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TCF Reports First Quarter Earnings Per Share of $.17

FIRST QUARTER HIGHLIGHTS

Diluted earnings per common share of 17 cents Net income of $26.6 million Net interest margin of 3.66 percent Average loans and leases increased by $1.1 billion, or 8.8 percent Average deposits increased by $1 billion, or 10.5 percent Allowance for loan and lease losses of 1.31 percent Capital ratios exceed stated well capitalized requirements

Company Release - 4/23/2009 8:34 AM ET

WAYZATA, Minn.--(BUSINESS WIRE)-- TCF Financial Corporation (NYSE: TCB):

Earnings Summary                      Table 1

($ in thousands, except                                       Percent Change
per-share data)

                          1Q          4Q          1Q          1Q09 vs   1Q09 vs
                          2009        2008        2008        4Q08      1Q08

Net income                $ 26,647    $ 27,704    $ 47,426    (3.8  )%  (43.8 )%

Net income available to     21,462      25,164      47,426    (14.7 )   (54.7 )
common stockholders

Diluted earnings per        .17         .20         .38       (15.0 )   (55.3 )
common share

Financial Ratios (1)

Return on average assets    .62    %    .68    %    1.18   %

Return on average common    7.58        9.00        17.08
equity

Net interest margin         3.66        3.84        3.84

Net charge-offs as a
percentage of               1.04        1.02        .44

average loans and leases

(1) Annualized



TCF Financial Corporation ("TCF") (NYSE: TCB) today reported first quarter 2009 diluted earnings per common share of 17 cents, compared with 38 cents in the first quarter of 2008 and 20 cents for the fourth quarter of 2008. Net income for the first quarter of 2009 was $26.6 million, compared with $47.4 million in the first quarter of 2008 and $27.7 million in the fourth quarter of 2008. TCF recorded $43.7 million in provision for credit losses for the first quarter of 2009, as compared with $30 million in the first quarter of 2008 and $47.1 million in the fourth quarter of 2008.

Chairman's Statement

"During the first quarter of 2009, TCF's product and marketing strategies drove tremendous growth in deposits. These strategies resulted in over a $1.4 billion increase from year end which shows the power behind TCF's retail franchise," said William A. Cooper, TCF Chairman and CEO. "In addition, we continue to experience and expect good growth in demand for loans and leases."

"On April 22, TCF repurchased all of the $361.2 million in preferred stock from the U.S. Treasury," said William A. Cooper. "TCF entered into the transaction to be a good corporate citizen and help support the government's program, not out of any need for additional capital. TCF has complied with all aspects of the program. In addition to the $361.2 million, TCF paid a total of $7.9 million of preferred stock dividends. As the rules of the program changed since our participation began on November 14, 2008, it quickly became apparent that continued participation was creating a competitive disadvantage for TCF. TCF is still solidly capitalized and remains a safe and sound franchise. TCF will continue to expand lending and other key areas of our businesses without government assistance. TCF's earnings per share will improve by over 14 cents per share on an annualized basis as a result of eliminating its preferred stock dividend obligation."

Total Revenue                                                 Table 2

                                                              Percent Change

($ in thousands)       1Q           4Q           1Q           1Q09 vs   1Q09 vs
                       2009         2008         2008         4Q08      1Q08

Net interest income    $ 145,413    $ 147,117    $ 142,829    (1.2  )%  1.8    %

Fees and other
revenue:

Fees and service         57,064       67,448       63,547     (15.4 )   (10.2  )
charges

Card revenue             24,960       25,243       24,771     (1.1  )   .8

ATM revenue              7,598        7,688        7,970      (1.2  )   (4.7   )

Total banking fees       89,622       100,379      96,288     (10.7 )   (6.9   )

Leasing and equipment    12,651       16,298       12,134     (22.4 )   4.3
finance

Other                    458          130          4,283      N.M.      (89.3  )

Total fees and other     102,731      116,807      112,705    (12.1 )   (8.8   )
revenue

Gains on securities      11,548       8,167        6,286      41.4      83.7

Visa share redemption    -            -            8,308      -         (100.0 )

Total non-interest       114,279      124,974      127,299    (8.6  )   (10.2  )
income

Total revenue          $ 259,692    $ 272,091    $ 270,128    (4.6  )   (3.9   )

Net interest margin      3.66    %    3.84    %    3.84    %
(1)

Fees and other
revenue as a % of:

Total revenue            39.56        42.93        41.72

Average assets (1)       2.40         2.85         2.79

N.M.=Not Meaningful

(1) Annualized



Net Interest Income

    --  Net interest margin in the first quarter of 2009 was 3.66 percent,
        compared with 3.84 percent in both the first and fourth quarters of
        2008. The decrease in net interest margin from the fourth quarter of
        2008 was primarily due to record growth in average deposits of $1
        billion, exceeding growth in average loans and leases of $353.1 million,
        resulting in excess liquidity being placed in low rate deposits with the
        Federal Reserve. At March 31, 2009, TCF had $742.9 million on deposit
        with the Federal Reserve which is included in cash and due from banks.
    --  TCF purchased $600.1 million of short-term government sponsored
        enterprise debentures in late March and April of 2009 to minimize the
        negative effects of excess liquidity and improve net interest margin.
    --  Reductions in excess liquidity being placed on deposit with the Federal
        Reserve as a result of investments in short-term government sponsored
        enterprise debentures and the repayment of the Capital Purchase Program
        funds is expected to improve net interest margin and earnings per share
        going forward.

Non-interest Income

    --  Banking fees and service charges were $57.1 million, down $6.5 million,
        or 10.2 percent, from the first quarter of 2008 and down $10.4 million,
        or 15.4 percent, from the fourth quarter of 2008 primarily due to lower
        transaction activity in deposit accounts.
    --  Card revenues totaled $25 million for the first quarter of 2009,
        essentially flat with the first quarter and fourth quarter of 2008. The
        flattening of growth in card revenue was primarily due to lower debit
        card spending, which is reflective of the current economic conditions.
    --  ATM revenue was $7.6 million, down $372 thousand, or 4.7 percent, from
        the first quarter of 2008 and flat with the fourth quarter of 2008
        primarily due to fewer fee generating transactions on non-TCF ATM
        machines by TCF customers.
    --  Leasing and equipment finance revenues were $12.7 million for the first
        quarter of 2009, up $517 thousand, or 4.3 percent, from the first
        quarter of 2008 and down $3.6 million, or 22.4 percent, from the fourth
        quarter of 2008. The decline in leasing revenue from the fourth quarter
        of 2008 is primarily due to lower sales-type lease revenue which varies
        from period to period based on customer-driven events.
    --  Other non-interest income was $458 thousand, down $3.8 million from the
        first quarter of 2008. This decrease in other non-interest income is
        primarily due to TCF no longer selling investment and insurance products
        in the branches.

