TCF Financial 8-K TCF Reports Quarterly Net Income of $90.4 Million, or $0.54 Per Share

Exhibit 99.1

NEWS RELEASE

TCF Financial Corporation • 200 Lake Street East • Wayzata MN 55391

FOR IMMEDIATE RELEASE

Contact:
Mark Goldman	(952) 475-7050	news@tcfbank.com	(Media)
Timothy Sedabres	(952) 745-2766	investor@tcfbank.com	(Investors)

TCF REPORTS QUARTERLY NET INCOME OF $90.4 MILLION, OR $0.54 PER SHARE

Adjusted diluted earnings per common share of $0.56,⁽¹⁾

excluding 2 cents per share after-tax impact of merger-related expenses

Second Quarter Observations

•Diluted earnings per common share of 54 cents, up 58.8% from the second quarter of 2018; adjusted diluted earnings per common share of 56 cents⁽¹⁾, up 14.3% from the second quarter of 2018

•Efficiency ratio of 65.11%, down 944 basis points from the second quarter of 2018; adjusted efficiency ratio of 63.95%⁽¹⁾, down 183 basis points from the second quarter of 2018

•Non-interest expense down 12.9% from the second quarter of 2018; adjusted non-interest expense⁽¹⁾ down 3.1% from the second quarter of 2018

•Revenue of $363.8 million, consistent with the second quarter of 2018

•Net interest income consistent with the second quarter of 2018

•Average interest-earning asset growth of 4.9% from the second quarter of 2018

•Period-end loans and leases up 3.1% from June 30, 2018; period-end loans and leases excluding auto finance up 10.7%⁽²⁾ from June 30, 2018

•Net charge-off rate of 0.29%; net charge-off rate excluding auto finance net charge-offs of 0.19%⁽¹⁾

•Return on average common equity ("ROACE") of 14.27%; return on average tangible common equity ("ROATCE") of 15.46%⁽¹⁾; adjusted ROATCE of 16.02%⁽¹⁾

•Repurchased 1,324,920 shares of common stock at a cost of $26.5 million during the second quarter of 2019

Summary of Financial Results
	At or For the Quarter Ended																			Change From
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Jun. 30,
(Dollars in thousands, except per share data)	2019			2019			2018			2018			2018			2019			2018
Net income attributable to TCF	$	90,427		$	70,494		$	85,652		$	86,196		$	58,749		28.3	%	53.9	%
Net interest income	250,324			250,907			248,888			249,121			250,799			(0.2)		(0.2)
Basic earnings per common share	0.54			0.42			0.51			0.51			0.34			28.6		58.8
Diluted earnings per common share	0.54			0.42			0.51			0.51			0.34			28.6		58.8
Adjusted diluted earnings per common share(1)	0.56			0.46			0.51			0.51			0.49			21.7		14.3
Financial Ratios
Return on average assets(3)	1.54		%	1.22		%	1.52		%	1.55		%	1.08		%	32	bps	46	bps
ROACE(3)	14.27			11.40			14.30			14.44			9.72			287		455
Adjusted ROACE(1)(3)	14.79			12.61			14.30			14.44			14.11			218		68
ROATCE(1)(3)	15.46			12.42			15.59			15.76			10.65			304		481
Adjusted ROATCE(1)(3)	16.02			13.72			15.59			15.76			15.39			230		63
Net interest margin(3)	4.43			4.56			4.60			4.66			4.67			(13)		(24)
Net charge-offs as a percentage of average loans and leases(3)	0.29			0.39			0.46			0.15			0.27			(10)		2
Non-performing assets as a percentage of total loans and leases and other real estate owned	0.62			0.63			0.65			0.59			0.54			(1)		8
Efficiency ratio	65.11			70.70			66.30			67.41			74.55			(559)		(944)
Adjusted efficiency ratio(1)	63.95			68.06			66.30			67.41			65.78			(411)		(183)

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

(2)Calculated by subtracting auto finance loans of $1.5 billion and $2.6 billion at June 30, 2019 and 2018, respectively, from total loans and leases of $19.2 billion and $18.6 billion at June 30, 2019 and 2018, respectively.

(3)Annualized

1

WAYZATA, Minn. (July 25, 2019) - TCF Financial Corporation ("TCF" or the "Company") (NYSE: TCF) today reported net income of $90.4 million for the second quarter of 2019, compared with $58.7 million for the second quarter of 2018 and $70.5 million for the first quarter of 2019. Diluted earnings per common share was 54 cents for the second quarter of 2019 (inclusive of a 2 cents per common share after-tax impact of merger-related expenses), compared with 34 cents for the second quarter of 2018 and 42 cents for the first quarter of 2019 (inclusive of a 4 cents per common share after-tax impact of merger-related expenses). Adjusted diluted earnings per common share was 56 cents for the second quarter of 2019, an increase of 14.3% from the second quarter of 2018 and an increase of 21.7% from the first quarter of 2019 (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

"We generated strong financial results in the second quarter as we look forward to closing our merger with Chemical Financial Corporation on August 1, 2019," said Craig R. Dahl, chairman and chief executive officer. "Our second quarter performance was highlighted by lower expenses, growth in both average loans and average deposits, stable credit quality and the continuation of our risk reduction strategy. As a result, we continued to demonstrate progress toward our two primary strategic objectives, improving return on capital and lowering the efficiency ratio. In addition, our integration planning activities remain on track to support the combination of Chemical and TCF, and we are excited about bringing together the best of both companies that we believe positions us to deliver value for our shareholders and communities upon completion of the merger."

Net Interest Income and Net Interest Margin

Net interest income was $250.3 million for the second quarter of 2019, consistent with both the second quarter of 2018 and first quarter of 2019. Net interest margin was 4.43% for the second quarter of 2019, down 24 basis points from the second quarter of 2018 and down 13 basis points from the first quarter of 2019. The decrease in net interest margin from the second quarter of 2018 was primarily due to higher average rates on deposits, partially offset by higher average yields on the variable- and adjustable-rate loan portfolios. The decrease in net interest margin from the first quarter of 2019 was primarily due to lower average loan and lease yields and higher average rates on deposits. The decreases were also impacted by the partial reinvestment of the auto finance portfolio run-off into the available for sale mortgage-backed debt securities portfolio.

Non-interest Income

Non-interest income was $113.5 million for the second quarter of 2019, a decrease of $0.7 million, or 0.6%, from the second quarter of 2018 and an increase of $6.4 million, or 6.0%, from the first quarter of 2019. The decrease from the second quarter of 2018 was primarily due to a decrease in servicing fee income driven by continued run-off in the auto finance serviced for others portfolio and a decrease in leasing and equipment finance non-interest income, partially offset by an increase in gains on sales of loans. The increase from the first quarter of 2019 was primarily due to increases in gains on sales of loans, card revenue and fees and service charges.

