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TCF Reports 66th Consecutive Quarter of Net Income - Earns $31.7 Million

* Reuters is not responsible for the content in this press release.

Thu Oct 20, 2011 8:00am EDT

TCF Reports 66^th Consecutive Quarter of Net Income – Earns $31.7 Million

THIRD QUARTER HIGHLIGHTS

Diluted earnings per common share of 20 cents
Net income of $31.7 million
Net interest margin of 3.96 percent
Average deposits increased $113.3 million from the second quarter of 2011
Non-performing assets declined $20.1 million from the second quarter of 2011
Announced quarterly cash dividend of 5 cents per common share, payable November 30, 2011

TCF Financial Corporation (NYSE: TCB):


Earnings Summary			Table 1
($ in thousands, except per-share data)							Percent Change
	3Q 2011		2Q 2011		3Q 2010		3Q11 vs 2Q11		3Q11 vs 3Q10		YTD 2011		YTD 2010		Percent Change
Net income	$31,717		$29,837		$36,893		6.3	%	(14.0	)%	$91,240		$115,839		(21.2	)%
Diluted earnings per common share	.20		.19		.26		5.3		(23.1	)	.59		.84		(29.8	)

Financial Ratios ⁽¹⁾
Return on average assets	.69	%	.67	%	.84	%					.68	%	.87	%
Return on average common equity	7.00		6.86		9.95						7.20		11.11
Net interest margin	3.96		4.02		4.14						4.01		4.18
Net charge-offs as a percentage of	1.48		1.19		1.58						1.39		1.37
average loans and leases	1.48		1.19		1.58						1.39		1.37

(1) Annualized.

TCF Financial Corporation (“TCF”) (NYSE: TCB) today reported net income for the third quarter of 2011 of $31.7 million, compared with $36.9 million in the third quarter of 2010 and $29.8 million in the second quarter of 2011. Diluted earnings per common share was 20 cents for the third quarter of 2011, compared with 26 cents in the third quarter of 2010 and 19 cents in the second quarter of 2011.

Net income for the first nine months of 2011 was $91.2 million, compared with $115.8 million for the same 2010 period. Diluted earnings per common share for the first nine months of 2011 was 59 cents, compared with 84 cents for the same 2010 period.

TCF declared a quarterly cash dividend of five cents per common share payable on November 30, 2011 to stockholders of record at the close of business on October 28, 2011.

Chairman’s Statement

“TCF’s 66^th consecutive quarter of profitability showed an increase in revenue from the second quarter, a decrease in operating expenses and continued improvement in credit metrics as balances of both non-accrual loans and leases and real estate owned decreased in the quarter,” said William A. Cooper, TCF Chairman and Chief Executive Officer. “Our continued hard work on the credit front is delivering results despite little to no help from the economy as unemployment rates remain elevated and job growth is stagnant. Increased liquidity is negatively impacting TCF’s net interest margin as the balance sheet contracted slightly during the quarter. But while these near-term challenges are considerable, the company is taking significant steps to improve its positioning.

“During the quarter, we announced a significant agreement with BRP, one of the world’s premier manufacturers of powersports equipment, which we anticipate will deliver significant loan balances in both the U.S. and Canada to our inventory finance business beginning in 2012. We also announced the signing of a definitive agreement to acquire Gateway One Lending & Finance that will provide additional growth and diversity for our specialty finance business through a new consumer-oriented product – automobile lending. We expect both of these actions will help to grow the loan and lease portfolio, improve its diversification by both geography and asset class and help TCF grow its revenue base going forward.

“Recently, we began making changes to our checking account lineup including the implementation of the Daily Overdraft Service product in all markets. We believe this product, which eliminates per-item NSF fees at TCF, has the best long-term potential for revenue growth and is straightforward and transparent to our customers. We will continue to evaluate and implement additional revenue-producing and expense reduction strategies throughout the company to mitigate lost revenues resulting from increased legislative, regulatory and compliance burdens.”


Total Revenue										Table 2
										Percent Change
($ in thousands)	3Q 2011			2Q 2011			3Q 2010			3Q11 vs 2Q11		3Q11 vs 3Q10		YTD 2011			YTD 2010			Percent Change
Net interest income	$	176,064		$	176,150		$	173,755		N.M.		1.3	%	$	526,254		$	524,916		.3	%
Fees and other revenue:
Fees and service charges		58,452			56,396			67,684		3.6		(13.6	)		168,361			211,701		(20.5	)
Card revenue		27,701			28,219			27,779		(1.8	)	(.3	)		82,504			83,442		(1.1	)
ATM revenue		7,523			7,091			7,985		6.1		(5.8	)		21,319			22,851		(6.7	)
Total banking fees		93,676			91,706			103,448		2.1		(9.4	)		272,184			317,994		(14.4	)
Leasing and equipment		21,646			22,279			24,912		(2.8	)	(13.1	)		70,675			65,792		7.4
finance		21,646			22,279			24,912		(2.8	)	(13.1	)		70,675			65,792		7.4
Other		786			384			1,077		104.7		(27.0	)		1,864			4,767		(60.9	)
Total fees and other revenue		116,108			114,369			129,437		1.5		(10.3	)		344,723			388,553		(11.3	)
Subtotal		292,172			290,519			303,192		.6		(3.6	)		870,977			913,469		(4.7	)
Gains (losses) on securities		1,648			(227	)		8,505		N.M.		(80.6	)		1,421			7,938		(82.1	)
Total revenue	$	293,820		$	290,292		$	311,697		1.2		(5.7	)	$	872,398		$	921,407		(5.3	)

Net interest margin⁽¹⁾		3.96	%		4.02	%		4.14	%						4.01	%		4.18	%
Fees and other revenue as
a % of total revenue		39.52			39.40			41.53							39.51			42.17

N.M. = Not meaningful.
(1) Annualized.

Net Interest Income

Net interest income for the third quarter of 2011 increased $2.3 million, or 1.3 percent compared with the third quarter of 2010 and was flat with the second quarter of 2011. The increase in net interest income from the third quarter of 2010 was primarily due to reductions in deposit rates, reduced interest expense on long-term borrowings and additional interest earned due to loan growth in inventory finance, partially offset by reduced interest income on consumer real estate loans, as lower yielding variable-rate loans replaced higher yielding fixed-rate loans.
Net interest margin in the third quarter of 2011 was 3.96 percent compared with 4.14 percent in the third quarter of 2010 and 4.02 percent in the second quarter of 2011. The decrease in net interest margin from both periods was primarily due to increased asset liquidity and growth in lower yielding loans and leases as a result of the lower interest rate environment. These changes were partially offset by a lower average cost of deposits and borrowings.
As a result of higher regulatory liquidity expectations across the industry and lower customer demand for credit, TCF continued to increase its asset liquidity during the third quarter of 2011. Interest-bearing deposits held at the Federal Reserve and unencumbered securities were $1.5 billion at September 30, 2011, an increase of $625 million from the second quarter of 2011 and $1.3 billion from the third quarter of 2010. The increased asset liquidity position, which includes maintaining interest-bearing cash in anticipation of the future redemption of the trust preferred securities, negatively impacted net interest margin for the third quarter of 2011 by 21 basis points compared to the third quarter of 2010 and by 4 basis points from the second quarter of 2011.

Non-interest Income

Banking fees and service charges in the third quarter of 2011 were $58.5 million, down $9.2 million, or 13.6 percent, from the third quarter of 2010 and up $2.1 million, or 3.6 percent, from the second quarter of 2011. The decrease in banking fees and services charges from the third quarter of 2010 was primarily due to the impact of a full quarter of decreased activity-based fee revenue as a result of a change in overdraft fee regulations in August 2010 and lower monthly maintenance fees as more customers qualified for fee waivers. The increase in banking fees and service charges from the second quarter of 2011 was primarily due to increased transaction activity.
Card revenues were $27.7 million in the third quarter of 2011, flat with the third quarter of 2010 and down $518 thousand, or 1.8 percent, from the second quarter of 2011. Compared with the third quarter of 2010, a decrease in average interchange rates in the third quarter of 2011 was mostly offset by an increase in the average size and volume of transactions. The decrease in card revenue from the second quarter of 2011 was primarily due to lower sales volumes and lower average interchanges fees per transaction.
On June 29, 2011, the Federal Reserve issued its final debit card interchange rules, establishing a debit card interchange fee cap. These rules became effective October 1, 2011, and apply to issuers that, together with their affiliates, have assets of $10 billion or more. These regulations are estimated to reduce TCF’s card interchange revenue by approximately $15 million in the fourth quarter of 2011. TCF expects to start seeing the results of various mitigation efforts beginning in the first quarter of 2012.
Leasing and equipment finance revenues were $21.6 million in the third quarter of 2011, down $3.3 million, or 13.1 percent, from the third quarter of 2010 and down $633 thousand, or 2.8 percent, from the second quarter of 2011. Decreases from both the third quarter of 2010 and second quarter of 2011 were attributable to lower levels of customer initiated lease activity.
Non-interest income related to gains on sales of securities is down $6.9 million from the third quarter of 2011, and down $6.5 million for the nine months ended September 30, 2011, compared with the same 2010 periods.

