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 Per Share of $.17

FIRST QUARTER HIGHLIGHTS

·Diluted earnings per common share of 17 cents

·Net income of $26.6 million

·Net interest margin of 3.66 percent

·Average loans and leases increased by $1.1 billion, or 8.8 percent

·Average deposits increased by $1 billion, or 10.5 percent

·Allowance for loan and lease losses of 1.31 percent

·Capital ratios exceed stated well capitalized requirements

Earnings Summary										Table 1
($ in thousands, except per-share data)										Percent Change
	1Q 2009			4Q 2008			1Q 2008			1Q09 vs 4Q08			1Q09 vs 1Q08
Net income		$26,647			$27,704			$47,426			(3.8	)%		(43.8	)%
Net income available to common stockholders		21,462			25,164			47,426			(14.7	)		(54.7	)
Diluted earnings per common share		.17			.20			.38			(15.0	)		(55.3	)
Financial Ratios (1)
Return on average assets		.62	%		.68	%		1.18	%
Return on average common equity		7.58			9.00			17.08
Net interest margin		3.66			3.84			3.84
Net charge-offs as a percentage of average loans and leases		1.04			1.02			.44
(1) Annualized

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WAYZATA, MN, April 23, 2009 – TCF Financial Corporation (“TCF”) (NYSE: TCB) today reported first quarter 2009 diluted earnings per common share of 17 cents, compared with 38 cents in the first quarter of 2008 and 20 cents for the fourth quarter of 2008. Net income for the first quarter of 2009 was $26.6 million, compared with $47.4 million in the first quarter of 2008 and $27.7 million in the fourth quarter of 2008. TCF recorded $43.7 million in provision for credit losses for the first quarter of 2009, as compared with $30 million in the first quarter of 2008 and $47.1 million in the fourth quarter of 2008.

Chairman’s Statement

“During the first quarter of 2009, TCF’s product and marketing strategies drove tremendous growth in deposits.  These strategies resulted in over a $1.4 billion increase from year end which shows the power behind TCF’s retail franchise,” said William A. Cooper, TCF Chairman and CEO.  “In addition, we continue to experience and expect good growth in demand for loans and leases.”

“On April 22, TCF repurchased all of the $361.2 million in preferred stock from the U.S. Treasury,” said William A. Cooper. “TCF entered into the transaction to be a good corporate citizen and help support the government’s program, not out of any need for additional capital.  TCF has complied with all aspects of the program.  In addition to the $361.2 million, TCF paid a total of $7.9 million of preferred stock dividends.  As the rules of the program changed since our participation began on November 14, 2008, it quickly became apparent that continued participation was creating a competitive disadvantage for TCF.  TCF is still solidly capitalized and remains a safe and sound franchise.  TCF will continue to expand lending and other key areas of our businesses without government assistance.  TCF’s earnings per share will improve by over 14 cents per share on an annualized basis as a result of eliminating its preferred stock dividend obligation.”

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Total Revenue													Table 2
										Percent Change
($ in thousands)	1Q 2009			4Q 2008			1Q 2008			1Q09 vs 4Q08			1Q09 vs 1Q08
Net interest income		$145,413			$147,117			$142,829			(1.2	)%		1.8	%
Fees and other revenue:
Fees and service charges		57,064			67,448			63,547			(15.4	)		(10.2	)
Card revenue		24,960			25,243			24,771			(1.1	)		.8
ATM revenue		7,598			7,688			7,970			(1.2	)		(4.7	)
Total banking fees		89,622			100,379			96,288			(10.7	)		(6.9	)
Leasing and equipment finance		12,651			16,298			12,134			(22.4	)		4.3
Other		458			130			4,283			N.M.			(89.3	)
Total fees and other revenue		102,731			116,807			112,705			(12.1	)		(8.8	)
Gains on securities		11,548			8,167			6,286			41.4			83.7
Visa share redemption		-			-			8,308			-			(100.0	)
Total non-interest income		114,279			124,974			127,299			(8.6	)		(10.2	)
Total revenue		$259,692			$272,091			$270,128			(4.6	)		(3.9	)
Net interest margin(1)		3.66	%		3.84	%		3.84	%
Fees and other revenue as a % of:
Total revenue		39.56			42.93			41.72
Average assets (1)		2.40			2.85			2.79
N.M.=Not Meaningful
(1) Annualized

Net Interest Income

·Net interest margin in the first quarter of 2009 was 3.66 percent, compared with 3.84 percent in both the first and fourth quarters of 2008. The decrease in net interest margin from the fourth quarter of 2008 was primarily due to record growth in average deposits of $1 billion, exceeding growth in average loans and leases of $353.1 million, resulting in excess liquidity being placed in low rate deposits with the Federal Reserve.  At March 31, 2009, TCF had $742.9 million on deposit with the Federal Reserve which is included in cash and due from banks.

·TCF purchased $600.1 million of short-term government sponsored enterprise debentures in late March and April of 2009 to minimize the negative effects of excess liquidity and improve net interest margin.

·Reductions in excess liquidity being placed on deposit with the Federal Reserve as a result of investments in short-term government sponsored enterprise debentures and the repayment of the Capital Purchase Program funds is expected to improve net interest margin and earnings per share going forward.

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Non-interest Income

·Banking fees and service charges were $57.1 million, down $6.5 million, or 10.2 percent, from the first quarter of 2008 and down $10.4 million, or 15.4 percent, from the fourth quarter of 2008 primarily due to lower transaction activity in deposit accounts.

·Card revenues totaled $25 million for the first quarter of 2009, essentially flat with the first quarter and fourth quarter of 2008. The flattening of growth in card revenue was primarily due to lower debit card spending, which is reflective of the current economic conditions.

·ATM revenue was $7.6 million, down $372 thousand, or 4.7 percent, from the first quarter of 2008 and flat with the fourth quarter of 2008 primarily due to fewer fee generating transactions on non-TCF ATM machines by TCF customers.

·Leasing and equipment finance revenues were $12.7 million for the first quarter of 2009, up $517 thousand, or 4.3 percent, from the first quarter of 2008 and down $3.6 million, or 22.4 percent, from the fourth quarter of 2008. The decline in leasing revenue from the fourth quarter of 2008 is primarily due to lower sales-type lease revenue which varies from period to period based on customer-driven events.

·Other non-interest income was $458 thousand, down $3.8 million from the first quarter of 2008. This decrease in other non-interest income is primarily due to TCF no longer selling investment and insurance products in the branches.