2

Non-interest Expense

Non-interest expense was $236.8 million for the second quarter of 2019, a decrease of $35.2 million, or 12.9%, from the second quarter of 2018 and a decrease of $16.2 million, or 6.4%, from the first quarter of 2019. The decrease in non-interest expense from the second quarter of 2018 was primarily due to the $32.0 million settlement with the Consumer Financial Protection Bureau (the "CFPB") and Office of the Comptroller of the Currency (the "OCC") in the second quarter of 2018 and a decrease in compensation and employee benefits expense, partially offset by merger-related expenses of $4.2 million. The decrease in non-interest expense from the first quarter of 2019 was primarily due to decreases in compensation and employee benefits expense and merger-related expenses. The decrease in compensation and employee benefits expense from the second quarter of 2018 was primarily due to lower commissions. The decrease in compensation and employee benefits expense from the first quarter of 2019 was primarily due to seasonality of payroll taxes. Adjusted non-interest expense was $232.6 million for the second quarter of 2019, a decrease of $7.4 million, or 3.1%, from the second quarter of 2018 and $11.0 million, or 4.5%, from the first quarter of 2019 (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

Income Tax Expense

The Company's effective income tax rate was 17.0% for the second quarter of 2019, compared with 20.9% for the second quarter of 2018 and 22.5% for the first quarter of 2019. The effective tax rate for the second quarter of 2019 was impacted by favorable state tax examination developments.

Credit Quality

Provision for credit losses The provision for credit losses was $13.6 million for the second quarter of 2019, a decrease of $0.7 million, or 4.7%, from the second quarter of 2018 and an increase of $3.4 million, or 34.1%, from the first quarter of 2019. The decrease from the second quarter of 2018 was primarily due to a decrease in the provision for credit losses attributable to the auto finance portfolio, partially offset by increases in the provision for credit losses attributable to the commercial and leasing and equipment finance portfolios. The increase from the first quarter of 2019 was primarily due to an increase in the provision for credit losses attributable to the commercial portfolio, partially offset by decreases in the provision for credit losses attributable to the inventory finance and auto finance portfolios.

Net charge-off rate The annualized net charge-off rate was 0.29% for the second quarter of 2019, up 2 basis points from the second quarter of 2018 and down 10 basis points from the first quarter of 2019. The increase from the second quarter of 2018 was primarily due to increased net charge-offs in the commercial portfolio, partially offset by decreased net charge-offs in the auto finance portfolio. The decrease from the first quarter of 2019 was primarily due to decreased net charge-offs in the auto finance portfolio. The annualized net charge-off rate excluding auto finance net charge-offs was 0.19% for the second quarter of 2019, up 9 basis points from the second quarter of 2018 and down 1 basis point from the first quarter of 2019 (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

3

Over 60-day delinquency rate The over 60-day delinquency rate, excluding non-accrual loans and leases, was 0.14% at June 30, 2019, up 3 basis points from the June 30, 2018 rate and up 2 basis points from the March 31, 2019 rate. The increases from both periods were primarily due to higher delinquencies in the leasing and equipment finance portfolio.

Non-performing assets Non-performing assets, consisting of non-accrual loans and leases and other real estate owned, were $120.0 million at June 30, 2019, an increase of $18.8 million, or 18.6%, from June 30, 2018 and a decrease of $1.7 million, or 1.4%, from March 31, 2019. The increase from June 30, 2018 was primarily due to an increase in consumer real estate non-accrual loans. The decrease from March 31, 2019 was primarily due to a decrease in other real estate owned, partially offset by increases in leasing and equipment finance non-accrual loans and leases and consumer real estate non-accrual loans.

Balance Sheet

Average debt securities held to maturity and debt securities available for sale The total average debt securities portfolio was $3.1 billion for the second quarter of 2019, an increase of $834.3 million, or 37.1%, from the second quarter of 2018 and an increase of $295.1 million, or 10.6%, from the first quarter of 2019. The increases from both periods were primarily due to purchases of available for sale mortgage-backed debt securities, partially offset by sales of available for sale obligations of states and political subdivisions debt securities.

Average loans and leases Average loans and leases were $19.2 billion for the second quarter of 2019, an increase of $145.6 million, or 0.8%, from the second quarter of 2018 and an increase of $52.9 million, or 0.3%, from the first quarter of 2019. The increase from the second quarter of 2018 was primarily due to increases in the consumer real estate, inventory finance and commercial loan portfolios, partially offset by run-off of the auto finance portfolio. The increase from the first quarter of 2019 was primarily due to increases in the commercial and inventory finance loan portfolios, partially offset by run-off of the auto finance portfolio. Average loans and leases excluding auto finance loans were $17.7 billion for the second quarter of 2019, an increase of $1.3 billion, or 7.7%, from the second quarter of 2018 and an increase of $318.3 million, or 1.8%, from the first quarter of 2019 (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

Average deposits Average deposits were $18.9 billion for the second quarter of 2019, an increase of $507.2 million, or 2.8%, from the second quarter of 2018 and an increase of $127.3 million, or 0.7%, from the first quarter of 2019. The increases from both periods were primarily due to increases in savings account balances, partially offset by decreases in certificates of deposit and money market account balances.

Capital TCF continues to maintain strong capital ratios, with a common equity Tier 1 capital ratio of 10.99%. TCF repurchased 1,324,920 shares of its common stock during the second quarter of 2019 and had the authority to repurchase an additional $51.6 million in aggregate value of shares at June 30, 2019, pursuant to its share repurchase program.

4

On June 27, 2019 TCF priced $150.0 million of 4.125% fixed-to-floating rate subordinated bank notes due 2029, which closed on July 2, 2019.

If the proposed merger with Chemical Financial Corporation closes as anticipated on August 1, 2019, the combined company Board of Directors intends to declare the third quarter 2019 common and preferred stock dividends on that date for the combined company. These dividends are expected to be payable in the third quarter of 2019.

TCF is a Wayzata, Minnesota-based national bank holding company. As of June 30, 2019, TCF had $24.6 billion in total assets and 312 bank branches in Illinois, Minnesota, Michigan, Colorado, Wisconsin, Arizona and South Dakota providing retail and commercial banking services. TCF, through its subsidiaries, also conducts commercial leasing and equipment finance business in all 50 states and commercial inventory finance business in all 50 states and Canada. For more information about TCF, please visit http://ir.tcfbank.com.

5

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

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

Certain factors could cause the Company's future results to differ materially from those expressed or implied in any forward-looking statements contained herein. These factors include the factors discussed in Part I, Item 1A. of the Company's Annual Report on Form 10-K for the year ended December 31, 2018 under the heading "Risk Factors" and any other cautionary statements, written or oral, which may be made or referred to in connection with any such forward-looking statements. Since it is not possible to foresee all such factors, these factors should not be considered as complete or exhaustive.

Use of Non-GAAP Financial Measures

Management uses the adjusted diluted earnings per common share, adjusted ROACE, ROATCE, adjusted ROATCE, adjusted efficiency ratio, net charge-off rate excluding auto finance net charge-offs, tangible book value per common share and tangible common equity to tangible assets internally to measure performance and believes that these financial measures not recognized under generally accepted accounting principles in the United States ("GAAP") (i.e. non-GAAP) provide meaningful information to investors that will permit them to assess the Company's capital and ability to withstand unexpected market or economic conditions and to assess the performance of the Company in relation to other banking institutions on the same basis as that applied by management, analysts and banking regulators. TCF adjusts certain results to exclude merger-related expenses and the settlement with the CFPB and the OCC, as management believes it is useful to investors in understanding TCF's business and operating results. In addition, TCF adjusts certain results to exclude auto finance because TCF no longer originates auto finance loans, and therefore management believes it is useful to investors in understanding TCF's business and operating results.

