TCF - TCF Reports First Quarter 2020 Results

April, 27 2020 04:30 PM TCF Financial Corporation

TCF also announces quarterly cash dividends on common and preferred stock

TCF Financial Corporation (NASDAQ: TCF):

First Quarter 2020 Highlights

Quarterly net income of $51.9 million, or $0.32 per diluted share, down 53.8% from the fourth quarter of 2019
Adjusted diluted earnings per common share of $0.57⁽¹⁾, down 45.2% from the fourth quarter of 2019. Adjusted diluted earnings per common share excludes $38.0 million, or $0.25 per share, after-tax impact of merger-related expenses and notable items
Loan and lease growth of 4.1% compared to December 31, 2019, driven by $1.2 billion of commercial loan and lease portfolio growth
Deposit growth of 3.9% compared to December 31, 2019
Net charge-offs of $5.5 million, or 0.06% of average loans and leases (annualized)
Provision for credit losses of $96.9 million, including $74.1 million related to COVID-19, a $0.38 detriment to earnings per diluted common share
Assisted consumers via approximately 7,300 COVID-19-related loan modification requests for $825 million as of April 23, 2020
Assisted business and commercial customers via $1.2 billion of approved loans through the Payment Protection Program as of April 23, 2020
Efficiency ratio of 69.57%, improved 392 basis points from the fourth quarter of 2019. Adjusted efficiency ratio of 58.24%⁽¹⁾, improved 27 basis pointsfrom the fourth quarter of 2019
Common equity Tier 1 capital ratio of 10.44%
Repurchased 873 thousand common shares at a cost of $33.1 million in the first quarter of 2020; in response to the COVID-19 pandemic, TCF temporarily suspended buybacks under its share repurchase program, but retains the ability to reinstate as circumstances warrant
Declared quarterly cash dividends on common stock of $0.35 per share payable on June 1, 2020

Merger-related Expenses and Notable items in the First Quarter of 2020 and Fourth Quarter of 2019⁽¹⁾

Pre-tax merger-related expenses of $36.7 million, $29.0 million net of tax, or $0.19 per diluted common share for the first quarter of 2020, compared to pre-tax merger-related expenses of $47.0 million, $36.1 million net of tax, or $0.24 per diluted common share for the fourth quarter of 2019
Pre-tax expenses of $11.3 million, $8.9 million net of tax, or $0.06 per diluted common share related to notable items for the first quarter of 2020, compared to pre-tax net expenses of $22.1 million, $13.1 million net of tax, or $0.08 per diluted common share related to notable items for the fourth quarter of 2019, see summary of notable items adjustments below

(1)

Denotes a non-GAAP financial measure. See "Reconciliation of GAAP to Non-GAAP Financial Measures" tables and the following table detailing merger-related expenses and notable items.

Note: TCF’s financial results for periods ended prior to August 1, 2019 reflect Legacy TCF financial results only on a standalone basis. In addition, TCF’s reported financial results for the first, second and third quarter of 2019 reflect Legacy TCF financial results for the period before August 1, 2019 and the post-merger combined TCF financial results on and after August 1, 2019, with the fourth quarter of 2019 and first quarter of 2020 financial results being solely of the post-merger combined TCF. The number of shares issued and outstanding, earnings per share, additional paid-in-capital, dividends paid and all references to share quantities of TCF have been retrospectively restated to reflect the equivalent number of shares issued in the Merger as the Merger was treated as a reverse merger.

Summary of Financial Results⁽¹⁾















At or For the Quarter Ended

Change From


Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Mar. 31,
(Dollars in thousands, except per share data)

2020

2019

2019

2019

2019

2019

2019
Financial Results
















Net income attributable to TCF

$
51,899


$
112,399


$
22,148


$
90,427


$
70,494


(53.8
)
%

(26.4
)
%
Net interest income

401,481


408,753


371,793


254,057


254,429


(1.8
)


57.8


Basic earnings per common share

$
0.33


$
0.72


$
0.15


$
1.07


$
0.83


(54.2
)


(60.2
)

Diluted earnings per common share

0.32


0.72


0.15


1.07


0.83


(55.6
)


(61.4
)

Return on average assets ("ROAA")⁽³⁾

0.46
%

0.99
%

0.26
%

1.54
%

1.22
%

(53
)
bps

(76
)
bps
ROACE⁽³⁾

3.64


8.00


1.75


14.27


11.40


(436
)


(776
)

ROATCE (non-GAAP)⁽²⁾⁽³⁾

5.42


11.35


2.68


15.46


12.42


(593
)


(700
)

Net interest margin

3.73


3.86


4.12


4.46


4.58


(13
)


(85
)

Net interest margin (FTE)⁽²⁾⁽³⁾

3.76


3.89


4.14


4.49


4.61


(13
)


(85
)

Net charge-offs as a percentage of average loans and leases⁽³⁾

0.06


0.07


0.39


0.29


0.39


(1
)


(33
)

Nonperforming assets as a percentage of total loans and leases and other real estate owned⁽⁴⁾

0.80


0.59


0.62


0.62


0.63


21



17


Efficiency ratio

69.57


73.49


91.32


65.11


70.70


(392
)


(113
)

Adjusted Financial Results (non-GAAP)
















Adjusted net income attributable to TCF⁽²⁾

$
89,855


$
161,581


$
128,301


$
93,650


$
77,700


(44.4
)
%

15.6

%
Adjusted diluted earnings per common share⁽²⁾

$
0.57


$
1.04


$
0.98


$
1.11


$
0.91


(45.2
)


(37.4
)

Adjusted ROAA⁽²⁾⁽³⁾

0.78
%

1.42
%

1.34
%

1.59
%

1.34
%

(64
)
bps

(56
)
bps
Adjusted ROACE⁽²⁾⁽³⁾

6.43


11.57


11.21


14.79


12.61


(514
)


(618
)

Adjusted ROATCE⁽²⁾⁽³⁾

9.24


16.25


14.96


16.02


13.72


(701
)


(448
)

Adjusted efficiency ratio⁽²⁾

58.24


58.51


58.74


61.48


65.67


(27
)


(743
)

N.M. Not meaningful
(1)

Financial results for any periods ended prior to August 1, 2019 reflect Legacy TCF financials on a standalone basis. Certain reclassifications have been made to prior period financial information to conform to the current period presentation.
(2)

Denotes a non-GAAP financial measure. See "Reconciliation of GAAP to Non-GAAP Financial Measures" tables.
(3)

Annualized.
(4)

Prior to the adoption of CECL as of January 1, 2020, purchased credit impaired loans were not classified as nonaccrual loans because they were recorded at their net realizable value based on the principal and interest expected to be collected on the loans. At January 1, 2020, $73.4 million of previous purchased credit impaired loans were reclassified to nonaccrual loans as a result of the adoption of CECL.

The following table includes merger-related expenses and notable items used to arrive at adjusted net income in the Adjusted Financial Results (non-GAAP) (see Reconciliation of Non-GAAP Financial Measures).



For the Quarter Ended March 31, 2020

For the Quarter Ended December 31, 2019
(Dollars in thousands, except per share data)

Pre-tax income (loss)

After-tax benefit (loss)⁽¹⁾

Per Share

Pre-tax income (loss)

After-tax benefit (loss)⁽¹⁾

Per Share
Merger-related expenses

$
(36,728
)

$
(29,026
)

$
(0.19
)

$
(47,025
)

(36,059
)

$
(0.24
)
Notable items:












Sale of Legacy TCF auto finance portfolio and related expenses⁽²⁾

(3,063
)

(2,421
)

(0.02
)

(12,864
)

(9,865
)

(0.06
)
Branch exit costs⁽³⁾

—


—


—


(3,494
)

(2,679
)

(0.02
)
Loan servicing rights (impairment) recovery⁽⁴⁾

(8,236
)

(6,509
)

(0.04
)

638


490


—

Pension fair valuation adjustment⁽⁴⁾

—


—


—


(6,341
)

(4,862
)

(0.03
)
Tax basis adjustment benefit⁽⁵⁾

—


—


—


—


3,793


0.03

Total notable items

(11,299
)

(8,930
)

(0.06
)

(22,061
)

(13,123
)

(0.08
)
Total merger-related and notable items

$
(48,027
)

$
(37,956
)

$
(0.25
)

$
(69,086
)

$
(49,182
)

$
(0.32
)

(1)

Net of tax benefit at our normal tax rate and other tax benefits.
(2)

First quarter of 2020 included within occupancy and equipment ($1.6 million), compensation and employee benefits ($0.9 million) and other noninterest expense ($0.6 million). Fourth quarter of 2019 included within net (loss) gain on sales of loans and leases ($8.2 million), other noninterest expense ($2.2 million), occupancy and equipment ($1.5 million) and compensation and employee benefits ($0.9 million).
(3)

Included within Other noninterest expense.
(4)

Included within Other noninterest income.
(5)

Included within Income tax expense.

