TCF Financial 8-K Financial statements and exhibits

Exhibit 99.1

NEWS RELEASE	CONTACT:	Jason Korstange
		(952) 745-2755
		Patricia Quaal
		(952) 745-2758
	FOR IMMEDIATE RELEASE

TCF FINANCIAL CORPORATION 200 Lake Street East, Wayzata, MN 55391-1693

TCF Reports Third Quarter Earnings and
EPS of $.51, after Prepayment of Fixed-Rate Borrowings

THIRD QUARTER HIGHLIGHTS

•Diluted earnings per share of 51 cents

•Net income of $36 million

•Diluted earnings per share reduced by 35 cents as a result of the prepayment of $804 million of fixed-rate borrowings at a cost of $37.8 million ($24.6 million after-tax)

•Average Power Assets^Ò increased $805.6 million, or 13 percent, from the third quarter of 2002

•Net loan and lease charge-offs were $1.7 million, or .08 percent (annualized) of average loans and leases

•Average low-cost checking, savings and money market deposits increased $793.5 million, or 15 percent, from the third quarter of 2002

•Increased checking accounts during the third quarter by 31,848, or 9 percent (annualized), to 1,423,702

•Opened five new traditional branches

EARNINGS SUMMARY

($ in thousands, except per-share data)

	Three Months Ended September 30,									Nine Months Ended September 30,
	2003			2002			Change			2003			2002			Change
Net income	$	35,964		$	58,867		(38.9	)	%	$	156,382		$	173,155		(9.7	)	%
Diluted earnings per common share	.51			.80			(36.3	)		2.20			2.33			(5.6	)
Financial Ratios
Return on average assets	1.24		%	2.03		%				1.76		%	2.03		%
Return on average common equity	15.77			25.53						22.04			25.43
Net interest margin	4.57			4.68						4.49			4.76

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WAYZATA, MN, October 15, 2003 – TCF Financial Corporation (TCF) (NYSE: TCB) today reported diluted earnings per share of 51 cents for the 2003 third quarter, compared with 80 cents for the same period in 2002.  Net income was $36 million for the third quarter of 2003, down $22.9 million from $58.9 million for the same period in 2002. On August 27, 2003, TCF prepaid $804 million of fixed-rate borrowings with an average interest rate of 5.70 percent at a cost of $37.8 million ($24.6 million after-tax) which reduced diluted earnings per share by 35 cents.  See “Net Interest Income” section below for further discussion of this transaction.  For the third quarter of 2003, return on average assets was 1.24 percent and return on average common equity was 15.77 percent, compared with 2.03 percent and 25.53 percent, respectively, for the third quarter of 2002.

Chairman’s Statement

“TCF’s core businesses continued to deliver solid results during the third quarter of 2003,” said William A. Cooper, Chairman and CEO.   “The prepayment of fixed-rate borrowings during the 2003 third quarter reduced our earnings by $24.6 million (after-tax) or 35 cents per share.  This action has reduced our borrowing costs and will benefit net interest income in future quarters.”

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Total Revenue

($ in thousands)	Three Months Ended September 30,
	2003			2002			$ Change			% Change
Net interest income	$	119,877		$	123,769		$	(3,892	)	(3.1	)	%
Fees and other revenue:
Fees and service charges	65,757			59,041			6,716			11.4
Debit card revenue	12,923			12,094			829			6.9
ATM revenue	11,566			12,018			(452		)	(3.8	)
Investments and insurance commissions	3,584			4,272			(688		)	(16.1	)
Total banking fees and other revenue	93,830			87,425			6,405			7.3
Leasing and equipment finance	10,652			13,136			(2,484		)	(18.9	)
Mortgage banking (1)	11,304			(1,373		)	12,677			N.M.
Other	2,303			3,649			(1,346		)	(36.9	)
Total fees and other revenue	118,089			102,837			15,252			14.8
Gains on sales of securities available for sale	—			2,662			(2,662		)	(100.0	)
Gains (losses) on termination of debt	(37,769		)	—			(37,769		)	(100.0	)
Total non-interest income	80,320			105,499			(25,179		)	(23.9	)
Total revenue	$	200,197		$	229,268		$	(29,071	)	(12.7	)
Net interest margin	4.57		%	4.68		%
Fees and other revenue as a % of total revenue	58.99			44.85
Fees and other revenue as a % of average assets	4.08			3.55

N.M.  Not meaningful.

(1)  The third quarter of 2002 included $6.5 million of mortgage servicing rights impairment.  See “Mortgage Banking” section below for further discussion of mortgage banking revenue.

Net Interest Income

TCF’s net interest income in the third quarter of 2003 was $119.9 million, down $3.9 million, or 3 percent, from the third quarter of 2002 and was essentially unchanged from the second quarter of 2003.  Net interest margin in the third quarter was 4.57 percent, compared with 4.68 percent last year and 4.45 percent in the second quarter of 2003.  The decline in both net interest income and net interest margin from the third quarter of 2002 is primarily the result of continued low interest rates and the resulting prepayment and refinancing of higher yielding assets.  During the third quarter of 2003, TCF prepaid $804 million of fixed-rate borrowings.  These borrowings had an average interest rate of 5.70 percent and an average remaining maturity of 13 months (see page 21).  These borrowings were replaced primarily with $787 million of fixed-rate borrowings with an average maturity of 12 months and an average interest rate of 1.42 percent.  The third quarter 2003 net interest income and net interest margin were positively impacted by $3.4 million, and 13

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basis points, respectively, as a result of the reduction in interest expense related to the debt prepayment and replacement funding.

Interest Rate Risk

TCF’s one-year interest rate gap (the difference between interest-earning assets and interest-bearing liabilities repricing or maturing within the next twelve months) was a positive $500.1 million, or 4 percent of total assets, at September 30, 2003, compared with a positive $1.1 billion, or 9 percent of total assets, at June 30, 2003 and December 31, 2002.   Although the one-year interest rate gap is subject to a number of assumptions and is only one of a number of interest rate risk measurements, TCF believes the interest rate gap is an important indication of its exposure to interest rate risk.  The decrease in the one-year interest rate gap is primarily the result of the slowing of forecasted future prepayments of fixed-rate mortgage-backed securities and residential real estate loans driven by the increase in interest rates in recent months.  Also contributing to the decrease was the prepayment of long-term borrowings, net of $200 million of 18 month debt replacement extensions during the third quarter of 2003.

