Exhibit 99.1
TCF Financial Corporation
Investing in the Future
1.) Corporate Profile
At June 30, 2003
• $11.8 billion financial holding company headquartered in Minnesota; 39th largest(1) public bank in the U.S. based on market cap
• 391 bank branches, including 240 full-service supermarket branches (4th largest in U.S.)
• 1,160 EXPRESS TELLER ® ATMs, 715 off-site
• 1.4 million checking accounts
• 1.5 million TCF Express Cards (11th largest U.S. Visa debit card issuer ranked by sales volume)(2)
(1) Source: Thomson Financial/Carson
(2) Source: Visa, at March 31, 2003
2.) Corporate Profile
At June 30, 2003
• Bank branches located in six states
Traditional |
| 151 |
| Minnesota |
| 96 |
|
Supermarket |
| 240 |
| Illinois |
| 188 |
|
Total |
| 391 |
| Wisconsin |
| 34 |
|
|
|
|
| Indiana |
| 5 |
|
|
|
|
| Michigan |
| 53 |
|
|
|
|
| Colorado |
| 15 |
|
3.) What Makes TCF® Different
• Convenience
TCF banks a large and diverse customer base by offering a host of convenient banking services (open seven days a week, 364 days/year, traditional and supermarket branches, TCF EXPRESS TELLER ® ATMs, TCF Express Cards, phone banking, Internet banking, etc.).
• De Novo Expansion
TCF is increasing its market share through de novo expansion: opening new branches, starting new businesses and offering new products and services.
4.) What Makes TCF® Different
• Power Assets ® and Power Liabilities ®
Power Assets ® (consumer loans, commercial and commercial real estate loans, and leasing and equipment finance) and low-cost Power Liabilities ® (checking, savings and money market accounts) are growing at double-digit rates, contributing a significantly high percentage of TCF’s profits.
• Credit Quality
TCF is primarily a secured lender, emphasizing credit quality over asset growth.
• Stock Buy-Back
TCF has purchased 24 million shares since 1/1/98 at an average cost of $32.52 per share. These purchases contributed to TCF’s diluted EPS growth of +89% over the past five years.
5.) Share Repurchase Program
|
| Shares purchased per quarter |
| ||||||||||||||||
|
| 1998 |
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| ||||||
|
|
|
|
|
| (000s) |
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
First Quarter |
| 1,127 |
| 1,738 |
| 2,396 |
| 1,562 |
| 479 |
| 757 |
| ||||||
Second Quarter |
| 2,121 |
| 670 |
| 465 |
| 751 |
| 1,493 |
| 1,543 |
| ||||||
Third Quarter |
| 2,370 |
| 600 |
| 105 |
| 1,297 |
| 632 |
| — |
| ||||||
Fourth Quarter |
| 1,931 |
| 1,084 |
| 278 |
| 60 |
| 504 |
| — |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
| 7,549 |
| 4,092 |
| 3,244 |
| 3,670 |
| 3,108 |
| 2,300 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Shares outstanding: |
| 85,569 |
| 81,944 |
| 80,289 |
| 76,932 |
| 73,856 |
| 71,594 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Average price: |
| $ | 27.94 |
| $ | 25.93 |
| $ | 22.76 |
| $ | 40.34 |
| $ | 47.62 |
| $ | 40.13 |
|
Since 1/1/98: |
|
|
| |
Shares Purchased |
| 24 | million | |
Average Cost |
| $ | 32.52 | per share |
Investment |
| $ | 779.3 | million |
Value @ 6/30/03 |
| $ | 954.7 | million |
6.) Consumer Home Equity Lending +23%*
Loan-to-value |
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
80% or less |
| $ | 932.7 |
| $ | 971.7 |
| $ | 1,178.8 |
| $ | 1,488.5 |
| $ | 1,673.6 |
|
Over 80-90% |
| $ | 570.6 |
| $ | 648.2 |
| $ | 802.1 |
| $ | 1,028.2 |
| $ | 1,174.6 |
|
Over 90-100% |
| $ | 398.9 |
| $ | 486.5 |
| $ | 396.3 |
| $ | 385.0 |
| $ | 361.1 |
|
Over 100% |
| $ | 56.5 |
| $ | 45.6 |
| $ | 66.6 |
| $ | 53.9 |
| $ | 45.6 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 1,959 |
| $ | 2,152 |
| $ | 2,444 |
| $ | 2,956 |
| $ | 3,255 |
|
Portion of loan >90% of property value is $45.6 million
* Twelve-month growth rate
7.) Consumer Home Equity Lending (House Value)
Appraised Value ($ 000s) |
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Over $600 |
| $ | 13.6 |
| $ | 14.0 |
| $ | 28.9 |
| $ | 64.3 |
| $ | 81.6 |
|
$301 - $600 |
| $ | 72.2 |
| $ | 98.9 |
| $ | 144.2 |
| $ | 290.4 |
| $ | 377.8 |
|
$150 - $300 |
| $ | 494.4 |
| $ | 630.2 |
| $ | 883.4 |
| $ | 1,325.1 |
| $ | 1,614.5 |
|
Under $150 |
| $ | 1,379.3 |
| $ | 1,409.0 |
| $ | 1,387.4 |
| $ | 1,276.1 |
| $ | 1,180.9 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 1,960 |
| $ | 2,152 |
| $ | 2,444 |
| $ | 2,956 |
| $ | 3,255 |
|
2
8.) Consumer Home Equity Loans
At June 30, 2003
• Consumer home equity loans and lines of credit 60% variable rate (prime based) and 40% fixed rate
• 70% are closed-end loans, 30% lines of credit
• 68% are 1st mortgages, 32% are 2nd mortgages
• Average home value of $170,000
• Yield 6.64%
• Over-30-day delinquency rate .69%
• 2003 net charge-offs .11% (annualized); 2002 net charge-offs .18%; 2001 net charge-offs .17%
• Average loan-to-value 73%
• Average FICO score 709
9.) Commercial Lending +7%*
|
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
