Exhibit 99.1
TCF Financial Corporation
Investing in the Future
1.) Corporate Profile
At June 30, 2004
• $11.9 billion financial holding company headquartered in Minnesota is the 40th largest(1) bank in the U.S. based on market cap ($ 4.1 billion)
• 411 bank branches, 237 branches opened since January 1, 1998 - 27th largest(2) branch network in the country. Fourth largest(2) bank branch growth (1999 to 2003)
• 1,121 TCF EXPRESS TELLER® ATMs, 652 off-site
• 1.5 million checking accounts
• One of the largest Visa® Classic debit card issuers
• Annualized return to investor(3): 1 year 49.7%, 3 years 10.7%, 5 years 18.9%, 10 years 24.2%
(1) Source: Citigate Financial Intelligence
(2) Source: American Banker; January 15, 2004
(3) Source: SIT Investment Associates, Inc.
2.) Corporate Profile
At June 30, 2004
• Bank branches located in six states: Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana.
|
| At 6/30/04 |
| At 1/1/98 |
|
Traditional |
| 170 |
| 156 |
|
Supermarket |
| 241 |
| 61 |
|
Total |
| 411 |
| 217 |
|
|
|
|
|
|
|
Minnesota |
| 100 |
| 75 |
|
Illinois |
| 192 |
| 47 |
|
Michigan |
| 57 |
| 60 |
|
Wisconsin |
| 34 |
| 28 |
|
Colorado |
| 22 |
| 7 |
|
Indiana |
| 6 |
| — |
|
Total |
| 411 |
| 217 |
|
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, debit cards, phone banking, TCF Totally Free OnlineSM banking (675,000 Internet banking accounts), etc.]
• De Novo Expansion
TCF is increasing its market share through de novo expansion:
• Opening new branches
• Starting new businesses
• 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 and contribute 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 25.9 million shares since 1/1/98 at an average cost of $33.94 per share.
5.) Share Repurchase Program
|
| 1998 |
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 6/04 |
| |||||||
|
| (000s) |
| |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Shares Purchased |
| 7,549 |
| 4,092 |
| 3,244 |
| 3,670 |
| 3,108 |
| 3,459 |
| 753 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Shares outstanding: |
| 85,569 |
| 81,944 |
| 80,289 |
| 76,932 |
| 73,856 |
| 70,476 |
| 69,788 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Average purchase price: |
| $ | 27.94 |
| $ | 25.93 |
| $ | 22.76 |
| $ | 40.34 |
| $ | 47.62 |
| $ | 43.46 |
| $ | 54.28 |
|
6.) Share Repurchase Program
• Repurchased 740,000 shares of common stock during the 2004 second quarter at an average cost of $54.33 per share
• Since 1/1/98,
• TCF repurchased 25.9 million shares at an average cost of $33.94 per share
• $878.2 million investment
• $1.5 billion value at 6/30/04
• At 6/30/04, 3 million shares remain available to purchase under board authorizations
7.) Consumer Home Equity Lending +22%*
Loan-to-value |
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 6/04 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
80% or less |
| $ | 971.7 |
| $ | 1,178.8 |
| $ | 1,488.5 |
| $ | 1,816.7 |
| $ | 1,989.3 |
|
Over 80 to 90% |
| $ | 648.2 |
| $ | 802.1 |
| $ | 1,028.2 |
| $ | 1,370.5 |
| $ | 1,568.8 |
|
Over 90 to 100% |
| $ | 486.5 |
| $ | 396.3 |
| $ | 385.0 |
| $ | 361.4 |
| $ | 392.6 |
|
Over 100% |
| $ | 45.6 |
| $ | 66.6 |
| $ | 53.9 |
| $ | 39.5 |
| $ | 34.7 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 2,152 |
| $ | 2,444 |
| $ | 2,956 |
| $ | 3,588 |
| $ | 3,985 |
|
Portion of loans >90% of property value is $34.7 million
* Twelve-month growth rate
8.) Consumer Home Equity Loans
At June 30, 2004
• 68% loans, 32% lines of credit
• 62% variable rate (prime based) and 38% fixed rate
• 67% are 1st mortgages, 33% are 2nd mortgages
• Average home value of $190,670
• Yield 5.99%
• Over-30-day delinquency rate .36%
• Net charge-offs: 2004= .08% (annualized), 2003= .11%
• Average loan-to-value 74%
• Average FICO score 714
9.) Commercial Lending +5%*
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 6/04 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Commercial Real Estate |
| $ | 1,371.9 |
| $ | 1,622.5 |
| $ | 1,835.8 |
| $ | 1,916.7 |
| $ | 1,997.4 |
|
Commercial Business |
| $ | 410.4 |
| $ | 422.4 |
| $ | 440.1 |
| $ | 427.7 |
| $ | 445.3 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 1,782 |
| $ | 2,045 |
| $ | 2,276 |
| $ | 2,344 |
| $ | 2,443 |
|
* Twelve-month growth rate
10.) Commercial Loans
At June 30, 2004
• Commercial real estate
• 25% apartment loans
• 20% office building loans
• 6% hotel loans
• Commercial business — $445 million
• Yield 5.17%
• Over-30-day delinquency rate .02%
• Net charge-offs: 2004= 0%, 2003= .09%, 2002= ..37%
• Approximately 98% of all commercial loans secured
• CRE location mix: 91% Midwest, 9% Other
11.) Leasing and Equipment Finance +21%*
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 6/04 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Leasing and Equipment Finance |
| $ | 856 |
| $ | 957 |
| $ | 1,039 |
| $ | 1,160 |
| $ | 1,309 |
|
* Twelve-month growth rate
12.) Leasing and Equipment Finance
At June 30, 2004
• Equipment type
• 30% manufacturing and construction
• 18% technology and data processing
• 17% specialty vehicle
• 11% medical
• 24% other
• Yield 7.03%
• Uninstalled backlog of $202.1 million; up $46.9 million from year-end 2003
• Over-30-day delinquency rate 1.22%
• Net charge-offs: 2004= .21% (annualized), 2003= .69%
• $18.8 million leveraged lease with a major airline
• Acquired VGM Leasing, Inc., specializing in home medical equipment financing in March 2004
13.) Credit Quality
14.) Allowance for Loan & Lease Losses
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 6/04 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Allowance for Loan & Lease Losses |
| $ | 66.7 |
| $ | 75.0 |
| $ | 77.0 |
| $ | 76.6 |
| $ | 80.0 |
|
Net Charge-offs (NCO) |
| $ | 3.9 |
| $ | 12.5 |
| $ | 20.0 |
| $ | 12.9 |
| $ | 2.6 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
As a % of Loans & Leases: |
|
|
|
|
|
|
|
|
|
|
| |||||
Allowance |
| .78 | % | .91 | % | .95 | % | .92 | % | .90 | % | |||||
NCO |
| .05 | % | .15 | % | .25 | % | .16 | % | .06 | %* | |||||
Coverage Ratio |
| 17.3 | X | 6.0 | X | 3.8 | X | 5.9 | X | 15.3 | X* | |||||
* Annualized
15.) Delinquencies (over 30-day)*
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 6/04 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Delinquencies |
| $ | 58.9 |
| $ | 46.8 |
| $ | 46.3 |
| $ | 38.7 |
| $ | 38.9 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Delinquencies (percent) |
| .69 | % | .57 | % | .57 | % | .47 | % | .44 | % | |||||
* Excludes non-accrual loans and leases
16.) Non-Performing Assets
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 6/04 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-Accrual Loans and Leases |
| $ | 35.2 |
| $ | 52.0 |
| $ | 43.6 |
| $ | 35.4 |
| $ | 36.7 |
|
Real Estate Owned |
| $ | 10.9 |
| $ | 14.6 |
| $ | 26.6 |
| $ | 33.5 |
| $ | 19.9 |
|
Total |
| $ | 46.1 |
| $ | 66.6 |
| $ | 70.2 |
| $ | 68.9 |
| $ | 56.6 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Reserves/NAs: |
| 189 | % | 144 | % | 176 | % | 216 | % | 218 | % | |||||
NPAs/Assets: |
| .41 | % | .59 | % | .58 | % | .61 | % | .47 | % | |||||
17.) Credit Quality
At June 30, 2004
• In 2003, TCF ranked the 6th best* bank in the U.S. in net charge-offs to average loans and leases .16%
• For the four years, 2000 - 2003, net charge-offs to average loans and leases were .15%; TCF ranked as the 4th best* bank in the U.S.