TCF Financial Corporation ("TCF" or the "Corporation") (NASDAQ: TCF) today reported net income of $51.9 million, or diluted earnings per common share of $0.32, for the first quarter of 2020, compared with $112.4 million, or diluted earnings per common share of $0.72, for the fourth quarter of 2019. Adjusted net income was $89.9 million, or $0.57 per diluted common share for the first quarter of 2020, compared with $161.6 million, or $1.04 per diluted common share, for the fourth quarter of 2019. (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

"As we work through the impacts related to COVID-19, I am continually impressed with the dedication of our teams and how our team members have rallied to support our customers as well as each other during these unprecedented times," said Craig R. Dahl, president and chief executive officer. “Our top priorities continue to be on ensuring the health and well-being of our team members, the financial stability of our customers, and the overall wellness of the communities where we live and operate.

“We entered the year with momentum across the company and in January and February, we saw strong business performance that reflected the opportunity we see in our markets as a result of our merger of equals, including robust loan and deposit growth, stable credit quality and on-time execution of our integration initiatives. With the arrival of COVID-19, we quickly took numerous actions to prioritize the well-being of those we work with, both from a health and economic perspective. This included transitioning our branch services to drive-up only where possible, closing select other nearby branches, and implementing a work-from-home approach for many of our team members, all of which were designed to protect the health and safety of our employees. In addition, we are offering relief programs for impacted customers and we have deployed substantial resources to support applications for the Paycheck Protection Program.

“As we look ahead, our focus will remain on managing the impact of COVID-19 across the organization, completing our integration activities and capturing the related cost synergies, and continuing to actively manage the business in this volatile and fluid environment. We are operating with robust capital and liquidity levels, strong diversification across our portfolios as a result of the merger of equals, and an experienced management team that is providing strong leadership as we support our customers and employees in these difficult times.”

Net Interest Income and Net Interest Margin

Net interest income was $401.5 million for the first quarter of 2020, a decrease of $7.3 million, or 1.8%, from the fourth quarter of 2019. Purchase accounting accretion and amortization included in net interest income was $25.3 million for the first quarter of 2020, compared to $30.5 million for the fourth quarter of 2019. Net interest income, excluding purchase accounting accretion and amortization, was $376.2 million for the first quarter of 2020, compared to $378.2 million for the fourth quarter of 2019. Net interest margin was 3.73% for the first quarter of 2020, compared to 3.86% in the fourth quarter of 2019, while net interest margin on a fully tax-equivalent basis (FTE) was 3.76%, down 13 basis points from the fourth quarter of 2019. The decrease in net interest margin from the fourth quarter of 2019 was driven primarily by the Federal Reserve's rate cuts in addition to a decrease in the benefit provided by purchase accounting accretion and amortization. Net interest margin FTE, excluding purchase accounting accretion and amortization, was 3.53% in the first quarter of 2020, compared to 3.60% in the fourth quarter of 2019 (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

Noninterest Income

Noninterest income was $137.0 million for the first quarter of 2020, a decrease of $21.1 million, or 13.3%, from the fourth quarter of 2019. Noninterest income for the first quarter of 2020 included an $8.2 million loan servicing rights impairment, included in other noninterest income, a notable item. Noninterest income for the fourth quarter of 2019 included the following notable items: an $8.2 million loss related to the sale of the Legacy TCF auto finance portfolio, included in net gains (losses) on sales of loans and leases, and a $0.6 million recovery of prior loan servicing rights impairment, included in other noninterest income. Adjusted noninterest income for the first quarter of 2020 was $145.2 million, compared to $165.6 million in the fourth quarter of 2019 (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables). The first quarter of 2020 also included a $6.0 million favorable interest rate swap mark-to-market adjustment resulting from changes in the interest rate environment, included in other noninterest income, a $7.7 million increase in net gains on sales of loans and leases, and decreases of $13.1 million in leasing revenue, primarily due to a seasonal decline in sales-type leasing revenue, and of $4.8 million and $3.1 million in service charges on deposit accounts and card and ATM revenue, respectively. The fourth quarter of 2019 included a $3.7 million gain on sale of loans and leases related to a nonaccrual and TDR loan sale, included in net gains (losses) on sales of loans and leases and a $2.4 million favorable interest rate swap mark-to-market adjustment resulting from changes in the interest rate environment, included in other noninterest income.

Noninterest Expense

Noninterest expense was $374.6 million for the first quarter of 2020, a decrease of $42.0 million, or 10.1%, from the fourth quarter of 2019. The first quarter of 2020 included $36.7 million of merger-related expenses, compared to $47.0 million for the fourth quarter of 2019. Noninterest expense also included $3.1 million of expense related to the sale of the Legacy TCF auto finance portfolio ($1.6 million in occupancy and equipment expense, $0.9 million in compensation and employee benefits and $0.6 million in other noninterest expense) considered a notable item for the first quarter of 2020. Noninterest expense for the fourth quarter of 2019 included the following notable items: $6.3 million of expense related to pension fair valuation adjustment on plans with previously announced terminations, included in other noninterest expense, $4.6 million of expense related to the sale of the Legacy TCF auto finance portfolio ($2.2 million in other noninterest expense, $1.5 million in occupancy and equipment expense and $0.9 million in compensation and employee benefits) and $3.5 million of expense related to branch exit costs, included in other noninterest expense. Excluding merger-related expenses and notable items, adjusted noninterest expense was $334.8 million for the first quarter of 2020, compared to $355.0 million for the fourth quarter of 2019 (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables). The first quarter of 2020 also included $1.5 million of impairment related to federal historic tax credits placed into service, included in other noninterest expense. The fourth quarter of 2019 also included $4.0 million of impairment related to federal historic tax credits placed into service, included in other noninterest expense, and a $1.3 million impairment charge recognized on a branch we intend to sell in the future, included within occupancy and equipment expense.

Income Tax Expense

Income tax expense for the first quarter of 2020 was $13.1 million, a decrease of $8.3 million, or 38.8%, from the fourth quarter of 2019. The fourth quarter of 2019 included a $3.6 million federal historic tax credit benefit and a $3.8 million tax basis adjustment benefit.

Credit Quality

Provision for credit losses Provision for credit losses was $96.9 million for the first quarter of 2020, an increase of $82.5 million, from the fourth quarter of 2019. The increase from the fourth quarter of 2019 was primarily due to the recognition of an economic downturn related to COVID-19 (increased provision for credit losses on loans and leases by $74.1 million, $70.5 million related to the provision for credit losses on loans and leases and $3.6 million related to the provision for unfunded commitments) and the adoption of a new accounting standard, often referred to as Current Expected Credit Losses ("CECL"). This framework requires that management estimate credit losses over the full remaining expected life and consider expected future changes in macroeconomic conditions. As a result of the adoption of CECL, the provision for credit losses now includes the provision for unfunded commitment that was previously included within other noninterest expense. The first quarter of 2020 provision for unfunded commitments was $4.0 million. Provision for credit losses for the fourth quarter of 2019 was reduced by $4.7 million of recoveries of previous charge-offs related to the sale of consumer nonaccrual and TDR loans.

Net charge-off rate The annualized net charge-offs as a percentage of average loans and leases was 0.06% for the first quarter of 2020, down 1 basis point from the fourth quarter of 2019. Net charge-offs for the fourth quarter of 2019 were reduced by $4.7 million of recoveries of previous charge-offs related to the sale of consumer nonaccrual and TDR loans.

Allowance for Credit Losses Allowance for credit losses was $406.4 million, or 1.13% of total loans and leases, at March 31, 2020, up from $113.1 million, or 0.33%, at December 31, 2019. The increase from December 31, 2019 was primarily due to the adoption of CECL and the impact of COVID-19 (increased the allowance for credit losses by $70.5 million) and the adoption of CECL as of January 1, 2020. Upon adoption of CECL, $206.0 million was recorded as an increase in the allowance for credit losses. Prior to the adoption of CECL, the allowance for credit losses was calculated under an incurred loss model which delayed recognition of loss until it was probable the loss had been incurred in comparison to the accounting under CECL which considers current credit losses expected to be incurred in the loan and lease portfolios over the life of each financial asset.

Nonaccrual loans and leases Nonaccrual loans and leases were $250.5 million at March 31, 2020 and represented 0.70% of total loans and leases, compared to $169.7 million, or 0.49% of total loans and leases, at December 31, 2019. The $80.8 million increase in nonaccrual loans and leases from December 31, 2019 was substantially driven by the adoption of CECL ($73.4 million of loans previously accounted for as purchased credit impaired were reclassified to nonaccrual loans as of January 1, 2020 due to the adoption of CECL).

Balance Sheet

Loans and leases Loans and leases were $35.9 billion at March 31, 2020, an increase of $1.4 billion, or 4.1%, compared to $34.5 billion at December 31, 2019. The increase from December 31, 2019 was primarily due to growth in the commercial and industrial, commercial real estate and residential mortgage portfolios.

Investment securities The investment securities portfolio was $7.2 billion at March 31, 2020, an increase of $301.4 million, or 4.4%, compared to $6.9 billion at December 31, 2019. The increase from December 31, 2019 was primarily due to purchases of residential agency mortgage-backed securities.