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Loans and Leases

Average Loans and Leases								Table 3
					Percentage Change
($ in thousands)	1Q  2009		4Q  2008	1Q  2008	1Q09 vs 4Q08			1Q09 vs 1Q08
Loans and leases:
Consumer real estate
First mortgage lien	$ 4,896,521		$ 4,866,309	$ 4,737,839		.6	%		3.3	%
Junior lien		2,399,178	2,423,873	2,366,396		(1.0	)		1.4
Total consumer real estate		7,295,699	7,290,182	7,104,235		.1			2.7
Consumer other		39,539	43,620	44,006		(9.4	)		(10.2	)
Total consumer		7,335,238	7,333,802	7,148,241		-			2.6
Commercial real estate		2,998,516	2,895,935	2,566,415		3.5			16.8
Commercial business		499,756	522,636	543,688		(4.4	)		(8.1	)
Total commercial		3,498,272	3,418,571	3,110,103		2.3			12.5
Leasing and equipment finance		2,632,893	2,389,225	2,140,695		10.2			23.0
Inventory finance		28,475	158	-		N.M.			N.M.
Total Loans and Leases	$13,494,878		$13,141,756	$12,399,039		2.7			8.8
N.M. = Not meaningful

·Residential real estate loans, totaling $428.9 million at March 31, 2009, previously disclosed separately, are now included with the first lien consumer real estate loans due to the relatively small remaining balance and the run-off nature of the residential real estate portfolio.

·Average consumer real estate loan balances increased $191.5 million, or 2.7 percent, from the first quarter of 2008 and were relatively flat from the fourth quarter of 2008.  The flat growth rate from the fourth quarter of 2008 was due in part to declines in Michigan and the run-off of the residential real estate loan portfolio.

·At March 31, 2009, 67.5 percent of the consumer real estate loan portfolio was secured by first liens.

·Average commercial loan balances increased $388.2 million, or 12.5 percent, from the first quarter of 2008 and $79.7 million, or 2.3 percent, from the fourth quarter of 2008 as a result of increased opportunities in the marketplace.

·Average leasing and equipment finance balances increased $492.2 million from the first quarter of 2008 and $243.7 million from the fourth quarter of 2008 which included a $277.4 million portfolio purchase in the first quarter of 2009.  This purchased portfolio contributed $115.5 million to first quarter average balances.

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·Average inventory finance loans were $28.5 million for the first quarter.  On March 31, 2009, TCF Inventory Finance purchased $41.2 million of receivables.

·During the first quarter of 2009, TCF originated over $754 million of loans and leases.

Deposits

Average Deposits							Table 4
				Percentage Change
($ in thousands)	1Q 2009	4Q 2008	1Q 2008	1Q09vs 4Q08			1Q09vs 1Q08
Non-interest bearing deposits:
Retail	$ 1,428,453	$1,345,832	$1,415,379		6.1	%		.9	%
Small business	563,236	593,626	565,148		(5.1	)		(.3	)
Commercial and custodial	227,470	234,045	200,624		(2.8	)		13.4
Total non-interest bearing	2,219,159	2,173,503	2,181,151		2.1			1.7
Interest-bearing deposits:
Interest-bearing checking	1,747,480	1,754,111	1,846,606		(.4	)		(5.4	)
Savings and money market	4,446,622	3,473,036	3,314,442		28.0			34.2
Subtotal	6,194,102	5,227,147	5,161,048		18.5			20.0
Certificates of deposit	2,463,405	2,448,815	2,500,362		.6			(1.5	)
Total interest-bearing	8,657,507	7,675,962	7,661,410		12.8			13.0
Total deposits	$10,876,666	$9,849,465	$9,842,561		10.4			10.5
Average rate on deposits	1.49%	1.51%	1.99%

·At March 31, 2009, total deposits were a record $11.6 billion.

·Total average deposits increased a record $1 billion from the fourth quarter of 2008 primarily due to strong growth in checking and savings deposits.

·The average rate paid on deposits was 1.49 percent in the first quarter of 2009, relatively flat from the fourth quarter of 2008. The weighted average deposit rate was 1.40 percent at March 31, 2009 due to reductions in interest rates paid on certain deposit products.

·The number of checking accounts opened was up 43.7 percent in the first quarter of 2009 as compared to the first quarter of 2008.

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Non-interest Expense

Non-interest Expense											Table 5
								Percent Change
($ in thousands)	1Q 2009		4Q 2008		1Q 2008			1Q09 vs 4Q08			1Q09 vs 1Q08
Compensation and employee benefits		$ 86,190		$ 83,323		$ 88,718			3.4	%		(2.8	)%
Occupancy and equipment		32,047		32,503		32,413			(1.4	)		(1.1	)
Deposit account premiums		6,576		5,659		1,496			16.2			N.M.
Advertising and promotions		4,445		4,643		4,801			(4.3	)		(7.4	)
Operating lease depreciation		4,024		4,269		4,514			(5.7	)		(10.9	)
FDIC insurance premiums		3,795		1,706		421			122.5			N.M.
Other		37,131		47,707		39,679			(22.2	)		(6.4	)
Subtotal		174,208		179,810		172,042			(3.1	)		1.3
Visa indemnification		-		-		(3,766	)		-			(100.0	)
Total non-interest expense		$174,208		$179,810		$168,276			(3.1	)		3.5
N.M. = Not meaningful

·Compensation and benefits expenses continue to be well controlled and decreased $2.5 million, or 2.8 percent, from the first quarter of 2008 primarily due to headcount reductions and lower volume related incentives, partially offset by increases from the new inventory finance business.

·Compensation and benefits expenses increased $2.9 million, or 3.4 percent, from the fourth quarter of 2008 primarily due to a 4.3 percent reduction in salaries from headcount reductions being more than offset by increases in various benefits expenses which primarily includes a seasonal increase in payroll tax expenses.

·Deposit account premiums were $6.6 million for the 2009 first quarter, up $5.1 million from the first quarter of 2008 and up $917 thousand, or 16.2 percent, from the fourth quarter of 2008 due to new marketing campaigns resulting in record checking account production.