• Non-performing assets to net loans and leases ..64%
• Over-30-day delinquency rate .44%
• Allowance as a multiple of annualized net charge-offs (coverage ratio), 15.3X
• Income before income taxes and provision for loan losses as a multiple of net charge-offs, 74.5X
* Source: Citigate Financial Intelligence (fifty largest banks)
18.) Checking Accounts +8%*
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 6/04 |
|
|
| (000s) |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Supermarket Branches |
| 417 |
| 499 |
| 552 |
| 611 |
| 642 |
|
Traditional Branches |
| 714 |
| 750 |
| 786 |
| 833 |
| 861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
| 1,131 |
| 1,249 |
| 1,338 |
| 1,444 |
| 1,503 |
|
* Twelve-month growth rate
19.) Fee Revenue Per Retail Checking Account
|
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 6/04* |
| |||||
|
| (In Dollars) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Fee Revenue per Retail Checking Account |
| $ | 190 |
| $ | 209 |
| $ | 218 |
| $ | 223 |
| $ | 227 |
|
* Trailing twelve months
20.) Retail Checking Deposits +15%*
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 6/04 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Supermarket Branches |
| $ | 475 |
| $ | 591 |
| $ | 695 |
| $ | 829 |
| $ | 912 |
|
Traditional Branches |
| $ | 1,535 |
| $ | 1,715 |
| $ | 1,903 |
| $ | 2,146 |
| $ | 2,372 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 2,010 |
| $ | 2,306 |
| $ | 2,598 |
| $ | 2,975 |
| $ | 3,284 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Rate: |
| .20 | % | .07 | % | .04 | % | .03 | % | .09 | % | |||||
* Twelve-month growth rate
21.) Retail Savings and Money Market Deposits
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 6/04 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Money Market |
| $ | 794.2 |
| $ | 879.9 |
| $ | 791.3 |
| $ | 745.8 |
| $ | 687.9 |
|
Savings |
| $ | 964.3 |
| $ | 1,113.4 |
| $ | 1,794.6 |
| $ | 1,771.1 |
| $ | 1,808.5 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 1,758 |
| $ | 1,993 |
| $ | 2,586 |
| $ | 2,517 |
| $ | 2,496 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Rate: |
| 2.29 | % | .81 | % | .78 | % | .41 | % | .35 | % | |||||
22.) Banking Fees and Other Revenue1 +9%*
|
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
First Quarter |
| $ | 56.9 |
| $ | 65.6 |
| $ | 71.8 |
| $ | 81.6 |
| $ | 86.6 |
|
Second Quarter |
| $ | 65.1 |
| $ | 74.7 |
| $ | 84.1 |
| $ | 92.6 |
| $ | 103.7 |
|
Third Quarter |
| $ | 67.5 |
| $ | 75.1 |
| $ | 87.4 |
| $ | 93.8 |
| $ | — |
|
Fourth Quarter |
| $ | 67.1 |
| $ | 77.6 |
| $ | 91.1 |
| $ | 90.0 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 257 |
| $ | 293 |
| $ | 334 |
| $ | 358 |
| $ | 190 |
|
1 Consisting of fees and service charges, debit card revenue, ATM revenue, and investments and insurance commissions.
* YTD growth rate (‘04 vs. ‘03)
23.) New Branches
24.) Total New Branches1
|
| 12/98 |
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 6/04 |
| 2004 Forecast |
|
|
| (#) |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supermarket |
| 99 |
| 133 |
| 153 |
| 174 |
| 184 |
| 186 |
| 189 |
| 197 |
|
Traditional |
| 6 |
| 7 |
| 10 |
| 16 |
| 28 |
| 42 |
| 48 |
| 64 |
|
Total |
| 105 |
| 140 |
| 163 |
| 190 |
| 212 |
| 228 |
| 237 |
| 261 |
|
1 Branches opened since January 1, 1998
25.) Retail Model - Net Income
|
| Year of Existence |
| ||||||||||||||||||||||||||||
|
| 1 |
| 2 |
| 3 |
| 4 |
| 5 |
| 6 |
| 7 |
| 8 |
| 9 |
| 10 |
| ||||||||||
|
| Net Income* ($ 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 |
|
* Excludes consumer lending
26.) Branch Growth - Select Peers
Bank branch growth from 1999 to 20031
|
| # of New Branches |
|
TCF Financial Corp.2 |
| 81 |
|
Fifth Third |
| (30 | ) |
Bank One |
| (121 | ) |
U.S. Bancorp |
| (108 | ) |
Wells Fargo |
| (229 | ) |
|
|
|
|
Total Top 50 Banks |
| (1,977 | ) |
1 Source: American Banker, January 15, 2004
2 Fourth largest in bank branch growth
27.) New Branch1 Total Deposits +17%*
|
| 12/98 |
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 6/04 |
| |||||||
|
| ($ millions) |
| |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Deposits |
| $ | 190 |
| $ | 344 |
| $ | 594 |
| $ | 744 |
| $ | 1,088 |
| $ | 1,225 |
| $ | 1,366 |
|
1 Branches opened since January 1, 1998
* Twelve–month growth rate
28.) New Branch1 Total Checking Accounts +20%*
|
| 12/98 |
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 6/04 |
|
|
| (000s) |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking Accounts |
| 98 |
| 189 |
| 250 |
| 340 |
| 408 |
| 492 |
| 539 |
|
1 Branches opened since January 1, 1998
* Twelve -month growth rate
29.) New Branch1 Banking Fees & Other Revenue2 +23%*
|
| 1998 |
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| |||||||
|
| ($ millions) |
| |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
First Quarter |
| $ | .8 |
| $ | 6.9 |
| $ | 11.8 |
| $ | 17.8 |
| $ | 21.8 |
| $ | 27.0 |
| $ | 32.2 |
|
Second Quarter |
| $ | 3.2 |
| $ | 9.5 |
| $ | 15.2 |
| $ | 21.8 |
| $ | 27.6 |
| $ | 32.8 |
| $ | 41.4 |
|
Third Quarter |
| $ | 4.5 |
| $ | 10.8 |
| $ | 16.4 |
| $ | 22.3 |
| $ | 28.5 |
| $ | 33.5 |
| $ | — |
|
Fourth Quarter |
| $ | 5.8 |
| $ | 11.9 |
| $ | 17.4 |
| $ | 23.5 |
| $ | 29.8 |
| $ | 32.8 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total |
| $ | 14 |
| $ | 39 |
| $ | 61 |
| $ | 85 |
| $ | 108 |
| $ | 126 |
| $ | 74 |
|
1 Branches opened since January 1, 1998
2 Consisting of fees and service charges, debit card revenue, ATM revenue, and investments and insurance commissions.
* Twelve –month growth rate
30.) Products and Services
31.) Campus Banking
At June 30, 2004
• Alliances with:
• University of Minnesota
• University of Michigan
• St. Cloud State University in MN
• Minnesota State University - Mankato
• Northern Illinois University - Dekalb
• Saginaw Valley State University in MI
• Brown College in MN
• 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.
