TCF Financial 8-K Results of Operations and Financial Condition

Exhibit 99.1

NEWS RELEASE	CONTACT:	Jason Korstange
		(952) 745-2755
		www.tcfbank.com
	FOR IMMEDIATE RELEASE

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

TCF Reports First Quarter Earnings and EPS ($.65)

FIRST QUARTER HIGHLIGHTS

·Record diluted earnings per share of 65 cents

·Net income of $82.7 million

·Record return on average assets of 2.24 percent

·Record return on average common equity of 31.81 percent

·Average Power Assets^Ò increased $1.2 billion, or 12.2 percent

·Average Power Liabilities^Ò increased $566.4 million, or 6.2 percent

EARNINGS SUMMARY

($ in thousands, except per-share data)

	Three Months Ended March 31,
	2007			2006			Change
Net income	$	82,724		$	58,222		42.1	%
Diluted earnings per common share	.65			.45			44.4
Financial Ratios (1)
Return on average assets	2.24		%	1.71		%
Return on average common equity	31.81			23.82
Net interest margin	4.00			4.25
Net charge-offs as a percentage of average loans and leases	.10			.08

(1) Annualized.

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WAYZATA, MN, April 24, 2007 – TCF Financial Corporation (“TCF”) (NYSE: TCB) today reported diluted earnings per share of 65 cents for the first quarter of 2007, up 44.4 percent, compared with 45 cents for the same 2006 period. Net income for the first quarter of 2007 was $82.7 million, up 42.1 percent from $58.2 million for the first quarter of 2006. The first quarter of 2007 includes a $31.2 million pre-tax gain on the sale of ten outstate Michigan branches and an $8.5 million reduction of income tax expense related to a favorable settlement with the Internal Revenue Service, for a combined after-tax impact of 23 cents per diluted share. The first quarter of 2006 includes $4.5 million in pre-tax gain on sale of assets, including a $1.6 million net gain on the sale of mortgage servicing rights for a combined after-tax impact of two cents per diluted share.

For the first quarter of 2007, return on average assets (“ROA”) was 2.24 percent and return on average common equity (“ROE”) was 31.81 percent, compared with 1.71 percent and 23.82 percent, respectively, for the first quarter of 2006.

Chief Executive Officer’s Statement

“TCF’s record earnings for the first quarter of 2007 included a non-recurring gain from the sale of ten outstate Michigan branches and a favorable income tax settlement with the IRS. TCF’s first quarter operating results were satisfactory, but like other financial institutions, were negatively impacted by the inverted yield curve and the slow housing markets,” said Lynn A. Nagorske, Chief Executive Officer.

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Total Revenue

	Three Months
($ in thousands)	Ended March 31,						Change
	2007			2006			$			%
Net interest income	$	135,477		$	131,168		$	4,309		3.3	%
Fees and other revenue:
Fees and service charges	62,022			61,555			467			.8
Card revenue	23,261			21,262			1,999			9.4
ATM revenue	8,749			9,099			(350		)	(3.8	)
Investments and insurance	2,178			2,488			(310		)	(12.5	)
Total banking fees and other revenue	96,210			94,404			1,806			1.9
Leasing and equipment finance	14,001			11,915			2,086			17.5
Other	1,953			8,252			(6,299		)	(76.3	)
Total fees and other revenue	112,164			114,571			(2,407		)	(2.1	)
Gains on sales of branches and real estate	31,173			2,928			28,245			N.M.
Total non-interest income	143,337			117,499			25,838			22.0
Total revenue	$	278,814		$	248,667		$	30,147		12.1
Net interest margin (1)	4.00		%	4.25		%
Fees and other revenue as a % of:
Total revenue	40.23			46.07
Average assets (1)	3.03			3.37

(1)  Annualized.

Net Interest Income

TCF’s net interest income in the first quarter of 2007 was $135.5 million, up $4.3 million, or 3.3 percent, from the first quarter of 2006 and down $410 thousand, or .3 percent, from the fourth quarter of 2006. Net interest margin in the first quarter of 2007 was 4.00 percent, compared with 4.25 percent for the first quarter of 2006 and 4.07 percent for the fourth quarter of 2006.

The increase in net interest income from the first quarter of 2006 was primarily attributable to a $1.2 billion, or 9.6 percent, increase in average interest-earning assets, partially offset by the 25 basis point reduction in net interest margin. The decrease in net interest margin from the first quarter of 2006 was primarily due to continued customer preference for lower-yielding fixed-rate loans and higher-cost market-rate deposits, largely due to the flat or inverted yield curve, as well as increased higher-cost borrowings.

The decrease in net interest income from the fourth quarter of 2006 was primarily due to two less days in the first quarter of 2007 and a seven basis point reduction in net interest margin. The decrease in net

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interest margin from the fourth quarter of 2006 was primarily due to lower yields on interest earning assets and higher rates on deposits.

Non-interest Income

Total non-interest income was $143.3 million for the first quarter of 2007, up $25.8 million, or 22 percent, from the same period of 2006.

Banking fees and service charges were $62 million for the first quarter of 2007, up $467 thousand, or .8 percent, from the first quarter of 2006, primarily attributable to deposit account growth, partially offset by lower overdraft incident rates.

Card revenues totaled $23.3 million for the first quarter of 2007, up $2 million, or 9.4 percent, over the same period in 2006, primarily due to increased sales volume as a result of increases in the number of active accounts and transactions per account.

Leasing and equipment finance revenues were $14 million for the first quarter of 2007, up $2.1 million, or 17.5 percent, from the 2006 first quarter, primarily due to higher operating lease revenue and other fees.