Deposits Deposits were $35.8 billion at March 31, 2020, an increase of $1.3 billion, or 3.9%, compared to $34.5 billion at December 31, 2019. The increase from December 31, 2019 was primarily due to increases in money market deposits of $535.2 million, checking deposit account balances of $322.9 million and savings account balances of $197.8 million, reflecting seasonal increases in addition to lower consumer spending.

Capital The common equity Tier 1 capital ratio was 10.44% at March 31, 2020, compared to 10.99% at December 31, 2019. Our capital ratios as of March 31, 2020 reflect our election of the five-year CECL transition for regulatory capital purposes.

In response to the COVID-19 pandemic, TCF temporarily suspended buybacks under its share repurchase program, but retains the ability to reinstate as circumstances warrant. TCF is well positioned with strong capital and liquidity and is committed to supporting our customers, team members and communities.

TCF's board of directors also declared a regular quarterly cash dividend of $0.35 per common share payable on June 1, 2020 to shareholders of record at the close of business on May 15, 2020. In addition, the board of directors declared a quarterly cash dividend of $0.35625 per depositary share payable on June 1, 2020 to shareholders of record of the depositary shares, representing a 1/1,000th interest in a share of the 5.70% Series C Non-Cumulative Perpetual Preferred Stock, at the close of business on May 15, 2020.

Conference Call Details TCF will host a conference call to discuss first quarter 2020 results on Tuesday, April 28, 2020 at 10:00 a.m. Eastern Time. The conference call will be available via a live webcast on the Investor Relations section of TCF's website, ir.tcfbank.com, and archived for replay. The conference call can also be accessed by dialing (844) 512-2926 and entering access code 6598992. To listen to the replay via phone, please dial (877) 344-7529 and enter access code 10141568. The replay begins approximately one hour after the call is completed on Tuesday, April 28, 2020 and will be available through Tuesday, May 5, 2020.

TCF Financial Corporation (NASDAQ: TCF) is a Detroit, Michigan-based financial holding company with $49 billion in total assets at March 31, 2020 and a top 10 deposit market share in the Midwest. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF has approximately 500 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Arizona, Colorado, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses. To learn more about TCF, visit ir.tcfbank.com.

Cautionary Statements for Purposes of the Safe Harbor Provisions of the Securities Litigation Reform Act

Any statements contained in this earnings release regarding the outlook for the Corporation's businesses and their respective markets, such as projections of future performance, targets, guidance, statements of the Corporation's plans and objectives, forecasts of market trends and other matters are forward-looking statements based on the Corporation's assumptions and beliefs. Such statements may be identified by such words or phrases as "will likely result," "are expected to," "will continue," "outlook," "will benefit," "is anticipated," "estimate," "project," "management believes" or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those discussed in such statements and no assurance can be given that the results in any forward-looking statement will be achieved. For these statements, TCF claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Any forward-looking statement speaks only as of the date on which it is made and we disclaim any obligation to subsequently revise any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of anticipated or unanticipated events.

Certain factors could cause the Corporation's future results to differ materially from those expressed or implied in any forward-looking statements contained herein. These factors include the factors discussed in Part I, Item 1A of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019 under the heading "Risk Factors" or otherwise disclosed in documents filed or furnished by the Corporation with or to the SEC after the filing of such Annual Report on Form 10-K, and any other cautionary statements, written or oral, which may be made or referred to in connection with any such forward-looking statements. Since it is not possible to foresee all such factors, these factors should not be considered as complete or exhaustive.

This release also contains forward-looking statements regarding TCF’s outlook or expectations with respect to the merger. Examples of forward-looking statements include, but are not limited to, statements regarding outlook and expectations with respect to the strategic and financial benefits of the merger, including the expected impact of the transaction on TCF’s future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period and other operating and return metrics), the expected costs to be incurred in connection with the merger, and operational aspects of post-merger integration.

Use of Non-GAAP Financial Measures

Management uses the adjusted net income, adjusted diluted earnings per common share, adjusted ROAA, adjusted ROACE, ROATCE, adjusted ROATCE, adjusted efficiency ratio, adjusted net interest income, net interest margin (FTE), adjusted net interest margin (FTE), adjusted noninterest income, adjusted noninterest expense, tangible book value per common share and tangible common equity to tangible assets internally to measure performance and believes that these financial measures not recognized under generally accepted accounting principles in the United States ("GAAP") (i.e. non-GAAP) provide meaningful information to investors that will permit them to assess the Corporation's capital and ability to withstand unexpected market or economic conditions and to assess the performance of the Corporation in relation to other banking institutions on the same basis as that applied by management, analysts and banking regulators. TCF adjusts certain results to exclude merger-related expenses and notable items in addition to presenting net interest income and net interest margin (FTE) excluding purchase accounting accretion and amortization. Management believes these measures are useful to investors in understanding TCF's business and operating results.

These non-GAAP financial measures are not defined by GAAP and other entities may calculate them differently than TCF does. Non-GAAP financial measures have inherent limitations and are not required to be uniformly applied. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a corporation, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP. In particular, a measure of earnings that excludes selected items does not represent the amount that effectively accrues directly to shareholders. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measure may be found in the reconciliation tables included in this press release.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES








Consolidated Statements of Financial Condition (Unaudited)




















Change From
(Dollars in thousands)

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31, 2019

Mar. 31, 2019

2020

2019

2019

2019

2019

$

%

$

%
ASSETS:


















Cash and cash equivalents:


















Cash and due from banks

$
713,413


$
491,787


$
586,060


$
294,566


$
283,659


$
221,626


45.1
%

$
429,754


151.5
%
Interest-bearing deposits with other banks

565,458


736,584


736,954


260,705


180,163


(171,126
)

(23.2
)

385,295


N.M.

Total cash and cash equivalents

1,278,871


1,228,371


1,323,014


555,271


463,822


50,500


4.1


815,049


175.7

Federal Home Loan Bank and Federal Reserve Bank stocks, at cost

484,461


442,440


290,238


105,659


103,644


42,021


9.5


380,817


N.M.

Investment securities:


















Available-for-sale, at fair value

7,025,224


6,720,001


5,579,835


3,109,803


2,945,342


305,223


4.5


4,079,882


138.5

Held-to-maturity, at amortized cost

135,619


139,445


144,000


144,919


148,024


(3,826
)

(2.7
)

(12,405
)

(8.4
)
Total investment securities

7,160,843


6,859,446


5,723,835


3,254,722


3,093,366


301,397


4.4


4,067,477


131.5

Loans and leases held-for-sale

287,177


199,786


1,436,069


74,410


64,468


87,391


43.7


222,709


N.M.

Loans and leases

35,921,614


34,497,464


33,510,752


19,185,137


19,384,210


1,424,150


4.1


16,537,404


85.3

Allowance for credit losses

(406,383
)

(113,052
)

(121,218
)

(146,503
)

(147,972
)

(293,331
)

N.M.


(258,411
)

(174.6
)
Loans and leases, net

35,515,231


34,384,412


33,389,534


19,038,634


19,236,238


1,130,819


3.3


16,278,993


84.6

Premises and equipment, net

516,454


533,138


554,194


432,751


429,711


(16,684
)

(3.1
)

86,743


20.2

Goodwill

1,313,046


1,299,878


1,265,111


154,757


154,757


13,168


1.0


1,158,289


N.M.

Other intangible assets, net

162,887


168,368


215,910


18,885


19,684


(5,481
)

(3.3
)

143,203


N.M.

Loan servicing rights

47,283


56,313


55,301


19


20


(9,030
)

(16.0
)

47,263


N.M.

Other assets

1,828,130


1,479,401


1,439,305


991,722


853,005


348,729


23.6


975,125


114.3

Total assets

$
48,594,383


$
46,651,553


$
45,692,511


$
24,626,830


$
24,418,715


$
1,942,830


4.2


$
24,175,668


99.0

LIABILITIES AND EQUITY:
















Deposits:


















Noninterest-bearing

$
8,237,916


$
7,970,590


$
7,979,900


$
4,062,912


$
4,104,652


$
267,326


3.4
%

$
4,133,264


100.7
%
Interest-bearing

27,561,387


26,497,873


27,306,174


15,049,475


14,919,459


1,063,514


4.0


12,641,928


84.7

Total deposits

35,799,303


34,468,463


35,286,074


19,112,387


19,024,111


1,330,840


3.9


16,775,192


88.2

Short-term borrowings

3,482,535


2,669,145


2,607,300


350,764


355,992


813,390


30.5


3,126,543


N.M.

Long-term borrowings

2,600,594


2,354,448


860,482


1,617,531


1,411,426


246,146


10.5


1,189,168


84.3

Other liabilities

1,056,118


1,432,256


1,245,238


835,630


981,341


(376,138
)

(26.3
)

74,777


7.6

Total liabilities

42,938,550


40,924,312


39,999,094


21,916,312


21,772,870


2,014,238


4.9


21,165,680


97.2

Equity:



















Preferred stock

169,302


169,302


169,302


169,302


169,302


—


—


—


—

Common stock

152,186


152,966


153,571


87,944


88,063


(780
)

(0.5
)

64,123


72.8

Additional paid-in capital

3,433,234


3,462,080


3,478,159


781,788


789,467


(28,846
)

(0.8
)

2,643,767


N.M.