| |||||||||||||
Commercial Real Estate |
| $ | 1,073.5 |
| $ | 1,371.9 |
| $ | 1,622.5 |
| $ | 1,835.8 |
| $ | 1,851.0 |
|
Commercial Business |
| $ | 351.4 |
| $ | 410.4 |
| $ | 422.4 |
| $ | 440.1 |
| $ | 475.3 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 1,425 |
| $ | 1,782 |
| $ | 2,045 |
| $ | 2,276 |
| $ | 2,326 |
|
* Twelve-month growth rate
10.) Commercial Loans
At June 30, 2003
• Commercial real estate - $1,851 million
• 26% apartment loans
• 20% office building loans
• 8% hotel loans
• Commercial business — $475 million
• Yield 5.71%
• Over-30-day delinquency rate .01%
• 2003 net charge-offs .06% (annualized); 2002 net charge-offs .37%; 2001 net charge-offs .01%
• Approximately 99% of all commercial loans secured
• CRE location mix: 90% Midwest, 10% Other
• CRE portfolio: 14% fixed, 39% variable, 47% ARM
3
11.) Leasing and Equipment Finance +8%*
|
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Leasing and Equipment Finance |
| $ | 493 |
| $ | 856 |
| $ | 957 |
| $ | 1,039 |
| $ | 1,079 |
|
* Twelve-month growth rate
12.) Leasing and Equipment Finance
At June 30, 2003
• Equipment type — $1,079 million
• 26% manufacturing and construction
• 25% technology and data processing
• 16% specialty vehicle
• 9% trucks and trailers
• Yield 7.68%
• Uninstalled backlog of $154.1 million; up $13.3 million from year-end 2002
• Over-30-day delinquency rate 1.14%
• 2003 net charge-offs .57% (annualized); 2002 net charge-offs .80%; 2001 net charge-offs 1.00%
13.) Mortgage Banking
|
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Third Party Servicing Portfolio |
| $ | 2,092 |
| $ | 3,971 |
| $ | 4,679 |
| $ | 5,576 |
| $ | 5,292 |
|
MSR Asset, Net |
| $ | 22.6 |
| $ | 40.1 |
| $ | 58.3 |
| $ | 62.6 |
| $ | 41.4 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
MSR/Servicing: |
| .78 | % | 1.01 | % | 1.25 | % | 1.12 | % | .78 | % | |||||
14.) Mortgage Banking
At June 30, 2003
• Total loans serviced - $5.3 billion
• Weighted average note rate of 6.27%
• Average servicing fee of 32 bps
• MSR as a multiple of fees - 2.4x
• Over 30-day delinquency rate - 1.9%
• 2003 amortization and impairment - $39.6 million, up $31 million
• 2003 servicing income and loan sale gains - $32.4 million, up $18.9 million
• 2003 loans funded - $1.7 billion
• 79% of loans funded are refinances
• Mortgage applications in process - $978.8 million
• 119 retail lenders in Minnesota, Michigan, Illinois and Wisconsin
4
15.) Credit Quality
16.) Allowance for Loan & Lease Losses
|
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Allowance for Loan & Lease Losses |
| $ | 55.8 |
| $ | 66.7 |
| $ | 75.0 |
| $ | 77.0 |
| $ | 77.7 |
|
Net Charge-offs (NCO) |
| $ | 26.4 |
| $ | 3.9 |
| $ | 12.5 |
| $ | 20.0 |
| $ | 5.1 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
As a % of Loans & Leases: |
|
|
|
|
|
|
|
|
|
|
| |||||
Allowance |
| .71 | % | .78 | % | .91 | % | .95 | % | .96 | % | |||||
NCO |
| .35 | % | .05 | % | .15 | % | .25 | % | .13 | %* | |||||
* Annualized
17.) Delinquencies (over 30-day)*
|
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Delinquencies |
| $ | 33.1 |
| $ | 58.9 |
| $ | 46.8 |
| $ | 46.3 |
| $ | 45.4 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Delinquencies (percent) |
| .42 | % | .69 | % | .57 | % | .57 | % | .56 | % | |||||
* Excludes non-accrual loans and leases
18.) Non-Performing Assets
|
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-Accrual Loans and Leases |
| $ | 24.1 |
| $ | 35.2 |
| $ | 52.0 |
| $ | 43.6 |
| $ | 39.6 |
|
Real Estate Owned |
| $ | 10.9 |
| $ | 10.9 |
| $ | 14.6 |
| $ | 26.6 |
| $ | 24.8 |
|
Total |
| $ | 35.0 |
| $ | 46.1 |
| $ | 66.6 |
| $ | 70.2 |
| $ | 64.4 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Reserves/NAs: |
| 232 | % | 189 | % | 144 | % | 176 | % | 196 | % | |||||
NPAs/Assets: |
| .33 | % | .41 | % | .59 | % | .58 | % | .55 | % | |||||
19.) Credit Quality
At June 30, 2003
• 2003 net charge-offs to average loans and leases .13% (annualized)
• In 2002, TCF ranked the 6th best* bank in the U.S. in net charge-offs to average loans and leases; 3rd best* in 2001
• Non-performing assets to net loans and leases .80%
• Over-30-day delinquency rate .56%
Commercial |
| .01 | % |
Consumer |
| .69 | % |
Leasing & equipment finance |
| 1.14 | % |
Residential real estate |
| .74 | % |
* Source: Keefe, Bruyette & Woods, Inc. (fifty largest banks)
5
20.) Retail Banking
21.) Retail Distribution Growth
|
| 12/97 |
| 12/98 |
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
|
|
| (# of branches) |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branches |
| 221 |
| 311 |
| 338 |
| 352 |
| 375 |
| 395 |
| 391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branch Openings: |
| 19 |
| 106 |
| 35 |
| 25 |
| 27 |
| 27 |
| 4 |
|
Anticipate opening an additional 19 new branches during the remainder 2003.