• 81,000 total checking accounts
• $99.7 million in deposits
32.) Debit Card Interchange Revenue
|
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
First Quarter |
| $ | 6.0 |
| $ | 8.1 |
| $ | 10.2 |
| $ | 13.2 |
| $ | 13.5 |
|
Second Quarter |
| $ | 7.1 |
| $ | 9.3 |
| $ | 11.8 |
| $ | 14.8 |
| $ | 16.0 |
|
Third Quarter |
| $ | 7.5 |
| $ | 10.1 |
| $ | 12.1 |
| $ | 12.9 |
| $ | — |
|
Fourth Quarter |
| $ | 8.2 |
| $ | 10.1 |
| $ | 13.1 |
| $ | 12.1 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 28.8 |
| $ | 37.6 |
| $ | 47.2 |
| $ | 53.0 |
| $ | 29.5 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Sales volume: |
| $ | 2,025 |
| $ | 2,560 |
| $ | 3,216 |
| $ | 3,899 |
| $ | 2,259 | * |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average off-line interchange rate: |
| 1.53 | % | 1.55 | % | 1.55 | % | 1.43 | % | 1.39 | %* | |||||
* Year-to-date
33.) TCF Debit Card
• One of the largest issuers of Visa® Classic debit cards
• 10.7 million average transactions per month in 2Q04
• 23% increase in sales volume1
• Interchange revenue of $16 million in 2Q04, an increase of 9%1
• Number of active accounts up 65,000, or 10%, from 2Q03
• Average number of transactions per month on active cards 13.5, up 7%, from 2Q03
1 2Q04 vs. 2Q03
34.) Small Business Checking Deposits +21%*
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 6/04 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Small Business Checking Deposits |
| $ | 253 |
| $ | 313 |
| $ | 380 |
| $ | 461 |
| $ | 512 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
# of accounts |
| 69,179 |
| 79,865 |
| 91,385 |
| 102,557 |
| 108,780 |
| |||||
* Twelve-month growth rate
35.) Small Business Checking Accounts
At June 30, 2004
• Relationship banking offering multiple product lines to business owners
• $512 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
• Other services — payroll services, merchant processing, brokerage accounts
• 50,000 TCF Business Check CardsSM
36.) New Products and Services
• TCF Express CoinSM Service coin counters
• TCF Command ProtectionSM Plan
• Monthly payments
• Another source of fee revenue
• TCF Check CashingSM
• Investments and Insurance Products
• “Generation Advantage” life insurance product
37.) Financial Highlights
How We Are Doing…
38.) Diluted EPS
|
| 1995 |
| 1996 |
| 1997 |
| 1998 |
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004* |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
First Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | .83 |
| $ | .88 |
| ||||||||
Second Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | .85 |
| $ | .94 |
| ||||||||
Third Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | .51 |
| $ | — |
| ||||||||
Fourth Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | .86 |
| $ | — |
| ||||||||
Total Year |
| $ | .86 |
| $ | 1.20 |
| $ | 1.69 |
| $ | 1.76 |
| $ | 2.00 |
| $ | 2.35 |
| $ | 2.70 |
| $ | 3.15 |
| $ | 3.05 |
| $ | 1.82 |
|
* Year-to-date
39.) Dividend History +15%*
|
| 1995 |
| 1996 |
| 1997 |
| 1998 |
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Dividends Paid |
| $ | .30 |
| $ | .36 |
| $ | .47 |
| $ | .61 |
| $ | .73 |
| $ | .83 |
| $ | 1.00 |
| $ | 1.15 |
| $ | 1.30 |
| $ | 1.50 | 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Dividend payout ratio: |
| 35 | % | 30 | % | 28 | % | 35 | % | 36 | % | 35 | % | 37 | % | 37 | % | 43 | % | 41 | % | ||||||||||
10-year compounded annual growth rate 21%
Ranks 1st of the Top 50 Banks1
* Annual growth rate (‘04 vs. ‘03)
1 Source: Citigate Financial Intelligence
2 Annualized, subject to Board of Directors approval
40.) Net Income
|
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
First Quarter |
| $ | 40.7 |
| $ | 48.2 |
| $ | 56.3 |
| $ | 60.1 |
| $ | 60.7 |
|
Second Quarter |
| $ | 46.7 |
| $ | 52.0 |
| $ | 58.0 |
| $ | 60.3 |
| $ | 65.2 |
|
Third Quarter |
| $ | 46.7 |
| $ | 52.9 |
| $ | 58.9 |
| $ | 36.0 |
| $ | — |
|
Fourth Quarter |
| $ | 52.2 |
| $ | 54.2 |
| $ | 59.8 |
| $ | 59.5 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 186 |
| $ | 207 |
| $ | 233 |
| $ | 216 |
| $ | 126 |
|
41.) Net Interest Income
|
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
First Quarter |
| $ | 106.8 |
| $ | 113.8 |
| $ | 124.5 |
| $ | 122.4 |
| $ | 118.5 |
|
Second Quarter |
| $ | 110.2 |
| $ | 119.3 |
| $ | 124.3 |
| $ | 119.8 |
| $ | 122.4 |
|
Third Quarter |
| $ | 110.7 |
| $ | 122.4 |
| $ | 123.8 |
| $ | 119.9 |
| $ | — |
|
Fourth Quarter |
| $ | 110.8 |
| $ | 125.7 |
| $ | 126.6 |
| $ | 119.1 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 439 |
| $ | 481 |
| $ | 499 |
| $ | 481 |
| $ | 241 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Interest Margin: |
| 4.35 | % | 4.51 | % | 4.71 | % | 4.54 | % | 4.52 | %* | |||||
* Year-to-date
42.) Financial Highlights
($ millions, except per-share data)
|
| Year-to-Date |
|
|
| ||||
|
| 2004 |
| 2003 |
| Change |
| ||
