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 57th Consecutive Quarter of Net Income — Earns $23.5 Million

SECOND QUARTER HIGHLIGHTS

·Redeemed $361.2 million of senior perpetual preferred stock from the U.S. Treasury and recorded a $12 million non-cash deemed preferred stock dividend

·Diluted earnings per common share was 18 cents, excluding the non-cash deemed preferred stock dividend

·Net income of $23.5 million

·Net interest margin of 3.80 percent

·Recorded a FDIC special assessment of $8.4 million, or 4 cents per common share

·Average loans and leases increased by $1.1 billion, or 8.7 percent

·Average deposits increased by $1.5 billion, or 15.2 percent

·Capital ratios exceed stated well capitalized requirements

·Announced regular quarterly cash dividend of 5 cents per common share, payable August 31, 2009

Earnings Summary																				Table 1
($ in thousands, except per-share data)										Percent Change
	2Q 2009			1Q 2009			2Q 2008			2Q09 vs 1Q09		2Q09 vs 2Q08		YTD 2009			YTD 2008			Percent Change
Net income	$	23,543		$	26,647		$	23,702		(11.6	)%	(.7	)%	$	50,190		$	71,128		(29.4	)%
Preferred stock dividends	1,193			5,185			—			(77.0	)	N.M.		6,378			—			N.M.
Subtotal	22,350			21,462			23,702			4.1		(5.7	)	43,812			71,128			(38.4	)
Non-cash deemed preferred stock dividend	12,025			—			—			N.M.		N.M.		12,025			—			N.M.
Net income available to common stockholders	$	10,325		$	21,462		$	23,702		(51.9	)	(56.4	)	$	31,787		$	71,128		(55.3	)
Diluted earnings per common share	$	.08		$	.17		$	.19		(52.9	)	(57.9	)	$	.25		$	.57		(56.1	)
Diluted earnings per common share excluding non-cash deemed preferred stock dividend	.18			.17			.19			5.9		(5.3	)	.35			.57			(38.6	)
Financial Ratios (1)
Return on average assets	.53		%	.62		%	.58		%					.58		%	.88		%
Return on average commonequity (2)	7.82			7.58			8.57							7.70			12.85
Net interest margin	3.80			3.66			4.00							3.73			3.92
Net charge-offs as a percentage of average loans and leases	1.43			1.04			.84							1.24			.64
(1) Annualized														N.M. = Not meaningful
(2) Excludes non-cash deemed preferred stock dividend of $12,025 in the second quarter and year-to-date of 2009.  Including this amount, the return on average common equity was 3.61% and 5.59% for the second quarter and year-to-date 2009, respectively.

-more-

2

WAYZATA, MN, July 22, 2009 – TCF Financial Corporation (“TCF”) (NYSE: TCB) today reported second quarter 2009 diluted earnings per common share of 8 cents, compared with 19 cents in the second quarter of 2008 and 17 cents for the first quarter of 2009. In April, TCF redeemed $361.2 million of senior perpetual preferred stock from the U.S. Treasury and recorded a related $12 million non-cash deemed preferred stock dividend. Diluted earnings per share in the second quarter of 2009 was 18 cents excluding the non-cash deemed preferred stock dividend.  Net income for the second quarter of 2009 was $23.5 million, compared with $23.7 million in the second quarter of 2008 and $26.6 million in the first quarter of 2009.

Diluted earnings per share for the first six months of 2009 was 25 cents, compared with 57 cents for the same 2008 period. Diluted earnings per share for the first six months of 2009 was 35 cents excluding the non-cash deemed preferred stock dividend. Net income for the first six months of 2009 was $50.2 million, compared with $71.1 million for the same 2008 period.

TCF declared a quarterly cash dividend of 5 cents per common share payable on August 31, 2009 to stockholders of record at the close of business on July 31, 2009.

Chairman’s Statement

“TCF reported its 57th consecutive profitable quarter and announced a regular quarterly dividend of 5 cents per common share – our 85th consecutive quarter paying a dividend,” said William A. Cooper, TCF Chairman and CEO. “At the heart of our core business, we saw continued positive momentum in revenues with increasing margin and fee income along with strong growth in deposit accounts and balances as well as loans and leases.  Although provision for loan and lease losses remain at higher levels during this credit cycle, our philosophy of conservative banking and secured lending positions TCF to quickly benefit as the economy improves.”

-more-

3

Total Revenue																	Table 2
								Percent Change
($ in thousands)	2Q		1Q				2Q	2Q09 vs		2Q09 vs			YTD		YTD		Percent
	2009		2009				2008	1Q09		2Q08			2009		2008		Change
Net interest income	$156,463		$145,413		$151,562			7.6	%	3.2	%	$301,876			$294,391		2.5	%
Fees and other revenue:
Fees and service charges	77,536		57,064				67,961	35.9		14.1			134,600		131,508		2.4
Card revenue	26,604		24,960				26,828	6.6		(.8	)		51,564		51,599		(.1)
ATM revenue	7,973		7,598				8,267	4.9		(3.6	)		15,571		16,237		(4.1)
Total banking fees	112,113		89,622				103,056	25.1		8.8			201,735		199,344		1.2
Leasing and equipment finance	16,881		12,651				14,050	33.4		20.1			29,532		26,184		12.8
Other	820		458				4,398	79.0		(81.4	)		1,278		8,681		(85.3)
Total fees and other revenue	129,814		102,731				121,504	26.4		6.8			232,545		234,209		(.7)
Gains on securities	10,556		11,548				1,115	(8.6	)	N.M.			22,104		7,401		198.7
Visa share redemption	-		-				-	-		-			-		8,308		(100.0)
Total non-interest income	140,370		114,279				122,619	22.8		14.5			254,649		249,918		1.9
Total revenue	$296,833		$259,692			$274,181		14.3		8.3			$556,525		$544,309		2.2
Net interest margin (1)	3.80	%	3.66	%			4.00%						3.73	%	3.92%
Fees and other revenue as a % of:
Total revenue	43.73		39.56				44.32						41.79			43.03
Average assets (1)	2.94		2.40				2.97						2.67			2.88
N.M. = Not Meaningful
(1) Annualized

Net Interest Income

·Net interest margin in the second quarter of 2009 was 3.80 percent, compared with 4.00 percent in the second quarter of 2008 and 3.66 percent in the first quarter of 2009.  The decrease in net interest margin from the second quarter of 2008 was primarily due to lower average yields in the securities available for sale portfolio due to sales and purchase activity, investing excess liquidity on a short-term basis, the issuance of trust preferred stock in the third quarter of 2008 and lower yields on loans and leases, partially offset by lower deposit rates.  The increase in net interest margin from the first quarter of 2009 was primarily due to a reduction in rates paid on deposits, partially offset by lower average yields on securities available for sale.

·At June 30, 2009, TCF had $147.9 million on deposit with the Federal Reserve which is included in cash and due from banks compared with $742.9 million at March 31, 2009.  TCF has $600.1 million in short-term Fannie Mae and Freddie Mac debentures at June 30, 2009.

-more-

4

Non-interest Income

·Banking fees and service charges were $77.5 million, up $9.6 million, or 14.1 percent, from the second quarter of 2008 and up $20.5 million, or 35.9 percent, from the first quarter of 2009 primarily due to an increased number of checking accounts and related fee income.

·Card revenues totaled $26.6 million for the second quarter of 2009, essentially flat with the second quarter of 2008 and up $1.6 million, or 6.6 percent, from the first quarter of 2009. The growth in card revenue from the first quarter of 2009 was primarily due to a higher number of active accounts, as a result of increases in the number of checking accounts and seasonal increases in the average number of transactions per account.

·Leasing and equipment finance revenues were $16.9 million for the second quarter of 2009, up $2.8 million, or 20.1 percent, from the second quarter of 2008 and up $4.2 million, or 33.4 percent, from the first quarter of 2009. The increase in leasing revenue from the second quarter of 2008 and first quarter of 2009 was primarily due to higher sales-type lease revenue which varies from period to period based on customer-driven events.