Non-interest Income

Total fees and other revenue was $118.1 million for the third quarter, up $15.3 million, or 15 percent, from the 2002 third quarter.  Banking fees and other revenue increased $6.4 million, or 7 percent, during the quarter as a result of TCF’s expanding branch network and customer base.  Included in banking fees and other revenue are debit card revenues of $12.9 million, up $829 thousand, or 7 percent, from the third quarter of 2002.  Debit card revenues were negatively impacted by the change in interchange rates effective August 1, 2003.  Leasing and equipment finance revenues may fluctuate from quarter to quarter based on customer driven factors not within the control of TCF.  Mortgage banking revenue increased $12.7 million and was $11.3 million in the third quarter of 2003, compared with a negative $1.4 million for the same 2002 period. 

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Increased mortgage banking revenue resulted from increased loan originations, lower amortization and impairment of mortgage servicing rights and increased gains on sales of loans.

New Branch Expansion

TCF opened five new traditional branches during the third quarter of 2003, three in Colorado, one in Illinois and one in Michigan.  TCF has now opened 229 new branches since January 1998—these branches comprise 58 percent of all TCF branches.  TCF currently has 396 branches, including 240 full service branches in supermarkets.  “During these challenging economic times, TCF continues to remain focused on our long-term strategy of expanding our franchise with the planned opening of 10 more new branches in the fourth quarter of 2003 and 28 new branches in 2004,” said Cooper.

(# of branches)	At September 30, 2003	At September 30, 2002	At December 31, 1997
Minnesota	96	91	75
Illinois	189	186	47
Wisconsin	34	33	28
Michigan	54	55	60
Colorado	18	14	7
Indiana	5	5	0
	396	384	217

Power Assets^®

TCF’s Power Asset lending operations continue to generate strong growth.  “Once again, consumer home equity lending delivered solid growth in the quarter,” said Cooper.  TCF’s consumer loan average balances increased $600.6 million, or 22 percent, and commercial real estate loan average balances have increased $77.1 million, or 4 percent, from the third quarter of 2002.  Leasing and equipment finance average balances increased $114 million, or 11 percent, from the 2002 third quarter and included the purchase of a $58.7 million specialty vehicle portfolio in the current quarter.  The growth in Power Assets during the third quarter 2003 continues to be funded by the run-off in the mortgage-backed securities and residential real estate loan portfolios.

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	Average Balances for the Three Months Ended September 30,
($ in thousands)	2003		2002		$ Change		% Change
Loans and leases*:
Consumer	$	3,365,816	$	2,765,167	$	600,649	21.7	%
Commercial real estate	1,846,204		1,769,144		77,060		4.4
Commercial business	452,260		438,350		13,910		3.2
Leasing and equipment finance	1,123,284		1,009,301		113,983		11.3
Power Assets	$	6,787,564	$	5,981,962	$	805,602	13.5

*Excludes residential real estate loans and loans held for sale.

Power Liabilities^®

“We increased our checking account customer base by 31,848 accounts, or 9 percent (annualized), in the third quarter and 85,389 accounts year-to-date to 1,423,702, despite increased competition in all our markets,” said Cooper.  “This growth demonstrates our commitment to growing our checking account base – a cornerstone for developing additional customer relationships.”  Average Power Liabilities totaled $7.9 billion for the third quarter of 2003, with an average rate paid on these deposits of .60 percent, down 69 basis points from the same period in 2002.  TCF continued to experience a decline in certificates of deposit in the third quarter, as other lower-cost funding sources were available to TCF.

	Average Balances and Rates for the Three Months Ended September 30,
($ in thousands)	2003			2002			$ Change				% Change
Checking	$	3,194,438		$	2,676,780		$	517,658			19.3	%
Savings	2,143,100			1,855,037			288,063				15.5
Money market	899,071			911,317			(12,246		)		(1.3	)
Subtotal	6,236,609			5,443,134			793,475				14.6
Certificates	1,644,351			2,084,474			(440,123		)		(21.1	)
Power Liabilities	$	7,880,960		$	7,527,608		$	353,352			4.7
Number of checking accounts, period-end	1,423,702			1,337,722			85,980				6.4
Average rate on deposits	.60		%	1.29		%	(69		)	bps	N/A

N/A Not applicable.

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Residential Real Estate Loans and Securities Available for Sale

                Average balances of residential real estate loans and securities available for sale (consisting primarily of mortgage-backed securities), totaled $3 billion for the third quarter of 2003, down $477.2 million from the second quarter of 2003, and $1.1 billion from the fourth quarter of 2002.  The decline was the result of the high level of prepayments during 2003 coupled with the sale of $816.5 million of mortgage-backed securities in the first and second quarters of 2003.  At September 30, 2003, the unrealized gain on TCF’s securities available for sale portfolio was $21 million.

	Average Balances for the Three Months Ended									$ Change from
	September 30,			June 30,			December 31,			June 30,				December 31,
($ in thousands)	2003			2003			2002			2003				2002
Residential real estate loans	$	1,344,921		$	1,486,518		$	1,844,653		$	(141,597	)		$	(499,732	)
Securities available for sale *	1,696,800			2,032,384			2,288,409			(335,584		)		(591,609		)
Total	$	3,041,721		$	3,518,902		$	4,133,062		$	(477,181	)		$	(1,091,341	)
Yield	5.61		%	5.74		%	6.30		%
Percentage change										(13.6		)	%	(26.4		)	%

*  Based on historical amortized cost.

Supermarket Banking

TCF has one of the largest supermarket banking franchises in the country, with 240 full-service supermarket branches.  “Our supermarket branches consistently deliver strong results for TCF,” said Cooper.  “Supermarket deposits, fee income, and average consumer loans all increased in the third quarter.”  Total supermarket banking fees and other revenue for the third quarter of 2003 were $45.1 million, an increase of $2.9 million, or 7 percent, over the third quarter of 2002 driven by an increase of nearly 50,000 deposit accounts during the past twelve months.