Net interest income |
| $ | 240.9 |
| $ | 242.2 |
| (1 | )% |
Fees & other revenue: |
|
|
|
|
|
|
| ||
Banking |
| 190.3 |
| 174.1 |
| 9 |
| ||
Other |
| 34.8 |
| 23.7 |
| 47 |
| ||
Total fees and other revenue |
| 225.1 |
| 197.8 |
| 14 |
| ||
Gains on sales of securities available for sale |
| 12.7 |
| 32.8 |
| (62 | ) | ||
Gains (losses) on termination of debt |
| — |
| (6.5 | ) | N.M. |
| ||
Gains on sale of loan servicing |
| 0.7 |
| — |
| N.M. |
| ||
Other non-interest income |
| 13.4 |
| 26.3 |
| (49 | ) | ||
Total non-interest income |
| 238.5 |
| 224.1 |
| 6 |
| ||
Total revenue |
| 479.4 |
| 466.3 |
| 3 |
| ||
Provision for credit losses |
| 4.2 |
| 5.8 |
| (28 | ) | ||
Non-interest expense |
| 284.6 |
| 275.5 |
| 3 |
| ||
Net income |
| $ | 125.9 |
| $ | 120.4 |
| 5 |
|
|
|
|
|
|
|
|
| ||
Diluted EPS |
| $ | 1.82 |
| $ | 1.68 |
| 8 |
|
ROA |
| 2.15 | % | 2.02 | % | 13 | bps | ||
ROE |
| 26.82 | % | 24.95 | % | 187 | bps | ||
N.M. Not meaningful
43.) Power ProfitsSM
Average Balance ($ millions)
Profit center net income ($ in 000s)
|
|
|
| YTD 2004 |
|
|
| ||
|
| Balance |
| Income |
| % |
| ||
Commercial Lending |
| $ | 2,392 |
| $ | 14,488 |
| 12 | % |
Consumer Lending |
| 4,079 |
| 29,003 |
| 23 |
| ||
Leasing and Equipment Finance |
| 1,240 |
| 16,764 |
| 13 |
| ||
Mortgage Banking |
| 99 |
| 322 |
| — |
| ||
Total Power Assets® |
| $ | 7,810 |
| 60,577 |
| 48 |
| |
|
|
|
|
|
|
|
| ||
Traditional Branches (170) |
| $ | 6,135 |
| 35,350 |
| 28 |
| |
Supermarket Branches (241) |
| 1,621 |
| 16,988 |
| 14 |
| ||
Total Power Liabilities® |
| $ | 7,756 |
| 52,338 |
| 42 |
| |
Total Power Assets & Liabilities |
|
|
| 112,915 |
| 90 |
| ||
Equity |
|
|
| 12,871 |
| 10 |
| ||
Total Power Businesses |
|
|
| 125,786 |
| 100 |
| ||
Treasury Services and Other |
|
|
| 93 |
| — |
| ||
Net Income |
|
|
| $ | 125,879 |
| 100 | % | |
44.) Interest Rate Risk Management
Cumulative One Year Positive Gap
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 6/04 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Adjusted Gap |
| $ | (215 | ) | $ | 242 |
| $ | 1,110 |
| $ | 161 |
| $ | 1,015 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Adjusted Gap as a % of Total Assets |
| (1.9 | )% | 2.1 | % | 9.1 | % | 1.4 | % | 8.5 | % | |||||
45.) Summary of Consumer and Commercial Loans
($ millions)
|
| At June 30, 2004 |
| |||||||||||||
|
| Consumer |
| Commercial (1) |
| Total |
| |||||||||
|
| Amount |
| % of |
| Amount |
| % of |
| Amount |
| % of |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Variable-rate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Immediately reprice if rate index increases(2) |
| $ | 2,115 |
| 53 | % | $ | 889 |
| 36 | % | $ | 3,004 |
| 47 | % |
Other(3) |
| 364 |
| 9 |
| 233 |
| 10 |
| 597 |
| 9 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total variable-rate loans |
| 2,479 |
| 62 |
| 1,122 |
| 46 |
| 3,601 |
| 56 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Fixed-rate loans |
| 1,546 |
| 38 |
| 412 |
| 17 |
| 1,958 |
| 30 |
| |||
Adjustable-rate loans(4) |
| — |
| — |
| 909 |
| 37 |
| 909 |
| 14 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total fixed- and adjustable-rate loans |
| 1,546 |
| 38 |
| 1,321 |
| 54 |
| 2,867 |
| 44 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total consumer and commercial loans |
| $ | 4,025 |
| 100 | % | 2,443 |
| 100 | % | 6,468 |
| 100 | % | ||
(1) Includes commercial real estate and commercial business loans.
(2) Loans subject to an immediate increase in interest rate if there is an increase in the prime rate or LIBOR.
(3) The prime rate or LIBOR would need to increase to the equivalent floor rate before the loan rate would change from the floor interest rate.
(4) These loans reprice at periodic intervals, generally 3-5 years, at which time the fixed rate adjusts to a new rate based on a specified spread to the applicable U. S. Treasury rate.
46.) Securities Available for Sale and Residential Portfolios
Ending Balance |
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 6/04 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Securities available for sale portfolio* |
| $ | 1,419 |
| $ | 1,575 |
| $ | 2,355 |
| $ | 1,524 |
| $ | 1,611 |
|
Residential portfolio |
| 3,674 |
| 2,733 |
| 1,800 |
| 1,213 |
| 1,092 |
| |||||
Total |
| $ | 5,093 |
| $ | 4,308 |
| $ | 4,155 |
| $ | 2,737 |
| $ | 2,703 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Rate: |
| 7.05 | % | 6.76 | % | 6.25 | % | 5.55 | % | 5.47 | % | |||||
* Based on historical amortized cost
47.) Industry Comparison
48.) TCF vs. Top 50 Banks* - Return on Assets
Quarter Ended March 31, 2004
NATIONAL CITY CORP |
| NCC |
| 2.61 | % |
U S BANCORP |
| USB |
| 2.14 | % |
NEW YORK CMNTY BANCORP INC |
| NYB |
| 2.12 | % |
TCF FINANCIAL CORP |
| TCB |
| 2.11 | % |
NORTH FORK BANCORPORATION |
| NFB |
| 1.96 | % |
FIRST HORIZON NATL |
| FHN |
| 1.93 | % |
SYNOVUS FINANCIAL CP |