·Other non-interest income was $820 thousand, down $3.6 million from the second quarter of 2008, primarily due to TCF no longer selling investment and insurance products in the branches.

-more-

5

Loans and Leases

Average Loans and Leases									Table 3
				Percentage Change
($ in thousands)	2Q 2009	1Q 2009	2Q 2008	2Q09 vs 1Q09		2Q09 vs 2Q08		YTD 2009	YTD 2008	Percent Change
Loans and leases:
Consumer real estate
First mortgage lien	$  4,938,187	$  4,896,521	$  4,862,990	.9	%	1.5	%	$  4,917,468	$  4,800,415	2.4	%
Junior lien	2,355,913	2,399,178	2,420,963	(1.8	)	(2.7	)	2,377,427	2,393,678	(.7	)
Total consumer real estate	7,294,100	7,295,699	7,283,953	-		.1		7,294,895	7,194,093	1.4
Consumer other	36,255	39,539	46,492	(8.3	)	(22.0	)	37,887	45,251	(16.3	)
Total consumer	7,330,355	7,335,238	7,330,445	(.1	)	-		7,332,782	7,239,344	1.3
Commercial real estate	3,110,030	2,998,516	2,656,392	3.7		17.1		3,054,581	2,611,403	17.0
Commercial business	483,493	499,756	529,470	(3.3	)	(8.7	)	491,580	536,579	(8.4	)
Total commercial	3,593,523	3,498,272	3,185,862	2.7		12.8		3,546,161	3,147,982	12.6
Leasing and equipment finance	2,809,787	2,632,893	2,229,467	6.7		26.0		2,721,829	2,185,081	24.6
Inventory finance	118,317	28,475	-	N.M.		N.M.		73,644	-	N.M.
Total Loans and Leases	$13,851,982	$13,494,878	$12,745,774	2.6		8.7		$13,674,416	$12,572,407	8.8
N.M. = Not meaningful

·Average consumer real estate loan balances were relatively flat from the second quarter of 2008 and the first quarter of 2009 reflecting less consumer demand for home equity financing and very competitive pricing from government sponsored and supported programs.

·At June 30, 2009, 67.7 percent of the consumer real estate loan portfolio was secured by first liens.

·Average commercial loan balances increased $407.7 million, or 12.8 percent, from the second quarter of 2008 and $95.3 million, or 2.7 percent, from the first quarter of 2009 as a reduction in competitive alternatives has increased the opportunity to attract high quality customers.

·Average leasing and equipment finance balances increased $580.3 million, or 26 percent, from the second quarter of 2008 and $176.9 million, or 6.7 percent, from the first quarter of 2009.  The $277.4 million portfolio purchase in the first quarter of 2009 contributed $134.1 million of the increase in average balances from the first quarter of 2009.

·Average inventory finance loans increased $89.8 million, to $118.3 million, for the second quarter of 2009 from the first quarter of 2009.  During the second quarter of 2009, TCF Inventory Finance generated $44.7 million of loans in the lawn and garden industry which TCF entered in the second quarter of 2009.

-more-

6

Securities Available for Sale

Average Securities Available for Sale										Table 4
				Yield						Yield
($ in thousands)	2Q	1Q	2Q					YTD	YTD	YTD		YTD
	2009	2009	2008	2Q09		2Q08		2009	2008	2009		2008
U.S. Government sponsored enterprise and federal agencies mortgage-backed securities	$1,656,767	$2,002,962	$2,180,572	4.91	%	5.29	%	$1,828,908	$2,140,695	5.03	%	5.30	%
U.S. Government sponsored enterprise debentures	527,562	8,908	-	2.17		-		269,668	-	2.15		-
Other securities	498	506	4,008	5.63		3.89		502	22,053	5.60		3.46
Total	$2,184,827	$2,012,376	$2,184,580	4.25		5.28		$2,099,078	$2,162,748	4.66		5.28

·TCF purchased $204 million and sold $381 million of mortgage-backed securities in the second quarter of 2009, compared with $502.9 million of purchases and $564.2 million of sales in the first quarter of 2009.

·TCF purchased $600.1 million of Fannie Mae and Freddie Mac debentures with maturities of three years or less in late March and April of 2009, resulting in a reduction in lower yielding interest-bearing deposits at the Federal Reserve.

-more-

7

Deposits

Average Deposits										Table 5
				Percentage Change
($ in thousands)	2Q 2009	1Q 2009	2Q 2008	2Q09vs 1Q09		2Q09vs 2Q08		YTD 2009	YTD 2008	Percent Change
Non-interest bearing deposits:
Retail	$  1,446,215	$  1,428,453	$  1,464,237	1.2	%	(1.2	)%	$  1,437,383	$  1,439,809	(.2	)%
Small business	571,676	563,236	577,510	1.5		(1.0	)	567,479	571,329	(.7	)
Commercial	260,079	227,470	238,779	14.3		8.9		243,856	219,701	11.0
Subtotal	2,277,970	2,219,159	2,280,526	2.7		(.1	)	2,248,718	2,230,839	.8
Interest-bearing deposits:
Checking	1,792,493	1,747,480	1,883,948	2.6		(4.9	)	1,770,111	1,865,277	(5.1	)
Savings and money market	5,514,098	4,446,622	3,493,213	24.0		57.9		4,983,309	3,403,827	46.4
Subtotal	7,306,591	6,194,102	5,377,161	18.0		35.9		6,753,420	5,269,104	28.2
Certificates	2,087,490	2,463,405	2,471,216	(15.3	)	(15.5	)	2,274,409	2,485,789	(8.5	)
Subtotal	9,394,081	8,657,507	7,848,377	8.5		19.7		9,027,829	7,754,893	16.4
Total deposits	$11,672,051	$10,876,666	$10,128,903	7.3		15.2		$11,276,547	$  9,985,732	12.9
Average rate on deposits	1.15%	1.49%	1.47%					1.31%	1.73%

·Total average deposits increased $1.5 billion from the second quarter of 2008 and $795.4 million from the first quarter of 2009.  The increase from the second quarter of 2008 was primarily due to strong growth in savings deposits due to several initiatives involving products, pricing and marketing efforts, partially offset by declines in certificates of deposits as a result of lower pricing.

·The average rate paid on deposits was 1.15 percent in the second quarter of 2009, down 32 basis points from the second quarter of 2008 and down 34 basis points from the first quarter of 2009 due to reductions in interest rates paid on certain deposit products. The weighted average interest rate on total deposits was 1.07 percent at June 30, 2009.

·The number of new checking accounts opened in the second quarter of 2009 increased 27.4 percent, compared with the second quarter of 2008 and increased 1.4 percent from the first quarter of 2009.

-more-

8

Non-interest Expense

Non-interest Expense										Table 6
				Percentage Change
($ in thousands)	2Q 2009	1Q 2009	2Q 2008	2Q09vs 1Q09		2Q09vs 2Q08		YTD 2009	YTD 2008	Percent Change
Compensation and employee benefits	$  90,752	$  86,190	$  84,267	5.3	%	7.7	%	$176,942	$172,985	2.3	%
Occupancy and equipment	31,527	32,047	31,205	(1.6	)	1.0		63,574	63,618	(.1	)
Deposit account premiums	7,287	6,576	2,441	10.8		198.5		13,863	3,937	N.M.
Advertising and promotions	4,134	4,445	4,689	(7.0	)	(11.8	)	8,579	9,490	(9.6	)
Operating lease depreciation	3,860	4,024	4,460	(4.1	)	(13.5	)	7,884	8,974	(12.1	)
FDIC insurance premiums	13,303	3,795	437	N.M.		N.M.		17,098	858	N.M.
Foreclosed real estate and repossessed assets	6,125	4,291	4,892	42.7		25.2		10,416	7,507	38.8
Other	39,558	32,840	36,338	20.5		8.9		72,398	69,636	4.0
Total non-interest expense	$196,546	$174,208	$168,729	12.8		16.5		$370,754	$337,005	10.0
N.M. = Not meaningful

·Compensation and benefits expenses increased $6.5 million, or 7.7 percent, from the second quarter of 2008 and $4.6 million, or 5.3 percent, from the first quarter of 2009. The increase from the second quarter of 2008 was primarily due to increases in leasing and equipment finance and inventory finance compensation costs as a result of expansion and growth and increased employee medical plan expenses, which were partially offset by headcount reductions in banking.