Loans and Leases


Average Loans and Leases							Table 3
							Percent Change
($ in thousands)	3Q 2011		2Q 2011		3Q 2010		3Q11 vs 2Q11		3Q11 vs 3Q10		YTD 2011		YTD 2010		Percent Change
Consumer real estate
First mortgage lien	$	4,808,881	$	4,838,896	$	4,935,583	(.6	) %	(2.6	) %	$	4,836,953	$	4,937,578	(2.0	) %
Junior lien		2,176,940		2,195,552		2,297,433	(.8	)	(5.2	)		2,203,365		2,304,335	(4.4	)
Total		6,985,821		7,034,448		7,233,016	(.7	)	(3.4	)		7,040,318		7,241,913	(2.8	)
Consumer other		18,183		19,463		25,130	(6.6	)	(27.6	)		19,788		27,687	(28.5	)
Total consumer		7,004,004		7,053,911		7,258,146	(.7	)	(3.5	)		7,060,106		7,269,600	(2.9	)
Commercial		3,564,198		3,597,644		3,673,848	(.9	)	(3.0	)		3,594,884		3,699,195	(2.8	)
Leasing and
equipment finance		3,066,208		3,068,550		3,002,714	(.1	)	2.1			3,084,613		3,022,487	2.1
Inventory finance		826,198		978,505		655,485	(15.6	)	26.0			889,709		634,182	40.3
Total	$	14,460,608	$	14,698,610	$	14,590,193	(1.6	)	(.9	)	$	14,629,312	$	14,625,464	N.M.

N.M. Not meaningful

Average consumer real estate loan balances decreased $247.2 million, or 3.4 percent, from the third quarter of 2010 and declined $48.6 million from the second quarter of 2011. Decreases reflect a decline in production of new loans along with a more competitive environment for those borrowers who meet TCF’s underwriting criteria.
Variable-rate consumer real estate loans increased $179.9 million from September 30, 2010 and $13.7 million from June 30, 2011, while fixed-rate consumer real estate loans decreased $427.1 million from September 30, 2010 and $62.3 million from June 30, 2011. Variable-rate loans comprised 34.5 percent of total consumer real estate loans at September 30, 2011, up from 31.6 percent at September 30, 2010 and 34.1 percent at June 30, 2011.
Average commercial loan balances in the third quarter of 2011 decreased $109.7 million, or 3 percent, from the third quarter of 2010 and decreased $33.4 million, or .9 percent, from the second quarter of 2011. The decreases for both periods were primarily due to higher levels of repayments.
Average leasing and equipment finance loan and lease balances in the third quarter of 2011 increased $63.5 million, or 2.1 percent, from the third quarter of 2010 and were flat with the second quarter of 2011. The increase from the third quarter of 2010 was primarily due to a growth in the middle market segment, partially offset by runoff of portfolios acquired during 2008, 2009 and 2010. Leasing and equipment finance originations of $1 billion during the first nine months of 2011 represent an increase of $119.6 million, or 13.5 percent, compared to the first nine months of 2010.
Average inventory finance loans were $826.2 million in the third quarter of 2011, an increase of $170.7 million, or 26 percent, from the third quarter of 2010. Average inventory finance loans decreased $152.3 million, or 15.6 percent, from the second quarter of 2011. The increase from the third quarter of 2010 was primarily due to TCF’s entrance into the powersports industry late in the third quarter of 2010. The decrease from the second quarter of 2011 was primarily due to a seasonal decline in receivables in the lawn and garden programs and the transitioning of an electronics and appliance program to a servicing only program, partially offset by growth in powersports and other programs.

Credit Quality

(Table 4 - Credit Trends: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50035248&lang=en)

Overall favorable trends in non-performing assets continue and over 60-day delinquencies and charge-offs remain below peak levels in 2010.


Credit Quality Summary of Performing and Underperforming Loans and Leases																			Table 5
										60+ Days
($ in thousands)	Performing Loans and Leases									Delinquent and			Accruing			Non-accrual			Total Loans
September 30, 2011:	Non-classified			Classified⁽¹⁾			Total			Accruing⁽²⁾			TDRs			Loans and Leases			and Leases
Consumer real estate and other	$	6,405,059		$	-		$	6,405,059		$	71,179		$	378,773		$	148,898		$	7,003,909
Commercial		2,969,048			304,613			3,273,661			1,266			87,610			133,260			3,495,797
Leasing and equipment finance		2,953,215			28,574			2,981,789			4,709			860			24,437			3,011,795
Inventory finance		819,727			7,102			826,829			308			-			1,077			828,214
Total loans and leases	$	13,147,049		$	340,289		$	13,487,338		$	77,462		$	467,243		$	307,672		$	14,339,715
Percent of total loans and leases		91.7	%		2.4	%		94.1	%		.5	%		3.3	%		2.1	%		100.0	%

										60+ Days
	Performing Loans and Leases									Delinquent and			Accruing			Non-accrual			Total Loans
June 30, 2011:	Non-classified			Classified⁽¹⁾			Total			Accruing⁽²⁾			TDRs			Loans and Leases			and Leases
Consumer real estate and other	$	6,472,696		$	-		$	6,472,696		$	67,819		$	364,297		$	150,938		$	7,055,750
Commercial		3,068,726			353,500			3,422,226			899			50,863			140,407			3,614,395
Leasing and equipment finance		2,987,135			32,566			3,019,701			5,436			1,059			29,682			3,055,878
Inventory finance		900,630			4,509			905,139			149			-			634			905,922
Total loans and leases	$	13,429,187		$	390,575		$	13,819,762		$	74,303		$	416,219		$	321,661		$	14,631,945
Percent of total loans and leases		91.8	%		2.7	%		94.5	%		.5	%		2.8	%		2.2	%		100.0	%

(1) Excludes classified loans and leases that are 60+ days delinquent and accruing or accruing TDRs.
(2) Excludes accruing TDRs that are 60+ days delinquent.

At September 30, 2011:

The combined balance of performing classified loans and leases, over 60-day delinquent and accruing loans and leases, accruing trouble debt restructurings (“TDR”) and non-accrual loans and leases decreased $10.1 million from the second quarter of 2011, down for the third consecutive quarter. This was primarily due to an increase in payments received on commercial and leasing and equipment finance non-accrual loans and leases and movement of non-accrual loans to other real estate owned.
On July 1, 2011, TCF adopted a new accounting standard for determining if a loan modification is a TDR in response to new accounting guidance. The adoption of this standard increased accruing TDRs by $45.5 million and reserves on impaired loans by $2.2 million related to loans that were modified in 2011 but were not TDRs under standards in place at that time. The June 30, 2011 balances of TDRs have been revised from previously reported amounts to conform to the new standard. At September 30, 2011, the over 60-day delinquency rate on accruing consumer real estate TDRs was 6.8 percent, essentially flat with the second quarter of 2011.
Over 60-day delinquency rate was .75 percent, down from .78 percent at September 30, 2010 and up from .73 percent at June 30, 2011. The decrease from the third quarter of 2010 was primarily due to decreases in consumer real estate delinquencies and specialty finance delinquencies. The increase from the second quarter of 2011 was primarily due to an increase in consumer real estate delinquencies, partially offset by lower commercial real estate delinquencies.
Total non-accrual loans and leases and other real estate owned (non-performing assets) were $438.1 million at September 30, 2011, a decrease of $67.9 million, or 13.4 percent, from September 30, 2010 and a decrease of $20.1 million, or 4.4 percent, from June 30, 2011, the fourth consecutive quarter of declining non-performing assets. Non-accrual loans and leases decreased $62.1 million, or 16.8 percent, from September 30, 2010. This change resulted from a $44.6 million decrease in commercial and leasing and equipment finance non-accrual loans and leases due to fewer additions and increased charge-offs and payments, and a $17.7 million decrease in consumer real estate non-accrual loans, as fewer loans were placed on non-accrual and more loans returned to accrual status, partially offset by a slight increase in inventory finance. TCF continues to see improvements in non-accrual loans and leases as additions are down $105.8 million and loans returning to accrual status were up $27.4 million for the nine months ended September 30, 2011, compared with the prior year period.
Other real estate owned was $130.4 million at September 30, 2011, a decrease of $6.1 million from June 30, 2011. This decrease was primarily due to a decrease in consumer properties, as sales of consumer real estate properties exceeded additions during the quarter.