Other revenues were $2 million for the first quarter of 2007, down $6.3 million from the same period of 2006. The decrease in other revenue is partially due to a $4 million decrease in mortgage banking revenue, including a $2.3 million gain on sale of mortgage servicing rights, related to the exit from this business in 2006. Other revenue also declined due to a $2.4 million decrease in gains on sale of educational loans, related to the accelerated sale of certain educational loans in 2006, due to legislative changes to student loan programs.

In the first quarter of 2007, TCF completed its sale of ten outstate branches in Michigan, with $241.4 million of deposits, and recorded a pre-tax gain of $31.2 million.

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Branches

During the first quarter of 2007, TCF opened two new traditional and two new supermarket branches, closed four supermarket branches and transferred the customer accounts to nearby branches, and sold ten branches, including the related deposit accounts. TCF has now opened 126 new branches since January 2002, representing 28 percent of TCF’s 443 total branches. TCF intends to open 16 additional branches in 2007, consisting of nine traditional branches, four supermarket branches and three campus branches. In order to improve the customer experience and enhance deposit growth, TCF also intends to relocate seven branches to improved locations and facilities, including six traditional branches and one supermarket branch, and to remodel 21 supermarket branches and one traditional branch during the remainder of 2007. TCF also plans to close three traditional branches and one supermarket branch during the remainder of 2007.

During the first quarter of 2007, TCF entered into a new exclusive campus banking relationship with the University of Illinois. This relationship will provide college students with internet banking, bill payment capabilities and checking account access through their i-cards, as well as access to 12 new TCF ATM machines on campus. The University of Illinois has an annual enrollment of 70,000 students, employs 24,000 faculty and staff, and has more than 550,000 alumni. TCF now has 11 campus banking alliances which provide an excellent source of new customers.

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	March 31,		December 31,		December 31,
(# of branches)	2007		2006		2001
Total Branches
Minnesota	108		107		88
Illinois	196		195		179
Michigan	55		64		57
Colorado	44		44		13
Wisconsin	33		36		33
Indiana	6		6		5
Arizona	1		1		—
	443		453		375
New Branches (1)
Traditional	75		73
Supermarket	44		43
Campus	7		7
Total	126		123
% of Total Branches	28	%	27	%

(1) New branches opened since January 1, 2002.

Additional information regarding the results of TCF’s new branches opened since January 1, 2002 is summarized as follows:

	At or For the Three Months Ended
	March 31,
($ in thousands)	2007			2006			Change			% Change
Number of deposit accounts	312,624			227,647			84,977			37.3	%
Average deposits:
Checking	$		345,130	$		282,456	$		62,674	22.2
Savings	326,598			245,728			80,870			32.9
Money market	42,243			25,724			16,519			64.2
Subtotal	713,971			553,908			160,063			28.9
Certificates of deposit	445,026			354,379			90,647			25.6
Total deposits	$	1,158,997		$	908,287		$	250,710		27.6
Total fees and other revenue (quarter ended)	$	14,956		$	11,584		$	3,372		29.1

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Power Assets^®

TCF’s Average Power Assets increased $1.2 billion, or 12.2 percent, from the first quarter of 2006. TCF’s average consumer loan balances increased $709.4 million, or 13.5 percent, average commercial loan balances increased $152.9 million, or 5.5 percent, and leasing and equipment finance balances increased $304.9 million, or 19.9 percent, from the first quarter of 2006.

TCF’s Average Power Assets increased $175.2 million, or 6.6 percent (annualized), from the fourth quarter of 2006. The first quarter’s lower annualized growth rate is primarily related to slower growth in consumer home equity loans, resulting from the soft housing markets and increased prepayments of commercial real estate loans.

“TCF continues to focus on our high quality, prime home equity customers, in the slower consumer housing market,” said Lynn A. Nagorske, Chief Executive Officer.

	Average Balances for the
	Three Months Ended March 31,				Change
($ in thousands)	2007		2006		$		%
Loans and leases (1):
Consumer home equity and other:
Home equity:
First mortgage lien	$	3,808,390	$	3,409,051	$	399,337	11.7	%
Junior lien	2,109,723		1,806,666		303,057		16.8
Total consumer home equity	5,918,113		5,215,717		702,394		13.5
Other	41,853		34,833		7,021		20.2
Total consumer home equity and other	5,959,966		5,250,550		709,415		13.5
Commercial real estate	2,377,683		2,329,579		48,104		2.1
Commercial business	554,127		449,364		104,763		23.3
Leasing and equipment finance	1,837,964		1,533,034		304,930		19.9
Power Assets	$	10,729,740	$	9,562,527	$	1,167,212	12.2

(1) Excludes residential real estate loans, education loans held for sale and operating leases.

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Power Liabilities^®

Average Power Liabilities totaled $9.7 billion for the first quarter of 2007, with an average interest rate of 2.38 percent, an increase of $566.4 million, or 6.2 percent, from the first quarter of 2006. The growth in average Power Liabilities was primarily driven by increases in Premier Checking, Premier Savings and certificates of deposit, partially offset by declines in other lower-cost interest-bearing checking and savings, and money market balances. Average custodial balances decreased $81.9 million primarily due to the sale of mortgage servicing rights in the first quarter of 2006.

Average Power Liabilities increased $210.2 million, or 8.8 percent (annualized), from the fourth quarter of 2006. The first quarter’s higher annualized growth rate is primarily attributable to growth in interest-bearing deposit products.

