TCF Financial 8-K Results of Operations and Financial Condition

Exhibit 99.1

NEWS RELEASE

CONTACT:	Jason Korstange
	(952) 745-2755
	www.TCFExpress.com

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

TCF Reports First Quarter Earnings and EPS ($.47, up 7 percent)

FIRST QUARTER HIGHLIGHTS

•Diluted earnings per share of 47 cents

•Net income of $63.5 million

•Return on average assets of 2.03 percent

•Return on average common equity of 27.18 percent

•Average Power Assets^Ò increased $1.2 billion, or 16 percent

•Average Power Liabilities^Ò increased $443.8 million, or 6 percent

•Increased checking accounts by 23,755 to 1,558,907 accounts

EARNINGS SUMMARY

($ in thousands, except per-share data)

	Three Months
	Ended March 31,
	2005		2004		Change
Net income	$	63,465	$	60,661	4.6  %
Diluted earnings per common share	.47		.44		6.8
Financial Ratios
Return on average assets	2.03  %		2.11  %
Return on average common equity	27.18		25.90
Net interest margin	4.56		4.52

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WAYZATA, MN, April 20, 2005 – TCF Financial Corporation (TCF) (NYSE: TCB) today reported diluted earnings per share of 47 cents for the first quarter of 2005, up from 44 cents for the same period in 2004.  Net income for the first quarter of 2005 was $63.5 million, up from $60.7 million for the same period in 2004.  For the first quarter of 2005, return on average assets was 2.03 percent and return on average common equity was 27.18 percent, compared with 2.11 percent and 25.90 percent, respectively, for the first quarter of 2004.

Chairman’s Statement

“TCF’s first quarter earnings were solid despite a difficult interest rate and competitive environment,” said William A. Cooper, Chairman and CEO.  “While total retail banking fees were flat, TCF’s margin improved, we had some securities gains, exceptional credit quality, expenses were under control, and we had continued strong growth in both Power Assets and Power Liabilities.”

Total Revenue

	Three Months
($ in thousands)	Ended March 31,
	2005			2004			$ Change			% Change
Net interest income	$	129,053		$	118,493		$	10,560		8.9	%
Fees and other revenue:
Fees and service charges	57,031			59,659			(2,628		)	(4.4	)
Card revenue	17,642			13,491			4,151			30.8
ATM revenue	9,732			9,997			(265		)	(2.7	)
Investments and insurance revenue	2,853			3,462			(609		)	(17.6	)
Total banking fees and other revenue	87,258			86,609			649			.7
Leasing and equipment finance	10,693			10,167			526			5.2
Mortgage banking (1)	1,142			3,455			(2,313		)	(66.9	)
Other	7,816			2,228			5,588			N.M.
Total fees and other revenue	106,909			102,459			4,450			4.3
Gains on sales of securities available for sale	5,239			12,717			(7,478		)	(58.8	)
Total non-interest income	112,148			115,176			(3,028		)	(2.6	)
Total revenue	$	241,201		$	233,669		$	7,532		3.2
Net interest margin	4.56		%	4.52		%
Fees and other revenue as a % of total revenue	44.32			43.85
Fees and other revenue as a % of average assets	3.42			3.56

N.M.  Not meaningful.

(1)   TCF’s mortgage banking business no longer originates or sells loans.  See pages 10 and 11 for additional information.

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Net Interest Income

TCF’s net interest income in the first quarter of 2005 was $129.1 million, up $10.6 million, or 9 percent, from the first quarter of 2004.  Net interest margin in the first quarter of 2005 was 4.56 percent, compared with 4.52 percent last year and 4.56 percent in the fourth quarter of 2004. The increase in net interest income from the first quarter of 2004 was primarily driven by increases in average Power Assets and Power Liabilities coupled with the favorable impact of increases in short-term interest rates, partially offset by decreased rates on fixed-rate assets and the flatter yield curve.

Interest Rate Risk

TCF’s one-year interest rate gap (the difference between interest-earning assets and interest-bearing liabilities repricing or maturing within the next 12 months), assuming no change in interest rates, was a positive $386.3 million, or 3 percent of total assets, at March 31, 2005, compared with a positive $585.3 million, or 4.7 percent of total assets at December 31, 2004.  The decrease in the one-year interest rate gap during the first quarter of 2005 was primarily due to increases in fixed-rate consumer loans and treasury assets.  The one-year interest rate gap is subject to a number of assumptions and is only one of a number of interest rate risk measurements and is best used as a general measure of the effect on net interest income of rising or falling interest rates.

Non-interest Income

Total non-interest income was $112.1 million for the first quarter of 2005, compared with $115.2 million for the first quarter of 2004.  Banking fees and other revenue increased $649 thousand, or .7 percent, over the first quarter of 2004.  “Changing customer trends regarding banking fees are presenting challenges for the banking industry and TCF,” said Cooper.  “TCF is continually monitoring these trends, reviewing its procedures and making adjustments. TCF continues to focus on growth in the number of checking accounts to increase future fee revenue.”

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Card revenues totaled $17.6 million for the first quarter of 2005, up 31 percent over the same period in 2004.  The increase was attributable to a 20 percent increase in customer transaction volumes coupled with a 6 basis point increase in the average off-line interchange rate.