Loans and Leases

Average Loans and Leases                                       Table 3

                                                               Percentage Change

($ in thousands)       1Q           4Q           1Q            1Q09 vs  1Q09 vs
                       2009         2008         2008          4Q08     1Q08

Loans and leases:

Consumer real estate

First mortgage lien    $ 4,896,521  $ 4,866,309  $ 4,737,839   .6   %   3.3   %

Junior lien            2,399,178    2,423,873      2,366,396   (1.0 )   1.4

Total consumer real    7,295,699    7,290,182      7,104,235   .1       2.7
estate

Consumer other         39,539       43,620         44,006      (9.4 )   (10.2 )

Total consumer         7,335,238    7,333,802      7,148,241   -        2.6

Commercial real        2,998,516    2,895,935      2,566,415   3.5      16.8
estate

Commercial business    499,756      522,636        543,688     (4.4 )   (8.1  )

Total commercial       3,498,272    3,418,571      3,110,103   2.3      12.5

Leasing and equipment  2,632,893    2,389,225      2,140,695   10.2     23.0
finance

Inventory finance      28,475       158            -           N.M.     N.M.

Total Loans and        $13,494,878  $13,141,756  $ 12,399,039  2.7      8.8
Leases

N.M. = Not meaningful



    --  Residential real estate loans, totaling $428.9 million at March 31,
        2009, previously disclosed separately, are now included with the first
        lien consumer real estate loans due to the relatively small remaining
        balance and the run-off nature of the residential real estate portfolio.
    --  Average consumer real estate loan balances increased $191.5 million, or
        2.7 percent, from the first quarter of 2008 and were relatively flat
        from the fourth quarter of 2008. The flat growth rate from the fourth
        quarter of 2008 was due in part to declines in Michigan and the run-off
        of the residential real estate loan portfolio.
    --  At March 31, 2009, 67.5 percent of the consumer real estate loan
        portfolio was secured by first liens.
    --  Average commercial loan balances increased $388.2 million, or 12.5
        percent, from the first quarter of 2008 and $79.7 million, or 2.3
        percent, from the fourth quarter of 2008 as a result of increased
        opportunities in the marketplace.
    --  Average leasing and equipment finance balances increased $492.2 million
        from the first quarter of 2008 and $243.7 million from the fourth
        quarter of 2008 which included a $277.4 million portfolio purchase in
        the first quarter of 2009. This purchased portfolio contributed $115.5
        million to first quarter average balances.
    --  Average inventory finance loans were $28.5 million for the first
        quarter. On March 31, 2009, TCF Inventory Finance purchased $41.2
        million of receivables.
    --  During the first quarter of 2009, TCF originated over $754 million of
        loans and leases.

Deposits

Average Deposits                  Table 4

                                                                Percentage
                                                                Change

($ in thousands)  1Q              4Q             1Q             1Q09 vs  1Q09 vs
                  2009            2008           2008           4Q08     1Q08

Non-interest
bearing
deposits:

Retail            $ 1,428,453     $ 1,345,832    $ 1,415,379    6.1  %   .9   %

Small business      563,236         593,626        565,148      (5.1 )   (.3  )

Commercial and      227,470         234,045        200,624      (2.8 )   13.4
custodial

Total
non-interest        2,219,159       2,173,503      2,181,151    2.1      1.7
bearing

Interest-bearing
deposits:

Interest-bearing    1,747,480       1,754,111      1,846,606    (.4  )   (5.4 )
checking

Savings and         4,446,622       3,473,036      3,314,442    28.0     34.2
money market

Subtotal            6,194,102       5,227,147      5,161,048    18.5     20.0

Certificates of     2,463,405       2,448,815      2,500,362    .6       (1.5 )
deposit

Total               8,657,507       7,675,962      7,661,410    12.8     13.0
interest-bearing

Total deposits    $ 10,876,666    $ 9,849,465    $ 9,842,561    10.4     10.5

Average rate on     1.49       %    1.51      %    1.99      %
deposits



    --  At March 31, 2009, total deposits were a record $11.6 billion.
    --  Total average deposits increased a record $1 billion from the fourth
        quarter of 2008 primarily due to strong growth in checking and savings
        deposits.
    --  The average rate paid on deposits was 1.49 percent in the first quarter
        of 2009, relatively flat from the fourth quarter of 2008. The weighted
        average deposit rate was 1.40 percent at March 31, 2009 due to
        reductions in interest rates paid on certain deposit products.
    --  The number of checking accounts opened was up 43.7 percent in the first
        quarter of 2009 as compared to the first quarter of 2008.

Non-interest Expense

Non-interest Expense                                         Table 5

                                                             Percent Change

($ in thousands)          1Q         4Q         1Q           1Q09 vs  1Q09 vs
                          2009       2008       2008         4Q08     1Q08

Compensation and

employee benefits         $ 86,190   $ 83,323   $ 88,718     3.4   %  (2.8   )%

Occupancy and equipment     32,047     32,503     32,413     (1.4  )  (1.1   )

Deposit account premiums    6,576      5,659      1,496      16.2     N.M.

Advertising and             4,445      4,643      4,801      (4.3  )  (7.4   )
promotions

Operating lease             4,024      4,269      4,514      (5.7  )  (10.9  )
depreciation

FDIC insurance premiums     3,795      1,706      421        122.5    N.M.

Other                       37,131     47,707     39,679     (22.2 )  (6.4   )

Subtotal                    174,208    179,810    172,042    (3.1  )  1.3

Visa indemnification        -          -          (3,766  )  -        (100.0 )

Total non-interest        $ 174,208  $ 179,810  $ 168,276    (3.1  )  3.5
expense

N.M. = Not meaningful



    --  Compensation and benefits expenses continue to be well controlled and
        decreased $2.5 million, or 2.8 percent, from the first quarter of 2008
        primarily due to headcount reductions and lower volume related
        incentives, partially offset by increases from the new inventory finance
        business.
    --  Compensation and benefits expenses increased $2.9 million, or 3.4
        percent, from the fourth quarter of 2008 primarily due to a 4.3 percent
        reduction in salaries from headcount reductions being more than offset
        by increases in various benefits expenses which primarily includes a
        seasonal increase in payroll tax expenses.
    --  Deposit account premiums were $6.6 million for the 2009 first quarter,
        up $5.1 million from the first quarter of 2008 and up $917 thousand, or
        16.2 percent, from the fourth quarter of 2008 due to new marketing
        campaigns resulting in record checking account production.
    --  FDIC insurance premiums were up $3.4 million from the first quarter of
        2008 and up $2.1 million from the fourth quarter of 2008 primarily
        attributable to increased deposit insurance rates, increased deposit
        balances and no remaining credit from the FDIC as in 2008. The FDIC has
        proposed a one-time special assessment of 10 bps on all assessable
        deposits as of June 30, 2009. If imposed, approximately $12 million of
        additional FDIC insurance expense is expected to be recognized in the
        second quarter of 2009.
    --  Other expenses decreased $2.5 million from the first quarter of 2008
        primarily due to a $1.4 million decrease in deposit account losses,
        which reflects lower transaction activity in deposit accounts as well as
        improved loss mitigation programs. Other expenses decreased $10.6
        million from the fourth quarter of 2008 primarily due to decreases in
        foreclosed real estate expense and severance and separation costs.