	Average Balances and Rates for the
	Three Months Ended March 31,						Change
($ in thousands)	2007			2006			$			%
Non-interest bearing deposits:
Retail	$	1,532,150		$	1,554,007		$	(21,857	)	(1.4	)%
Small business	596,460			590,240			6,220			1.1
Commercial and custodial	201,860			282,409			(80,549		)	(28.5	)
Total non-interest bearing deposits	2,330,470			2,426,656			(96,186		)	(4.0	)
Interest-bearing deposits:
Premier checking	1,073,500			938,055			135,445			14.4
Other checking	824,512			909,960			(85,448		)	(9.4	)
Subtotal	1,898,012			1,848,015			49,997			2.7
Premier savings	1,070,059			780,046			290,013			37.2
Other savings	1,314,471			1,440,818			(126,347		)	(8.8	)
Subtotal	2,384,530			2,220,864			163,666			7.4
Money market	610,286			669,602			(59,316		)	(8.9	)
Subtotal	4,892,828			4,738,481			154,347			3.3
Certificates of deposit	2,513,838			2,005,639			508,199			25.3
Total interest-bearing deposits	7,406,666			6,744,120			662,546			9.8
Power Liabilities	$	9,737,136		$	9,170,776		$	566,360		6.2
Average rate on deposits	2.38		%	1.76		%	62		bps	N/A
Total number of deposit accounts (1)	2,406,725			2,289,236			117,489			5.1

N/A  Not Applicable.

(1) Excluding sold Michigan branches.

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Non-interest Expense

Non-interest expense totaled $164.2 million for the first quarter of 2007, up $3.9 million, or 2.4 percent, from $160.3 million for the first quarter of 2006.

Compensation and employee benefits were well controlled and increased only $1.9 million, or 2.2 percent, from the first quarter of 2006. Branch expansion increased employee compensation and benefits by $1.5 million during the first quarter.

Occupancy and equipment expenses increased $2.4 million, or 8.6 percent, from the first quarter of 2006, primarily driven by a $1.1 million increase in costs associated with branch expansion.

Operating lease depreciation increased $1.2 million from the first quarter of 2006, primarily due to a $20.1 million increase in average operating lease balances in TCF’s leasing and equipment finance subsidiaries.

Other expenses decreased by $1.9 million, or 5 percent, from the first quarter of 2006, primarily attributable to a $700 thousand decrease in expenses due to the sale of mortgage servicing rights in the first quarter of 2006, and a $555 thousand recovery on the redemption of a commercial real estate property in the first quarter of 2007.

	Three Months Ended
	March 31,				Change
($ in thousands)	2007		2006		$			%
Compensation and employee benefits	$	88,093	$	86,168	$	1,925		2.2	%
Occupancy and equipment	30,451		28,051		2,400			8.6
Advertising and promotions	5,981		5,716		265			4.6
Other	35,315		37,182		(1,867		)	(5.0	)
Subtotal	159,840		157,117		2,723			1.7
Operating lease depreciation	4,360		3,163		1,197			37.8
Total non-interest expense	$	164,200	$	160,280	$	3,920		2.4

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Credit Quality

At March 31, 2007, TCF’s allowance for loan and lease losses totaled $60.5 million, or .53 percent of loans and leases, compared with $58.5 million, or .52 percent, at December 31, 2006. The provision for credit losses for the first quarter of 2007 was $4.7 million, up $3.5 million from the first quarter of 2006, primarily due to higher consumer home equity charge-offs partially offset by a $2.1 million recovery on a previously charged-off lease. Net loan and lease charge-offs in the first quarter of 2007 were $2.7 million, or .10 percent (annualized) of average loans and leases, compared with $2.2 million, or .08 percent (annualized) for the same 2006 period.

At March 31, 2007, TCF’s over-30-day delinquency rate was .41 percent, down from .63 percent at December 31, 2006. Non-accrual loans and leases were $55.1 million, or .49 percent of net loans and leases, at March 31, 2007, compared with $43.2 million, or .38 percent, at December 31, 2006. Total non-performing assets were $82.3 million, or .55 percent of total assets, at March 31, 2007, up from $65.6 million, or .45 percent, at December 31, 2006. The increase in non-accrual loans and leases from December 31, 2006 was primarily due to a $13.8 million Minnesota commercial real estate loan, which migrated from delinquent status in the first quarter of 2007.

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	Three Months Ended
	March 31,
($ in thousands)	2007			2006
Allowance for loan and lease losses:
Balance at beginning of period	$	58,543		$	55,823
Net (charge-offs) recoveries:
Consumer home equity	(3,262		)	(1,399		)
Consumer other	287			316
Total consumer	(2,975		)	(1,083		)
Commercial real estate	(403		)	(69		)
Commercial business	(148		)	(154		)
Leasing and equipment finance	838			(831		)
Residential real estate	(28		)	(32		)
Total	(2,716		)	(2,169		)
Provision for credit losses	4,656			1,151
Balance at end of period	$	60,483		$	54,805

Income Taxes

TCF’s income tax expense was $27.2 million for the first quarter of 2007, or 24.8 percent of pre-tax income, compared with $29 million, or 33.3 percent, for the comparable 2006 period. The income tax expense for the first quarter of 2007 includes an $8.5 million reduction related to a favorable settlement with the IRS of a tax issue from a prior year. Excluding this item, the effective income tax rate was 32.5 percent, slightly lower than the first quarter of 2006.

Effective January 1, 2007, TCF adopted Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes, with no adjustment to TCF’s financial statements.

Capital

During the first quarter of 2007, TCF repurchased 1.1 million shares of its common stock at an average cost of $26.44 per share. On April 14, 2007, TCF’s Board of Directors authorized a new stock repurchase program for the company to acquire up to five percent of TCF common stock, or an additional 6.5 million shares. TCF has a total of 8.2 million shares authorized under its stock repurchase programs.