Leasing and equipment finance revenues were $10.7 million for the first quarter of 2005, up $526 thousand, or 5 percent, from the 2004 first quarter.  The increase is primarily the result of increases in operating lease revenues, and other transaction fees partially offset by a $1 million decrease in sales-type lease revenues.  Sales type revenues may fluctuate from quarter to quarter based on customer driven factors not within the control of TCF.

During the 2005 first quarter, TCF took advantage of market conditions and sold $466 million of mortgage-backed securities and realized gains of $5.2 million, compared with $854 million in sales and $12.7 million of gains for the first quarter of 2004.  Other revenue in the first quarter of 2005 includes a gain of $5.5 million on the sale of TCF’s main office facility in Ann Arbor, Michigan.  TCF is exploring options for relocation of this office.

New Branch Expansion

TCF opened one new traditional branch during the first quarter of 2005 and has now opened 258 new branches since January 1998, representing 60 percent of TCF’s 430 total branches.  TCF plans to open 20 new traditional branches, seven new supermarket branches, and two new campus branches during the remainder of 2005.

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	March 31,		March 31,		December 31,
(# of branches)	2005		2004		1997
Total Branches
Minnesota	101		99		75
Illinois	197		191		47
Wisconsin	34		34		28
Michigan	60		56		60
Colorado	32		20		7
Indiana	6		6		-
	430		406		217
New Branches*
Traditional	59		42
Campus	2		2
Supermarket	197		188
Total	258		232
% of Total Branches	60	%	57	%

*  New branches opened since January 1, 1998.

Additional information regarding the results of TCF’s new branches opened since January 1, 1998 is summarized as follows:

	At or For the Three Months Ended
	March 31,
($ in thousands)	2005			2004			Change				% Change
Number of checking accounts	598,254			521,448			76,806				14.7	%
Deposits:
Checking	$	929,989		$		715,530	$	214,459			30.0
Savings	491,658			418,604			73,054				17.5
Money market	53,411			67,246			(13,835			)	(20.6	)
Subtotal	1,475,058			1,201,380			273,678				22.8
Certificates of deposit	258,518			149,582			108,936				72.8
Total deposits	$	1,733,576		$	1,350,962		$		382,614		28.3
Total deposit fees and other revenue	$		35,965	$	32,176		$		3,789		11.8

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Power Assets^®

“Growth in consumer home equity and commercial real estate loans remained strong during the first quarter,” said Cooper.  TCF’s average consumer loan balances increased $786.9 million, or 21 percent, commercial real estate loan average balances increased $225.8 million, or 12 percent, and leasing and equipment finance average balances increased $195.3 million, or 16 percent, from the first quarter of 2004.

	Average Balances for the
	Three Months Ended March 31,
($ in thousands)	2005		2004		Change			% Change
Loans and leases*:
Consumer home equity and other
Home equity:
First mortgage lien	$	2,951,676	$	2,498,137	$	453,539		18.2	%
Junior lien	1,505,217		1,166,662		338,555			29.0
Total consumer home equity	4,456,893		3,664,799		792,094			21.6
Other	36,046		41,262		(5,216		)	(12.6	)
Total consumer home equity and other	4,492,939		3,706,061		786,878			21.2
Commercial real estate	2,168,336		1,942,494		225,842			11.6
Commercial business	407,523		427,824		(20,301		)	(4.7	)
Leasing and equipment finance	1,389,541		1,194,235		195,306			16.4
Power Assets	$	8,458,339	$	7,270,614	$	1,187,725		16.3

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

Power Liabilities^®

“TCF’s new Premier Checking, Plus eChecking and Premier Savings products drove growth in Power Liabilities during the quarter,” said Cooper.  Average Power Liabilities totaled $8.1 billion for the first quarter of 2005, with an average interest rate of .8 percent. Average checking, savings and money market balances increased $431.3 million from the first quarter of 2004.  The total number of checking accounts was 1,558,907 at March 31, 2005, up from 1,472,615 accounts at March 31, 2004 and 1,535,152 accounts at December 31, 2004.  During the first quarter of 2005, TCF generated 131,677 new checking accounts as compared with 124,263 new checking accounts in the first quarter of 2004.

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	Average Balances for the
	Three Months Ended March 31,
($ in thousands)	2005			2004			Change			% Change
Non-interest bearing deposits:
Retail	$	1,571,740		$	1,473,772		$	97,968		6.6	%
Small business	547,060			457,047			90,013			19.7
Commercial and custodial	313,635			324,857			(11,222		)	(3.5	)
Total non-interest bearing deposits	2,432,435			2,255,676			176,759			7.8
Interest-bearing deposits:
Premier checking	459,385			49,184			410,201			N.M.
Other checking	1,089,541			1,138,680			(49,139		)	(4.3	)
Subtotal	1,548,926			1,187,864			361,062			30.4
Premier savings	281,529			-			281,529
Other savings	1,606,560			1,809,138			(202,578		)	(11.2	)
Subtotal	1,888,089			1,809,138			78,951			4.4
Money market	647,197			832,695			(185,498		)	(22.3	)
Subtotal	4,084,212			3,829,697			254,515			6.6
Certificates of deposit	1,592,682			1,580,107			12,575			0.8
Total interest bearing deposits	5,676,894			5,409,804			267,090			4.9
Power Liabilities	$	8,109,329		$	7,665,480		$	443,849		5.8
Total checking, savings and money market balances	$	6,516,647		$	6,085,373		$	431,274		7.1
Number of checking accounts, period-end	1,558,907			1,472,615			86,292			5.9
Average rate on deposits	.80		%	.55		%	25		bps	N/A

N.M. Not meaningful.