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

6

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Condition (Unaudited)
																Change From
(Dollars in thousands)	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31, 2019								Jun. 30, 2018
			2019			2019			2018			2018			2018			$			%		$			%
ASSETS:
Cash and due from banks	$	555,271		$	463,822		$	587,057		$	569,968		$	581,876		$	91,449		19.7	%	$	(26,605)		(4.6)	%
Investments	105,659			103,644			91,654			80,672			95,661			2,015			1.9		9,998			10.5
Debt securities held to maturity	144,919			148,024			148,852			152,881			155,962			(3,105)			(2.1)		(11,043)			(7.1)
Debt securities available for sale	3,109,803			2,945,342			2,470,065			2,379,546			2,249,784			164,461			5.6		860,019			38.2
Loans and leases held for sale	74,410			64,468			90,664			114,198			291,871			9,942			15.4		(217,461)			(74.5)
Loans and leases:
Consumer real estate:
First mortgage lien	2,472,066			2,480,750			2,444,380			1,960,756			1,800,885			(8,684)			(0.4)		671,181			37.3
Junior lien	2,821,099			2,872,807			2,965,960			2,940,701			2,830,029			(51,708)			(1.8)		(8,930)			(0.3)
Total consumer real estate	5,293,165			5,353,557			5,410,340			4,901,457			4,630,914			(60,392)			(1.1)		662,251			14.3
Commercial	4,185,811			3,884,106			3,851,303			3,741,164			3,706,401			301,705			7.8		479,410			12.9
Leasing and equipment finance	4,826,785			4,674,309			4,699,740			4,601,887			4,648,049			152,476			3.3		178,736			3.8
Inventory finance	3,404,214			3,749,146			3,107,356			2,880,404			3,005,165			(344,932)			(9.2)		399,049			13.3
Auto finance	1,456,138			1,704,614			1,982,277			2,275,134			2,603,260			(248,476)			(14.6)		(1,147,122)			(44.1)
Other	18,341			17,943			21,295			21,107			20,957			398			2.2		(2,616)			(12.5)
Total loans and leases	19,184,454			19,383,675			19,072,311			18,421,153			18,614,746			(199,221)			(1.0)		569,708			3.1
Allowance for loan and lease losses	(146,503)			(147,972)			(157,446)			(160,621)			(165,619)			1,469			1.0		19,116			11.5
Net loans and leases	19,037,951			19,235,703			18,914,865			18,260,532			18,449,127			(197,752)			(1.0)		588,824			3.2
Premises and equipment, net	432,751			429,711			427,534			429,648			430,956			3,040			0.7		1,795			0.4
Goodwill, net	154,757			154,757			154,757			154,757			154,757			—			—		—			—
Other assets	1,011,309			873,244			814,164			762,583			774,468			138,065			15.8		236,841			30.6
Total assets	$	24,626,830		$	24,418,715		$	23,699,612		$	22,904,785		$	23,184,462		$	208,115		0.9		$	1,442,368		6.2
LIABILITIES AND EQUITY:
Deposits:
Checking	$	6,544,470		$	6,621,261		$	6,381,327		$	6,382,667		$	6,408,174		$	(76,791)		(1.2)	%	$	136,296		2.1	%
Savings	6,519,587			6,442,544			6,122,257			5,737,144			5,570,979			77,043			1.2		948,608			17.0
Money market	1,443,003			1,468,308			1,609,422			1,504,952			1,562,008			(25,305)			(1.7)		(119,005)			(7.6)
Certificates of deposit	4,605,327			4,491,998			4,790,680			4,871,748			4,822,112			113,329			2.5		(216,785)			(4.5)
Total deposits	19,112,387			19,024,111			18,903,686			18,496,511			18,363,273			88,276			0.5		749,114			4.1
Borrowings:
Short-term borrowings	350,764			355,992			—			2,324			761			(5,228)			(1.5)		350,003			N.M.
Long-term borrowings	1,617,531			1,411,426			1,449,472			1,171,541			1,554,569			206,105			14.6		62,962			4.1
Total borrowings	1,968,295			1,767,418			1,449,472			1,173,865			1,555,330			200,877			11.4		412,965			26.6
Accrued expenses and other liabilities	835,630			981,341			790,194			706,397			761,281			(145,711)			(14.8)		74,349			9.8
Total liabilities	21,916,312			21,772,870			21,143,352			20,376,773			20,679,884			143,442			0.7		1,236,428			6.0
Equity:
Preferred stock	169,302			169,302			169,302			169,302			169,302			—			—		—			—
Common stock	1,731			1,733			1,736			1,736			1,735			(2)			(0.1)		(4)			(0.2)
Additional paid-in capital	868,001			875,797			885,089			882,321			877,364			(7,796)			(0.9)		(9,363)			(1.1)
Retained earnings, subject to certain restrictions	1,874,308			1,810,701			1,766,994			1,708,410			1,649,449			63,607			3.5		224,859			13.6
Accumulated other comprehensive income (loss)	37,334			5,481			(33,138)			(65,259)			(52,811)			31,853			N.M.		90,145			N.M.
Treasury stock at cost and other	(265,016)			(246,621)			(252,182)			(189,652)			(164,107)			(18,395)			(7.5)		(100,909)			(61.5)
Total TCF Financial Corporation stockholders' equity	2,685,660			2,616,393			2,537,801			2,506,858			2,480,932			69,267			2.6		204,728			8.3
Non-controlling interest in subsidiaries	24,858			29,452			18,459			21,154			23,646			(4,594)			(15.6)		1,212			5.1
Total equity	2,710,518			2,645,845			2,556,260			2,528,012			2,504,578			64,673			2.4		205,940			8.2
Total liabilities and equity	$	24,626,830		$	24,418,715		$	23,699,612		$	22,904,785		$	23,184,462		$	208,115		0.9		$	1,442,368		6.2