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	At March 31,					At March 31,
($ in thousands, except per-share data)	2007					2006
Stockholders’ equity	$	1,062,008				$	968,300
Stockholders’ equity to total assets	7.13		%			6.99		%
Book value per common share	$	8.21				$	7.35
Tier 1 risk-based capital	$	940,227		8.83	%	$	850,945		8.36	%
Total risk-based capital	1,201,061			11.28		1,110,762			10.91
Total risk-based capital “well-capitalized” requirement	1,064,644			10.00		1,017,778			10.00
Excess risk-based capital over “well-capitalized” requirement	136,417			1.28		92,984			.91

Website Information

A live webcast of TCF’s conference call to discuss first quarter earnings will be hosted at TCF’s website, www.tcfbank.com, on April 24, 2007 at 10:00 a.m., CT. 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 $14.9 billion in total assets. TCF has 443 banking offices in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana and Arizona. Other TCF affiliates provide leasing and equipment finance, and investments and insurance sales.

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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 and 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; an inability to increase the number of deposit accounts and the possibility that deposit account losses (fraudulent checks, etc.) may increase; impact of legal, legislative or other changes affecting customer account charges and fee income; 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; monetary, fiscal or tax policies of the federal or state governments, including adoption of state legislation that would increase state taxes; adoption of proposed federal legislation reducing interest subsidies and other benefits available to TCF in its education lending programs; adverse findings in tax audits or regulatory examinations; 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 changes in allowance for loan and lease losses methodology dictated by new regulatory requirements; 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 or loss or theft of information; adverse changes in securities markets; and results of litigation, including reductions in card revenues resulting from litigation brought by various merchants or merchant organizations against Visa; or other significant uncertainties. Investors should consult TCF’s Annual Report on Form 10-K, and Forms 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,				Change
	2007		2006		$			%
Interest income:
Loans and leases	$	201,605	$	176,983	$	24,622		13.9
Securities available for sale	25,105		23,699		1,406			5.9
Education loans held for sale	4,146		4,347		(201		)	(4.6	)
Investments	2,806		677		2,129			N.M.
Total interest income	233,662		205,706		27,956			13.6
Interest expense:
Deposits	57,155		39,847		17,308			43.4
Borrowings	41,030		34,691		6,339			18.3
Total interest expense	98,185		74,538		23,647			31.7
Net interest income	135,477		131,168		4,309			3.3
Provision for credit losses	4,656		1,151		3,505			N.M.
Net interest income after provision for credit losses	130,821		130,017		804			.6
Non-interest income:
Fees and service charges	62,022		61,555		467			.8
Card revenue	23,261		21,262		1,999			9.4
ATM revenue	8,749		9,099		(350		)	(3.8	)
Investments and insurance revenue	2,178		2,488		(310		)	(12.5	)
Subtotal	96,210		94,404		1,806			1.9
Leasing and equipment finance	14,001		11,915		2,086			17.5
Other	1,953		8,252		(6,299		)	(76.3	)
Fees and other revenue	112,164		114,571		(2,407		)	(2.1	)
Gains on sales of branches and real estate	31,173		2,928		28,245			N.M.
Total non-interest income	143,337		117,499		25,838			22.0
Non-interest expense:
Compensation and employee benefits	88,093		86,168		1,925			2.2
Occupancy and equipment	30,451		28,051		2,400			8.6
Advertising and promotions	5,981		5,716		265			4.6
Other	35,315		37,182		(1,867		)	(5.0	)
Subtotal	159,840		157,117		2,723			1.7
Operating lease depreciation	4,360		3,163		1,197			37.8
Total non-interest expense	164,200		160,280		3,920			2.4
Income before income tax expense	109,958		87,236		22,722			26.0
Income tax expense	27,234		29,014		(1,780		)	(6.1	)
Net income	$	82,724	$	58,222	$	24,502		42.1
Net income per common share:
Basic	$	.65	$	.45	$	.20		44.4
Diluted	$	.65	$	.45	$	.20		44.4
Dividends declared per common share	$	.2425	$	.23	$	.0125		5.4
Average common and common equivalent shares outstanding (in thousands):
Basic	127,676		130,282		(2,606		)	(2.0	)
Diluted	127,921		130,447		(2,526		)	(1.9	)

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)