Borrowings

Borrowings totaled $3.0 billion at March 31, 2005, down $127.3 million from December 31, 2004.  Borrowings decreased from December 31, 2004 primarily due to growth in Power Liabilities exceeding growth in Power Assets by $203.2 million.  During the first quarter of 2005, TCF issued $50 million of subordinated notes due in 2015.  The notes bear interest at a fixed rate of 5.00 percent, for the first five years and will reprice quarterly thereafter at the three-month LIBOR rate plus 1.56 percent.  The notes qualify as Tier 2 or supplementary capital for regulatory purposes, subject to certain limitations.  TCF National Bank paid the proceeds from the offering to TCF Financial Corporation to be used for general corporate purposes, which may include repurchases in the open market of TCF common stock.  Also, TCF extended $200 million of FHLB advances until February 2007, at an average fixed rate of 3.60 percent.  The weighted average rate for borrowings was 3.46 percent for the first quarter at 2005, compared with 3.19 percent for the first quarter of 2004 and 3.22 percent for the fourth quarter of 2004.

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Residential Real Estate Loans and Securities Available for Sale

Average balances of residential real estate loans and securities available for sale (consisting primarily of mortgage-backed securities) totaled $2.6 billion for the first quarter of 2005, a decrease of $64.6 million from the first quarter of 2004.  The residential real estate loans are all first mortgage loans originated by TCF’s mortgage banking operations.  TCF no longer originates any new loans in its mortgage banking business so this portfolio will continue to decline from normal amortization and pre-payments.  At March 31, 2005, the unrealized pre-tax loss on TCF’s securities available for sale portfolio was $23.1 million.

	Average Balances and Yields
	for the Three Months Ended								Change from
	March 31,			December 31,			March 31,		December 31,		March 31,
($ in thousands)	2005			2004			2004		2004		2004
Securities available for sale	$	1,663,412		$	1,534,776		$	1,519,374	$	128,636	$	144,038
Residential real estate loans	984,764			1,027,302			1,193,435		(42,538)		(208,671)
Total	$		2,648,176	$		2,562,078	$	2,712,809	$	86,098	$	(64,633)
Yield	5.37%			5.32%			5.54%

Non-interest Expense

Non-interest expense totaled $148.1 million for the 2005 first quarter, up $7.4 million, or 5 percent, from $140.7 million for the 2004 first quarter.  Compensation and employee benefits increased $2.6 million, or 3 percent, from the first quarter of 2004, primarily driven by a $4.9 million increase in the banking segment of which  $1.7 million related to new branches opened during the past 12 months, partially offset by a $2.3 million decrease for mortgage banking.  Occupancy and equipment expenses increased $1.9 million, or 8 percent, from the first quarter of 2004, primarily related to costs associated with new branch expansion.  Deposit losses decreased $517 thousand from the first quarter of 2004, primarily due to increased customer restitution from improved collection and customer retention activities.  Other expenses increased $3.1 million, or 11 percent, from the first quarter of 2004, primarily driven by a $1.2 million increase in card processing expenses related to the overall increase in card revenues, and a $1.1 million increase in operating lease depreciation expense in the leasing businesses. 

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	Three Months Ended
	March 31,						Change
($ in thousands)	2005			2004			$			%
Compensation and employee benefits	$		81,451	$	78,879		$	2,572		3.3	%
Occupancy and equipment	25,379			23,490			1,889			8.0
Advertising and promotions	6,247			5,910			337			5.7
Deposit losses	3,661			4,178			(517)			(12.4	)
Other	31,373			28,249			3,124			11.1
Total non-interest expense	$	148,111		$		140,706	$		7,405	5.3

Credit Quality

At March 31, 2005, TCF’s allowance for loan and lease losses totaled $76.9 million, or .80 percent of loans and leases, compared with $79.1 million, or .92 percent, at March 31, 2004.  The provision for credit losses for the first quarter of 2005 was a net credit of $3.4 million, compared with provision expense of $1.2 million for the first quarter of 2004.  Net loan and lease recoveries were $441 thousand, or .02 percent (annualized) of average loans and leases, in the first quarter of 2005, compared with net charge-offs of $516 thousand, or .02 percent (annualized), for the same 2004 period. The provision for credit losses for the first quarter reflects improved credit quality including $3.3 million related to one commercial business loan recovery, a $1.2 million reduction in consumer home equity and other loan reserve requirements due to improving credit quality and a $1.5 million reduction in specific loan reserves due to improvements in individual circumstances, partially offset by $2.6 million in additional reserve requirements for portfolio growth and other changes.  At March 31, 2005, TCF’s over-30-day delinquency rate was .34 percent, down from .37 percent at December 31, 2004. Total non-performing assets were $63.4 million, or .50 percent of total assets, at March 31, 2005, down slightly from $64.1 million, or .52 percent, at December 31, 2004, with decreases in non-accrual loans and leases, partially offset by a $1.3 million increase in other real estate owned.  Included in the non-accrual loans and leases and non-performing assets at March 31, 2005, is TCF’s $18.8 million investment in a leveraged lease with Delta Airlines, Inc. (“Delta”).