Retained earnings

1,732,932


1,896,427


1,840,214


1,874,308


1,810,701


(163,495
)

(8.6
)

(77,769
)

(4.3
)
Accumulated other comprehensive income

166,170


54,277


56,228


37,334


5,481


111,893


N.M.


160,689


N.M.

Treasury stock at cost and other

(28,140
)

(28,037
)

(27,370
)

(265,016
)

(246,621
)

(103
)

(0.4
)

218,481


88.6

Total TCF Financial Corporation shareholders' equity

5,625,684


5,707,015


5,670,104


2,685,660


2,616,393


(81,331
)

(1.4
)

3,009,291


115.0

Non-controlling interest

30,149


20,226


23,313


24,858


29,452


9,923


49.1


697


2.4

Total equity

5,655,833


5,727,241


5,693,417


2,710,518


2,645,845


(71,408
)

(1.2
)

3,009,988


113.8

Total liabilities and equity

$
48,594,383


$
46,651,553


$
45,692,511


$
24,626,830


$
24,418,715


$
1,942,830


4.2


$
24,175,668


99.0




































N.M. Not Meaningful

TCF FINANCIAL CORPORATION AND SUBSIDIARIES








Consolidated Statements of Income (Unaudited)





























Quarter Ended

Change From
(Dollars in thousands)

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31, 2019

Mar. 31, 2019

2020

2019

2019

2019

2019

$

%

$

%
Interest income:


















Interest and fees on loans and leases

$
443,096


$
446,738


$
417,370


$
283,282


$
283,238


$
(3,642
)

(0.8
)%

$
159,858


56.4
%
Interest on investment securities:


















Taxable

40,920


36,282


31,038


22,041


16,666


4,638


12.8


24,254


145.5

Tax-exempt

4,349


4,374


3,385


1,208


2,684


(25
)

(0.6
)

1,665


62.0

Interest on loans held-for-sale

1,561


15,767


1,408


599


825


(14,206
)

(90.1
)

736


89.2

Interest on other earning assets

5,466


6,617


6,607


3,651


3,481


(1,151
)

(17.4
)

1,985


57.0

Total interest income

495,392


509,778


459,808


310,781


306,894


(14,386
)

(2.8
)

188,498


61.4

Interest expense:


















Interest on deposits

67,419


77,003


70,900


40,646


37,608


(9,584
)

(12.4
)

29,811


79.3

Interest on borrowings

26,492


24,022


17,115


16,078


14,857


2,470


10.3


11,635


78.3

Total interest expense

93,911


101,025


88,015


56,724


52,465


(7,114
)

(7.0
)

41,446


79.0

Net interest income

401,481


408,753


371,793


254,057


254,429


(7,272
)

(1.8
)

147,052


57.8

Provision for credit losses

96,943


14,403


27,188


13,569


10,122


82,540


N.M.


86,821


N.M.

Net interest income after provision for credit losses

304,538


394,350


344,605


240,488


244,307


(89,812
)

(22.8
)

60,231


24.7

Noninterest income:


















Fees and service charges on deposit accounts

34,597


39,356


34,384


27,842


26,278


(4,759
)

(12.1
)

8,319


31.7

Leasing revenue

33,565


46,686


39,590


39,277


38,165


(13,121
)

(28.1
)

(4,600
)

(12.1
)
Card and ATM revenue

21,685


24,751


23,315


20,496


18,659


(3,066
)

(12.4
)

3,026


16.2

Net gains (losses) on sales of loans and leases

20,590


12,934


(5,984
)

11,141


8,217


7,656


59.2


12,373


150.6

Servicing fee revenue

6,792


6,022


5,121


4,523


5,110


770


12.8


1,682


32.9

Wealth management revenue

6,151


6,172


4,241


—


—


(21
)

(0.3
)

6,151


N.M.

Net gains on investment securities

—


8


5,900


1,066


451


(8
)

(100.0
)

(451
)

(100.0
)
Other

13,583


22,123


(12,309
)

5,373


6,624


(8,540
)

(38.6
)

6,959


105.1

Total noninterest income

136,963


158,052


94,258


109,718


103,504


(21,089
)

(13.3
)

33,459


32.3

Noninterest expense:


















Compensation and employee benefits

171,528


180,969


155,745


116,266


123,942


(9,441
)

(5.2
)

47,586


38.4

Occupancy and equipment

57,288


56,771


49,229


41,850


41,710


517


0.9


15,578


37.3

Lease financing equipment depreciation

18,450


18,629


19,408


19,133


19,256


(179
)

(1.0
)

(806
)

(4.2
)
Net foreclosed real estate and repossessed assets

1,859


4,242


2,203


2,448


4,630


(2,383
)

(56.2
)

(2,771
)

(59.8
)
Merger-related expenses

36,728


47,025


111,259


4,226


9,458


(10,297
)

(21.9
)

27,270


N.M.

Other

88,746


108,935


87,776


52,926


54,079


(20,189
)

(18.5
)

34,667


64.1

Total noninterest expense

374,599


416,571


425,620


236,849


253,075


(41,972
)

(10.1
)

121,524


48.0

Income before income tax expense

66,902


135,831


13,243


113,357


94,736


(68,929
)

(50.7
)

(27,834
)

(29.4
)
Income tax expense (benefit)

13,086


21,375


(11,735
)

19,314


21,287


(8,289
)

(38.8
)

(8,201
)

(38.5
)
Income after income tax expense

53,816


114,456


24,978


94,043


73,449


(60,640
)

(53.0
)

(19,633
)

(26.7
)
Income attributable to non-controlling interest

1,917


2,057


2,830


3,616


2,955


(140
)

(6.8
)

(1,038
)

(35.1
)
Net income attributable to TCF Financial Corporation

51,899


112,399


22,148


90,427


70,494


(60,500
)

(53.8
)

(18,595
)

(26.4
)
Preferred stock dividends

2,493


2,494


2,494


2,494


2,493


(1
)

—


—


—

Net income available to common shareholders

$
49,406


$
109,905


$
19,654


$
87,933


$
68,001


$
(60,499
)

(55.0
)

$
(18,595
)

(27.3
)



































N.M. Not Meaningful

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields and Rates (Unaudited)


Quarter Ended


Mar. 31, 2020

Dec. 31, 2019

Mar. 31, 2019


Average



Yields &

Average



Yields &

Average



Yields &
(Dollars in thousands)

Balance

Interest⁽¹⁾

Rates⁽¹⁾⁽²⁾

Balance

Interest⁽¹⁾

Rates⁽¹⁾⁽²⁾

Balance

Interest⁽¹⁾

Rates⁽¹⁾⁽²⁾
ASSETS:


















Federal Home Loan Bank and Federal Reserve Bank stocks

$
454,675


$
3,152


2.79
%

$
388,640


$
3,170


3.24
%

$
105,135


$
961


3.70
%
Investment securities held-to-maturity

136,277


560


1.64


140,434


889


2.53


147,556


535


1.45

Investment securities available-for-sale:


















Taxable

5,892,006


40,360


2.74


4,960,520


35,393


2.85


2,121,196


16,131


3.04

Tax-exempt⁽³⁾

773,468


5,503


2.85


778,994


5,536


2.84


516,995


3,397


2.63

Loans and leases held-for-sale

138,058


1,561


4.53


1,121,326


15,767


5.58


55,204


825


6.05

Loans and leases⁽³⁾⁽⁴⁾


















Commercial and industrial

11,827,315


160,802


5.42


10,955,937


156,246


5.63


6,495,163


106,716


6.63

Commercial real estate

9,291,540


117,743


5.01


9,057,834


124,431


5.38


2,917,631


37,737


5.17

Lease financing

2,682,323


34,156


5.09


2,616,360


33,431


5.11


2,527,346


32,384


5.13

Residential mortgage

6,113,279


61,379


4.02


6,023,647


61,072


4.05


2,345,881


29,458


5.07

Consumer installment

1,517,412


19,742


5.23


1,546,952


19,382


4.97


1,852,813


25,500


5.58

Home equity

3,514,278


51,103


5.85


3,604,153


53,910


5.93


3,048,128


52,452


6.98

Total loans and leases⁽³⁾⁽⁴⁾

34,946,147


444,925


5.08


33,804,883


448,472


5.24


19,186,962


284,247


5.97

Interest-bearing deposits with banks and other

538,971


2,314


1.72


656,555


3,448


2.07


261,556


2,520


3.87

Total interest-earning assets

42,879,602


498,375


4.64


41,851,352


512,675


4.85


22,394,604


308,616


5.55

Other assets

4,105,824






4,268,162






1,712,337





Total assets

$
46,985,426






$
46,119,514






$
24,106,941





LIABILITIES AND EQUITY:


