	At			At			At			% Change from
	March 31,			December 31,			March 31,			December 31,		March 31,
	2007			2006			2006			2006		2006
	(Unaudited)						(Unaudited)
ASSETS
Cash and due from banks	$	282,502		$	348,980		$	330,891		(19.0	)%	(14.6	)%
Investments	272,273			170,129			72,082			60.0		N.M.
Securities available for sale	1,859,244			1,816,126			1,816,135			2.4		2.4
Education loans held for sale	208,107			144,574			234,324			43.9		(11.2	)
Loans and leases:
Consumer home equity and other	6,041,881			5,945,077			5,384,702			1.6		12.2
Commercial real estate	2,362,023			2,390,653			2,394,722			(1.2	)	(1.4	)
Commercial business	561,434			551,995			469,754			1.7		19.5
Leasing and equipment finance	1,849,874			1,818,165			1,575,483			1.7		17.4
Subtotal	10,815,212			10,705,890			9,824,661			1.0		10.1
Residential real estate	602,748			627,790			732,912			(4.0	)	(17.8	)
Total loans and leases	11,417,960			11,333,680			10,557,573			.7		8.1
Allowance for loan and lease losses	(60,483		)	(58,543		)	(54,805		)	(3.3	)	(10.4	)
Net loans and leases	11,357,477			11,275,137			10,502,768			.7		8.1
Premises and equipment, net	416,570			406,087			375,679			2.6		10.9
Goodwill	152,599			152,599			152,599			—		—
Other assets	349,603			356,102			367,458			(1.8	)	(4.9	)
	$	14,898,375		$	14,669,734		$	13,851,936		1.6		7.6
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Checking	$	4,404,950		$	4,348,256		$	4,463,456		1.3		(1.3	)
Savings	2,415,895			2,351,580			2,360,507			2.7		2.3
Money market	599,635			585,779			637,223			2.4		(5.9	)
Subtotal	7,420,480			7,285,615			7,461,186			1.9		(.5	)
Certificates of deposit	2,477,230			2,483,635			2,128,723			(.3	)	16.4
Total deposits	9,897,710			9,769,250			9,589,909			1.3		3.2
Short-term borrowings	47,376			214,112			346,528			(77.9	)	(86.3	)
Long-term borrowings	3,571,930			3,374,428			2,688,131			5.9		32.9
Total borrowings	3,619,306			3,588,540			3,034,659			.9		19.3
Accrued expenses and other liabilities	319,351			278,570			259,068			14.6		23.3
Total liabilities	13,836,367			13,636,360			12,883,636			1.5		7.4
Stockholders’ equity:
Common stock, par value $.01 per share, 280,000,000 shares authorized; 131,520,842; 131,660,749 and 184,220,375 shares issued	1,315			1,317			1,842			(.2	)	(28.6	)
Additional paid-in capital	350,739			343,744			468,968			2.0		(25.2	)
Retained earnings, subject to certain restrictions	835,218			784,011			1,564,207			6.5		(46.6	)
Accumulated other comprehensive loss	(32,238		)	(34,926		)	(38,121		)	7.7		15.4
Treasury stock at cost, 2,214,530; 1,242,413 and 52,397,230 shares, and other	(93,026		)	(60,772		)	(1,028,596		)	(53.1	)	91.0
Total stockholders’ equity	1,062,008			1,033,374			968,300			2.8		9.7
	$	14,898,375		$	14,669,734		$	13,851,936		1.6		7.6

N.M. Not meaningful.

15

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CREDIT QUALITY DATA

(Dollars in thousands)

(Unaudited)

Allowance for loan and lease losses:

	At or For the Quarter Ended March 31, 2007									At or For the Year Ended December 31, 2006
			Allowance									Allowance
			as a % of		Net Charge-offs (Recoveries)							as a % of		Net Charge-offs (Recoveries)
	Allowance		Portfolio		$			% (1)		Allowance		Portfolio		$		%
Consumer home equity	$	15,345	.26	%	$	3,262		.22	%	$	12,615	.21	%	$	7,346	.13	%
Consumer other	1,965		3.33		(287		)	N.M.		2,211		3.54		4,802		N.M.
Total consumer	$	17,310	.29		$	2,975		.20		$	14,826	.25		$	12,148	.22
Commercial real estate	22,367		.95		403			.07		22,662		.95		189		.01
Commercial business	7,294		1.30		148			.11		7,503		1.36		469		.09
Leasing and equipment finance	12,970		.70		(838		)	(.18	)	12,990		.71		4,892		.29
Residential real estate	542		.09		28			.02		562		.09		271		.04
Total	$	60,483	.53		$	2,716		.10		$	58,543	.52		$	17,969	.17
Quarterly Net Charge-Offs:

	Quarter Ended												Change from
	Mar. 31, 2007				Dec. 31, 2006				Mar. 31, 2006				Dec. 31, 2006				Mar. 31, 2006
Consumer home equity	$		3,262		$		3,100		$		1,399		$		162		$		1,863
Consumer other	(287			)	1,611				(316			)	(1,898			)	29
Total consumer	$		2,975		$		4,711		$		1,083		$		(1,736	)	$		1,892
Commercial real estate	403				(28			)	69				431				334
Commercial business	148				168				154				(20			)	(6			)
Leasing and equipment finance	(838			)	1,611				831				(2,449			)	(1,669			)
Residential real estate	28				166				32				(138			)	(4			)
Total	$		2,716		$		6,628		$		2,169		$		(3,912	)	$		547
Quarterly Net Charge-Offs as a Percentage of Average Loans and Leases:
	Quarter Ended (1)												Change from
	Mar. 31,				Dec. 31,				Mar. 31,				Dec. 31,				Mar. 31,
	2007				2006				2006				2006				2006
Consumer home equity	.22			%	.21			%	.11			%	.01			%	.11			%
Total consumer	.20				.32				.08				(.12			)	.12
Commercial real estate	.07				—				.01				.07				.06
Commercial business	.11				.13				.14				(.02			)	(.03			)
Leasing and equipment finance	(.18			)	.36				.22				(.54			)	(.40			)
Residential real estate	.02				.10				.02				(.08			)	—
Total	.10				.24				.08				(.14			)	.02
Non-performing assets:
	At				At				At				Change from
	March 31,				December 31,				March 31,				December 31,				March 31,
	2007				2006				2006				2006				2006
Non-accrual loans and leases:
Consumer home equity and other	$		18,059		$		16,520		$		12,631		$		1,539		$		5,428
Commercial real estate	25,500				12,849				7,010				12,651				18,490
Commercial business	2,292				3,421				2,105				(1,129			)	187
Leasing and equipment finance	5,978				7,596				7,798				(1,618			)	(1,820			)
Residential real estate	3,277				2,799				1,221				478				2,056
Total non-accrual loans and leases	55,106				43,185				30,765				11,921				24,341
Other real estate owned:
Residential real estate	26,241				19,899				17,779				6,342				8,462
Commercial real estate	971				2,554				2,957				(1,583			)	(1,986			)
Total other real estate owned	27,212				22,453				20,736				4,759				6,476
Total non-performing assets	$	82,318			$	65,638			$	51,501			$	16,680			$	30,817

N.M. Not meaningful.