22.) De Novo Branch Expansion
|
| 1998 |
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2003 Forecast |
|
|
| (# of new branches opened) |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supermarket |
| 99 |
| 34 |
| 22 |
| 21 |
| 15 |
| 3 |
| 6 |
|
Traditional |
| 7 |
| 1 |
| 3 |
| 6 |
| 12 |
| 1 |
| 17 |
|
Total |
| 106 |
| 35 |
| 25 |
| 27 |
| 27 |
| 4 |
| 23 |
|
TCF currently has new branches under development in each of its markets.
23.) Checking Accounts +6%*
|
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
|
|
| (000s) |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Supermarket Branches |
| 351 |
| 428 |
| 511 |
| 565 |
| 595 |
|
Traditional Branches |
| 681 |
| 703 |
| 738 |
| 773 |
| 797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
| 1,032 |
| 1,131 |
| 1,249 |
| 1,338 |
| 1,392 |
|
* Twelve-month growth rate
24.) Fee Revenue Per Retail Checking Account
|
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 6/03* |
| |||||
|
| (In Dollars) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Fee Revenue per Retail Checking Account |
| $ | 168 |
| $ | 190 |
| $ | 209 |
| $ | 218 |
| $ | 237 |
|
* Annualized
25.) Retail Checking Deposits +12%*
|
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 6/03 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Supermarket Branches |
| $ | 354 |
| $ | 475 |
| $ | 591 |
| $ | 695 |
| $ | 794 |
|
Traditional Branches |
| $ | 1,387 |
| $ | 1,535 |
| $ | 1,715 |
| $ | 1,903 |
| $ | 2,062 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 1,741 |
| $ | 2,010 |
| $ | 2,306 |
| $ | 2,598 |
| $ | 2,856 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Rate: |
| .21 | % | .20 | % | .07 | % | .04 | % | .02 | % | |||||
* Twelve-month growth rate
6
26.) Retail Savings and Money Market Deposits +8%*
|
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Money Market |
| $ | 656.3 |
| $ | 794.2 |
| $ | 879.9 |
| $ | 791.3 |
| $ | 809.9 |
|
Savings |
| $ | 1,039.0 |
| $ | 964.3 |
| $ | 1,113.4 |
| $ | 1,794.6 |
| $ | 1,842.5 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 1,695 |
| $ | 1,758 |
| $ | 1,993 |
| $ | 2,586 |
| $ | 2,652 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Rate: |
| 1.70 | % | 2.29 | % | .81 | % | .78 | % | .37 | % | |||||
* Twelve-month growth rate
27.) Banking Fees and Other Revenue(1) +12%*
|
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
First Quarter |
| $ | 47.9 |
| $ | 56.9 |
| $ | 65.6 |
| $ | 71.8 |
| $ | 81.6 |
|
Second Quarter |
| $ | 55.2 |
| $ | 65.1 |
| $ | 74.7 |
| $ | 84.1 |
| $ | 92.6 |
|
Third Quarter |
| $ | 58.2 |
| $ | 67.5 |
| $ | 75.1 |
| $ | 87.4 |
| $ | — |
|
Fourth Quarter |
| $ | 58.9 |
| $ | 67.1 |
| $ | 77.6 |
| $ | 91.1 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 220 |
| $ | 257 |
| $ | 293 |
| $ | 334 |
| $ | 174 |
|
(1) Consisting of fees and service charges, debit card revenue, ATM revenue, and investments and insurance commissions.