Credit Quality

Credit Quality Summary                             Table 6

                                                                Percent Change

($ in thousands)         1Q           4Q           1Q           1Q09 vs  1Q09 vs
                         2009         2008         2008         4Q08     1Q08

Allowance for Loan and
Lease Losses

Balance at beginning of  $ 172,442    $ 158,978    $ 80,942     8.5  %   113.0 %
period

Charge-offs                (38,881 )    (37,100 )    (17,822 )  4.8      118.2

Recoveries                 3,943        3,514        4,275      12.2     (7.8  )

Net charge-offs            (34,938 )    (33,586 )    (13,547 )  4.0      157.9

Provision for credit       43,712       47,050       29,995     (7.1 )   45.7
losses

Balance at end of        $ 181,216    $ 172,442    $ 97,390     5.1      86.1
period

Allowance as a
percentage of period       1.31    %    1.29    %    .77     %
end loans and leases

Ratio of allowance to    1.3X         1.3X         1.8X
net charge offs(1)

Credit Loss Reserves

Allowance for loan and   $ 181,216    $ 172,442    $ 97,390     5.1      86.1
lease losses

Reserves recorded in       1,730        1,510        1,060      14.6     63.2
other liabilities

Reserves netted against
portfolio asset            15,102       -            -          N.M.     N.M.
balances

Total credit loss        $ 198,048    $ 173,952    $ 98,450     13.9     101.2
reserves

Total credit loss
reserves as a              1.43    %    1.30    %    .78     %
percentage of period
end loans and leases

Ratio of total credit
loss reserves to net     1.4X         1.3X         1.8X
charge offs(1)

Net Charge-offs as a
Percentage of Average
Loans and Leases(1)

Consumer real estate:

First mortgage lien        .86     %    .84     %    .36     %

Junior lien                1.98         1.76         .84

Total consumer real        1.22         1.14         .52
estate

Total consumer             1.29         1.32         .58

Commercial real estate     .49          .41          .07

Commercial business        2.39         2.01         .44

Leasing and equipment      .71          .64          .39
finance

Inventory finance          -            -            -

Total                      1.04         1.02         .44

Other Credit Quality
Data

Delinquencies(2)

30+days                  $ 178,475    $ 149,284    $ 104,337    19.6     71.1

60+days                    82,270       79,470       46,947     3.5      75.2

90+days                    38,344       37,619       23,538     1.9      62.9

Delinquencies as a
percentage of Loan and
lease portfolio(2):

30+days                    1.31    %    1.13    %    .83     %

60+days                    .60          .60          .38

90+days                    .28          .28          .19

Non-accrual loans and    $ 205,916    $ 172,518    $ 86,226     19.4     138.8
leases

Real estate owned          70,748       61,665       47,815     14.7     48.0

Total non-performing     $ 276,664    $ 234,183    $ 134,041    18.1     106.4
assets

Non-performing assets
as a percentage of net     2.03    %    1.78    %    1.07    %
loans and leases

(1) Annualized

(2) Excludes
non-accrual loans and                              N.M. = Not meaningful
leases



At March 31, 2009, TCF's:

    --  Allowance for loan and lease losses was $181.2 million, or 1.31 percent
        of loans and leases, up from $172.4 million, or 1.29 percent of loans
        and leases at December 31, 2008.
    --  Loans and leases include $15.1 million of valuation reserves for credit
        losses related to the $277.4 million leasing portfolio acquisition.
    --  Over-30-day delinquency rate was 1.31 percent, up from 1.13 percent at
        December 31, 2008 primarily due to increased delinquencies in commercial
        real estate and leasing and equipment finance. The over-30-day
        delinquency rate excluding delinquencies from the $277.4 million
        portfolio acquisition was 1.25 percent at March 31, 2009.
    --  TCF's over-60-day and over-90-day delinquency rates were unchanged from
        December 31, 2008. During the first quarter of 2009, TCF completed 1,627
        loan modifications and extensions on over $251 million of consumer real
        estate loans to help customers avoid home foreclosure.
    --  Non-accrual loans and leases increased $33.4 million, or 19.4 percent,
        from December 31, 2008 primarily due to increases for consumer and
        commercial real estate and leasing and equipment finance.
    --  Real estate owned increased $9.1 million, or 14.7 percent, from December
        31, 2008 primarily due to an increase in consumer real estate
        properties.

For the quarter ended March 31, 2009, TCF's:

    --  Provision for credit losses was $43.7 million, up from $30 million in
        the first quarter of 2008, primarily due to higher consumer real estate
        net charge-offs and the resulting portfolio reserve rate increases and
        increased leasing and equipment finance net charge-offs and related
        reserves.
    --  Net loan and lease charge-offs were $34.9 million, or 1.04 percent
        annualized, of average loans and leases, up from $13.5 million, or .44
        percent annualized, of average loans and leases, in the same period of
        2008, primarily due to a $13.2 million increase in consumer real estate
        net charge-offs and a $5.6 million increase in commercial net
        charge-offs.
    --  Net loan and lease charge-offs were up 4 percent from the fourth quarter
        of 2008 due to increases in commercial net charge-offs that were
        provided for in 2008 and increases in leasing and equipment finance net
        charge-offs.

Income Taxes

    --  Income tax expense was 36.2 percent of pre-tax income for the first
        quarter of 2009, compared with 34 percent for the comparable 2008 period
        and 38.8 percent for the fourth quarter of 2008.
    --  The lower effective income tax rate for the first quarter of 2009, as
        compared with the fourth quarter of 2008, was primarily due to a net
        $599 thousand reduction in income tax expense for changes in uncertain
        tax positions and changes in state tax laws in the first quarter of 2009
        and a $1.5 million charge recorded to income tax expense for
        distributions from the termination of the company's deferred
        compensation plans in the fourth quarter of 2008. Excluding these items,
        the effective income tax rates for the first quarter of 2009 and the
        fourth quarter of 2008 were 37.6 percent and 35.5 percent, respectively,
        reflecting higher state income taxes.

Capital

Capital Information                                                      Table 7

At period end

($ in thousands, except
per-share data)                 1Q                        1Q
                                2009                      2008



Total stockholders' equity      $ 1,499,956               $ 1,129,870

Total stockholders' equity to     8.30      %               6.90      %
total assets

Book value per common share     $ 9.00                    $ 8.94

Tangible common equity to         5.52      %               5.97      %
assets

Risk-based capital

Tier 1                          $ 1,460,157    11.20 %    $ 980,270      8.34  %

Total                             1,819,420    13.95        1,278,720    10.87

Total stated                      1,303,972    10.00        1,176,003    10.00
"well-capitalized" requirement

Excess over stated                515,448      3.95         102,717      .87
"well-capitalized" requirement



    --  TCF's total risk-based capital at March 31, 2009 of $1.8 billion, or
        13.95 percent of risk-weighted assets, is $515.4 million in excess of
        the stated "well-capitalized" requirement.
    --  On April 22, 2009, TCF redeemed all of the 361,172 outstanding shares of
        its Fixed-Rate Cumulative Perpetual Preferred Stock, Series A, $.01 Par
        Value, plus a final pro rata dividend of $3.4 million. Since receiving
        the Capital Purchase Program funds on November 14, 2008, TCF paid the
        U.S. Department of the Treasury $7.9 million in dividends. TCF has the
        right to repurchase the common stock warrant issued to the U.S. Treasury
        under its Capital Purchase Program. If TCF does not repurchase the
        warrant, the U.S. Treasury is required by law to liquidate it.
    --  At March 31, 2009, TCF's tier 1 and total risk-based capital ratios,
        adjusted for the redemption of the Fixed-Rate Cumulative Perpetual
        Preferred Stock, were 8.43 percent and 11.18 percent, respectively.
    --  In accordance with recently published banking industry guidance from the
        Federal Reserve Board, TCF reduced the regular quarterly cash dividend
        on common stock from 25 cents to 5 cents per share payable on May 29,
        2009 to stockholders of record at the close of business on May 1, 2009.