(1)  Annualized

16

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CREDIT QUALITY DATA

(Dollars in thousands)

(Unaudited)

Over 30-day delinquency data (1):

	At March 31,					At December 31,					At March 31,
	2007					2006					2006
	Principal		% of			Principal		% of			Principal			% of
	Balances		Portfolio			Balances		Portfolio			Balances			Portfolio
Consumer home equity and other	$	27,653	.46		%	$	34,313	.58		%	$	20,087		.37		%
Commercial real estate	3,857		.17			18,072		.76			3,011			.13
Commercial business	1,021		.18			762		.14			124			.03
Leasing and equipment finance	7,102		.39			8,499		.47			6,059			.39
Residential real estate	7,181		1.20			10,047		1.61			7,669			1.05
Total	$	46,814	.41			$	71,693	.63			$	36,950		.35
			At			At		At			Change from
			March 31,			December 31,		March 31,			December 31,			March 31,
			2007			2006		2006			2006			2006
Accruing loans and leases 90 or more days past due			$	10,131		$	12,214	$	12,965		$	(2,083	)	$	(2,834	)
Potential Problem Loans and Leases (2):
			At			At		At			Change from
			March 31,			December 31,		March 31,			December 31,			March 31,
			2007			2006		2006			2006			2006
Commercial real estate			$	25,563		$	43,216	$	48,360		$	(17,653	)	$	(22,797	)
Commercial business			16,747			11,664		10,026			5,083			6,721
Leasing and equipment finance			12,316			11,265		8,348			1,051			3,968
			$	54,626		$	66,145	$	66,734		$	(11,519	)	$	(12,108	)

(1)	Excludes non-accrual loans and leases.
(2)	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.

17

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Dollars in thousands)

(Unaudited)

	Three Months Ended March 31,
	2007						2006
	Average				Yields and		Average				Yields and
	Balance		Interest		Rates (1)		Balance		Interest		Rates (1)
ASSETS
Investments	$	231,256	$	2,806	4.91	%	$	70,655	$	677	3.86	%
Securities available for sale	1,861,335		25,105		5.40		1,781,586		23,699		5.32
Education loans held for sale	201,924		4,146		8.33		281,185		4,347		6.27
Loans and leases:
Consumer home equity:
Fixed-rate	4,475,520		76,676		6.95		3,350,168		55,522		6.72
Variable-rate	1,442,593		31,408		8.83		1,865,549		37,724		8.20
Consumer - other	41,853		1,021		9.89		34,833		793		9.23
Total consumer home equity and other	5,959,966		109,105		7.42		5,250,550		94,039		7.26
Commercial real estate:
Fixed- and adjustable-rate	1,732,636		27,236		6.38		1,569,077		23,926		6.18
Variable-rate	645,047		12,281		7.72		760,502		13,468		7.18
Total commercial real estate	2,377,683		39,517		6.74		2,329,579		37,394		6.51
Commercial business:
Fixed- and adjustable-rate	163,014		2,606		6.48		115,745		1,749		6.13
Variable-rate	391,113		7,247		7.51		333,619		5,635		6.85
Total commercial business	554,127		9,853		7.21		449,364		7,384		6.66
Leasing and equipment finance	1,837,964		34,247		7.45		1,533,034		27,286		7.12
Subtotal	10,729,740		192,722		7.27		9,562,527		166,103		7.03
Residential real estate	614,970		8,883		5.79		751,782		10,880		5.80
Total loans and leases	11,344,710		201,605		7.19		10,314,309		176,983		6.94
Total interest-earning assets	13,639,225		233,662		6.92		12,447,735		205,706		6.68
Other assets	1,162,261						1,167,325
Total assets	$	14,801,486					$	13,615,060
LIABILITIES AND STOCKHOLDERS’ EQUITY
Non-interest bearing deposits:
Retail	$	1,532,150					$	1,554,007
Small business	596,460						590,240
Commercial and custodial	201,860						282,409
Total non-interest bearing deposits	2,330,470						2,426,656
Interest-bearing deposits:
Premier checking	1,073,500		8,206		3.10		938,055		7,031		3.04
Other checking	824,512		534		0.26		909,960		556		.25
Subtotal	1,898,012		8,740		1.87		1,848,015		7,587		1.67
Premier savings	1,070,059		11,319		4.29		780,046		7,299		3.79
Other savings	1,314,471		3,594		1.11		1,440,818		3,114		.88
Subtotal	2,384,530		14,913		2.54		2,220,864		10,413		1.90
Money market	610,286		4,349		2.89		669,602		3,546		2.15
Subtotal	4,892,828		28,002		2.32		4,738,481		21,546		1.85
Certificates of deposit	2,513,838		29,153		4.70		2,005,639		18,301		3.70
Total interest-bearing deposits	7,406,666		57,155		3.13		6,744,120		39,847		2.40
Total deposits	9,737,136		57,155		2.38		9,170,776		39,847		1.76
Borrowings:
Short-term borrowings	87,928		1,172		5.41		674,868		7,503		4.51
Long-term borrowings	3,599,032		39,858		4.49		2,481,793		27,188		4.44
Total borrowings	3,686,960		41,030		4.51		3,156,661		34,691		4.45
Total deposits and borrowings	13,424,096		98,185		2.96		12,327,437		74,538		2.45
Other liabilities	337,178						310,038
Total liabilities	13,761,274						12,637,475
Stockholders’ equity	1,040,212						977,585
Total liabilities and stockholders’ equity	$	14,801,486					$	13,615,060
Net interest income and margin			$	135,477	4.00	%			$	131,168	4.25	%

(1)  Annualized.

