TCF Reports First Quarter Earnings - Diluted EPS Up 22%

Apr 18, 2001, 01:00 ET from TCF National Bank

    WAYZATA, Minn., April 18 /PRNewswire/ --
 
     FIRST QUARTER HIGHLIGHTS
     -- Diluted earnings per share of 62 cents, up 22 percent
     -- Top-line revenue increased 10 percent
     -- Fee income increased 14 percent
     -- Increased Power Assets by 22 percent
     -- Supermarket deposits and consumer loans up 22 percent
     -- Increased retail checking accounts by 31,000 to 1,162,000 in the
        quarter
     -- Non-performing assets unchanged from year-end 2000
     -- Net charge-offs of .05 % of average loans and leases
 
 
     EARNINGS SUMMARY                                      Three Months
     ($ in thousands, except per-share data)              Ended March 31,
                                                        2001           2000
     Cash net income                                  $50,123        $42,599
     Diluted cash earnings per common share               .64            .53
     Cash return on average assets                       1.77%          1.60%
     Cash return on average realized common equity      22.31          20.12
 
     Net income                                       $48,223        $40,721
     Diluted earnings per common share                    .62            .51
     Net interest margin                                 4.35%          4.32%
     Return on average assets                            1.71           1.53
     Return on average realized common equity           21.47          19.24
 
 
     TCF Financial Corporation (TCF) (NYSE:   TCB) today reported diluted
 earnings per share of 62 cents for the 2001 first quarter, up 22 percent from
 51 cents for the same period in 2000, and diluted cash earnings per common
 share, which excludes goodwill charges, of 64 cents per share for first
 quarter 2001, up 21 percent from 53 cents per share in first quarter 2000.
 Net income for the 2001 first quarter was $48.2 million, as compared with
 $40.7 million for the 2000 first quarter.  The 2001 first quarter results
 included a $2.1 million after-tax gain on the sale of a branch, or 3 cents per
 diluted common share.  The cash return on average assets was 1.77 percent and
 cash return on average realized common equity was 22.31 percent for the 2001
 first quarter, compared with 1.60 percent and 20.12 percent, respectively, for
 the 2000 first quarter.
     "TCF's strong first quarter earnings performance is the result of our
 commitment to convenience and our continued focus on the fundamentals that
 have made us successful over time," said TCF Chairman and Chief Executive
 Officer William A. Cooper.  "Top-line revenue, a good indicator of how we're
 performing, continues to grow, and our de novo expansion strategy is
 generating strong growth in deposit accounts, consumer loans and fee income."
     Top-line revenue, which consists of net interest income and non-interest
 income (excluding the gain on sale of a branch), increased $17.2 million, or
 10 percent during first quarter 2001, compared with first quarter 2000.  TCF's
 expanding customer base and increased usage of our innovative products and
 services fueled this growth.
     Net interest income for first quarter 2001 was $113.8 million, an increase
 of $7 million or 7 percent, as compared with first quarter 2000. TCF's net
 interest margin was 4.35 percent for the 2001 first quarter, compared with
 4.32 percent for the 2000 first quarter, and 4.33 percent for the 2000 fourth
 quarter. The increase in net interest income and net interest margin is
 primarily due to the growth in Power Assets and Power Liabilities. With the
 recent decline in interest rates, TCF has experienced increased prepayments in
 its residential real estate loan portfolio.  In response to the expected
 continued run-off, TCF purchased $550 million of mortgage-backed securities in
 first quarter 2001.
     Non-interest income (excluding the gain on sale of a branch) totaled
 $83.2 million for the 2001 first quarter, up $10.3 million or 14 percent from
 $73 million for the 2000 first quarter.  These improvements were largely due
 to increased fee and service charges, and electronic funds transfer revenues
 (debit card revenue was up $2 million over the 2000 first quarter, an increase
 of 33 percent), reflecting TCF's expanded customer base.
     Non-interest expense (excluding the amortization of goodwill and deposit
 base intangibles) totaled  $118 million for the 2001 first quarter, up
 $7.9 million or 7 percent from $110.1 million for the 2000 first quarter.  The
 increase was primarily due to the costs associated with TCF's continued
 leasing and de novo retail banking expansion.  Included in advertising and
 promotions is a $592 thousand increase related to the TCF Express Phone Card,
 which was launched late in the first quarter of 2000.
     Power Assets, higher yielding consumer and commercial loans and leases,
 totaled $5 billion at March 31, 2001, up $137.4 million from December 31,
 2000.  On an average balance basis, Power Assets for the 2001 first quarter
 were $4.9 billion, up $871.7 million, or 22 percent from first quarter 2000,
 and up $250.6 million, or 5 percent from fourth quarter 2000. The growth from
 the 2000 first quarter reflects increases of $331.3 million, or 23 percent,
 for commercial loans, $176.5 million, or 9 percent, for consumer loans and
 $363.9 million, or 71 percent, for leasing and equipment financing.
     Credit quality remained strong in the 2001 first quarter. Net loan and
 lease charge-offs were $958 thousand or .05 percent of loans and leases in the
 2001 first quarter, compared with a net recovery of $30 thousand in the 2000
 first quarter. Non-performing assets were $46.7 million at March 31, 2001,
 unchanged from December 31, 2000. At March 31, 2001, TCF's allowance for loan
 and lease losses totaled $68.1 million, compared with $66.7 million at
 year-end 2000, and was 196 percent of non-accrual loans and leases, compared
 with 189 percent at year-end 2000.  TCF's over-30-day delinquency rate was
 .72 percent at March 31, 2001, compared with .69 percent at year-end 2000.
 The over-30-day delinquency rate for the leasing and equipment finance
 portfolio was 1.21 percent at March 31, 2001, down from 1.83 percent at
 year-end 2000.
     Deposits totaled $7 billion at March 31, 2001, up $139 million from
 year-end 2000.  Average deposits increased $201.1 million during the 2001
 first quarter compared with the 2000 first quarter, including an increase of
 $325.3 million, or 9 percent, in lower cost checking, savings and money market
 deposits. TCF had 1,162,000 checking accounts at March 31, 2001, a net
 increase of 31,000 accounts from year-end 2000, and an increase of 91,000 or
 9 percent from March 31, 2000.  The weighted average rate on total deposits
 for the 2001 first quarter was 2.96 percent, compared with 2.75 percent for
 the 2000 first quarter.
     With the recent increase in refinance activity, our mortgage company
 generated $898.7 million in new loan applications and $395.5 million in closed
 loans during the 2001 first quarter, up from $367.2 million and
 $184.5 million, respectively, in the 2000 first quarter. TCF's mortgage
 pipeline (applications in process but not yet closed) was $671 million at
 March 31, 2001, compared with $221 million at December 31, 2000.  Included in
 other expense is a $1.3 million increase in amortization of mortgage servicing
 rights reflecting the larger servicing portfolio and the accelerating
 prepayments.
     At March 31, 2001, book value per common share was $11.35 based on
 78,872,100 common shares outstanding.  TCF repurchased 1.6 million shares of
 its common stock in the 2001 first quarter at an average cost of $36.76 per
 share.  TCF has 1 million shares remaining in a 5 percent stock repurchase
 program authorized by the board of directors in March 2000.
     TCF is a Minnesota-based national financial holding company with
 $11.8 billion in assets.  TCF has more than 350 banking offices in Minnesota,
 Illinois, Michigan, Wisconsin, Colorado and Indiana.  Other TCF affiliates
 provide leasing, mortgage banking, and investments and insurance sales.
     TCF's website, http://www.tcfexpress.com , will host a live webcast of the
 conference call to discuss first quarter earnings on April 18, 2001 at
 10:00 a.m. CDT. The website also includes access to company news releases,
 TCF's annual report, quarterly reports, investor presentations and SEC
 filings.
     This earnings release contains "forward-looking" statements that deal with
 future results, plans or performance.  In addition, TCF's management may make
 such statements orally to the media, or to securities analysts, investors or
 others.  Forward-looking statements deal with matters that do not relate
 strictly to historical facts.  TCF's future results may differ materially from
 historical performance and forward-looking statements about TCF's expected
 financial results or other plans are subject to a number of risks and
 uncertainties.  These include but are not limited to possible legislative
 changes and adverse economic, business and competitive developments such as
 shrinking interest margins; deposit outflows; reduced demand for financial
 services and loan and lease products; changes in accounting policies and
 guidelines, or monetary and fiscal policies of the federal government; changes
 in credit and other risks posed by TCF's loan, lease and investment
 portfolios; technological, computer-related or operational difficulties;
 adverse changes in securities markets; results of litigation or other
 significant uncertainties.
 