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Although Delta is current on its payments related to this transaction, if Delta declares bankruptcy, it would likely result in the charge-off of TCF’s $18.8 million investment in the leveraged lease and the current payment of previously deferred income tax obligations.

	Three Months Ended
	March 31,
($ in thousands)	2005		2004
Allowance for loan and lease losses:
Balance at beginning of period	$	79,878	$	76,619
Net (charge-offs) recoveries:
Consumer home equity and other	(1,308)		(574)
Commercial real estate	(37)		33
Commercial business	2,436		(73)
Leasing and equipment finance	(614)		106
Residential real estate	(36)		(8)
Total	441		(516)
Provision for credit losses	(3,436)		1,160
Acquired allowance	-		1,791
Balance at end of period	$	76,883	$	79,054
Key Indicators:
Allowance for loans and leases as a percentage of total loans and leases	.80%		.92%
Annualized net (recoveries) charge-offs as a percentage of average loans and leases	(.02)%		.02%
Period-end allowance as a multiple of annualized net charge-offs	N.M.		38.3X
Income before income taxes and provision for loan losses as a multiple of net charge-offs	N.M.		180.2X

N.M.  Not meaningful.

Mortgage Banking

At March 31, 2005, TCF’s mortgage servicing portfolio totaled $4.3 billion and the mortgage servicing rights asset totaled $43.5 million, or 1 percent of the related servicing portfolio, down from $5 billion and $50.7 million, respectively, at March 31, 2004.  The following table summarizes the components of mortgage banking revenues.

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	Three Months Ended
	March 31,				Change
($ in thousands)	2005		2004		$				%
Servicing income	$	3,894	$	4,625	$		(731	)	(15.8	)%
Less mortgage servicing rights:
Amortization	2,941		3,676		(735			)	(20.0	)
Net servicing income	953		949		4				0.4
Gains on sales of loans (1)	-		2,136		(2,136			)	(100.0	)
Other income	189		370		(181			)	(48.9	)
Total mortgage banking revenue	$	1,142	$	3,455	$	(2,313		)	(66.9	)

(1)      TCF’s mortgage banking business no longer originates or sells loans.

Income Taxes

TCF’s income tax expense was $33.1 million for the first quarter of 2005, or 34.25 percent of income before income tax expense, compared with $31.1 million, or 33.92 percent, for the comparable 2004 period.  The higher effective income tax rate in the first quarter of 2005 compared with the first quarter of 2004 is primarily due to higher state and local income taxes.

Capital

TCF repurchased 1.8 million shares of its common stock during the first quarter of 2005 at an average cost of $28.10 per share.  TCF has 1.7 million shares remaining in its stock repurchase program authorized by its Board of Directors.  Since 1997, TCF has repurchased 56 million shares of its stock, at an average cost of $17.92 per share.

	At March 31,			At December 31,
($ in thousands, except per-share data)	2005			2004
Stockholders’ equity	$	926,343		$			958,418
Stockholders’ equity to total assets	7.28  %			7.77  %
Book value per common share	$	6.85		$			6.99
Total risk-based capital	$	987,455	10.90  %	$		958,900		10.88  %
Total risk-based capital “well-capitalized” requirement	$	905,771	10.00  %	$	881,481			10.00  %
Excess risk-based capital over “well-capitalized” requirement	$	81,684	.90  %	$	77,419			.88  %

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Website Information

A live webcast of TCF’s conference call to discuss first quarter earnings will be hosted at TCF’s website, www.TCFExpress.com, on April 20, 2005 at 10:00 a.m., CDT.  Additionally, the webcast is available for replay at TCF’s website after the conference call.  The website also includes free access to company news releases, TCF’s annual report, quarterly reports, investor presentations and SEC filings.

TCF is a Wayzata, Minnesota-based national financial holding company with $12.7 billion in assets.  TCF has 430 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana.  Other TCF affiliates provide leasing and equipment finance, securities brokerage, and investments and insurance sales.

Forward-looking Information

This earnings release 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 standards or interpretations of existing standards, or monetary, fiscal or tax policies of the federal or state governments; adverse findings in tax audits; 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; imposition of vicarious liability on TCF as lessor in its leasing operations; denial of insurance coverage for claims made by TCF; 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 servicing portfolio, 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.

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TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per-share data)

(Unaudited)