Noninterest-bearing deposits

$
7,929,933






$
7,968,769






$
3,919,746





Interest-bearing deposits:


















Checking

5,990,309


5,830


0.39
%

5,891,566


7,614


0.51
%

2,457,767


387


0.06
%
Savings

8,589,815


13,669


0.64


8,404,460


14,993


0.71


6,253,992


10,670


0.69

Money market

4,792,248


14,855


1.25


4,463,476


15,537


1.38


1,490,631


4,453


1.21

Certificates of deposit

7,329,632


33,065


1.81


7,825,573


38,859


1.97


4,622,120


22,098


1.94

Total interest-bearing deposits

26,702,004


67,419


1.02


26,585,075


77,003


1.15


14,824,510


37,608


1.03

Total deposits

34,631,937


67,419


0.78


34,553,844


77,003


0.88


18,744,256


37,608


0.81

Borrowings:


















Short-term borrowings

2,689,262


10,582


1.56


2,585,682


11,403


1.73


293,499


1,957


2.67

Long-term borrowings

2,608,204


15,910


2.42


1,739,852


12,620


2.87


1,500,832


12,900


3.44

Total borrowings

5,297,466


26,492


1.98


4,325,534


24,023


2.19


1,794,331


14,857


3.31

Total interest-bearing liabilities

31,999,470


93,911


1.18


30,910,609


101,026


1.29


16,618,841


52,465


1.28

Total deposits and borrowings

39,929,403


93,911


0.94


38,879,378


101,026


1.03


20,538,587


52,465


1.03

Accrued expenses and other liabilities

1,425,536






1,549,017






989,104





Total liabilities

41,354,939






40,428,395






21,527,691





Total TCF Financial Corporation shareholders' equity

5,605,159






5,667,436






2,554,729





Non-controlling interest in subsidiaries

25,328






23,683






24,521





Total equity

5,630,487






5,691,119






2,579,250





Total liabilities and equity

$
46,985,426






$
46,119,514






$
24,106,941





Net interest spread (FTE)





3.70
%





3.82
%





4.52
%
Net interest income(FTE) and net interest margin(FTE)



$
404,464


3.76
%



$
411,649


3.89
%



$
256,151


4.61
%
Reconciliation to Reported Net Interest Income
















Net interest income (FTE)



$
404,464






$
411,649






$
256,151



Adjustments for taxable equivalent interest⁽¹⁾⁽³⁾


















Loans and leases



(1,829
)





(1,734
)





(1,009
)


Tax-exempt investment securities



(1,154
)





(1,162
)





(713
)


Total FTE adjustments



(2,983
)





(2,896
)





(1,722
)


Net interest income (GAAP)



$
401,481






$
408,753






$
254,429



Net interest margin (GAAP)



3.73
%





3.86
%





4.58
%

(1)

Interest and yields are presented on a fully tax-equivalent basis.
(2)

Annualized.
(3)

The yield on tax-exempt loans and investment securities available-for-sale is computed on a tax-equivalent basis using a statutory federal income tax rate of 21%.
(4)

Average balances of loans and leases include nonaccrual loans and leases and are presented net of unearned income.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES








Consolidated Quarterly Average Balance Sheets (Unaudited)





























Quarter Ended

Change From


Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31, 2019

Mar. 31, 2019
(Dollars in thousands)

2020

2019

2019

2019

2019

$

%

$

%
ASSETS:


















Federal Home Loan Bank and Federal Reserve Bank stocks

$
454,675


$
388,640


$
230,767


$
112,118


$
105,135


$
66,035


17.0
%

$
349,540


N.M.

Investment securities held-to-maturity

136,277


140,434


143,078


146,296


147,556


(4,157
)

(3.0
)

(11,279
)

(7.6
)%
Investment securities available-for-sale:


















Taxable

5,892,006


4,960,520


4,232,878


2,711,984


2,121,196


931,486


18.8


3,770,810


177.8

Tax-exempt

773,468


778,994


643,576


222,534


516,995


(5,526
)

(0.7
)

256,473


49.6

Loans and leases held-for-sale

138,058


1,121,326


118,482


40,835


55,204


(983,268
)

(87.7
)

82,854


150.1

Loans and leases⁽¹⁾ :


















Commercial and industrial

11,827,315


10,955,937


9,290,978


6,683,060


6,495,163


871,378


8.0


5,332,152


82.1

Commercial real estate

9,291,540


9,057,834


6,964,643


3,069,969


2,917,631


233,706


2.6


6,373,909


N.M.

Lease financing

2,682,323


2,616,360


2,570,567


2,565,175


2,527,346


65,963


2.5


154,977


6.1

Residential mortgage

6,113,279


6,023,647


4,853,627


2,337,818


2,345,881


89,632


1.5


3,767,398


160.6

Consumer installment

1,517,412


1,546,952


2,389,830


1,586,633


1,852,813


(29,540
)

(1.9
)

(335,401
)

(18.1
)
Home equity

3,514,278


3,604,153


3,433,830


2,997,050


3,048,128


(89,875
)

(2.5
)

466,150


15.3

Total loans and leases⁽¹⁾

34,946,147


33,804,883


29,503,475


19,239,705


19,186,962


1,141,264


3.4


15,759,185


82.1

Interest-bearing deposits with banks and other

538,971


656,555


933,014


280,075


261,556


(117,584
)

(17.9
)

277,415


106.1

Total interest-earning assets

42,879,602


41,851,352


35,805,270


22,753,547


22,394,604


1,028,250


2.5


20,484,998


91.5

Other assets

4,105,824


4,268,162


3,289,096


1,730,275


1,712,337


(162,338
)

(3.8
)

2,393,487


139.8

Total assets

$
46,985,426


$
46,119,514


$
39,094,366


$
24,483,822


$
24,106,941


$
865,912


1.9


$
22,878,485


94.9

LIABILITIES AND EQUITY:
















Noninterest-bearing deposits

$
7,929,933


$
7,968,769


$
6,564,195


$
3,980,811


$
3,919,746


$
(38,836
)

(0.5
)

$
4,010,187


102.3
%
Interest-bearing deposits:


















Checking

5,990,309


5,891,566


4,805,843


2,479,814


2,457,767


98,743


1.7


3,532,542


143.7

Savings

8,589,815


8,404,460


7,676,165


6,452,510


6,253,992


185,355


2.2


2,335,823


37.3

Money market

4,792,248


4,463,476


3,490,922


1,430,556


1,490,631


328,772


7.4


3,301,617


N.M.

Certificates of deposit

7,329,632


7,825,573


7,320,720


4,527,822


4,622,120


(495,941
)

(6.3
)

2,707,512


58.6

Total interest-bearing deposits

26,702,004


26,585,075


23,293,650


14,890,702


14,824,510


116,929


0.4


11,877,494


80.1

Total deposits

34,631,937


34,553,844


29,857,845


18,871,513


18,744,256


78,093


0.2


15,887,681


84.8

Borrowings:


















Short-term borrowings

2,689,262


2,585,682


1,884,228


321,043


293,499


103,580


4.0


2,395,763


N.M.

Long-term borrowings

2,608,204


1,739,852


1,472,150


1,657,527


1,500,832


868,352


49.9


1,107,372


73.8

Total borrowings

5,297,466


4,325,534


3,356,378


1,978,570


1,794,331


971,932


22.5


3,503,135


195.2

Total interest-bearing liabilities

31,999,470


30,910,609


26,650,028


16,869,272


16,618,841


1,088,861


3.5


15,380,629


92.5

Total deposits and borrowings

39,929,403


38,879,378


33,214,223


20,850,083


20,538,587


1,050,025


2.7


19,390,816


94.4

Accrued expenses and other liabilities

1,425,536


1,549,017


1,197,014


969,723


989,104


(123,481
)

(8.0
)

436,432


44.1

Total liabilities

41,354,939


40,428,395


34,411,237


21,819,806


21,527,691


926,544


2.3


19,827,248


92.1

Total TCF Financial Corporation shareholders' equity

5,605,159


5,667,436


4,657,613


2,634,386


2,554,729


(62,277
)

(1.1
)

3,050,430


119.4

Non-controlling interest in subsidiaries

25,328


23,683


25,516


29,630


24,521


1,645


6.9


807


3.3

Total equity

5,630,487


5,691,119


4,683,129


2,664,016


2,579,250


(60,632
)

(1.1
)

3,051,237


118.3

Total liabilities and equity

$
46,985,426


$
46,119,514


$
39,094,366


$
24,483,822


$
24,106,941


$
865,912


1.9


$
22,878,485


94.9

N.M. Not Meaningful

(1)

Average balances of loans and leases include nonaccrual loans and leases and are presented net of unearned income.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES








Consolidated Quarterly Yields and Rates⁽¹⁾⁽²⁾ (Unaudited)





























Quarter Ended

Change From


Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Mar. 31,


2020

2019

2019

2019

2019

2019

2019
ASSETS:
















Federal Home Loan Bank and Federal Reserve Bank stocks

2.79
%

3.24
%

1.39
%

3.91
%

3.70
%

(45
)

bps

(91
)

bps
Investment securities held-to-maturity

1.64


2.53


1.68


2.53


1.45


(89
)