·FDIC insurance premiums were up $3.4 million from the first quarter of 2008 and up $2.1 million from the fourth quarter of 2008 primarily attributable to increased deposit insurance rates, increased deposit balances and no remaining credit from the FDIC as in 2008.  The FDIC has proposed a one-time special assessment of 10 bps on all assessable deposits as of June 30, 2009.  If imposed, approximately $12 million of additional FDIC insurance expense is expected to be recognized in the second quarter of 2009.

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·Other expenses decreased $2.5 million from the first quarter of 2008 primarily due to a $1.4 million decrease in deposit account losses, which reflects lower transaction activity in deposit accounts as well as improved loss mitigation programs.  Other expenses decreased $10.6 million from the fourth quarter of 2008 primarily due to decreases in foreclosed real estate expense and severance and separation costs.

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Credit Quality

Credit Quality Summary									Table 6
							Percent Change
($ in thousands)	1Q 2009		4Q 2008		1Q 2008		1Q09 vs 4Q08		1Q09 vs 1Q08
Allowance for Loan and Lease Losses
Balance at beginning of period	$ 172,442		$ 158,978		$   80,942		8.5	%	113.0	%
Charge-offs	(38,881	)	(37,100	)	(17,822	)	4.8		118.2
Recoveries	3,943		3,514		4,275		12.2		(7.8	)
Net charge-offs	(34,938	)	(33,586	)	(13,547	)	4.0		157.9
Provision for credit losses	43,712		47,050		29,995		(7.1	)	45.7
Balance at end of period	$ 181,216		$ 172,442		$   97,390		5.1		86.1
Allowance as a percentage of period end loans and leases	1.31	%	1.29	%	.77	%
Ratio of allowance to net charge offs(1)	1.3	X	1.3	X	1.8	X
Credit Loss Reserves
Allowance for loan and lease losses	$ 181,216		$ 172,442		$   97,390		5.1		86.1
Reserves recorded in other liabilities	1,730		1,510		1,060		14.6		63.2
Reserves netted against portfolio asset balances	15,102		-		-		N.M.		N.M.
Total credit loss reserves	$ 198,048		$ 173,952		$   98,450		13.9		101.2
Total credit loss reserves as a percentage of period end loans and leases	1.43	%	1.30	%	.78	%
Ratio of total credit loss reserves to net charge offs(1)	1.4	X	1.3	X	1.8	X
Net Charge-offs as a Percentage of Average Loans and Leases(1)
Consumer real estate:
First mortgage lien	.86	%	.84	%	.36	%
Junior lien	1.98		1.76		.84
Total consumer real estate	1.22		1.14		.52
Total consumer	1.29		1.32		.58
Commercial real estate	.49		.41		.07
Commercial business	2.39		2.01		.44
Leasing and equipment finance	.71		.64		.39
Inventory finance	-		-		-
Total	1.04		1.02		.44
Other Credit Quality Data
Delinquencies(2)
30+days	$ 178,475		$ 149,284		$ 104,337		19.6		71.1
60+days	82,270		79,470		46,947		3.5		75.2
90+days	38,344		37,619		23,538		1.9		62.9
Delinquencies as a percentage of Loan and lease portfolio(2):
30+days	1.31	%	1.13	%	.83	%
60+days	.60		.60		.38
90+days	.28		.28		.19
Non-accrual loans and leases	$ 205,916		$ 172,518		$   86,226		19.4		138.8
Real estate owned	70,748		61,665		47,815		14.7		48.0
Total non-performing assets	$ 276,664		$ 234,183		$ 134,041		18.1		106.4
Non-performing assets as a percentage of net loans and leases	2.03%		1.78%		1.07%
(1) Annualized
(2) Excludes non-accrual loans and leases							N.M. = Not meaningful

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At March 31, 2009, TCF’s:

·Allowance for loan and lease losses was $181.2 million, or 1.31 percent of loans and leases, up from $172.4 million, or 1.29 percent of loans and leases at December 31, 2008.

·Loans and leases include $15.1 million of valuation reserves for credit losses related to the $277.4 million leasing portfolio acquisition.

·Over-30-day delinquency rate was 1.31 percent, up from 1.13 percent at December 31, 2008 primarily due to increased delinquencies in commercial real estate and leasing and equipment finance.  The over-30-day delinquency rate excluding delinquencies from the $277.4 million portfolio acquisition was 1.25 percent at March 31, 2009.

·TCF’s over-60-day and over-90-day delinquency rates were unchanged from December 31, 2008.  During the first quarter of 2009, TCF completed 1,627 loan modifications and extensions on over $251 million of consumer real estate loans to help customers avoid home foreclosure.

·Non-accrual loans and leases increased $33.4 million, or 19.4 percent, from December 31, 2008 primarily due to increases for consumer and commercial real estate and leasing and equipment finance.

·Real estate owned increased $9.1 million, or 14.7 percent, from December 31, 2008 primarily due to an increase in consumer real estate properties.

For the quarter ended March 31, 2009, TCF’s:

·Provision for credit losses was $43.7 million, up from $30 million in the first quarter of 2008, primarily due to higher consumer real estate net charge-offs and the resulting portfolio reserve rate increases and increased leasing and equipment finance net charge-offs and related reserves.

·Net loan and lease charge-offs were $34.9 million, or 1.04 percent annualized, of average loans and leases, up from $13.5 million, or .44 percent annualized, of average loans and leases, in the same period of 2008, primarily due to a $13.2 million increase in consumer real estate net charge-offs and a $5.6 million increase in commercial net charge-offs.

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·Net loan and lease charge-offs were up 4 percent from the fourth quarter of 2008 due to increases in commercial net charge-offs that were provided for in 2008 and increases in leasing and equipment finance net charge-offs.

Income Taxes

·Income tax expense was 36.2 percent of pre-tax income for the first quarter of 2009, compared with  34 percent for the comparable 2008 period and 38.8 percent for the fourth quarter of 2008.

·The lower effective income tax rate for the first quarter of 2009, as compared with the fourth quarter of 2008, was primarily due to a net $599 thousand reduction in income tax expense for changes in uncertain tax positions and changes in state tax laws in the first quarter of 2009 and a $1.5 million charge recorded to income tax expense for distributions from the termination of the company’s deferred compensation plans in the fourth quarter of 2008.  Excluding these items, the effective income tax rates for the first quarter of 2009 and the fourth quarter of 2008 were 37.6 percent and 35.5 percent, respectively, reflecting higher state income taxes.