 
                   TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                     (In thousands, except per-share data)
                                  (Unaudited)
 
                                          Three Months Ended
                                               March 31,
 
                                            2001       2000  $ Change  % Change
     Interest income:
       Loans and leases                   $180,268  $165,256  $15,012    9.1 %
       Securities available for sale        25,001    25,802     (801)  (3.1)
       Loans held for sale                   4,996     3,733    1,263   33.8
       Investments                           2,296     2,366      (70)  (3.0)
         Total interest income             212,561   197,157   15,404    7.8
     Interest expense:
       Deposits                             50,357    45,511    4,846   10.6
       Borrowings                           48,413    44,806    3,607    8.1
         Total interest expense             98,770    90,317    8,453    9.4
           Net interest income             113,791   106,840    6,951    6.5
     Provision for credit losses             2,425       990    1,435  144.9
         Net interest income after
          provision for credit losses      111,366   105,850    5,516    5.2
     Non-interest income:
       Fees and service charges             47,531    38,851    8,680   22.3
       Electronic funds transfer revenues   19,438    17,360    2,078   12.0
       Leasing                               8,220     9,018     (798)  (8.8)
       Investments and insurance             2,735     3,713     (978) (26.3)
       Gains on sales of loans held for
        sale                                 1,344       955      389   40.7
       Other                                 3,977     3,056      921   30.1
         Fees and other revenues            83,245    72,953   10,292   14.1
       Gain on sale of branch                3,316        --    3,316     --
           Total non-interest income        86,561    72,953   13,608   18.7
     Non-interest expense:
       Compensation and employee benefits   62,764    58,419    4,345    7.4
       Occupancy and equipment              19,591    18,905      686    3.6
       Advertising and promotions            5,268     4,177    1,091   26.1
       Amortization of goodwill and other
        intangibles                          2,429     2,483      (54)  (2.2)
       Other                                30,408    28,606    1,802    6.3
         Total non-interest expense        120,460   112,590    7,870    7.0
           Income before income tax
            expense                         77,467    66,213   11,254   17.0
     Income tax expense                     29,244    25,492    3,752   14.7
           Net income                      $48,223   $40,721   $7,502   18.4
 
     Net income per common share:
       Basic                                  $.62      $.51     $.11   21.6
       Diluted                                $.62      $.51     $.11   21.6
     Earnings before goodwill charges (cash
      earnings) per diluted common share      $.64      $.53     $.11   20.8
 
     Dividends declared per common share      $.25    $.1875   $.0625   33.3
 
     Average common and common equivalent
      shares outstanding:
       Basic                                77,174    79,980
       Diluted                              78,147    80,491
 
 
                   TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                 (Dollars in thousands, except per-share data)
                                  (Unaudited)
 
                                 ASSETS
 
                                   At              At
                                March 31,     December 31,
                                  2001            2000       $ Change  % Change
     Cash and due from banks    $356,102        $392,007     $(35,905)   (9.2)%
     Investments                 242,065         134,059      108,006    80.6
     Securities available
      for sale                 1,928,338       1,403,888      524,450    37.4
     Loans held for sale         363,027         227,779      135,248    59.4
     Loans and leases:
       Residential real
        estate                 3,450,311       3,673,831     (223,520)   (6.1)
       Consumer                2,269,585       2,234,134       35,451     1.6
       Commercial real estate  1,430,529       1,371,841       58,688     4.3
       Commercial business       413,464         410,422        3,042     0.7
       Leasing and
        equipment finance        896,678         856,471       40,207     4.7
         Total loans and
          leases               8,460,567       8,546,699      (86,132)   (1.0)
         Allowance for loan
          and lease losses       (68,136)        (66,669)      (1,467)    2.2
           Net loans and
            leases             8,392,431       8,480,030      (87,599)   (1.0)
     Goodwill                    151,295         153,239       (1,944)   (1.3)
     Deposit base intangibles     10,698          11,183         (485)   (4.3)
     Other assets                401,168         395,277        5,891     1.5
                             $11,845,124     $11,197,462     $647,662     5.8
 
