Exhibit 99.1
TCF Financial Corporation
Investing in the Future
1.) Corporate Profile
At September 30, 2004
• $12 billion financial holding company headquartered in Minnesota is the 51st largest1 bank in the U.S. based on asset size and 40th largest1 based on market cap
• 419 bank branches, 246 branches opened since January 1, 1998 - 27th largest2 branch network in the country. Fourth largest2 bank branch growth (1999 to 2003)
• 1,171 TCF EXPRESS TELLER® ATMs, 685 off-site
• One of the largest Visa® Classic debit card issuers
• Annualized return to investor3: 1 year 29.8%, 3 years 12.5%, 5 years 19.3%, 10 years 22.9%
• During the third quarter of 2004, TCF announced and completed a two-for-one stock split of its common stock in the form of a 100 percent stock dividend. As a result of the two-for-one stock split, all prior period share and per share data have been restated.
• ROA 2.06%; ROE 25.96%; ROTE 4 32.03%
• 1.5 million checking accounts
1 Source: Citigate Financial Intelligence; June 30, 2004
2 Source: American Banker; January 15, 2004
3 Source: SIT Investment Associates, Inc.
4 Excludes the impact of intangible amortization expense (See reconciliation slide in the appendix).
2.) Corporate Profile
At September 30, 2004
• Bank branches located in six states: Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana.
|
| At 9/30/04 |
| At 1/1/98 |
|
Traditional |
| 175 |
| 156 |
|
Supermarket |
| 244 |
| 61 |
|
Total |
| 419 |
| 217 |
|
|
|
|
|
|
|
Minnesota |
| 101 |
| 75 |
|
Illinois |
| 194 |
| 47 |
|
Michigan |
| 58 |
| 60 |
|
Wisconsin |
| 34 |
| 28 |
|
Colorado |
| 26 |
| 7 |
|
Indiana |
| 6 |
| — |
|
Total |
| 419 |
| 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 (724,000 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 52.7 million shares since 1/1/98 at an average cost of $17.19 per share.
5.) Share Repurchase Program
|
| 1998 |
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 9/04 |
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| (000s) |
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Shares Purchased |
| 15,099 |
| 8,183 |
| 6,488 |
| 7,340 |
| 6,217 |
| 6,919 |
| 2,415 |
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Shares outstanding: |
| 171,138 |
| 163,888 |
| 160,578 |
| 153,864 |
| 147,712 |
| 140,952 |
| 138,764 |
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Average purchase price: |
| $ | 13.97 |
| $ | 12.97 |
| $ | 11.38 |
| $ | 20.17 |
| $ | 23.81 |
| $ | 21.73 |
| $ | 28.12 |
|
6.) Share Repurchase Program
• Repurchased 908,000 shares of common stock during the 2004 third quarter at an average cost of $29.74 per share
• Since 1/1/98,
• TCF repurchased 52.7 million shares at an average cost of $17.19 per share
• $905.2 million investment
• $1.6 billion value at 9/30/04
• At 9/30/04, 5 million shares remain available to purchase under board authorization
• Returned 93% of net income to shareholders thru dividends and share buy backs over the last 3 years
7.) Consumer Home Equity Lending +23%*
Loan-to-value |
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 9/04 |
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| ($ millions) |
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80% or less |
| $ | 971.7 |
| $ | 1,178.8 |
| $ | 1,488.5 |
| $ | 1,816.7 |
| $ | 2,068.1 |
| ||||||||
Over 80 to 90% |
| $ | 648.2 |
| $ | 802.1 |
| $ | 1,028.2 |
| $ | 1,370.5 |
| $ | 1,656.9 |
| ||||||||
Over 90 to 100% |
| $ | 486.5 |
| $ | 396.3 |
| $ | 385.0 |
| $ | 361.4 |
| $ | 424.0 |
| ||||||||
Over 100% |
| $ | 45.6 |
| $ | 66.6 |
| $ | 53.9 |
| $ | 39.5 |
| $ | 35.5 |
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Total |
| $ | 2,152 |
| $ | 2,444 |
| $ | 2,956 |
| $ | 3,588 |
| $ | 4,185 |
| ||||||||
Portion of loans >90% of property value is $35.5 million
* Twelve-month growth rate
8.) Consumer Home Equity Loans
At September 30, 2004
• 67% loans, 33% lines of credit
• 63% variable rate (prime based) and 37% fixed rate
• 66% are 1st mortgages, 34% are 2nd mortgages
• Average home value of $193,125
• Yield 6.04%
• Over-30-day delinquency rate .36%
• Net charge-offs: 2004= .10% (annualized), 2003= .11%
• Average loan-to-value 73%
• Average FICO score 715
9.) Commercial Lending +9%*
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 9/04 |
| ||||||
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| ($ millions) |
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Commercial Real Estate |
| $ | 1,371.9 |
| $ | 1,622.5 |
| $ | 1,835.8 |
| $ | 1,916.7 |
| $ | 2,031.0 |
| |
Commercial Business |
| $ | 410.4 |
| $ | 422.4 |
| $ | 440.1 |
| $ | 427.7 |
| $ | 444.6 |
| |
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Total |
| $ | 1,782 |
| $ | 2,045 |
| $ | 2,276 |
| $ | 2,344 |
| $ | 2,476 |
| |
* Twelve-month growth rate
10.) Commercial Loans
At September 30, 2004
• Commercial real estate
• 24% apartment loans
• 22% office building loans
• 7% hotel loans
• Commercial business - $445 million
• Yield 5.28%
• Over-30-day delinquency rate .13%
• Net charge-offs: 2004 = .03% (annualized), 2003 = .09%
• Approximately 98% of all commercial loans secured
• CRE location mix: 91% Midwest, 9% Other
11.) Leasing and Equipment Finance +16%*
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 9/04 |
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| ($ millions) |
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Leasing and Equipment Finance |
| $ | 856 |
| $ | 957 |
| $ | 1,039 |
| $ | 1,160 |
| $ | 1,328 |
|
* Twelve-month growth rate
12.) Leasing and Equipment Finance
At September 30, 2004
• Equipment type
• 31% manufacturing and construction
• 17% technology and data processing
• 17% specialty vehicle
• 11% medical
• 24% other
• Yield 6.92%
• Uninstalled backlog of $206.6 million; up $51.4 million from year-end 2003
• Over-30-day delinquency rate .54%
• Net charge-offs: 2004= .34% (annualized), 2003= .69%
• $18.8 million leveraged lease with Delta Airlines
• Acquired VGM Leasing, Inc., specializing in home medical equipment financing in March 2004
13.) Credit Quality
14.) Allowance for Loan & Lease Losses
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 9/04 |
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| ($ millions) |
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Allowance for Loan & Lease Losses |
| $ | 66.7 |
| $ | 75.0 |
| $ | 77.0 |
| $ | 76.6 |
| $ | 79.0 |
| |
Net Charge-offs (NCO) |
| $ | 3.9 |
| $ | 12.5 |
| $ | 20.0 |
| $ | 12.9 |
| $ | 6.3 |
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As a % of Loans & Leases: |
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Allowance |
| .78 | % | .91 | % | .95 | % | .92 | % | .87 | % | ||||||
NCO |
| .05 | % | .15 | % | .25 | % | .16 | % | .10 | %* | ||||||
Coverage Ratio |
| 17.3 | X | 6.0 | X | 3.8 | X | 5.9 | X | 9.4 | X* | ||||||
* Annualized
15.) Delinquencies (over 30-day)*
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 9/04 |
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| ($ millions) |
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Delinquencies |
| $ | 58.9 |
| $ | 46.8 |
| $ | 46.3 |