| SNV |
| 1.91 | % |
FIFTH THIRD BANCORP |
| FITB |
| 1.88 | % |
PNC FINANCIAL SVCS GROUP INC |
| PNC |
| 1.85 | % |
WELLS FARGO & CO |
| WFC |
| 1.84 | % |
MARSHALL & ILSLEY CORP |
| MI |
| 1.69 | % |
MERCANTILE BANKSHARES CORP |
| MRBK |
| 1.64 | % |
CITY NATIONAL CORP |
| CYN |
| 1.62 | % |
CITIGROUP INC |
| C |
| 1.60 | % |
NATIONAL COMMERCE FINANCIAL |
| NCF |
| 1.57 | % |
ASSOCIATED BANC CORP |
| ASBC |
| 1.57 | % |
BANK ONE CORP |
| ONE |
| 1.56 | % |
BANK OF NEW YORK CO INC |
| BK |
| 1.47 | % |
BB&T CORP |
| BBT |
| 1.46 | % |
COMMERCE BANCSHARES INC |
| CBSH |
| 1.45 | % |
UNIONBANCAL CORP |
| UB |
| 1.43 | % |
SOUTHTRUST CORP |
| SOTR |
| 1.42 | % |
HIBERNIA CORP -CL A |
| HIB |
| 1.42 | % |
AMSOUTH BANCORPORATION |
| ASO |
| 1.40 | % |
REGIONS FINL CORP |
| RF |
| 1.39 | % |
BANKNORTH GROUP INC |
| BNK |
| 1.37 | % |
HUNTINGTON BANCSHARES |
| HBAN |
| 1.36 | % |
ZIONS BANCORPORATION |
| ZION |
| 1.34 | % |
NORTHERN TRUST CORP |
| NTRS |
| 1.30 | % |
M & T BANK CORP |
| MTB |
| 1.29 | % |
POPULAR INC |
| BPOP |
| 1.29 | % |
COMPASS BANCSHARES INC |
| CBSS |
| 1.29 | % |
HUDSON CITY BANCORP |
| HCBK |
| 1.29 | % |
COMERICA INC. |
| CMA |
| 1.28 | % |
BANK OF AMERICA CORP |
| BAC |
| 1.27 | % |
WACHOVIA CORP |
| WB |
| 1.26 | % |
SKY FINANCIAL GR |
| SKYF |
| 1.25 | % |
KEYCORP |
| KEY |
| 1.19 | % |
MELLON FINANCIAL CORP |
| MEL |
| 1.18 | % |
WESTCORP |
| WES |
| 1.18 | % |
SUNTRUST BANKS INC |
| STI |
| 1.16 | % |
BOK FINANCIAL CORP |
| BOKF |
| 1.16 | % |
WEBSTER FINANCIAL CORP |
| WBS |
| 1.15 | % |
SOVEREIGN BANCORP INC |
| SOV |
| 1.07 | % |
COMMERCE BANCORP INC/NJ |
| CBH |
| 1.06 | % |
J P MORGAN CHASE & CO |
| JPM |
| 1.01 | % |
STATE STREET CORP |
| STT |
| 1.01 | % |
COLONIAL BANCGROUP |
| CNB |
| .98 | % |
UNION PLANTERS CORP |
| UPC |
| .94 | % |
PROVIDENT FINANCIAL GRP INC |
| PFGI |
| .65 | % |
CHARTER ONE FINANCIAL INC |
| CF |
| .47 | % |
|
|
|
|
|
|
AVERAGE |
|
|
| 1.41 | % |
* Represents the fifty largest bank holding companies in the U.S. based on asset size at 3/31/04
Source: Citigate Financial Intelligence
49.) TCF vs. Top 50 Banks* - Return on Equity
Quarter Ended March 31, 2004
NATIONAL CITY CORP |
| NCC |
| 29.58 | % |
NORTH FORK BANCORPORATION |
| NFB |
| 26.60 | % |
MELLON FINANCIAL CORP |
| MEL |
| 26.00 | % |
TCF FINANCIAL CORP |
| TCB |
| 25.90 | % |
FIRST HORIZON NATL |
| FHN |
| 25.60 | % |
BANK OF AMERICA CORP |
| BAC |
| 22.16 | % |
CITIGROUP INC |
| C |
| 21.30 | % |
U S BANCORP |
| USB |
| 20.90 | % |
BANK ONE CORP |
| ONE |
| 20.50 | % |
WELLS FARGO & CO |
| WFC |
| 20.31 | % |
AMSOUTH BANCORPORATION |
| ASO |
| 19.80 | % |
FIFTH THIRD BANCORP |
| FITB |
| 19.70 | % |
PNC FINANCIAL SVCS GROUP INC |
| PNC |
| 19.40 | % |
HUNTINGTON BANCSHARES |
| HBAN |
| 18.40 | % |
COMPASS BANCSHARES INC |
| CBSS |
| 18.20 | % |
SYNOVUS FINANCIAL CP |
| SNV |
| 18.00 | % |
POPULAR INC |
| BPOP |
| 17.95 | % |
COMMERCE BANCORP INC/NJ |
| CBH |
| 17.91 | % |
MARSHALL & ILSLEY CORP |
| MI |
| 17.42 | % |
ASSOCIATED BANC CORP |
| ASBC |
| 17.37 | % |
BANK OF NEW YORK CO INC |
| BK |
| 17.17 | % |
J P MORGAN CHASE & CO |
| JPM |
| 17.00 | % |
CITY NATIONAL CORP |
| CYN |
| 16.75 | % |
HUDSON CITY BANCORP |
| HCBK |
| 16.75 | % |
NORTHERN TRUST CORP |
| NTRS |
| 16.74 | % |
SOUTHTRUST CORP |
| SOTR |
| 16.58 | % |
UNIONBANCAL CORP |
| UB |
| 16.00 | % |
STATE STREET CORP |
| STT |
| 15.60 | % |
ZIONS BANCORPORATION |
| ZION |
| 15.54 | % |
SKY FINANCIAL GR |
| SKYF |
| 15.54 | % |
WACHOVIA CORP |
| WB |
| 15.37 | % |
REGIONS FINL CORP |
| RF |
| 15.14 | % |
HIBERNIA CORP -CL A |
| HIB |
| 14.66 | % |
SUNTRUST BANKS INC |
| STI |
| 14.65 | % |
KEYCORP |
| KEY |
| 14.47 | % |
WESTCORP |
| WES |
| 14.37 | % |
WEBSTER FINANCIAL CORP |
| WBS |
| 14.28 | % |
BANKNORTH GROUP INC |
| BNK |
| 14.13 | % |
COMMERCE BANCSHARES INC |
| CBSH |
| 14.10 | % |
SOVEREIGN BANCORP INC |
| SOV |
| 13.72 | % |
BB&T CORP |
| BBT |
| 13.17 | % |
COLONIAL BANCGROUP |
| CNB |
| 13.10 | % |
NATIONAL COMMERCE FINANCIAL |
| NCF |
| 12.90 | % |
NEW YORK CMNTY BANCORP INC |
| NYB |
| 12.82 | % |
COMERICA INC. |
| CMA |
| 12.71 | % |
BOK FINANCIAL CORP |
| BOKF |
| 12.59 | % |
MERCANTILE BANKSHARES CORP |
| MRBK |
| 12.12 | % |
PROVIDENT FINANCIAL GRP INC |
| PFGI |
| 11.68 | % |
M & T BANK CORP |
| MTB |
| 11.19 | % |
UNION PLANTERS CORP |
| UPC |
| 9.54 | % |
CHARTER ONE FINANCIAL INC |
| CF |
| 6.18 | % |
|
|
|
|
|
|
AVERAGE |
|
|
| 16.67 | % |
* Represents the fifty largest bank holding companies in the U.S. based on asset size at 3/31/04
Source: Citigate Financial Intelligence
50.) TCF vs. Top 50 Banks* - Net Charge-Offs
Quarter Ended March 31, 2004
NEW YORK CMNTY BANCORP INC |
| NYB |
| — | % |
TCF FINANCIAL CORP |
| TCB |
| .02 | % |
NORTHERN TRUST CORP |
| NTRS |
| .02 | % |
CITY NATIONAL CORP |
| CYN |
| .05 | % |
MERCANTILE BANKSHARES CORP |
| MRBK |
| .05 | % |
BANK OF NEW YORK CO INC |
| BK |
| .07 | % |
MARSHALL & ILSLEY CORP |