19



Investment securities available-for-sale:


















Taxable

2.74


2.85


2.88


3.11


3.04


(11
)



(30
)


Tax-exempt⁽³⁾

2.85


2.84


2.66


2.75


2.63


1




22



Loans and leases held-for-sale

4.53


5.58


4.74


5.88


6.05


(105
)



(152
)


Loans and leases⁽³⁾


















Commercial and industrial

5.42


5.63


6.25


6.56


6.63


(21
)



(121
)


Commercial real estate

5.01


5.38


5.45


5.05


5.17


(37
)



(16
)


Lease financing

5.09


5.11


5.11


5.13


5.13


(2
)



(4
)


Residential mortgage

4.02


4.05


4.23


4.91


5.07


(3
)



(105
)


Consumer installment

5.23


4.97


5.73


5.63


5.58


26




(35
)


Home equity

5.85


5.93


6.49


6.90


6.98


(8
)



(113
)


Total loans and leases⁽³⁾

5.08


5.24


5.62


5.91


5.97


(16
)



(89
)


Interest-bearing deposits with banks and other

1.72


2.07


2.44


3.64


3.87


(35
)



(215
)





















Total interest-earning assets

4.64


4.85


5.11


5.48


5.55


(21
)



(91
)





















LIABILITIES:


















Interest-bearing deposits:


















Checking

0.39


0.51


0.46


0.07


0.06


(12
)



33



Savings

0.64


0.71


0.73


0.77


0.69


(7
)



(5
)


Money market

1.25


1.38


1.48


1.29


1.21


(13
)



4



Certificates of deposit

1.81


1.97


2.07


2.06


1.94


(16
)



(13
)


Total interest-bearing deposits

1.02


1.15


1.21


1.09


1.03


(13
)



(1
)


Total deposits

0.78


0.88


0.94


0.86


0.81


(10
)



(3
)


Borrowings:


















Short-term borrowings

1.56


1.73


1.11


2.63


2.67


(17
)



(111
)


Long-term borrowings

2.42


2.87


3.17


3.34


3.44


(45
)



(102
)


Total borrowings

1.98


2.19


2.01


3.23


3.31


(21
)



(133
)





















Total interest-bearing liabilities

1.18


1.29


1.31


1.34


1.28


(11
)



(10
)





















Net interest margin (FTE)

3.76


3.89


4.14


4.49


4.61


(13
)



(85
)

(1)

Annualized.
(2)

Yields are presented on a fully tax-equivalent basis.
(3)

The yield on tax-exempt loans and investment securities available-for-sale is computed on a tax-equivalent basis using a statutory federal income tax rate of 21%.

*TCF FINANCIAL CORPORATION AND SUBSIDIARIES*






Composition of Loans (Unaudited)















Quarter Ended

Change From


Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31, 2019

Mar. 31, 2019
(Dollars in thousands)

2020

2019

2019

2019

2019

$

%

$
Commercial and industrial

$
12,326,943


$
11,439,602


$
10,913,343


$
6,666,106


$
6,852,373


$
887,341


7.8
%

$
5,474,570

Commercial real estate

9,486,904


9,136,870


8,773,970


3,168,774


2,904,379


350,034


3.8


6,582,525

Lease financing

2,708,998


2,699,869


2,594,373


2,582,613


2,551,344


9,129


0.3


157,654

Total commercial loan and lease portfolio

24,522,845


23,276,341


22,281,686


12,417,493


12,308,096


1,246,504


5.4


12,214,749

Residential mortgage

6,435,314


6,179,805


6,057,404


2,368,411


2,376,878


255,509


4.1


4,058,436

Consumer installment

1,509,953


1,542,411


1,562,252


1,474,480


1,722,557


(32,458
)

(2.1
)

(212,604
)
Home equity

3,453,502


3,498,907


3,609,410


2,924,753


2,976,679


(45,405
)

(1.3
)

476,823

Total consumer loan portfolio

11,398,769


11,221,123


11,229,066


6,767,644


7,076,114


177,646


1.6


4,322,655

Total

$
35,921,614


$
34,497,464


$
33,510,752


$
19,185,137


$
19,384,210


$
1,424,150


4.1


$
16,537,404

Composition of Deposits (Unaudited)















Quarter Ended

Change From


Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31, 2019

Mar. 31, 2019
(Dollars in thousands)

2020

2019

2019

2019

2019

$

%

$
Noninterest-bearing deposits

$
8,237,916


$
7,970,590


$
7,979,900


$
4,062,912


$
4,104,652


$
267,326


3.4
%

$
4,133,264

Interest-bearing deposits:
















Checking

6,289,046


5,966,178


6,266,740


2,498,042


2,532,688


322,868


5.4


3,756,358

Savings

8,703,864


8,506,058


8,347,541


6,503,102


6,426,465


197,806


2.3


2,277,399

Money market

5,105,285


4,570,081


4,305,921


1,443,004


1,468,308


535,204


11.7


3,636,977

Certificates of deposit

7,463,192


7,455,556


8,385,972


4,605,327


4,491,998


7,636


0.1


2,971,194

Total interest-bearing deposits

27,561,387


26,497,873


27,306,174


15,049,475


14,919,459


1,063,514


4.0


12,641,928

Total deposits

$
35,799,303


$
34,468,463


$
35,286,074


$
19,112,387


$
19,024,111


$
1,330,840


3.9


$
16,775,192

Summary of Credit Quality Data

Allowance for Credit Losses (Unaudited)

























Mar. 31,

Jan. 1,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,


2020

2020

2019

2019

2019

2019
(Dollars in thousands)

Balance

% of Portfolio

Adjusted for adoption of CECL

Balance

% of Portfolio

Balance

% of Portfolio

Balance

% of Portfolio

Balance

% of Portfolio
Commercial and industrial

$
117,507


0.95
%

$
93,884


$
42,430


0.38
%

$
39,974


0.37
%

$
38,605


0.59
%

$
38,639


0.57
%
Commercial real estate

86,209


0.91


67,620


27,308


0.29


24,090


0.27


22,747


0.70


20,659


0.70

Lease financing

27,610


1.02


21,631


14,742


0.55


14,367


0.55


14,440


0.56


14,377


0.56

Residential mortgage

97,185


1.51


72,939


8,099


0.13


19,816


0.33


21,102


0.89


20,281


0.85

Consumer installment

20,178


1.34


15,967


2,678


0.17


1,859


0.12


26,731


1.81


30,477


1.77

Home equity

57,694


1.67


47,003


17,795


0.51


21,112


0.58


22,878


0.78


23,539


0.79

Total

$
406,383


1.13
%

$
319,044


$
113,052


0.33
%

$
121,218


0.36
%

$
146,503


0.76
%

$
147,972


0.76
%

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Summary of Credit Quality Data (Unaudited), Continued















Changes in Allowance for Credit Losses

















Quarter Ended

Change From


Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Mar. 31,
(Dollars in thousands)

2020

2019

2019

2019

2019

2019

2019
Balance, beginning of period

$
113,052


$
121,218


$
146,503


$
147,972


$
157,446


$
(8,166
)

$
(44,394
)
Impact of CECL adoption

205,992


—


—


—


—


205,992


205,992

Adjusted balance, beginning of period

319,044


121,218


146,503


147,972


157,446


197,826


161,598

Charge-offs

(15,649
)

(16,891
)

(35,547
)

(21,066
)

(24,431
)

1,242


8,782

Recoveries

10,172


10,654


6,969


6,984


5,777


(482
)

4,395

Net (charge-offs) recoveries

(5,477
)

(6,237
)

(28,578
)

(14,082
)

(18,654
)

760


13,177

Provision for credit losses related to loans and leases⁽¹⁾

92,990


14,403


27,188


13,569


10,122


78,587


82,868

Other⁽²⁾

(174
)

(16,332
)

(23,895
)

(956
)

(942
)

16,158


768

Balance, end of period

$
406,383


$
113,052


$
121,218


$
146,503


$
147,972


$
293,331


$
258,411

(1)

Provision for credit losses related to loans and leases excludes the provision related to the unfunded commitment liability of $4.0 million and other assets from the total provision for credit losses for the three months ended March 31, 2020.

(2)

Primarily includes the transfer of the allowance for credit losses to loans and leases held-for-sale.