·Deposit account premiums were $7.3 million for the 2009 second quarter, up $4.8 million from the second quarter of 2008 and up $711 thousand from the first quarter of 2009 due to successful marketing campaigns resulting in increased checking account production.

·FDIC insurance premiums were up $12.9 million from the second quarter of 2008 and up $9.5 million from the first quarter of 2009 primarily attributable to a special FDIC assessment of $8.4 million recorded in the second quarter of 2009 and due to higher insurance premium rates as a result of TCF’s larger deposit base.

·Foreclosed real estate and repossessed asset expenses increased $1.2 million from the second quarter of 2008 and $1.8 million from the first quarter of 2009 primarily due to increased levels of commercial and consumer real estate owned.

-more-

9

·Other expenses increased $3.2 million from the second quarter of 2008 and $6.7 million from the first quarter of 2009 primarily due to increased credit insurance expense on certain consumer loans and increased reserves for expected losses on unfunded commitments.  These increases were partially offset by decreased severance and separation costs.

-more-

10

Credit Quality

Credit Quality Summary																				Table 7
										Percent Change
($ in thousands)	2Q 2009			1Q 2009			2Q 2008			2Q09vs 1Q09		2Q09vs 2Q08		YTD 2009			YTD 2008			% Chg
Allowance for Loan and Lease Losses
Balance at beginning of period	$	181,216		$	172,442		$	97,390		5.1	%	86.1	%	$	172,442		$	80,942		113.0	%
Charge-offs	(53,462		)	(38,881		)	(29,902		)	37.5		78.8		(92,343		)	(47,724		)	93.5
Recoveries	3,800			3,943			3,254			(3.6	)	16.8		7,743			7,529			2.8
Net charge-offs	(49,662		)	(34,938		)	(26,648		)	42.1		86.4		(84,600		)	(40,195		)	110.5
Provision for credit losses	61,891			43,712			62,895			41.6		(1.6	)	105,603			92,890			13.7
Balance at end of period	$	193,445		$	181,216		$	133,637		6.7		44.8		$	193,445		$	133,637		44.8
Allowance as a percentage of period end loans and leases	1.39		%	1.31		%	1.03		%					1.39		%	1.03		%
Ratio of allowance to net
charge-offs(1)	1.0		X	1.3		X	1.3		X					1.1		X	1.7		X
Credit Loss Reserves
Allowance for loan and lease losses	$	193,445		$	181,216		$	133,637		6.7		44.8
Reserves for unfunded commitments	2,655			1,730			1,227			53.5		116.4
Reserves netted against portfolio asset balances	13,828			15,102			-			(8.4	)	100.0
Total credit loss reserves	$	209,928		$	198,048		$	134,864		6.0		55.7
Total credit loss reserves as a percentage of period end loans and leases	1.50		%	1.43		%	1.04		%
Ratio of total credit loss reserves to net charge-offs(1) (3)	1.0		X	1.4		X	1.3		X
Net Charge-offs as a Percentage of Average Loans and Leases(1)
Consumer real estate:
First mortgage lien	.96		%	.86		%	.56		%					.91		%	.46		%
Junior lien	1.90			1.98			1.19							1.94			1.02
Total consumer real estate	1.26			1.22			.77							1.24			.64
Total consumer	1.35			1.29			.85							1.32			.72
Commercial real estate	2.51			.49			.86							1.52			.47
Commercial business	(.05		)	2.39			1.74							1.19			1.08
Leasing and equipment finance	.79			.71			.55							.75			.47
Inventory finance	-			-			-							-			-
Total	1.43			1.04			.84							1.24			.64
Other Credit Quality Data
Delinquencies(2)
30+days	$	178,165		$	178,475		$	120,823		(.2	)	47.5
60+days	98,982			82,270			70,614			20.3		40.2
90+days	48,477			38,344			28,180			26.4		72.0
Delinquencies as a percentage of loan and lease portfolio(2):
30+days	1.30		%	1.31		%	.94		%
60+days	.72			.60			.55
90+days	.35			.28			.22
Non-accrual loans and leases	$	239,917		$	205,916		$	105,247		16.5		128.0
Real estate owned	96,862			70,748			55,112			36.9		75.8
Total non-performing assets	$	336,779		$	276,664		$	160,359		21.7		110.0
Non-performing assets as a percentage of net loans and leases	2.45		%	2.03		%	1.25		%
(1) Annualized
(2) Excludes non-accrual loans and leases
(3) Includes $1.4 million in write-offs related to credit reserves netted against portfolio asset balances in the second quarter of 2009

-more-

11

At June 30, 2009, TCF’s:

·Allowance for loan and lease losses was $193.4 million, or 1.39 percent of loans and leases, up from $181.2 million, or 1.31 percent of loans and leases at March 31, 2009.

·Over-60-day delinquency rates were .72 percent, up from .60 percent at March 31, 2009 primarily due to increases in consumer real estate and leasing and equipment finance delinquencies.

·Non-accrual loans and leases increased $34 million, or 16.5 percent, from March 31, 2009 primarily due to increases for commercial real estate and leasing and equipment finance.  TCF may experience an increase in future quarters in non-accrual consumer real estate loans as a result of delays in the foreclosure process resulting from new laws or government policies in certain locations.

·Real estate owned increased $26.1 million, or 36.9 percent, from March 31, 2009 primarily due to increases in consumer real estate owned in Minnesota and Illinois.

For the quarter ended June 30, 2009, TCF’s:

·Provision for credit losses was $61.9 million, down from $62.9 million in the second quarter of 2008 and up from $43.7 million in the first quarter of 2009. The composition of the provision for credit losses in the second quarter of 2009 was driven by increased net charge-offs in the consumer real estate, commercial and leasing portfolios versus the composition in the second quarter of 2008 being largely driven by significant reserve rate increases in the consumer real estate portfolio.  The increase from the first quarter of 2009 was primarily due to increased charge-offs of commercial loans.

·Net loan and lease charge-offs were $49.7 million, or 1.43 percent annualized, of average loans and leases, up from $34.9 million, or 1.04 percent annualized, of average loans and leases, from the first quarter of 2009 primarily due to increases in commercial real estate net charge-offs, primarily in Michigan.

-more-

12

Income Taxes

·Income tax expense was 38.7 percent of pre-tax income for the second quarter of 2009, compared with 44.3 percent for the comparable 2008 period and 36.2 percent for the first quarter of 2009. The second quarter of 2008 income tax expense included a $2.2 million year-to-date increase in income tax expense and a $2.8 million increase in deferred income taxes related to changes in state income taxes, primarily in Minnesota.

-more-

13

Capital

Capital Information						Table 8
At period end
($ in thousands, except per-share data)	2Q 2009			4Q 2008
Total stockholders’ equity	$1,142,535			$1,493,776
Total stockholders’ equity to total assets	6.54	%		8.92	%
Book value per common share	$         8.90			$         8.99
Tangible realized common equity to assets(1)	5.75	%		5.95	%
Risk-based capital
Tier 1	$1,122,511		8.71%	$1,461,973		11.79%
Total	1,465,881		11.37	1,817,225		14.65
Total stated “well-capitalized” requirement	1,288,974		10.00	1,240,147		10.00
Excess over stated “well-capitalized” requirement	176,907		1.37	577,078		4.65
(1) Excludes the impact of preferred stock, goodwill and accumulated other comprehensive income (loss) (see Table 9 “Reconciliation of GAAP to Non-GAAP Measures”)

·TCF’s total risk-based capital at June 30, 2009 of $1.5 billion, or 11.37 percent of risk-weighted assets, is $176.9 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. Since receiving the Capital Purchase Program funds on November 14, 2008, TCF paid the U.S. Department of the Treasury $7.9 million in cash dividends. Upon redemption, the difference of $12 million between the preferred stock redemption amount and the recorded amount was charged to retained earnings as a non-cash deemed preferred stock dividend. This deemed preferred stock dividend had no impact on total stockholders’ equity, but reduced earnings per diluted common share by 10 cents. Additionally, TCF recorded preferred stock dividends of $1.2 million, or 1 cent per common share, and $5.2 million, or 4 cents per common share, in the second and first quarters of 2009, respectively. The warrant issued to the U.S. Treasury under the Capital Purchase Program has not been repurchased and TCF has requested the U.S. Treasury to liquidate it, as required by law.