Allowance for Loan and Lease Losses


Credit Quality Summary																							Table 6
													Percent Change
($ in thousands)	3Q				2Q				3Q				3Q11 vs			3Q11 vs			YTD				YTD				Percent
	2011				2011				2010				2Q11			3Q10			2011				2010				Change
Allowance for Loan and Lease Losses
Balance at beginning of period	$	255,472			$	255,308			$	251,643			.1		%	1.5		%	$	265,819			$	244,471			8.7		%
Charge-offs		(57,761	)			(48,457	)			(62,945	)		19.2			(8.2	)			(167,323	)			(167,150	)		.1
Recoveries		4,359				4,612				5,135			(5.5	)		(15.1	)			14,263				17,008			(16.1	)
Net charge-offs		(53,402	)			(43,845	)			(57,810	)		21.8			(7.6	)			(153,060	)			(150,142	)		1.9
Provision for credit losses		52,315				44,005				59,287			18.9			(11.8	)			141,594				158,791			(10.8	)
Other		(60	)			4				-			N.M.			N.M.				(28	)			-			N.M.
Balance at end of period	$	254,325			$	255,472			$	253,120			(.4	)		.5			$	254,325			$	253,120			.5

Net charge-offs as a percentage of
average loans and leases⁽¹⁾
Consumer real estate and other:
First mortgage lien		2.29		%		1.78		%		1.63		%	51		bps	66		bps		1.96		%		1.44		%	52		bps
Junior lien		2.99				2.75				2.50			24			49				2.70				2.32			38
Total consumer real estate		2.51				2.09				1.91			42			60				2.19				1.72			47
Total consumer real estate and other		2.59				2.12				2.00			47			59				2.22				1.78			44
Commercial		.57				.30				1.40			27			(83	)			.95				1.07			(12	)
Leasing and equipment finance		.36				.45				1.16			(9	)		(80	)			.39				1.01			(62	)
Inventory finance		.13				.13				.05			-			8				.12				.12			-
Total		1.48				1.19				1.58			29			(10	)			1.39				1.37			2

Allowance as a percentage of period
end loans and leases		1.77		%		1.75		%		1.70		%							1.77			%		1.70		%
Ratio of allowance to net charge-offs⁽¹⁾		1.2		X		1.5		X		1.1		X								1.2		X		1.3		X

N.M. = Not meaningful.
(1) Annualized.

At September 30, 2011:

Allowance for loan and lease losses was $254.3 million, or 1.77 percent of loans and leases, compared with $253.1 million, or 1.70 percent, at September 30, 2010 and $255.5 million, or 1.75 percent, at June 30, 2011.

For the quarter ended September 30, 2011:

Provision for credit losses was $52.3 million, down from $59.3 million in the third quarter of 2010 and up from $44 million recorded in the second quarter of 2011. The decrease from the third quarter of 2010 was primarily due to decreased net charge-offs in the commercial and leasing and equipment finance portfolios as customer performance improved. The increase from the second quarter of 2011 was primarily due to increased consumer net charge-offs.
Net loan and lease charge-offs were $53.4 million, or 1.48 percent, annualized, of average loans and leases, down from $57.8 million, or 1.58 percent, annualized, in the third quarter of 2010 and up from $43.8 million, or 1.19 percent, annualized, in the second quarter of 2011. The decrease from the third quarter of 2010 was primarily due to decreases in charge-offs in commercial and leasing and equipment finance, partially offset by increases in charge-offs in consumer real estate. The increase from the second quarter of 2011 was primarily due to increases in consumer real estate net charge-offs, partially due to a change in TCF’s consumer real estate charge-off policy, which was modified to require more frequent valuations after loans are moved to non-accrual status until clear title is received. While the initial impact of this policy change accelerated the timing of charge-offs on non-accrual consumer real estate loans by $2.2 million, in the third quarter of 2011, it had no impact on TCF’s provision or net income, since these losses were previously provided for in the allowance for loan and lease losses.

Deposits


Average Deposits					Table 7
							Percent Change
($ in thousands)	3Q 2011		2Q 2011		3Q 2010		3Q11 vs 2Q11		3Q11 vs 3Q10		YTD 2011		YTD 2010		Percent Change

Checking	$	4,475,567	$	4,570,543	$	4,341,803	(2.1	)%	3.1	%	$	4,515,916	$	4,425,754	2.0	%
Savings		5,812,187		5,628,249		5,446,852	3.3		6.7			5,629,620		5,435,254	3.6
Money market		650,598		648,862		654,030	.3		(.5	)		657,570		661,035	(.5	)
Subtotal		10,938,352		10,847,654		10,442,685	.8		4.7			10,803,106		10,522,043	2.7
Certificates		1,114,934		1,092,368		1,006,685	2.1		10.8			1,100,029		1,058,840	3.9
Total deposits	$	12,053,286	$	11,940,022	$	11,449,370	.9		5.3		$	11,903,135	$	11,580,883	2.8

Total new checking accounts		119,616		120,281		100,366	(.6	)%	19.2	%		337,356		347,445	(2.9	)%
Average interest rate on deposits ⁽¹⁾		.39%		.38%		.48%						.40%		.55%

(1) Annualized.

Total average deposits increased $603.9 million, or 5.3 percent, from the third quarter of 2010 primarily due to various targeted marketing campaigns, as well as increases in checking account production and savings account balances. Average savings balances increased $365.3 million, or 6.7 percent, from the third quarter of 2010. Total new checking accounts increased 19.2 percent from the third quarter of 2010. Total average deposits increased $113.3 million, or .9 percent from the second quarter of 2011, primarily due to increases in average savings account balances, partially offset by decreases in checking account balances.
The average interest cost of deposits in the third quarter of 2011 was .39 percent, down 9 basis points from the third quarter of 2010 and up 1 basis point from the second quarter of 2011. Declines in the average interest cost of deposits from the third quarter of 2010 were primarily due to pricing strategies on certain deposit products, mix changes and lower market interest rates. The slight increase from the second quarter of 2011 was primarily due to deposit mix changes. The weighted average interest rate on deposits was .35 percent at September 30, 2011.

Non-interest Expense


Non-interest Expense									Table 8
									Percent Change
($ in thousands)	3Q 2011			2Q 2011		3Q 2010			3Q11 vs 2Q11		3Q11 vs 3Q10		YTD 2011		YTD 2010		Percent Change
Compensation and
employee benefits	$	88,599		$	89,997	$	90,282		(1.6	)%	(1.9	)%	$	268,869	$	265,490	1.3	%
Occupancy and equipment		31,129			30,783		32,091		1.1		(3.0	)		94,071		95,583	(1.6	)
FDIC insurance		7,363			7,542		5,486		(2.4	)	34.2			22,100		16,186	36.5
Deposit account premiums		7,045			6,166		3,340		14.3		110.9			16,409		15,616	5.1
Advertising and marketing		1,145			3,479		3,354		(67.1	)	(65.9	)		7,784		9,908	(21.4	)
Other		34,708			37,067		39,481		(6.4	)	(12.1	)		106,341		108,944	(2.4	)
Core operating expenses		169,989			175,034		174,034		(2.9	)	(2.3	)		515,574		511,727	.8
Foreclosed real estate and
repossessed assets, net		12,430			12,617		9,588		(1.5	)	29.6			37,915		27,604	37.4
Operating lease depreciation		7,409			7,859		8,965		(5.7	)	(17.4	)		23,196		28,817	(19.5	)
Other credit costs, net		(139	)		496		(834	)	N.M.		83.3			2,905		4,476	(35.1	)
Total non-interest expense	$	189,689		$	196,006	$	191,753		(3.2	)	(1.1	)	$	579,590	$	572,624	1.2

N.M. = Not meaningful.

Compensation and employee benefits expense in the third quarter of 2011 decreased $1.7 million, or 1.9 percent, from the third quarter of 2010 and $1.4 million, or 1.6 percent, from the second quarter of 2011. The decrease from the third quarter of 2010 was primarily due to decreases in employee medical costs. The decrease from the second quarter of 2011 was primarily due to lower production related incentives in Retail Banking and decreased employee medical costs, partially offset by increased salary expense primarily due to headcount growth in Specialty Finance.
FDIC insurance expense increased $1.9 million, or 34.2 percent, from the third quarter of 2010 primarily due to changes in the FDIC insurance rate calculations for banks over $10 billion in total assets, which were implemented on April 1, 2011. TCF expects 2011 FDIC insurance expense to be approximately $7 million higher than 2010.
Deposit account premiums increased $3.7 million, or 110.9 percent, from the third quarter of 2010 and increased $879 thousand, or 14.3 percent, from the second quarter of 2011. The increase from the third quarter of 2010 was primarily due to changes in the account premium programs beginning in April 2011, which increased the premiums paid for each qualified account. The increase from the second quarter of 2011 was primarily due to increased production of checking accounts that qualified for premiums.
Advertising and marketing expense decreased $2.2 million, or 65.9 percent, from the third quarter of 2010 and decreased $2.3 million, or 67.1 percent, from the second quarter of 2011. The decrease from both periods was due to the discontinuation of the debit card rewards program in the third quarter of 2011 as a result of new federal regulation regarding debit card interchange fees.
Foreclosed real estate and repossessed asset expense increased $2.8 million, or 29.6 percent, from the third quarter of 2010 and was essentially flat with the second quarter of 2011. The increase from the third quarter of 2010 was primarily due to valuation writedowns on commercial real estate properties in Illinois.