Net Charge-offs







Quarter Ended


Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,


2020

2019

2019

2019

2019
(Dollars in thousands)

Balance

Rate⁽¹⁾

Balance

Rate⁽¹⁾

Balance

Rate⁽¹⁾

Balance

Rate⁽¹⁾

Balance

Rate⁽¹⁾
Commercial and industrial

$
(4,022
)

0.14
%

$
(5,736
)

0.21
%

$
(17,631
)

0.76
%

$
(5,820
)

0.35
%

$
(5,259
)

0.32
%
Commercial real estate

563


(0.02
)

(7
)

—


13


—


9


—


5


—

Lease financing

(878
)

0.13


(1,749
)

0.27


(2,192
)

0.34


(966
)

0.15


(1,391
)

0.22

Residential mortgage

355


(0.02
)

1,552


(0.10
)

(189
)

0.02


(80
)

0.01


(468
)

0.08

Consumer installment

(1,249
)

0.33


(2,577
)

0.67


(8,984
)

1.50


(6,990
)

1.76


(11,561
)

2.50

Home equity

(246
)

0.03


2,280


(0.25
)

405


(0.05
)

(235
)

0.03


20


—

Total

$
(5,477
)

0.06
%

$
(6,237
)

0.07
%

$
(28,578
)

0.39
%

$
(14,082
)

0.29
%

$
(18,654
)

0.39
%

(1)

Annualized net charge-off rate based on average loans and leases.

Over 90-Day Delinquencies as a Percentage of Portfolio⁽¹⁾












Change From


Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Mar. 31,


2020

2019

2019

2019

2019

2019

2019
Commercial and industrial

—
%

—
%

0.02
%

—
%

—
%

—

bps

—

bps
Commercial real estate

0.02


0.02


0.09


—


—


—



2


Lease financing

0.11


0.07


0.09


0.12


0.10


4



1


Residential mortgage

0.01


0.01


0.01


0.05


0.07


—



(6
)

Consumer installment

—


0.01


—


0.14


0.14


(1
)


(14
)

Home equity

0.01


—


—


—


—


1



1


Subtotal

0.02


0.01


0.04


0.03


0.04


1



(2
)

Portfolios acquired with deteriorated credit quality⁽²⁾

N/A


10.43


5.47


18.92


6.75


N/A



N/A


Total delinquencies

0.02
%

0.09
%

0.09
%

0.04
%

0.04
%

(7
)


(2
)

(1)

Excludes nonaccrual loans and leases.

(2)

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

Summary of Credit Quality Data (Unaudited), Continued

















Nonperforming Assets













Change From


Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,
Mar. 31,
(Dollars in thousands)

2020

2019

2019

2019

2019

2019
2019
Nonaccrual loans and leases:















Commercial and industrial

$
84,157


$
53,812


$
55,039


$
18,483


$
17,150


$
30,345


$
67,007


Commercial real estate

47,032


29,735


26,518


545


607


17,297


46,425


Lease financing

13,170


10,957


11,503


12,886


10,976


2,213


2,194


Residential mortgage

61,980


38,577


48,816


34,760


35,227


23,403


26,753


Consumer installment

989


714


636


8,633


9,034


275


(8,045
)

Home equity

43,147


35,863


39,296


32,686


30,291


7,284


12,856


Total nonaccrual loans and leases⁽¹⁾

$
250,475


$
169,658


$
181,808


$
107,993


$
103,285


$
80,817


$
147,190


Other real estate owned

38,914


34,256


27,638


11,964


18,361


4,658


20,553


Total nonperforming assets

289,389


203,914


209,446


119,957


121,646


85,475


167,743


















Nonaccrual loans and leases as a percentage of total loans and leases⁽¹⁾

0.70
%

0.49
%

0.54
%

0.56
%

0.53
%

21

bps
17

bps
Allowance for credit losses as a percentage of nonaccrual loans and leases⁽¹⁾

162.24


66.64


66.67


135.66


143.27


9,560


1,897


Nonperforming assets as a percentage of total loans and leases and other real estate owned⁽¹⁾

0.80


0.59


0.62


0.62


0.63


21


17

(1)

Prior to the adoption of CECL as of January 1, 2020, purchased credit impaired loans were not classified as nonaccrual loans because they were recorded at their net realizable value based on the principal and interest expected to be collected on the loans. At January 1, 2020, $73.4 million of previous purchased credit impaired loans were reclassified to nonaccrual loans as a result of the adoption of CECL.

Consolidated Capital Information (Unaudited)


















Change From
(Dollars in thousands, except per share data)

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Mar. 31,

2020

2019

2019

2019

2019

2019

2019
Dividends declared per common share

$
0.35


$
0.35


$
0.35


$
0.30


$
0.30


0.0


%

16.7


%
Book value per common share

35.85


36.20


35.82


30.43


29.38


(1.0
)



22.0



Tangible book value per common share⁽¹⁾

26.16


26.60


26.18


28.33


27.28


(1.7
)



(4.1
)


Common equity to assets

11.23
%

11.87
%

12.04
%

10.22
%

10.02
%

(64
)

bps

121


bps
Tangible common equity to tangible assets⁽¹⁾

8.45


9.01


9.09


9.58


9.37


(56
)



(92
)





















Regulatory Capital:⁽²⁾


















Common equity Tier 1 capital

$
4,026,304


$
4,050,826


$
4,009,214


$
2,305,706


$
2,266,244


(0.6
)

%

77.7


%
Tier 1 capital

4,225,755


4,236,648


4,197,706


2,495,178


2,459,132


(0.3
)



71.8



Total capital

4,744,899


4,681,630


4,652,708


2,811,347


2,792,419


1.4




69.9






















Common equity Tier 1 capital ratio

10.44
%

10.99
%

10.88
%

10.99
%

10.79
%

(55
)

bps

(35
)

bps
Tier 1 risk-based capital ratio

10.96


11.49


11.40


11.90


11.71


(53
)



(75
)


Total risk-based capital ratio

12.31


12.70


12.63


13.40


13.30


(39
)



(99
)


Tier 1 leverage ratio

9.27


9.49


11.16


10.26


10.26


(22
)



(99
)

(1)

See "Reconciliation of GAAP to Non-GAAP Financial Measures" tables.

(2)

March 31, 2020 amounts are preliminary pending completion and filing of the Corporation's regulatory reports and reflect our election of the five-year CECL transition for regulatory capital purposes.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)













Computation of adjusted diluted earnings per common share:

















Quarter Ended




Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,
(Dollars in thousands, except per share data)



2020

2019

2019

2019

2019
Net income available to common shareholders



$
49,406


$
109,905


$
19,654


$
87,933


$
68,001

Earnings allocated to participating securities



—


—


—


(17
)

(13
)
Earnings allocated to common stock

(a)

49,406


109,905


19,654


87,916


67,988

Merger-related expenses



36,728


47,025


111,259


4,226


9,458

Notable items:












Sale of legacy TCF auto finance portfolio and related expenses⁽¹⁾



3,063


12,864


19,264


—


—

Termination of interest rate swaps⁽²⁾



—


—


17,302


—


—

Gain on sale of certain investment securities⁽³⁾



—


—


(5,869
)

—


—

Write-down of company-owned vacant land parcels and branch exit costs⁽⁴⁾



—


3,494


5,890


—


—

Pension fair valuation adjustment⁽⁴⁾



—


6,341


—


—


—

Loan servicing rights (recovery) impairment⁽²⁾



8,236


(638
)

4,520


—


—

Total notable items



11,299


22,061


41,107


—


—

Related income tax expense, net of benefits⁽⁵⁾



(10,071
)

(19,904
)

(46,213
)

(1,003
)

(2,252
)
Total adjustments, net of tax



37,956


49,182


106,153


3,223


7,206

Adjusted earnings allocated to common stock

(b)

$
87,362


$
159,087


$
125,807


$
91,139


$
75,194














Weighted-average common shares outstanding used in diluted earnings per common share calculation⁽⁶⁾

(c)

152,114,017


152,658,766


128,754,588


82,298,920


82,245,577














Diluted earnings per common share

(a)/(c)

$
0.32


$
0.72


$
0.15


$
1.07


$
0.83

Adjusted diluted earnings per common share

(b)/(c)

0.57


1.04


0.98


1.11


0.91














Net income attributable to TCF



$
51,899


$
112,399


$
22,148


$
90,427


$
70,494

Total adjustments, net of tax



37,956


49,182


106,153


3,223


7,206

Adjusted net income attributable to TCF



$
89,855


$
161,581


$
128,301


$
93,650


$
77,700

(1)

First quarter 2020 amount included within occupancy and equipment ($1.6 million), compensation and employee benefits ($0.9 million) and other noninterest expense ($0.6 million). Fourth quarter 2019 amount included within net gains (losses) on sales of loans and leases ($8.2 million), other noninterest expense ($2.2 million), occupancy and equipment ($1.5 million) and compensation and employee benefits ($0.9 million). Third quarter 2019 amount included within net gains (losses) on sales of loans and leases.
(2)

Included within Other noninterest income.
(3)

Included within Net gains on investment securities.
(4)

Included within Other noninterest expense.
(5)

Included within Income tax expense (benefit).
(6)

Assumes conversion of common shares, as applicable.