 
                        LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Deposits:
       Checking                $2,257,000     $2,203,943     $53,057     2.4
       Passbook and statement   1,140,401      1,045,388      95,013     9.1
       Money market               883,390        836,888      46,502     5.6
       Certificates             2,750,027      2,805,605     (55,578)   (2.0)
         Total deposits         7,030,818      6,891,824     138,994     2.0
     Securities sold under
      repurchase agreements and
      federal funds purchased   1,347,301      1,085,320     261,981    24.1
     Federal Home Loan Bank
      advances                  2,041,028      1,891,037     149,991     7.9
     Discounted lease rentals     158,731        165,763      (7,032)   (4.2)
     Other borrowings             128,368         42,125      86,243   204.7
         Total borrowings       3,675,428      3,184,245     491,183    15.4
     Accrued interest payable      30,904         37,055      (6,151)  (16.6)
     Accrued expenses and other
      liabilities                 212,908        174,118      38,790    22.3
         Total liabilities     10,950,058     10,287,242     662,816     6.4
     Stockholders' equity:
       Common stock, par value
        $.01 per share,
        280,000,000 shares
        authorized; 92,736,126 and
        92,755,659 shares issued      927            928          (1)   (0.1)
       Additional paid-in capital 510,412        508,682       1,730     0.3
       Retained earnings, subject
        to certain restrictions   864,146        835,605      28,541     3.4
       Accumulated other
        comprehensive income (loss)   567         (9,868)     10,435     N.M.
       Treasury stock at cost,
        13,864,026 and
        12,466,626 shares,
        and other                (480,986)      (425,127)    (55,859)   13.1
           Total stockholders'
            equity                895,066        910,220     (15,154)   (1.7)
                              $11,845,124    $11,197,462    $647,662     5.8
 
 
                   TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                        FINANCIAL HIGHLIGHTS - Continued
                 (Dollars in thousands, except per-share data)
                                  (Unaudited)
 
     TOP-LINE REVENUES AND OPERATING INCOME:
 
                                           Three Months Ended
                                                March 31,
                                             2001      2000   $ Change % Change
 
     Net interest income                   $113,791  $106,840  $6,951    6.5 %
     Fees and other revenues (a)             83,245    72,953  10,292   14.1
       Top-line revenues                    197,036   179,793  17,243    9.6
     Provision for credit losses              2,425       990   1,435  144.9
     Non-interest expense                   120,460   112,590   7,870    7.0
       Operating income (pre-tax)            74,151    66,213   7,938   12.0
     Non-operating income                     3,316        --   3,316     --
     Income tax expense                      29,244    25,492   3,752   14.7
         Net income                         $48,223   $40,721  $7,502   18.4
 
     (a) Excludes gain on sale of branch.
 
 
 
     BUSINESS LINE RESULTS:
 
                                           Three Months Ended
                                                March 31,
                                             2001       2000  $ Change % Change
 
     Banking                               $42,377     $36,816  $5,561  15.1 %
     Leasing and equipment finance           4,555 (a)   4,715    (160) (3.4)
     Mortgage banking                        1,051 (a)    (258)  1,309   N.M.
     Other                                     240        (552)    792   N.M.
       Total                               $48,223     $40,721  $7,502  18.4
 
     (a) 2001 results reflect changes in methodologies of certain allocations.
         First quarter 2001 results for Leasing and equipment finance include a
         $500 thousand, after-tax, increase in intercompany expense, and for
         Mortgage banking include a reduction of $249 thousand, after-tax in
         intercompany expense compared with 2000. The net offset to these
         changes in intercompany expense is included in Banking results.
 
 
     SUPERMARKET BANKING DATA:
                                         At March 31,
                                       2001       2000      Increase  % Change
       Number of branches                215         204          11     5.4 %
       Number of deposit accounts    677,856     591,956      85,900    14.5
       Deposits:
         Checking                   $536,847    $427,756    $109,091    25.5
         Passbook and statement      155,897     140,838      15,059    10.7
         Money market                115,746      71,173      44,573    62.6
         Certificates                344,473     301,836      42,637    14.1
           Total Power
            Liabilities           $1,152,963    $941,603    $211,360    22.4
 
       Average rate on deposits         2.34 %      2.24 %      0.10 %   4.5
       Total fees and other
        revenues (quarter ended)     $29,636     $23,314      $6,322    27.1
       Consumer loans outstanding   $247,624    $203,474     $44,150    21.7
 
 
     BANK BRANCHES:
 
                         At March 31, 2001            At December 31, 2000
                   Supermarket Traditional Total  Supermarket Traditional Total
        Minnesota           37          47    84           37          47    84
        Illinois           140          29   169          138          30   168
        Wisconsin           14          18    32           14          18    32
        Michigan            13          42    55           13          43    56
        Colorado            11           1    12           11           1    12
 
                           215         137   352          213         139   352
 
 
     MORTGAGE BANKING:
 
                                         At              At
                                   March 31, 2001  Dec. 31, 2000   Change
 
     Servicing portfolio             $4,009,310      $3,970,670    $38,640
       Weighted average rate               7.40 %          7.42 %       (2)bp
     Mortgage servicing rights          $43,745         $40,086     $3,659
       Mortgage servicing rights as a
        percentage of servicing portfolio  1.09 %          1.01 %        8 bp
 
 
                    TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                               FINANCIAL HIGHLIGHTS
                   (Dollars in thousands, except per-share data)
                                    (Unaudited)
 
     CREDIT QUALITY DATA:
                              At or For the Three Months Ended March 31, 2001
                                                     Allowance        Net
                              Total Loans            as a % of    Charge-offs
                              and Leases  Allowance  Portfolio  (Recoveries)(a)
     Commercial real estate   $1,430,529   $21,021     1.47 %        .01 %
     Commercial business         413,464    10,377     2.51         (.10)
     Consumer                  2,269,585     9,231      .41          .06
     Leasing and equipment
      finance                    896,678     8,733      .97          .30
     Unallocated                      --    16,139      .19          n/a
          Subtotal             5,010,256    65,501     1.31          .08
     Residential real estate   3,450,311     2,635      .08           --
          Total               $8,460,567   $68,136      .81          .05
 
 
                               At or For the Year Ended December 31, 2000
                                                     Allowance        Net
                              Total Loans            as a % of    Charge-offs
                              and Leases  Allowance  Portfolio    (Recoveries)
     Commercial real estate   $1,371,841   $20,753     1.51 %        (.02)%
     Commercial business         410,422     9,668     2.36          (.15)
     Consumer                  2,234,134     9,764      .44           .12
     Leasing and equipment
      finance                    856,471     7,583      .89           .33
     Unallocated                      --    16,139      .19           n/a
          Subtotal             4,872,868    63,907     1.31           .09
     Residential real estate   3,673,831     2,762      .08            --
          Total               $8,546,699   $66,669      .78           .05
 