* YTD growth rate ('03 vs. '02)
28.) Supermarket Banking
29.) Supermarket Deposit Growth +7%*
|
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Deposits |
| $ | 826 |
| $ | 1,074 |
| $ | 1,213 |
| $ | 1,518 |
| $ | 1,594 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Rate: |
| 2.24 | % | 2.73 | % | 1.23 | % | .90 | % | .56 | % | |||||
* Twelve-month growth rate
30.) Supermarket Checking Accounts +8%*
|
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
|
|
| (000s) |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Checking Accounts |
| 351 |
| 428 |
| 511 |
| 565 |
| 595 |
|
* Twelve-month growth rate
7
31.) Supermarket Fee Income Growth +12%*
|
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
First Quarter |
| $ | 17.4 |
| $ | 23.3 |
| $ | 29.6 |
| $ | 33.3 |
| $ | 38.4 |
|
Second Quarter |
| $ | 21.6 |
| $ | 28.5 |
| $ | 35.1 |
| $ | 41.3 |
| $ | 44.9 |
|
Third Quarter |
| $ | 23.1 |
| $ | 30.0 |
| $ | 35.3 |
| $ | 42.2 |
| $ | — |
|
Fourth Quarter |
| $ | 24.6 |
| $ | 30.2 |
| $ | 36.7 |
| $ | 43.4 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 87 |
| $ | 112 |
| $ | 137 |
| $ | 160 |
| $ | 83 |
|
* YTD growth rate ('03 vs. '02)
32.) Supermarket Consumer Loans +20%*
|
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consumer Loans |
| $ | 193 |
| $ | 233 |
| $ | 305 |
| $ | 369 |
| $ | 409 |
|
* Twelve-month growth rate
33.) Retail Model - Net Income*
|
| Year of Existence |
| ||||||||||||||||||||||||||||
|
| 1 |
| 2 |
| 3 |
| 4 |
| 5 |
| 6 |
| 7 |
| 8 |
| 9 |
| 10 |
| ||||||||||
|
| ($ 000s) |
| ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Supermarket Branch |
| $ | (185 | ) | $ | (41 | ) | $ | 24 |
| $ | 91 |
| $ | 89 |
| $ | 139 |
| $ | 188 |
| $ | 215 |
| $ | 252 |
| $ | 282 |
|
Traditional Branch |
| $ | (348 | ) | $ | (154 | ) | $ | (15 | ) | $ | 90 |
| $ | 119 |
| $ | 195 |
| $ | 253 |
| $ | 279 |
| $ | 341 |
| $ | 395 |
|
Capital Expenditure: |
| $ 265,000 Supermarket branch |
|
| $ 3 million Traditional branch |
* Excludes consumer lending
34.) TCF Express Card Interchange Revenue +27%*
|
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
First Quarter |
| $ | 3.5 |
| $ | 6.0 |
| $ | 8.1 |
| $ | 10.2 |
| $ | 13.2 |
|
Second Quarter |
| $ | 4.8 |
| $ | 7.1 |
| $ | 9.3 |
| $ | 11.8 |
| $ | 14.8 |
|
Third Quarter |
| $ | 5.3 |
| $ | 7.5 |
| $ | 10.1 |
| $ | 12.1 |
| $ | — |
|
Fourth Quarter |
| $ | 5.9 |
| $ | 8.2 |
| $ | 10.1 |
| $ | 13.1 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 19.5 |
| $ | 28.8 |
| $ | 37.6 |
| $ | 47.2 |
| $ | 28.0 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cards (000s): |
| 929 |
| 1,057 |
| 1,196 |
| 1,381 |
| 1,463 |
| |||||
* YTD growth rate ('03 vs. '02)
8
35.) Small Business Checking Deposits +22%*
|
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
| |||||
|
| ($ 000s) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Small Business Checking Deposits |
| $ | 196 |
| $ | 253 |
| $ | 313 |
| $ | 380 |
| $ | 422 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
# of accounts |
| 58,114 |
| 69,179 |
| 79,865 |
| 91,385 |
| 97,826 |
| |||||
* Twelve-month growth rate
36.) Small Business Checking Accounts
At June 30, 2003
• Relationship banking offering multiple product lines to business owners
• $422 million in 0% interest checking account deposits
• Small business loans up to $50,000; small business administration loans up to $150,000; home equity loans up to $500,000
• Commercial Insurance — property coverage, liability, workers compensation, health benefits
• Other services — payroll services, merchant processing, brokerage accounts
• 42,300 activated small business TCF Express Cards
37.) Internet Banking Accounts +52%*
|
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
|
|
| (000s) |
| ||||||
|
|
|
|
|
|
|
|
|
|
Internet Banking Accounts |
| 30 |
| 143 |
| 255 |
| 301 |
|
* Twelve-month growth rate
38.) Campus Banking
At June 30, 2003
• Alliances with:
• University of Minnesota
• University of Michigan
• St. Cloud State University in MN
• Northern Illinois University - Dekalb
• Saginaw Valley State University in MI
• Multi-purpose campus card serves as a school identification card, ATM card, library card, security card, health care card, phone card, stored value card for vending machines, laundry, etc.
• 71,700 total checking accounts
• $86.5 million in deposits
9
39.) New Products and Services
• TCF Express CoinSM Service coin counters
• TCF Command ProtectionSM Plan
• Monthly payments
• Another source of fee revenue