·On July 21, 2009, the Board of Directors of TCF declared a regular quarterly cash dividend of 5 cents per common share payable on August 31, 2009 to stockholders of record at the close of business on July 31, 2009.

-more-

14

Reconciliation of GAAP to Non-GAAP Measures(1)			Table 9
At period end
($ in thousands)	2Q 2009		4Q 2008
Computation of stockholders’ equity to total assets:
Stockholders’ equity	$    1,142,535		$    1,493,776
Total assets	17,475,721		16,740,357
Stockholders’ equity to total assets	6.54	%	8.92	%
Computation of tangible realized common equity to total assets:
Stockholders’ equity	$    1,142,535		$    1,493,776
Less:
Preferred stock	-		348,437
Goodwill	152,599		152,599
Add:
Accumulated other comprehensive loss	15,296		3,692
Tangible realized common equity	$    1,005,232		$       996,432
Total assets	$  17,475,721		$  16,740,357
Tangible realized common equity to total assets	5.75	%	5.95	%
(1) In contrast to GAAP-basis measures, tangible realized common equity excludes the effect of preferred stock, goodwill and accumulated other comprehensive income (loss). Management reviews tangible realized common equity as an ongoing measure and has included this information because of current interest by the industry. The methodology of calculating tangible realized common equity may vary between companies.

Website Information

A live webcast of TCF’s conference call to discuss second quarter earnings will be hosted at TCF’s website, www.tcfbank.com, on July 22, 2009 at 10:00 a.m., CDT. Additionally, the webcast is available for replay at TCF’s website after the conference call. The website also includes free access to company news releases, TCF’s annual report, quarterly reports, investor presentations and SEC filings.

TCF is a Wayzata, Minnesota-based national financial holding company with $17.5 billion in total assets. TCF has 444 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.

-more-

15

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 impact of the Obama Administration’s financial regulatory reform proposals including possible additional capital, consumer protection and supervisory requirements; 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, including restrictions on deposit fees and reduction of interchange revenue from debit card transactions 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, including those provided for under the Bank Secrecy Act; 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.

-more-

16

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per-share data)

(Unaudited)

	Three Months Ended
	June 30,				Change
	2009		2008		$		%
Interest income:
Loans and leases	$	215,400	$	208,407	$	6,993	3.4	%
Securities available for sale	23,217		28,858		(5,641)		(19.5)
Education loans held for sale	-		1,756		(1,756)		(100.0)
Investments and other	1,137		1,427		(290)		(20.3)
Total interest income	239,754		240,448		(694)		(.3)
Interest expense:
Deposits	33,345		36,954		(3,609)		(9.8)
Borrowings	49,946		51,932		(1,986)		(3.8)
Total interest expense	83,291		88,886		(5,595)		(6.3)
Net interest income	156,463		151,562		4,901		3.2
Provision for credit losses	61,891		62,895		(1,004)		(1.6)
Net interest income after provision for credit losses	94,572		88,667		5,905		6.7
Non-interest income:
Fees and service charges	77,536		67,961		9,575		14.1
Card revenue	26,604		26,828		(224)		(.8)
ATM revenue	7,973		8,267		(294)		(3.6)
Subtotal	112,113		103,056		9,057		8.8
Leasing and equipment finance	16,881		14,050		2,831		20.1
Other	820		4,398		(3,578)		(81.4)
Fees and other revenue	129,814		121,504		8,310		6.8
Gains on securities	10,556		1,115		9,441		N.M.
Total non-interest income	140,370		122,619		17,751		14.5
Non-interest expense:
Compensation and employee benefits	90,752		84,267		6,485		7.7
Occupancy and equipment	31,527		31,205		322		1.0
Deposit account premiums	7,287		2,441		4,846		198.5
Advertising and promotions	4,134		4,689		(555)		(11.8)
Operating lease depreciation	3,860		4,460		(600)		(13.5)
FDIC insurance premiums	13,303		437		12,866		N.M.
Foreclosed real estate and repossessed assets	6,125		4,892		1,233		25.2
Other	39,558		36,338		3,220		8.9
Total non-interest expense	196,546		168,729		27,817		16.5
Income before income tax expense	38,396		42,557		(4,161)		(9.8)
Income tax expense	14,853		18,855		(4,002)		(21.2)
Net income	23,543		23,702		(159)		(.7)
Preferred stock dividends	13,218		-		13,218		N.M.
Net income available to common stockholders	$	10,325	$	23,702	$	(13,377)	(56.4)
Net income per common share:
Basic	$	.08	$	.19	$	(.11)	(57.9)
Diluted	.08		.19		(.11)		(57.9)
Dividends declared per common share	$	.05	$	.25	$	(.20)	(80.0)
Average common and common equivalent shares outstanding (in thousands):
Basic	126,449		124,797		1,652		1.3
Diluted	126,449		124,813		1,636		1.3
N.M. Not meaningful

-more-

17

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per-share data)

(Unaudited)

	Six Months Ended
	June 30,				Change
	2009		2008		$		%
Interest income:
Loans and leases	$	424,777	$	420,184	$	4,593	1.1	%
Securities available for sale	48,918		57,137		(8,219)		(14.4)
Education loans held for sale	-		5,208		(5,208)		(100.0)
Investments and other	1,993		3,069		(1,076)		(35.1)
Total interest income	475,688		485,598		(9,910)		(2.0)
Interest expense:
Deposits	73,429		85,682		(12,253)		(14.3)
Borrowings	100,383		105,525		(5,142)		(4.9)
Total interest expense	173,812		191,207		(17,395)		(9.1)
Net interest income	301,876		294,391		7,485		2.5
Provision for credit losses	105,603		92,890		12,713		13.7
Net interest income after provision for credit losses	196,273		201,501		(5,228)		(2.6)
Non-interest income:
Fees and service charges	134,600		131,508		3,092		2.4
Card revenue	51,564		51,599		(35)		(.1)
ATM revenue	15,571		16,237		(666)		(4.1)
Subtotal	201,735		199,344		2,391		1.2
Leasing and equipment finance	29,532		26,184		3,348		12.8
Other	1,278		16,989		(15,711)		(92.5)
Fees and other revenue	232,545		242,517		(9,972)		(4.1)
Gains on securities	22,104		7,401		14,703		198.7
Total non-interest income	254,649		249,918		4,731		1.9
Non-interest expense:
Compensation and employee benefits	176,942		172,985		3,957		2.3
Occupancy and equipment	63,574		63,618		(44)		(.1)
Deposit account premiums	13,863		3,937		9,926		N.M.
Advertising and promotions	8,579		9,490		(911)		(9.6)
Operating lease depreciation	7,884		8,974		(1,090)		(12.1)
FDIC insurance premiums	17,098		858		16,240		N.M.
Foreclosed real estate and repossessed assets	10,416		7,507		2,909		38.8
Other	72,398		69,636		2,762		4.0
Total non-interest expense	370,754		337,005		33,749		10.0
Income before income tax expense	80,168		114,414		(34,246)		(29.9)
Income tax expense	29,978		43,286		(13,308)		(30.7)
Net income	50,190		71,128		(20,938)		(29.4)
Preferred stock dividends	18,403		-		18,403		N.M.
Net income available to common stockholders	$	31,787	$	71,128	$	(39,341)	(55.3)
Net income per common share:
Basic	$	.25	$	.57	$	(.32)	(56.1)
Diluted	.25		.57		(.32)		(56.1)
Dividends declared per common share	$	.30	$	.50	$	(.20)	(40.0)
Average common and common equivalent shares outstanding (in thousands):
Basic	126,196		124,721		1,475		1.2
Diluted	126,196		124,744		1,452		1.2
N.M. Not meaningful.