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	At or For the Quarter Ended September 30,
($ in thousands)	2003			2002			$ Change				% Change
Number of branches (period-end)	240			241			(1		)		(.4	)	%
Number of deposit accounts (period-end)	854,205			804,656			49,549				6.2
Average Deposits:
Checking	$	793,588		$	661,429		$	132,159			20.0
Savings	477,756			470,188			7,568				1.6
Money market	106,734			114,451			(7,717		)		(6.7	)
Subtotal	1,378,078			1,246,068			132,010				10.6
Certificates	185,826			239,109			(53,283		)		(22.3	)
Total Power Liabilities	$	1,563,904		$	1,485,177		$	78,727			5.3
Average rate on deposits	.43		%	1.11		%	(68		)	bps	N/A
Average consumer loans outstanding	$	405,642		$	345,601		$	60,041			17.4
Total fees and other revenue	45,134			42,223			2,911				6.9

N/A Not applicable.

Non-interest Expense

Non-interest expense totaled $142.4 million for the 2003 third quarter, a 6 percent increase from the 2002 third quarter.  The increase was primarily due to higher levels of mortgage banking loan production and prepayment activity, costs associated with de novo expansion, and additional advertising and promotions expense focused on the expansion and retention of TCF’s deposit customer base.

	Three Months Ended September 30,
($ in thousands)	2003		2002		$ Change			% Change
Compensation and employee benefits	$	75,646	$	72,804	$	2,842		3.9	%
Occupancy and equipment	22,309		20,539		1,770			8.6
Advertising and promotions	6,536		5,640		896			15.9
Deposit account losses	5,700		5,943		(243		)	(4.1	)
Other	32,191		29,559		2,632			8.9
Total non-interest expense	$	142,382	$	134,485	$	7,897		5.9

Credit Quality

At September 30, 2003, TCF’s allowance for loan and lease losses totaled $78.7 million, or .97 percent of loans and leases, compared with $77.7 million, or .96 percent, at June 30, 2003.  The provision for credit losses for the third quarter for 2003 was $2.7 million, down from $4.1 million in the same period in 2002,

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reflecting a decline in net charge-offs.  Net loan and lease charge-offs were $1.7 million, or .08 percent (annualized) of average loans and leases, in the 2003 third quarter, down from $3.1 million, or .15 percent (annualized), respectively in the third quarter of 2002. “Our emphasis on secured lending has once again contributed to our strong credit quality in the third quarter of 2003,” said Cooper.  Leasing and equipment finance net charge-offs were $834 thousand, or .30 percent (annualized) of related average loans and leases, during the 2003 third quarter, down from $1.6 million, or .62 percent (annualized), for the 2002 third quarter.  At September 30, 2003, TCF’s over-30-day delinquency rate was .58 percent, up slightly from June 30, 2003.  Non-accrual loans and leases were $44.3 million, or .55 percent of net loans and leases, at September 30, 2003, compared with $39.6 million, or .49 percent, at June 30, 2003.  Total non-performing assets were $66.3 million, or .59 percent of total assets, at September 30, 2003, up from $64.4 million, or .55 percent, at June 30, 2003.

	Three Months Ended September 30,						Nine Months Ended September 30,
($ in thousands)	2003			2002			2003			2002
Allowance for loan and lease losses:
Balance at beginning of period	$	77,696		$	75,182		$	77,008		$	75,028
Net (charge-offs) recoveries:
Consumer	(685		)	(1,023		)	(2,187		)	(2,876		)
Commercial real estate	(60		)	(69		)	(42		)	(2,138		)
Commercial business	(38		)	(407		)	(735		)	(5,598		)
Leasing and equipment finance	(834		)	(1,567		)	(3,829		)	(6,174		)
Residential real estate	(71		)	(30		)	(44		)	(24		)
Total	(1,688		)	(3,096		)	(6,837		)	(16,810		)
Provision for credit losses	2,658			4,071			8,495			17,939
Balance at end of period	$	78,666		$	76,157		$	78,666		$	76,157
Allowance for loan and lease losses as a percentage of total loans and leases	.97		%	.94		%	.97		%	.94		%
Annualized net loan and lease charge-offs as a percentage of average total loans and leases	.08		%	.15		%	.11		%	.28		%

Mortgage Banking

TCF’s mortgage banking operations funded $995.4 million in loans during the third quarter of 2003, up 33 percent from $749.4 million in the third quarter of 2002, primarily reflecting continued high levels of refinance activity.  Mortgage banking revenue increased $12.7 million and was $11.3 million in the third

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quarter of 2003, compared with a negative $1.4 million for the same 2002 period.  The increase in mortgage banking revenue resulted from lower amortization and impairment of servicing rights of $8.7 million and increased gains on sales of loans.  TCF’s third party servicing portfolio was $5.2 billion at September 30, 2003, essentially unchanged from September 30, 2002.  The related capitalized mortgage servicing rights asset was $49.1 million at September 30, 2003, or .95 percent of the servicing portfolio, down from $62.4 million, or 1.19 percent of the servicing portfolio at September 30, 2002.  Mortgage applications in process declined to $354.6 million at September 30, 2003, down from $978.8 million at June 30, 2003, as refinancing activity slowed during the third quarter.  As a result of this decline, TCF expects lower mortgage loan fundings and gains on sales of loans in the fourth quarter of 2003.

	At September 30,
($in thousands)	2003			2002			$  Change			% Change
Third-party servicing portfolio	$	5,168,205		$	5,235,636		$	(67,431	)	(1.3	)	%
Weighted average note rate	6.02		%	6.90		%				(88	)	bps
Mortgage applications in process	$	354,631		$	895,592		$	(540,961	)	(60.4	)	%
Mortgage servicing rights	$	49,119		$	62,437		$	(13,318	)	(21.3	)
• As a percentage of servicing portfolio	.95		%	1.19		%				(24	)	bps
• As a multiple of service fees	3.0		X	3.6		X

	Three Months Ended September 30,
($ in thousands)	2003		2002			$  Change			% Change
Servicing income	$	4,946	$	5,358		$	(412	)	(7.7	)	%
Less mortgage servicing:
Amortization	4,147		6,349			(2,202		)	(34.7	)
Impairment	—		6,500			(6,500		)	(100.0	)
Subtotal	4,147		12,849			(8,702		)	(67.7	)
Net servicing income (loss)	799		(7,491		)	8,290			N.M.
Gains on sales of loans	9,524		5,063			4,461			88.1
Other income	981		1,055			(74		)	(7.0	)
Total mortgage banking	$	11,304	$	(1,373	)	$	12,677		N.M.