Capital and Borrowing Capacity


Capital Information									Table 9
At period end
($ in thousands, except per-share data)	3Q					4Q
	2011					2010
Total equity	$	1,872,083				$	1,480,163
Total equity to total assets		9.81	%				8.02	%
Book value per common share	$	11.63				$	10.30
Tangible realized common equity to tangible assets⁽¹⁾		8.75	%				7.37	%


Risk-based capital
Tier 1	$	1,787,140		13.15	%	$	1,475,525		10.59	%
Total		2,076,447		15.28			1,808,412		12.98
Excess over stated “10% well-capitalized” requirement		717,769		5.28			415,502		2.98

Tier 1 Leverage Capital	$	1,787,140		9.50	%	$	1,475,525		8.00	%

Tier 1 common capital⁽²⁾	$	1,659,867		12.22	%	$	1,352,025		9.71	%

(1) Excludes the impact of goodwill, other intangibles and accumulated other comprehensive income (loss) (see “Reconciliation of GAAP to Non-GAAP Measures” table).
(2) Excludes the effect of qualifying trust preferred securities and qualifying non-controlling interest in subsidiaries (see “Reconciliation of GAAP to Non-GAAP Measures” table).

Total risk-based capital at September 30, 2011 of $2.1 billion, or 15.28 percent of risk-weighted assets, was $717.8 million in excess of the stated “10 percent well-capitalized” requirement.
On October 17, 2011, the Board of Directors of TCF declared a regular quarterly cash dividend of five cents per common share payable on November 30, 2011 to stockholders of record at the close of business on October 28, 2011.
At September 30, 2011, TCF had $1.7 billion in unused, secured borrowing capacity at the FHLB of Des Moines and $518 million in unused, secured borrowing capacity at the Federal Reserve Discount Window.

Website Information

A live webcast of TCF’s conference call to discuss third quarter earnings will be hosted at TCF’s website, http://ir.tcfbank.com, on October 20, 2011 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 bank holding company with $19.1 billion in total assets. TCF has 436 branches 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 http://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 the following:

Adverse Economic or Business Conditions, Credit and Other Risks. Deterioration in general economic and banking industry conditions, including defaults, anticipated defaults or rating agency downgrades of sovereign debt (including debt of the United States), or continued high rates of or increases in unemployment in TCF’s primary banking markets; adverse economic, business and competitive developments such as shrinking interest margins, deposit outflows, deposit account attrition, or an inability to increase the number of deposit accounts; adverse changes in credit and other risks posed by TCF’s loan, lease, investment, and securities available for sale portfolios, including declines in commercial or residential real estate values or changes in the allowance for loan and lease losses dictated by new market conditions or regulatory requirements; interest rate risks resulting from fluctuations in prevailing interest rates or other factors that result in a mismatch between yields earned on TCF’s interest-earning assets and the rates paid on its deposits and borrowings; and foreign currency exchange risks.

Earnings/Capital Constraints, Liquidity Risks. 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 adverse conditions in the banking industry, the economic impact on banks of the Dodd-Frank Act and other regulatory reform legislation; the impact of financial regulatory reform, including the phase out of trust preferred securities in tier 1 capital called for by the Dodd-Frank Act, or additional capital, leverage, liquidity and risk management requirements or changes in the composition of qualifying regulatory capital (including those resulting from U.S. implementation of Basel III requirements); adverse changes in securities markets directly or indirectly affecting TCF’s ability to sell assets or to fund its operations; diminished unsecured borrowing capacity resulting from TCF credit rating downgrades or unfavorable conditions in the credit markets that restrict or limit various funding sources; possible regulatory and other changes to the Federal Home Loan Bank System that may affect TCF’s borrowing capacity; costs associated with new regulatory requirements or interpretive guidance relating to liquidity.

Legislative and Regulatory Requirements. New consumer protection and supervisory actions, including those taken by the Consumer Financial Protection Bureau and limits on Federal preemption of state laws that could be applied to national banks; the imposition of requirements with an adverse impact relating to TCF’s lending, loan collection and other business activities as a result of the Dodd-Frank Act, or other legislative or regulatory developments such as mortgage foreclosure moratorium laws or imposition of underwriting or other limitations that impact the ability to use certain variable-rate products; reduction of interchange revenue from debit card transactions resulting from the so-called Durbin Amendment to the Dodd-Frank Act, which limits debit card interchange fees; impact of legislative, regulatory or other changes affecting customer account charges and fee income; 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); deficiencies in TCF’s compliance under the Bank Secrecy Act in past or future periods, which may result in regulatory enforcement action including monetary penalties; increased health care costs resulting from Federal health care reform legislation; adverse regulatory examinations and resulting enforcement actions or other adverse consequences such as increased capital requirements or higher deposit insurance assessments; heightened regulatory practices, requirements or expectations, including, but not limited to, requirements related to the Bank Secrecy Act and anti-money laundering compliance activity.

Other Risks Relating to Fee Income. Restrictions on charging overdraft fees on point-of-sale and ATM transactions unless customers opt-in, including customer opt-in preferences which may have an adverse impact on TCF’s fee revenue; and uncertainties relating to future retail deposit account changes such as charging a daily negative balance fee in lieu of per item overdraft fees or other significant changes, including limitations on TCF’s ability to predict customer behavior and the impact on TCF’s fee revenues.

Litigation Risks. Results of litigation, including but not limited to class action litigation concerning TCF’s lending or deposit activities including account servicing processes or fees or charges; claims regarding employment practices; business method patent litigation 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.

Acquisition of Gateway One Lending & Finance, LLC. Delays in closing the transaction; slower than anticipated growth of the business acquired; difficulties in integrating the acquired business or its systems or retaining key employees; lower than anticipated yields on loans originated; greater than anticipated competition in the acquired business; and higher than expected delinquencies and charge-offs.

Competitive Conditions; Supermarket Branching Risk. 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.

Accounting, Audit, Tax and Insurance Matters. Changes in accounting standards or interpretations of existing standards; federal or state monetary, fiscal or tax policies, including adoption of state legislation that would increase state taxes; adverse state or Federal tax assessments or findings in tax audits; lack of or inadequate insurance coverage for claims against TCF.

Technological and Operational Matters. Technological, computer-related or operational difficulties or loss or theft of information and the possibility that deposit account losses (fraudulent checks, etc.) may increase.

Investors should consult TCF’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K for additional important information about the Company. TCF assumes no obligation to update forward-looking information contained in this release as a result of new information or future events or developments.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per-share data)

(Unaudited)

Three Months Ended

September 30,

Change

2011

2010

Interest income:

Loans and leases

210,885

219,974

(9,089

)

(4.1

)

Securities available for sale

22,561

19,901

2,660

13.4

Investments and other

1,997

1,232

765

62.1

Total interest income

235,443

241,107

(5,664

)

(2.3

)

Interest expense:

Deposits

11,883

13,974

(2,091

)

(15.0

)

Borrowings

47,496

53,378

(5,882

)

(11.0

)

Total interest expense

59,379

67,352

(7,973

)

(11.8

)

Net interest income

176,064

173,755

2,309

1.3

Provision for credit losses

52,315

59,287

(6,972

)

(11.8

)

Net interest income after provision for

credit losses

123,749

114,468

9,281

8.1

Non-interest income:

Fees and service charges

58,452

67,684

(9,232

)

(13.6

)

Card revenue

27,701

27,779

(78

)

(.3

)

ATM revenue

7,523

7,985

(462

)

(5.8

)

Subtotal

93,676

103,448

(9,772

)

(9.4

)

Leasing and equipment finance

21,646

24,912

(3,266

)

(13.1

)

Other

786

1,077

(291

)

(27.0

)

Fees and other revenue

116,108

129,437

(13,329

)

(10.3

)

Gains on securities

1,648

8,505

(6,857

)

(80.6

)

Total non-interest income

117,756

137,942

(20,186

)

(14.6

)

Non-interest expense:

Compensation and employee benefits

88,599

90,282

(1,683

)

(1.9

)

Occupancy and equipment

31,129

32,091

(962

)

(3.0

)

FDIC insurance

7,363

5,486

1,877

34.2

Deposit account premiums

7,045

3,340

3,705

110.9

Advertising and marketing

1,145

3,354

(2,209

)

(65.9

)

Other

34,708

39,481

(4,773

)

(12.1

)

Subtotal

169,989

174,034

(4,045

)

(2.3

)