     (a) Annualized
 
 
                                                      Three Months Ended
                                                           March 31,
                                                    2001              2000
     Allowance for loan and lease losses:
       Balance at beginning of period             $66,669           $55,755
         Provision for credit losses                2,425               990
         Charge-offs                               (2,259)           (1,941)
         Recoveries                                 1,301             1,971
           Net charge-offs                           (958)               30
       Balance at end of period                   $68,136           $56,775
 
       Annualized net loan and lease charge-offs
        as a percentage of average total loans
        and leases                                    .05 %              -- %
 
 
                                                 At March 31,   At December 31,
                                                      2001            2000
     Non-performing assets:
       Non-accrual loans and leases:
         Consumer                                   $12,055         $13,027
         Residential real estate                      4,854           4,829
         Commercial real estate                       4,741           5,820
         Commercial business                            504             236
         Leasing and equipment finance, net           9,747           7,376
           Total non-accrual loans and leases, net   31,901          31,288
         Non-recourse discounted lease rentals        2,873           3,910
           Total non-accrual loans and
            leases, gross                            34,774          35,198
       Other real estate owned and other assets      11,930          11,524
         Total non-performing assets, gross         $46,704         $46,722
 
         Total non-performing assets, net           $43,831         $42,812
 
     Accruing loans and leases 90 days or
      more past due                                  $6,887          $5,020
 
 
                                         At March 31,       At December 31,
                                             2001                 2000
                                      Principal   % of     Principal    % of
     Delinquency data:                Balances  Portfolio   Balances  Portfolio
       Consumer                        $21,756      .96 %   $20,628     .93 %
       Residential real estate          14,214      .41      16,971     .46
       Commercial real estate            3,913      .27       1,793     .13
       Commercial business              10,488 (b) 2.54       3,958     .96
       Leasing and equipment finance    10,659     1.21      15,508    1.83
         Total                         $61,030      .72     $58,858     .69
 
     (b) Includes $6,550 with a customer which was brought current April 4,
         2001.
 
 
     CONSOLIDATED CAPITAL DATA:
                                    At March 31, 2001     At December 31, 2000
 
       Stockholders' equity          $895,066              $910,220
       Tangible net worth             733,073               745,798
       Stockholders' equity to
        total assets                     7.56 %                8.13 %
       Tangible net worth to
        total assets                     6.19                  6.66
       Book value per common
        share                          $11.35                $11.34
       Tangible book value per
        common share                     9.29                  9.29
       Total risk-based capital       803,676   10.97 %     825,527     11.59 %
 
 
                   TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED AVERAGE BALANCE SHEETS
                             (Dollars In Thousands)
                                  (Unaudited)
 
                                            Three Months Ended March 31, 2001
                                                                    Interest
                                              Average               Yields and
                                              Balance     Interest   Rates (a)
     Assets:
       Investments                            $145,135      $2,296     6.33 %
       Securities available for sale         1,511,908      25,001     6.61
       Loans held for sale                     285,464       4,996     7.00
       Loans and leases:
         Residential real estate             3,586,981      64,608     7.20
         Commercial real estate              1,393,839      28,767     8.26
         Commercial business                   402,666       8,583     8.53
         Consumer                            2,247,686      55,300     9.84
         Leasing and equipment finance         879,272      23,010    10.47
           Total loans and leases            8,510,444     180,268     8.47
 
             Total interest-earning assets  10,452,951     212,561     8.13
 
       Other assets                            844,279
 
         Total assets                      $11,297,230
 
     Liabilities and Stockholders' Equity:
       Non-interest bearing deposits        $1,457,149
       Interest-bearing deposits:
         Checking                              748,935       1,107     0.59
         Passbook and statement                983,646       2,480     1.01
         Money market                          859,865       6,995     3.25
         Certificates                        2,763,152      39,775     5.76
           Total interest-bearing deposits   5,355,598      50,357     3.76
 
             Total deposits                  6,812,747      50,357     2.96
 
       Borrowings:
         Securities sold under repurchase
          agreements and federal funds
          purchased                          1,127,230      16,479     5.85
         FHLB advances                       1,953,255      27,385     5.61
         Discounted lease rentals              158,155       3,228     8.16
         Other borrowings                       66,147       1,321     7.99
             Total borrowings                3,304,787      48,413     5.86
 
         Total deposits and borrowings      10,117,534      98,770     3.90
 
       Other liabilities                       284,213
 
         Total liabilities                  10,401,747
 
       Stockholders' equity                    895,483
 
         Total liabilities and
          stockholders' equity             $11,297,230
 
     Net interest income                                  $113,791
 
     Net interest margin                                               4.35 %
 
 
                                           Three Months Ended March 31, 2000
                                                                     Interest
                                              Average               Yields and
                                              Balance      Interest  Rates (a)
     Assets:
       Investments                            $138,388      $2,366     6.84 %
       Securities available for sale         1,566,447      25,802     6.59
       Loans held for sale                     197,533       3,733     7.56
       Loans and leases:
         Residential real estate             3,938,823      69,626     7.07
         Commercial real estate              1,110,105      23,320     8.40
         Commercial business                   355,126       7,669     8.64
         Consumer                            2,071,155      51,174     9.88
         Leasing and equipment finance         515,377      13,467    10.45
           Total loans and leases            7,990,586     165,256     8.27
 
             Total interest-earning assets   9,892,954     197,157     7.97
 
       Other assets                            757,761
 
         Total assets                      $10,650,715
 
     Liabilities and Stockholders' Equity:
       Non-interest bearing deposits        $1,229,774
       Interest-bearing deposits:
         Checking                              730,299       1,118     0.61
         Passbook and statement              1,056,986       2,934     1.11
         Money market                          707,214       4,761     2.69
         Certificates                        2,887,390      36,698     5.08
           Total interest-bearing deposits   5,381,889      45,511     3.38
 
             Total deposits                  6,611,663      45,511     2.75
 
       Borrowings:
         Securities sold under repurchase
          agreements and federal
          funds purchased                      883,776      12,944     5.86
         FHLB advances                       1,839,953      26,172     5.69
         Discounted lease rentals              170,713       3,450     8.08
         Other borrowings                      122,890       2,240     7.29
             Total borrowings                3,017,332      44,806     5.94
 
         Total deposits and borrowings       9,628,995      90,317     3.75
 
       Other liabilities                       228,949
 
         Total liabilities                   9,857,944
 
       Stockholders' equity                    792,771
 
         Total liabilities and
          stockholders' equity             $10,650,715
 
     Net interest income                                  $106,840
 
     Net interest margin                                               4.32 %
 
     (a) Annualized.
 