N.M.  Not meaningful.

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Income Taxes

TCF’s income tax expense was $19.2 million for the third quarter of 2003, or 34.8 percent of income before income tax expense, compared with $31.8 million, or 35.1 percent of income before income tax expense, for the comparable 2002 period.

Capital

TCF repurchased 343,301 shares of its common stock during the 2003 third quarter at an average cost of $45.42 per share.  TCF has 4.5 million shares remaining in its stock repurchase program authorized by its Board of Directors.  Since 1997, TCF has repurchased 24.3 million shares of its stock, at an average cost of $32.70 per share.

($ in thousands, except per-share data)	At September 30, 2003				At December 31, 2002
Stockholders’ equity	$ 931,968				$ 977,020
Stockholders’ equity to total assets	8.28	%			8.01	%
Book value per common share	$ 13.08				$ 13.23
Total risk-based capital	$ 847,126		11.08	%	$ 850,694		10.95	%
Total risk-based capital requirement	$ 611,655		8.00	%	$ 621,657		8.00	%

Website Information

A live webcast of TCF’s conference call to discuss third quarter earnings will be hosted at TCF’s website, www.tcfexpress.com, on October 15, 2003 at 10:00 a.m., CDT.  Additionally, the webcast is available for replay at TCF’s website after the conference call.  The website also includes free access to company news releases, TCF’s annual report, quarterly reports, investor presentations and SEC filings.

TCF is a Wayzata, Minnesota-based national financial holding company with $11.3 billion in assets.  TCF has more than 395 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana.

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Other TCF affiliates provide leasing and equipment finance, mortgage banking, brokerage, and investments and insurance sales.

Forward-looking Information

This earnings release contains “forward-looking” statements that deal with future results, plans or performance.  In addition, TCF’s management may make such statements orally to the media, or to securities analysts, investors or others.  Forward-looking statements deal with matters that do not relate strictly to historical facts.  TCF’s future results may differ materially from historical performance and forward-looking statements about TCF’s expected financial results or other plans are subject to a number of risks and uncertainties.  These include but are not limited to possible legislative changes and adverse economic, business and competitive developments such as shrinking interest margins; deposit outflows; 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 and other retail merchants against VISA^Ò, 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.

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TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per-share data)

(Unaudited)

	Three Months Ended September 30,
	2003			2002			$  Change			% Change
Interest income:
Loans and leases	$	126,854		$	145,424		$	(18,570	)	(12.8	)	%
Securities available for sale	22,579			30,814			(8,235		)	(26.7	)
Loans held for sale	5,905			4,436			1,469			33.1
Investments	1,144			1,732			(588		)	(33.9	)
Total interest income	156,482			182,406			(25,924		)	(14.2	)
Interest expense:
Deposits	11,816			24,282			(12,466		)	(51.3	)
Borrowings	24,789			34,355			(9,566		)	(27.8	)
Total interest expense	36,605			58,637			(22,032		)	(37.6	)
Net interest income	119,877			123,769			(3,892		)	(3.1	)
Provision for credit losses	2,658			4,071			(1,413		)	(34.7	)
Net interest income after provision for credit losses	117,219			119,698			(2,479		)	(2.1	)
Non-interest income:
Fees and service charges	65,757			59,041			6,716			11.4
Debit card revenue	12,923			12,094			829			6.9
ATM revenue	11,566			12,018			(452		)	(3.8	)
Investments and insurance commissions	3,584			4,272			(688		)	(16.1	)
Subtotal	93,830			87,425			6,405			7.3
Leasing and equipment finance	10,652			13,136			(2,484		)	(18.9	)
Mortgage banking	11,304			(1,373		)	12,677			N.M.
Other	2,303			3,649			(1,346		)	(36.9	)
Fees and other revenue	118,089			102,837			15,252			14.8
Gains on sales of securities available for sale	—			2,662			(2,662		)	(100.0	)
Gains (losses) on termination of debt	(37,769		)	—			(37,769		)	(100.0	)
Other non-interest income	(37,769		)	2,662			(40,431		)	N.M.
Total non-interest income	80,320			105,499			(25,179		)	(23.9	)
Non-interest expense:
Compensation and employee benefits	75,646			72,804			2,842			3.9
Occupancy and equipment	22,309			20,539			1,770			8.6
Advertising and promotions	6,536			5,640			896			15.9
Other	37,891			35,502			2,389			6.7
Total non-interest expense	142,382			134,485			7,897			5.9
Income before income tax expense	55,157			90,712			(35,555		)	(39.2	)
Income tax expense	19,193			31,845			(12,652		)	(39.7	)
Net income	$	35,964		$	58,867		$	(22,903	)	(38.9	)
Net income per common share:
Basic	$	.51		$	.81		$	(.30	)	(37.0	)
Diluted	$	.51		$	.80		$	(.29	)	(36.3	)
Dividends declared per common share	$	.325		$	.2875		$	.0375		13.0
Average common and common equivalent shares outstanding:
Basic	69,948			73,062			(3,114		)	(4.3	)
Diluted	70,225			73,402			(3,177		)	(4.3	)

N.M.  Not meaningful.