| $ | 38.7 |
| $ | 35.3 |
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Delinquencies (percent) |
| .69 | % | .57 | % | .57 | % | .47 | % | .39 | % | |||||
* Excludes non-accrual loans and leases
16.) Non-Performing Assets
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 9/04 |
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| ($ millions) |
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Non-Accrual Loans and Leases |
| $ | 35.2 |
| $ | 52.0 |
| $ | 43.6 |
| $ | 35.4 |
| $ | 46.8 |
| ||
Real Estate Owned |
| $ | 10.9 |
| $ | 14.6 |
| $ | 26.6 |
| $ | 33.5 |
| $ | 22.7 |
| ||
Total |
| $ | 46.1 |
| $ | 66.6 |
| $ | 70.2 |
| $ | 68.9 |
| $ | 69.5 |
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Reserves/NAs: |
| 189 | % | 144 | % | 176 | % | 216 | % | 169 | % | |||||||
NPAs/Assets: |
| .41 | % | .59 | % | .58 | % | .61 | % | .58 | % | |||||||
17.) Credit Quality
At September 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 .77%
• Over-30-day delinquency rate .39%
• Allowance as a multiple of annualized net charge-offs (coverage ratio), 9.4X
• Income before income taxes and provision for loan losses as a multiple of net charge-offs, 46.1X
* Source: Citigate Financial Intelligence (fifty largest banks)
18.) Checking Accounts +7%*
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 9/04 |
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| (000s) |
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Supermarket Branches |
| 414 |
| 496 |
| 549 |
| 608 |
| 646 |
|
Traditional Branches |
| 717 |
| 753 |
| 789 |
| 836 |
| 881 |
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Total |
| 1,131 |
| 1,249 |
| 1,338 |
| 1,444 |
| 1,527 |
|
* Twelve-month growth rate
19.) Fee Revenue Per Retail Checking Account
|
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 9/04* |
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| (In Dollars) |
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Fee Revenue per Retail Checking Account |
| $ | 190 |
| $ | 209 |
| $ | 218 |
| $ | 223 |
| $ | 230 |
|
* Trailing twelve months
20.) Retail Checking Deposits +15%*
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 9/04 |
| |||||
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| ($ millions) |
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Supermarket Branches |
| $ | 475 |
| $ | 591 |
| $ | 695 |
| $ | 829 |
| $ | 927 |
|
Traditional Branches |
| $ | 1,535 |
| $ | 1,715 |
| $ | 1,903 |
| $ | 2,146 |
| $ | 2,435 |
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Total |
| $ | 2,010 |
| $ | 2,306 |
| $ | 2,598 |
| $ | 2,975 |
| $ | 3,362 |
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Average Rate: |
| .20 | % | .07 | % | .04 | % | .03 | % | .14 | % | |||||
* Twelve-month growth rate
21.) Retail Savings and Money Market Deposits
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 9/04 |
| |||||||
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| ($ millions) |
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Money Market |
| $ | 794.2 |
| $ | 879.9 |
| $ | 791.3 |
| $ | 745.8 |
| $ | 635.6 |
| ||
Savings |
| $ | 964.3 |
| $ | 1,113.4 |
| $ | 1,794.6 |
| $ | 1,771.1 |
| $ | 1,793.3 |
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Total |
| $ | 1,758 |
| $ | 1,993 |
| $ | 2,586 |
| $ | 2,517 |
| $ | 2,429 |
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Average Rate: |
| 2.29 | % | .81 | % | .78 | % | .41 | % | .43 | % | |||||||
22.) Banking Fees and Other Revenue1 +9%*
|
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| |||||||||
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| ($ millions) |
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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 |
| $ | 102.2 |
| ||||
Fourth Quarter |
| $ | 67.1 |
| $ | 77.6 |
| $ | 91.1 |
| $ | 90.0 |
| $ | — |
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Total |
| $ | 257 |
| $ | 293 |
| $ | 334 |
| $ | 358 |
| $ | 293 |
| ||||
1 Consisting of fees and service charges, card revenue, ATM revenue, and investments and insurance commissions.
* YTD growth rate (‘04 vs. ‘03)
23.) New Branches
24.) Total New Branches1
|
| Supermarket |
| Traditional |
| Total |
| Percent of Total |
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| (#) |
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12/98 |
| 99 |
| 6 |
| 105 |
| 33.8 |
|
12/99 |
| 133 |
| 7 |
| 140 |
| 41.4 |
|
12/00 |
| 153 |
| 10 |
| 163 |
| 46.3 |
|
12/01 |
| 174 |
| 16 |
| 190 |
| 50.7 |
|
12/02 |
| 184 |
| 28 |
| 212 |
| 53.7 |
|
12/03 |
| 186 |
| 42 |
| 228 |
| 56.9 |
|
9/04 |
| 193 |
| 53 |
| 246 |
| 58.7 |
|
2004 Forecast |
| 197 |
| 63 |
| 260 |
| 60.0 |
|
2005 Plan |
| 204 |
| 87 |
| 291 |
| 62.7 |
|
1 Branches opened since January 1, 1998
25.) Retail Model - Net Income
|
| Year of Existence |
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| 1 |
| 2 |
| 3 |
| 4 |
| 5 |
| 6 |
| 7 |
| 8 |
| 9 |
| 10 |
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| Net Income* ($ 000s) |
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Supermarket Branch |
| $ | (185 | ) | $ | (41 | ) | $ | 24 |
| $ | 91 |
| $ | 89 |
| $ | 139 |
| $ | 188 |
| $ | 215 |
| $ | 252 |
| $ | 282 |
|
Traditional Branch |
| $ | (348 | ) | $ | (154 | ) | $ | (15 | ) | $ | 90 |
| $ | 119 |
| $ | 195 |
| $ | 253 |
| $ | 279 |
| $ | 341 |
| $ | 395 |
|
Capital Expenditure: $209,000 Supermarket branch, $3 million Traditional branch
* Excludes consumer lending
26.) New Branch1 Total Deposits +20%*
|
| 12/98 |
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 9/04 |
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| ($ millions) |
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Deposits |
| $ | 190 |
| $ | 344 |
| $ | 594 |
| $ | 744 |
| $ | 1,088 |
| $ | 1,225 |
| $ | 1,416 |
|
1 Branches opened since January 1, 1998
* Twelve-month growth rate
27.) New Branch1 Total Checking Accounts +19%*
|
| 12/98 |
| 12/99 |
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 9/04 |
|
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| (000s) |
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Checking Accounts |
| 101 |
| 192 |
| 253 |
| 343 |
| 411 |
| 455 |
| 562 |
|
1 Branches opened since January 1, 1998
* Twelve - -month growth rate
28.) New Branch1 Banking Fees & Other Revenue2 +23%*
|
| 1998 |
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 9/04 |
| |||||||
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| ($ millions) |
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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 |
| $ | 40.9 |
|
Fourth Quarter |
| $ | 5.8 |
| $ | 11.9 |
| $ | 17.4 |
| $ | 23.5 |
| $ | 29.8 |
| $ | 32.8 |
| $ | — |
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Total |
| $ | 14 |
| $ | 39 |
| $ | 61 |
| $ | 85 |
| $ | 108 |
| $ | 126 |
| $ | 114 |
|
1 Branches opened since January 1, 1998
2 Consisting of fees and service charges, card revenue, ATM revenue, and investments and insurance commissions.
* Twelve-month growth rate
29.) Campus Banking
At September 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.