Computation of adjusted net interest income and margin:













Quarter Ended


Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,
(Dollars in thousands)

2020

2019

2019

2019

2019
Net Interest Income

$
401,481


$
408,753


$
371,793


$
254,057


$
254,429

Purchase accounting accretion and amortization

(25,258
)

(30,523
)

(28,411
)

—


—

Adjusted net interest income, excluding purchase accounting accretion and amortization

$
376,223


$
378,230


$
343,382


$
254,057


$
254,429

Net interest margin (FTE)

3.76
%

3.89
%

4.14
%

4.49
%

4.61
%
Purchase accounting accretion and amortization impact

(0.23
)

(0.29
)

(0.31
)

—


—

Adjusted net interest margin, excluding purchase accounting accretion and amortization (FTE)

3.53
%

3.60
%

3.83
%

4.49
%

4.61
%

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited), Continued













Computation of adjusted return on average assets, common equity, average tangible common equity:

















Quarter Ended




Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,
(Dollars in thousands)



2020

2019

2019

2019

2019
Adjusted net income after tax expense:












Income after tax expense

(a)

$
53,816


$
114,456


$
24,978


$
94,043


$
73,449

Merger-related expenses



36,728


47,025


111,259


4,226


9,458

Notable items



11,299


22,061


41,107


—


—

Related income tax expense, net of tax benefits



(10,071
)

(19,904
)

(46,213
)

(1,003
)

(2,252
)
Adjusted net income after tax expense for ROAA calculation

(b)

91,772


163,638


131,131


97,266


80,655

Net income available to common shareholders

(c)

49,406


109,905


19,654


87,933


68,001

Other intangibles amortization



5,480


5,505


4,544


798


812

Related income tax expense



(1,149
)

(1,284
)

(1,085
)

(189
)

(193
)
Net income available to common shareholders used in ROATCE calculation

(d)

53,737


114,126


23,113


88,542


68,620














Adjusted net income available to common shareholders:












Net income available to common shareholders



49,406


109,905


19,654


87,933


68,001

Notable items



11,299


22,061


41,107


—


—

Merger-related expenses



36,728


47,025


111,259


4,226


9,458

Related income tax expense, net of tax benefits



(10,071
)

(19,904
)

(46,213
)

(1,003
)

(2,252
)
Net income available to common shareholders used in adjusted ROACE calculation

(e)

87,362


159,087


125,807


91,156


75,207

Other intangibles amortization



5,480


5,505


4,544


798


812

Related income tax expense



(1,149
)

(1,284
)

(1,085
)

(189
)

(193
)
Net income available to common shareholders used in adjusted ROATCE calculation

(f)

91,693


163,308


129,266


91,765


75,826

Average balances:












Average assets

(g)

46,985,426


46,119,514


39,094,366


24,483,822


24,106,941

Total equity



5,630,487


5,691,119


4,683,129


2,664,016


2,579,250

Non-controlling interest in subsidiaries



(25,328
)

(23,683
)

(25,516
)

(29,630
)

(24,521
)
Total TCF Financial Corporation shareholders' equity



5,605,159


5,667,436


4,657,613


2,634,386


2,554,729

Preferred stock



(169,302
)

(169,302
)

(169,302
)

(169,302
)

(169,302
)
Average total common shareholders' equity used in ROACE calculation

(h)

5,435,857


5,498,134


4,488,311


2,465,084


2,385,427

Goodwill, net



(1,301,080
)

(1,266,166
)

(890,155
)

(154,757
)

(154,757
)
Other intangibles, net



(166,298
)

(211,294
)

(142,925
)

(19,270
)

(20,080
)
Average tangible common shareholders' equity used in ROATCE calculation

(i)

$
3,968,479


$
4,020,674


$
3,455,231


$
2,291,057


$
2,210,590














ROAA⁽¹⁾

(a)/(g)

0.46
%

0.99
%

0.26
%

1.54
%

1.22
%
Adjusted ROAA⁽¹⁾

(b)/(g)

0.78


1.42


1.34


1.59


1.34

ROACE⁽¹⁾

(c)/(h)

3.64


8.00


1.75


14.27


11.40

Adjusted ROACE⁽¹⁾

(e)/(h)

6.43


11.57


11.21


14.79


12.61

ROATCE⁽¹⁾

(d)/(i)

5.42


11.35


2.68


15.46


12.42

Adjusted ROATCE⁽¹⁾

(f)/(i)

9.24


16.25


14.96


16.02


13.72

(1)

Annualized.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited), Continued













Computation of adjusted efficiency ratio, noninterest income and noninterest expense:

















Quarter Ended




Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,
(Dollars in thousands)



2020

2019

2019

2019

2019
Noninterest expense

(a)

$
374,599


$
416,571


$
425,620


$
236,849


$
253,075

Merger-related expenses



(36,728
)

(47,025
)

(111,259
)

(4,226
)

(9,458
)
Write-down of company-owned vacant land parcels and branch exit costs



—


(3,494
)

(5,890
)

—


—

Expenses related to the sale of Legacy TCF auto finance portfolio



(3,063
)

(4,670
)

—


—


—

Pension fair valuation adjustment



—


(6,341
)

—


—


—

Adjusted noninterest expense



334,808


355,041


308,471


232,623


243,617

Lease financing equipment depreciation



(18,450
)

(18,629
)

(19,408
)

(19,133
)

(19,256
)
Amortization of intangibles



(5,480
)

(5,505
)

(4,544
)

(798
)

(812
)
Impairment of federal historic tax credits



(1,521
)

(4,030
)

—


—


—

Adjusted noninterest expense, efficiency ratio

(b)

309,357


326,877


284,519


212,692


223,549














Net interest income



401,481


408,753


371,793


254,057


254,429

Noninterest income



136,963


158,052


94,258


109,718


103,504

Total revenue

(c)

538,444


566,805


466,051


363,775


357,933














Noninterest income



136,963


158,052


94,258


109,718


103,504

Sale of Legacy TCF auto finance portfolio



—


8,194


19,264


—


—

Termination of interest rate swaps



—


—


17,302


—


—

Gain on sales of certain investment securities



—


—


(5,869
)

—


—

Loan servicing rights impairment (recovery)



8,236


(638
)

4,520


—


—

Adjusted noninterest income



145,199


165,608


129,475


109,718


103,504

Net interest income



401,481


408,753


371,793


254,057


254,429

Net interest income FTE adjustment



2,983


2,896


2,488


1,337


1,722

Adjusted net interest income



404,464


411,649


374,281


255,394


256,151

Lease financing equipment depreciation



(18,450
)

(18,629
)

(19,408
)

(19,133
)

(19,256
)
Adjusted total revenue, efficiency ratio

(d)

$
531,213


$
558,628


$
484,348


$
345,979


$
340,399














Efficiency ratio

(a)/(c)

69.57
%

73.49
%

91.32
%

65.11
%

70.70
%
Adjusted efficiency ratio

(b)/(d)

58.24


58.51


58.74


61.48


65.67

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited), Continued













Computation of tangible common equity to tangible assets and tangible book value per common share:

















Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,
(Dollars in thousands, except per share data)



2020

2019

2019

2019

2019
Total equity



$
5,655,833


$
5,727,241


$
5,693,417


$
2,710,518


$
2,645,845

Non-controlling interest in subsidiaries



(30,149
)

(20,226
)

(23,313
)

(24,858
)

(29,452
)
Total TCF Financial Corporation shareholders' equity



5,625,684


5,707,015


5,670,104


2,685,660


2,616,393

Preferred stock



(169,302
)

(169,302
)

(169,302
)

(169,302
)

(169,302
)
Total common stockholders' equity

(a)

5,456,382


5,537,713


5,500,802


2,516,358


2,447,091

Goodwill, net



(1,313,046
)

(1,299,878
)

(1,265,111
)

(154,757
)

(154,757
)
Other intangibles, net



(162,887
)

(168,368
)

(215,910
)

(18,885
)

(19,684
)
Tangible common shareholders' equity

(b)

$
3,980,449


$
4,069,467


$
4,019,781


$
2,342,716


$
2,272,650














Total assets

(c)

$
48,594,383


$
46,651,553


$
45,692,511


$
24,626,830


$
24,418,715

Goodwill, net



(1,313,046
)

(1,299,878
)

(1,265,111
)

(154,757
)

(154,757
)
Other intangibles, net



(162,887
)

(168,368
)

(215,910
)

(18,885
)

(19,684
)
Tangible assets

(d)

$
47,118,450


$
45,183,307


$
44,211,490


$
24,453,188


$
24,244,274














Common stock shares outstanding

(e)

152,185,984


152,965,571


153,571,381


82,703,469


83,303,581














Common equity to assets

(a) / (c)

11.23
%

11.87
%

12.04
%

10.22
%

10.02
%
Tangible common equity to tangible assets

(b) / (d)

8.45


9.01


9.09


9.58


9.37














Book value per common share

(a) / (e)

$
35.85


$
36.20


$
35.82


$
30.43


$
29.38

Tangible book value per common share

(b) / (e)

26.16


26.60


26.18


28.33


27.28

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Source: TCF Financial Corporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20200427005826/en/

Tom Wennerberg (248) 498-2872 news@tcfbank.com (Media)
Timothy Sedabres (952) 745-2766 investor@tcfbank.com (Investors)

Company Name:	TCF Financial Corporation
Stock Symbol:	TCF
Market:	NYSE
Website:	tcfbank.com

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