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14

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per-share data)

(Unaudited)

	Nine Months Ended September 30,
	2003			2002		$  Change			% Change
Interest income:
Loans and leases	$	388,129		$	445,886	$	(57,757	)	(13.0	)	%
Securities available for sale	83,826			83,948		(122		)	(.1	)
Loans held for sale	16,919			15,972		947			5.9
Investments	3,726			5,205		(1,479		)	(28.4	)
Total interest income	492,600			551,011		(58,411		)	(10.6	)
Interest expense:
Deposits	45,805			74,106		(28,301		)	(38.2	)
Borrowings	84,742			104,303		(19,561		)	(18.8	)
Total interest expense	130,547			178,409		(47,862		)	(26.8	)
Net interest income	362,053			372,602		(10,549		)	(2.8	)
Provision for credit losses	8,495			17,939		(9,444		)	(52.6	)
Net interest income after provision for credit losses	353,558			354,663		(1,105		)	(.3	)
Non-interest income:
Fees and service charges	182,970			163,692		19,278			11.8
Debit card revenue	40,922			34,095		6,827			20.0
ATM revenue	33,223			34,562		(1,339		)	(3.9	)
Investments and insurance commissions	10,864			10,939		(75		)	(.7	)
Subtotal	267,979			243,288		24,691			10.1
Leasing and equipment finance	35,716			39,771		(4,055		)	(10.2	)
Mortgage banking	6,146			5,111		1,035			20.3
Other	6,086			11,748		(5,662		)	(48.2	)
Fees and other revenue	315,927			299,918		16,009			5.3
Gains on sales of securities available for sale	32,832			8,706		24,126			N.M.
Gains (losses) on termination of debt	(44,345		)	—		(44,345		)	(100.0	)
Gains on sales of branches	—			1,962		(1,962		)	(100.0	)
Other non-interest income	(11,513		)	10,668		(22,181		)	N.M.
Total non-interest income	304,414			310,586		(6,172		)	(2.0	)
Non-interest expense:
Compensation and employee benefits	226,052			217,981		8,071			3.7
Occupancy and equipment	65,439			61,332		4,107			6.7
Advertising and promotions	19,332			16,773		2,559			15.3
Other	107,042			101,951		5,091			5.0
Total non-interest expense	417,865			398,037		19,828			5.0
Income before income tax expense	240,107			267,212		(27,105		)	(10.1	)
Income tax expense	83,725			94,057		(10,332		)	(11.0	)
Net income	$	156,382		$	173,155	$	(16,773	)	(9.7	)
Net income per common share:
Basic	$	2.21		$	2.34	$	(.13	)	(5.6	)
Diluted	$	2.20		$	2.33	$	(.13	)	(5.6	)
Dividends declared per common share	$	.975		$	.8625	$	.1125		13.0
Average common and common equivalent shares outstanding:
Basic	70,916			73,994		(3,078		)	(4.2	)
Diluted	71,174			74,344		(3,170		)	(4.3	)

N.M.  Not meaningful.

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15

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in thousands, except per-share data)

(Unaudited)

	At			At			At			% Change from
	September 30, 2003			December 31, 2002			September 30, 2002			December 31, 2002			September 30, 2002
ASSETS
Cash and due from banks	$	389,237		$	416,397		$	362,840		(6.5	)	%	7.3	%
Investments	75,600			153,722			155,421			(50.8	)		(51.4	)
Securities available for sale	1,604,282			2,426,794			2,252,786			(33.9	)		(28.8	)
Loans held for sale	429,999			476,475			515,621			(9.8	)		(16.6	)
Loans and leases:
Consumer	3,456,167			3,005,882			2,872,528			15.0			20.3
Commercial real estate	1,838,728			1,835,788			1,781,827			.2			3.2
Commercial business	426,694			440,074			436,314			(3.0	)		(2.2	)
Leasing and equipment finance	1,142,094			1,039,040			1,016,149			9.9			12.4
Subtotal	6,863,683			6,320,784			6,106,818			8.6			12.4
Residential real estate	1,283,640			1,800,344			1,975,481			(28.7	)		(35.0	)
Total loans and leases	8,147,323			8,121,128			8,082,299			.3			.8
Allowance for loan and lease losses	(78,666		)	(77,008		)	(76,157		)	2.2			3.3
Net loans and leases	8,068,657			8,044,120			8,006,142			.3			.8
Premises and equipment	266,597			243,452			231,125			9.5			15.3
Goodwill	145,462			145,462			145,462			—			—
Deposit base intangibles	6,323			7,573			7,990			(16.5	)		(20.9	)
Mortgage servicing rights	49,119			62,644			62,437			(21.6	)		(21.3	)
Other assets	218,630			225,430			230,507			(3.0	)		(5.2	)
	$	11,253,906		$	12,202,069		$	11,970,331		(7.8	)		(6.0	)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Checking	$	3,229,072		$	2,864,896		$	2,794,380		12.7			15.6
Savings	2,000,194			2,041,723			1,947,695			(2.0	)		2.7
Money market	886,597			884,614			894,914			.2			(.9	)
Subtotal	6,115,863			5,791,233			5,636,989			5.6			8.5
Certificates	1,596,740			1,918,755			2,023,508			(16.8	)		(21.1	)
Total deposits	7,712,603			7,709,988			7,660,497			—			.7
Short-term borrowings	900,835			842,051			679,589			7.0			32.6
Long-term borrowings	1,342,890			2,268,244			2,275,706			(40.8	)		(41.0	)
Total borrowings	2,243,725			3,110,295			2,955,295			(27.9	)		(24.1	)
Accrued expenses and other liabilities	365,610			404,766			404,249			(9.7	)		(9.6	)
Total liabilities	10,321,938			11,225,049			11,020,041			(8.0	)		(6.3	)
Stockholders’ equity:
Common stock, par value $.01 per share, 280,000,000 shares authorized; 92,524,637; 92,638,937 and 92,646,375 shares issued	925			926			926			(.1	)		(.1	)
Additional paid-in capital	517,605			518,813			518,641			(.2	)		(.2	)
Retained earnings, subject to certain restrictions	1,198,164			1,111,955			1,074,098			7.8			11.6
Accumulated other comprehensive income	13,385			46,102			40,207			(71.0	)		(66.7	)
Treasury stock at cost, 21,267,166; 18,783,051 and 18,284,028 shares, and other	(798,111		)	(700,776		)	(683,582		)	13.9			16.8
Total stockholders’ equity	931,968			977,020			950,290			(4.6	)		(1.9	)
	$	11,253,906		$	12,202,069		$	11,970,331		(7.8	)		(6.0	)

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16

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CREDIT QUALITY DATA

(Dollars in thousands)

(Unaudited)