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Capital

Capital Information							Table 7
At period end
($ in thousands, except per-share data)	1Q 2009				1Q 2008
Total stockholders’ equity	$ 1,499,956				$ 1,129,870
Total stockholders’ equity to total assets	8.30	%			6.90	%
Book value per common share	$          9.00				$          8.94
Tangible common equity to assets	5.52	%			5.97	%
Risk-based capital
Tier 1	$ 1,460,157		11.20	%	$    980,270		8.34	%
Total	1,819,420		13.95		1,278,720		10.87
Total stated “well-capitalized” requirement	1,303,972		10.00		1,176,003		10.00
Excess over stated “well-capitalized” requirement	515,448		3.95		102,717		.87

· TCF’s total risk-based capital at March 31, 2009 of $1.8 billion, or 13.95 percent of risk-weighted assets, is $515.4 million in excess of the stated “well-capitalized” requirement.

· On April 22, 2009, TCF redeemed all of the 361,172 outstanding shares of its Fixed-Rate Cumulative Perpetual Preferred Stock, Series A, $.01 Par Value, plus a final pro rata dividend of $3.4 million. Since receiving the Capital Purchase Program funds on November 14, 2008, TCF paid the U.S. Department of the Treasury $7.9 million in dividends. TCF has the right to repurchase the common stock warrant issued to the U.S. Treasury under its Capital Purchase Program. If TCF does not repurchase the warrant, the U.S. Treasury is required by law to liquidate it.

· At March 31, 2009, TCF’s tier 1 and total risk-based capital ratios, adjusted for the redemption of the Fixed-Rate Cumulative Perpetual Preferred Stock, were 8.43 percent and 11.18 percent, respectively.

· In accordance with recently published banking industry guidance from the Federal Reserve Board, TCF reduced the regular quarterly cash dividend on common stock from 25 cents to 5 cents per share payable on May 29, 2009 to stockholders of record at the close of business on May 1, 2009.

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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.tcfbank.com, on April 23, 2009 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 $18.1 billion in total assets. TCF has 449 banking offices in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF also conducts commercial leasing and equipment finance business in all 50 states and commercial inventory finance business in the U.S. and Canada. For more information about TCF, please visit www.tcfbank.com.

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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, continued or deepening deterioration in general economic and banking industry conditions; continued increases in unemployment in TCF’s primary banking markets; limitations on TCF’s ability to pay dividends or to increase dividends in the future because of financial performance deterioration, regulatory restrictions or limitations; increased deposit insurance premiums, special assessments or other costs related to deteriorating conditions in the banking industry and the economic impact on banks of the Emergency Economic Stabilization Act, as amended (“EESA”) or other related legislative and regulatory developments; the imposition of requirements with an adverse financial impact relating to TCF’s lending, loan collection and other business activities as a result of the EESA,  or other legislative or regulatory developments such as mortgage foreclosure moratorium laws; 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 legislative, regulatory or other changes affecting customer account charges and fee income; legislative changes to bankruptcy laws which would result in the loss of all or part of TCF’s security interest due to collateral value declines (so-called “cramdown” provisions); 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; adverse findings in tax audits or regulatory examinations and resulting enforcement actions; changes in credit and other risks posed by TCF’s loan, lease, investment, and securities available for sale portfolios, including continuing declines in commercial or residential real estate values or changes in allowance for loan and lease losses methodology dictated by new market conditions or regulatory requirements; lack of or inadequate insurance coverage for claims against TCF; technological, computer related or operational difficulties or loss or theft of information; adverse changes in securities markets directly or indirectly affecting TCF’s ability to sell assets or to fund its operations; results of litigation, including potential class action litigation concerning TCF’s lending or deposit activities or employment practices and possible increases in indemnification obligations for certain litigation against Visa U.S.A. (“covered litigation”) and potential reductions in card revenues resulting from covered litigation or other litigation against Visa; heightened regulatory practices, requirements or expectations, including, but not limited to, requirements related to the Bank Secrecy Act and anti-money laundering compliance activity; 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
	2009		2008		$		%
Interest income:
Loans and leases	$	209,377	$	211,777	$	(2,400)	(1.1)
Securities available for sale	25,701		28,279		(2,578)		(9.1)
Education loans held for sale	-		3,452		(3,452)		(100.0)
Investments and other	856		1,642		(786)		(47.9)
Total interest income	235,934		245,150		(9,216)		(3.8)
Interest expense:
Deposits	40,084		48,728		(8,644)		(17.7)
Borrowings	50,437		53,593		(3,156)		(5.9)
Total interest expense	90,521		102,321		(11,800)		(11.5)
Net interest income	145,413		142,829		2,584		1.8
Provision for credit losses	43,712		29,995		13,717		45.7
Net interest income after provision for credit losses	101,701		112,834		(11,133)		(9.9)
Non-interest income:
Fees and service charges	57,064		63,547		(6,483)		(10.2)
Card revenue	24,960		24,771		189		.8
ATM revenue	7,598		7,970		(372)		(4.7)
Subtotal	89,622		96,288		(6,666)		(6.9)
Leasing and equipment finance	12,651		12,134		517		4.3
Other	458		4,283		(3,825)		(89.3)
Fees and other revenue	102,731		112,705		(9,974)		(8.8)
Visa share redemption	-		8,308		(8,308)		N.M.
Gains on securities	11,548		6,286		5,262		83.7
Total non-interest income	114,279		127,299		(13,020)		(10.2)
Non-interest expense:
Compensation and employee benefits	86,190		88,718		(2,528)		(2.8)
Occupancy and equipment	32,047		32,413		(366)		(1.1)
Deposit account premiums	6,576		1,496		5,080		N.M.
Advertising and promotions	4,445		4,801		(356)		(7.4)
Operating lease depreciation	4,024		4,514		(490)		(10.9)
FDIC insurance premiums	3,795		421		3,374		N.M.
Other	37,131		35,913		1,218		3.4
Total non-interest expense	174,208		168,276		5,932		3.5
Income before income tax expense	41,772		71,857		(30,085)		(41.9)
Income tax expense	15,125		24,431		(9,306)		(38.1)
Net income	26,647		47,426		(20,779)		(43.8)
Preferred stock dividends	5,185		-		5,185		N.M.
Net income available to common stockholders	$	21,462	$	47,426	$	(25,964)	(54.7)
Net income per common share:
Basic	$	.17	$	.38	$	(.21)	(55.3)
Diluted	.17		.38		(.21)		(55.3)
Dividends declared per common share	$	.25	$	.25	$	-	-
Average common and common equivalent shares outstanding (in thousands):
Basic	125,939		124,645		1,294		1.0
Diluted	125,939		125,120		819		.7

