                          2,481,793    2,207,711
                                             ------------ ------------
  Total borrowings                             3,156,661    2,947,083
Accrued expenses and other liabilities           310,038      331,095
                                             ------------ ------------
  Total liabilities                           12,637,475   12,105,934
                                             ------------ ------------
Stockholders' equity:
 Common stock                                      1,843        1,844
 Additional paid-in capital                      469,062      475,334
 Retained earnings                             1,541,523    1,510,336
 Accumulated other comprehensive loss            (24,638)     (24,157)
 Treasury stock at cost and other             (1,010,205)    (995,589)
                                             ------------ ------------
                                                 977,585      967,768
                                             ------------ ------------
                                             $13,615,060  $13,073,702
                                             ============ ============

Supplemental Information:
-------------------------------------------
Securities available for sale                 $1,781,586   $1,577,967
Residential real estate loans                    751,782      792,245
                                             ------------ ------------
 Total securities available for sale and
  residential real estate loans               $2,533,368   $2,370,212
                                             ============ ============
             TCF FINANCIAL CORPORATION AND SUBSIDIARIES
             CONSOLIDATED QUARTERLY YIELDS AND RATES (1)
                             (Unaudited)


                     Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                      2006      2006      2006      2006      2005
                     --------  --------  --------  --------  --------

ASSETS

  Investments           4.59 %    4.74 %    4.59 %    3.86 %    4.03 %
  Securities
   available for
   sale                 5.37      5.35      5.35      5.32      5.26
  Education loans
   held for sale        8.24      7.15      7.38      6.27      5.75
  Loans and leases:
   Consumer home
    equity:
    Fixed-rate          6.92      6.87      6.80      6.72      6.66
    Variable-rate       8.88      8.91      8.69      8.20      7.68
   Consumer - other    10.30     10.31     10.60      9.23      9.58
        Total
         consumer
         home equity
         and other      7.45      7.46      7.41      7.26      7.11
   Commercial real
    estate:
    Fixed- and
     adjustable-rate    6.51      6.29      6.24      6.18      6.16
    Variable-rate       7.88      7.97      7.60      7.18      6.75
        Total
         commercial
         real estate    6.91      6.78      6.65      6.51      6.37
   Commercial
    business:
    Fixed- and
     adjustable-rate    6.49      6.32      6.18      6.13      5.90
    Variable-rate       7.56      7.60      7.47      6.85      6.41
        Total
         commercial
         business       7.25      7.27      7.14      6.66      6.29
   Leasing and
    equipment
    finance             7.56      7.54      7.23      7.12      7.00
    Subtotal            7.33      7.31      7.18      7.03      6.87
   Residential real
    estate              5.81      5.81      5.80      5.80      5.73
    Total loans and
     leases             7.25      7.21      7.09      6.94      6.78

        Total
         interest-
         earning
         assets         6.98      6.94      6.83      6.68      6.54


LIABILITIES

  Interest-bearing
   deposits:
   Premier checking     3.12      3.26      3.18      3.04      2.97
   Other checking        .23       .23       .23       .25       .23
    Subtotal            1.85      1.89      1.79      1.67      1.52
   Premier savings      4.33      4.33      4.04      3.79      3.66
   Other savings        1.06       .95       .84       .88       .81
    Subtotal            2.49      2.34      2.04      1.90      1.67
   Money market         2.79      2.64      2.25      2.15      1.78
    Subtotal            2.28      2.21      1.97      1.85      1.63
   Certificates of
    deposit             4.59      4.36      4.06      3.70      3.29
    Total interest-
     bearing
     deposits           3.07      2.93      2.64      2.40      2.12

        Total
         deposits       2.33      2.22      1.97      1.76      1.54

  Borrowings:
   Short-term
    borrowings          5.35      5.36      4.99      4.51      4.09
   Long-term
    borrowings          4.46      4.51      4.50      4.44      4.53
    Total borrowings    4.59      4.67      4.58      4.45      4.42

        Total
         interest-
         bearing
         liabilities    2.94      2.86      2.64      2.45      2.26


Net interest margin     4.07 %    4.11 %    4.22 %    4.25 %    4.31 %
                     ========  ========  ========  ========  ========

(1) Annualized.

Source: TCF Financial Corporation

Contact: TCF Financial Corporation, Wayzata Jason Korstange, 952-745-2755 www.tcfbank.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.