Allowance for loan and lease losses:

	At or For the Nine Months Ended September 30, 2003								At or For the Year Ended December 31, 2002
	Allowance		Allowance as a % of Portfolio						Allowance		Allowance as a % of Portfolio
					Net Charge-offs (1)								Net Charge-offs
					$		%						$		%
Consumer	$	8,537	.25	%	$	2,187	.09	%	$	8,532	.28	%	$	3,974	.15	%
Commercial real estate	25,327		1.38		42		—		22,176		1.21		2,138		.12
Commercial business	12,326		2.89		735		.22		15,910		3.62		5,898		1.35
Leasing and equipment finance	15,312		1.34		3,829		.47		12,881		1.24		7,966		.80
Unallocated	16,139		n/a		—		n/a		16,139		n/a		—		n/a
Subtotal	77,641		1.13		6,793		.14		75,638		1.20		19,976		.34
Residential real estate	1,025		.08		44		—		1,370		.08		50		—
Total	$	78,666	.97		$	6,837	.11		$	77,008	.95		$	20,026	.25

Non-performing assets:

	At September 30, 2003		At June 30, 2003		At December 31, 2002		$  Change from
							June 30, 2003			December 31, 2002
Non-accrual loans and leases:
Consumer	$	13,650	$	12,415	$	11,163	$	1,235		$	2,487
Commercial real estate	2,643		2,945		3,213		(302		)	(570		)
Commercial business	3,162		3,390		4,777		(228		)	(1,615		)
Leasing and equipment finance, net	19,502		15,075		17,127		4,427			2,375
Residential real estate	4,677		5,028		5,798		(351		)	(1,121		)
Total non-accrual loans and leases, net	43,634		38,853		42,078		4,781			1,556
Non-recourse discounted lease rentals	699		699		1,562		—			(863		)
Total non-accrual loans and leases, gross	44,333		39,552		43,640		4,781			693
Other real estate owned:
Residential real estate	15,596		17,889		16,479		(2,293		)	(883		)
Commercial real estate	6,383		6,919		10,093		(536		)	(3,710		)
Total other real estate owned	21,979		24,808		26,572		(2,829		)	(4,593		)
Total non-performing assets, gross	$	66,312	$	64,360	$	70,212	$	1,952		$	(3,900	)
Total non-performing assets, net	$	65,613	$	63,661	$	68,650	$	1,952		$	(3,037	)

Delinquency data (2):

	At September 30, 2003				At June 30, 2003				At December 31, 2002
	Principal Balances		% of Portfolio		Principal Balances		% of Portfolio		Principal Balances		% of Portfolio
Consumer	$	22,558	.66	%	$	22,827	.69	%	$	19,067	.64	%
Commercial real estate	2,005		.11		102		.01		6,835		.37
Commercial business	120		.03		133		.03		555		.13
Leasing and equipment finance	11,718		1.04		12,123		1.14		10,159		1.00
Residential real estate	10,889		.85		10,204		.74		9,708		.54
Total	$	47,290	.58		$	45,389	.56		$	46,324	.57

Potential Problem Loans (3):

	At		At		At		$ Change from
(Dollars in thousands)	September 30, 2003		June 30, 2003		December 31, 2002		June 30, 2003			December 31, 2002
Consumer	$	4,500	$	4,500	$	4,500	$	—		$	—
Commercial real estate	31,460		23,216		30,132		8,244			1,328
Commercial business	13,247		20,412		33,408		(7,165		)	(20,161		)
Leasing and equipment finance	19,931		22,481		15,314		(2,550		)	4,617
	$	69,138	$	70,609	$	83,354	$	(1,471	)	$	(14,216	)

(1)  Annualized.

(2)  Excludes non-accrual loans and leases.

(3)  Consists of loans and leases classified for regulatory purposes as substandard and reflect the distinct possibility, but not probability, that they will become non-performing or that TCF will not be able to collect all amounts due according to the contractual terms of the loan or lease agreement.

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17

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Dollars in thousands)

(Unaudited)

	Three Months Ended September 30,
	2003						2002
	Average Balance		Interest		Yields and Rates (1)		Average Balance		Interest		Yields and Rates (1)
ASSETS
Investments	$	89,182	$	1,144	5.13	%	$	155,171	$	1,732	4.46	%
Securities available for sale	1,696,800		22,579		5.32		1,933,846		30,814		6.37
Loans held for sale	572,827		5,905		4.12		387,134		4,436		4.58
Loans and leases:
Consumer	3,365,816		54,440		6.47		2,765,167		52,458		7.59
Commercial real estate	1,846,204		26,658		5.78		1,769,144		30,089		6.80
Commercial business	452,260		4,726		4.18		438,350		5,778		5.27
Leasing and equipment finance	1,123,284		20,929		7.45		1,009,301		20,945		8.30
Subtotal	6,787,564		106,753		6.29		5,981,962		109,270		7.31
Residential real estate	1,344,921		20,101		5.98		2,125,902		36,154		6.80
Total loans and leases	8,132,485		126,854		6.24		8,107,864		145,424		7.17
Total interest-earning assets	10,491,294		156,482		5.97		10,584,015		182,406		6.89
Other assets	1,074,046						1,001,322
Total assets	$	11,565,340					$	11,585,337
LIABILITIES AND STOCKHOLDERS’ EQUITY
Non-interest bearing deposits	$	2,389,237					$	1,905,014
Interest-bearing deposits:
Checking	1,095,507		218		.08		923,205		346		.15
Savings	1,852,794		1,589		.34		1,703,598		4,893		1.15
Money market	899,071		891		.40		911,317		2,485		1.09
Subtotal	3,847,372		2,698		.28		3,538,120		7,724		.87
Certificates	1,644,351		9,118		2.22		2,084,474		16,558		3.18
Total interest-bearing deposits	5,491,723		11,816		.86		5,622,594		24,282		1.73
Total deposits	7,880,960		11,816		.60		7,527,608		24,282		1.29
Borrowings:
Short-term borrowings	673,312		1,931		1.15		444,717		2,046		1.84
Long-term borrowings	1,721,151		22,858		5.31		2,275,757		32,309		5.68
Total borrowings	2,394,463		24,789		4.14		2,720,474		34,355		5.05
Total deposits and borrowings	10,275,423		36,605		1.42		10,248,082		58,637		2.29
Other liabilities	377,779						414,820
Total liabilities	10,653,202						10,662,902
Stockholders’ equity	912,138						922,435
Total liabilities and stockholders’ equity	$	11,565,340					$	11,585,337
Net interest income and margin			$	119,877	4.57	%			$	123,769	4.68	%

(1)  Annualized.