-more-

18

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in thousands, except per-share data)

(Unaudited)

	At	At	At	% Change From
	June 30,	December 31,	June 30,	December 31,		June 30,
	2009	2008	2008	2008		2008
ASSETS
Cash and due from banks	$      431,328	$      342,380	$      349,817	26.0	%	23.3	%
Investments	166,770	155,725	153,550	7.1		8.6
U.S. Government sponsored enterprise and federal agencies mortgage-backed securities	1,484,496	1,965,554	2,116,952	(24.5)		(29.9)
U.S. Government sponsored enterprise debentures	602,381	-	-	N.M.		N.M.
Other securities	529	550	3,712	(3.8)		(85.7)
Total securities available for sale	2,087,406	1,966,104	2,120,664	6.2		(1.6)
Education loans held for sale	-	757	24,385	(100.0)		(100.0)
Loans and leases:
Consumer real estate and other	7,340,124	7,363,583	7,405,371	(.3)		(.9)
Commercial real estate	3,155,398	2,984,156	2,727,568	5.7		15.7
Commercial business	487,083	506,887	556,176	(3.9)		(12.4)
Leasing and equipment finance	2,822,858	2,486,082	2,263,431	13.5		24.7
Inventory finance	157,193	4,425	-	N.M.		N.M.
Total loans and leases	13,962,656	13,345,133	12,952,546	4.6		7.8
Allowance for loan and lease losses	(193,445)	(172,442)	(133,637)	(12.2)		(44.8)
Net loans and leases	13,769,211	13,172,691	12,818,909	4.5		7.4
Premises and equipment, net	448,514	447,826	441,402	.2		1.6
Goodwill	152,599	152,599	152,599	-		-
Other assets	419,893	502,275	398,797	(16.4)		5.3
Total assets	$  17,475,721	$  16,740,357	$  16,460,123	4.4		6.2
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Checking	$    4,064,597	$    3,969,768	$    4,208,531	2.4		(3.4)
Savings and money market	5,668,069	3,677,301	3,527,203	54.1		60.7
Subtotal	9,732,666	7,647,069	7,735,734	27.3		25.8
Certificates of deposit	1,886,387	2,596,283	2,410,388	(27.3)		(21.7)
Total deposits	11,619,053	10,243,352	10,146,122	13.4		14.5
Short-term borrowings	25,829	226,861	411,802	(88.6)		(93.7)
Long-term borrowings	4,307,098	4,433,913	4,515,997	(2.9)		(4.6)
Total borrowings	4,332,927	4,660,774	4,927,799	(7.0)		(12.1)
Accrued expenses and other liabilities	381,206	342,455	297,901	11.3		28.0
Total liabilities	16,333,186	15,246,581	15,371,822	7.1		6.3
Stockholders’ equity:
Preferred stock, par value $.01 per share, 30,000,000 authorized; 0, 361,172 and 0 issued	-	348,437	-	(100.0)		-
Common stock, par value $.01 per share, 280,000,000 shares authorized;130,398,951, 130,839,378 and 131,057,353 shares issued	1,304	1,308	1,310	(.3)		(.5)
Additional paid-in capital	306,718	330,474	345,668	(7.2)		(11.3)
Retained earnings, subject to certain restrictions	921,766	927,893	935,378	(.7)		(1.5)
Accumulated other comprehensive income (loss)	(15,296)	(3,692)	(36,986)	N.M.		(58.6)
Treasury stock at cost, 1,973,713, 3,413,855 and 4,576,330 shares, and other	(71,957)	(110,644)	(157,069)	(35.0)		(54.2)
Total stockholders’ equity	1,142,535	1,493,776	1,088,301	(23.5)		5.0
Total liabilities and stockholders’ equity	$  17,475,721	$  16,740,357	$  16,460,123	4.4		6.2
N.M. Not meaningful.

-more-

19

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CREDIT QUALITY DATA

(Dollars in thousands)

(Unaudited)

Allowance for loan and lease losses

										Allowance as % of Portfolio
	At June 30, 2009			At March 31, 2009			At June 30, 2008			Change from
	Allowance			Allowance			Allowance			Mar. 31,	Jun. 30,
	Balance		% of Portfolio	Balance		% of Portfolio	Balance		% of Portfolio	2009	2008
Consumer real estate	$	114,283	1.57 %	$	103,475	1.42 %	$	72,034	.98 %	15 bps	59 bps
Consumer other	3,026		5.00	2,519		4.53	2,461		3.59	47	141
Total consumer real estate and other	117,309		1.60	105,994		1.44	74,495		1.01	16	59
Commercial real estate	36,208		1.15	40,354		1.33	34,790		1.28	(18)	(13)
Commercial business	10,354		2.13	10,281		2.08	7,733		1.39	5	74
Leasing and equipment finance	28,921		1.02	24,140		.86	16,619		.73	16	29
Inventory finance	653		.42	447		.44	-		-	(2)	42
Total allowance for loan and lease losses	$	193,445	1.39	$	181,216	1.31	$	133,637	1.03	8	36

Credit Loss Reserves

	At June 30, 2009			At March 31, 2009			At June 30, 2008			Change from
	Credit loss reserve			Credit loss reserve			Credit loss reserve			Mar. 31,	Jun. 30,
	Balance		% of Portfolio	Balance		% of Portfolio	Balance		% of Portfolio	2009	2008
Allowance for loan and lease losses	$	193,445	1.39%	$	181,216	1.31%	$	133,637	1.03%	8 bps	36 bps
Reserves for unfunded committments	2,655		N.M.	1,730		N.M.	1,227		N.M.	-	-
Reserves netted against portfolio asset balances	13,828		N.M.	15,102		N.M.	-		N.M.	-	-
Total credit loss reserves	$	209,928	1.50	$	198,048	1.43	$	134,864	1.04	7	46

Net Charge-Offs

	Quarter Ended					Change from
	Jun. 30,	Mar. 31,	Dec. 31,	Sep. 30,	Jun. 30,	Mar. 31,	Jun. 30,
	2009	2009	2008	2008	2008	2009	2008
Consumer real estate
First mortgage lien	$   11,793	$   10,477	$   10,198	$     8,841	$     6,803	$     1,316	$     4,990
Junior lien	11,203	11,849	10,664	9,469	7,205	(646)	3,998
Total consumer real estate	22,996	22,326	20,862	18,310	14,008	670	8,988
Consumer other	1,661	1,290	3,303	3,282	1,525	371	136
Total consumer real estate and other	24,657	23,616	24,165	21,592	15,533	1,041	9,124
Commercial real estate	19,531	3,640	2,958	2,694	5,736	15,891	13,795
Commercial business	(55)	2,981	2,631	65	2,308	(3,036)	(2,363)
Leasing and equipment finance	5,529	4,701	3,832	2,413	3,071	828	2,458
Inventory finance	-	-	-	-	-	-	-
Total	$   49,662	$   34,938	$   33,586	$   26,764	$   26,648	$   14,724	$   23,014

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

	Quarter Ended (1)										Change from
	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Jun. 30,
	2009		2009		2008		2008		2008		2009		2008
Consumer real estate
First mortgage lien	.96	%	.86	%	.84	%	.73	%	.56	%	10	bps	40	bps
Junior lien	1.90		1.98		1.76		1.56		1.19		(8)		71
Total consumer real estate	1.26		1.22		1.14		1.00		.77		4		49
Consumer other	N.M.		N.M.		N.M.		N.M.		N.M.		N.M.		N.M.
Total consumer real estate and other	1.35		1.29		1.32		1.17		.85		6		50
Commercial real estate	2.51		.49		.41		.39		.86		202		165
Commercial business	(.05)		2.39		2.01		.05		1.74		(244)		(179)
Leasing and equipment finance	.79		.71		.64		.42		.55		8		24
Inventory finance	-		-		-		-		-		-		-
Total	1.43		1.04		1.02		.82		.84		39		59