 

SOURCE TCF National Bank
    WAYZATA, Minn., April 18 /PRNewswire/ --
 
     FIRST QUARTER HIGHLIGHTS
     -- Diluted earnings per share of 62 cents, up 22 percent
     -- Top-line revenue increased 10 percent
     -- Fee income increased 14 percent
     -- Increased Power Assets by 22 percent
     -- Supermarket deposits and consumer loans up 22 percent
     -- Increased retail checking accounts by 31,000 to 1,162,000 in the
        quarter
     -- Non-performing assets unchanged from year-end 2000
     -- Net charge-offs of .05 % of average loans and leases
 
 
     EARNINGS SUMMARY                                      Three Months
     ($ in thousands, except per-share data)              Ended March 31,
                                                        2001           2000
     Cash net income                                  $50,123        $42,599
     Diluted cash earnings per common share               .64            .53
     Cash return on average assets                       1.77%          1.60%
     Cash return on average realized common equity      22.31          20.12
 
     Net income                                       $48,223        $40,721
     Diluted earnings per common share                    .62            .51
     Net interest margin                                 4.35%          4.32%
     Return on average assets                            1.71           1.53
     Return on average realized common equity           21.47          19.24
 
 
     TCF Financial Corporation (TCF) (NYSE:   TCB) today reported diluted
 earnings per share of 62 cents for the 2001 first quarter, up 22 percent from
 51 cents for the same period in 2000, and diluted cash earnings per common
 share, which excludes goodwill charges, of 64 cents per share for first
 quarter 2001, up 21 percent from 53 cents per share in first quarter 2000.
 Net income for the 2001 first quarter was $48.2 million, as compared with
 $40.7 million for the 2000 first quarter.  The 2001 first quarter results
 included a $2.1 million after-tax gain on the sale of a branch, or 3 cents per
 diluted common share.  The cash return on average assets was 1.77 percent and
 cash return on average realized common equity was 22.31 percent for the 2001
 first quarter, compared with 1.60 percent and 20.12 percent, respectively, for
 the 2000 first quarter.
     "TCF's strong first quarter earnings performance is the result of our
 commitment to convenience and our continued focus on the fundamentals that
 have made us successful over time," said TCF Chairman and Chief Executive
 Officer William A. Cooper.  "Top-line revenue, a good indicator of how we're
 performing, continues to grow, and our de novo expansion strategy is
 generating strong growth in deposit accounts, consumer loans and fee income."
     Top-line revenue, which consists of net interest income and non-interest
 income (excluding the gain on sale of a branch), increased $17.2 million, or
 10 percent during first quarter 2001, compared with first quarter 2000.  TCF's
 expanding customer base and increased usage of our innovative products and
 services fueled this growth.
     Net interest income for first quarter 2001 was $113.8 million, an increase
 of $7 million or 7 percent, as compared with first quarter 2000. TCF's net
 interest margin was 4.35 percent for the 2001 first quarter, compared with
 4.32 percent for the 2000 first quarter, and 4.33 percent for the 2000 fourth
 quarter. The increase in net interest income and net interest margin is
 primarily due to the growth in Power Assets and Power Liabilities. With the
 recent decline in interest rates, TCF has experienced increased prepayments in
 its residential real estate loan portfolio.  In response to the expected
 continued run-off, TCF purchased $550 million of mortgage-backed securities in
 first quarter 2001.
     Non-interest income (excluding the gain on sale of a branch) totaled
 $83.2 million for the 2001 first quarter, up $10.3 million or 14 percent from
 $73 million for the 2000 first quarter.  These improvements were largely due
 to increased fee and service charges, and electronic funds transfer revenues
 (debit card revenue was up $2 million over the 2000 first quarter, an increase
 of 33 percent), reflecting TCF's expanded customer base.
     Non-interest expense (excluding the amortization of goodwill and deposit
 base intangibles) totaled  $118 million for the 2001 first quarter, up
 $7.9 million or 7 percent from $110.1 million for the 2000 first quarter.  The
 increase was primarily due to the costs associated with TCF's continued
 leasing and de novo retail banking expansion.  Included in advertising and
 promotions is a $592 thousand increase related to the TCF Express Phone Card,
 which was launched late in the first quarter of 2000.
     Power Assets, higher yielding consumer and commercial loans and leases,
 totaled $5 billion at March 31, 2001, up $137.4 million from December 31,
 2000.  On an average balance basis, Power Assets for the 2001 first quarter
 were $4.9 billion, up $871.7 million, or 22 percent from first quarter 2000,
 and up $250.6 million, or 5 percent from fourth quarter 2000. The growth from
 the 2000 first quarter reflects increases of $331.3 million, or 23 percent,
 for commercial loans, $176.5 million, or 9 percent, for consumer loans and
 $363.9 million, or 71 percent, for leasing and equipment financing.
     Credit quality remained strong in the 2001 first quarter. Net loan and
 lease charge-offs were $958 thousand or .05 percent of loans and leases in the
 2001 first quarter, compared with a net recovery of $30 thousand in the 2000
 first quarter. Non-performing assets were $46.7 million at March 31, 2001,
 unchanged from December 31, 2000. At March 31, 2001, TCF's allowance for loan
 and lease losses totaled $68.1 million, compared with $66.7 million at
 year-end 2000, and was 196 percent of non-accrual loans and leases, compared
 with 189 percent at year-end 2000.  TCF's over-30-day delinquency rate was
 .72 percent at March 31, 2001, compared with .69 percent at year-end 2000.
 The over-30-day delinquency rate for the leasing and equipment finance
 portfolio was 1.21 percent at March 31, 2001, down from 1.83 percent at
 year-end 2000.
     Deposits totaled $7 billion at March 31, 2001, up $139 million from
 year-end 2000.  Average deposits increased $201.1 million during the 2001
 first quarter compared with the 2000 first quarter, including an increase of
 $325.3 million, or 9 percent, in lower cost checking, savings and money market
 deposits. TCF had 1,162,000 checking accounts at March 31, 2001, a net
 increase of 31,000 accounts from year-end 2000, and an increase of 91,000 or
 9 percent from March 31, 2000.  The weighted average rate on total deposits
 for the 2001 first quarter was 2.96 percent, compared with 2.75 percent for
 the 2000 first quarter.
     With the recent increase in refinance activity, our mortgage company
 generated $898.7 million in new loan applications and $395.5 million in closed
 loans during the 2001 first quarter, up from $367.2 million and
 $184.5 million, respectively, in the 2000 first quarter. TCF's mortgage
 pipeline (applications in process but not yet closed) was $671 million at
 March 31, 2001, compared with $221 million at December 31, 2000.  Included in
 other expense is a $1.3 million increase in amortization of mortgage servicing
 rights reflecting the larger servicing portfolio and the accelerating
 prepayments.
     At March 31, 2001, book value per common share was $11.35 based on
 78,872,100 common shares outstanding.  TCF repurchased 1.6 million shares of
 its common stock in the 2001 first quarter at an average cost of $36.76 per
 share.  TCF has 1 million shares remaining in a 5 percent stock repurchase
 program authorized by the board of directors in March 2000.
     TCF is a Minnesota-based national financial holding company with
 $11.8 billion in assets.  TCF has more than 350 banking offices in Minnesota,
 Illinois, Michigan, Wisconsin, Colorado and Indiana.  Other TCF affiliates
 provide leasing, mortgage banking, and investments and insurance sales.
     TCF's website, http://www.tcfexpress.com , will host a live webcast of the
 conference call to discuss first quarter earnings on April 18, 2001 at
 10:00 a.m. CDT. The website also includes access to company news releases,
 TCF's annual report, quarterly reports, investor presentations and SEC
 filings.
     This earnings release contains "forward-looking" statements that deal with
 future results, plans or performance.  In addition, TCF's management may make
 such statements orally to the media, or to securities analysts, investors or
 others.  Forward-looking statements deal with matters that do not relate
 strictly to historical facts.  TCF's future results may differ materially from
 historical performance and forward-looking statements about TCF's expected
 financial results or other plans are subject to a number of risks and
 uncertainties.  These include but are not limited to possible legislative
 changes and adverse economic, business and competitive developments such as
 shrinking interest margins; deposit outflows; reduced demand for financial
 services and loan and lease products; changes in accounting policies and
 guidelines, or monetary and fiscal policies of the federal government; changes
 in credit and other risks posed by TCF's loan, lease and investment
 portfolios; technological, computer-related or operational difficulties;
 adverse changes in securities markets; results of litigation or other
 significant uncertainties.
 