	Three Months Ended
	March 31,
	2005				2004		$ Change			% Change
Interest income:
Loans and leases	$	146,544			$	125,273	$	21,271		17.0	%
Securities available for sale	21,495				20,332		1,163			5.7
Loans held for sale	2,254				2,841		(587		)	(20.7	)
Investments	1,052				773		279			36.1
Total interest income	171,345				149,219		22,126			14.8
Interest expense:
Deposits	15,938				10,539		5,399			51.2
Borrowings	26,354				20,187		6,167			30.5
Total interest expense	42,292				30,726		11,566			37.6
Net interest income	129,053				118,493		10,560			8.9
Provision for credit losses	(3,436			)	1,160		(4,596		)	N.M.
Net interest income after provision for credit losses	132,489				117,333		15,156			12.9
Non-interest income:
Fees and service charges	57,031				59,659		(2,628		)	(4.4	)
Card revenue	17,642				13,491		4,151			30.8
ATM revenue	9,732				9,997		(265		)	(2.7	)
Investments and insurance revenue	2,853				3,462		(609		)	(17.6	)
Subtotal	87,258				86,609		649			.7
Leasing and equipment finance	10,693				10,167		526			5.2
Mortgage banking	1,142				3,455		(2,313		)	(66.9	)
Other	7,816				2,228		5,588			N.M.
Fees and other revenue	106,909				102,459		4,450			4.3
Gains on sales of securities available for sale	5,239				12,717		(7,478		)	(58.8	)
Total non-interest income	112,148				115,176		(3,028		)	(2.6	)
Non-interest expense:
Compensation and employee benefits	81,451				78,879		2,572			3.3
Occupancy and equipment	25,379				23,490		1,889			8.0
Advertising and promotions	6,247				5,910		337			5.7
Deposit losses	3,661				4,178		(517		)	(12.4	)
Other	31,373				28,249		3,124			11.1
Total non-interest expense	148,111				140,706		7,405			5.3
Income before income tax expense	96,526				91,803		4,723			5.1
Income tax expense	33,061				31,142		1,919			6.2
Net income	$		63,465		$	60,661	$	2,804		4.6
										��
Earnings per common share:
Basic	$		.47		$	.44	$	.03		6.8
Diluted	$		.47		$	.44	$	.03		6.8
Dividends declared per common share	$		.2125		$	.1875	$	.025		13.3
Average common and common equivalent shares outstanding (in thousands):
Basic	133,990				137,982		(3,992		)	(2.9	)
Diluted	134,392				138,554		(4,162		)	(3.0	)

N.M.  Not meaningful.

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TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in thousands, except per-share data)

(Unaudited)

	At			At			At			% Change from
	March 31,			December 31,			March 31,			December 31,			March 31,
	2005			2004			2004			2004			2004
ASSETS
Cash and due from banks	$	323,996		$	359,798		$	368,409			(10.0	)%	(12.1	)%
Investments	105,404			103,226			411,934			2.1			(74.4	)
Securities available for sale	1,785,520			1,619,941			1,269,293			10.2			40.7
Loans held for sale	215,991			154,279			377,926			40.0			(42.8	)
Loans and leases:
Consumer home equity and other	4,601,418			4,418,588			3,821,648			4.1			20.4
Commercial real estate	2,193,513			2,154,396			1,963,815			1.8			11.7
Commercial business	409,219			424,135			428,588			(3.5		)	(4.5	)
Leasing and equipment finance	1,397,959			1,375,372			1,256,377			1.6			11.3
Subtotal	8,602,109			8,372,491			7,470,428			2.7			15.1
Residential real estate	950,469			1,014,166			1,152,357			(6.3		)	(17.5	)
Total loans and leases	9,552,578			9,386,657			8,622,785			1.8			10.8
Allowance for loan and lease losses	(76,883		)	(79,878		)	(79,054		)	3.7			2.7
Net loans and leases	9,475,695			9,306,779			8,543,731			1.8			10.9
Premises and equipment	328,081			326,667			290,478			.4			12.9
Goodwill	152,599			152,599			152,599			-			-
Mortgage servicing rights	43,501			46,442			50,726			(6.3		)	(14.2	)
Other assets	302,421			270,836			259,223			11.7			16.7
	$	12,733,208		$	12,340,567		$	11,724,319			3.2		8.6
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Checking	$	4,020,601		$	3,905,987		$	3,527,674			2.9		14.0
Savings	2,063,415			1,927,872			1,979,170			7.0			4.3
Money market	625,511			659,686			821,913			(5.2		)	(23.9	)
Subtotal	6,709,527			6,493,545			6,328,757			3.3			6.0
Certificates of deposit	1,685,486			1,468,650			1,540,371			14.8			9.4
Total deposits	8,395,013			7,962,195			7,869,128			5.4			6.7
Short-term borrowings	878,390			1,056,111			469,663			(16.8		)	87.0
Long-term borrowings	2,098,878			2,048,492			2,037,424			2.5			3.0
Total borrowings	2,977,268			3,104,603			2,507,087			(4.1		)	18.8
Accrued expenses and other liabilities	434,584			315,351			382,154			37.8			13.7
Total liabilities	11,806,865			11,382,149			10,758,369			3.7			9.7
Stockholders’ equity:
Common stock, par value $.01 per share, 280,000,000 shares authorized; 184,477,297; 184,939,094 and 185,008,164 shares issued	1,845			1,849			925			(.2		)	99.5
Additional paid-in capital	497,736			518,741			516,902			(4.0		)	(3.7	)
Retained earnings, subject to certain restrictions	1,420,258			1,385,760			1,269,229			2.5			11.9
Accumulated other comprehensive (loss) income	(14,756		)	(1,415		)	12,827			N.M.			N.M.
Treasury stock at cost, 49,208,234; 47,752,934 and 43,992,140 shares, and other	(978,740		)	(946,517		)	(833,933		)	3.4			17.4
Total stockholders’ equity	926,343			958,418			965,950			(3.3		)	(4.1	)
	$	12,733,208		$	12,340,567		$	11,724,319			3.2		8.6

N.M.  Not meaningful.