N.M. Not meaningful

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16

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,
	2009		2008		2008		2008		2008
ASSETS
Cash and due from banks	$	1,024,741	$	342,380	$	331,185	N.M.	%	N.M.	%
Investments	166,879		155,725		144,165		7.2		15.8
Securities available for sale	2,098,628		1,966,104		2,177,262		6.7		(3.6)
Education loans held for sale	-		757		223,333		(100.0)		(100.0)
Loans and leases:
Consumer real estate and other	7,363,436		7,363,583		7,291,015		-		1.0
Commercial real estate	3,039,480		2,984,156		2,596,050		1.9		17.1
Commercial business	493,943		506,887		535,014		(2.6)		(7.7)
Leasing and equipment finance	2,798,134		2,486,082		2,180,782		12.6		28.3
Inventory finance	100,624		4,425		-		N.M.		N.M.
Total loans and leases	13,795,617		13,345,133		12,602,861		3.4		9.5
Allowance for loan and lease losses	(181,216)		(172,442)		(97,390)		(5.1)		(86.1)
Net loans and leases	13,614,401		13,172,691		12,505,471		3.4		8.9
Premises and equipment, net	448,047		447,826		439,532		-		1.9
Goodwill	152,599		152,599		152,599		-		-
Other assets	577,046		502,275		396,817		14.9		45.4
Total assets	$	18,082,341	$	16,740,357	$	16,370,364	8.0		10.5
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Checking	$	4,101,540	$	3,969,768	$	4,288,960	3.3		(4.4)
Savings and money market	5,309,325		3,677,301		3,468,653		44.4		53.1
Subtotal	9,410,865		7,647,069		7,757,613		23.1		21.3
Certificates of deposit	2,236,338		2,596,283		2,599,456		(13.9)		(14.0)
Total deposits	11,647,203		10,243,352		10,357,069		13.7		12.5
Short-term borrowings	26,299		226,861		138,442		(88.4)		(81.0)
Long-term borrowings	4,311,568		4,433,913		4,414,644		(2.8)		(2.3)
Total borrowings	4,337,867		4,660,774		4,553,086		(6.9)		(4.7)
Accrued expenses and other liabilities	597,315		342,455		330,339		74.4		80.8
Total liabilities	16,582,385		15,246,581		15,240,494		8.8		8.8
Stockholders’ equity:
Preferred stock, par value $.01 per share, 30,000,000 authorized; 361,172 issued	349,007		348,437		-		.2		N.M.
Common stock, par value $.01 per share, 280,000,000 shares authorized; 130,410,951; 130,839,378 and 131,065,676 shares issued	1,304		1,308		1,311		(.3)		(.5)
Additional paid-in capital	315,025		330,474		349,392		(4.7)		(9.8)
Retained earnings, subject to certain restrictions	917,762		927,893		942,937		(1.1)		(2.7)
Accumulated other comprehensive income (loss)	4,391		(3,692)		(3,000)		N.M.		N.M.
Treasury stock at cost, 2,573,813; 3,413,855 and 4,752,480 shares, and other	(87,533)		(110,644)		(160,770)		(20.9)		(45.6)
Total stockholders’ equity	1,499,956		1,493,776		1,129,870		.4		32.8
Total liabilities and stockholders’ equity	$	18,082,341	$	16,740,357	$	16,370,364	8.0		10.5

N.M. Not meaningful.

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17

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CREDIT QUALITY DATA

(Dollars in thousands)

(Unaudited)

Allowance for loan and lease losses

										Allowance as % of Portfolio
	At March 31, 2009			At December 31, 2008			At March 31, 2008			Change from
	Allowance			Allowance			Allowance			Dec. 31,	Mar. 31,
	Balance		% of Portfolio	Balance		% of Portfolio	Balance		% of Portfolio	2008	2008
Consumer real estate	$	103,475	1.42%	$	98,436	1.35%	$	39,592	.55%	7bps	87bps
Consumer other	2,519		4.53	2,664		4.31	1,893		3.07	22	146
Total consumer real estate and other	105,994		1.44	101,100		1.37	41,485		.57	7	87
Commercial real estate	40,354		1.33	39,386		1.32	33,051		1.27	1	6
Commercial business	10,281		2.08	11,865		2.34	6,912		1.29	(26)	79
Leasing and equipment finance	24,140		.86	20,058		.81	15,942		.73	5	13
Inventory finance	447		.44	33		.75	-		-	(31)	44
Total allowance for loan and lease losses	$	181,216	1.31	$	172,442	1.29	$	97,390	.77	2	54
Credit Loss Reserves
	At March 31, 2009			At December 31, 2008			At March 31, 2008			Change from
	Credit loss reserve			Credit loss reserve			Credit loss reserve			Dec. 31,	Mar. 31,
	Balance		% of Portfolio	Balance		% of Portfolio	Balance		% of Portfolio	2008	2008
Allowance for loan and lease losses	$	181,216	1.31%	$	172,442	1.29%	$	97,390	.77%	2bps	54bps
Reserves recorded in other liabilities	1,730		.01	1,510		.01	1,060		.01	-	-
Reserves netted against portfolio asset balances	15,102		.11	-		-	-		-	11	11
Total credit loss reserves	$	198,048	1.43	$	173,952	1.30	$	98,450	.78	13	65

Net Charge-Offs

	Quarter Ended										Change from
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Mar. 31,
	2009		2008		2008		2008		2008		2008		2008
Consumer real estate
First mortgage lien	$	10,477	$	10,198	$	8,841	$	6,803	$	4,211	$	279	$	6,266
Junior lien	11,849		10,664		9,469		7,205		4,973		1,185		6,876
Total consumer real estate	22,326		20,862		18,310		14,008		9,184		1,464		13,142
Consumer other	1,290		3,303		3,282		1,525		1,195		(2,013)		95
Total consumer real estate and other	23,616		24,165		21,592		15,533		10,379		(549)		13,237
Commercial real estate	3,640		2,958		2,694		5,736		466		682		3,174
Commercial business	2,981		2,631		65		2,308		597		350		2,384
Leasing and equipment finance	4,701		3,832		2,413		3,071		2,105		869		2,596
Inventory finance	-		-		-		-		-		-		-
Total	$	34,938	$	33,586	$	26,764	$	26,648	$	13,547	$	1,352	$	21,391