N.M. Not Meaningful

7

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
	Quarter Ended																											Change From
(Dollars in thousands)	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31, 2019									Jun. 30, 2018
			2019			2019			2018			2018			2018			$			%			$			%
Interest income:
Loans and leases	$	279,447		$	279,594		$	270,804		$	264,678		$	269,280		$	(147)		(0.1)	%		$	10,167		3.8	%
Debt securities available for sale	22,325			18,815			17,097			14,838			12,516			3,510			18.7			9,809			78.4
Debt securities held to maturity	924			535			965			988			998			389			72.7			(74)			(7.4)
Loans held for sale and other	4,247			4,301			4,631			6,678			3,529			(54)			(1.3)			718			20.3
Total interest income	306,943			303,245			293,497			287,182			286,323			3,698			1.2			20,620			7.2
Interest expense:
Deposits	40,542			37,480			33,315			27,335			23,953			3,062			8.2			16,589			69.3
Borrowings	16,077			14,858			11,294			10,726			11,571			1,219			8.2			4,506			38.9
Total interest expense	56,619			52,338			44,609			38,061			35,524			4,281			8.2			21,095			59.4
Net interest income	250,324			250,907			248,888			249,121			250,799			(583)			(0.2)			(475)			(0.2)
Provision for credit losses	13,569			10,122			18,894			2,270			14,236			3,447			34.1			(667)			(4.7)
Net interest income after provision for credit losses	236,755			240,785			229,994			246,851			236,563			(4,030)			(1.7)			192			0.1
Non-interest income:
Leasing and equipment finance	42,126			41,139			55,311			45,045			42,904			987			2.4			(778)			(1.8)
Fees and service charges	32,477			31,324			36,206			32,574			32,670			1,153			3.7			(193)			(0.6)
Card revenue	15,632			14,243			15,078			15,065			14,962			1,389			9.8			670			4.5
ATM revenue	4,863			4,440			5,054			5,053			4,933			423			9.5			(70)			(1.4)
Gains on sales of loans, net	10,828			7,972			8,419			8,764			7,192			2,856			35.8			3,636			50.6
Servicing fee income	4,523			5,110			5,523			6,032			7,484			(587)			(11.5)			(2,961)			(39.6)
Gains (losses) on debt securities, net	1,066			451			167			94			24			615			136.4			1,042			N.M.
Other	1,936			2,347			2,375			3,818			3,934			(411)			(17.5)			(1,998)			(50.8)
Total non-interest income	113,451			107,026			128,133			116,445			114,103			6,425			6.0			(652)			(0.6)
Non-interest expense:
Compensation and employee benefits	114,369			121,557			129,521			123,127			120,575			(7,188)			(5.9)			(6,206)			(5.1)
Occupancy and equipment	41,828			41,737			42,250			42,337			40,711			91			0.2			1,117			2.7
Lease financing equipment depreciation	19,133			19,256			19,085			19,525			17,945			(123)			(0.6)			1,188			6.6
Foreclosed real estate and repossessed assets, net	2,448			4,630			4,396			3,881			3,857			(2,182)			(47.1)			(1,409)			(36.5)
Merger-related expenses	4,226			9,458			—			—			—			(5,232)			(55.3)			4,226			N.M.
Other	54,845			56,437			54,706			57,553			88,951			(1,592)			(2.8)			(34,106)			(38.3)
Total non-interest expense	236,849			253,075			249,958			246,423			272,039			(16,226)			(6.4)			(35,190)			(12.9)
Income before income tax expense	113,357			94,736			108,169			116,873			78,627			18,621			19.7			34,730			44.2
Income tax expense	19,314			21,287			20,013			28,034			16,418			(1,973)			(9.3)			2,896			17.6
Income after income tax expense	94,043			73,449			88,156			88,839			62,209			20,594			28.0			31,834			51.2
Income attributable to non-controlling interest	3,616			2,955			2,504			2,643			3,460			661			22.4			156			4.5
Net income attributable to TCF Financial Corporation	90,427			70,494			85,652			86,196			58,749			19,933			28.3			31,678			53.9
Preferred stock dividends	2,494			2,493			2,494			2,494			2,494			1			—			—			—
Net income available to common stockholders	$	87,933		$	68,001		$	83,158		$	83,702		$	56,255		$	19,932		29.3			$	31,678		56.3

N.M. Not Meaningful

8

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
	Six Months Ended June 30,						Change
(Dollars in thousands, except per share data)	2019		2018		$		%
Interest income:
Loans and leases	$	559,041	$	529,655	$	29,386	5.5	%
Debt securities available for sale	41,140		22,639		18,501		81.7
Debt securities held to maturity	1,459		2,017		(558)		(27.7)
Loans held for sale and other	8,548		7,274		1,274		17.5
Total interest income	610,188		561,585		48,603		8.7
Interest expense:
Deposits	78,022		46,463		31,559		67.9
Borrowings	30,935		21,124		9,811		46.4
Total interest expense	108,957		67,587		41,370		61.2
Net interest income	501,231		493,998		7,233		1.5
Provision for credit losses	23,691		25,604		(1,913)		(7.5)
Net interest income after provision for credit losses	477,540		468,394		9,146		2.0
Non-interest income:
Leasing and equipment finance	83,265		84,751		(1,486)		(1.8)
Fees and service charges	63,801		63,421		380		0.6
Card revenue	29,875		28,721		1,154		4.0
ATM revenue	9,303		9,583		(280)		(2.9)
Gains on sales of loans, net	18,800		16,315		2,485		15.2
Servicing fee income	9,633		15,779		(6,146)		(39.0)
Gains (losses) on debt securities, net	1,517		87		1,430		N.M.
Other	4,283		7,650		(3,367)		(44.0)
Total non-interest income	220,477		226,307		(5,830)		(2.6)
Non-interest expense:
Compensation and employee benefits	235,926		244,415		(8,489)		(3.5)
Occupancy and equipment	83,565		81,225		2,340		2.9
Lease financing equipment depreciation	38,389		35,219		3,170		9.0
Foreclosed real estate and repossessed assets, net	7,078		8,773		(1,695)		(19.3)
Merger-related expenses	13,684		—		13,684		N.M.
Other	111,282		148,387		(37,105)		(25.0)
Total non-interest expense	489,924		518,019		(28,095)		(5.4)
Income before income tax expense	208,093		176,682		31,411		17.8
Income tax expense	40,601		38,049		2,552		6.7
Income after income tax expense	167,492		138,633		28,859		20.8
Income attributable to non-controlling interest	6,571		6,123		448		7.3
Net income attributable to TCF Financial Corporation	160,921		132,510		28,411		21.4
Preferred stock dividends	4,987		6,600		(1,613)		(24.4)
Impact of preferred stock redemption	—		3,481		(3,481)		(100.0)
Net income available to common stockholders	$	155,934	$	122,429	$	33,505	27.4
Earnings per common share:
Basic	$	0.96	$	0.73	$	0.23	31.5	%
Diluted	0.96		0.73		0.23		31.5
Dividends declared per common share	$	0.30	$	0.30	$	—	—	%

N.M. Not Meaningful

9

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields and Rates (Unaudited)
	Quarter Ended June 30,
	2019										2018
	Average				Yields and		Average				Yields and
(Dollars in thousands)	Balance		Interest(1)		Rates(1)(2)		Balance		Interest(1)		Rates(1)(2)
ASSETS:
Investments and other	$	392,193	$	3,651	3.71	%	$	309,120	$	2,857	3.71	%
Debt securities held to maturity	146,296		924		2.53		155,779		998		2.56
Debt securities available for sale:
Taxable	2,711,984		21,117		3.11		1,262,642		8,163		2.59
Tax-exempt(3)	222,534		1,530		2.75		828,131		5,510		2.66
Loans and leases held for sale	40,835		596		5.86		45,525		672		5.93
Loans and leases:(4)
Consumer real estate:
Fixed-rate	2,349,154		29,159		4.97		1,715,289		23,612		5.52
Variable- and adjustable-rate	2,985,714		50,673		6.81		3,026,310		48,331		6.41
Total consumer real estate	5,334,868		79,832		6.00		4,741,599		71,943		6.09
Commercial:
Fixed-rate	817,744		9,013		4.42		900,462		10,087		4.49
Variable- and adjustable-rate	3,168,127		44,843		5.68		2,802,059		38,044		5.45
Total commercial	3,985,871		53,856		5.42		3,702,521		48,131		5.21
Leasing and equipment finance	4,743,747		60,554		5.11		4,639,703		57,236		4.93
Inventory finance	3,588,051		64,967		7.26		3,299,996		57,138		6.94
Auto finance	1,575,715		21,121		5.38		2,695,943		35,632		5.30
Other	10,918		131		4.78		13,845		143		4.10
Total loans and leases	19,239,170		280,461		5.84		19,093,607		270,223		5.67
Total interest-earning assets	22,753,012		308,279		5.43		21,694,804		288,423		5.33
Other assets	1,730,810						1,430,621
Total assets	$	24,483,822					$	23,125,425
LIABILITIES AND EQUITY:
Non-interest bearing deposits	$	3,980,811					$	3,879,048
Interest-bearing deposits:
Checking	2,479,814		440		0.07		2,460,709		119		0.02
Savings	6,452,510		12,314		0.77		5,542,565		3,736		0.27
Money market	1,430,556		4,588		1.29		1,572,560		2,620		0.67
Certificates of deposit	4,527,822		23,200		2.05		4,909,422		17,478		1.43
Total interest-bearing deposits	14,890,702		40,542		1.09		14,485,256		23,953		0.66
Total deposits	18,871,513		40,542		0.86		18,364,304		23,953		0.52
Borrowings:
Short-term borrowings	321,043		2,131		2.63		3,116		18		2.33
Long-term borrowings	1,657,527		13,946		3.34		1,531,389		11,553		3.02
Total borrowings	1,978,570		16,077		3.23		1,534,505		11,571		3.02
Total interest-bearing liabilities	16,869,272		56,619		1.34		16,019,761		35,524		0.89
Total deposits and borrowings	20,850,083		56,619		1.09		19,898,809		35,524		0.72
Accrued expenses and other liabilities	969,723						714,488
Total liabilities	21,819,806						20,613,297
Total TCF Financial Corporation stockholders' equity	2,634,386						2,483,474
Non-controlling interest in subsidiaries	29,630						28,654
Total equity	2,664,016						2,512,128
Total liabilities and equity	$	24,483,822					$	23,125,425
Net interest income and margin			$	251,660	4.43				$	252,899	4.67

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

(2)Annualized

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

(4)Average balances of loans and leases include non-accrual loans and leases and are presented net of unearned income.