 
                   TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                     (In thousands, except per-share data)
                                  (Unaudited)
 
                                          Three Months Ended
                                               March 31,
 
                                            2001       2000  $ Change  % Change
     Interest income:
       Loans and leases                   $180,268  $165,256  $15,012    9.1 %
       Securities available for sale        25,001    25,802     (801)  (3.1)
       Loans held for sale                   4,996     3,733    1,263   33.8
       Investments                           2,296     2,366      (70)  (3.0)
         Total interest income             212,561   197,157   15,404    7.8
     Interest expense:
       Deposits                             50,357    45,511    4,846   10.6
       Borrowings                           48,413    44,806    3,607    8.1
         Total interest expense             98,770    90,317    8,453    9.4
           Net interest income             113,791   106,840    6,951    6.5
     Provision for credit losses             2,425       990    1,435  144.9
         Net interest income after
          provision for credit losses      111,366   105,850    5,516    5.2
     Non-interest income:
       Fees and service charges             47,531    38,851    8,680   22.3
       Electronic funds transfer revenues   19,438    17,360    2,078   12.0
       Leasing                               8,220     9,018     (798)  (8.8)
       Investments and insurance             2,735     3,713     (978) (26.3)
       Gains on sales of loans held for
        sale                                 1,344       955      389   40.7
       Other                                 3,977     3,056      921   30.1
         Fees and other revenues            83,245    72,953   10,292   14.1
       Gain on sale of branch                3,316        --    3,316     --
           Total non-interest income        86,561    72,953   13,608   18.7
     Non-interest expense:
       Compensation and employee benefits   62,764    58,419    4,345    7.4
       Occupancy and equipment              19,591    18,905      686    3.6
       Advertising and promotions            5,268     4,177    1,091   26.1
       Amortization of goodwill and other
        intangibles                          2,429     2,483      (54)  (2.2)
       Other                                30,408    28,606    1,802    6.3
         Total non-interest expense        120,460   112,590    7,870    7.0
           Income before income tax
            expense                         77,467    66,213   11,254   17.0
     Income tax expense                     29,244    25,492    3,752   14.7
           Net income                      $48,223   $40,721   $7,502   18.4
 
     Net income per common share:
       Basic                                  $.62      $.51     $.11   21.6
       Diluted                                $.62      $.51     $.11   21.6
     Earnings before goodwill charges (cash
      earnings) per diluted common share      $.64      $.53     $.11   20.8
 
     Dividends declared per common share      $.25    $.1875   $.0625   33.3
 
     Average common and common equivalent
      shares outstanding:
       Basic                                77,174    79,980
       Diluted                              78,147    80,491
 
 
                   TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                 (Dollars in thousands, except per-share data)
                                  (Unaudited)
 
                                 ASSETS
 
                                   At              At
                                March 31,     December 31,
                                  2001            2000       $ Change  % Change
     Cash and due from banks    $356,102        $392,007     $(35,905)   (9.2)%
     Investments                 242,065         134,059      108,006    80.6
     Securities available
      for sale                 1,928,338       1,403,888      524,450    37.4
     Loans held for sale         363,027         227,779      135,248    59.4
     Loans and leases:
       Residential real
        estate                 3,450,311       3,673,831     (223,520)   (6.1)
       Consumer                2,269,585       2,234,134       35,451     1.6
       Commercial real estate  1,430,529       1,371,841       58,688     4.3
       Commercial business       413,464         410,422        3,042     0.7
       Leasing and
        equipment finance        896,678         856,471       40,207     4.7
         Total loans and
          leases               8,460,567       8,546,699      (86,132)   (1.0)
         Allowance for loan
          and lease losses       (68,136)        (66,669)      (1,467)    2.2
           Net loans and
            leases             8,392,431       8,480,030      (87,599)   (1.0)
     Goodwill                    151,295         153,239       (1,944)   (1.3)
     Deposit base intangibles     10,698          11,183         (485)   (4.3)
     Other assets                401,168         395,277        5,891     1.5
                             $11,845,124     $11,197,462     $647,662     5.8
 