• 89,974 total checking accounts
• $138.9 million in deposits
30.) Card Revenue +12%*
|
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| ||||||
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| ($ millions) |
| ||||||||||||||
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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 |
| $ | 16.3 |
| |
Fourth Quarter |
| $ | 8.2 |
| $ | 10.1 |
| $ | 13.1 |
| $ | 12.1 |
| $ | — |
| |
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|
|
| ||||||
Total |
| $ | 28.8 |
| $ | 37.6 |
| $ | 47.2 |
| $ | 53.0 |
| $ | 45.8 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Sales volume: |
| $ | 2,025 |
| $ | 2,560 |
| $ | 3,216 |
| $ | 3,899 |
| $ | 3,457 | 1 | |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Average off-line interchange rate: |
| 1.53 | % | 1.55 | % | 1.55 | % | 1.43 | % | 1.41 | %1 | ||||||
* YTD (‘04 vs.’03)
1 Year-to-date
31.) Card Revenue
• One of the largest issuers of Visa® Classic debit cards
• 11 million average transactions per month in 3Q04
• 20% increase in sales volume1
• Interchange revenue of $16.3 million in 3Q04, an increase of 26%1
• Number of active accounts up 61,243, or 9%, from 3Q03
• Average number of transactions per month on active cards 13.6, up 7%, from 3Q03
1 3Q04 vs. 3Q03
32.) Small Business Checking Deposits +19%*
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 9/04 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Small Business Checking Deposits |
| $ | 253 |
| $ | 313 |
| $ | 380 |
| $ | 461 |
| $ | 537 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
# of accounts |
| 69,179 |
| 79,865 |
| 91,385 |
| 102,557 |
| 111,406 |
| |||||
* Twelve-month growth rate
33.) Small Business Checking Accounts
At September 30, 2004
• Relationship banking offering multiple product lines to business owners
• $537 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
• 51,729 TCF Business Check CardsSM
34.) New Products and Services
• TCF Premier Checking PlusSM
• TCF Miles PlusSM Card
• TCF Check CashingSM
• TCF Express CoinSM Service coin counters
• TCF Command ProtectionSM Plan
• Monthly payments
• Another source of fee revenue
• Medical equipment leasing
35.) Financial Highlights
How We Are Doing…
36.) Diluted EPS
|
| 1995 |
| 1996 |
| 1997 |
| 1998 |
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004* |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
First Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | .42 |
| $ | .44 |
| |||||||||
Second Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | .42 |
| $ | .47 |
| |||||||||
Third Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | .26 |
| $ | .45 |
| |||||||||
Fourth Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | .43 |
| $ | — |
| |||||||||
Total Year |
| $ | .43 |
| $ | .60 |
| $ | .84 |
| $ | .88 |
| $ | 1.00 |
| $ | 1.17 |
| $ | 1.35 |
| $ | 1.58 |
| $ | 1.53 |
| $ | 1.36 |
| |
* Year-to-date
37.) Dividend History +15%*
|
| 1995 |
| 1996 |
| 1997 |
| 1998 |
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Dividends Paid |
| $ | .15 |
| $ | .18 |
| $ | .23 |
| $ | .31 |
| $ | .36 |
| $ | .41 |
| $ | .50 |
| $ | .58 |
| $ | .65 |
| $ | .75 | 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Dividend payout ratio: |
| 35 | % | 30 | % | 28 | % | 35 | % | 36 | % | 35 | % | 37 | % | 37 | % | 43 | % | 41 | %3 | ||||||||||
10-year compounded annual growth rate 20%
Ranks 3rd of the Top 50 Banks1
* Annual growth rate (‘04 vs. ‘03)
1 Source: Citigate Financial Intelligence
2 Annualized, subject to Board of Directors approval
3 Year-to-date
38.) 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 |
| $ | 61.7 |
|
Fourth Quarter |
| $ | 52.2 |
| $ | 54.2 |
| $ | 59.8 |
| $ | 59.5 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
| $ | 186 |
| $ | 207 |
| $ | 233 |
| $ | 216 |
| $ | 188 |
|
39.) Net Interest Income
|
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| ||||||
|
| ($ millions) |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
First Quarter |
| $ | 106.8 |
| $ | 113.8 |
| $ | 124.5 |
| $ | 122.4 |
| $ | 118.4 |
| |
Second Quarter |
| $ | 110.2 |
| $ | 119.3 |
| $ | 124.3 |
| $ | 119.8 |
| $ | 122.4 |
| |
Third Quarter |
| $ | 110.7 |
| $ | 122.4 |
| $ | 123.8 |
| $ | 119.9 |
| $ | 124.5 |
| |
Fourth Quarter |
| $ | 110.8 |
| $ | 125.7 |
| $ | 126.6 |
| $ | 119.1 |
| $ | — |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
| $ | 439 |
| $ | 481 |
| $ | 499 |
| $ | 481 |
| $ | 365 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Interest Margin: |
| 4.35 | % | 4.51 | % | 4.71 | % | 4.54 | % | 4.54 | %* | ||||||
* Year-to-date
40.) Financial Highlights
($ millions, except per-share data)
|
| Year-to-Date |
|
|
| ||||
|
| 2004 |
| 2003 |
| Change |
| ||
Net interest income |
| $ | 365.4 |
| $ | 362.1 |
| 1 | % |
Fees & other revenue: |