10

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields and Rates (Unaudited)
	Six Months Ended June 30,
	2019										2018
	Average				Yields and		Average				Yields and
(Dollars in thousands)	Balance		Interest(1)		Rates(1)(2)		Balance		Interest(1)		Rates(1)(2)
ASSETS:
Investments and other	$	379,513	$	7,132	3.77	%	$	320,655	$	5,633	3.54	%
Debt securities held to maturity	146,922		1,459		1.99		157,450		2,017		2.56
Debt securities available for sale:
Taxable	2,418,221		37,248		3.08		1,123,017		13,976		2.49
Tax-exempt(3)	368,952		4,927		2.67		824,906		10,966		2.66
Loans and leases held for sale	47,980		1,416		5.94		54,261		1,641		6.09
Loans and leases:(4)
Consumer real estate:
Fixed-rate	2,350,946		59,046		5.05		1,750,765		48,225		5.55
Variable- and adjustable-rate	3,013,329		102,360		6.85		3,019,212		94,212		6.29
Total consumer real estate	5,364,275		161,406		6.06		4,769,977		142,437		6.02
Commercial:
Fixed-rate	817,498		18,077		4.46		915,784		20,684		4.55
Variable- and adjustable-rate	3,090,597		88,375		5.77		2,736,267		71,204		5.25
Total commercial	3,908,095		106,452		5.49		3,652,051		91,888		5.07
Leasing and equipment finance	4,699,969		119,775		5.10		4,665,144		113,643		4.87
Inventory finance	3,521,537		127,832		7.32		3,214,618		108,333		6.80
Auto finance	1,707,690		45,336		5.35		2,857,169		74,917		5.29
Other	11,298		264		4.69		14,145		290		4.13
Total loans and leases	19,212,864		561,065		5.88		19,173,104		531,508		5.58
Total interest-earning assets	22,574,452		613,247		5.46		21,653,393		565,741		5.26
Other assets	1,721,970						1,442,117
Total assets	$	24,296,422					$	23,095,510
LIABILITIES AND EQUITY:
Non-interest bearing deposits	$	3,950,447					$	3,812,765
Interest-bearing deposits:
Checking	2,468,852		827		0.07		2,461,126		232		0.02
Savings	6,353,800		22,984		0.73		5,469,523		6,901		0.25
Money market	1,460,427		9,041		1.25		1,634,965		5,029		0.62
Certificates of deposit	4,574,710		45,170		1.99		4,953,533		34,301		1.40
Total interest-bearing deposits	14,857,789		78,022		1.06		14,519,147		46,463		0.65
Total deposits	18,808,236		78,022		0.84		18,331,912		46,463		0.51
Borrowings:
Short-term borrowings	307,347		4,088		2.65		3,532		37		2.14
Long-term borrowings	1,579,613		26,847		3.39		1,477,531		21,087		2.87
Total borrowings	1,886,960		30,935		3.27		1,481,063		21,124		2.87
Total interest-bearing liabilities	16,744,749		108,957		1.31		16,000,210		67,587		0.85
Total deposits and borrowings	20,695,196		108,957		1.06		19,812,975		67,587		0.69
Accrued expenses and other liabilities	979,359						736,201
Total liabilities	21,674,555						20,549,176
Total TCF Financial Corporation stockholders' equity	2,594,778						2,520,396
Non-controlling interest in subsidiaries	27,089						25,938
Total equity	2,621,867						2,546,334
Total liabilities and equity	$	24,296,422					$	23,095,510
Net interest income and margin			$	504,290	4.49				$	498,154	4.63

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

(2)Annualized

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

(4)Average balances of loans and leases include non-accrual loans and leases and are presented net of unearned income.