Website Information

A live webcast of TCF's conference call to discuss first quarter earnings will be hosted at TCF's website, www.tcfbank.com, on April 23, 2009 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 $18.1
billion in total assets. TCF has 449 banking offices in Minnesota, Illinois,
Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing
retail and commercial banking services. TCF also conducts commercial leasing and
equipment finance business in all 50 states and commercial inventory finance
business in the U.S. and Canada. For more information about TCF, please visit
www.tcfbank.com.



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, continued or deepening deterioration in general economic and banking industry conditions; continued increases in unemployment in TCF's primary banking markets; limitations on TCF's ability to pay dividends or to increase dividends in the future because of financial performance deterioration, regulatory restrictions or limitations; increased deposit insurance premiums, special assessments or other costs related to deteriorating conditions in the banking industry and the economic impact on banks of the Emergency Economic Stabilization Act, as amended ("EESA") or other related legislative and regulatory developments; the imposition of requirements with an adverse financial impact relating to TCF's lending, loan collection and other business activities as a result of the EESA, or other legislative or regulatory developments such as mortgage foreclosure moratorium laws; 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; impact of legislative, regulatory or other changes affecting customer account charges and fee income; legislative changes to bankruptcy laws which would result in the loss of all or part of TCF's security interest due to collateral value declines (so-called "cramdown" provisions); 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, including adoption of state legislation that would increase state taxes; adverse findings in tax audits or regulatory examinations and resulting enforcement actions; changes in credit and other risks posed by TCF's loan, lease, investment, and securities available for sale portfolios, including continuing declines in commercial or residential real estate values or changes in allowance for loan and lease losses methodology dictated by new market conditions or regulatory requirements; lack of or inadequate insurance coverage for claims against TCF; technological, computer related or operational difficulties or loss or theft of information; adverse changes in securities markets directly or indirectly affecting TCF's ability to sell assets or to fund its operations; results of litigation, including potential class action litigation concerning TCF's lending or deposit activities or employment practices and possible increases in indemnification obligations for certain litigation against Visa U.S.A. ("covered litigation") and potential reductions in card revenues resulting from covered litigation or other litigation against Visa; heightened regulatory practices, requirements or expectations, including, but not limited to, requirements related to the Bank Secrecy Act and anti-money laundering compliance activity; 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

                                     March 31,             Change

                                     2009       2008       $            %

Interest income:

 Loans and leases                    $ 209,377  $ 211,777  $ (2,400  )  (1.1   )

 Securities available for sale         25,701     28,279     (2,578  )  (9.1   )

 Education loans held for sale         -          3,452      (3,452  )  (100.0 )

 Investments and other                 856        1,642      (786    )  (47.9  )

  Total interest income                235,934    245,150    (9,216  )  (3.8   )

Interest expense:

 Deposits                              40,084     48,728     (8,644  )  (17.7  )

 Borrowings                            50,437     53,593     (3,156  )  (5.9   )

  Total interest expense               90,521     102,321    (11,800 )  (11.5  )

   Net interest income                 145,413    142,829    2,584      1.8

Provision for credit losses            43,712     29,995     13,717     45.7

  Net interest income after            101,701    112,834    (11,133 )  (9.9   )
  provision for credit losses

Non-interest income:

 Fees and service charges              57,064     63,547     (6,483  )  (10.2  )

 Card revenue                          24,960     24,771     189        .8

 ATM revenue                           7,598      7,970      (372    )  (4.7   )

  Subtotal                             89,622     96,288     (6,666  )  (6.9   )

 Leasing and equipment finance         12,651     12,134     517        4.3

 Other                                 458        4,283      (3,825  )  (89.3  )

  Fees and other revenue               102,731    112,705    (9,974  )  (8.8   )

 Visa share redemption                 -          8,308      (8,308  )  N.M.

 Gains on securities                   11,548     6,286      5,262      83.7

  Total non-interest income            114,279    127,299    (13,020 )  (10.2  )

Non-interest expense:

 Compensation and employee benefits    86,190     88,718     (2,528  )  (2.8   )

 Occupancy and equipment               32,047     32,413     (366    )  (1.1   )

 Deposit account premiums              6,576      1,496      5,080      N.M.

 Advertising and promotions            4,445      4,801      (356    )  (7.4   )

 Operating lease depreciation          4,024      4,514      (490    )  (10.9  )

 FDIC insurance premiums               3,795      421        3,374      N.M.

 Other                                 37,131     35,913     1,218      3.4

  Total non-interest expense           174,208    168,276    5,932      3.5

   Income before income tax expense    41,772     71,857     (30,085 )  (41.9  )

Income tax expense                     15,125     24,431     (9,306  )  (38.1  )

   Net income                          26,647     47,426     (20,779 )  (43.8  )

Preferred stock dividends              5,185      -          5,185      N.M.

  Net income available to common     $ 21,462   $ 47,426   $ (25,964 )  (54.7  )
  stockholders

                                       21,462     47,426     (25,964 )

Net income per common share:

 Basic                               $ .17      $ .38      $ (.21    )  (55.3  )

 Diluted                               .17        .38        (.21    )  (55.3  )

Dividends declared per common share  $ .25      $ .25      $ -          -

Average common and common
equivalent shares outstanding (in
thousands):

  Basic                                125,939    124,645    1,294      1.0

  Diluted                              125,939    125,120    819        .7

N.M. Not meaningful



TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in thousands, except per-share data)

(Unaudited)

                  At              At              At              % Change From

                  March 31,       December 31,    March 31,       December   March
                                                                  31,        31,

                  2009            2008            2008            2008       2008

ASSETS

Cash and due      $ 1,024,741     $ 342,380       $ 331,185       N.M.     % N.M.     %
from banks

Investments         166,879         155,725         144,165       7.2        15.8

Securities
available for       2,098,628       1,966,104       2,177,262     6.7        (3.6   )
sale

Education loans     -               757             223,333       (100.0 )   (100.0 )
held for sale

Loans and
leases:

 Consumer real
 estate and         7,363,436       7,363,583       7,291,015     -          1.0
 other

 Commercial real    3,039,480       2,984,156       2,596,050     1.9        17.1
 estate

 Commercial         493,943         506,887         535,014       (2.6   )   (7.7   )
 business

 Leasing and
 equipment          2,798,134       2,486,082       2,180,782     12.6       28.3
 finance

 Inventory          100,624         4,425           -             N.M.       N.M.
 finance

  Total loans       13,795,617      13,345,133      12,602,861    3.4        9.5
  and leases