Foreclosed real estate and repossessed assets, net

12,430

9,588

2,842

29.6

Operating lease depreciation

7,409

8,965

(1,556

)

(17.4

)

Other credit costs, net

(139

)

(834

)

695

(83.3

)

Total non-interest expense

189,689

191,753

(2,064

)

(1.1

)

Income before income tax expense

51,816

60,657

(8,841

)

(14.6

)

Income tax expense

18,856

22,852

(3,996

)

(17.5

)

Income after income tax expense

32,960

37,805

(4,845

)

(12.8

)

Income attributable to non-controlling interest

1,243

912

331

36.3

Net income available to common stockholders

31,717

36,893

(5,176

)

(14.0

)

Net income per common share:

Basic

.20

.26

(.06

)

(23.1

)

Diluted

.20

.26

(.06

)

(23.1

)

Dividends declared per common share

.05

Average common and common equivalent

shares outstanding (in thousands):

Basic

157,419

140,684

16,735

11.9

Diluted

157,621

140,922

16,699

11.8

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per-share data)

(Unaudited)

Nine Months Ended

September 30,

Change

2011

2010

Interest income:

Loans and leases

639,381

663,151

(23,770

)

(3.6

)

Securities available for sale

62,629

62,373

256

Investments and other

5,634

3,609

2,025

56.1

Total interest income

707,644

729,133

(21,489

)

(2.9

)

Interest expense:

Deposits

35,317

47,859

(12,542

)

(26.2

)

Borrowings

146,073

156,358

(10,285

)

(6.6

)

Total interest expense

181,390

204,217

(22,827

)

(11.2

)

Net interest income

526,254

524,916

1,338

Provision for credit losses

141,594

158,791

(17,197

)

(10.8

)

Net interest income after provision for

credit losses

384,660

366,125

18,535

5.1

Non-interest income:

Fees and service charges

168,361

211,701

(43,340

)

(20.5

)

Card revenue

82,504

83,442

(938

)

(1.1

)

ATM revenue

21,319

22,851

(1,532

)

(6.7

)

Subtotal

272,184

317,994

(45,810

)

(14.4

)

Leasing and equipment finance

70,675

65,792

4,883

7.4

Other

1,864

4,767

(2,903

)

(60.9

)

Fees and other revenue

344,723

388,553

(43,830

)

(11.3

)

Gains on securities

1,421

7,938

(6,517

)

(82.1

)

Total non-interest income

346,144

396,491

(50,347

)

(12.7

)

Non-interest expense:

Compensation and employee benefits

268,869

265,490

3,379

1.3

Occupancy and equipment

94,071

95,583

(1,512

)

(1.6

)

FDIC insurance

22,100

16,186

5,914

36.5

Deposit account premiums

16,409

15,616

793

5.1

Advertising and marketing

7,784

9,908

(2,124

)

(21.4

)

Other

106,341

108,944

(2,603

)

(2.4

)

Subtotal

515,574

511,727

3,847

Foreclosed real estate and repossessed assets, net

37,915

27,604

10,311

37.4

Operating lease depreciation

23,196

28,817

(5,621

)

(19.5

)

Other credit costs, net

2,905

4,476

(1,571

)

(35.1

)

Total non-interest expense

579,590

572,624

6,966

1.2

Income before income tax expense

151,214

189,992

(38,778

)

(20.4

)

Income tax expense

56,056

71,754

(15,698

)

(21.9

)

Income after income tax expense

95,158

118,238

(23,080

)

(19.5

)

Income attributable to non-controlling interest

3,918

2,399

1,519

63.3

Net income available to common stockholders

91,240

115,839

(24,599

)

(21.2

)

Net income per common share:

Basic

.59

.84

(.25

)

(29.8

)

Diluted

.59

.84

(.25

)

(29.8

)

Dividends declared per common share

.15

Average common and common equivalent

shares outstanding (in thousands):

Basic

153,007

137,824

15,183

11.0

Diluted

153,302

138,004

15,298

11.1

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in thousands, except per-share data)

(Unaudited)

% Change From

September 30,

December 31,

September 30,

December 31,

September 30,

2011

2010

ASSETS

Cash and due from banks

1,165,736

663,901

386,671

75.6

N.M.

Investments

162,719

179,768

169,877

(9.5

)

(4.2

)

Securities available for sale

2,600,806

1,931,174

1,947,462

34.7

33.5

Loans and leases:

Consumer real estate and other

7,003,909

7,195,269

7,280,454

(2.7

)

(3.8

)

Commercial

3,495,797

3,646,203

3,663,053

(4.1

)

(4.6

)

Leasing and equipment finance

3,011,795

3,154,478

3,157,472

(4.5

)

(4.6

)

Inventory finance

828,214

792,354

795,622

4.5

4.1

Total loans and leases

14,339,715

14,788,304

14,896,601

(3.0

)

(3.7

)

Allowance for loan and lease losses

(254,325

)

(265,819

)

(253,120

)

4.3

(.5

)

Net loans and leases

14,085,390

14,522,485

14,643,481

(3.0

)

(3.8

)

Premises and equipment, net

434,333

443,768

446,398

(2.1

)

(2.7

)

Goodwill

152,599

Other assets

490,483

571,330

567,120

(14.2

)

(13.5

)

Total assets

19,092,066

18,465,025

18,313,608

3.4

4.3

LIABILITIES AND EQUITY

Deposits:

Checking

4,633,924

4,530,064

4,352,506

2.3

6.5

Savings

5,870,280

5,390,802

5,424,679

8.9

8.2

Money market

632,467

635,922

639,007

(.5

)

(1.0

)

Subtotal

11,136,671

10,556,788

10,416,192

5.5

6.9

Certificates of deposit

1,183,831

1,028,327

1,045,327

15.1

13.2

Total deposits

12,320,502

11,585,115

11,461,519

6.3

7.5

Short-term borrowings

7,204

126,790

344,681

(94.3

)

(97.9

)

Long-term borrowings

4,397,750

4,858,821

4,581,511

(9.5

)

(4.0

)

Total borrowings

4,404,954

4,985,611

4,926,192

(11.6

)

(10.6

)

Accrued expenses and other liabilities

494,527

414,136

419,935

19.4

17.8

Total liabilities

17,219,983

16,984,862

16,807,646

1.4

2.5

Equity:

Preferred stock, par value $.01 per share,

30,000,000 authorized; 0 shares issued

Common stock, par value $.01 per share,

280,000,000 shares authorized; 160,007,417,

142,965,012 and 142,685,276 shares issued

1,600

1,430

1,427

11.9

12.1

Additional paid-in capital

708,601

459,884

454,139

54.1

56.0

Retained earnings, subject to certain restrictions

1,133,386

1,064,978

1,041,331

6.4

8.8

Accumulated other comprehensive income (loss)

49,038

(31,514

)

22,458

N.M.

118.4

Treasury stock at cost, 45,504, 51,160

and 54,413 shares, and other

(32,815

)

(23,115

)

(23,400

)

(42.0

)

(40.2

)

Total TCF Financial Corp. stockholders' equity

1,859,810

1,471,663

1,495,955

26.4

24.3

Non-controlling interest in subsidiaries

12,273

8,500

10,007

44.4

22.6

Total equity

1,872,083

1,480,163

1,505,962

26.5

24.3

Total liabilities and equity

19,092,066

18,465,025

18,313,608

3.4

4.3

N.M. Not meaningful.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

SUMMARY OF CREDIT QUALITY DATA

(Dollars in thousands)

(Unaudited)

Change from

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Sep. 30,

2011

2010

2011

2010

Delinquency Data - Principal Balances ⁽¹⁾

60 days or more:

Consumer real estate

First mortgage lien

78,241

74,090

70,024

73,848

80,795

4,151

(2,554

)

Junior lien

18,499

17,780

19,528

20,763

20,387

719

(1,888

)

Total consumer real estate

96,740

91,870

89,552

94,611

101,182

4,870

(4,442

)

Consumer other

171

(113

)

Total consumer real estate and other

96,798

92,041

89,630

94,650

101,243

4,757

(4,445

)

Commercial

3,079

6,238

1,864

9,021

1,260

(3,159

)

1,819

Leasing and equipment finance

2,840

2,447

5,274

5,054

4,346

393

(1,506

)

Inventory finance

306

145

240

318

255

161

Subtotal

103,023

100,871

97,008

109,043

107,104

2,152

(4,081

)

Acquired portfolios

1,870

2,993

4,399

6,000

5,618

(1,123

)

(3,748

)

Total delinquencies

104,893

103,864

101,407

115,043

112,722

1,029

(7,829

)

Delinquency Data - % of Portfolio

60 days or more:

Consumer real estate

First mortgage lien

1.68

1.58

1.48

1.55

1.68

bps

Junior lien

.86

.82

.89

.93

.90

)

Total consumer real estate

1.42

1.34

1.30

1.35

1.43

)

Consumer other

.18

.46

.22

.10

.14

(28

)

Total consumer real estate and other

1.41

1.33

1.29

1.35

1.42

)

Commercial

.09

.18

.05

.26

.04

)

Leasing and equipment finance

.11

.09

.20

.19

.17

)

Inventory finance

.04

.02

.03

.05

.04

Subtotal

.75

.73

.69

.79

.78

)

Acquired portfolios

.51

.70

.89

1.00

.79

(19

)

(28

)

Total delinquencies

.75

.73

.70

.80

.78

)

(1) Excludes non-accrual loans and leases.