Troubled debt restructurings

	At	At	At	At	At	Change from
	Jun. 30,	Mar. 31,	Dec. 31,	Sep. 30,	Jun. 30,	Mar. 31,	Jun. 30,
	2009	2009	2008	2008	2008	2009	2008
Consumer
Accruing	$   51,483	$   24,877	$   27,423	$   23,844	$   24,722	$   26,606	$   26,761
Non-accrual	10,257	9,692	9,216	7,216	7,934	565	2,323
Total consumer	61,740	34,569	36,639	31,060	32,656	27,171	29,084
Commercial	10,017	8,634	13,685	18,749	11,321	1,383	(1,304)
Total troubled debt restructurings	$   71,757	$   43,203	$   50,324	$   49,809	$   43,977	$   28,554	$   27,780
(1)  Annualized
N.M. Not meaningful.

-more-

20

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CREDIT QUALITY DATA

(Dollars in thousands)

(Unaudited)

Non-performing assets

	At		At		At		At		At		Change from
	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Jun. 30,
	2009		2009		2008		2008		2008		2009		2008
Non-accrual loans and leases:
Consumer real estate
First mortgage lien	$    83,766		$    82,082		$    71,078		$    52,633		$    42,776		$      1,684		$    40,990
Junior lien	11,209		11,373		11,793		12,433		9,654		(164)		1,555
Total consumer real estate	94,975		93,455		82,871		65,066		52,430		1,520		42,545
Consumer other	147		146		65		78		287		1		(140)
Total consumer real estate and other	95,122		93,601		82,936		65,144		52,717		1,521		42,405
Commercial real estate	87,252		67,264		54,615		46,011		38,404		19,988		48,848
Commercial business	11,532		11,857		14,088		16,356		1,306		(325)		10,226
Leasing and equipment finance	46,011		33,190		20,879		18,379		12,820		12,821		33,191
Inventory finance	-		4		-		-		-		(4)		-
Total non-accrual loans and leases	239,917		205,916		172,518		145,890		105,247		34,001		134,670
Other real estate owned:
Consumer real estate	72,745		45,633		38,632		34,101		35,269		27,112		37,476
Commercial real estate	24,117		25,115		23,033		20,078		19,843		(998)		4,274
Total other real estate owned	96,862		70,748		61,665		54,179		55,112		26,114		41,750
Total non-performing assets	$  336,779		$  276,664		$  234,183		$  200,069		$  160,359		$    60,115		$  176,420
Non-performing assets as a percentage of net loans and leases	2.45	%	2.03	%	1.78	%	1.55	%	1.25	%	42	bps	120	bps

Delinquency data - principal balances (1)
	At			At			At			At			At			Change from
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Jun. 30,
	2009			2009			2008			2008			2008			2009			2008
60 days or more:
Consumer real estate
First mortgage lien	$	65,022		$	57,121		$	53,482		$	45,871		$	37,138		$	7,901		$	27,884
Junior lien	13,403			10,141			13,940			10,238			7,648			3,262			5,755
Total consumer real estate	78,425			67,262			67,422			56,109			44,786			11,163			33,639
Consumer other	207			187			313			227			209			20			(2)
Total consumer real estate and other	78,632			67,449			67,735			56,336			44,995			11,183			33,637
Commercial real estate	2,150			-			225			5,085			17,615			2,150			(15,465)
Commercial business	129			9			605			264			478			120			(349)
Leasing and equipment finance	18,071			14,677			10,905			8,242			7,526			3,394			10,545
Inventory finance	-			135			-			-			-			(135)			-
Total 60 days or more	$	98,982		$	82,270		$	79,470		$	69,927		$	70,614		$	16,712		$	28,368
Total 30 days or more	$	178,165		$	178,475		$	149,284		$	142,125		$	120,823		$	(310)		$	57,342
Total 90 days or more	48,477			38,344			37,619			34,808			28,180			10,133			20,297
Delinquency data - % of portfolio (1)
	At			At			At			At			At			Change from
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Jun. 30,
	2009			2009			2008			2008			2008			2009			2008
60 days or more:
Consumer real estate
First mortgage lien	1.34		%	1.18		%	1.11		%	.95		%	.77		%	16		bps	57		bps
Junior lien	.58			.43			.58			.42			.31			15			27
Total consumer real estate	1.09			.93			.93			.78			.61			16			48
Consumer other	.34			.34			.51			.32			.31			-			3
Total consumer real estate and other	1.09			.93			.93			.77			.61			16			48
Commercial real estate	.07			-			.01			.18			.66			7			(59)
Commercial business	.03			-			.12			.05			.09			3			(6)
Leasing and equipment finance	.65			.53			.44			.36			.33			12			32
Inventory finance	-			.13			-			-			-			(13)			-
Total 60 days or more	.72			.60			.60			.54			.55			12			17
Total 30 days or more	1.30			1.31			1.13			1.10			.94			(1)			36
Total 90 days or more	.35			.28			.28			.27			.22			7			13
Potential Problem Loans and Leases (1) (2)
	At			At			At			At			At			Change from
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Jun. 30,
	2009			2009			2008			2008			2008			2009			2008
Consumer real estate(3)	$	51,483		$	24,877		$	27,423		$	23,844		$	24,722		$	26,606		$	26,761
Commercial real estate	143,644			176,277			137,332			100,028			100,288			(32,633)			43,356
Commercial business	41,847			35,826			27,127			30,619			49,809			6,021			(7,962)
Leasing and equipment finance	27,970			27,898			20,994			17,950			16,967			72			11,003
Inventory finance	-			-			-			-			-			-			-
Total	$	264,944		$	264,878		$	212,876		$	172,441		$	191,786		$	66		$	73,158

(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 troubled debt restructured loans that are accruing interest.

-more-

21

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Dollars in thousands)

(Unaudited)