• Investments and Insurance Products
• “Generation Advantage” life insurance product
• Putnam 529 CollegeAdvantage Plan
• Check Cashing
40.) How We Are Doing…Financial Highlights
41.) Diluted EPS Growth +10%*
|
| 1995 |
| 1996 |
| 1997 |
| 1998 |
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Diluted EPS |
| $ | 0.86 |
| $ | 1.20 |
| $ | 1.69 |
| $ | 1.76 |
| $ | 2.00 |
| $ | 2.35 |
| $ | 2.70 |
| $ | 3.15 |
| $ | 1.68 |
|
* YTD growth rate ('03 vs. '02)
42.) Dividend History +13%*
|
| 1995 |
| 1996 |
| 1997 |
| 1998 |
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Dividends Paid |
| $ | .30 |
| $ | .36 |
| $ | .47 |
| $ | .61 |
| $ | .73 |
| $ | .83 |
| $ | 1.00 |
| $ | 1.15 |
| $ | 1.30 | (1) |
10-year compounded annual growth rate 21%
* Annual growth rate ('03 vs. '02)
(1) Annualized, subject to Board of Directors approval
43.) Net Income +5%*
|
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
First Quarter |
| $ | 37.3 |
| $ | 40.7 |
| $ | 48.2 |
| $ | 56.3 |
| $ | 60.1 |
|
Second Quarter |
| $ | 41.0 |
| $ | 46.7 |
| $ | 52.0 |
| $ | 58.0 |
| $ | 60.3 |
|
Third Quarter |
| $ | 42.8 |
| $ | 46.7 |
| $ | 52.9 |
| $ | 58.9 |
| $ | — |
|
Fourth Quarter |
| $ | 45.0 |
| $ | 52.2 |
| $ | 54.2 |
| $ | 59.8 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 166 |
| $ | 186 |
| $ | 207 |
| $ | 233 |
| $ | 120 |
|
* YTD growth rate ('03 vs. '02)
10
44.) Net Interest Income
|
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
First Quarter |
| $ | 104.8 |
| $ | 106.8 |
| $ | 113.8 |
| $ | 124.5 |
| $ | 122.4 |
|
Second Quarter |
| $ | 106.7 |
| $ | 110.2 |
| $ | 119.3 |
| $ | 124.3 |
| $ | 119.8 |
|
Third Quarter |
| $ | 106.6 |
| $ | 110.7 |
| $ | 122.4 |
| $ | 123.8 |
| $ | — |
|
Fourth Quarter |
| $ | 106.1 |
| $ | 110.8 |
| $ | 125.7 |
| $ | 126.6 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 424 |
| $ | 439 |
| $ | 481 |
| $ | 499 |
| $ | 242 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Interest Margin: |
| 4.47 | % | 4.35 | % | 4.51 | % | 4.71 | % | 4.45 | % | |||||
45.) Interest Rate Risk Management
Cumulative One Year Positive Gap
|
| 6/02 |
| 9/02 |
| 12/02 |
| 3/03 |
| 6/03 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Adjusted Gap |
| $ | 873 |
| $ | 1,333 |
| $ | 1,110 |
| $ | 834 |
| $ | 1,111 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Adjusted Gap as a % of Total Assets |
| 7.6 | % | 11.1 | % | 9.1 | % | 6.9 | % | 9.4 | % | |||||
46.) Summary of Long-Term Borrowings*
|
|
|
| At June 30, 2003 |
| At December 31, 2002 |
| ||||||
($ millions) |
| Maturity |
| Amount |
| Weighted - |
| Amount |
| Weighted - |
| ||
|
| 2003 |
| $ | — |
| — | % | $ | 135.0 |
| 5.76 | % |
January |
| 2004 |
| 3.0 |
| 4.76 |
| 103.0 |
| 5.58 |
| ||
May |
|
|
| 100.0 |
| 5.46 |
| 100.0 |
| 5.46 |
| ||
June |
|
|
| — |
| — |
| 50.0 |
| 5.37 |
| ||
July |
|
|
| 100.0 |
| 5.69 |
| 100.0 |
| 5.69 |
| ||
September |
|
|
| 150.0 |
| 5.74 |
| 150.0 |
| 5.74 |
| ||
October |
|
|
| 250.0 |
| 5.89 |
| 250.0 |
| 5.89 |
| ||
November |
|
|
| 100.0 |
| 5.90 |
| 100.0 |
| 5.90 |
| ||
|
| Total 2004 |
| 703.0 |
| 5.76 |
| 853.0 |
| 5.72 |
| ||
|
| 2005 |
| 446.0 |
| 6.13 |
| 446.0 |
| 6.13 |
| ||
|
| 2006 |
| 303.0 |
| 4.16 |
| 303.0 |
| 4.30 |
| ||
|
| 2009 |
| 122.5 |
| 5.25 |
| 122.5 |
| 5.25 |
| ||
|
| 2010 |
| 100.0 |
| 6.02 |
| 100.0 |
| 6.02 |
| ||
|
| 2011 |
| 200.0 |
| 4.85 |
| 200.0 |
| 4.85 |
| ||
Total |
|
|
| $ | 1,874.5 |
| 5.47 | % | $ | 2,159.5 |
| 5.52 | % |
* Excludes $85.4 million of discounted lease rentals at June 30, 2003 with a weighted-average rate of 6.44%, and $108.7 million with a weighted-average rate of 7.19% at December 31, 2002.
11
47.) MBS and Residential Portfolios
Quarterly Average Balance |
| 6/02 |
| 9/02 |
| 12/02 |
| 3/03 |
| 6/03 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
MBS portfolio balance |
| $ | 1,774 |
| $ | 1,935 |
| $ | 2,288 |
| $ | 2,341 |
| $ | 2,032 |
|
Residential portfolio balance |
| 2,350 |
| 2,126 |
| 1,845 |
| 1,680 |
| 1,487 |
| |||||
Total |
| $ | 4,124 |
| $ | 4,061 |
| $ | 4,133 |
| $ | 4,021 |
| $ | 3,519 |
|
48.) Financial Highlights
|
| Second Quarter |
|
|
| ||||
($ millions, except per-share data) |
| 2003 |
| 2002 |
| Change |
| ||
Net Interest Income |
| $ | 119.8 |
| $ | 124.3 |
| (4 | )% |
Fees & Other Revenue: |
|
|
|
|
|
|
| ||
Banking |
| 92.6 |
| 84.1 |
| 10 | % | ||
Other |
| 8.4 |
| 17.9 |
| (53 | )% | ||
Total Fees and Other Revenue |
| 101.0 |
| 102.0 |
| (1 | )% | ||
Gains on Sales of Securities Available for Sale |
| 11.7 |
| — |