|
|
|
|
|
|
| ||
Banking |
| 292.6 |
| 268.0 |
| 9 |
| ||
Other |
| 48.3 |
| 47.9 |
| 1 |
| ||
Total fees and other revenue |
| 340.9 |
| 315.9 |
| 8 |
| ||
Gains on sales of securities available for sale |
| 16.4 |
| 32.8 |
| (50 | ) | ||
Gains (losses) on termination of debt |
| — |
| (44.3 | ) | 100 |
| ||
Gain on sale of mortgage servicing |
| 0.7 |
| — |
| N.M. |
| ||
Other non-interest income |
| 17.1 |
| (11.5 | ) | N.M. |
| ||
Total non-interest income |
| 358.0 |
| 304.4 |
| 18 |
| ||
Total revenue |
| 723.4 |
| 666.5 |
| 9 |
| ||
Provision for credit losses |
| 6.9 |
| 8.5 |
| (19 | ) | ||
Non-interest expense |
| 432.5 |
| 417.9 |
| 3 |
| ||
Net income |
| $ | 187.6 |
| $ | 156.4 |
| 20 |
|
|
|
|
|
|
|
|
| ||
Diluted EPS |
| $ | 1.36 |
| $ | 1.10 |
| 24 |
|
ROA |
| 2.12 | % | 1.76 | % | 36 | bps | ||
ROE |
| 26.56 | % | 22.04 | % | 452 | bps | ||
N.M. Not meaningful
41.) Power ProfitsSM
Average Balance ($ millions)
Profit center net income ($ in 000s)
|
|
|
| YTD 2004 |
|
|
| |||
|
| Balance |
| Income |
| % |
| |||
Commercial Lending |
| $ | 2,413 |
| $ | 21,575 |
| 11 | % | |
Consumer Lending |
| 4,172 |
| 44,107 |
| 24 |
| |||
Leasing and Equipment Finance |
| 1,267 |
| 22,814 |
| 12 |
| |||
Mortgage Banking |
| 89 |
| (546 | ) | — |
| |||
Total Power Assets® |
| $ | 7,941 |
| 87,950 |
| 47 |
| ||
|
|
|
|
|
|
|
| |||
Traditional Branches (175) |
| $ | 6,142 |
| 54,949 |
| 29 |
| ||
Supermarket Branches (244) |
| 1,622 |
| 25,962 |
| 14 |
| |||
Total Power Liabilities® |
| $ | 7,764 |
| 80,911 |
| 43 |
| ||
Total Power Assets & Liabilities |
|
|
| 168,861 |
| 90 |
| |||
Equity |
|
|
| 19,460 |
| 10 |
| |||
Total Power Businesses |
|
|
| 188,321 |
| 100 |
| |||
Treasury Services and Other |
|
|
| (730 | ) | — |
| |||
Net Income |
|
|
| $ | 187,591 |
| 100 | % | ||
42.) Interest Rate Risk Management
Cumulative One Year Positive Gap
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 9/04 |
| |||||
|
| ($ millions) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Adjusted Gap |
| $ | (215 | ) | $ | 242 |
| $ | 1,110 |
| $ | 161 |
| $ | 1,135 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Adjusted Gap as a % of Total Assets |
| (1.9 | )% | 2.1 | % | 9.1 | % | 1.4 | % | 9.5 | % | |||||
43.) Securities Available for Sale and Residential Portfolios
Ending Balance
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 9/04 |
| ||||||
|
| ($ millions) |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Securities available for sale portfolio* |
| $ | 1,419 |
| $ | 1,575 |
| $ | 2,355 |
| $ | 1,524 |
| $ | 1,328 |
| |
Residential portfolio |
| 3,674 |
| 2,733 |
| 1,800 |
| 1,213 |
| 1,047 |
| ||||||
Total |
| $ | 5,093 |
| $ | 4,308 |
| $ | 4,155 |
| $ | 2,737 |
| $ | 2,375 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Rate: |
| 7.05 | % | 6.76 | % | 6.25 | % | 5.55 | % | 5.46 | % | ||||||
* Based on historical amortized cost
44.) Industry Comparison
45.) TCF vs. Top 50 Banks* - Return on Assets
Quarter Ended June 30, 2004
TCF FINANCIAL CORP |
| TCB |
| 2.20 | % |
U S BANCORP |
| USB |
| 2.19 | % |
MELLON FINANCIAL CORP |
| MEL |
| 2.13 | % |
FIFTH THIRD BANCORP |
| FITB |
| 1.91 | % |
SYNOVUS FINANCIAL CP |
| SNV |
| 1.86 | % |
NATIONAL CITY CORP |
| NCC |
| 1.80 | % |
NORTH FORK BANCORPORATION |
| NFB |
| 1.78 | % |
FIRST HORIZON NATIONAL CORP |
| FHN |
| 1.75 | % |
MARSHALL & ILSLEY CORP |
| MI |
| 1.69 | % |
WELLS FARGO & CO |
| WFC |
| 1.68 | % |
ASSOCIATED BANC CORP |
| ASBC |
| 1.67 | % |
PNC FINANCIAL SVCS GROUP INC |
| PNC |
| 1.66 | % |
MERCANTILE BANKSHARES CORP |
| MRBK |
| 1.62 | % |
CITY NATIONAL CORP |
| CYN |
| 1.59 | % |
CHARTER ONE FINANCIAL INC |
| CF |
| 1.56 | % |
BB&T CORP |
| BBT |
| 1.55 | % |
NATIONAL COMMERCE FINANCIAL |
| NCF |
| 1.50 | % |
BANK OF NEW YORK CO INC |
| BK |
| 1.49 | % |
COMERICA INC. |
| CMA |
| 1.49 | % |
SOUTHTRUST CORP |
| SOTR |
| 1.49 | % |
BANK ONE CORP |
| ONE |
| 1.47 | % |
UNIONBANCAL CORP |
| UB |
| 1.46 | % |
HIBERNIA CORP -CL A |
| HIB |
| 1.46 | % |
M & T BANK CORP |
| MTB |
| 1.45 | % |
COMMERCE BANCSHARES INC |
| CBSH |
| 1.45 | % |
AMSOUTH BANCORPORATION |
| ASO |
| 1.41 | % |
HUNTINGTON BANCSHARES |
| HBAN |
| 1.36 | % |
BANKNORTH GROUP INC |
| BNK |
| 1.36 | % |
REGIONS FINL CORP |
| RF |
| 1.35 | % |
BANK OF AMERICA CORP |
| BAC |
| 1.34 | % |
POPULAR INC |
| BPOP |
| 1.33 | % |
COMPASS BANCSHARES INC |
| CBSS |
| 1.33 | % |
SKY FINANCIAL GR |
| SKYF |
| 1.33 | % |
BOK FINANCIAL CORP |
| BOKF |
| 1.32 | % |
NORTHERN TRUST CORP |
| NTRS |
| 1.28 | % |
HUDSON CITY BANCORP |
| HCBK |
| 1.28 | % |
WACHOVIA CORP |
| WB |
| 1.27 | % |
CITIGROUP INC |
| C |
| 1.22 | % |
SOVEREIGN BANCORP INC |
| SOV |
| 1.22 | % |
ZIONS BANCORPORATION |
| ZION |
| 1.21 | % |
WESTCORP |
| WES |
| 1.16 | % |
SUNTRUST BANKS INC |
| STI |
| 1.15 | % |
KEYCORP |
| KEY |