18

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME AND FINANCIAL RATIOS

(Dollars in thousands, except per-share data)

(Unaudited)

	At or For the Three Months Ended
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2007			2006			2006			2006			2006
Interest income:
Loans and leases	$	201,605		$	204,150		$	199,469		$	188,988		$	176,983
Securities available for sale	25,105			24,699			24,481			25,156			23,699
Education loans held for sale	4,146			3,019			3,438			4,205			4,347
Investments	2,806			1,173			862			792			677
Total interest income	233,662			233,041			228,250			219,141			205,706
Interest expense:
Deposits	57,155			55,996			53,234			46,247			39,847
Borrowings	41,030			41,158			39,983			37,452			34,691
Total interest expense	98,185			97,154			93,217			83,699			74,538
Net interest income	135,477			135,887			135,033			135,442			131,168
Provision for credit losses	4,656			10,073			5,288			4,177			1,151
Net interest income after provision for credit losses	130,821			125,814			129,745			131,265			130,017
Non-interest income:
Fees and service charges	62,022			66,735			70,777			71,099			61,555
Card revenue	23,261			23,485			24,353			22,984			21,262
ATM revenue	8,749			9,019			9,880			9,762			9,099
Investments and insurance revenue	2,178			2,087			3,226			2,894			2,488
Subtotal	96,210			101,326			108,236			106,739			94,404
Leasing and equipment finance	14,001			15,165			13,372			12,552			11,915
Other	1,953			2,340			6,644			4,331			8,252
Fees and other revenue	112,164			118,831			128,252			123,622			114,571
Gains on sales of branches and real estate	31,173			—			1,260			—			2,928
Total non-interest income	143,337			118,831			129,512			123,622			117,499
Non-interest expense:
Compensation and employee benefits	88,093			85,811			84,795			85,083			86,168
Occupancy and equipment	30,451			29,905			28,664			27,998			28,051
Advertising and promotions	5,981			6,235			8,220			6,755			5,716
Other	35,315			39,611			36,931			37,725			37,182
Subtotal	159,840			161,562			158,610			157,561			157,117
Operating lease depreciation	4,360			4,000			3,779			3,405			3,163
Total non-interest expense	164,200			165,562			162,389			160,966			160,280
Income before income tax expense	109,958			79,083			96,868			93,921			87,236
Income tax expense	27,234			25,350			30,941			26,860			29,014
Net income	$	82,724		$	53,733		$	65,927		$	67,061		$	58,222
Net income per common share:
Basic	$	.65		$	.42		$	.51		$	.52		$	.45
Diluted	$	.65		$	.42		$	.51		$	.52		$	.45
Dividends declared per common share	$	.2425		$	.23		$	.23		$	.23		$	.23
Financial Ratios:
Return on average assets (1)	2.24		%	1.49		%	1.86		%	1.92		%	1.71		%
Return on average common equity (1)	31.81			20.68			26.44			27.75			23.82
Net interest margin (1)	4.00			4.07			4.11			4.22			4.25
Net charge-offs as a percentage of average loans and leases (1)	0.10			.24			.18			.16			.08
Average total equity to average assets	7.03		%	7.20		%	7.02		%	6.92		%	7.18		%

(1)  Annualized.

19

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS AND SUPPLEMENTAL INFORMATION

(In thousands)

(Unaudited)