	Three Months Ended June 30,
	2009						2008
	Average				Yields and		Average
	Balance		Interest		Rates (1)		Balance		Interest		Rates (1)
ASSETS
Investments and other	$	166,824	$	1,137	1.00	%	$	148,357	$	1,427	3.86	%
U.S. Government sponsored enterprise and federal agencies mortgage-backed securities	1,656,767		20,351		4.91		2,180,572		28,819		5.29
U.S. Government sponsored enterprise debentures	527,562		2,859		2.17		-		-		-
Other securities	498		7		5.63		4,008		39		3.89
Total securities available for sale	2,184,827		23,217		4.25		2,184,580		28,858		5.28
Education loans held for sale	-		-		-		123,457		1,756		5.72
Loans and leases:
Consumer real estate
Fixed-rate	5,453,117		88,612		6.52		5,581,129		93,536		6.74
Variable-rate	1,840,983		26,558		5.79		1,702,824		26,502		6.26
Consumer - other	36,255		781		8.64		46,492		994		8.60
Total consumer real estate and other	7,330,355		115,951		6.34		7,330,445		121,032		6.64
Commercial real estate
Fixed- and adjustable-rate	2,531,026		37,887		6.00		2,062,983		31,868		6.20
Variable-rate	579,004		5,709		3.95		593,409		7,436		5.04
Total commercial real estate	3,110,030		43,596		5.62		2,656,392		39,304		5.95
Commercial business
Fixed- and adjustable-rate	173,000		2,464		5.71		157,740		2,433		6.20
Variable-rate	310,493		2,533		3.27		371,730		4,493		4.86
Total commercial business	483,493		4,997		4.15		529,470		6,926		5.26
Leasing and equipment finance	2,809,787		48,387		6.89		2,229,467		41,145		7.38
Inventory finance	118,317		2,469		8.35		-		-		-
Total loans and leases	13,851,982		215,400		6.23		12,745,774		208,407		6.57
Total interest-earning assets	16,203,633		239,754		5.83		15,202,168		240,448		6.35
Other assets	1,432,284						1,171,686
Total assets	$	17,635,917					$	16,373,854
LIABILITIES AND STOCKHOLDERS’ EQUITY
Non-interest bearing deposits:
Retail	$	1,446,215					$	1,464,237
Small business	571,676						577,510
Commercial and custodial	260,079						238,779
Total non-interest bearing deposits	2,277,970						2,280,526
Interest-bearing deposits:
Checking	1,792,493		1,950		.44		1,883,948		2,789		.60
Savings and money market	5,514,098		17,240		1.25		3,493,213		12,846		1.48
Subtotal	7,306,591		19,190		1.05		5,377,161		15,635		1.17
Certificates of deposit	2,087,490		14,155		2.72		2,471,216		21,319		3.47
Total interest-bearing deposits	9,394,081		33,345		1.42		7,848,377		36,954		1.89
Total deposits	11,672,051		33,345		1.15		10,128,903		36,954		1.47
Borrowings:
Short-term borrowings	29,027		24		.33		363,302		1,977		2.19
Long-term borrowings	4,307,777		49,922		4.65		4,419,821		49,955		4.54
Total borrowings	4,336,804		49,946		4.62		4,783,123		51,932		4.37
Total deposits and borrowings	16,008,855		83,291		2.09		14,912,026		88,886		2.40
Other liabilities	403,561						355,187
Total liabilities	16,412,416						15,267,213
Stockholders’ equity	1,223,501						1,106,641
Total liabilities and stockholders’ equity	$	17,635,917					$	16,373,854
Net interest income and margin			$	156,463	3.80	%			$	151,562	4.00	%

(1)  Annualized

-more-

22

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Dollars in thousands)

(Unaudited)

	Six Months Ended June 30,
	2009						2008
	Average				Yields and		Average
	Balance		Interest		Rates (1)		Balance		Interest		Rates (1)
ASSETS
Investments and other	$	469,288	$	1,993	.85	%	$	149,501	$	3,069	4.12	%
U.S. Government sponsored enterprise and federal agencies mortgage-backed securities	1,828,908		46,010		5.03		2,140,695		56,757		5.30
U.S. Government sponsored enterprise debentures	269,668		2,894		2.15		-		-		-
Other securities	502		14		5.60		22,053		380		3.46
Total securities available for sale	2,099,078		48,918		4.66		2,162,748		57,137		5.28
Education loans held for sale	-		-		-		169,445		5,208		6.18
Loans and leases:
Consumer real estate
Fixed-rate	5,465,225		177,418		6.54		5,541,165		187,056		6.79
Variable-rate	1,829,669		52,781		5.82		1,652,929		54,696		6.65
Consumer - other	37,888		1,603		8.53		45,250		1,974		8.77
Total consumer real estate and other	7,332,782		231,802		6.37		7,239,344		243,726		6.77
Commercial real estate
Fixed- and adjustable-rate	2,471,014		74,171		6.05		2,019,163		63,112		6.29
Variable-rate	583,567		11,349		3.92		592,240		16,214		5.51
Total commercial real estate	3,054,581		85,520		5.65		2,611,403		79,326		6.11
Commercial business
Fixed- and adjustable-rate	174,216		5,014		5.80		167,715		5,188		6.22
Variable-rate	317,364		4,919		3.13		368,864		9,866		5.38
Total commercial business	491,580		9,933		4.07		536,579		15,054		5.64
Leasing and equipment finance	2,721,829		94,438		6.94		2,185,081		82,078		7.51
Inventory finance	73,644		3,084		8.38		-		-		N.A.
Total loans and leases	13,674,416		424,777		6.25		12,572,407		420,184		6.71
Total interest-earning assets	16,242,782		475,688		5.89		15,054,101		485,598		6.48
Other assets	1,151,381						1,200,353
Total assets	$	17,394,163					$	16,254,454
LIABILITIES AND STOCKHOLDERS’ EQUITY
Non-interest bearing deposits:
Retail	$	1,437,383					$	1,439,809
Small business	567,479						571,329
Commercial and custodial	243,856						219,701
Total non-interest bearing deposits	2,248,718						2,230,839
Interest-bearing deposits:
Checking	1,770,111		4,637		.53		1,865,277		7,520		.81
Savings and money market	4,983,309		36,489		1.48		3,403,827		30,606		1.81
Subtotal	6,753,420		41,126		1.23		5,269,104		38,126		1.46
Certificates of deposit	2,274,409		32,303		2.86		2,485,789		47,556		3.84
Total interest-bearing deposits	9,027,829		73,429		1.64		7,754,893		85,682		2.22
Total deposits	11,276,547		73,429		1.31		9,985,732		85,682		1.73
Borrowings:
Short-term borrowings	36,537		118		.65		381,162		5,587		2.95
Long-term borrowings	4,337,116		100,265		4.66		4,417,226		99,938		4.55
Total borrowings	4,373,653		100,383		4.62		4,798,388		105,525		4.42
Total deposits and borrowings	15,650,200		173,812		2.24		14,784,120		191,207		2.60
Other liabilities	391,814						363,429
Total liabilities	16,042,014						15,147,549
Stockholders’ equity	1,352,149						1,106,905
Total liabilities and stockholders’ equity	$	17,394,163					$	16,254,454
Net interest income and margin			$	301,876	3.73	%			$	294,391	3.92	%

(1)  Annualized

-more-

23

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
	June 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
	2009			2009			2008			2008			2008
Interest income:
Loans and leases	$	215,400		$	209,377		$	211,322		$	210,651		$	208,407
Securities available for sale	23,217			25,701			25,232			28,577			28,858
Education loans held for sale	-			-			24			123			1,756
Investments and other	1,137			856			1,224			1,644			1,427
Total interest income	239,754			235,934			237,802			240,995			240,448
Interest expense:
Deposits	33,345			40,084			37,362			33,730			36,954
Borrowings	49,946			50,437			53,323			55,100			51,932
Total interest expense	83,291			90,521			90,685			88,830			88,886
Net interest income	156,463			145,413			147,117			152,165			151,562
Provision for credit losses	61,891			43,712			47,050			52,105			62,895
Net interest income after provision for credit losses	94,572			101,701			100,067			100,060			88,667
Non-interest income:
Fees and service charges	77,536			57,064			67,448			71,783			67,961
Card revenue	26,604			24,960			25,243			26,240			26,828
ATM revenue	7,973			7,598			7,688			8,720			8,267
Subtotal	112,113			89,622			100,379			106,743			103,056
Leasing and equipment finance	16,881			12,651			16,298			13,006			14,050
Other	820			458			130			3,296			4,398
Fees and other revenue	129,814			102,731			116,807			123,045			121,504
Gains on securities	10,556			11,548			8,167			498			1,115
Total non-interest income	140,370			114,279			124,974			123,543			122,619
Non-interest expense:
Compensation and employee benefits	90,752			86,190			83,323			84,895			84,267
Occupancy and equipment	31,527			32,047			32,503			31,832			31,205
Deposit account premiums	7,287			6,576			5,659			7,292			2,441
Advertising and promotions	4,134			4,445			4,643			5,017			4,689
Operating lease depreciation	3,860			4,024			4,269			4,215			4,460
FDIC insurance premiums	13,303			3,795			1,706			426			437
Foreclosed real estate and repossessed assets	6,125			4,291			6,341			4,883			4,892
Other	39,558			32,840			41,366			39,028			36,338
Total non-interest expense	196,546			174,208			179,810			177,588			168,729
Income before income tax expense	38,396			41,772			45,231			46,015			42,557
Income tax expense	14,853			15,125			17,527			15,889			18,855
Net income	23,543			26,647			27,704			30,126			23,702
Preferred stock dividends	1,193			5,185			2,540			-			-
Non-cash deemed preferred stock dividend	12,025			-			-			-			-
Net income available to common stockholders	$	10,325		$	21,462		$	25,164		$	30,126		$	23,702
Net income per common share:
Basic	$	.08		$	.17		$	.20		$	.24		$	.19
Diluted	.08			.17			.20			.24			.19
Dividends declared per common share	$	.05		$	.25		$	.25		$	.25		$	.25
Financial Ratios:
Return on average assets (1)	.53		%	.62		%	.68		%	.73		%	.58		%
Return on average common equity (1)	3.61			7.58			9.00			11.11			8.57
Net interest margin (1)	3.80			3.66			3.84			3.97			4.00
Average common equity to average assets	6.48			6.61			6.81			6.61			6.76