| 1.13 | % |
WEBSTER FINANCIAL CORP |
| WBS |
| 1.12 | % |
COMMERCE BANCORP INC/NJ |
| CBH |
| 1.03 | % |
COLONIAL BANCGROUP |
| CNB |
| 1.01 | % |
STATE STREET CORP |
| STT |
| .98 | % |
NEW YORK CMNTY BANCORP INC |
| NYB |
| .61 | % |
FIRST CITIZENS |
| FCNCA |
| .53 | % |
J P MORGAN CHASE & CO |
| JPM |
| .35 | % |
UNION PLANTERS CORP |
| UPC |
| .15 | % |
|
|
|
|
|
|
AVERAGE |
|
|
| 1.39 | % |
* Represents the fifty largest bank holding companies in the U.S. based on asset size at 6/30/04
Source: Citigate Financial Intelligence
46.) TCF vs. Top 50 Banks* - Return on Equity
Quarter Ended June 30, 2004
TCF FINANCIAL CORP |
| TCB |
| 27.68 | % |
FIRST HORIZON NATIONAL CORP |
| FHN |
| 25.50 | % |
NORTH FORK BANCORPORATION |
| NFB |
| 22.92 | % |
U S BANCORP |
| USB |
| 21.90 | % |
FIFTH THIRD BANCORP |
| FITB |
| 21.00 | % |
CHARTER ONE FINANCIAL INC |
| CF |
| 20.50 | % |
AMSOUTH BANCORPORATION |
| ASO |
| 20.31 | % |
COMMERCE BANCORP INC/NJ |
| CBH |
| 19.86 | % |
WELLS FARGO & CO |
| WFC |
| 19.60 | % |
COMPASS BANCSHARES INC |
| CBSS |
| 19.17 | % |
MELLON FINANCIAL CORP |
| MEL |
| 18.90 | % |
ASSOCIATED BANC CORP |
| ASBC |
| 18.87 | % |
POPULAR INC |
| BPOP |
| 18.79 | % |
BANK ONE CORP |
| ONE |
| 18.70 | % |
BANK OF AMERICA CORP |
| BAC |
| 18.53 | % |
HUNTINGTON BANCSHARES |
| HBAN |
| 18.40 | % |
MERCANTILE BANKSHARES CORP |
| MRBK |
| 18.14 | % |
MARSHALL & ILSLEY CORP |
| MI |
| 17.92 | % |
SOUTHTRUST CORP |
| SOTR |
| 17.75 | % |
SYNOVUS FINANCIAL CP |
| SNV |
| 17.60 | % |
PNC FINANCIAL SVCS GROUP INC |
| PNC |
| 17.41 | % |
WESTCORP |
| WES |
| 17.36 | % |
BANK OF NEW YORK CO INC |
| BK |
| 17.14 | % |
CITY NATIONAL CORP |
| CYN |
| 17.07 | % |
HUDSON CITY BANCORP |
| HCBK |
| 16.98 | % |
NORTHERN TRUST CORP |
| NTRS |
| 16.91 | % |
CITIGROUP INC |
| C |
| 16.69 | % |
HIBERNIA CORP -CL A |
| HIB |
| 16.11 | % |
STATE STREET CORP |
| STT |
| 15.70 | % |
WACHOVIA CORP |
| WB |
| 15.49 | % |
SOVEREIGN BANCORP INC |
| SOV |
| 15.36 | % |
COMERICA INC. |
| CMA |
| 15.35 | % |
SKY FINANCIAL GR |
| SKYF |
| 15.25 | % |
REGIONS FINL CORP |
| RF |
| 15.04 | % |
J P MORGAN CHASE & CO |
| JPM |
| 15.00 | % |
UNIONBANCAL CORP |
| UB |
| 14.81 | % |
SUNTRUST BANKS INC |
| STI |
| 14.39 | % |
BOK FINANCIAL CORP |
| BOKF |
| 14.36 | % |
COMMERCE BANCSHARES INC |
| CBSH |
| 14.09 | % |
BB&T CORP |
| BBT |
| 14.07 | % |
COLONIAL BANCGROUP |
| CNB |
| 14.04 | % |
KEYCORP |
| KEY |
| 13.97 | % |
ZIONS BANCORPORATION |
| ZION |
| 13.93 | % |
BANKNORTH GROUP INC |
| BNK |
| 13.54 | % |
NATIONAL CITY CORP |
| NCC |
| 13.41 | % |
WEBSTER FINANCIAL CORP |
| WBS |
| 13.40 | % |
M & T BANK CORP |
| MTB |
| 13.12 | % |
NATIONAL COMMERCE FINANCIAL |
| NCF |
| 12.77 | % |
FIRST CITIZENS |
| FCNCA |
| 6.42 | % |
NEW YORK CMNTY BANCORP INC |
| NYB |
| 5.48 | % |
UNION PLANTERS CORP |
| UPC |
| 1.57 | % |
|
|
|
|
|
|
AVERAGE |
|
|
| 16.44 | % |
* Represents the fifty largest bank holding companies in the U.S. based on asset size at 6/30/04
Source: Citigate Financial Intelligence
47.) TCF vs. Top 50 Banks* - Net Charge-Offs
Six Months Ended June 30, 2004
NEW YORK CMNTY BANCORP INC |
| NYB |
| — | % |
HUDSON CITY BANCORP |
| HCBK |
| — | % |
NORTHERN TRUST CORP |
| NTRS |
| .01 | % |
CITY NATIONAL CORP |
| CYN |
| .02 | % |
MERCANTILE BANKSHARES CORP |
| MRBK |
| .04 | % |
TCF FINANCIAL CORP |
| TCB |
| .06 | % |
MARSHALL & ILSLEY CORP |
| MI |
| .08 | % |
WEBSTER FINANCIAL CORP |
| WBS |
| .10 | % |
NORTH FORK BANCORPORATION |
| NFB |
| .12 | % |
WACHOVIA CORP |
| WB |
| .14 | % |
UNIONBANCAL CORP |
| UB |
| .17 | % |
ZIONS BANCORPORATION |
| ZION |
| .17 | % |
SYNOVUS FINANCIAL CP |
| SNV |
| .19 | % |
COMMERCE BANCORP INC/NJ |
| CBH |
| .19 | % |
BANKNORTH GROUP INC |
| BNK |
| .20 | % |
ASSOCIATED BANC CORP |
| ASBC |
| .21 | % |
M & T BANK CORP |
| MTB |
| .21 | % |
COLONIAL BANCGROUP |
| CNB |
| .22 | % |
CHARTER ONE FINANCIAL INC |
| CF |
| .23 | % |
SUNTRUST BANKS INC |
| STI |
| .24 | % |
REGIONS FINL CORP |
| RF |
| .25 | % |
NATIONAL COMMERCE FINANCIAL |
| NCF |
| .25 | % |
FIRST CITIZENS |
| FCNCA |
| .27 | % |
BANK OF NEW YORK CO INC |
| BK |
| .28 | % |
BOK FINANCIAL CORP |
| BOKF |
| .29 | % |
FIRST HORIZON NATIONAL CORP |
| FHN |
| .31 | % |
SOUTHTRUST CORP |
| SOTR |
| .31 | % |
HIBERNIA CORP |
| HIB |
| .33 | % |
NATIONAL CITY CORP |
| NCC |
| .35 | % |
BB&T CORP |
| BBT |
| .36 | % |
AMSOUTH BANCORPORATION |
| ASO |
| .36 | % |
SKY FINANCIAL GR |
| SKYF |
| .37 | % |
HUNTINGTON BANCSHARES |
| HBAN |
| .38 | % |
COMMERCE BANCSHARES INC (KC) |
| CBSH |
| .46 | % |
SOVEREIGN BANCORP INC |
| SOV |
| .47 | % |
FIFTH THIRD BANCORP |
| FITB |
| .48 | % |
COMMERCIAL FEDERAL CORP |
| CFB |
| .48 | % |
PNC FINANCIAL SVCS GROUP INC |
| PNC |
| .48 | % |
COMPASS BANCSHARES INC |
| CBSS |
| .53 | % |
BANK ONE CORP |
| ONE |
| .59 | % |
WELLS FARGO & CO |