 Allowance for
 loan and lease     (181,216   )    (172,442   )    (97,390    )  (5.1   )   (86.1  )
 losses

  Net loans and     13,614,401      13,172,691      12,505,471    3.4        8.9
  leases

Premises and        448,047         447,826         439,532       -          1.9
equipment, net

Goodwill            152,599         152,599         152,599       -          -

Other assets        577,046         502,275         396,817       14.9       45.4

   Total assets   $ 18,082,341    $ 16,740,357    $ 16,370,364    8.0        10.5

LIABILITIES AND
STOCKHOLDERS'
EQUITY

Deposits:

 Checking         $ 4,101,540     $ 3,969,768     $ 4,288,960     3.3        (4.4   )

 Savings and        5,309,325       3,677,301       3,468,653     44.4       53.1
 money market

  Subtotal          9,410,865       7,647,069       7,757,613     23.1       21.3

 Certificates of    2,236,338       2,596,283       2,599,456     (13.9  )   (14.0  )
 deposit

  Total deposits    11,647,203      10,243,352      10,357,069    13.7       12.5

Short-term          26,299          226,861         138,442       (88.4  )   (81.0  )
borrowings

Long-term           4,311,568       4,433,913       4,414,644     (2.8   )   (2.3   )
borrowings

  Total             4,337,867       4,660,774       4,553,086     (6.9   )   (4.7   )
  borrowings

Accrued expenses
and other           597,315         342,455         330,339       74.4       80.8
liabilities

  Total             16,582,385      15,246,581      15,240,494    8.8        8.8
  liabilities

Stockholders'
equity:

 Preferred
 stock, par
 value $.01 per
 share,             349,007         348,437         -             .2         N.M.
 30,000,000
 authorized;
 361,172 issued

  outstanding       -               -                             -          -

 Common stock,
 par value $.01
 per share,
 280,000,000
 shares             1,304           1,308           1,311         (.3    )   (.5    )
 authorized;
 130,410,951;
 130,839,378 and
 131,065,676
 shares issued

 Additional         315,025         330,474         349,392       (4.7   )   (9.8   )
 paid-in capital

 Retained
 earnings,
 subject to         917,762         927,893         942,937       (1.1   )   (2.7   )
 certain
 restrictions

 Accumulated
 other              4,391           (3,692     )    (3,000     )  N.M.       N.M.
 comprehensive
 income (loss)

 Treasury stock
 at cost,
 2,573,813;
 3,413,855 and      (87,533    )    (110,644   )    (160,770   )  (20.9  )   (45.6  )
 4,752,480
 shares, and
 other

   Total
   stockholders'    1,499,956       1,493,776       1,129,870     .4         32.8
   equity

   Total
   liabilities
   and            $ 18,082,341    $ 16,740,357    $ 16,370,364    8.0        10.5
   stockholders'
   equity

N.M. Not
meaningful.



TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CREDIT QUALITY DATA

(Dollars in thousands)

(Unaudited)

Allowance for                                                                                 Allowance as % of
loan and lease                                                                                Portfolio
losses

                  At March 31, 2009       At December 31, 2008      At March 31, 2008         Change from

                  Allowance               Allowance                 Allowance                 Dec. 31,         Mar. 31,

                  Balance    % of         Balance      % of         Balance      % of         2008             2008
                             Portfolio                 Portfolio                 Portfolio

 Consumer real    $ 103,475    1.42    %  $ 98,436       1.35    %  $ 39,592       .55     %    7         bps    87       bps
 estate

 Consumer other     2,519      4.53         2,664        4.31         1,893        3.07         22               146

  Total consumer
  real estate       105,994    1.44         101,100      1.37         41,485       .57          7                87
  and other

 Commercial real    40,354     1.33         39,386       1.32         33,051       1.27         1                6
 estate

 Commercial         10,281     2.08         11,865       2.34         6,912        1.29         (26    )         79
 business

 Leasing and
 equipment          24,140     .86          20,058       .81          15,942       .73          5                13
 finance

 Inventory          447        .44          33           .75          -            -            (31    )         44
 finance

  Total
  allowance for   $ 181,216    1.31       $ 172,442      1.29       $ 97,390       .77          2                54
  loan and lease
  losses

Credit Loss       At March 31, 2009       At December 31, 2008      At March 31, 2008         Change from
Reserves

                  Credit loss reserve     Credit loss reserve       Credit loss reserve       Dec. 31,         Mar. 31,

                  Balance    % of         Balance      % of         Balance      % of         2008             2008
                             Portfolio                 Portfolio                 Portfolio

 Allowance for
 loan and lease   $ 181,216    1.31    %  $ 172,442      1.29    %  $ 97,390       .77     %    2         bps    54       bps
 losses

 Reserves
 recorded in        1,730      .01          1,510        .01          1,060        .01          -                -
 other
 liabilities

 Reserves netted
 against            15,102     .11          -            -            -            -            11               11
 portfolio asset
 balances

  Total credit    $ 198,048    1.43       $ 173,952      1.30       $ 98,450       .78          13               65
  loss reserves

Net Charge-Offs              Quarter Ended                                                    Change from

                             Mar. 31,     Dec. 31,     Sep. 30,     Jun. 30,     Mar. 31,     Dec. 31,         Mar. 31,

                             2009         2008         2008         2008         2008         2008             2008

 Consumer real
 estate

  First mortgage             $ 10,477     $ 10,198     $ 8,841      $ 6,803      $ 4,211      $ 279            $ 6,266
  lien

  Junior lien                  11,849       10,664       9,469        7,205        4,973        1,185            6,876

   Total
   consumer real               22,326       20,862       18,310       14,008       9,184        1,464            13,142
   estate

 Consumer other                1,290        3,303        3,282        1,525        1,195        (2,013 )         95

  Total consumer
  real estate                  23,616       24,165       21,592       15,533       10,379       (549   )         13,237
  and other

 Commercial real               3,640        2,958        2,694        5,736        466          682              3,174
 estate

 Commercial                    2,981        2,631        65           2,308        597          350              2,384
 business

 Leasing and
 equipment                     4,701        3,832        2,413        3,071        2,105        869              2,596
 finance

 Inventory                     -            -            -            -            -            -                -
 finance

  Total                      $ 34,938     $ 33,586     $ 26,764     $ 26,648     $ 13,547     $ 1,352          $ 21,391

Net Charge-Offs as a
Percentage of Average Loans
and Leases

                             Quarter Ended(1)                                                 Change from

                             Mar. 31,     Dec. 31,     Sep. 30,     Jun. 30,     Mar. 31,     Dec. 31,         Mar. 31,

                             2009         2008         2008         2008         2008         2008             2008

 Consumer real
 estate

  First mortgage               .86     %    .84     %    .73     %    .56     %    .36     %    2         bps    50       bps
  lien

  Junior lien                  1.98         1.76         1.56         1.19         .84          22               114

   Total
   consumer real               1.22         1.14         1.00         .77          .52          8                70
   estate

 Consumer other              N.M.         N.M.         N.M.         N.M.         N.M.         N.M.             N.M.