Change from

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Sep. 30,

2011

2010

2011

2010

Non-Accrual Loans and Leases

Non-accrual loans and leases:

Consumer real estate

First mortgage lien

130,671

129,837

133,865

140,871

140,315

834

(9,644

)

Junior lien

18,223

21,069

21,325

26,626

26,225

(2,846

)

(8,002

)

Total consumer real estate

148,894

150,906

155,190

167,497

166,540

(2,012

)

(17,646

)

Consumer other

(28

)

(53

)

Total consumer real estate and other

148,898

150,938

155,233

167,547

166,597

(2,040

)

(17,699

)

Commercial

133,260

140,407

127,745

142,248

161,889

(7,147

)

(28,629

)

Leasing and equipment finance

24,437

29,682

34,634

34,407

40,455

(5,245

)

(16,018

)

Inventory finance

1,077

634

1,437

1,055

871

443

206

Total non-accrual loans and leases

307,672

321,661

319,049

345,257

369,812

(13,989

)

(62,140

)

Non-accrual loans and leases - rollforward

Balance, beginning of period

321,661

319,049

345,257

369,812

330,182

2,612

(8,521

)

Additions

80,014

86,996

80,596

92,180

143,929

(6,982

)

(63,915

)

Charge-offs

(29,338

)

(22,401

)

(37,417

)

(43,092

)

(36,371

)

(6,937

)

7,033

Transfers to other assets

(21,654

)

(27,078

)

(33,541

)

(41,659

)

(39,072

)

5,424

17,418

Return to accrual status

(20,272

)

(21,985

)

(24,634

)

(17,989

)

(15,785

)

1,713

(4,487

)

Payments received

(23,843

)

(14,383

)

(12,881

)

(15,036

)

(15,653

)

(9,460

)

(8,190

)

Other, net

1,104

1,463

1,669

1,041

2,582

(359

)

(1,478

)

Balance, end of period

307,672

321,661

319,049

345,257

369,812

(13,989

)

(62,140

)

Charge-offs and allowance recorded on

non-accrual loans and leases as a percentage

of contractual balance

Consumer real estate

29.3

26.6

24.5

22.0

20.7

270

bps

860

bps

Commercial

34.3

37.9

40.5

43.1

28.1

(360

)

620

Leasing and equipment finance

22.1

20.5

23.6

24.3

28.6

160

(650

)

Inventory finance

5.7

11.8

7.1

17.5

19.5

(610

)

(1,380

)

Total

31.0

31.4

31.6

24.7

(40

)

630

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

SUMMARY OF CREDIT QUALITY DATA, CONTINUED

(Dollars in thousands)

(Unaudited)

Change from

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Sep. 30,

2011

2010

2011

2010

Other Real Estate Owned

Other real estate owned ⁽¹⁾:

Consumer real estate

88,206

94,311

97,976

90,115

88,303

(6,105

)

(97

)

Commercial real estate

42,207

42,188

44,178

50,950

47,841

(5,634

)

Total other real estate owned

130,413

136,499

142,154

141,065

136,144

(6,086

)

(5,731

)

Other real estate owned - rollforward

Balance, beginning of period

136,499

142,154

141,065

136,144

117,931

(5,655

)

18,568

Transferred in

24,939

27,649

35,480

44,513

41,121

(2,710

)

(16,182

)

Sales

(26,095

)

(28,759

)

(31,328

)

(34,666

)

(18,674

)

2,664

(7,421

)

Writedowns

(6,337

)

(6,741

)

(6,266

)

(6,220

)

(3,394

)

404

(2,943

)

Other, net

1,407

2,196

3,203

1,294

(840

)

(789

)

2,247

Balance, end of period

130,413

136,499

142,154

141,065

136,144

(6,086

)

(5,731

)

Charge-offs and writedowns recorded on other real estate owned as a percentage of contractual loan balance prior to non-performing status

Consumer

35.1

33.1

32.2

33.0

30.9

200

bps

420

bps

Commercial

42.7

33.2

24.5

26.6

30.9

950

1,180

Total

37.8

33.1

30.0

30.8

30.9

470

690

Ending number of properties owned

Consumer real estate

456

488

493

520

480

(32

)

(24

)

Commercial real estate

Total

489

514

519

548

512

(25

)

(23

)

(1) Includes properties owned and foreclosed properties subject to redemption.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

SUMMARY OF CREDIT QUALITY DATA, CONTINUED

(Dollars in thousands)

(Unaudited)

Allowance for Loan and Lease Losses

At September 30, 2011

At June 30, 2011

At September 30, 2010

Change from

Jun. 30,

Sep. 30,

Balance

% of Portfolio

Balance

% of Portfolio

Balance

% of Portfolio

2011

2010

Consumer real estate

177,430

2.55

175,716

2.50

169,743

2.35

bps

Consumer other

1,219

3.68

1,421

3.79

2,069

4.74

(11

)

(106

)

Total consumer real estate and other

178,649

2.55

177,137

2.51

171,812

2.36

Commercial

49,499

1.42

50,783

1.41

49,584

1.35

Leasing and equipment finance

23,300

.77

24,611

.81

28,974

.92

)

(15

)

Inventory finance

2,877

.35

2,941

.32

2,750

.35

Total

254,325

1.77

255,472

1.75

253,120

1.70

Net Charge-Offs (Recoveries)

Change from

Quarter Ended

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Sep. 30,

2011

2010

2011

2010

Consumer real estate

First mortgage lien

27,590

21,593

21,950

23,206

20,119

5,997

7,471

Junior lien

16,247

15,078

13,353

13,450

14,374

1,169

1,873

Total consumer real estate

43,837

36,671

35,303

36,656

34,493

7,166

9,344

Consumer other

1,480

684

(266

)

1,316

1,737

796

(257

)

Total consumer real estate and other

45,317

37,355

35,037

37,972

36,230

7,962

9,087

Commercial

5,040

2,684

17,778

18,596

12,826

2,356

(7,786

)

Leasing and equipment finance

2,783

3,478

2,789

7,814

8,674

(695

)

(5,891

)

Inventory finance

262

328

208

565

(66

)

182

Total

53,402

43,845

55,812

64,947

57,810

9,557

(4,408

)

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

Change from

Quarter Ended ⁽¹⁾

Quarter Ended

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Sep. 30,

2011

2010

2011

2010

Consumer real estate

First mortgage lien

2.29

1.78

1.81

1.88

1.63

bps

Junior lien

2.99

2.75

2.39

2.37

2.50

Total consumer real estate

2.51

2.09

1.99

2.04

1.91

Total consumer real estate and other

2.59

2.12

1.97

2.10

2.00

Commercial

.57

.30

1.96

2.04

1.40

(83

)

Leasing and equipment finance

.36

.45

.36

.99

1.16

)

(80

)

Inventory finance

.13

.10

.28

.05

Total

1.48

1.19

1.51

1.75

1.58

(10

)

(1) Annualized.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Dollars in thousands)

(Unaudited)

Three Months Ended September 30,

2011

2010

Average

Yields and

Average

Yields and

Balance

Interest

Rates ⁽¹⁾

Balance

Interest

Rates ⁽¹⁾

ASSETS:

Investments and other

958,996

1,997

.83

309,027

1,232

1.59

U.S. Government sponsored entities:

Mortgage-backed securities, fixed-rate

2,339,862

22,556

3.86

1,796,348

19,873

4.43

U.S. Treasury securities

10,761

.04

69,705

.13

Other securities

340

4.68

452

4.40

Total securities available for sale⁽²⁾

2,350,963

22,561

3.84

1,866,505

19,901

4.26

Loans and leases:

Consumer real estate:

Fixed-rate

4,592,855

70,087

6.06

5,019,925

77,934

6.16

Variable-rate

2,392,966

30,845

5.11

2,213,091

29,893

5.36

Consumer - other

18,183

387

8.44

25,130

565

8.92

Total consumer real estate and other

7,004,004

101,319

5.74

7,258,146

108,392

5.93

Commercial:

Fixed- and adjustable-rate

2,853,117

41,150

5.72

2,955,954

43,862

5.89

Variable-rate

711,081

7,759

4.33

717,894

7,541

4.17

Total commercial

3,564,198

48,909

5.44

3,673,848

51,403

5.55

Leasing and equipment finance

3,066,208

46,072

6.01

3,002,714

48,103

6.41

Inventory finance

826,198

15,151

7.28

655,485

12,514

7.57

Total loans and leases

14,460,608

211,451

5.81

14,590,193

220,412

6.01

Total interest-earning assets

17,770,567

236,009

5.28

16,765,725

241,545

5.73

Other assets

1,222,700

1,268,697

Total assets

18,993,267

18,034,422

LIABILITIES AND EQUITY:

Non-interest bearing deposits:

Retail

1,396,857

1,408,984

Small business

704,272

659,165

Commercial and custodial

294,253

279,475

Total non-interest bearing deposits

2,395,382

2,347,624

Interest-bearing deposits:

Checking

2,103,184

1,057

.20

2,014,550

1,454

.29

Savings

5,789,188

7,912

.54

5,426,481

9,095

.66

Money market

650,598

692

.42

654,030

1,074

.65

Subtotal

8,542,970

9,661

.45

8,095,061

11,623

.57

Certificates of deposit

1,114,934

2,222

.79

1,006,685

2,351

.93

Total interest-bearing deposits

9,657,904

11,883

.49

9,101,746

13,974

.61

Total deposits

12,053,286

11,883

.39

11,449,370

13,974

.48

Borrowings:

Short-term borrowings

43,073

.29

40,646

.82

Long-term borrowings

4,403,724

47,465

4.28

4,587,964

53,294

4.61

Total borrowings

4,446,797

47,496

4.24

4,628,610

53,378

4.58

Total interest-bearing liabilities

14,104,701

59,379

1.67

13,730,356

67,352

1.95

Total deposits and borrowings

16,500,083

59,379

1.43

16,077,980

67,352

1.66

Other liabilities

672,944

463,492

Total liabilities

17,173,027

16,541,472

Total TCF Financial Corp. stockholders' equity

1,813,384

1,483,565

Non-controlling interest in subsidiaries

6,856

9,385

Total equity

1,820,240

1,492,950

Total liabilities and equity

18,993,267

18,034,422

Net interest income and margin

176,630

3.96

174,193

4.14

(1) Annualized.

(2) Average balances and yields of securities available for sale are based upon the historical amortized cost and excludes equity securities.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Dollars in thousands)

(Unaudited)

Nine Months Ended September 30,

2011

2010

Average

Yields and

Average

Yields and

Balance

Interest

Rates ⁽¹⁾

Balance

Interest

Rates ⁽¹⁾

ASSETS:

Investments and other

744,934

5,634

1.01

314,003

3,609

1.53

U.S. Government sponsored entities:

Mortgage-backed securities, fixed-rate

2,136,516

62,581

3.91

1,846,895

62,327

4.50

U.S. Treasury securities

64,414

.07

28,212

.14

Other securities

360

5.20

462

4.63

Total securities available for sale⁽²⁾

2,201,290

62,629

3.79

1,875,569

62,373

4.43

Loans and leases:

Consumer real estate:

Fixed-rate

4,660,371

212,508

6.10

5,152,532

238,612

6.19

Variable-rate

2,379,947

91,691

5.15

2,089,381

85,701

5.48

Consumer - other

19,788

1,300

8.78

27,687

1,766

8.53

Total consumer real estate and other

7,060,106

305,499

5.78

7,269,600

326,079

6.00

Commercial:

Fixed- and adjustable-rate

2,880,986

124,634

5.78

2,959,921

132,162

5.97

Variable-rate

713,898

23,173

4.34

739,274

23,231

4.20

Total commercial

3,594,884

147,807

5.50

3,699,195

155,393

5.62

Leasing and equipment finance

3,084,613

139,813

6.04

3,022,487

147,358

6.50

Inventory finance

889,709

47,816

7.19

634,182

35,327

7.45

Total loans and leases

14,629,312

640,935

5.85

14,625,464

664,157

6.07

Total interest-earning assets

17,575,536

709,198

5.39

16,815,036

730,139

5.80

Other assets

1,176,606

1,235,115

Total assets

18,752,142

18,050,151

LIABILITIES AND EQUITY:

Non-interest bearing deposits:

Retail

1,443,033

1,450,749

Small business

685,435

629,530

Commercial and custodial

288,202

282,569

Total non-interest bearing deposits

2,416,670

2,362,848

Interest-bearing deposits:

Checking

2,120,083

3,633

.23

2,081,403

4,991

.32

Savings

5,608,783

22,688

.54

5,416,757

31,431

.78

Money market

657,570

2,331

.47

661,035

3,489

.71

Subtotal

8,386,436

28,652

.46

8,159,195

39,911

.65

Certificates of deposit

1,100,029

6,665

.81

1,058,840

7,948

1.00

Total interest-bearing deposits

9,486,465

35,317

.50

9,218,035

47,859

.69

Total deposits

11,903,135

35,317

.40

11,580,883

47,859

.55

Borrowings:

Short-term borrowings

53,619

144

.36

87,642

265

.40

Long-term borrowings

4,538,823

145,929

4.30

4,524,832

156,093

4.61

Total borrowings

4,592,442

146,073

4.25

4,612,474

156,358

4.53

Total interest-bearing liabilities

14,078,907

181,390

1.72

13,830,509

204,217

1.97

Total deposits and borrowings

16,495,577

181,390

1.47

16,193,357

204,217

1.69

Other liabilities

558,119

456,796

Total liabilities

17,053,696

16,650,153

Total TCF Financial Corp. stockholders' equity

1,689,695

1,390,462

Non-controlling interest in subsidiaries

8,751

9,536

Total equity

1,698,446

1,399,998

Total liabilities and equity

18,752,142

18,050,151

Net interest income and margin

527,808

4.01

525,922

4.18

(1) Annualized.

(2) Average balances and yields of securities available for sale are based upon the historical amortized cost and excludes equity securities.

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

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

2011

2010

Interest income:

Loans and leases

210,885

213,823

214,673

220,772

219,974

Securities available for sale

22,561

20,639

19,429

18,072

19,901

Investments and other

1,997

1,836

1,801

1,900

1,232

Total interest income

235,443

236,298

235,903

240,744

241,107

Interest expense:

Deposits

11,883

11,430

12,004

13,370

13,974

Borrowings

47,496

48,718

49,859

53,088

53,378

Total interest expense

59,379

60,148

61,863

66,458

67,352

Net interest income

176,064

176,150

174,040

174,286

173,755

Provision for credit losses

52,315

44,005

45,274

77,646

59,287

Net interest income after provision for

credit losses

123,749

132,145

128,766

96,640

114,468

Non-interest income:

Fees and service charges

58,452

56,396

53,513

61,480

67,684

Card revenue

27,701

28,219

26,584

27,625

27,779

ATM revenue

7,523

7,091

6,705

6,985

7,985

Subtotal

93,676

91,706

86,802

96,090

103,448

Leasing and equipment finance

21,646

22,279

26,750

23,402

24,912

Other

786

384

694

817

1,077

Fees and other revenue

116,108

114,369

114,246

120,309

129,437

Gains (losses) on securities

1,648

(227

)

21,185

8,505

Total non-interest income

117,756

114,142

114,246

141,494

137,942

Non-interest expense:

Compensation and employee benefits

88,599

89,997

90,273

87,371

90,282

Occupancy and equipment

31,129

30,783

32,159

30,968

32,091

FDIC insurance

7,363

7,542

7,195

7,398

5,486

Deposit account premiums

7,045

6,166

3,198

1,688

3,340

Advertising and marketing

1,145

3,479

3,160

3,154

3,354

Other

34,708

37,067

34,566

37,309

39,481

Subtotal

169,989

175,034

170,551

167,888

174,034

Foreclosed real estate and repossessed assets, net

12,430

12,617

12,868

12,781

9,588

Operating lease depreciation

7,409

7,859

7,928

8,289

8,965

Other credit costs, net

(139

)

496

2,548

1,542

(834

)

Total non-interest expense

189,689

196,006

193,895

190,500

191,753

Income before income tax expense

51,816

50,281

49,117

47,634

60,657

Income tax expense

18,856

18,758

18,442

16,011

22,852

Income after income tax expense

32,960

31,523

30,675

31,623

37,805

Income attributable to non-controlling interest

1,243

1,686

989

898

912

Net income available to common stockholders

31,717

29,837

29,686

30,725

36,893

Net income per common share:

Basic

.20

.19

.20

.22

.26

Diluted

.20

.19

.20

.22

.26

Dividends declared per common share

.05

Financial Ratios: ⁽¹⁾

Return on average assets

.69

.67

.66

.68

.84

Return on average common equity

7.00

6.86

7.84

8.25

9.95

Net interest margin

3.96

4.02

4.06

4.05

4.14

(1) Annualized.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS

(In thousands)

(Unaudited)