| MI |
| .08 | % |
WACHOVIA CORP |
| WB |
| .13 | % |
WEBSTER FINANCIAL CORP |
| WBS |
| .13 | % |
SYNOVUS FINANCIAL CP |
| SNV |
| .16 | % |
NORTH FORK BANCORPORATION |
| NFB |
| .16 | % |
REGIONS FINL CORP |
| RF |
| .17 | % |
ASSOCIATED BANC CORP |
| ASBC |
| .20 | % |
M & T BANK CORP |
| MTB |
| .20 | % |
BANKNORTH GROUP INC |
| BNK |
| .21 | % |
COLONIAL BANCGROUP |
| CNB |
| .21 | % |
COMMERCE BANCORP INC/NJ |
| CBH |
| .22 | % |
CHARTER ONE FINANCIAL INC |
| CF |
| .24 | % |
NATIONAL COMMERCE FINANCIAL |
| NCF |
| .28 | % |
SKY FINANCIAL GR |
| SKYF |
| .30 | % |
SUNTRUST BANKS INC |
| STI |
| .30 | % |
BOK FINANCIAL CORP |
| BOKF |
| .31 | % |
SOUTHTRUST CORP |
| SOTR |
| .31 | % |
FIRST HORIZON NATL |
| FHN |
| .34 | % |
HIBERNIA CORP -CL A |
| HIB |
| .36 | % |
BB&T CORP |
| BBT |
| .36 | % |
AMSOUTH BANCORPORATION |
| ASO |
| .38 | % |
NATIONAL CITY CORP |
| NCC |
| .42 | % |
ZIONS BANCORPORATION |
| ZION |
| .53 | % |
HUNTINGTON BANCSHARES |
| HBAN |
| .53 | % |
COMPASS BANCSHARES INC |
| CBSS |
| .55 | % |
FIFTH THIRD BANCORP |
| FITB |
| .56 | % |
COMMERCE BANCSHARES INC |
| CBSH |
| .61 | % |
WELLS FARGO & CO |
| WFC |
| .61 | % |
HUDSON CITY BANCORP |
| HCBK |
| .67 | % |
SOVEREIGN BANCORP INC |
| SOV |
| .68 | % |
PNC FINANCIAL SVCS GROUP INC |
| PNC |
| .68 | % |
COMERICA INC. |
| CMA |
| .69 | % |
POPULAR INC |
| BPOP |
| .70 | % |
KEYCORP |
| KEY |
| .71 | % |
PROVIDENT FINANCIAL GRP INC |
| PFGI |
| .73 | % |
UNION PLANTERS CORP |
| UPC |
| .73 | % |
BANK OF AMERICA CORP |
| BAC |
| .77 | % |
BANK ONE CORP |
| ONE |
| .78 | % |
U S BANCORP |
| USB |
| .79 | % |
J P MORGAN CHASE & CO |
| JPM |
| .79 | % |
UNIONBANCAL CORP |
| UB |
| .80 | % |
CITIGROUP INC |
| C |
| 2.02 | % |
WESTCORP |
| WES |
| 2.27 | % |
|
|
|
|
|
|
WEIGHTED AVERAGE |
|
|
| .81 | % |
* Represents the fifty largest bank holding companies in the U.S. based on asset size at 3/31/04
Source: Citigate Financial Intelligence
51.) TCF vs. Top 50 Banks* - Loan Loss Coverage
Quarter Ended March 31, 2004
(Multiple)
NORTHERN TRUST CORP |
| NTRS |
| 51.2X |
|
CITY NATIONAL CORP |
| CYN |
| 45.2X |
|
TCF FINANCIAL CORP |
| TCB |
| 38.3X |
|
MERCANTILE BANKSHARES CORP |
| MRBK |
| 34.7X |
|
MELLON FINANCIAL CORP |
| MEL |
| 17.9X |
|
WACHOVIA CORP |
| WB |
| 12.0X |
|
CHARTER ONE FINANCIAL INC |
| CF |
| 10.3X |
|
WESTCORP |
| WES |
| 10.1X |
|
ASSOCIATED BANC CORP |
| ASBC |
| 8.7X |
|
SYNOVUS FINANCIAL CP |
| SNV |
| 8.7X |
|
M & T BANK CORP |
| MTB |
| 8.6X |
|
ZIONS BANCORPORATION |
| ZION |
| 8.5X |
|
REGIONS FINL CORP |
| RF |
| 8.4X |
|
NATIONAL COMMERCE FINANCIAL |
| NCF |
| 6.9X |
|
FIRST HORIZON NATL |
| FHN |
| 6.9X |
|
NORTH FORK BANCORPORATION |
| NFB |
| 6.4X |
|
BB&T CORP |
| BBT |
| 6.1X |
|
COLONIAL BANCGROUP |
| CNB |
| 5.9X |
|
BOK FINANCIAL CORP |
| BOKF |
| 5.6X |
|
UNIONBANCAL CORP |
| UB |
| 5.5X |
|
SKY FINANCIAL GR |
| SKYF |
| 4.8X |
|
COMMERCE BANCORP INC/NJ |
| CBH |
| 4.7X |
|
SOUTHTRUST CORP |
| SOTR |
| 4.6X |
|
HUDSON CITY BANCORP |
| HCBK |
| 4.5X |
|
HIBERNIA CORP -CL A |
| HIB |
| 4.0X |
|
SUNTRUST BANKS INC |
| STI |
| 4.0X |
|
STATE STREET CORP |
| STT |
| 3.5X |
|
NATIONAL CITY CORP |
| NCC |
| 3.4X |
|
AMSOUTH BANCORPORATION |
| ASO |
| 3.4X |
|
BANKNORTH GROUP INC |
| BNK |
| 3.4X |
|
BANK ONE CORP |
| ONE |
| 3.1X |
|
KEYCORP |
| KEY |
| 2.9X |
|
COMERICA INC. |
| CMA |
| 2.9X |
|
FIFTH THIRD BANCORP |
| FITB |
| 2.8X |
|
COMMERCE BANCSHARES INC |
| CBSH |
| 2.7X |
|
POPULAR INC |
| BPOP |
| 2.6X |
|
HUNTINGTON BANCSHARES |
| HBAN |
| 2.6X |
|
COMPASS BANCSHARES INC |
| CBSS |
| 2.6X |
|
SOVEREIGN BANCORP INC |
| SOV |
| 2.5X |
|
PNC FINANCIAL SVCS GROUP INC |
| PNC |
| 2.4X |
|
WELLS FARGO & CO |
| WFC |
| 2.4X |
|
U S BANCORP |
| USB |
| 2.4X |
|
BANK OF AMERICA CORP |
| BAC |
| 2.3X |
|
J P MORGAN CHASE & CO |
| JPM |
| 2.1X |
|
UNION PLANTERS CORP |
| UPC |
| 1.9X |
|
CITIGROUP INC |
| C |
| 1.3X |
|
WEBSTER FINANCIAL CORP |
| WBS |
| 1.3X |
|
|
|
|
|
|
|
WEIGHTED AVERAGE |
|
|
| 2.2X |
|
* Represents the fifty largest bank holding companies in the U.S. based on asset size at 3/31/04
Source: Citigate Financial Intelligence
52.) TCF vs. Top 50 Banks* - Net Interest Margin
Quarter Ended March 31, 2004
WEBSTER FINANCIAL CORP |
| WBS |
| 5.03 | % |
WELLS FARGO & CO |
| WFC |
| 4.94 | % |
CITY NATIONAL CORP |
| CYN |
| 4.66 | % |
COMMERCE BANCSHARES INC |
| CBSH |
| 4.57 | % |
TCF FINANCIAL CORP |
| TCB |
| 4.52 | % |
NATIONAL COMMERCE FINANCIAL |
| NCF |
| 4.39 | % |
BOK FINANCIAL CORP |
| BOKF |
| 4.37 | % |
NORTH FORK BANCORPORATION |
| NFB |
| 4.33 | % |
ZIONS BANCORPORATION |
| ZION |
| 4.32 | % |
U S BANCORP |
| USB |
| 4.29 | % |
SYNOVUS FINANCIAL CP |
| SNV |
| 4.24 | % |
PROVIDENT FINANCIAL GRP INC |
| PFGI |
| 4.17 | % |
NATIONAL CITY CORP |
| NCC |
| 4.16 | % |
UNIONBANCAL CORP |
| UB |
| 4.14 | % |
BANK OF NEW YORK CO INC |
| BK |
| 4.09 | % |
NEW YORK CMNTY BANCORP INC |
| NYB |