| N.M. |
| ||
Total non-interest income |
| 112.7 |
| 102.0 |
| 10 | % | ||
Total Revenue |
| 232.5 |
| 226.3 |
| 3 | % | ||
Provision |
| 3.1 |
| 4.7 |
| (34 | )% | ||
Non-Interest Expenses |
| 136.7 |
| 132.1 |
| 3 | % | ||
Net Income |
| $ | 60.3 |
| $ | 58.0 |
| 4 | % |
|
|
|
|
|
|
|
| ||
Diluted EPS |
| $ | .85 |
| $ | .78 |
| 9 | % |
ROA |
| 2.04 | % | 2.04 | % | — | bps | ||
ROE |
| 25.17 | % | 25.36 | % | (19 | )bps | ||
N.M. Not meaningful
49.) Power ProfitsSM
|
|
|
| YTD 2003 |
|
|
| ||
Average Balance ($ millions) |
| Balance |
| Income* |
| % Profit |
| ||
Commercial Lending |
| $ | 2,301 |
| $ | 12,571 |
| 10 | % |
Consumer Lending |
| 3,361 |
| 21,966 |
| 18 |
| ||
Leasing and Equipment Finance |
| 1,050 |
| 14,382 |
| 12 |
| ||
Mortgage Banking |
| 276 |
| (4,447 | ) | (3 | ) | ||
Total Power Assets® |
| $ | 6,988 |
| 44,472 |
| 37 |
| |
|
|
|
|
|
|
|
| ||
Traditional Branches (151) |
| $ | 6,243 |
| 35,152 |
| 29 |
| |
Supermarket Branches (240) |
| 1,569 |
| 12,973 |
| 11 |
| ||
Total Power Liabilities® |
| $ | 7,812 |
| 48,125 |
| 40 |
| |
Total Power Assets & Liabilities |
|
|
| 92,597 |
| 77 |
| ||
Equity |
|
|
| 12,519 |
| 10 |
| ||
Total Power Businesses |
|
|
| 105,116 |
| 87 |
| ||
Treasury Services and Other |
|
|
| 15,302 |
| 13 |
| ||
Total Net Income |
|
|
| $ | 120,418 |
| 100 | % | |
* Profit center net income ($ in 000s)
12
50.) TCF vs. Top 50 Banks*
Quarter-ended March 31, 2003
|
| TCF(1) |
| Top 50 |
|
ROA |
| 1.99 | % | 1.40 | % |
|
|
|
|
|
|
|
| TCF(2) |
| Top 50 |
|
ROE |
| 24.70 | % | 16.23 | % |
(1) TCF ranked #3
(2) TCF ranked #3
* Represents the fifty largest bank holding companies in the U.S. based on asset size at 3/31/03
Source: Keefe, Bruyette & Woods, Inc.
51.) TCF vs. Top 50 Banks*
Quarter-ended March 31, 2003
|
| TCF(1) |
| Top 50 |
|
Net Charge-Offs |
| 9 | bps | 62 | bps |
(1) TCF ranked #4
* Represents the fifty largest bank holding companies in the U.S. based on asset size at 3/31/03
Source: Keefe, Bruyette & Woods, Inc.
52.) TCF vs. Top 50 Banks*
Quarter-ended March 31, 2003
|
| TCF |
| Top 50 |
|
Net Interest Margin |
| 4.45 | % | 3.80 | % |
|
|
|
|
|
|
|
| TCF |
| Top 50 |
|
Price/Estimated EPS |
| 11.78 | x | 13.61 | x |
* Represents the fifty largest bank holding companies in the U.S. based on asset size at 3/31/03
Source: Keefe, Bruyette & Woods, Inc. (NIM) and Thomson Financial/Carson (P/E, IBES mean)
53.) Return to Shareholders(1) +21%*
|
| Index Value |
| ||||||||||||||||||||||||||||||||||
Period Ending |
| 12/31/1992 |
| 12/31/1993 |
| 12/31/1994 |
| 12/31/1995 |
| 12/31/1996 |
| 12/31/1997 |
| 12/31/1998 |
| 12/31/1999 |
| 12/31/2000 |
| 12/31/2001 |
| 12/31/2002 |
| 6/30/2003 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
TCF Financial Corporation |
| $ | 100.00 |
| $ | 119.78 |
| $ | 149.60 |
| $ | 246.31 |
| $ | 329.98 |
| $ | 524.74 |
| $ | 382.17 |
| $ | 403.79 |
| $ | 745.24 |
| $ | 821.60 |
| $ | 766.44 |
| $ | 709.97 |
|
S&P 500 |
| $ | 100.00 |
| $ | 110.08 |
| $ | 111.53 |
| $ | 153.44 |
| $ | 188.52 |
| $ | 257.40 |
| $ | 323.21 |
| $ | 391.23 |
| $ | 355.59 |
| $ | 313.36 |
| $ | 243.77 |
| $ | 272.52 |
|
SNL All Bank & Thrift Index |
| $ | 100.00 |
| $ | 110.97 |
| $ | 108.52 |
| $ | 168.94 |
| $ | 234.17 |
| $ | 444.05 |
| $ | 381.57 |
| $ | 365.04 |
| $ | 440.98 |
| $ | 447.49 |
| $ | 420.48 |
| $ | 486.61 |
|
(1) Assumes $100 invested December 31, 1992 with dividends reinvested
* Annualized return since 12/31/92
Source: SNL Securities LC
13
54.) Cautionary Statement
This investor presentation 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; ability to increase the number of checking accounts and the possibility that deposit account losses (fraudulent checks, etc.) may increase; reduced demand for financial services and loan and lease products; adverse developments affecting TCF’s supermarket banking relationships or any of the supermarket chains in which TCF maintains supermarket branches; changes in accounting 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; the risk that TCF could be unable to effectively manage the volatility of its mortgage banking business, which could adversely affect earnings; results of litigation, including reductions in debit card revenues resulting from settlement of litigation brought by Wal-Mart against VISA®, USA, or other significant uncertainties. Investors should consult TCF’s Annual Report to Shareholders and periodic reports on Forms 10-Q, 10-K and 8-K for additional important information about the Company.