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15

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CREDIT QUALITY DATA

(Dollars in thousands)

(Unaudited)

Allowance for loan and lease losses:

	At or For the Three Months Ended March 31, 2005									At or For the Year Ended December 31, 2004
			Allowance									Allowance
			as a % of		Net Charge-offs (Recoveries) (1)							as a % of		Net Charge-offs
	Allowance		Portfolio		$			%		Allowance		Portfolio		$		%
Consumer home equity and other	$	7,716	.17	%	$	1,308		.12	%	$	9,939	.22	%	$	3,232	.08	%
Commercial real estate	20,857		.95		37			.01		20,742		.96		476		.02
Commercial business	6,769		1.65		(2,436		)	(2.39	)	7,696		1.81		153		.04
Leasing and equipment finance	24,703		1.77		614			.18		24,566		1.79		5,545		.43
Unallocated	16,139		n/a		-			-		16,139		n/a		-		n/a
Subtotal	76,184		.89		(477		)	(.02	)	79,082		.94		9,406		.12
Residential real estate	699		.07		36			.01		796		.08		73		.01
Total	$	76,883	.80		$	(441	)	(.02	)	$	79,878	.85		$	9,479	.11

Non-performing assets:

	At		At		At		Change from
	March 31,		December 31,		March 31,		December 31,			March 31,
	2005		2004		2004		2004			2004
Non-accrual loans and leases:
Consumer home equity and other	$	10,772	$	12,187	$	14,428	$	(1,415	)	$	(3,656	)
Commercial real estate	927		1,093		3,120		(166		)	(2,193		)
Commercial business	2,940		4,533		3,102		(1,593		)	(162		)
Leasing and equipment finance	27,706		25,678		11,863		2,028			15,843
Residential real estate	2,586		3,387		4,473		(801		)	(1,887		)
Total non-accrual loans and leases	44,931		46,878		36,986		(1,947		)	7,945
Other real estate owned:
Residential real estate	12,890		11,726		18,960		1,164			(6,070		)
Commercial real estate	5,568		5,465		11,549		103			(5,981		)
Total other real estate owned	18,458		17,191		30,509		1,267			(12,051		)
Total non-performing assets	$	63,389	$	64,069	$	67,495	$	(680	)	$	(4,106	)

Over 30-day delinquency data (2):

	At March 31,				At December 31,				At March 31,
	2005				2004				2004
	Principal		% of		Principal		% of		Principal		% of
	Balances		Portfolio		Balances		Portfolio		Balances		Portfolio
Consumer home equity and other	$	15,045	.33	%	$	15,436	.35	%	$	14,262	.37	%
Commercial real estate	349		.02		32		-		319		.02
Commercial business	1,072		.26		404		.10		128		.03
Leasing and equipment finance	6,962		.51		8,997		.67		12,716		1.02
Residential real estate	9,114		.96		9,516		.94		6,499		.57
Total	$	32,542	.34		$	34,385	.37		$	33,924	.40

Potential Problem Loans and Leases (3):

	At		At		At		Change from
	March 31,		December 31,		March 31,		December 31,			March 31,
	2005		2004		2004		2004			2004
Commercial real estate	$	37,114	$	34,138	$	30,316	$	2,976		$	6,798
Commercial business	18,307		18,112		13,072		195			5,235
Leasing and equipment finance	12,200		18,816		15,043		(6,616		)	(2,843		)
	$	67,621	$	71,066	$	58,431	$	(3,445	)	$	9,190

(1)    Annualized.

(2)    Excludes non-accrual loans and leases.

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

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16

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Dollars in thousands)

(Unaudited)