Net Charge-Offs as a Percentage of Average Loans and Leases

	Quarter Ended (1)										Change from
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Mar. 31,
	2009		2008		2008		2008		2008		2008		2008
Consumer real estate
First mortgage lien	.86	%	.84	%	.73	%	.56	%	.36	%	2	bps	50	bps
Junior lien	1.98		1.76		1.56		1.19		.84		22		114
Total consumer real estate	1.22		1.14		1.00		.77		.52		8		70
Consumer other	N.M.		N.M.		N.M.		N.M.		N.M.		N.M.		N.M.
Total consumer real estate and other	1.29		1.32		1.17		.85		.58		(3)		71
Commercial real estate	.49		.41		.39		.86		.07		8		42
Commercial business	2.39		2.01		.05		1.74		.44		38		195
Leasing and equipment finance	.71		.64		.42		.55		.39		7		32
Inventory finance	-		-		-		-		-		-		-
Total	1.04		1.02		.82		.84		.44		2		60

Non-performing assets

	At			At			At			At			At			Change from
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Mar. 31,
	2009			2008			2008			2008			2008			2008			2008
Non-accrual loans and leases:
Consumer real estate
First mortgage lien	$	82,082		$	71,078		$	52,633		$	42,776		$	31,403		$	11,004		$	50,679
Junior lien	11,373			11,793			12,433			9,654			7,434			(420)			3,939
Total consumer real estate	93,455			82,871			65,066			52,430			38,837			10,584			54,618
Consumer other	146			65			78			287			13			81			133
Total consumer real estate and other	93,601			82,936			65,144			52,717			38,850			10,665			54,751
Commercial real estate	67,264			54,615			46,011			38,404			34,300			12,649			32,964
Commercial business	11,857			14,088			16,356			1,306			2,350			(2,231)			9,507
Leasing and equipment finance	33,190			20,879			18,379			12,820			10,726			12,311			22,464
Inventory finance	4			-			-			-			-			4			4
Total non-accrual loans and leases	205,916			172,518			145,890			105,247			86,226			33,398			119,690
Other real estate owned:
Consumer real estate	45,633			38,632			34,101			35,269			30,415			7,001			15,218
Commercial real estate	25,115			23,033			20,078			19,843			17,400			2,082			7,715
Total other real estate owned	70,748			61,665			54,179			55,112			47,815			9,083			22,933
Total non-performing assets	$	276,664		$	234,183		$	200,069		$	160,359		$	134,041		$	42,481		$	142,623
Non-performing assets as a percentage of net loans and leases	2.03		%	1.78		%	1.55		%	1.25		%	1.07		%	25		bps	96		bps
(1)  Annualized

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18

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CREDIT QUALITY DATA

(Dollars in thousands)

(Unaudited)

Delinquency data - principal balances(1)

	At		At		At		At		At		Change from
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Mar. 31,
	2009		2008		2008		2008		2008		2008		2008
30 days or more:
Consumer real estate
First mortgage lien	$	97,447	$	91,558	$	80,291	$	63,542	$	60,246	$	5,889	$	37,201
Junior lien	18,432		24,086		20,074		14,818		15,378		(5,654)		3,054
Total consumer real estate	115,879		115,644		100,365		78,360		75,624		235		40,255
Consumer other	445		666		515		437		342		(221)		103
Total consumer real estate and other	116,324		116,310		100,880		78,797		75,966		14		40,358
Commercial real estate	9,503		3,199		15,732		17,877		7,888		6,304		1,615
Commercial business	1,118		874		531		2,167		527		244		591
Leasing and equipment finance	51,143		28,901		24,982		21,982		19,956		22,242		31,187
Inventory finance	387		-		-		-		-		387		387
Total 30 days or more	$	178,475	$	149,284	$	142,125	$	120,823	$	104,337	$	29,191	$	74,138
Total 60 days or more	$	82,270	$	79,470	$	69,927	$	70,614	$	46,947	$	2,800	$	35,323
Total 90 days or more	38,344		37,619		34,808		28,180		23,538		725		14,806

Delinquency data - % of portfolio(1)

	At		At		At		At		At		Change from
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Mar. 31,
	2009		2008		2008		2008		2008		2008		2008
30 days or more:
Consumer real estate
First mortgage lien	2.01	%	1.90	%	1.67	%	1.31	%	1.26	%	11	bps	75	bps
Junior lien	.78		1.00		.83		.61		.64		(22)		14
Total consumer real estate	1.61		1.60		1.39		1.08		1.05		1		56
Consumer other	.80		1.08		.73		.64		.55		(28)		25
Total consumer real estate and other	1.60		1.60		1.38		1.07		1.05		-		55
Commercial real estate	.32		.11		.56		.66		.31		21		1
Commercial business	.23		.18		.10		.39		.10		5		13
Leasing and equipment finance	1.85		1.17		1.08		.98		.92		68		93
Inventory finance	.38		-		-		-		-		38		38
Total 30 days or more	1.31		1.13		1.10		.94		.83		18		48
Total 60 days or more	.60		.60		.54		.55		.38		-		22
Total 90 days or more	.28		.28		.27		.22		.19		-		9

Potential Problem Loans and Leases(1) (2)

	At		At		At		At		At		Change from
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Mar. 31,
	2009		2008		2008		2008		2008		2008		2008
Consumer real estate (3)	$	24,877	$	27,423	$	23,844	$	24,722	$	15,120	$	(2,546)	$	9,757
Commercial real estate	176,277		137,332		100,028		100,288		36,172		38,945		140,105
Commercial business	35,826		27,127		30,619		49,809		34,787		8,699		1,039
Leasing and equipment finance	27,898		20,994		17,950		16,967		16,010		6,904		11,888
Inventory finance	-		-		-		-		-		-		-
	$	264,878	$	212,876	$	172,441	$	191,786	$	102,089	$	52,002	$	162,789

(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.
(3)	Consists of certain loans with restructured terms.