11

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Quarterly Average Balance Sheets (Unaudited)
	Quarter Ended																		Change From
	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31, 2019						Jun. 30, 2018
(Dollars in thousands)	2019		2019		2018		2018		2018		$		%		$		%
ASSETS:
Investments and other	$	392,193	$	366,691	$	330,359	$	306,257	$	309,120	$	25,502	7.0	%	$	83,073	26.9	%
Debt securities held to maturity	146,296		147,556		150,016		153,652		155,779		(1,260)		(0.9)		(9,483)		(6.1)
Debt securities available for sale:
Taxable	2,711,984		2,121,196		1,779,654		1,525,665		1,262,642		590,788		27.9		1,449,342		114.8
Tax-exempt	222,534		516,995		788,806		823,854		828,131		(294,461)		(57.0)		(605,597)		(73.1)
Loans and leases held for sale	40,835		55,204		86,169		216,669		45,525		(14,369)		(26.0)		(4,690)		(10.3)
Loans and leases:(1)
Consumer real estate:
Fixed-rate	2,349,154		2,352,758		1,962,804		1,694,661		1,715,289		(3,604)		(0.2)		633,865		37.0
Variable- and adjustable-rate	2,985,714		3,041,252		3,067,216		3,002,225		3,026,310		(55,538)		(1.8)		(40,596)		(1.3)
Total consumer real estate	5,334,868		5,394,010		5,030,020		4,696,886		4,741,599		(59,142)		(1.1)		593,269		12.5
Commercial:
Fixed-rate	817,744		817,250		815,626		856,324		900,462		494		0.1		(82,718)		(9.2)
Variable- and adjustable-rate	3,168,127		3,012,206		2,932,739		2,921,471		2,802,059		155,921		5.2		366,068		13.1
Total commercial	3,985,871		3,829,456		3,748,365		3,777,795		3,702,521		156,415		4.1		283,350		7.7
Leasing and equipment finance	4,743,747		4,655,705		4,616,715		4,624,968		4,639,703		88,042		1.9		104,044		2.2
Inventory finance	3,588,051		3,454,283		3,024,961		2,866,460		3,299,996		133,768		3.9		288,055		8.7
Auto finance	1,575,715		1,841,130		2,121,969		2,435,868		2,695,943		(265,415)		(14.4)		(1,120,228)		(41.6)
Other	10,918		11,682		12,599		13,547		13,845		(764)		(6.5)		(2,927)		(21.1)
Total loans and leases	19,239,170		19,186,266		18,554,629		18,415,524		19,093,607		52,904		0.3		145,563		0.8
Total interest-earning assets	22,753,012		22,393,908		21,689,633		21,441,621		21,694,804		359,104		1.6		1,058,208		4.9
Other assets	1,730,810		1,713,033		1,464,620		1,462,783		1,430,621		17,777		1.0		300,189		21.0
Total assets	$	24,483,822	$	24,106,941	$	23,154,253	$	22,904,404	$	23,125,425	$	376,881	1.6		$	1,358,397	5.9
LIABILITIES AND EQUITY:
Non-interest bearing deposits	$	3,980,811	$	3,919,746	$	3,873,023	$	3,874,421	$	3,879,048	$	61,065	1.6	%	$	101,763	2.6	%
Interest-bearing deposits:
Checking	2,479,814		2,457,767		2,403,370		2,427,288		2,460,709		22,047		0.9		19,105		0.8
Savings	6,452,510		6,253,992		5,922,724		5,620,161		5,542,565		198,518		3.2		909,945		16.4
Money market	1,430,556		1,490,631		1,449,531		1,496,223		1,572,560		(60,075)		(4.0)		(142,004)		(9.0)
Certificates of deposit	4,527,822		4,622,120		4,818,211		4,868,286		4,909,422		(94,298)		(2.0)		(381,600)		(7.8)
Total interest-bearing deposits	14,890,702		14,824,510		14,593,836		14,411,958		14,485,256		66,192		0.4		405,446		2.8
Total deposits	18,871,513		18,744,256		18,466,859		18,286,379		18,364,304		127,257		0.7		507,209		2.8
Borrowings:
Short-term borrowings	321,043		293,499		2,738		3,357		3,116		27,544		9.4		317,927		N.M.
Long-term borrowings	1,657,527		1,500,832		1,344,228		1,351,585		1,531,389		156,695		10.4		126,138		8.2
Total borrowings	1,978,570		1,794,331		1,346,966		1,354,942		1,534,505		184,239		10.3		444,065		28.9
Total interest-bearing liabilities	16,869,272		16,618,841		15,940,802		15,766,900		16,019,761		250,431		1.5		849,511		5.3
Total deposits and borrowings	20,850,083		20,538,587		19,813,825		19,641,321		19,898,809		311,496		1.5		951,274		4.8
Accrued expenses and other liabilities	969,723		989,104		822,558		751,100		714,488		(19,381)		(2.0)		255,235		35.7
Total liabilities	21,819,806		21,527,691		20,636,383		20,392,421		20,613,297		292,115		1.4		1,206,509		5.9
Total TCF Financial Corporation stockholders' equity	2,634,386		2,554,729		2,495,952		2,488,435		2,483,474		79,657		3.1		150,912		6.1
Non-controlling interest in subsidiaries	29,630		24,521		21,918		23,548		28,654		5,109		20.8		976		3.4
Total equity	2,664,016		2,579,250		2,517,870		2,511,983		2,512,128		84,766		3.3		151,888		6.0
Total liabilities and equity	$	24,483,822	$	24,106,941	$	23,154,253	$	22,904,404	$	23,125,425	$	376,881	1.6		$	1,358,397	5.9

N.M. Not Meaningful

(1)Average balances of loans and leases include non-accrual loans and leases and are presented net of unearned income.

12

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Quarterly Yields and Rates(1)(2) (Unaudited)
	Quarter Ended														Change From
	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,			Jun. 30,
	2019		2019		2018		2018		2018		2019			2018
ASSETS:
Investments and other	3.71	%	3.82	%	3.90	%	4.01	%	3.71	%	(11)	bps	—	bps
Debt securities held to maturity	2.53		1.45		2.58		2.57		2.56		108		(3)
Debt securities available for sale:
Taxable	3.11		3.04		2.91		2.76		2.59		7		52
Tax-exempt(3)	2.75		2.63		2.66		2.66		2.66		12		9
Loans and leases held for sale	5.86		6.01		6.40		6.57		5.93		(15)		(7)
Loans and leases:
Consumer real estate:
Fixed-rate	4.97		5.12		5.33		5.46		5.52		(15)		(55)
Variable- and adjustable-rate	6.81		6.89		6.77		6.57		6.41		(8)		40
Total consumer real estate	6.00		6.12		6.21		6.17		6.09		(12)		(9)
Commercial:
Fixed-rate	4.42		4.50		4.51		4.55		4.49		(8)		(7)
Variable- and adjustable-rate	5.68		5.86		5.65		5.45		5.45		(18)		23
Total commercial	5.42		5.57		5.40		5.25		5.21		(15)		21
Leasing and equipment finance	5.11		5.09		5.11		5.00		4.93		2		18
Inventory finance	7.26		7.38		7.11		7.16		6.94		(12)		32
Auto finance	5.38		5.33		5.39		5.36		5.30		5		8
Other	4.78		4.61		4.55		4.25		4.10		17		68
Total loans and leases	5.84		5.91		5.82		5.73		5.67		(7)		17
Total interest-earning assets	5.43		5.50		5.42		5.36		5.33		(7)		10
LIABILITIES:
Interest-bearing deposits:
Checking	0.07		0.06		0.04		0.04		0.02		1		5
Savings	0.77		0.69		0.54		0.35		0.27		8		50
Money market	1.29		1.21		0.99		0.78		0.67		8		62
Certificates of deposit	2.05		1.93		1.76		1.56		1.43		12		62
Total interest-bearing deposits	1.09		1.02		0.91		0.75		0.66		7		43
Total deposits	0.86		0.81		0.72		0.59		0.52		5		34
Borrowings:
Short-term borrowings	2.63		2.67		2.76		2.46		2.33		(4)		30
Long-term borrowings	3.34		3.44		3.34		3.15		3.02		(10)		32
Total borrowings	3.23		3.31		3.34		3.15		3.02		(8)		21
Total interest-bearing liabilities	1.34		1.27		1.11		0.96		0.89		7		45
Net interest margin	4.43		4.56		4.60		4.66		4.67		(13)		(24)

(1)Annualized

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

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

13

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Summary of Credit Quality Data (Unaudited)
Allowance for Loan and Lease Losses
	Jun. 30,							Mar. 31,							Dec. 31,							Sep. 30,			Jun. 30,
	2019							2019							2018							2018			2018
				% of				% of					% of					% of				% of
(Dollars in thousands)	Balance		Portfolio					Balance		Portfolio					Balance		Portfolio					Balance		Portfolio	Balance	Portfolio
Consumer real estate	$	43,980		0.83	%	$	43,820	0.82	%		$	44,866	0.83	%	$	45,258		0.92	%	$	43,954	0.95	%
Commercial	36,789			0.88		34,711		0.89			41,182		1.07		40,470			1.08		40,291		1.09
Leasing and equipment finance	26,270			0.54		24,832		0.53			23,791		0.51		22,926			0.50		22,247		0.48
Inventory finance	12,733			0.37		14,132		0.38			12,456		0.40		11,361			0.39		11,840		0.39
Auto finance	25,940			1.78		29,854		1.75			34,329		1.73		39,852			1.75		46,608		1.79
Other	791			4.31		623		3.47			822		3.86		754			3.57		679		3.24
Total	$	146,503		0.76		$	147,972	0.76			$	157,446	0.83		$	160,621		0.87		$	165,619	0.89