	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2007			2006			2006			2006			2006
ASSETS
Cash and due from banks	$	309,741		$	316,389		$	322,484		$	325,715		$	332,293
Investments	231,256			101,548			72,393			69,176			70,655
Securities available for sale	1,861,335			1,840,649			1,829,917			1,880,671			1,781,586
Education loans held for sale	201,924			145,283			190,724			228,492			281,185
Loans and leases:
Consumer home equity:
Fixed-rate	4,475,520			4,293,070			4,027,680			3,721,249			3,350,168
Variable-rate	1,442,593			1,502,537			1,585,487			1,689,402			1,865,549
Consumer - other	41,853			40,119			36,978			34,854			34,833
Total consumer home equity and other	5,959,966			5,835,726			5,650,145			5,445,505			5,250,550
Commercial real estate:
Fixed- and adjustable-rate	1,732,636			1,718,735			1,699,431			1,672,865			1,569,077
Variable-rate	645,047			692,497			709,806			725,560			760,502
Total commercial real estate	2,377,683			2,411,232			2,409,237			2,398,425			2,329,579
Commercial business:
Fixed- and adjustable-rate	163,014			152,018			142,293			127,702			115,745
Variable-rate	391,113			384,360			403,070			372,828			333,619
Total commercial business	554,127			536,378			545,363			500,530			449,364
Leasing and equipment finance	1,837,964			1,771,231			1,707,045			1,624,781			1,533,034
Subtotal	10,729,740			10,554,567			10,311,790			9,969,241			9,562,527
Residential real estate	614,970			643,087			676,454			714,433			751,782
Total loans and leases	11,344,710			11,197,654			10,988,244			10,683,674			10,314,309
Allowance for loan and lease losses	(58,714		)	(56,440		)	(55,079		)	(55,085		)	(55,121		)
Net loans and leases	11,285,996			11,141,214			10,933,165			10,628,589			10,259,188
Premises and equipment	414,041			400,812			388,099			381,174			372,746
Goodwill	152,599			152,599			152,599			152,599			152,599
Other assets	344,594			347,516			321,465			305,771			364,808
	$	14,801,486		$	14,446,010		$	14,210,846		$	13,972,187		$	13,615,060
LIABILITIES AND STOCKHOLDERS’ EQUITY
Non-interest-bearing deposits:
Retail	$	1,532,150		$	1,457,265		$	1,484,651		$	1,557,933		$	1,554,007
Small business	596,460			629,011			615,119			604,776			590,240
Commercial and custodial	201,860			206,034			209,365			234,188			282,409
Total non-interest bearing deposits	2,330,470			2,292,310			2,309,135			2,396,897			2,426,656
Interest-bearing deposits:
Premier checking	1,073,500			1,042,361			1,021,560			1,000,749			938,055
Other checking	824,512			813,851			840,966			893,800			909,960
Subtotal	1,898,012			1,856,212			1,862,526			1,894,549			1,848,015
Premier savings	1,070,059			1,014,427			942,760			855,979			780,046
Other savings	1,314,471			1,299,319			1,350,659			1,415,767			1,440,818
Subtotal	2,384,530			2,313,746			2,293,419			2,271,746			2,220,864
Money market	610,286			593,961			609,997			610,766			669,602
Subtotal	4,892,828			4,763,919			4,765,942			4,777,061			4,738,481
Certificates of deposit	2,513,838			2,470,659			2,431,364			2,249,694			2,005,639
Total interest-bearing deposits	7,406,666			7,234,578			7,197,306			7,026,755			6,744,120
Total deposits	9,737,136			9,526,888			9,506,441			9,423,652			9,170,776
Borrowings:
Short-term borrowings	87,928			520,883			619,683			573,418			674,868
Long-term borrowings	3,599,032			3,039,011			2,780,532			2,703,623			2,481,793
Total borrowings	3,686,960			3,559,894			3,400,215			3,277,041			3,156,661
Accrued expenses and other liabilities	337,178			319,740			306,971			304,875			310,038
Total liabilities	13,761,274			13,406,522			13,213,627			13,005,568			12,637,475
Stockholders’ equity:
Common stock	1,316			1,534			1,842			1,842			1,843
Additional paid-in capital	344,685			395,237			468,271			467,768			469,062
Retained earnings	795,884			1,129,892			1,611,335			1,573,856			1,541,523
Accumulated other comprehensive loss	(34,939		)	(23,804		)	(37,225		)	(48,838		)	(24,638		)
Treasury stock at cost and other	(66,734		)	(463,371		)	(1,047,004		)	(1,028,009		)	(1,010,205		)
	1,040,212			1,039,488			997,219			966,619			977,585
	$	14,801,486		$	14,446,010		$	14,210,846		$	13,972,187		$	13,615,060
Supplemental Information:
Securities available for sale	$	1,861,335		$	1,840,649		$	1,829,917		$	1,880,671		$	1,781,586
Residential real estate loans	614,970			643,087			676,454			714,433			751,782
Total securities available for sale and residential real estate loans	$	2,476,305		$	2,483,736		$	2,506,371		$	2,595,104		$	2,533,368

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TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY YIELDS AND RATES (1)

(Unaudited)

	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
	2007		2006		2006		2006		2006
ASSETS
Investments	4.91	%	4.59	%	4.74	%	4.59	%	3.86	%
Securities available for sale	5.40		5.37		5.35		5.35		5.32
Education loans held for sale	8.33		8.24		7.15		7.38		6.27
Loans and leases:
Consumer home equity:
Fixed-rate	6.95		6.92		6.87		6.80		6.72
Variable-rate	8.83		8.88		8.91		8.69		8.20
Consumer - other	9.89		10.30		10.31		10.60		9.23
Total consumer home equity and other	7.42		7.45		7.46		7.41		7.26
Commercial real estate:
Fixed- and adjustable-rate	6.38		6.51		6.29		6.24		6.18
Variable-rate	7.72		7.88		7.97		7.60		7.18
Total commercial real estate	6.74		6.91		6.78		6.65		6.51
Commercial business:
Fixed- and adjustable-rate	6.48		6.49		6.32		6.18		6.13
Variable-rate	7.51		7.56		7.60		7.47		6.85
Total commercial business	7.21		7.25		7.27		7.14		6.66
Leasing and equipment finance	7.45		7.56		7.54		7.23		7.12
Subtotal	7.27		7.33		7.31		7.18		7.03
Residential real estate	5.79		5.81		5.81		5.80		5.80
Total loans and leases	7.19		7.25		7.21		7.09		6.94
Total interest-earning assets	6.92		6.98		6.94		6.83		6.68
LIABILITIES
Interest-bearing deposits:
Premier checking	3.10		3.12		3.26		3.18		3.04
Other checking	0.26		.23		.23		.23		.25
Subtotal	1.87		1.85		1.89		1.79		1.67
Premier savings	4.29		4.33		4.33		4.04		3.79
Other savings	1.11		1.06		.95		.84		.88
Subtotal	2.54		2.49		2.34		2.04		1.90
Money market	2.89		2.79		2.64		2.25		2.15
Subtotal	2.32		2.28		2.21		1.97		1.85
Certificates of deposit	4.70		4.59		4.36		4.06		3.70
Total interest-bearing deposits	3.13		3.07		2.93		2.64		2.40
Total deposits	2.38		2.33		2.22		1.97		1.76
Borrowings:
Short-term borrowings	5.41		5.35		5.36		4.99		4.51
Long-term borrowings	4.49		4.46		4.51		4.50		4.44
Total borrowings	4.51		4.59		4.67		4.58		4.45
Total interest-bearing liabilities	2.96		2.94		2.86		2.64		2.45
Net interest margin	4.00	%	4.07	%	4.11	%	4.22	%	4.25	%

(1)  Annualized.

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