 
                        LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Deposits:
       Checking                $2,257,000     $2,203,943     $53,057     2.4
       Passbook and statement   1,140,401      1,045,388      95,013     9.1
       Money market               883,390        836,888      46,502     5.6
       Certificates             2,750,027      2,805,605     (55,578)   (2.0)
         Total deposits         7,030,818      6,891,824     138,994     2.0
     Securities sold under
      repurchase agreements and
      federal funds purchased   1,347,301      1,085,320     261,981    24.1
     Federal Home Loan Bank
      advances                  2,041,028      1,891,037     149,991     7.9
     Discounted lease rentals     158,731        165,763      (7,032)   (4.2)
     Other borrowings             128,368         42,125      86,243   204.7
         Total borrowings       3,675,428      3,184,245     491,183    15.4
     Accrued interest payable      30,904         37,055      (6,151)  (16.6)
     Accrued expenses and other
      liabilities                 212,908        174,118      38,790    22.3
         Total liabilities     10,950,058     10,287,242     662,816     6.4
     Stockholders' equity:
       Common stock, par value
        $.01 per share,
        280,000,000 shares
        authorized; 92,736,126 and
        92,755,659 shares issued      927            928          (1)   (0.1)
       Additional paid-in capital 510,412        508,682       1,730     0.3
       Retained earnings, subject
        to certain restrictions   864,146        835,605      28,541     3.4
       Accumulated other
        comprehensive income (loss)   567         (9,868)     10,435     N.M.
       Treasury stock at cost,
        13,864,026 and
        12,466,626 shares,
        and other                (480,986)      (425,127)    (55,859)   13.1
           Total stockholders'
            equity                895,066        910,220     (15,154)   (1.7)
                              $11,845,124    $11,197,462    $647,662     5.8
 
 
                   TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                        FINANCIAL HIGHLIGHTS - Continued
                 (Dollars in thousands, except per-share data)
                                  (Unaudited)
 
     TOP-LINE REVENUES AND OPERATING INCOME:
 
                                           Three Months Ended
                                                March 31,
                                             2001      2000   $ Change % Change
 
     Net interest income                   $113,791  $106,840  $6,951    6.5 %
     Fees and other revenues (a)             83,245    72,953  10,292   14.1
       Top-line revenues                    197,036   179,793  17,243    9.6
     Provision for credit losses              2,425       990   1,435  144.9
     Non-interest expense                   120,460   112,590   7,870    7.0
       Operating income (pre-tax)            74,151    66,213   7,938   12.0
     Non-operating income                     3,316        --   3,316     --
     Income tax expense                      29,244    25,492   3,752   14.7
         Net income                         $48,223   $40,721  $7,502   18.4
 
     (a) Excludes gain on sale of branch.
 
 
 
     BUSINESS LINE RESULTS:
 
                                           Three Months Ended
                                                March 31,
                                             2001       2000  $ Change % Change
 
     Banking                               $42,377     $36,816  $5,561  15.1 %
     Leasing and equipment finance           4,555 (a)   4,715    (160) (3.4)
     Mortgage banking                        1,051 (a)    (258)  1,309   N.M.
     Other                                     240        (552)    792   N.M.
       Total                               $48,223     $40,721  $7,502  18.4
 
     (a) 2001 results reflect changes in methodologies of certain allocations.
         First quarter 2001 results for Leasing and equipment finance include a
         $500 thousand, after-tax, increase in intercompany expense, and for
         Mortgage banking include a reduction of $249 thousand, after-tax in
         intercompany expense compared with 2000. The net offset to these
         changes in intercompany expense is included in Banking results.
 
 
     SUPERMARKET BANKING DATA:
                                         At March 31,
                                       2001       2000      Increase  % Change
       Number of branches                215         204          11     5.4 %
       Number of deposit accounts    677,856     591,956      85,900    14.5
       Deposits:
         Checking                   $536,847    $427,756    $109,091    25.5
         Passbook and statement      155,897     140,838      15,059    10.7
         Money market                115,746      71,173      44,573    62.6
         Certificates                344,473     301,836      42,637    14.1
           Total Power
            Liabilities           $1,152,963    $941,603    $211,360    22.4
 
       Average rate on deposits         2.34 %      2.24 %      0.10 %   4.5
       Total fees and other
        revenues (quarter ended)     $29,636     $23,314      $6,322    27.1
       Consumer loans outstanding   $247,624    $203,474     $44,150    21.7
 
 
     BANK BRANCHES:
 
                         At March 31, 2001            At December 31, 2000
                   Supermarket Traditional Total  Supermarket Traditional Total
        Minnesota           37          47    84           37          47    84
        Illinois           140          29   169          138          30   168
        Wisconsin           14          18    32           14          18    32
        Michigan            13          42    55           13          43    56
        Colorado            11           1    12           11           1    12
 
                           215         137   352          213         139   352
 
 
     MORTGAGE BANKING:
 
                                         At              At
                                   March 31, 2001  Dec. 31, 2000   Change
 
     Servicing portfolio             $4,009,310      $3,970,670    $38,640
       Weighted average rate               7.40 %          7.42 %       (2)bp
     Mortgage servicing rights          $43,745         $40,086     $3,659
       Mortgage servicing rights as a
        percentage of servicing portfolio  1.09 %          1.01 %        8 bp
 
 
                    TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                               FINANCIAL HIGHLIGHTS
                   (Dollars in thousands, except per-share data)
                                    (Unaudited)
 
     CREDIT QUALITY DATA:
                              At or For the Three Months Ended March 31, 2001
                                                     Allowance        Net
                              Total Loans            as a % of    Charge-offs
                              and Leases  Allowance  Portfolio  (Recoveries)(a)
     Commercial real estate   $1,430,529   $21,021     1.47 %        .01 %
     Commercial business         413,464    10,377     2.51         (.10)
     Consumer                  2,269,585     9,231      .41          .06
     Leasing and equipment
      finance                    896,678     8,733      .97          .30
     Unallocated                      --    16,139      .19          n/a
          Subtotal             5,010,256    65,501     1.31          .08
     Residential real estate   3,450,311     2,635      .08           --
          Total               $8,460,567   $68,136      .81          .05
 
 
                               At or For the Year Ended December 31, 2000
                                                     Allowance        Net
                              Total Loans            as a % of    Charge-offs
                              and Leases  Allowance  Portfolio    (Recoveries)
     Commercial real estate   $1,371,841   $20,753     1.51 %        (.02)%
     Commercial business         410,422     9,668     2.36          (.15)
     Consumer                  2,234,134     9,764      .44           .12
     Leasing and equipment
      finance                    856,471     7,583      .89           .33
     Unallocated                      --    16,139      .19           n/a
          Subtotal             4,872,868    63,907     1.31           .09
     Residential real estate   3,673,831     2,762      .08            --
          Total               $8,546,699   $66,669      .78           .05
 