(1)  Annualized

-more-

24

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS

(In thousands)

(Unaudited)

	June 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,
	2009		2009		2008		2008		2008
ASSETS
Cash and due from banks	$	564,853	$	609,168	$	297,252	$	288,884	$	280,606
Investments	166,824		165,243		166,580		157,612		148,366
U.S. Government sponsored enterprise and federal agencies mortgage-backed securities	1,656,767		2,002,962		1,963,608		2,157,047		2,180,572
U.S. Government sponsored enterprise debentures	527,562		8,908		-		-		-
Other securities	498		506		2,953		3,840		4,008
Total securities available for sale	2,184,827		2,012,376		1,966,561		2,160,887		2,184,580
Education loans held for sale	-		-		1,876		12,516		123,457
Loans and leases:
Consumer real estate
Fixed-rate	5,453,117		5,477,467		5,496,533		5,550,124		5,581,129
Variable-rate	1,840,983		1,818,232		1,793,650		1,758,458		1,702,824
Consumer - other	36,255		39,539		43,619		45,939		46,492
Total consumer real estate and other	7,330,355		7,335,238		7,333,802		7,354,521		7,330,445
Commercial real estate
Fixed- and adjustable-rate	2,531,026		2,410,335		2,287,226		2,181,838		2,062,983
Variable-rate	579,004		588,181		608,709		594,992		593,409
Total commercial real estate	3,110,030		2,998,516		2,895,935		2,776,830		2,656,392
Commercial business
Fixed- and adjustable-rate	173,000		175,445		171,687		167,079		157,740
Variable-rate	310,493		324,311		350,949		377,747		371,730
Total commercial business	483,493		499,756		522,636		544,826		529,470
Leasing and equipment finance	2,809,787		2,632,893		2,389,225		2,300,429		2,229,467
Inventory finance	118,317		28,475		158		-		-
Total loans and leases	13,851,982		13,494,878		13,141,756		12,976,606		12,745,774
Allowance for loan and lease losses	(181,895)		(174,364)		(160,662)		(140,362)		(102,126)
Net loans and leases	13,670,087		13,320,514		12,981,094		12,836,244		12,643,648
Premises and equipment	449,622		450,128		447,249		443,185		442,016
Goodwill	152,599		152,599		152,599		152,599		152,599
Other assets	447,105		439,692		394,024		359,632		398,582
	$	17,635,917	$	17,149,720	$	16,407,235	$	16,411,559	$	16,373,854
LIABILITIES AND STOCKHOLDERS’ EQUITY
Non-interest-bearing deposits:
Retail	$	1,446,215	$	1,428,453	$	1,345,832	$	1,409,855	$	1,464,237
Small business	571,676		563,236		593,626		597,894		577,510
Commercial and custodial	260,079		227,470		234,045		253,900		238,779
Total non-interest bearing deposits	2,277,970		2,219,159		2,173,503		2,261,649		2,280,526
Interest-bearing deposits:
Checking	1,792,493		1,747,480		1,754,111		1,837,540		1,883,948
Savings and money market	5,514,098		4,446,622		3,473,036		3,421,464		3,493,213
Subtotal	7,306,591		6,194,102		5,227,147		5,259,004		5,377,161
Certificates of deposit	2,087,490		2,463,405		2,448,815		2,469,327		2,471,216
Total interest-bearing deposits	9,394,081		8,657,507		7,675,962		7,728,331		7,848,377
Total deposits	11,672,051		10,876,666		9,849,465		9,989,980		10,128,903
Borrowings:
Short-term borrowings	29,027		44,131		454,202		429,861		363,302
Long-term borrowings	4,307,777		4,366,782		4,435,730		4,567,706		4,419,821
Total borrowings	4,336,804		4,410,913		4,889,932		4,997,567		4,783,123
Accrued expenses and other liabilities	403,561		380,202		366,063		339,304		355,187
Total liabilities	16,412,416		15,667,781		15,105,460		15,326,851		15,267,213
Stockholders’ equity:
Preferred stock	80,540		348,727		183,981		-		-
Common stock	1,304		1,305		1,309		1,309		1,311
Additional paid-in capital	301,937		319,872		328,078		336,127		347,043
Retained earnings	922,856		914,972		924,456		927,939		935,184
Accumulated other comprehensive loss	(5,097)		(5,745)		(13,896)		(36,468)		(19,748)
Treasury stock at cost and other	(78,039)		(97,192)		(122,153)		(144,199)		(157,149)
	1,223,501		1,481,939		1,301,775		1,084,708		1,106,641
	$	17,635,917	$	17,149,720	$	16,407,235	$	16,411,559	$	16,373,854

-more-

25

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY YIELDS AND RATES (1)

(Unaudited)

	June 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,
	2009		2009		2008		2008		2008
ASSETS
Investments and other	1.00	%	.71	%	2.93	%	4.16	%	3.86	%
U.S. Government sponsored enterprise and federal agencies mortgage-backed securities	4.91		5.12		5.13		5.29		5.29
U.S. Government sponsored enterprise debentures	2.17		1.57		-		-		-
Other securities	5.63		5.58		3.93		3.64		3.89
Total securities available for sale	4.25		5.11		5.13		5.29		5.28
Education loans held for sale	-		-		5.09		3.91		5.72
Loans and leases:
Consumer real estate
Fixed-rate	6.52		6.57		6.63		6.70		6.74
Variable-rate	5.79		5.85		6.00		6.19		6.26
Consumer - other	8.64		8.43		8.57		8.34		8.60
Total consumer real estate and other	6.34		6.40		6.48		6.59		6.64
Commercial real estate
Fixed- and adjustable-rate	6.00		6.11		6.14		6.13		6.20
Variable-rate	3.95		3.89		4.87		4.97		5.04
Total commercial real estate	5.62		5.67		5.87		5.88		5.95
Commercial business
Fixed- and adjustable-rate	5.71		5.89		5.65		5.63		6.20
Variable-rate	3.27		2.98		4.44		4.59		4.86
Total commercial business	4.15		4.01		4.83		4.91		5.26
Leasing and equipment finance	6.89		7.00		7.15		7.14		7.38
Inventory finance	8.35		8.64		10.13		-		-
Total loans and leases	6.23		6.27		6.41		6.47		6.57
Total interest-earning assets	5.83		5.96		6.20		6.27		6.35
LIABILITIES
Interest-bearing deposits:
Checking	.44		.62		.67		.54		.60
Savings and money market	1.25		1.76		1.79		1.45		1.48
Subtotal	1.05		1.44		1.41		1.13		1.17
Certificates of deposit	2.72		2.98		3.05		3.02		3.47
Total interest-bearing deposits	1.42		1.88		1.94		1.74		1.89
Total deposits	1.15		1.49		1.51		1.34		1.47
Borrowings:
Short-term borrowings	.33		.86		.97		2.13		2.19
Long-term borrowings	4.65		4.67		4.69		4.60		4.54
Total borrowings	4.62		4.63		4.34		4.39		4.37
Total interest-bearing liabilities	2.43		2.81		2.87		2.78		2.82
Net interest margin	3.80	%	3.66	%	3.84	%	3.97	%	4.00	%
(1)  Annualized

###