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18

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Dollars in thousands)

(Unaudited)

	Nine Months Ended September 30,
	2003						2002
	Average Balance		Interest		Yields and Rates (1)		Average Balance		Interest		Yields and Rates (1)
ASSETS
Investments	$	110,237	$	3,726	4.51	%	$	155,068	$	5,205	4.48	%
Securities available for sale	2,021,036		83,826		5.53		1,741,933		83,948		6.43
Loans held for sale	532,101		16,919		4.24		398,952		15,972		5.34
Loans and leases:
Consumer	3,206,777		159,314		6.62		2,638,578		154,459		7.81
Commercial real estate	1,847,455		82,577		5.96		1,727,771		88,640		6.84
Commercial business	452,820		14,582		4.29		437,854		17,429		5.31
Leasing and equipment finance	1,074,912		61,594		7.64		985,640		64,398		8.71
Subtotal	6,581,964		318,067		6.44		5,789,843		324,926		7.48
Residential real estate	1,502,642		70,062		6.22		2,356,568		120,960		6.84
Total loans and leases	8,084,606		388,129		6.40		8,146,411		445,886		7.30
Total interest-earning assets	10,747,980		492,600		6.11		10,442,364		551,011		7.04
Other assets	1,070,006						953,504
Total assets	$	11,817,986					$	11,395,868
LIABILITIES AND STOCKHOLDERS’ EQUITY
Non-interest bearing deposits	$	2,243,970					$	1,839,064
Interest-bearing deposits:
Checking	1,048,907		735		.09		905,104		1,167		.17
Savings	1,858,409		7,516		.54		1,482,884		11,391		1.02
Money market	894,305		3,624		.54		930,817		7,785		1.12
Subtotal	3,801,621		11,875		.42		3,318,805		20,343		.82
Certificates	1,789,377		33,930		2.53		2,159,639		53,763		3.32
Total interest-bearing deposits	5,590,998		45,805		1.09		5,478,444		74,106		1.80
Total deposits	7,834,968		45,805		.78		7,317,508		74,106		1.35
Borrowings:
Short-term borrowings	695,008		6,520		1.25		488,454		6,625		1.81
Long-term borrowings	1,920,269		78,222		5.43		2,282,123		97,678		5.71
Total borrowings	2,615,277		84,742		4.32		2,770,577		104,303		5.02
Total deposits and borrowings	10,450,245		130,547		1.67		10,088,085		178,409		2.36
Other liabilities	421,862						399,955
Total liabilities	10,872,107						10,488,040
Stockholders’ equity	945,879						907,828
Total liabilities and stockholders’ equity	$	11,817,986					$	11,395,868
Net interest income and margin			$	362,053	4.49	%			$	372,602	4.76	%

(1)  Annualized.

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19

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME AND FINANCIAL RATIOS

(Dollars in thousands, except per-share data)

(Unaudited)

	Three Months Ended
	Sep. 30, 2003			Jun. 30, 2003			Mar. 31, 2003			Dec. 31, 2002			Sep. 30, 2002
Interest income:
Loans and leases	$	126,854		$	129,554		$	131,721		$	139,807		$	145,424
Securities available for sale	22,579			27,483			33,764			34,324			30,814
Loans held for sale	5,905			5,788			5,226			6,492			4,436
Investments	1,144			1,179			1,403			1,729			1,732
Total interest income	156,482			164,004			172,114			182,352			182,406
Interest expense:
Deposits	11,816			15,512			18,477			21,280			24,282
Borrowings	24,789			28,728			31,225			34,449			34,355
Total interest expense	36,605			44,240			49,702			55,729			58,637
Net interest income	119,877			119,764			122,412			126,623			123,769
Provision for credit losses	2,658			3,127			2,710			4,067			4,071
Net interest income after provision for credit losses	117,219			116,637			119,702			122,556			119,698
Non-interest income:
Fees and service charges	65,757			62,799			54,414			62,359			59,041
Debit card revenue	12,923			14,766			13,233			13,095			12,094
ATM revenue	11,566			11,242			10,415			10,734			12,018
Investments and insurance commissions	3,584			3,760			3,520			4,909			4,272
Subtotal	93,830			92,567			81,582			91,097			87,425
Leasing and equipment finance	10,652			11,457			13,607			11,857			13,136
Mortgage banking	11,304			(4,728		)	(430		)	1,868			(1,373		)
Other	2,303			1,707			2,076			1,524			3,649
Fees and other revenue	118,089			101,003			96,835			106,346			102,837
Gains on sales of securities available for sale	—			11,695			21,137			2,830			2,662
Gains (losses) on termination of debt	(37,769		)	—			(6,576		)	—			—
Other non-interest income	(37,769		)	11,695			14,561			2,830			2,662
Total non-interest income	80,320			112,698			111,396			109,176			105,499
Non-interest expense:
Compensation and employee benefits	75,646			73,807			76,599			76,314			72,804
Occupancy and equipment	22,309			21,531			21,599			21,799			20,539
Advertising and promotions	6,536			6,443			6,353			5,121			5,640
Other	37,891			34,952			34,199			38,017			35,502
Total non-interest expense	142,382			136,733			138,750			141,251			134,485
Income before income tax expense	55,157			92,602			92,348			90,481			90,712
Income tax expense	19,193			32,311			32,221			30,705			31,845
Net income	$	35,964		$	60,291		$	60,127		$	59,776		$	58,867
Net income per common share:
Basic	$	.51		$	.85		$	.83		$	.83		$	.81
Diluted	$	.51		$	.85		$	.83		$	.82		$	.80
Dividends declared per common share	$	.325		$	.325		$	.325		$	.2875		$	.2875
Financial Ratios:
Return on average assets(1)	1.24		%	2.04		%	1.99		%	1.97		%	2.03		%
Return on average common equity(1)	15.77			25.17			24.70			25.17			25.53
Average total equity to average assets	7.89			8.11			8.06			7.82			7.96
Net interest margin(1)	4.57			4.45			4.45			4.59			4.68

(1)  Annualized.