     (a) Annualized
 
 
                                                      Three Months Ended
                                                           March 31,
                                                    2001              2000
     Allowance for loan and lease losses:
       Balance at beginning of period             $66,669           $55,755
         Provision for credit losses                2,425               990
         Charge-offs                               (2,259)           (1,941)
         Recoveries                                 1,301             1,971
           Net charge-offs                           (958)               30
       Balance at end of period                   $68,136           $56,775
 
       Annualized net loan and lease charge-offs
        as a percentage of average total loans
        and leases                                    .05 %              -- %
 
 
                                                 At March 31,   At December 31,
                                                      2001            2000
     Non-performing assets:
       Non-accrual loans and leases:
         Consumer                                   $12,055         $13,027
         Residential real estate                      4,854           4,829
         Commercial real estate                       4,741           5,820
         Commercial business                            504             236
         Leasing and equipment finance, net           9,747           7,376
           Total non-accrual loans and leases, net   31,901          31,288
         Non-recourse discounted lease rentals        2,873           3,910
           Total non-accrual loans and
            leases, gross                            34,774          35,198
       Other real estate owned and other assets      11,930          11,524
         Total non-performing assets, gross         $46,704         $46,722
 
         Total non-performing assets, net           $43,831         $42,812
 
     Accruing loans and leases 90 days or
      more past due                                  $6,887          $5,020
 
 
                                         At March 31,       At December 31,
                                             2001                 2000
                                      Principal   % of     Principal    % of
     Delinquency data:                Balances  Portfolio   Balances  Portfolio
       Consumer                        $21,756      .96 %   $20,628     .93 %
       Residential real estate          14,214      .41      16,971     .46
       Commercial real estate            3,913      .27       1,793     .13
       Commercial business              10,488 (b) 2.54       3,958     .96
       Leasing and equipment finance    10,659     1.21      15,508    1.83
         Total                         $61,030      .72     $58,858     .69
 
     (b) Includes $6,550 with a customer which was brought current April 4,
         2001.
 
 
     CONSOLIDATED CAPITAL DATA:
                                    At March 31, 2001     At December 31, 2000
 
       Stockholders' equity          $895,066              $910,220
       Tangible net worth             733,073               745,798
       Stockholders' equity to
        total assets                     7.56 %                8.13 %
       Tangible net worth to
        total assets                     6.19                  6.66
       Book value per common
        share                          $11.35                $11.34
       Tangible book value per
        common share                     9.29                  9.29
       Total risk-based capital       803,676   10.97 %     825,527     11.59 %
 
 
                   TCF FINANCIAL CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED AVERAGE BALANCE SHEETS
                             (Dollars In Thousands)
                                  (Unaudited)
 
                                            Three Months Ended March 31, 2001
                                                                    Interest
                                              Average               Yields and
                                              Balance     Interest   Rates (a)
     Assets:
       Investments                            $145,135      $2,296     6.33 %
       Securities available for sale         1,511,908      25,001     6.61
       Loans held for sale                     285,464       4,996     7.00
       Loans and leases:
         Residential real estate             3,586,981      64,608     7.20
         Commercial real estate              1,393,839      28,767     8.26
         Commercial business                   402,666       8,583     8.53
         Consumer                            2,247,686      55,300     9.84
         Leasing and equipment finance         879,272      23,010    10.47
           Total loans and leases            8,510,444     180,268     8.47
 
             Total interest-earning assets  10,452,951     212,561     8.13
 
       Other assets                            844,279
 
         Total assets                      $11,297,230
 
     Liabilities and Stockholders' Equity:
       Non-interest bearing deposits        $1,457,149
       Interest-bearing deposits:
         Checking                              748,935       1,107     0.59
         Passbook and statement                983,646       2,480     1.01
         Money market                          859,865       6,995     3.25
         Certificates                        2,763,152      39,775     5.76
           Total interest-bearing deposits   5,355,598      50,357     3.76
 
             Total deposits                  6,812,747      50,357     2.96
 
       Borrowings:
         Securities sold under repurchase
          agreements and federal funds
          purchased                          1,127,230      16,479     5.85
         FHLB advances                       1,953,255      27,385     5.61
         Discounted lease rentals              158,155       3,228     8.16
         Other borrowings                       66,147       1,321     7.99
             Total borrowings                3,304,787      48,413     5.86
 
         Total deposits and borrowings      10,117,534      98,770     3.90
 
       Other liabilities                       284,213
 
         Total liabilities                  10,401,747
 
       Stockholders' equity                    895,483
 
         Total liabilities and
          stockholders' equity             $11,297,230
 
     Net interest income                                  $113,791
 
     Net interest margin                                               4.35 %
 
 
                                           Three Months Ended March 31, 2000
                                                                     Interest
                                              Average               Yields and
                                              Balance      Interest  Rates (a)
     Assets:
       Investments                            $138,388      $2,366     6.84 %
       Securities available for sale         1,566,447      25,802     6.59
       Loans held for sale                     197,533       3,733     7.56
       Loans and leases:
         Residential real estate             3,938,823      69,626     7.07
         Commercial real estate              1,110,105      23,320     8.40
         Commercial business                   355,126       7,669     8.64
         Consumer                            2,071,155      51,174     9.88
         Leasing and equipment finance         515,377      13,467    10.45
           Total loans and leases            7,990,586     165,256     8.27
 
             Total interest-earning assets   9,892,954     197,157     7.97
 
       Other assets                            757,761
 
         Total assets                      $10,650,715
 
     Liabilities and Stockholders' Equity:
       Non-interest bearing deposits        $1,229,774
       Interest-bearing deposits:
         Checking                              730,299       1,118     0.61
         Passbook and statement              1,056,986       2,934     1.11
         Money market                          707,214       4,761     2.69
         Certificates                        2,887,390      36,698     5.08
           Total interest-bearing deposits   5,381,889      45,511     3.38
 
             Total deposits                  6,611,663      45,511     2.75
 
       Borrowings:
         Securities sold under repurchase
          agreements and federal
          funds purchased                      883,776      12,944     5.86
         FHLB advances                       1,839,953      26,172     5.69
         Discounted lease rentals              170,713       3,450     8.08
         Other borrowings                      122,890       2,240     7.29
             Total borrowings                3,017,332      44,806     5.94
 
         Total deposits and borrowings       9,628,995      90,317     3.75
 
       Other liabilities                       228,949
 
         Total liabilities                   9,857,944
 
       Stockholders' equity                    792,771
 
         Total liabilities and
          stockholders' equity             $10,650,715
 
     Net interest income                                  $106,840
 
     Net interest margin                                               4.32 %
 
     (a) Annualized.
 
 SOURCE  TCF National Bank