55.) NYSE: TCB
The Leader In Convenience Banking
Stock Price Performance
(In Dollars)
Year-Ending |
| Stock Price |
| Dividends Paid |
| ||
Dec-92 |
| $ | 7.25 |
| $ | .12 |
|
Dec-93 |
| $ | 8.50 |
| $ | .17 |
|
Dec-94 |
| $ | 10.31 |
| $ | .25 |
|
Dec-95 |
| $ | 16.56 |
| $ | .30 |
|
Dec-96 |
| $ | 21.75 |
| $ | .36 |
|
Dec-97 |
| $ | 33.94 |
| $ | .47 |
|
Dec-98 |
| $ | 24.19 |
| $ | .61 |
|
Dec-99 |
| $ | 24.88 |
| $ | .73 |
|
Dec-00 |
| $ | 44.56 |
| $ | .83 |
|
Dec-01 |
| $ | 47.98 |
| $ | 1.00 |
|
Dec-02 |
| $ | 43.69 |
| $ | 1.15 |
|
Jun-03 |
| $ | 39.84 |
| $ | 1.30 | (annualized) |
56.) Appendix
57.) Supermarket Branch Growth
|
| 12/97 |
| 12/98 |
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 6/03 |
|
|
| (# of branches) |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supermarket Branches |
| 63 |
| 160 |
| 195 |
| 213 |
| 234 |
| 244 |
| 240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branch Openings: |
| 15 |
| 99 |
| 34 |
| 22 |
| 21 |
| 15 |
| 3 |
|
14
58.) Risk Based Capital
|
| 6/02 |
| 9/02 |
| 12/02 |
| 3/03 |
| 6/03 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Actual |
| $ | 814 |
| $ | 829 |
| $ | 851 |
| $ | 864 |
| $ | 844 |
|
Minimum Requirement |
| $ | 601 |
| $ | 615 |
| $ | 622 |
| $ | 623 |
| $ | 620 |
|
Well Capitalized Requirement |
| $ | 752 |
| $ | 769 |
| $ | 777 |
| $ | 779 |
| $ | 775 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tier 1: |
| 9.83 | % | 9.78 | % | 9.96 | % | 10.09 | % | 9.88 | % | |||||
Total: |
| 10.83 | % | 10.77 | % | 10.95 | % | 11.09 | % | 10.88 | % | |||||
59.) Power Assets ®
|
| TCF Bank |
|
|
| |||||||||||
|
| MN |
| Lakeshore |
| MI |
| CO |
| Consolidated |
| |||||
|
|
|
|
|
| ($ millions) |
|
|
|
|
| |||||
June 30, 2003: |
|
|
|
|
|
|
|
|
|
|
| |||||
Consumer |
| $ | 1,314 |
| $ | 1,226 |
| $ | 600 |
| $ | 160 |
| $ | 3,300 |
|
Change* |
| 19 | % | 25 | % | 19 | % | 45 | % | 22 | % | |||||
Commercial Real Estate |
| 675 |
| 528 |
| 648 |
| — |
| 1,851 |
| |||||
Change* |
| (2 | )% | 17 | % | 7 | % | — | % | 6 | % | |||||
Commercial Business |
| 240 |
| 137 |
| 98 |
| — |
| 475 |
| |||||
Change* |
| 18 | % | 58 | % | (29 | )% | — | % | 11 | % | |||||
Leasing & Equipment Finance |
| — |
| — |
| — |
| — |
| 1,079 |
| |||||
Change* |
| — | % | — | % | — | % | — | % | 8 | % | |||||
Total |
| $ | 2,229 |
| $ | 1,891 |
| $ | 1,346 |
| $ | 160 |
| $ | 6,705 |
|
Change* |
| 12 | % | 24 | % | 8 | % | 45 | % | 14 | % | |||||
* Change from June 30, 2002
60.) Leasing and Equipment Finance
Power Assets ®
($ 000s) |
| 6/30/2003 |
| 12/31/2002 |
| Change |
| |||
Technology and data processing |
| $ | 267,452 |
| $ | 291,091 |
| $ | (23,639 | ) |
Manufacturing |
| 168,884 |
| 140,014 |
| 28,870 |
| |||
Specialty vehicles |
| 167,491 |
| 149,997 |
| 17,494 |
| |||
Construction |
| 114,645 |
| 87,857 |
| 26,788 |
| |||
Trucks and trailers |
| 98,967 |
| 113,587 |
| (14,620 | ) | |||
Furniture and fixtures |
| 58,808 |
| 62,153 |
| (3,345 | ) | |||
Printing |
| 36,723 |
| 31,181 |
| 5,542 |
| |||
Medical |
| 29,197 |
| 23,378 |
| 5,819 |
| |||
Material handling |
| 27,004 |
| 24,749 |
| 2,255 |
| |||
Aircraft |
| 23,761 |
| 23,420 |
| 341 |
| |||
Other |
| 86,292 |
| 91,613 |
| (5,321 | ) | |||
Total |
| $ | 1,079,224 |
| $ | 1,039,040 |
| $ | 40,184 |
|
61.) Leasing and Equipment Finance
Summary of Operations
|
| For the Six Months Ended |
|
|
| |||||
($ 000s) |
| 2003 |
| 2002 |
| Change |
| |||
Net interest income |
| $ | 21,591 |
| $ | 20,723 |
| $ | 868 |
|
Provision for credit losses |
| 4,102 |
| 5,112 |
| (1,010 | ) | |||
Non-interest income |
| 25,064 |
| 26,816 |
| (1,752 | ) | |||
Non-interest expense |
| 19,701 |
| 19,690 |
| 11 |
| |||
Income tax expense |
| 8,470 |
| 8,327 |
| 143 |
| |||
Net Income |
| $ | 14,382 |
| $ | 14,410 |
| $ | (28 | ) |
15
62.) Leasing and Equipment Finance
Credit Quality