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20

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS AND SUPPLEMENTAL INFORMATION

(In thousands)

(Unaudited)

	Sept. 30, 2003			Jun. 30, 2003			Mar. 31, 2003			Dec. 31, 2002			Sept. 30, 2002
ASSETS
Cash and due from banks	$	372,777		$	349,524		$	332,705		$	352,540		$	330,864
Investments	89,182			123,028			118,828			154,252			155,171
Securities available for sale	1,696,800			2,032,384			2,341,002			2,288,409			1,933,846
Loans held for sale	572,827			534,435			488,110			552,687			387,134
Loans and leases:
Consumer	3,365,816			3,203,226			3,047,799			2,933,094			2,765,167
Commercial real estate	1,846,204			1,848,055			1,848,125			1,800,915			1,769,144
Commercial business	452,260			467,368			438,681			428,466			438,350
Leasing and equipment finance	1,123,284			1,061,315			1,039,213			1,025,439			1,009,301
Subtotal	6,787,564			6,579,964			6,373,818			6,187,914			5,981,962
Residential real estate	1,344,921			1,486,518			1,680,170			1,844,653			2,125,902
Total loans and leases	8,132,485			8,066,482			8,053,988			8,032,567			8,107,864
Allowance for loan and lease losses	(78,657		)	(78,074		)	(77,509		)	(76,280		)	(75,510		)
Net loans and leases	8,053,828			7,988,408			7,976,479			7,956,287			8,032,354
Premises and equipment	262,676			253,759			247,453			239,226			230,392
Goodwill	145,462			145,462			145,462			145,462			145,462
Deposit base intangibles	6,529			6,945			7,362			7,778			8,197
Mortgage servicing rights	45,300			51,913			61,561			63,694			66,406
Other assets	319,959			330,475			358,956			383,817			295,511
	$	11,565,340		$	11,816,333		$	12,077,918		$	12,144,152		$	11,585,337
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Checking	$	3,194,438		$	3,041,711		$	2,858,113		$	2,774,972		$	2,676,780
Savings	2,143,100			2,154,317			2,057,542			2,019,908			1,855,037
Money market	899,071			897,154			886,552			885,493			911,317
Subtotal	6,236,609			6,093,182			5,802,207			5,680,373			5,443,134
Certificates	1,644,351			1,825,466			1,901,136			1,957,574			2,084,474
Total deposits	7,880,960			7,918,648			7,703,343			7,637,947			7,527,608
Short-term borrowings	673,312			544,136			869,735			827,590			444,717
Long-term borrowings	1,721,151			1,962,893			2,080,713			2,265,663			2,275,757
Total borrowings	2,394,463			2,507,029			2,950,448			3,093,253			2,720,474
Accrued expenses and other liabilities	377,779			432,547			450,534			462,862			414,820
Total liabilities	10,653,202			10,858,224			11,104,325			11,194,062			10,662,902
Stockholders’ equity:
Common stock	925			925			926			926			926
Additional paid-in capital	517,345			516,853			515,972			518,585			518,246
Retained earnings	1,185,987			1,164,827			1,125,330			1,087,530			1,050,085
Accumulated other comprehensive income (loss)	(2,174		)	33,414			40,928			38,265			23,327
Treasury stock at cost and other	(789,945		)	(757,910		)	(709,563		)	(695,216		)	(670,149		)
Total stockholders’ equity	912,138			958,109			973,593			950,090			922,435
	$	11,565,340		$	11,816,333		$	12,077,918		$	12,144,152		$	11,585,337
Supplemental Information:
Residential real estate loans	$	1,344,921		$	1,486,518		$	1,680,170		$	1,844,653		$	2,125,902
Securities available for sale		1,696,800			2,032,384			2,341,002			2,288,409			1,933,846
Total residential real estate loans and securities available for sale	$	3,041,721		$	3,518,902		$	4,021,172		$	4,133,062		$	4,059,748

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21

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

SUMMARY OF LONG-TERM BORROWINGS

(Dollars in thousands)

(Unaudited)

		At September 30, 2003				At June 30, 2003				At December 31,2002
	Year of Maturity	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
Federal Home Loan Bank advances and securities sold under repurchase agreements	2003	—		—	%	—		—	%	135,000		5.76	%
January	2004	3,000		4.76		3,000		4.76		103,000		5.58
May	2004	—		—		100,000		5.46		100,000		5.46
June	2004	—		—		—		—		50,000		5.37
July	2004	—		—		100,000		5.69		100,000		5.69
September	2004	—		—		150,000		5.74		150,000		5.74
October	2004	—		—		250,000		5.89		250,000		5.89
November	2004	—		—		100,000		5.90		100,000		5.90
	2004	3,000		4.76		703,000		5.76		853,000		5.72
	2005	541,529		4.58		446,000		6.13		446,000		6.13
	2006	303,000		4.19		303,000		4.16		303,000		4.30
	2009	122,500		5.25		122,500		5.25		122,500		5.25
	2010	100,000		6.02		100,000		6.02		100,000		6.02
	2011	200,000		4.85		200,000		4.85		200,000		4.85
Total Federal Home Loan Bank advances and securities sold under repurchase agreements		1,270,029		4.71		1,874,500		5.47		2,159,500		5.51
Discounted lease rentals	2003	13,953		6.74		29,734		6.69		62,461		7.30
	2004	40,658		6.39		39,871		6.51		36,101		7.08
	2005	14,997		5.77		13,404		5.86		9,459		6.88
	2006	2,755		5.54		1,968		5.56		723		6.94
	2007	461		5.23		416		5.20		—		—
	2008	37		5.22		28		5.20		—		—
Total discounted lease rentals		72,861		6.29		85,421		6.44		108,744		7.19
Total long-term borrowings		$	1,342,890	4.80		$	1,959,921	5.51		$	2,268,244	5.59

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