| 4.00 | % |
M & T BANK CORP |
| MTB |
| 3.92 | % |
COMMERCE BANCORP INC/NJ |
| CBH |
| 3.86 | % |
COMERICA INC. |
| CMA |
| 3.83 | % |
UNION PLANTERS CORP |
| UPC |
| 3.82 | % |
POPULAR INC |
| BPOP |
| 3.80 | % |
ASSOCIATED BANC CORP |
| ASBC |
| 3.80 | % |
KEYCORP |
| KEY |
| 3.74 | % |
SKY FINANCIAL GR |
| SKYF |
| 3.71 | % |
MELLON FINANCIAL CORP |
| MEL |
| 3.69 | % |
COMPASS BANCSHARES INC |
| CBSS |
| 3.68 | % |
FIRST HORIZON NATL |
| FHN |
| 3.68 | % |
BANKNORTH GROUP INC |
| BNK |
| 3.64 | % |
FIFTH THIRD BANCORP |
| FITB |
| 3.60 | % |
COLONIAL BANCGROUP |
| CNB |
| 3.57 | % |
REGIONS FINL CORP |
| RF |
| 3.56 | % |
SOVEREIGN BANCORP INC |
| SOV |
| 3.56 | % |
WACHOVIA CORP |
| WB |
| 3.55 | % |
SOUTHTRUST CORP |
| SOTR |
| 3.50 | % |
MERCANTILE BANKSHARES CORP |
| MRBK |
| 3.45 | % |
HUNTINGTON BANCSHARES |
| HBAN |
| 3.36 | % |
PNC FINANCIAL SVCS GROUP INC |
| PNC |
| 3.30 | % |
AMSOUTH BANCORPORATION |
| ASO |
| 3.28 | % |
BANK ONE CORP |
| ONE |
| 3.25 | % |
J P MORGAN CHASE & CO |
| JPM |
| 3.22 | % |
SUNTRUST BANKS INC |
| STI |
| 3.13 | % |
WESTCORP |
| WES |
| 3.09 | % |
CHARTER ONE FINANCIAL INC |
| CF |
| 3.04 | % |
HIBERNIA CORP -CL A |
| HIB |
| 2.69 | % |
MARSHALL & ILSLEY CORP |
| MI |
| 2.17 | % |
HUDSON CITY BANCORP |
| HCBK |
| 2.17 | % |
BANK OF AMERICA CORP |
| BAC |
| 1.90 | % |
NORTHERN TRUST CORP |
| NTRS |
| 1.73 | % |
STATE STREET CORP |
| STT |
| 1.36 | % |
BB&T CORP |
| BBT |
| 1.05 | % |
CITIGROUP INC |
| C |
| — | % |
|
|
|
|
|
|
AVERAGE |
|
|
| 3.56 | % |
* Represents the fifty largest bank holding companies in the U.S. based on asset size at 3/31/04
Source: Citigate Financial Intelligence
53.) TCF vs. Top 50 Banks* - Price/Est. Forward EPS
Quarter Ended March 31, 2004
(Multiple)
HUDSON CITY BANCORP |
| HCBK |
| 26.34X |
|
NORTHERN TRUST CORP |
| NTRS |
| 17.92X |
|
COMMERCE BANCORP INC/NJ |
| CBH |
| 17.52X |
|
STATE STREET CORP |
| STT |
| 16.93X |
|
PROVIDENT FINANCIAL GRP INC |
| PFGI |
| 16.33X |
|
SYNOVUS FINANCIAL CP |
| SNV |
| 15.57X |
|
FIFTH THIRD BANCORP |
| FITB |
| 15.30X |
|
MELLON FINANCIAL CORP |
| MEL |
| 14.83X |
|
BANK OF NEW YORK CO INC |
| BK |
| 14.52X |
|
BANK ONE CORP |
| ONE |
| 14.31X |
|
NATIONAL COMMERCE FINANCIAL |
| NCF |
| 13.96X |
|
NEW YORK CMNTY BANCORP INC |
| NYB |
| 13.88X |
|
COMMERCE BANCSHARES INC |
| CBSH |
| 13.83X |
|
M & T BANK CORP |
| MTB |
| 13.57X |
|
MERCANTILE BANKSHARES CORP |
| MRBK |
| 13.33X |
|
COLONIAL BANCGROUP |
| CNB |
| 13.31X |
|
CITY NATIONAL CORP |
| CYN |
| 13.22X |
|
SOUTHTRUST CORP |
| SOTR |
| 13.22X |
|
BANKNORTH GROUP INC |
| BNK |
| 13.19X |
|
BOK FINANCIAL CORP |
| BOKF |
| 13.18X |
|
COMPASS BANCSHARES INC |
| CBSS |
| 13.08X |
|
MARSHALL & ILSLEY CORP |
| MI |
| 12.95X |
|
SKY FINANCIAL GR |
| SKYF |
| 12.72X |
|
TCF FINANCIAL CORP |
| TCB |
| 12.58X |
|
SUNTRUST BANKS INC |
| STI |
| 12.52X |
|
COMERICA INC. |
| CMA |
| 12.49X |
|
ASSOCIATED BANC CORP |
| ASBC |
| 12.48X |
|
PNC FINANCIAL SVCS GROUP INC |
| PNC |
| 12.32X |
|
WELLS FARGO & CO |
| WFC |
| 12.24X |
|
WEBSTER FINANCIAL CORP |
| WBS |
| 12.19X |
|
NORTH FORK BANCORPORATION |
| NFB |
| 12.16X |
|
KEYCORP |
| KEY |
| 12.07X |
|
HUNTINGTON BANCSHARES |
| HBAN |
| 11.97X |
|
UNION PLANTERS CORP |
| UPC |
| 11.94X |
|
HIBERNIA CORP -CL A |
| HIB |
| 11.80X |
|
J P MORGAN CHASE & CO |
| JPM |
| 11.75X |
|
CITIGROUP INC |
| C |
| 11.75X |
|
U S BANCORP |
| USB |
| 11.57X |
|
ZIONS BANCORPORATION |
| ZION |
| 11.51X |
|
FIRST HORIZON NATL |
| FHN |
| 11.49X |
|
AMSOUTH BANCORPORATION |
| ASO |
| 11.47X |
|
BB&T CORP |
| BBT |
| 11.46X |
|
SOVEREIGN BANCORP INC |
| SOV |
| 11.39X |
|
REGIONS FINL CORP |
| RF |
| 11.10X |
|
UNIONBANCAL CORP |
| UB |
| 11.10X |
|
POPULAR INC |
| BPOP |
| 11.05X |
|
CHARTER ONE FINANCIAL INC |
| CF |
| 11.05X |
|
WACHOVIA CORP |
| WB |
| 11.01X |
|
NATIONAL CITY CORP |
| NCC |
| 10.72X |
|
BANK OF AMERICA CORP |
| BAC |
| 10.11X |
|
WESTCORP |
| WES |
| 9.73X |
|
|
|
|
|
|
|
AVERAGE |
|
|
| 13.11X |
|
* Represents the fifty largest bank holding companies in the U.S. based on asset size at 3/31/04
Source: Citigate Financial Intelligence
54.) Total Market Returns*
At June 30, 2004
|
| Annualized |
| ||||||
|
| 1 Year |
| 3 Years |
| 5 Years |
| 10 Years |
|
TCF Stock |
| 49.71 | % | 10.67 | % | 18.91 | % | 24.19 | % |
US Bancorp |
| 18.00 | % | 10.90 | % | 3.28 | % | 24.22 | % |
Fifth Third Bancorp |
| (4.28 | )% | (1.84 | )% | 5.66 | % | 19.95 | % |
Wells Fargo & Company |
| 17.34 | % | 10.06 | % | 8.56 | % | 18.77 | % |
S&P MidCap Index |
| 27.98 | % | 6.58 | % | 9.05 | % | 15.47 | % |
Dow Jones Industrial Average |
| 18.54 | % | 1.83 | % | .86 | % | 13.32 | % |
S&P Bank Composite |
| 15.44 | % | 4.33 | % | 1.25 | % | 11.96 | % |
S&P 500 Index |
| 19.11 | % | (.70 | )% | (2.20 | )% | 11.83 | % |
Bank One Corp |
| 39.99 | % | 14.98 | % | (.28 | )% | 9.45 | % |
* Assumes dividend reinvestment
Source: SIT Investment Associates, Inc.