  Total consumer
  real estate                  1.29         1.32         1.17         .85          .58          (3     )         71
  and other

 Commercial real               .49          .41          .39          .86          .07          8                42
 estate

 Commercial                    2.39         2.01         .05          1.74         .44          38               195
 business

 Leasing and
 equipment                     .71          .64          .42          .55          .39          7                32
 finance

 Inventory                     -            -            -            -            -            -                -
 finance

  Total                        1.04         1.02         .82          .84          .44          2                60

Non-performing               At           At           At           At           At           Change from
assets

                             Mar. 31,     Dec. 31,     Sep. 30,     Jun. 30,     Mar. 31,     Dec. 31,         Mar. 31,

                             2009         2008         2008         2008         2008         2008             2008

 Non-accrual
 loans and
 leases:

  Consumer real
  estate

   First                     $ 82,082     $ 71,078     $ 52,633     $ 42,776     $ 31,403     $ 11,004         $ 50,679
   mortgage lien

   Junior lien                 11,373       11,793       12,433       9,654        7,434        (420   )         3,939

    Total
    consumer                   93,455       82,871       65,066       52,430       38,837       10,584           54,618
    real estate

  Consumer other               146          65           78           287          13           81               133

   Total
   consumer real               93,601       82,936       65,144       52,717       38,850       10,665           54,751
   estate and
   other

  Commercial                   67,264       54,615       46,011       38,404       34,300       12,649           32,964
  real estate

  Commercial                   11,857       14,088       16,356       1,306        2,350        (2,231 )         9,507
  business

  Leasing and
  equipment                    33,190       20,879       18,379       12,820       10,726       12,311           22,464
  finance

  Inventory                    4            -            -            -            -            4                4
  finance

   Total
   non-accrual                 205,916      172,518      145,890      105,247      86,226       33,398           119,690
   loans and
   leases

 Other real
 estate owned:

  Consumer real                45,633       38,632       34,101       35,269       30,415       7,001            15,218
  estate

  Commercial                   25,115       23,033       20,078       19,843       17,400       2,082            7,715
  real estate

   Total other
   real estate                 70,748       61,665       54,179       55,112       47,815       9,083            22,933
   owned

  Total
  non-performing             $ 276,664    $ 234,183    $ 200,069    $ 160,359    $ 134,041    $ 42,481         $ 142,623
  assets

 Non-performing
 assets as a
 percentage of                 2.03    %    1.78    %    1.55    %    1.25    %    1.07    %    25        bps    96       bps
 net loans and
 leases

(1) Annualized



TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CREDIT QUALITY DATA

(Dollars in thousands)

(Unaudited)

Delinquency data
- principal
balances(1)

                  At           At           At           At           At           Change from

                  Mar. 31,     Dec. 31,     Sep. 30,     Jun. 30,     Mar. 31,     Dec. 31,         Mar. 31,

                  2009         2008         2008         2008         2008         2008             2008

    30 days or
    more:

    Consumer
    real estate

     First
     mortgage     $ 97,447     $ 91,558     $ 80,291     $ 63,542     $ 60,246     $ 5,889          $ 37,201
     lien

     Junior lien    18,432       24,086       20,074       14,818       15,378       (5,654 )         3,054

      Total
      consumer      115,879      115,644      100,365      78,360       75,624       235              40,255
      real
      estate

    Consumer        445          666          515          437          342          (221   )         103
    other

     Total
     consumer       116,324      116,310      100,880      78,797       75,966       14               40,358
     real estate
     and other

    Commercial      9,503        3,199        15,732       17,877       7,888        6,304            1,615
    real estate

    Commercial      1,118        874          531          2,167        527          244              591
    business

    Leasing and
    equipment       51,143       28,901       24,982       21,982       19,956       22,242           31,187
    finance

    Inventory       387          -            -            -            -            387              387
    finance

     Total 30
     days or      $ 178,475    $ 149,284    $ 142,125    $ 120,823    $ 104,337    $ 29,191         $ 74,138
     more

     Total 60
     days or      $ 82,270     $ 79,470     $ 69,927     $ 70,614     $ 46,947     $ 2,800          $ 35,323
     more

     Total 90
     days or        38,344       37,619       34,808       28,180       23,538       725              14,806
     more

Delinquency data
- % of portfolio
(1)

                  At           At           At           At           At           Change from

                  Mar. 31,     Dec. 31,     Sep. 30,     Jun. 30,     Mar. 31,     Dec. 31,         Mar. 31,

                  2009         2008         2008         2008         2008         2008             2008

    30 days or
    more:

    Consumer
    real estate

     First
     mortgage       2.01    %    1.90    %    1.67    %    1.31    %    1.26    %    11        bps    75       bps
     lien

     Junior lien    .78          1.00         .83          .61          .64          (22    )         14

      Total
      consumer      1.61         1.60         1.39         1.08         1.05         1                56
      real
      estate

    Consumer        .80          1.08         .73          .64          .55          (28    )         25
    other

     Total
     consumer       1.60         1.60         1.38         1.07         1.05         -                55
     real estate
     and other

    Commercial      .32          .11          .56          .66          .31          21               1
    real estate

    Commercial      .23          .18          .10          .39          .10          5                13
    business

    Leasing and
    equipment       1.85         1.17         1.08         .98          .92          68               93
    finance

    Inventory       .38          -            -            -            -            38               38
    finance

     Total 30
     days or        1.31         1.13         1.10         .94          .83          18               48
     more

     Total 60
     days or        .60          .60          .54          .55          .38          -                22
     more

     Total 90
     days or        .28          .28          .27          .22          .19          -                9
     more

Potential
Problem Loans
and Leases(1)
(2)

                  At           At           At           At           At           Change from

                  Mar. 31,     Dec. 31,     Sep. 30,     Jun. 30,     Mar. 31,     Dec. 31,         Mar. 31,

                  2009         2008         2008         2008         2008         2008             2008

    Consumer
    real estate   $ 24,877     $ 27,423     $ 23,844     $ 24,722     $ 15,120     $ (2,546 )       $ 9,757
    (3)

    Commercial      176,277      137,332      100,028      100,288      36,172       38,945           140,105
    real estate

    Commercial      35,826       27,127       30,619       49,809       34,787       8,699            1,039
    business

    Leasing and
    equipment       27,898       20,994       17,950       16,967       16,010       6,904            11,888
    finance

    Inventory       -            -            -            -            -            -                -
    finance

                  $ 264,878    $ 212,876    $ 172,441    $ 191,786    $ 102,089    $ 52,002         $ 162,789

(1) Excludes non-accrual loans and leases.

    Consists of loans and leases primarily classified for regulatory purposes as substandard and reflect the
(2) 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.

(3) Consists of certain loans with restructured terms.



TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Dollars in thousands)

(Unaudited)

                       Three Months Ended March 31,

                       2009                               2008

                       Average                  Yields    Average                  Yields
                                                and                                and

                       Balance       Interest   Rates     Balance       Interest   Rates
                                                (1)                                (1)

ASSETS

  Investments and      $ 484,394     $ 856      .71    %  $ 150,659     $ 1,642    4.38   %
  other

  Securities             2,012,467     25,701   5.11        2,140,951     28,279   5.28
  available for sale

  Education loans        -             -        -           215,434       3,452    6.44
  held for sale

  Loans and leases:

   Consumer real
   estate:

    Fixed-rate           5,477,467     88,806   6.57        5,501,201     93,520   6.83

    Variable-rate        1,818,232     26,223   5.85        1,603,032     28,194   7.07

   Consumer - other      39,539        822      8.43        44,008        980      8.96

     Total consumer
     real estate and     7,335,238     115,851  6.40        7,148,241     122,694  6.90
     other

   Commercial real
   estate:

    Fixed- and           2,410,335     36,284   6.11        1,975,344     31,244   6.36
    adjustable-rate

    Variable-rate        588,181       5,640    3.89        591,071       8,778    5.97

     Total commercial    2,998,516     41,924   5.67        2,566,415     40,022   6.27
     real estate

   Commercial
   business:

    Fixed- and           175,445       2,550    5.89        177,691       2,755    6.24
    adjustable-rate

    Variable-rate        324,311       2,386    2.98        365,997       5,373    5.90

     Total commercial    499,756       4,936    4.01        543,688       8,128    6.01
     business

   Leasing and           2,632,893     46,051   7.00        2,140,695     40,933   7.65
   equipment finance

   Inventory finance     28,475        615      8.64        -             -        N.A.

    Total loans and      13,494,878    209,377  6.27        12,399,039    211,777  6.86
    leases

     Total
     interest-earning    15,991,739    235,934  5.96        14,906,083    245,150  6.60
     assets

  Other assets           1,157,981                          1,228,970

   Total assets        $ 17,149,720                       $ 16,135,053

LIABILITIES AND
STOCKHOLDERS' EQUITY

  Non-interest
  bearing deposits:

   Retail              $ 1,428,453                        $ 1,415,379

   Small business        563,236                            565,148

   Commercial and        227,470                            200,624
   custodial

    Total
    non-interest         2,219,159                          2,181,151
    bearing deposits

  Interest-bearing
  deposits:

   Interest-bearing      1,747,480     2,687    .62         1,846,606     4,731    1.03
   checking

   Savings and money     4,446,622     19,249   1.76        3,314,442     17,760   2.16
   market

    Subtotal             6,194,102     21,936   1.44        5,161,048     22,491   1.76

   Certificates of       2,463,405     18,148   2.98        2,500,362     26,237   4.21
   deposit

    Total
    interest-bearing     8,657,507     40,084   1.88        7,661,410     48,728   2.56
    deposits

     Total deposits      10,876,666    40,084   1.49        9,842,561     48,728   1.99

  Borrowings:

   Short-term            44,131        94       .86         399,023       3,610    3.64
   borrowings

   Long-term             4,366,782     50,343   4.67        4,414,630     49,983   4.55
   borrowings

     Total borrowings    4,410,913     50,437   4.63        4,813,653     53,593   4.48

   Total deposits and    15,287,579    90,521   2.40        14,656,214    102,321  2.81
   borrowings

  Other liabilities      380,202                            368,216

   Total liabilities     15,667,781                         15,024,430

  Stockholders'          1,481,939                          1,110,623
  equity

   Total liabilities
   and stockholders'   $ 17,149,720                       $ 16,135,053
   equity

Net interest income                  $ 145,413  3.66   %                $ 142,829  3.84   %
and margin

(1) Annualized



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

                 Mar. 31,     Dec. 31,     Sep. 30,     Jun. 30,     Mar. 31,

                 2009         2008         2008         2008         2008

Interest
income:

 Loans and       $ 209,377    $ 211,322    $ 210,651    $ 208,407    $ 211,777
 leases

 Securities
 available for     25,701       25,232       28,577       28,858       28,279
 sale

 Education
 loans held for    -            24           123          1,756        3,452
 sale

 Investments       856          1,224        1,644        1,427        1,642
 and other

  Total
  interest         235,934      237,802      240,995      240,448      245,150
  income

Interest
expense:

 Deposits          40,084       37,362       33,730       36,954       48,728

 Borrowings        50,437       53,323       55,100       51,932       53,593

  Total
  interest         90,521       90,685       88,830       88,886       102,321
  expense

   Net interest    145,413      147,117      152,165      151,562      142,829
   income

Provision for      43,712       47,050       52,105       62,895       29,995
credit losses

  Net interest
  income after     101,701      100,067      100,060      88,667       112,834
  provision for
  credit losses

Non-interest
income:

 Fees and
 service           57,064       67,448       71,783       67,961       63,547
 charges

 Card revenue      24,960       25,243       26,240       26,828       24,771

 ATM revenue       7,598        7,688        8,720        8,267        7,970

  Subtotal         89,622       100,379      106,743      103,056      96,288

 Leasing and
 equipment         12,651       16,298       13,006       14,050       12,134
 finance

 Other             458          130          3,296        4,398        4,283

  Fees and         102,731      116,807      123,045      121,504      112,705
  other revenue

 Gains on          11,548       8,167        498          1,115        6,286
 securities

 Visa share        -            -            -            -            8,308
 redemption

   Total
   non-interest    114,279      124,974      123,543      122,619      127,299
   income

Non-interest
expense:

 Compensation
 and employee      86,190       83,323       84,895       84,267       88,718
 benefits

 Occupancy and     32,047       32,503       31,832       31,205       32,413
 equipment

 Deposit
 account           6,576        5,659        7,292        2,441        1,496
 premiums

 Advertising       4,445        4,643        5,017        4,689        4,801
 and promotions

 Operating
 lease             4,024        4,269        4,215        4,460        4,514
 depreciation

 FDIC insurance    3,795        1,706        426          437          421
 premiums

 Other             37,131       47,707       43,911       41,230       35,913

  Total
  non-interest     174,208      179,810      177,588      168,729      168,276
  expense

   Income
   before          41,772       45,231       46,015       42,557       71,857
   income tax
   expense

Income tax         15,125       17,527       15,889       18,855       24,431
expense

  Net income       26,647       27,704       30,126       23,702       47,426

Preferred stock    5,185        2,540        -            -            -
dividends

 Net income
 available to    $ 21,462     $ 25,164     $ 30,126     $ 23,702     $ 47,426
 common
 stockholders

                   21,462       25,164       30,126       23,702       47,426

Net income per
common share:

 Basic           $ .17        $ .20        $ .24        $ .19        $ .38

 Diluted           .17          .20          .24          .19          .38

Dividends
declared per     $ .25        $ .25        $ .25        $ .25        $ .25
common share

Financial
Ratios:

Return on
average assets     .62     %    .68     %    .73     %    .58     %    1.18    %
(1)

Return on
average common     7.58         9.00         11.11        8.57         17.08
equity(1)

Net interest       3.66         3.84         3.97         4.00         3.84
margin(1)

Average total
equity to          8.64         7.93         6.61         6.76         6.88
average assets

(1) Annualized



TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS

(In thousands)

(Unaudited)

                      Mar. 31,        Dec. 31,        Sep. 30,        Jun. 30,        Mar. 31,

                      2009            2008            2008            2008            2008

ASSETS

Cash and due from     $ 609,168       $ 297,252       $ 288,884       $ 280,606       $ 304,441
banks