	Three Months Ended March 31,
	2005								2004
	Average						Yields and		Average					Yields and
	Balance			Interest			Rates (1)		Balance		Interest			Rates (1)
ASSETS
Investments	$		106,006	$	1,052		4.01	%	$	141,770	$		773	2.19	%
Securities available for sale	1,663,412			21,495			5.17		1,519,374		20,332			5.35
Loans held for sale	207,430			2,254			4.41		359,238		2,841			3.18
Loans and leases:
Consumer home equity - variable rate	2,701,729			42,725			6.41		2,214,972		29,993			5.45
Consumer home equity - fixed rate	1,755,164			29,144			6.73		1,449,827		25,489			7.07
Consumer - other	36,046			785			8.83		41,262		824			8.03
Total consumer home equity and other	4,492,939			72,654			6.56		3,706,061		56,306			6.11
Commercial real estate - variable rate	641,018			8,169			5.17		576,091		5,725			4.00
Commercial real estate - fixed and adjustable rate	1,527,318			22,767			6.05		1,366,403		20,798			6.12
Total commercial real estate	2,168,336			30,936			5.79		1,942,494		26,523			5.49
Commercial business - variable rate	332,555			4,117			5.02		332,685		3,048			3.68
Commercial business - fixed and adjustable rate	74,968			1,044			5.65		95,139		1,293			5.47
Total commercial business	407,523			5,161			5.14		427,824		4,341			4.08
Leasing and equipment finance	1,389,541			23,791			6.85		1,194,235		20,868			6.99
Subtotal	8,458,339			132,542			6.34		7,270,614		108,038			5.97
Residential real estate	984,764			14,002			5.70		1,193,435		17,235			5.78
Total loans and leases	9,443,103			146,544			6.27		8,464,049		125,273			5.94
Total interest-earning assets	11,419,951			171,345			6.06		10,484,431		149,219			5.71
Other assets	1,074,025								1,041,213
Total assets	$	12,493,976							$	11,525,644
LIABILITIES AND STOCKHOLDERS’ EQUITY
Non-interest bearing deposits:
Retail	$	1,571,740							$	1,473,772
Small business	547,060								457,047
Commercial and custodial	313,635								324,857
Total non-interest bearing deposits	2,432,435								2,255,676
Interest-bearing deposits:
Premier checking	459,385			2,105			1.86		49,184		196			1.60
Other checking	1,089,541			363			.14		1,138,680		213			.08
Subtotal	1,548,926			2,468			.65		1,187,864		409			.14
Premier savings	281,529			1,651			2.38		-		-			-
Other savings	1,606,560			1,645			.42		1,809,138		1,734			.39
Subtotal	1,888,089			3,296			.71		1,809,138		1,734			.39
Money market	647,197			1,071			.67		832,695		768			.37
Subtotal	4,084,212			6,835			.68		3,829,697		2,911			.31
Certificates of deposit	1,592,682			9,103			2.32		1,580,107		7,628			1.94
Total interest-bearing deposits	5,676,894			15,938			1.14		5,409,804		10,539			.78
Total deposits	8,109,329			15,938			.80		7,665,480		10,539			.55
Borrowings:
Short-term borrowings	974,853			6,080			2.53		735,475		2,350			1.29
Long-term borrowings	2,115,369			20,274			3.88		1,812,508		17,837			3.96
Total borrowings	3,090,222			26,354			3.46		2,547,983		20,187			3.19
Total deposits and borrowings	11,199,551			42,292			1.53		10,213,463		30,726			1.21
Other liabilities	360,362								375,192
Total liabilities	11,559,913								10,588,655
Stockholders’ equity	934,063								936,989
Total liabilities and stockholders’ equity	$	12,493,976							$	11,525,644
Net interest income and margin				$		129,053	4.56	%			$	118,493		4.52	%

(1)  Annualized.

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17

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME AND FINANCIAL RATIOS

(Dollars in thousands, except per-share data)

(Unaudited)

	Three Months Ended
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2005			2004			2004			2004			2004
Interest income:
Loans and leases	$	146,544		$	140,469		$	133,295		$	128,141		$	125,273
Securities available for sale	21,495			19,484			20,414			20,413			20,332
Loans held for sale	2,254			2,421			2,931			3,340			2,841
Investments	1,052			1,014			773			895			773
Total interest income	171,345			163,388			157,413			152,789			149,219
Interest expense:
Deposits	15,938			12,250			10,318			9,474			10,539
Borrowings	26,354			24,649			22,605			20,896			20,187
Total interest expense	42,292			36,899			32,923			30,370			30,726
Net interest income	129,053			126,489			124,490			122,419			118,493
Provision for credit losses	(3,436		)	4,073			2,644			3,070			1,160
Net interest income after provision for credit losses	132,489			122,416			121,846			119,349			117,333
Non-interest income:
Fees and service charges	57,031			67,385			71,353			73,116			59,659
Card revenue	17,642			17,609			16,339			16,024			13,491
ATM revenue	9,732			10,326			11,474			11,138			9,997
Investments and insurance revenue	2,853			2,609			3,057			3,430			3,462
Subtotal	87,258			97,929			102,223			103,708			86,609
Leasing and equipment finance	10,693			21,047			6,864			12,245			10,167
Mortgage banking	1,142			(122		)	4,132			5,495			3,455
Other	7,816			7,457			2,584			1,845			2,228
Fees and other revenue	106,909			126,311			115,803			123,293			102,459
Gains on sales of securities available for sale	5,239			6,204			3,679			-			12,717
Total non-interest income	112,148			132,515			119,482			123,293			115,176
Non-interest expense:
Compensation and employee benefits	81,451			86,338			78,010			79,597			78,879
Occupancy and equipment	25,379			25,057			23,673			23,397			23,490
Advertising and promotions	6,247			6,568			7,377			6,498			5,910
Deposit losses	3,661			5,675			7,421			5,350			4,178
Other	31,373			30,758			31,445			29,064			28,249
Total non-interest expense	148,111			154,396			147,926			143,906			140,706
Income before income tax expense	96,526			100,535			93,402			98,736			91,803
Income tax expense	33,061			33,133			31,690			33,518			31,142
Net income	$	63,465		$	67,402		$	61,712		$	65,218		$	60,661
Net income per common share:
Basic	$	.47		$	.50		$	.45		$	.47		$	.44
Diluted	$	.47		$	.50		$	.45		$	.47		$	.44
Dividends declared per common share	$	.2125		$	.1875		$	.1875		$	.1875		$	.1875
Financial Ratios:
Return on average assets(1)	2.03		%	2.22		%	2.06		%	2.20		%	2.11		%
Return on average common equity(1)	27.18			28.35			25.96			27.68			25.90
Net interest margin(1)	4.56			4.56			4.56			4.53			4.52
Net charge-offs (recoveries) as a percentage of average loans and leases(1)	(.02		)	.14			.17			.10			.02
Average total equity to average assets	7.48			7.81			7.94			7.95			8.13

(1)  Annualized.