| WFC |
| .61 | % |
COMERICA INC. |
| CMA |
| .63 | % |
POPULAR INC |
| BPOP |
| .65 | % |
KEYCORP |
| KEY |
| .71 | % |
BANK OF AMERICA CORP |
| BAC |
| .71 | % |
U S BANCORP |
| USB |
| .73 | % |
J P MORGAN CHASE & CO |
| JPM |
| .75 | % |
UNION PLANTERS CORP |
| UPC |
| 1.01 | % |
CITIGROUP INC |
| C |
| 1.86 | % |
WESTCORP |
| WES |
| 1.90 | % |
|
|
|
|
|
|
WEIGHTED AVERAGE |
|
|
| .73 | % |
* Represents the fifty largest bank holding companies in the U.S. based on asset size at 6/30/04
Source: Citigate Financial Intelligence
48.) TCF vs. Top 50 Banks* - Loan Loss Coverage
Quarter Ended June 30, 2004
(Multiple)
HUDSON CITY BANCORP |
| HCBK |
| 1927.9 | X |
NORTHERN TRUST CORP |
| NTRS |
| 88.7 | X |
CITY NATIONAL CORP |
| CYN |
| 86.1 | X |
MERCANTILE BANKSHARES CORP |
| MRBK |
| 47.0 | X |
MARSHALL & ILSLEY CORP |
| MI |
| 18.0 | X |
TCF FINANCIAL CORP |
| TCB |
| 15.3 | X |
WEBSTER FINANCIAL CORP |
| WBS |
| 14.0 | X |
UNIONBANCAL CORP |
| UB |
| 11.2 | X |
WACHOVIA CORP |
| WB |
| 9.7 | X |
NORTH FORK BANCORPORATION |
| NFB |
| 8.7 | X |
ASSOCIATED BANC CORP |
| ASBC |
| 8.3 | X |
COMMERCE BANCORP INC/NJ |
| CBH |
| 8.2 | X |
M & T BANK CORP |
| MTB |
| 8.0 | X |
SYNOVUS FINANCIAL CP |
| SNV |
| 7.6 | X |
ZIONS BANCORPORATION |
| ZION |
| 7.6 | X |
BANKNORTH GROUP INC |
| BNK |
| 7.1 | X |
BOK FINANCIAL CORP |
| BOKF |
| 6.0 | X |
BANK OF NEW YORK CO INC |
| BK |
| 5.9 | X |
COLONIAL BANCGROUP |
| CNB |
| 5.7 | X |
REGIONS FINL CORP |
| RF |
| 5.5 | X |
FIRST CITIZENS |
| FCNCA |
| 5.3 | X |
CHARTER ONE FINANCIAL INC |
| CF |
| 5.3 | X |
NATIONAL COMMERCE FINANCIAL |
| NCF |
| 5.3 | X |
HIBERNIA CORP |
| HIB |
| 5.1 | X |
SUNTRUST BANKS INC |
| STI |
| 4.9 | X |
SOUTHTRUST CORP |
| SOTR |
| 4.6 | X |
NATIONAL CITY CORP |
| NCC |
| 4.0 | X |
SKY FINANCIAL GR |
| SKYF |
| 3.7 | X |
COMMERCE BANCSHARES INC (KC) |
| CBSH |
| 3.6 | X |
BB&T CORP |
| BBT |
| 3.6 | X |
FIRST HORIZON NATIONAL CORP |
| FHN |
| 3.5 | X |
AMSOUTH BANCORPORATION |
| ASO |
| 3.5 | X |
HUNTINGTON BANCSHARES |
| HBAN |
| 3.5 | X |
PNC FINANCIAL SVCS GROUP INC |
| PNC |
| 3.4 | X |
BANK ONE CORP |
| ONE |
| 3.2 | X |
FIFTH THIRD BANCORP |
| FITB |
| 3.1 | X |
COMERICA INC. |
| CMA |
| 3.0 | X |
KEYCORP |
| KEY |
| 3.0 | X |
BANK OF AMERICA CORP |
| BAC |
| 2.8 | X |
POPULAR INC |
| BPOP |
| 2.8 | X |
SOVEREIGN BANCORP INC |
| SOV |
| 2.7 | X |
COMPASS BANCSHARES INC |
| CBSS |
| 2.7 | X |
U S BANCORP |
| USB |
| 2.6 | X |
COMMERCIAL FEDERAL CORP |
| CFB |
| 2.6 | X |
WELLS FARGO & CO |
| WFC |
| 2.5 | X |
J P MORGAN CHASE & CO |
| JPM |
| 2.4 | X |
WESTCORP |
| WES |
| 1.4 | X |
CITIGROUP INC |
| C |
| 1.4 | X |
UNION PLANTERS CORP |
| UPC |
| 1.4 | X |
|
|
|
|
|
|
WEIGHTED AVERAGE |
|
|
| 2.44 | X |
* Represents the fifty largest bank holding companies in the U.S. based on asset size at 6/30/04
Source: Citigate Financial Intelligence
49.) TCF vs. Top 50 Banks* - Net Interest Margin
Quarter Ended June 30, 2004
WESTCORP |
| WES |
| 5.02 | % |
WELLS FARGO & CO |
| WFC |
| 4.83 | % |
TCF FINANCIAL CORP |
| TCB |
| 4.53 | % |
CITY NATIONAL CORP |
| CYN |
| 4.49 | % |
COMMERCE BANCORP INC/NJ |
| CBH |
| 4.29 | % |
U S BANCORP |
| USB |
| 4.28 | % |
NATIONAL CITY CORP |
| NCC |
| 4.26 | % |
NORTH FORK BANCORPORATION |
| NFB |
| 4.26 | % |
SYNOVUS FINANCIAL CP |
| SNV |
| 4.24 | % |
MERCANTILE BANKSHARES CORP |
| MRBK |
| 4.24 | % |
ZIONS BANCORPORATION |
| ZION |
| 4.20 | % |
BB&T CORP |
| BBT |
| 4.02 | % |
HIBERNIA CORP -CL A |
| HIB |
| 4.00 | % |
UNIONBANCAL CORP |
| UB |
| 3.98 | % |
COMMERCE BANCSHARES INC |
| CBSH |
| 3.85 | % |
NATIONAL COMMERCE FINANCIAL |
| NCF |
| 3.84 | % |
NEW YORK CMNTY BANCORP INC |
| NYB |
| 3.83 | % |
ASSOCIATED BANC CORP |
| ASBC |
| 3.80 | % |
COMERICA INC. |
| CMA |
| 3.77 | % |
POPULAR INC |
| BPOP |
| 3.77 | % |
SKY FINANCIAL GR |
| SKYF |
| 3.69 | % |
M & T BANK CORP |
| MTB |
| 3.67 | % |
BANKNORTH GROUP INC |
| BNK |
| 3.66 | % |
UNION PLANTERS CORP |
| UPC |
| 3.65 | % |
MARSHALL & ILSLEY CORP |
| MI |
| 3.61 | % |
COLONIAL BANCGROUP |
| CNB |
| 3.61 | % |
COMPASS BANCSHARES INC |
| CBSS |
| 3.58 | % |
KEYCORP |
| KEY |
| 3.57 | % |
FIFTH THIRD BANCORP |
| FITB |
| 3.54 | % |
REGIONS FINL CORP |
| RF |
| 3.53 | % |
SOUTHTRUST CORP |
| SOTR |
| 3.51 | % |
BOK FINANCIAL CORP |
| BOKF |
| 3.46 | % |
AMSOUTH BANCORPORATION |
| ASO |
| 3.44 | % |
WACHOVIA CORP |
| WB |
| 3.37 | % |
FIRST CITIZENS |
| FCNCA |
| 3.33 | % |
FIRST HORIZON NATIONAL CORP |
| FHN |
| 3.32 | % |
HUNTINGTON BANCSHARES |
| HBAN |
| 3.32 | % |
BANK ONE CORP |
| ONE |
| 3.30 | % |
BANK OF AMERICA CORP |
| BAC |
| 3.26 | % |
SOVEREIGN BANCORP INC |
| SOV |
| 3.25 | % |
PNC FINANCIAL SVCS GROUP INC |
| PNC |
| 3.18 | % |
SUNTRUST BANKS INC |
| STI |
| 3.13 | % |
CHARTER ONE FINANCIAL INC |
| CF |
| 3.08 | % |
WEBSTER FINANCIAL CORP |
| WBS |
| 3.02 | % |