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

2011

2010

ASSETS

Cash and due from banks

1,078,521

802,812

677,695

506,244

420,674

Investments

162,717

166,039

172,309

176,795

162,034

U.S. Government sponsored entities:

Mortgage-backed securities

2,357,865

2,153,016

1,979,648

1,907,958

1,767,410

U.S. Treasury securities

10,761

135,613

47,269

199,330

69,705

Other securities

2,132

2,360

2,578

2,945

3,473

Total securities available for sale

2,370,758

2,290,989

2,029,495

2,110,233

1,840,588

Loans and leases:

Consumer real estate:

Fixed-rate

4,592,855

4,655,198

4,734,618

4,874,633

5,019,925

Variable-rate

2,392,966

2,379,250

2,367,341

2,322,623

2,213,091

Consumer - other

18,183

19,463

21,757

23,283

25,130

Total consumer real estate and other

7,004,004

7,053,911

7,123,716

7,220,539

7,258,146

Commercial:

Fixed- and adjustable-rate

2,853,117

2,877,903

2,912,593

2,947,137

2,955,954

Variable-rate

711,081

719,741

710,870

703,769

717,894

Total commercial

3,564,198

3,597,644

3,623,463

3,650,906

3,673,848

Leasing and equipment finance

3,066,208

3,068,550

3,119,669

3,155,472

3,002,714

Inventory finance

826,198

978,505

872,785

803,157

655,485

Total loans and leases

14,460,608

14,698,610

14,739,633

14,830,074

14,590,193

Allowance for loan and lease losses

(253,547

)

(255,441

)

(263,014

)

(251,904

)

(251,603

)

Net loans and leases

14,207,061

14,443,169

14,476,619

14,578,170

14,338,590

Premises and equipment, net

439,288

442,529

445,093

446,527

447,364

Goodwill

152,599

Other assets

582,323

498,214

527,217

638,987

672,573

Total assets

18,993,267

18,796,351

18,481,027

18,609,555

18,034,422

LIABILITIES AND EQUITY

Non-interest-bearing deposits:

Retail

1,396,857

1,475,191

1,457,723

1,366,190

1,408,984

Small business

704,272

683,323

668,316

676,670

659,165

Commercial and custodial

294,253

278,808

291,513

291,295

279,475

Total non-interest bearing deposits

2,395,382

2,437,322

2,417,552

2,334,155

2,347,624

Interest-bearing deposits:

Checking

2,103,184

2,152,646

2,104,433

2,044,060

2,014,550

Savings

5,789,188

5,608,824

5,424,327

5,392,650

5,426,481

Money market

650,598

648,862

673,503

643,801

654,030

Subtotal

8,542,970

8,410,332

8,202,263

8,080,511

8,095,061

Certificates of deposit

1,114,934

1,092,368

1,092,537

1,040,348

1,006,685

Total interest-bearing deposits

9,657,904

9,502,700

9,294,800

9,120,859

9,101,746

Total deposits

12,053,286

11,940,022

11,712,352

11,455,014

11,449,370

Borrowings:

Short-term borrowings

43,073

35,227

83,038

235,219

40,646

Long-term borrowings

4,403,724

4,513,301

4,702,729

4,746,823

4,587,964

Total borrowings

4,446,797

4,548,528

4,785,767

4,982,042

4,628,610

Accrued expenses and other liabilities

672,944

556,641

460,434

674,827

463,492

Total liabilities

17,173,027

17,045,191

16,958,553

17,111,883

16,541,472

Equity:

Preferred stock

Common stock

1,598

1,594

1,463

1,428

1,426

Additional paid-in capital

705,366

698,683

503,852

456,760

451,570

Retained earnings, subject to certain restrictions

1,119,702

1,096,044

1,073,924

1,052,092

1,025,631

Accumulated other comprehensive income (loss)

19,726

(23,742

)

(41,699

)

3,089

28,861

Treasury stock at cost and other

(33,008

)

(33,036

)

(22,961

)

(23,027

)

(23,923

)

Total TCF Financial Corp. stockholders equity

1,813,384

1,739,543

1,514,579

1,490,342

1,483,565

Non-controlling interest in subsidiaries

6,856

11,617

7,895

7,330

9,385

Total equity

1,820,240

1,751,160

1,522,474

1,497,672

1,492,950

Total liabilities and equity

18,993,267

18,796,351

18,481,027

18,609,555

18,034,422

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY YIELDS AND RATES ⁽¹⁾

(Unaudited)

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

2011

2010

ASSETS

Investments and other

.83

1.06

1.26

1.86

1.59

U.S. Government sponsored entities:

Mortgage-backed securities

3.86

3.92

3.96

4.16

4.43

U.S. Treasury securities

.04

.06

.11

.13

Other securities

4.68

5.68

5.21

3.69

4.40

Total securities available for sale⁽²⁾

3.84

3.69

3.87

3.75

4.26

Loans and leases:

Consumer real estate:

Fixed-rate

6.06

6.08

6.15

6.10

6.16

Variable-rate

5.11

5.15

5.19

5.25

5.36

Consumer - other

8.44

9.01

8.87

9.15

8.92

Total consumer real estate and other

5.74

5.78

5.84

5.93

Commercial:

Fixed- and adjustable-rate

5.72

5.78

5.85

5.90

5.89

Variable-rate

4.33

4.32

4.37

4.16

4.17

Total commercial

5.44

5.49

5.56

5.57

5.55

Leasing and equipment finance

6.01

6.02

6.10

6.24

6.41

Inventory finance

7.28

7.11

7.12

7.19

7.57

Total loans and leases

5.81

5.85

5.90

5.93

6.01

Total interest-earning assets

5.28

5.38

5.51

5.59

5.73

LIABILITIES

Interest-bearing deposits:

Checking

.20

.23

.26

.29

Savings

.54

.52

.56

.63

.66

Money market

.42

.45

.55

.64

.65

Subtotal

.45

.44

.48

.55

.57

Certificates of deposit

.79

.81

.83

.86

.93

Total interest-bearing deposits

.49

.48

.52

.58

.61

Total deposits

.39

.38

.42

.46

.48

Borrowings:

Short-term borrowings

.29

.24

.45

.35

.82

Long-term borrowings

4.28

4.33

4.28

4.42

4.61

Total borrowings

4.24

4.29

4.22

4.23

4.58

Total interest-bearing liabilities

1.67

1.72

1.78

1.87

1.95

Net interest margin

3.96

4.02

4.06

4.05

4.14

(1) Annualized.

(2) Average yields of securities available for sale are based upon the historical amortized cost and excludes equity securities.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURES ⁽¹⁾
(Dollars in thousands)
(Unaudited)

	At Sep. 30,			At Dec. 31,
	2011			2010
Computation of total equity to total assets:
Total equity	$	1,872,083		$	1,480,163
Total assets	$	19,092,066		$	18,465,025
Total equity to total assets		9.81	%		8.02	%

Computation of tangible realized common equity to tangible assets:
Total equity	$	1,872,083		$	1,480,163
Less: Non-controlling interest in subsidiaries		12,273			8,500
Total TCF Financial Corp. stockholders’ equity		1,859,810			1,471,663
Less:
Goodwill		152,599			152,599
Other intangibles		1,103			1,232
Accumulated other comprehensive income		49,038		-
Add:
Accumulated other comprehensive loss		-			31,514
Tangible realized common equity	$	1,657,070		$	1,349,346

Total assets	$	19,092,066		$	18,465,025
Less:
Goodwill		152,599			152,599
Other intangibles		1,103			1,232
Tangible assets	$	18,938,364		$	18,311,194

Tangible realized common equity to tangible assets		8.75	%		7.37	%


	At Sep. 30,			At Dec. 31,
	2011			2010
Computation of tier 1 risk-based capital ratio:
Total tier 1 capital	$	1,787,140		$	1,475,525
Total risk-weighted assets	$	13,586,781		$	13,929,097
Total tier 1 risk-based capital ratio		13.15	%		10.59	%

Computation of tier 1 common capital ratio:
Total tier 1 capital	$	1,787,140		$	1,475,525
Less:
Qualifying trust preferred securities		115,000			115,000
Qualifying non-controlling interest in subsidiaries		12,273			8,500
Total tier 1 common capital	$	1,659,867		$	1,352,025

Total tier 1 common capital ratio		12.22	%		9.71	%

(1) In contrast to GAAP-basis and regulatory capital-basis measures, tangible realized common equity excludes the effect of goodwill, other intangibles and accumulated other comprehensive income (loss) and the total tier 1 common capital ratio excludes the effect of qualifying trust preferred securities and qualifying non-controlling interest in subsidiaries. Management reviews these ratios as ongoing measures and has included this information because of current interest in the industry. The methodology for calculating these ratios may vary between companies.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50035248&lang=en

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

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TCF Reports 66th Consecutive Quarter of Net Income - Earns $31.7 Million