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19

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Dollars in thousands)

(Unaudited)

	Three Months Ended March 31,
	2009					2008
	Average				Yields and	Average				Yields and
	Balance		Interest		Rates (1)	Balance		Interest		Rates (1)
ASSETS
Investments and other	$	484,394	$	856	.71%	$	150,659	$	1,642	4.38%
Securities available for sale	2,012,467		25,701		5.11	2,140,951		28,279		5.28
Education loans held for sale	-		-		-	215,434		3,452		6.44
Loans and leases:
Consumer real estate:
Fixed-rate	5,477,467		88,806		6.57	5,501,201		93,520		6.83
Variable-rate	1,818,232		26,223		5.85	1,603,032		28,194		7.07
Consumer - other	39,539		822		8.43	44,008		980		8.96
Total consumer real estate and other	7,335,238		115,851		6.40	7,148,241		122,694		6.90
Commercial real estate:
Fixed- and adjustable-rate	2,410,335		36,284		6.11	1,975,344		31,244		6.36
Variable-rate	588,181		5,640		3.89	591,071		8,778		5.97
Total commercial real estate	2,998,516		41,924		5.67	2,566,415		40,022		6.27
Commercial business:
Fixed- and adjustable-rate	175,445		2,550		5.89	177,691		2,755		6.24
Variable-rate	324,311		2,386		2.98	365,997		5,373		5.90
Total commercial business	499,756		4,936		4.01	543,688		8,128		6.01
Leasing and equipment finance	2,632,893		46,051		7.00	2,140,695		40,933		7.65
Inventory finance	28,475		615		8.64	-		-		N.A.
Total loans and leases	13,494,878		209,377		6.27	12,399,039		211,777		6.86
Total interest-earning assets	15,991,739		235,934		5.96	14,906,083		245,150		6.60
Other assets	1,157,981					1,228,970
Total assets	$	17,149,720				$	16,135,053
LIABILITIES AND STOCKHOLDERS’ EQUITY
Non-interest bearing deposits:
Retail	$	1,428,453				$	1,415,379
Small business	563,236					565,148
Commercial and custodial	227,470					200,624
Total non-interest bearing deposits	2,219,159					2,181,151
Interest-bearing deposits:
Interest-bearing checking	1,747,480		2,687		.62	1,846,606		4,731		1.03
Savings and money market	4,446,622		19,249		1.76	3,314,442		17,760		2.16
Subtotal	6,194,102		21,936		1.44	5,161,048		22,491		1.76
Certificates of deposit	2,463,405		18,148		2.98	2,500,362		26,237		4.21
Total interest-bearing deposits	8,657,507		40,084		1.88	7,661,410		48,728		2.56
Total deposits	10,876,666		40,084		1.49	9,842,561		48,728		1.99
Borrowings:
Short-term borrowings	44,131		94		.86	399,023		3,610		3.64
Long-term borrowings	4,366,782		50,343		4.67	4,414,630		49,983		4.55
Total borrowings	4,410,913		50,437		4.63	4,813,653		53,593		4.48
Total deposits and borrowings	15,287,579		90,521		2.40	14,656,214		102,321		2.81
Other liabilities	380,202					368,216
Total liabilities	15,667,781					15,024,430
Stockholders’ equity	1,481,939					1,110,623
Total liabilities and stockholders’ equity	$	17,149,720				$	16,135,053
Net interest income and margin			$	145,413	3.66%			$	142,829	3.84%
(1)  Annualized

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20

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,
	2009			2008			2008			2008			2008
Interest income:
Loans and leases	$	209,377		$	211,322		$	210,651		$	208,407		$	211,777
Securities available for sale	25,701			25,232			28,577			28,858			28,279
Education loans held for sale	-			24			123			1,756			3,452
Investments and other	856			1,224			1,644			1,427			1,642
Total interest income	235,934			237,802			240,995			240,448			245,150
Interest expense:
Deposits	40,084			37,362			33,730			36,954			48,728
Borrowings	50,437			53,323			55,100			51,932			53,593
Total interest expense	90,521			90,685			88,830			88,886			102,321
Net interest income	145,413			147,117			152,165			151,562			142,829
Provision for credit losses	43,712			47,050			52,105			62,895			29,995
Net interest income after provision for credit losses	101,701			100,067			100,060			88,667			112,834
Non-interest income:
Fees and service charges	57,064			67,448			71,783			67,961			63,547
Card revenue	24,960			25,243			26,240			26,828			24,771
ATM revenue	7,598			7,688			8,720			8,267			7,970
Subtotal	89,622			100,379			106,743			103,056			96,288
Leasing and equipment finance	12,651			16,298			13,006			14,050			12,134
Other	458			130			3,296			4,398			4,283
Fees and other revenue	102,731			116,807			123,045			121,504			112,705
Gains on securities	11,548			8,167			498			1,115			6,286
Visa share redemption	-			-			-			-			8,308
Total non-interest income	114,279			124,974			123,543			122,619			127,299
Non-interest expense:
Compensation and employee benefits	86,190			83,323			84,895			84,267			88,718
Occupancy and equipment	32,047			32,503			31,832			31,205			32,413
Deposit account premiums	6,576			5,659			7,292			2,441			1,496
Advertising and promotions	4,445			4,643			5,017			4,689			4,801
Operating lease depreciation	4,024			4,269			4,215			4,460			4,514
FDIC insurance premiums	3,795			1,706			426			437			421
Other	37,131			47,707			43,911			41,230			35,913
Total non-interest expense	174,208			179,810			177,588			168,729			168,276
Income before income tax expense	41,772			45,231			46,015			42,557			71,857
Income tax expense	15,125			17,527			15,889			18,855			24,431
Net income	26,647			27,704			30,126			23,702			47,426
Preferred stock dividends	5,185			2,540			-			-			-
Net income available to common stockholders	$	21,462		$	25,164		$	30,126		$	23,702		$	47,426
Net income per common share:
Basic	$	.17		$	.20		$	.24		$	.19		$	.38
Diluted	.17			.20			.24			.19			.38
Dividends declared per common share	$	.25		$	.25		$	.25		$	.25		$	.25
Financial Ratios:
Return on average assets (1)	.62		%	.68		%	.73		%	.58		%	1.18		%
Return on average common equity (1)	7.58			9.00			11.11			8.57			17.08
Net interest margin (1)	3.66			3.84			3.97			4.00			3.84
Average total equity to average assets	8.64			7.93			6.61			6.76			6.88
(1)  Annualized

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21

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS

(In thousands)

(Unaudited)