Investments             165,243         166,580         157,612         148,366         150,659

Securities available    2,012,467       1,966,561       2,160,887       2,184,580       2,140,951
for sale

Education loans held    -               1,876           12,516          123,457         215,434
for sale

Loans and leases:

 Consumer real
 estate:

  Fixed-rate            5,477,467       5,496,533       5,550,124       5,581,129       5,501,201

  Variable-rate         1,818,232       1,793,650       1,758,458       1,702,824       1,603,032

 Consumer - other       39,539          43,619          45,939          46,492          44,008

   Total consumer
   real estate and      7,335,238       7,333,802       7,354,521       7,330,445       7,148,241
   other

 Commercial real
 estate:

  Fixed- and            2,410,335       2,287,226       2,181,838       2,062,983       1,975,344
  adjustable-rate

  Variable-rate         588,181         608,709         594,992         593,409         591,071

   Total commercial     2,998,516       2,895,935       2,776,830       2,656,392       2,566,415
   real estate

 Commercial
 business:

  Fixed- and            175,445         171,687         167,079         157,740         177,691
  adjustable-rate

  Variable-rate         324,311         350,949         377,747         371,730         365,997

   Total commercial     499,756         522,636         544,826         529,470         543,688
   business

 Leasing and            2,632,893       2,389,225       2,300,429       2,229,467       2,140,695
 equipment finance

 Inventory finance      28,475          158             -               -               -

  Total loans and       13,494,878      13,141,756      12,976,606      12,745,774      12,399,039
  leases

 Allowance for loan     (174,364   )    (160,662   )    (140,362   )    (102,126   )    (84,048    )
 and lease losses

  Net loans and         13,320,514      12,981,094      12,836,244      12,643,648      12,314,991
  leases

Premises and            450,128         447,249         443,185         442,016         440,516
equipment

Goodwill                152,599         152,599         152,599         152,599         152,599

Other assets            439,601         394,024         359,632         398,582         415,462

                      $ 17,149,720    $ 16,407,235    $ 16,411,559    $ 16,373,854    $ 16,135,053

LIABILITIES AND
STOCKHOLDERS' EQUITY

Non-interest-bearing
deposits:

 Retail               $ 1,428,453     $ 1,345,832     $ 1,409,855     $ 1,464,237     $ 1,415,379

 Small business         563,236         593,626         597,894         577,510         565,148

 Commercial and         227,470         234,045         253,900         238,779         200,624
 custodial

  Total non-interest    2,219,159       2,173,503       2,261,649       2,280,526       2,181,151
  bearing deposits

Interest-bearing
deposits:

 Interest-bearing       1,747,480       1,754,111       1,837,540       1,883,948       1,846,606
 checking

 Savings and money      4,446,622       3,473,036       3,421,464       3,493,213       3,314,442
 market

  Subtotal              6,194,102       5,227,147       5,259,004       5,377,161       5,161,048

 Certificates of        2,463,405       2,448,815       2,469,327       2,471,216       2,500,362
 deposit

  Total
  interest-bearing      8,657,507       7,675,962       7,728,331       7,848,377       7,661,410
  deposits

   Total deposits       10,876,666      9,849,465       9,989,980       10,128,903      9,842,561

Borrowings:

 Short-term             44,131          454,202         429,861         363,302         399,023
 borrowings

 Long-term              4,366,782       4,435,730       4,567,706       4,419,821       4,414,630
 borrowings

  Total borrowings      4,410,913       4,889,932       4,997,567       4,783,123       4,813,653

Accrued expenses and    380,202         366,063         339,304         355,187         368,216
other liabilities

  Total liabilities     15,667,781      15,105,460      15,326,851      15,267,213      15,024,430

Stockholders'
equity:

 Preferred stock        348,727         183,981         -               -               -

 Common stock           1,305           1,309           1,309           1,311           1,312

 Additional paid-in     319,872         328,078         336,127         347,043         351,447
 capital

 Retained earnings      914,972         924,456         927,939         935,184         926,497

 Accumulated other      (5,745     )    (13,896    )    (36,468    )    (19,748    )    (5,715     )
 comprehensive loss

 Treasury stock at      (97,192    )    (122,153   )    (144,199   )    (157,149   )    (162,918   )
 cost and other

                        1,481,939       1,301,775       1,084,708       1,106,641       1,110,623

                      $ 17,149,720    $ 16,407,235    $ 16,411,559    $ 16,373,854    $ 16,135,053



TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY YIELDS AND RATES(1)

(Unaudited)

                       Mar.    Dec. 31,    Sep. 30,    Jun. 30,    Mar. 31,
                       31,

                       2009    2008        2008        2008        2008

ASSETS

  Investments and      .71  %  2.93     %  4.16     %  3.86     %  4.38     %
  other

  Securities           5.11    5.13        5.29        5.28        5.28
  available for sale

  Education loans      -       5.09        3.91        5.72        6.44
  held for sale

  Loans and leases:

   Consumer real
   estate:

    Fixed-rate         6.57    6.63        6.70        6.74        6.83

    Variable-rate      5.85    6.00        6.19        6.26        7.07

   Consumer - other    8.43    8.57        8.34        8.60        8.96

     Total consumer
     real estate and   6.40    6.48        6.59        6.64        6.90
     other

   Commercial real
   estate:

    Fixed- and         6.11    6.14        6.13        6.21        6.36
    adjustable-rate

    Variable-rate      3.89    4.87        4.97        5.04        5.97

     Total commercial  5.67    5.87        5.88        5.95        6.27
     real estate

   Commercial
   business:

    Fixed- and         5.89    5.65        5.63        6.20        6.24
    adjustable-rate

    Variable-rate      2.98    4.44        4.59        4.86        5.90

     Total commercial  4.01    4.83        4.91        5.26        6.01
     business

   Leasing and         7.00    7.15        7.14        7.38        7.65
   equipment finance

   Inventory finance   8.64    10.13       -           -           -

    Subtotal           6.27    6.41        6.47        6.57        6.86

    Total loans and    6.27    6.41        6.47        6.57        6.86
    leases

     Total
     interest-earning  5.96    6.20        6.27        6.35        6.60
     assets

LIABILITIES

  Interest-bearing
  deposits:

   Interest-bearing    .62     .67         .54         .60         1.03
   checking

   Savings and money   1.76    1.79        1.45        1.48        2.16
   market

    Subtotal           1.44    1.41        1.13        1.17        1.76

   Certificates of     2.98    3.05        3.02        3.47        4.21
   deposit

    Total
    interest-bearing   1.88    1.94        1.74        1.89        2.56
    deposits

     Total deposits    1.49    1.51        1.34        1.47        1.99

  Borrowings:

   Short-term          .86     .97         2.13        2.19        3.64
   borrowings

   Long-term           4.67    4.69        4.60        4.54        4.55
   borrowings

    Total borrowings   4.63    4.34        4.39        4.37        4.48

     Total
     interest-bearing  2.81    2.87        2.78        2.83        3.30
     liabilities

Net interest margin    3.66 %  3.84     %  3.97     %  4.00     %  3.84     %

(1) Annualized



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

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