Changes in Allowance for Loan and Lease Losses
	Quarter Ended														Change From
	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Jun. 30,
(In thousands)	2019		2019		2018		2018		2018		2019		2018
Balance, beginning of period	$	147,972	$	157,446	$	160,621	$	165,619	$	167,703	$	(9,474)	$	(19,731)
Charge-offs	(21,066)		(24,431)		(27,227)		(19,448)		(18,188)		3,365		(2,878)
Recoveries	6,984		5,777		5,913		12,658		5,418		1,207		1,566
Net (charge-offs) recoveries	(14,082)		(18,654)		(21,314)		(6,790)		(12,770)		4,572		(1,312)
Provision for credit losses	13,569		10,122		18,894		2,270		14,236		3,447		(667)
Other	(956)		(942)		(755)		(478)		(3,550)		(14)		2,594
Balance, end of period	$	146,503	$	147,972	$	157,446	$	160,621	$	165,619	$	(1,469)	$	(19,116)

Net Charge-offs
	Quarter Ended
	Jun. 30,						Mar. 31,						Dec. 31,						Sep. 30,		Jun. 30,
	2019						2019						2018						2018		2018
(Dollars in thousands)	Balance		Rate(1)		Balance		Rate(1)		Balance		Rate(1)		Balance		Rate(1)		Balance		Rate(1)
Consumer real estate:
First mortgage lien	$	162	0.03	%	$	628	0.10	%	$	123	0.02	%	$	(3,721)	(0.82)	%	$	714	0.16	%
Junior lien	152		0.02		(180)		(0.02)		(210)		(0.03)		(2,709)		(0.37)		64		0.01
Total consumer real estate	314		0.02		448		0.03		(87)		(0.01)		(6,430)		(0.55)		778		0.07
Commercial	3,445		0.35		2,088		0.22		3,406		0.36		(8)		—		(27)		—
Leasing and equipment finance	2,043		0.17		2,470		0.21		2,067		0.18		1,930		0.17		2,106		0.18
Inventory finance	1,289		0.14		2,087		0.24		4,629		0.61		637		0.09		517		0.06
Auto finance	5,903		1.50		10,182		2.21		9,887		1.86		9,485		1.56		8,516		1.26
Other	1,088		N.M.		1,379		N.M.		1,412		N.M.		1,176		N.M.		880		N.M.
Total	$	14,082	0.29		$	18,654	0.39		$	21,314	0.46		$	6,790	0.15		$	12,770	0.27

N.M. Not Meaningful

(1) Annualized net charge-off rate based on average loans and leases

14

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Summary of Credit Quality Data (Unaudited), Continued
Over 60-Day Delinquencies as a Percentage of Portfolio(1)
											Change From
	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,			Jun. 30,
	2019		2019		2018		2018		2018		2019			2018
Consumer real estate:
First mortgage lien	0.17	%	0.20	%	0.19	%	0.18	%	0.20	%	(3)	bps	(3)	bps
Junior lien	0.06		0.08		0.04		0.04		0.07		(2)		(1)
Total consumer real estate	0.11		0.14		0.11		0.10		0.12		(3)		(1)
Commercial	—		—		—		—		—		—		—
Leasing and equipment finance	0.25		0.20		0.23		0.15		0.11		5		14
Inventory finance	—		—		0.01		—		—		—		—
Auto finance	0.54		0.38		0.59		0.41		0.33		16		21
Other	0.15		0.11		0.14		0.30		0.16		4		(1)
Subtotal	0.13		0.12		0.15		0.11		0.11		1		2
Portfolios acquired with deteriorated credit quality	19.87		6.75		4.65		16.70		13.48		1312		639
Total delinquencies	0.14		0.12		0.15		0.12		0.11		2		3

(1)Excludes non-accrual loans and leases

Non-performing Assets
																Change From
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,					Jun. 30,
(Dollars in thousands)	2019			2019			2018			2018			2018			2019					2018
Non-accrual loans and leases:
Consumer real estate	$	67,446		$	65,518		$	58,765		$	55,092		$	49,155		$	1,928		$	18,291
Commercial	6,793			7,529			15,025			9,888			9,978			(736)			(3,185)
Leasing and equipment finance	22,708			20,235			15,264			16,061			16,300			2,473			6,408
Inventory finance	2,413			969			8,283			1,640			2,093			1,444			320
Auto finance	8,633			9,033			8,578			7,613			7,312			(400)			1,321
Other	—			1			3			2			21			(1)			(21)
Total non-accrual loans and leases	107,993			103,285			105,918			90,296			84,859			4,708			23,134
Other real estate owned	11,964			18,361			17,403			19,079			16,266			(6,397)			(4,302)
Total non-performing assets	$	119,957		$	121,646		$	123,321		$	109,375		$	101,125		$	(1,689)		$	18,832
Non-accrual loans and leases as a percentage of total loans and leases	0.56		%	0.53		%	0.56		%	0.49		%	0.46		%	3		bps	10		bps
Non-performing assets as a percentage of total loans and leases and other real estate owned	0.62			0.63			0.65			0.59			0.54			(1)			8
Allowance for loan and lease losses as a percentage of non-accrual loans and leases	135.66			143.27			148.65			177.88			195.17			(761)			(5,951)

15

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Capital Information (Unaudited)
	At or For the Quarter Ended																								Change From
(Dollars in thousands, except per share data)	Jun. 30,				Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,		Jun. 30,
				2019				2019				2018				2018				2018		2019		2018
Dividends declared per common share	$	0.15			$	0.15			$	0.15			$	0.15			$	0.15			—	%	—	%
Book value per common share	15.46				14.93				14.45				14.01				13.79				3.5		12.1
Tangible book value per common share(1)	14.39				13.86				13.38				12.96				12.73				3.8		13.0
Common equity to assets	10.22		%		10.02		%		9.99		%		10.21		%		9.97		%		20	bps	25	bps
Tangible common equity to tangible assets(1)	9.58				9.37				9.32				9.51				9.28				21		30
Regulatory Capital:(2)
Common equity Tier 1 capital	$	2,305,706			$	2,266,244			$	2,224,183			$	2,226,820			$	2,186,528			1.7	%	5.5	%
Tier 1 capital	2,495,178				2,459,132				2,408,393				2,412,869				2,375,210				1.5		5.1
Total capital	2,811,347				2,792,419				2,750,581				2,754,615				2,728,076				0.7		3.1
Common equity Tier 1 capital ratio	10.99		%		10.79		%		10.82		%		11.04		%		10.60		%		20	bps	39	bps
Tier 1 risk-based capital ratio	11.90				11.71				11.72				11.96				11.51				19		39
Total risk-based capital ratio	13.41				13.30				13.38				13.66				13.22				11		19
Tier 1 leverage ratio	10.27				10.26				10.44				10.58				10.31				1		(4)

(1)See "Reconciliation of GAAP to Non-GAAP Financial Measures" tables

(2)June 30, 2019 amounts are preliminary pending completion and filing of the Company's regulatory reports

16

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
Computation of adjusted diluted earnings per common share:
		Quarter Ended
		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,
(Dollars in thousands, except per share data)		2019		2019		2018		2018		2018
Net income available to common stockholders		$	87,933	$	68,001	$	83,158	$	83,702	$	56,255
Less: Earnings allocated to participating securities		17		13		12		13		8
Earnings allocated to common stock	(a)	87,916		67,988		83,146		83,689		56,247
Plus: Merger-related expenses		4,226		9,458		—		—		—
Plus: CFPB/OCC settlement adjustment		—		—		—		—		32,000
Less: Related income tax expense		1,003		2,252		—		—		6,491
Adjusted earnings allocated to common stock	(b)	$	91,139	$	75,194	$	83,146	$	83,689	$	81,756
Weighted-average common shares outstanding used in diluted earnings per common share calculation	(c)	162,305,154		162,427,823		163,878,805		165,533,225		166,857,640
Diluted earnings per common share	(a) / (c)	$	0.54	$	0.42	$	0.51	$	0.51	$	0.34
Adjusted diluted earnings per common share	(b) / (c)	0.56		0.46		0.51		0.51		0.49