CITIGROUP INC |
| C |
| 2.69 | % |
HUDSON CITY BANCORP |
| HCBK |
| 2.65 | % |
MELLON FINANCIAL CORP |
| MEL |
| 2.24 | % |
J P MORGAN CHASE & CO |
| JPM |
| 2.19 | % |
BANK OF NEW YORK CO INC |
| BK |
| 2.08 | % |
NORTHERN TRUST CORP |
| NTRS |
| 1.60 | % |
STATE STREET CORP |
| STT |
| 1.13 | % |
|
|
|
|
|
|
AVERAGE |
|
|
| 3.53 | % |
* Represents the fifty largest bank holding companies in the U.S. based on asset size at 6/30/04
Source: Citigate Financial Intelligence
50.) TCF vs. Top 50 Banks* - Price/Est. Forward EPS
Quarter Ended June 30, 2004
(Multiple)
HUDSON CITY BANCORP |
| HCBK |
| 23.06 | X |
STATE STREET CORP |
| STT |
| 16.24 | X |
NORTHERN TRUST CORP |
| NTRS |
| 16.20 | X |
SYNOVUS FINANCIAL CP |
| SNV |
| 15.92 | X |
NATIONAL COMMERCE FINANCIAL |
| NCF |
| 15.70 | X |
SOUTHTRUST CORP |
| SOTR |
| 15.52 | X |
FIFTH THIRD BANCORP |
| FITB |
| 14.98 | X |
MERCANTILE BANKSHARES CORP |
| MRBK |
| 14.50 | X |
COMMERCE BANCORP INC/NJ |
| CBH |
| 14.48 | X |
CITY NATIONAL CORP |
| CYN |
| 14.34 | X |
MELLON FINANCIAL CORP |
| MEL |
| 14.10 | X |
CHARTER ONE FINANCIAL INC |
| CF |
| 13.85 | X |
TCF FINANCIAL CORP |
| TCB |
| 13.85 | X |
BANK OF NEW YORK CO INC |
| BK |
| 13.52 | X |
COMPASS BANCSHARES INC |
| CBSS |
| 13.48 | X |
COMMERCE BANCSHARES INC |
| CBSH |
| 13.32 | X |
MARSHALL & ILSLEY CORP |
| MI |
| 13.12 | X |
M & T BANK CORP |
| MTB |
| 13.03 | X |
BOK FINANCIAL CORP |
| BOKF |
| 12.79 | X |
COLONIAL BANCGROUP |
| CNB |
| 12.71 | X |
BANKNORTH GROUP INC |
| BNK |
| 12.59 | X |
AMSOUTH BANCORPORATION |
| ASO |
| 12.55 | X |
ZIONS BANCORPORATION |
| ZION |
| 12.36 | X |
ASSOCIATED BANC CORP |
| ASBC |
| 12.35 | X |
WELLS FARGO & CO |
| WFC |
| 12.31 | X |
SKY FINANCIAL GR |
| SKYF |
| 12.30 | X |
HUNTINGTON BANCSHARES |
| HBAN |
| 12.29 | X |
COMERICA INC. |
| CMA |
| 12.22 | X |
HIBERNIA CORP -CL A |
| HIB |
| 12.03 | X |
PNC FINANCIAL SVCS GROUP INC |
| PNC |
| 11.95 | X |
KEYCORP |
| KEY |
| 11.86 | X |
BB&T CORP |
| BBT |
| 11.85 | X |
UNIONBANCAL CORP |
| UB |
| 11.85 | X |
SUNTRUST BANKS INC |
| STI |
| 11.77 | X |
NEW YORK CMNTY BANCORP INC |
| NYB |
| 11.68 | X |
SOVEREIGN BANCORP INC |
| SOV |
| 11.63 | X |
U S BANCORP |
| USB |
| 11.48 | X |
WEBSTER FINANCIAL CORP |
| WBS |
| 11.36 | X |
REGIONS FINL CORP |
| RF |
| 11.34 | X |
FIRST HORIZON NATIONAL CORP |
| FHN |
| 10.96 | X |
J P MORGAN CHASE & CO |
| JPM |
| 10.95 | X |
NORTH FORK BANCORPORATION |
| NFB |
| 10.93 | X |
POPULAR INC |
| BPOP |
| 10.69 | X |
WACHOVIA CORP |
| WB |
| 10.62 | X |
CITIGROUP INC |
| C |
| 10.57 | X |
BANK OF AMERICA CORP |
| BAC |
| 10.52 | X |
NATIONAL CITY CORP |
| NCC |
| 10.51 | X |
WESTCORP |
| WES |
| 9.99 | X |
|
|
|
|
|
|
AVERAGE |
|
|
| 12.88 | X |
* Represents the fifty largest bank holding companies in the U.S. based on asset size at 6/30/04
Source: Citigate Financial Intelligence
51.) Total Market Returns*
At September 30, 2004
|
| Annualized |
| ||||||
|
| 1 Year |
| 3 Years |
| 5 Years |
| 10 Years |
|
TCF Stock |
| 29.80 | % | 12.45 | % | 19.33 | % | 22.86 | % |
S&P MidCap Index |
| 17.55 | % | 12.41 | % | 10.50 | % | 14.48 | % |
S&P Bank Composite |
| 16.88 | % | 7.72 | % | 5.71 | % | 12.58 | % |
Dow Jones Industrial Average |
| 10.92 | % | 6.59 | % | 1.38 | % | 12.25 | % |
S&P 500 Index |
| 13.87 | % | 4.04 | % | (1.31 | )% | 11.08 | % |
US Bancorp |
| 26.36 | % | 13.67 | % | 6.22 | % | 23.82 | % |
Wells Fargo & Company |
| 19.48 | % | 13.29 | % | 11.20 | % | 19.92 | % |
Fifth Third Bancorp |
| (9.30 | )% | (5.33 | )% | 5.74 | % | 18.90 | % |
* Assumes dividend reinvestment
Source: SIT Investment Associates, Inc.
52.) 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-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, 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 or a bankruptcy filing by Delta Airlines, the lessee under a leveraged lease in which TCF holds an equity interest; 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; and results of litigation or other significant uncertainties. Investors should consult TCF’s Annual Report to Shareholders and reports on Forms 10-K, 10-Q and 8-K for additional important information about the Company.
53.)
NYSE: TCB
The Leader In Convenience Banking
Stock Price Performance
(In Dollars)
Year-Ending |
| Stock Price |
| Dividend Paid |
|
|
| ||
Dec-93 |
| $ | 4.25 |
| $ | .09 |
|
|
|
Dec-94 |
| $ | 5.16 |
| $ | .13 |
|
|
|
Dec-95 |
| $ | 8.28 |
| $ | .15 |
|
|
|
Dec-96 |
| $ | 10.88 |
| $ | .18 |
|
|
|
Dec-97 |
| $ | 16.97 |
| $ | .23 |
|
|
|
Dec-98 |
| $ | 12.09 |
| $ | .31 |
|
|
|
Dec-99 |
| $ | 12.44 |
| $ | .36 |
|
|
|
Dec-00 |
| $ | 22.28 |
| $ | .41 |
|
|
|
Dec-01 |
| $ | 23.99 |
| $ | .50 |
|
|
|
Dec-02 |
| $ | 21.85 |
| $ | .58 |
|
|
|
Dec-03 |
| $ | 25.68 |
| $ | .65 |
|
|
|
Sep-04 |
| $ | 30.29 |
| $ | .75 |
| (annualized) |
|
54.)
Appendix
55.)