	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
	2009		2008		2008		2008		2008
ASSETS
Cash and due from banks	$	609,168	$	297,252	$	288,884	$	280,606	$	304,441
Investments	165,243		166,580		157,612		148,366		150,659
Securities available for sale	2,012,467		1,966,561		2,160,887		2,184,580		2,140,951
Education loans held for sale	-		1,876		12,516		123,457		215,434
Loans and leases:
Consumer real estate:
Fixed-rate	5,477,467		5,496,533		5,550,124		5,581,129		5,501,201
Variable-rate	1,818,232		1,793,650		1,758,458		1,702,824		1,603,032
Consumer - other	39,539		43,619		45,939		46,492		44,008
Total consumer real estate and other	7,335,238		7,333,802		7,354,521		7,330,445		7,148,241
Commercial real estate:
Fixed- and adjustable-rate	2,410,335		2,287,226		2,181,838		2,062,983		1,975,344
Variable-rate	588,181		608,709		594,992		593,409		591,071
Total commercial real estate	2,998,516		2,895,935		2,776,830		2,656,392		2,566,415
Commercial business:
Fixed- and adjustable-rate	175,445		171,687		167,079		157,740		177,691
Variable-rate	324,311		350,949		377,747		371,730		365,997
Total commercial business	499,756		522,636		544,826		529,470		543,688
Leasing and equipment finance	2,632,893		2,389,225		2,300,429		2,229,467		2,140,695
Inventory finance	28,475		158		-		-		-
Total loans and leases	13,494,878		13,141,756		12,976,606		12,745,774		12,399,039
Allowance for loan and lease losses	(174,364)		(160,662)		(140,362)		(102,126)		(84,048)
Net loans and leases	13,320,514		12,981,094		12,836,244		12,643,648		12,314,991
Premises and equipment	450,128		447,249		443,185		442,016		440,516
Goodwill	152,599		152,599		152,599		152,599		152,599
Other assets	439,601		394,024		359,632		398,582		415,462
	$	17,149,720	$	16,407,235	$	16,411,559	$	16,373,854	$	16,135,053
LIABILITIES AND STOCKHOLDERS’ EQUITY
Non-interest-bearing deposits:
Retail	$	1,428,453	$	1,345,832	$	1,409,855	$	1,464,237	$	1,415,379
Small business	563,236		593,626		597,894		577,510		565,148
Commercial and custodial	227,470		234,045		253,900		238,779		200,624
Total non-interest bearing deposits	2,219,159		2,173,503		2,261,649		2,280,526		2,181,151
Interest-bearing deposits:
Interest-bearing checking	1,747,480		1,754,111		1,837,540		1,883,948		1,846,606
Savings and money market	4,446,622		3,473,036		3,421,464		3,493,213		3,314,442
Subtotal	6,194,102		5,227,147		5,259,004		5,377,161		5,161,048
Certificates of deposit	2,463,405		2,448,815		2,469,327		2,471,216		2,500,362
Total interest-bearing deposits	8,657,507		7,675,962		7,728,331		7,848,377		7,661,410
Total deposits	10,876,666		9,849,465		9,989,980		10,128,903		9,842,561
Borrowings:
Short-term borrowings	44,131		454,202		429,861		363,302		399,023
Long-term borrowings	4,366,782		4,435,730		4,567,706		4,419,821		4,414,630
Total borrowings	4,410,913		4,889,932		4,997,567		4,783,123		4,813,653
Accrued expenses and other liabilities	380,202		366,063		339,304		355,187		368,216
Total liabilities	15,667,781		15,105,460		15,326,851		15,267,213		15,024,430
Stockholders’ equity:
Preferred stock	348,727		183,981		-		-		-
Common stock	1,305		1,309		1,309		1,311		1,312
Additional paid-in capital	319,872		328,078		336,127		347,043		351,447
Retained earnings	914,972		924,456		927,939		935,184		926,497
Accumulated other comprehensive loss	(5,745)		(13,896)		(36,468)		(19,748)		(5,715)
Treasury stock at cost and other	(97,192)		(122,153)		(144,199)		(157,149)		(162,918)
	1,481,939		1,301,775		1,084,708		1,106,641		1,110,623
	$	17,149,720	$	16,407,235	$	16,411,559	$	16,373,854	$	16,135,053

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22

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY YIELDS AND RATES (1)

(Unaudited)

	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
	2009		2008		2008		2008		2008
ASSETS
Investments and other	.71	%	2.93	%	4.16	%	3.86	%	4.38	%
Securities available for sale	5.11		5.13		5.29		5.28		5.28
Education loans held for sale	-		5.09		3.91		5.72		6.44
Loans and leases:
Consumer real estate:
Fixed-rate	6.57		6.63		6.70		6.74		6.83
Variable-rate	5.85		6.00		6.19		6.26		7.07
Consumer - other	8.43		8.57		8.34		8.60		8.96
Total consumer real estate and other	6.40		6.48		6.59		6.64		6.90
Commercial real estate:
Fixed- and adjustable-rate	6.11		6.14		6.13		6.21		6.36
Variable-rate	3.89		4.87		4.97		5.04		5.97
Total commercial real estate	5.67		5.87		5.88		5.95		6.27
Commercial business:
Fixed- and adjustable-rate	5.89		5.65		5.63		6.20		6.24
Variable-rate	2.98		4.44		4.59		4.86		5.90
Total commercial business	4.01		4.83		4.91		5.26		6.01
Leasing and equipment finance	7.00		7.15		7.14		7.38		7.65
Inventory finance	8.64		10.13		-		-		-
Subtotal	6.27		6.41		6.47		6.57		6.86
Total loans and leases	6.27		6.41		6.47		6.57		6.86
Total interest-earning assets	5.96		6.20		6.27		6.35		6.60
LIABILITIES
Interest-bearing deposits:
Interest-bearing checking	.62		.67		.54		.60		1.03
Savings and money market	1.76		1.79		1.45		1.48		2.16
Subtotal	1.44		1.41		1.13		1.17		1.76
Certificates of deposit	2.98		3.05		3.02		3.47		4.21
Total interest-bearing deposits	1.88		1.94		1.74		1.89		2.56
Total deposits	1.49		1.51		1.34		1.47		1.99
Borrowings:
Short-term borrowings	.86		.97		2.13		2.19		3.64
Long-term borrowings	4.67		4.69		4.60		4.54		4.55
Total borrowings	4.63		4.34		4.39		4.37		4.48
Total interest-bearing liabilities	2.81		2.87		2.78		2.83		3.30
Net interest margin	3.66	%	3.84	%	3.97	%	4.00	%	3.84	%
(1)  Annualized

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