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18

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS AND SUPPLEMENTAL INFORMATION

(In thousands)

(Unaudited)

	Mar. 31,				Dec. 31,				Sept. 30,				Jun. 30,					Mar. 31,
	2005				2004				2004				2004					2004
ASSETS
Cash and due from banks	$	332,800			$	350,497			$	351,383			$	347,551				$		326,731
Investments	106,006				105,603				94,910				157,591					141,770
Securities available for sale	1,663,412				1,534,776				1,545,768				1,546,694					1,519,374
Loans held for sale	207,430				254,617				327,953				385,193					359,238
Loans and leases:
Consumer home equity - variable rate	2,701,729				2,699,156				2,547,648				2,363,947					2,214,972
Consumer home equity - fixed	1,755,164				1,571,494				1,512,853				1,501,317					1,449,827
Consumer - other	36,046				37,403				39,068				38,930					41,262
Total consumer home equity and other	4,492,939				4,308,053				4,099,569				3,904,194					3,706,061
Commercial real estate - variable rate	641,018				619,765				607,075				603,793					576,091
Commercial real estate - fixed and adjustable rate	1,527,318				1,474,247				1,405,715				1,381,705					1,366,403
Total commercial real estate	2,168,336				2,094,012				2,012,790				1,985,498					1,942,494
Commercial business - variable rate	332,555				353,752				344,871				333,463					332,685
Commercial business - fixed and adjustable rate	74,968				76,906				95,139				95,139					95,139
Total commercial business	407,523				430,658				440,010				428,602					427,824
Leasing and equipment finance	1,389,541				1,341,985				1,320,495				1,285,989					1,194,235
Subtotal	8,458,339				8,174,708				7,872,864				7,604,283					7,270,614
Residential real estate	984,764				1,027,302				1,076,619				1,123,062					1,193,435
Total loans and leases	9,443,103				9,202,010				8,949,483				8,727,345					8,464,049
Allowance for loan and lease losses	(79,918			)	(79,502			)	(80,077			)	(79,169				)	(77,655				)
Net loans and leases	9,363,185				9,122,508				8,869,406				8,648,176					8,386,394
Premises and equipment	328,336				322,492				313,068				297,492					287,322
Goodwill	152,599				152,599				152,599				152,599					146,678
Mortgage servicing rights	45,101				49,746				51,380				50,876					51,432
Other assets	295,107				276,498				269,091				270,106					306,705
	$	12,493,976			$	12,169,336			$	11,975,558			$	11,856,278				$		11,525,644
LIABILITIES AND STOCKHOLDERS’ EQUITY
Non-interest-bearing deposits:
Retail	$	1,571,740			$	1,493,344			$	1,512,434			$	1,538,051				$			1,473,771
Small business	547,060				557,103				525,466				492,305					457,047
Commercial and custodial	313,635				332,228				329,329				383,630					324,858
Total non-interest bearing deposits	2,432,435				2,382,675				2,367,229				2,413,986					2,255,676
Interest-bearing deposits:
Premier checking	459,385				343,266				248,217				151,801					49,184
Other checking	1,089,541				1,106,934				1,140,098				1,175,623					1,138,680
Subtotal	1,548,926				1,450,200				1,388,315				1,327,424					1,187,864
Premier savings	281,529				198,769				109,681				31,949					-
Other savings	1,606,560				1,621,810				1,717,789				1,806,267					1,809,138
Subtotal	1,888,089				1,820,579				1,827,470				1,838,216					1,809,138
Money market	647,197				685,885				738,769				799,485					832,695
Subtotal	4,084,212				3,956,664				3,954,554				3,965,125					3,829,697
Certificates of deposit	1,592,682				1,469,735				1,458,905				1,467,654					1,580,107
Total interest-bearing deposits	5,676,894				5,426,399				5,413,459				5,432,779					5,409,804
Total deposits	8,109,329				7,809,074				7,780,688				7,846,765					7,665,480
Borrowings:
Short-term borrowings	974,853				1,003,746				824,955				669,938					735,475
Long-term borrowings	2,115,369				2,045,505				2,059,525				2,017,232					1,812,508
Total borrowings	3,090,222				3,049,251				2,884,480				2,687,170					2,547,983
Accrued expenses and other liabilities	360,362				360,004				359,488				379,965					375,192
Total liabilities	11,559,913				11,218,329				11,024,656				10,913,900					10,588,655
Stockholders’ equity:
Common stock	1,846				1,850				1,206				925					925
Additional paid-in capital	503,762				518,012				517,020				516,990					517,203
Retained earnings	1,394,163				1,360,169				1,318,461				1,282,080					1,243,968
Accumulated other comprehensive (loss) income	(4,139			)	(527			)	(2,781			)	(11,666				)	11,784
Treasury stock at cost and other	(961,569			)	(928,497			)	(883,004			)	(845,951				)	(836,891				)
	934,063				951,007				950,902				942,378					936,989
	$	12,493,976			$	12,169,336			$	11,975,558			$	11,856,278				$	11,525,644
Supplemental Information:
Residential real estate loans	$	984,764			$		1,027,302		$	1,076,619			$		1,123,062			$	1,193,435
Securities available for sale	1,663,412				1,534,776				1,545,768				1,546,694					1,519,374
Total residential real estate loans and securities available for sale	$		2,648,176		$	2,562,078			$		2,622,387		$			2,669,756		$	2,712,809

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