Risk Based Capital
|
| 12/00 |
| 12/01 |
| 12/02 |
| 12/03 |
| 9/04 |
| ||||||
|
| ($millions) |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Actual |
| $ | 826 |
| $ | 834 |
| $ | 851 |
| $ | 842 |
| $ | 962 |
| |
Minimum Requirement |
| $ | 570 |
| $ | 593 |
| $ | 622 |
| $ | 628 |
| $ | 685 |
| |
Well Capitalized Requirement |
| $ | 712 |
| $ | 741 |
| $ | 777 |
| $ | 785 |
| $ | 856 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Tier 1: |
| 10.66 | % | 10.24 | % | 9.96 | % | 9.75 | % | 9.43 | % | ||||||
Total: |
| 11.59 | % | 11.26 | % | 10.95 | % | 10.73 | % | 11.23 | % | ||||||
Excess: |
| $ | 113.5 |
| $ | 93.2 |
| $ | 73.6 |
| $ | 57.4 |
| $ | 105.1 |
| |
56.)
Leasing and Equipment Finance
Power Assets®
($ 000s)
|
| 9/30/04 |
| 12/31/03 |
| Change |
| ||||
Manufacturing |
| $ | 237,954 |
| $ | 198,321 |
| $ | 39,633 |
| |
Technology and data processing |
| 231,245 |
| 249,515 |
| (18,270 | ) | ||||
Specialty vehicles |
| 224,770 |
| 225,073 |
| (303 | ) | ||||
Construction |
| 168,686 |
| 133,104 |
| 35,582 |
| ||||
Medical |
| 147,744 |
| 33,462 |
| 114,282 |
| ||||
Trucks and trailers |
| 76,027 |
| 89,262 |
| (13,235 | ) | ||||
Furniture and fixtures |
| 55,916 |
| 54,052 |
| 1,864 |
| ||||
Printing |
| 42,027 |
| 38,977 |
| 3,050 |
| ||||
Material handling |
| 30,979 |
| 27,111 |
| 3,868 |
| ||||
Aircraft |
| 22,649 |
| 23,965 |
| (1,316 | ) | ||||
Other |
| 90,119 |
| 87,555 |
| 2,564 |
| ||||
Total |
| $ | 1,328,116 |
| $ | 1,160,397 |
| $ | 167,719 |
| |
57.)
Leasing and Equipment Finance
Summary of Operations
($ 000s)
For the Nine Months Ended September 30: |
| 2004 |
| 2003 |
| Change |
| |||
Net interest income |
| $ | 41,055 |
| $ | 33,557 |
| $ | 7,498 |
|
Provision for credit losses |
| 4,807 |
| 6,259 |
| (1,452 | ) | |||
Non-interest income |
| 29,649 |
| 35,716 |
| (6,067 | ) | |||
Non-interest expense |
| 30,739 |
| 30,391 |
| 348 |
| |||
Pre-tax income |
| 35,158 |
| 32,623 |
| 2,535 |
| |||
Income tax expense |
| 12,344 |
| 12,026 |
| 318 |
| |||
Net Income |
| $ | 22,814 |
| $ | 20,597 |
| $ | 2,217 |
|
|
|
|
|
|
|
|
| |||
ROA |
| 2.29 | % | 2.45 | % |
|
| |||
58.)
Leasing and Equipment Finance
Credit Quality
Over 30-day delinquency as a percentage of portfolio at: |
| 9/30/04 |
| 12/31/04 |
|
Middle market |
| .49 | % | .88 | % |
Winthrop |
| .03 |
| 1.14 |
|
Wholesale |
| .07 |
| .29 |
|
Small ticket |
| .87 |
| .56 |
|
Leveraged leases |
| — |
| — |
|
Subtotal |
| .44 |
| .81 |
|
Truck and trailer |
| 5.04 |
| 3.66 |
|
Total |
| .54 |
| .93 |
|
59.) Net Charge-offs by Business Line
($ 000s)
|
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| YTD |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
| .12 | % | .13 | % | .15 | % | .10 | % | .08 | % |
Commercial real estate |
| (.02 | ) | — |
| .12 |
| .07 |
| .03 |
|
Commercial business |
| (.15 | ) | .06 |
| 1.35 |
| .18 |
| .03 |
|
Leasing and equipment finance |
| .33 |
| 1.00 |
| .80 |
| .69 |
| .34 |
|
Residential real estate |
| — |
| — |
| — |
| .01 |
| .01 |
|
Total |
| .05 |
| .15 |
| .25 |
| .16 |
| .10 |
|
* Annualized
60.) Return to Shareholders1 +23%*
|
| Index Value |
| |||||||||||||||||||||||||||||||
Period Ending |
| 9/30/94 |
| 9/30/95 |
| 9/30/96 |
| 9/30/97 |
| 9/30/98 |
| 9/30/99 |
| 9/30/00 |
| 9/30/01 |
| 9/30/02 |
| 9/30/03 |
| 9/30/04 |
| |||||||||||
|
| ($) |
| |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
TCF Financial Corporation |
| $ | 100.00 |
| $ | 151.85 |
| $ | 200.24 |
| $ | 317.11 |
| $ | 219.89 |
| $ | 324.76 |
| $ | 441.17 |
| $ | 552.69 |
| $ | 519.94 |
| $ | 606.63 |
| $ | 787.40 |
|
S&P 500 |
| $ | 100.00 |
| $ | 129.93 |
| $ | 156.35 |
| $ | 219.86 |
| $ | 240.56 |
| $ | 307.12 |
| $ | 349.57 |
| $ | 256.27 |
| $ | 203.79 |
| $ | 253.94 |
| $ | 289.24 |
|
SNL All Bank & Thrift Index |
| $ | 100.00 |
| $ | 135.15 |
| $ | 176.33 |
| $ | 280.28 |
| $ | 270.26 |
| $ | 306.57 |
| $ | 357.62 |
| $ | 353.50 |
| $ | 336.27 |
| $ | 432.13 |
| $ | 504.56 |
|
1 Assumes $100 invested September 30, 1994 with dividends reinvested
* Annualized return since 9/30/94
Source: SNL Securities LC
61.) Reconciliation of GAAP to Non-GAAP Measures1
|
| For the Nine |
| |
|
|
|
| |
Computation of Return on Equity (ROE): |
|
|
| |
Net income, as reported |
| $ | 187,591 |
|
|
|
|
| |
Average stockholders’ equity, as reported |
| $ | 941,886 |
|
|
|
|
| |
Return on equity |
| 26.56 | % | |
|
|
|
| |
Computation of Return on Tangible Equity (ROTE): |
|
|
| |
Net income |
| $ | 187,591 |
|
Amortization of depost based intangibles, net of any related tax effect |
| 1,234 |
| |
|
|
|
| |
Net income, adjusted |
| $ | 188,825 |
|
|
|
|
| |
Average Stockholders’ equity |
| $ | 941,886 |
|
Average goodwill |
| (150,632 | ) | |
Average deposit base intangible |
| (5,279 | ) | |
|
|
|
| |
Average tangible equity |
| $ | 785,975 |
|
|
|
|
| |
Return on tangible equity (ROTE) |
| 32.03 | % | |
1 In contrast to GAAP-basis measures, ROTE excludes the after-tax effect of goodwill and deposit base intangible assets both in the income statement and balance sheet. This allows management to review core operating results and core capital position of the Company. This is consistent with the treatment by the bank regulatory agencies which exclude goodwill and deposit base intangible assets from their calcuation of risk-based capital ratios.
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.
Return on Average Tangible Common Equity (ROTE)
Annualized net income (excluding the after-tax effect of goodwill and deposit base intangible assets amortization) divided by average tangible common stockholders’ equity for the period.
Tangible Common Stockholders’ Equity
Common stockholders’ equity less goodwill and deposit base intangible assets.