55.) Cautionary Statement
This presentation and other reports issued by the Company, including reports filed with the SEC, may contain “forward-looking” statements that deal with future results,plans or performance. In addition, TCF’s management may make such statements orally to the media, or to securities analysts, investors or others. Forward-lookingstatements deal with matters that do not relate strictly to historical facts. TCF’s future results may differ materially from historical performance and forward-lookingstatements 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 possiblelegislative changes and adverse economic, business and competitive developments such as shrinking interest margins; deposit outflows; ability to increase the number ofchecking 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; changesin accounting policies and guidelines, or monetary, fiscal or tax policies of the federal or state governments; changes in credit and other risks posed by TCF’s loan,lease and investment portfolios, including declines in commercial or residential real estate values; technological, computer-related or operational difficulties; adversechanges in securities markets; the risk that TCF could be unable to effectively manage the volatility of its mortgage banking business, which could adversely affectearnings; and results of litigation or other significant uncertainties. Investors should consult TCF’s Annual Report to Shareholders and reports on Forms 10-K, 10-Qand 8-K for additional important information about the Company.
56.)
NYSE: TCB
The Leader In Convenience Banking
Stock Price Performance
(In Dollars)
Year-Ending |
| Stock Price |
| Dividend Paid |
| ||
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 |
|
Dec-03 |
| $ | 51.35 |
| $ | 1.30 |
|
Jun-04 |
| $ | 58.05 |
| $ | 1.50 | (annualized) |
57.)
Appendix
58.)
Risk Based Capital
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 6/04 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Actual |
| $ | 826 |
| $ | 834 |
| $ | 851 |
| $ | 842 |
| $ | 952 |
|
Minimum Requirement |
| $ | 570 |
| $ | 593 |
| $ | 622 |
| $ | 628 |
| $ | 666 |
|
Well Capitalized Requirement |
| $ | 712 |
| $ | 741 |
| $ | 777 |
| $ | 785 |
| $ | 833 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tier 1: |
| 10.66 | % | 10.24 | % | 9.96 | % | 9.75 | % | 9.57 | % | |||||
Total: |
| 11.59 | % | 11.26 | % | 10.95 | % | 10.73 | % | 11.43 | % | |||||
59.)
Leasing and Equipment Finance
Power Assets®
($ 000s)
|
| 6/30/2004 |
| 12/31/2003 |
| Change |
| |||
Manufacturing |
| $ | 232,187 |
| $ | 198,321 |
| $ | 33,866 |
|
Technology and data processing |
| 231,921 |
| 249,515 |
| (17,594 | ) | |||
Specialty vehicles |
| 223,399 |
| 225,073 |
| (1,674 | ) | |||
Construction |
| 157,718 |
| 133,104 |
| 24,614 |
| |||
Medical |
| 145,155 |
| 33,462 |
| 111,693 |
| |||
Trucks and trailers |
| 79,739 |
| 89,262 |
| (9,523 | ) | |||
Furniture and fixtures |
| 54,833 |
| 54,052 |
| 781 |
| |||
Printing |
| 43,009 |
| 38,977 |
| 4,032 |
| |||
Material handling |
| 28,166 |
| 27,111 |
| 1,055 |
| |||
Aircraft |
| 22,741 |
| 23,965 |
| (1,224 | ) | |||
Other |
| 90,296 |
| 87,555 |
| 2,741 |
| |||
Total |
| $ | 1,309,164 |
| $ | 1,160,397 |
| $ | 148,767 |
|
60.)
Leasing and Equipment Finance
Summary of Operations
($ 000s)
For the Three Months Ended June 30: |
| 2004 |
| 2003 |
| Change |
| |||
Net interest income |
| $ | 14,209 |
| $ | 11,139 |
| $ | 3,070 |
|
Provision for credit losses |
| 2,526 |
| 2,376 |
| 150 |
| |||
Non-interest income |
| 12,391 |
| 11,457 |
| 934 |
| |||
Non-interest expense |
| 11,106 |
| 9,335 |
| 1,771 |
| |||
Pre-tax income |
| 12,968 |
| 10,885 |
| 2,083 |
| |||
Income tax expense |
| 4,616 |
| 4,026 |
| 590 |
| |||
Net Income |
| $ | 8,352 |
| $ | 6,859 |
| $ | 1,493 |
|
|
|
|
|
|
|
|
| |||
ROA |
| 2.48 | % | 2.48 | % |
|
| |||
61.)
Leasing and Equipment Finance
Credit Quality
Over 30-day delinquency as a percentage of portfolio at: |
| 6/30/2004 |
| 12/31/2003 |
|
Middle market |
| .44 | % | .88 | % |
Winthrop |
| 4.60 |
| 1.14 |
|
Wholesale |
| .44 |
| .29 |
|
Small ticket |
| .52 |
| .56 |
|
Leveraged leases |
| — |
| — |
|
Subtotal |
| 1.14 |
| .81 |
|
Truck and trailer |
| 4.13 |
| 3.66 |
|
Total |
| 1.22 |
| .93 |
|
62.)
Net Charge-offs by Business Line
($ 000s)
|
| 2Q04 |
| 2Q03 |
| ||||||
|
| $ |
| %* |
| $ |
| %* |
| ||
Consumer |
| $ | 719 |
| .07 | % | $ | 457 |
| .06 | % |
Commercial real estate |
| (15 | ) | — |
| (20 | ) | — |
| ||
Commercial business |
| (16 | ) | (.01 | ) | 781 |
| .67 |
| ||
Leasing and equipment finance: |
|
|
|
|
|
|
|
|
| ||
Leasing and equipment finance without truck and trailer |
| 1,298 |
| .42 |
| 1,547 |
| .63 |
| ||
Truck and trailer |
| 80 |
| .80 |
| 477 |
| 2.28 |
| ||
Total leasing and equipment finance |
| 1,378 |
| .43 |
| 2,024 |
| .76 |
| ||
Subtotal |
| 2,066 |
| .11 |
| 3,242 |
| .20 |
| ||
Residential real estate |
| 33 |
| .01 |
| 2 |
| — |
| ||
Total |
| $ | 2,099 |
| .10 |
| $ | 3,244 |
| .16 |
|
* Annualized
63.)
Return to Shareholders1 +24%*
Period Ending
|
|
|
|
|
|
|
|
|
|
|
| Index Value |
|
|
|
|
|
|
|
|
| |||||||||||||
|
| 3/31/1994 |
| 3/31/1995 |
| 3/31/1996 |
| 3/31/1997 |
| 3/31/1998 |
| 3/31/1999 |
| 3/31/2000 |
| 3/31/2001 |
| 3/31/2002 |
| 3/31/2003 |
| 3/31/2004 |
| |||||||||||
|
| ($) |
| |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
TCF Financial Corporation |
| $ | 100.00 |
| $ | 145.26 |
| $ | 249.97 |
| $ | 278.62 |
| $ | 486.13 |
| $ | 382.86 |
| $ | 359.69 |
| $ | 586.95 |
| $ | 836.36 |
| $ | 653.17 |
| $ | 857.44 |
|
S&P 500 |
| $ | 100.00 |
| $ | 115.66 |
| $ | 152.96 |
| $ | 183.32 |
| $ | 271.88 |
| $ | 322.76 |
| $ | 382.00 |
| $ | 298.86 |
| $ | 299.95 |
| $ | 225.62 |
| $ | 305.34 |
|
SNL All Bank & Thrift Index |
| $ | 100.00 |
| $ | 110.69 |
| $ | 168.14 |
| $ | 226.17 |
| $ | 362.08 |
| $ | 357.41 |
| $ | 338.99 |
| $ | 389.92 |
| $ | 433.86 |
| $ | 373.28 |
| $ | 541.39 |
|
1 Assumes $100 invested March 31, 1994 with dividends reinvested
* Annualized return since 3/31/94
Source: SNL Securities LC
Glossary of Terms
Coverage Ratio
Period-end allowance for loan and lease losses as a multiple of annualized net charge-offs.
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
Total fees associated with usage of retail and small business checking accounts divided by the average number of retail and small business checking accounts.
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 certificates of deposit.
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.