Over 30-day delinquency as a percentage of portfolio at: |
| 6/30/2003 |
| 12/31/2002 |
|
|
|
|
|
|
|
Middle market |
| .90 | % | 1.26 | % |
Winthrop |
| — |
| — |
|
Wholesale |
| .15 |
| .42 |
|
Small ticket |
| .75 |
| .41 |
|
Leveraged leases |
| — |
| — |
|
Truck and trailer |
| 9.58 |
| 4.72 |
|
Total |
| 1.14 |
| 1.00 |
|
63.) Net Charge-offs
|
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
First Quarter |
| $ | 9.3 |
| $ | — |
| $ | 0.9 |
| $ | 8.7 |
| $ | 1.9 |
|
Second Quarter |
| $ | 6.8 |
| $ | 1.2 |
| $ | 3.9 |
| $ | 5.0 |
| $ | 3.2 |
|
Third Quarter |
| $ | 7.3 |
| $ | 0.7 |
| $ | 2.1 |
| $ | 3.1 |
| $ | — |
|
Fourth Quarter |
| $ | 3.0 |
| $ | 2.0 |
| $ | 5.6 |
| $ | 3.2 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 26.4 |
| $ | 3.9 |
| $ | 12.5 |
| $ | 20.0 |
| $ | 5.1 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
NCOs/Avg. Loans & Leases (annualized): |
| .35 | % | .05 | % | .15 | % | .25 | % | .13 | % | |||||
64.) Net Charge-offs by Business Line
($ 000s) |
| 2Q03 |
| 2Q02 |
| ||||||
|
| $ |
| %* |
| $ |
| %* |
| ||
Consumer |
| $ | 457 |
| .06 | % | $ | 938 |
| .14 | % |
Commercial real estate |
| (20 | ) | — |
| 1,630 |
| .38 |
| ||
Commercial business |
| 781 |
| .67 |
| 195 |
| .18 |
| ||
Leasing and equipment finance: |
|
|
|
|
|
|
|
|
| ||
Leasing and equipment finance without truck and trailer |
| 1,547 |
| .63 |
| 1,195 |
| .56 |
| ||
Truck and trailer |
| 477 |
| 2.28 |
| 1,034 |
| 3.23 |
| ||
Total leasing and equipment finance |
| 2,024 |
| .76 |
| 2,229 |
| .90 |
| ||
Subtotal |
| 3,242 |
| .20 |
| 4,992 |
| .35 |
| ||
Residential real estate |
| 2 |
| — |
| (4 | ) | — |
| ||
Total |
| $ | 3,244 |
| .16 |
| $ | 4,988 |
| .25 |
|
* Annualized
65.) TCF Express Card
• 11th largest U.S. Visa debit card issuer(1)
• 8.6 million average transactions per month in 2Q03
• 26% increase in the number of customer purchases(2)
• 10% increase in the number of TCF Express Cards(2)
• Interchange revenue of $14.8 million in 2Q03, an increase of 25%(2)
• Percentage of active Express Card users was 55% in 2Q03, up from 53.3% in 2Q02
• Average number of transactions per month increased to 12.6 in 2Q03, up from 11.8 in 2Q02
(1) Source: Visa, at March 31, 2002; ranked by sales volume
(2) 2Q03 vs. 2Q02
16
66.) Total Market Returns*
At June 30, 2003
|
| Annualized |
| ||||||
|
| 1 Year |
| 3 Years |
| 5 Years |
| 10 Years |
|
TCF Stock |
| 16.51 | % | 18.68 | % | 9.07 | % | 19.65 | % |
S&P Bank Composite |
| (3.06 | )% | 8.88 | % | (2.20 | )% | 10.46 | % |
S&P MidCap Index |
| (.71 | )% | .99 | % | 7.14 | % | 12.65 | % |
Dow Jones Industrial Average |
| (.68 | )% | (3.08 | )% | 1.86 | % | 12.05 | % |
S&P 500 Index |
| .25 | % | (11.20 | )% | (1.61 | )% | 10.04 | % |
* Assumes dividend reinvestment
Source: SIT Investment Associates, Inc.
Glossary of Terms
Earnings per Share
Net Income available to common shareholders divided by weighted average common and common equivalent shares outstanding during the period (diluted EPS).
Fee Revenue Per Retail Checking Account
Fees or charges accumulated under the normal usage of a retail checking account.
Fees and Other Revenue
Non-interest income excluding title insurance revenues (a business sold in 1999) and gains and losses on sales of securities, loan servicing, branches and other businesses.
Net Interest Margin
Annualized net interest income (before provision for credit losses) divided by average interest-earning assets for the period.
Power Assets ®
Higher-yielding consumer, commercial real estate, commercial business, and leasing and equipment finance loans and leases.
Power Liabilities ®
Core checking, savings, money market and certificate deposits.
Return on Average Assets (ROA)
Annualized net income divided by average total assets for the period.
Return on Average Common Equity (ROE)
Annualized net income divided by average common stockholders’ equity for the period.
17