Computation of net charge-off rate excluding auto finance:
		Quarter Ended
		Jun. 30,			Mar. 31,			Jun. 30,
(Dollars in thousands)		2019			2019			2018
Net charge-offs	(a)	$	14,082		$	18,654		$	12,770
Less: Auto finance net charge-offs		5,903			10,182			8,516
Total net charge-offs excluding auto finance net charge-offs	(b)	8,179			8,472			4,254
Average total loans and leases	(c)	$	19,239,170		$	19,186,266		$	19,093,607
Less: Average auto finance loans		1,575,715			1,841,130			2,695,943
Average total loans and leases excluding auto finance loans	(d)	$	17,663,455		$	17,345,136		$	16,397,664
Net charge-off rate(1)	(a) / (c)	0.29		%	0.39		%	0.27		%
Net charge-off rate excluding auto finance net charge-offs(1)	(b) / (d)	0.19			0.20			0.10

(1)Annualized

17

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited), Continued
Computation of adjusted return on average common equity, return on average tangible common equity and adjusted return on average tangible common equity:
		Quarter Ended
		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
(Dollars in thousands)		2019			2019			2018			2018			2018
Net income available to common stockholders	(a)	$	87,933		$	68,001		$	83,158		$	83,702		$	56,255
Plus: Other intangibles amortization(1)		800			814			847			913			835
Less: Related income tax expense		190			194			198			220			201
Net income available to common stockholders used in ROATCE calculation	(b)	$	88,543		$	68,621		$	83,807		$	84,395		$	56,889
Adjusted net income available to common stockholders:
Net income available to common stockholders		$	87,933		$	68,001		$	83,158		$	83,702		$	56,255
Plus: Merger-related expenses		4,226			9,458			—			—			—
Plus: CFPB/OCC settlement adjustment		—			—			—			—			32,000
Less: Related income tax expense		1,003			2,252			—			—			6,491
Net income available to common stockholders used in adjusted ROACE calculation	(c)	91,156			75,207			83,158			83,702			81,764
Plus: Other intangibles amortization(1)		800			814			847			913			835
Less: Related income tax expense		190			194			198			220			201
Net income available to common stockholders used in adjusted ROATCE calculation	(d)	$	91,766		$	75,827		$	83,807		$	84,395		$	82,398
Average balances:
Total equity		$	2,664,016		$	2,579,250		$	2,517,870		$	2,511,983		$	2,512,128
Less: Non-controlling interest in subsidiaries		29,630			24,521			21,918			23,548			28,654
Total TCF Financial Corporation stockholders' equity		2,634,386			2,554,729			2,495,952			2,488,435			2,483,474
Less: Preferred stock		169,302			169,302			169,302			169,302			169,302
Average total common stockholders' equity	(e)	2,465,084			2,385,427			2,326,650			2,319,133			2,314,172
Less: Goodwill, net		154,757			154,757			154,757			154,757			154,757
Less: Other intangibles, net(1)		19,289			20,102			20,931			21,798			22,672
Average tangible common stockholders' equity used in ROATCE calculation	(f)	$	2,291,038		$	2,210,568		$	2,150,962		$	2,142,578		$	2,136,743
Adjusted average total common stockholders' equity:
Average total common stockholders' equity		$	2,465,084		$	2,385,427		$	2,326,650		$	2,319,133		$	2,314,172
Plus: CFPB/OCC settlement adjustment to average total common stockholders' equity		—			—			—			—			4,205
Average total common stockholders' equity used in adjusted ROACE calculation	(g)	2,465,084			2,385,427			2,326,650			2,319,133			2,318,377
Less: Goodwill, net		154,757			154,757			154,757			154,757			154,757
Less: Other intangibles, net(1)		19,289			20,102			20,931			21,798			22,672
Average tangible common stockholders' equity used in adjusted ROATCE calculation	(h)	$	2,291,038		$	2,210,568		$	2,150,962		$	2,142,578		$	2,140,948
ROACE(2)	(a) / (e)	14.27		%	11.40		%	14.30		%	14.44		%	9.72		%
Adjusted ROACE(2)	(c) / (g)	14.79			12.61			14.30			14.44			14.11
ROATCE(2)	(b) / (f)	15.46			12.42			15.59			15.76			10.65
Adjusted ROATCE(2)	(d) / (h)	16.02			13.72			15.59			15.76			15.39

(1)Includes non-mortgage servicing assets

(2)Annualized

18

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited), Continued
Computation of adjusted efficiency ratio:
		Quarter Ended
		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
(Dollars in thousands)		2019			2019			2018			2018			2018
Non-interest expense	(a)	$	236,849		$	253,075		$	249,958		$	246,423		$	272,039
Less: Merger-related expenses		4,226			9,458			—			—			—
Less: CFPB/OCC settlement adjustment		—			—			—			—			32,000
Adjusted non-interest expense	(b)	$	232,623		$	243,617		$	249,958		$	246,423		$	240,039
Net interest income		$	250,324		$	250,907		$	248,888		$	249,121		$	250,799
Non-interest income		113,451			107,026			128,133			116,445			114,103
Total revenue	(c)	$	363,775		$	357,933		$	377,021		$	365,566		$	364,902
Efficiency ratio	(a) / (c)	65.11		%	70.70		%	66.30		%	67.41		%	74.55		%
Adjusted efficiency ratio	(b) / (c)	63.95			68.06			66.30			67.41			65.78

Computation of tangible common equity to tangible assets and tangible book value per common share:
		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
(Dollars in thousands, except per share data)		2019			2019			2018			2018			2018
Total equity		$	2,710,518		$	2,645,845		$	2,556,260		$	2,528,012		$	2,504,578
Less: Non-controlling interest in subsidiaries		24,858			29,452			18,459			21,154			23,646
Total TCF Financial Corporation stockholders' equity		2,685,660			2,616,393			2,537,801			2,506,858			2,480,932
Less: Preferred stock		169,302			169,302			169,302			169,302			169,302
Total common stockholders' equity	(a)	2,516,358			2,447,091			2,368,499			2,337,556			2,311,630
Less: Goodwill, net		154,757			154,757			154,757			154,757			154,757
Less: Other intangibles, net(1)		18,904			19,704			20,518			21,364			22,247
Tangible common stockholders' equity	(b)	$	2,342,697		$	2,272,630		$	2,193,224		$	2,161,435		$	2,134,626
Total assets	(c)	$	24,626,830		$	24,418,715		$	23,699,612		$	22,904,785		$	23,184,462
Less: Goodwill, net		154,757			154,757			154,757			154,757			154,757
Less: Other intangibles, net(1)		18,904			19,704			20,518			21,364			22,247
Tangible assets	(d)	$	24,453,169		$	24,244,254		$	23,524,337		$	22,728,664		$	23,007,458
Common stock shares outstanding	(e)	162,770,063			163,951,155			163,923,227			166,812,524			167,684,971
Common equity to assets	(a) / (c)	10.22		%	10.02		%	9.99		%	10.21		%	9.97		%
Tangible common equity to tangible assets	(b) / (d)	9.58			9.37			9.32			9.51			9.28
Book value per common share	(a) / (e)	$	15.46		$	14.93		$	14.45		$	14.01		$	13.79
Tangible book value per common share	(b) / (e)	14.39			13.86			13.38			12.96			12.73

(1)Includes non-mortgage servicing assets

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