TCF Financial 8-K TCF Reports Quarterly Net Income of $25.5 Million, or 16 Cents Per Share

Exhibit 99.1

NEWS RELEASE

CONTACT:  Jason Korstange

(952) 745-2755

tcfbank.com

FOR IMMEDIATE RELEASE

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

TCF Reports Quarterly Net Income of $25.5 Million, or 16 Cents Per Share

FIRST QUARTER HIGHLIGHTS

-Net interest margin of 4.72 percent, up 58 basis points from the first quarter of 2012

-Pre-tax pre-provision profit of $87.7 million, up 24.3 percent from the first quarter of 2012

-Provision for credit losses of $38.4 million, down 20.9 percent from the first quarter of 2012

-Average deposits increased $1.8 billion, or 14.4 percent, from the first quarter of 2012

-Non-accrual loans and leases and other real estate owned decreased $61.3 million, or 12.9 percent, from the fourth quarter of 2012

-Over 60-day accruing delinquent loans decreased by $15.5 million, or 16.3 percent, from the fourth quarter of 2012

-Announced common and preferred stock dividend payments payable May 31, 2013 and June 3, 2013, respectively

Summary of Financial Results												Table 1
($ in thousands, except per-share data)										Percent Change
	1Q			4Q			1Q			1Q13 vs		1Q13 vs
	2013			2012			2012 (3)			4Q12		1Q12
Net income (loss)	$	25,450		$	23,551		$	(282,894	)	8.1	%	N.M	.%
Net interest income	199,091			201,063			180,173			(1.0	)	10.5
Pre-tax pre-provision profit(1)	87,742			87,151			70,578			.7		24.3
Diluted earnings (loss) per common share	.16			.15			(1.78		)	6.7		N.M	.
Financial Ratios(2)
Return on average assets	.70		%	.63		%	(5.96		)%
Return on average common equity	6.36			5.93			(63.38		)
Net interest margin	4.72			4.79			4.14
Net charge-offs as a percentage of average loans and leases	1.06			1.18			1.06
(1) Pre-tax pre-provision profit (‘‘PTPP’’) is calculated as total revenues less non-interest expense. First quarter 2012 PTPP excludes the non-recurring net loss of $473.8 million related to the balance sheet repositioning completed in the first quarter of 2012.
(2) Annualized.
(3) Includes a net, after-tax charge of $295.8 million, or $1.87 per share, related to the balance sheet repositioning.
N.M. Not meaningful.

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WAYZATA, MN, April 19, 2013 – TCF Financial Corporation (“TCF”) (NYSE: TCB) today reported net income for the first quarter of 2013 of $25.5 million, compared with a net loss of $282.9 million for the first quarter of 2012 (inclusive of a net after-tax charge of $295.8 million, or $1.87 per common share, related to a balance sheet repositioning involving certain investments and borrowings in that period) and net income of $23.6 million for the fourth quarter of 2012. Diluted earnings per common share was 16 cents for the first quarter of 2013, compared with a loss per common share of $1.78 for the first quarter of 2012 (earnings per common share of 8 cents before the balance sheet repositioning charge) and diluted earnings per common share of 15 cents for the fourth quarter of 2012.

Chairman’s Statement

“TCF’s first quarter results were highlighted by strong credit quality improvements as well as additional core revenue generation,” said William A. Cooper, Chairman and Chief Executive Officer.  “Our encouraging credit trends, which began in late 2012 and have continued into 2013, include decreases in non-accrual loans and leases, other real estate owned and net charge-offs.  Revenue increased during the quarter due to the impact of continued core auto loan sales and expanded core consumer real estate loan sales.

“TCF’s focus throughout 2013 is to generate results based on the momentum created through our building and investing strategies in 2012.  We executed on this initiative in the first quarter as net interest margin remained strong and loan and lease balances continued to grow.  I am encouraged by our progress so far and am confident that we are in position to drive results moving forward.”

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Revenue

Total Revenue												Table 2
										Percent Change
	1Q			4Q			1Q			1Q13 vs		1Q13 vs
($ in thousands)	2013			2012			2012			4Q12		1Q12
Net interest income	$	199,091		$	201,063		$	180,173		(1.0	)%	10.5	%
Fees and other revenue:
Fees and service charges	39,323			44,262			41,856			(11.2	)	(6.1	)
Card revenue	12,417			12,974			13,207			(4.3	)	(6.0	)
ATM revenue	5,505			5,584			6,199			(1.4	)	(11.2	)
Total banking fees	57,245			62,820			61,262			(8.9	)	(6.6	)
Leasing and equipment finance	16,460			26,149			22,867			(37.1	)	(28.0	)
Gains on sales of consumer real estate loans	8,126			854			-			N.M	.	N.M	.
Gains on sales of auto loans	7,146			6,869			2,250			4.0		N.M	.
Other	3,726			3,973			2,355			(6.2	)	58.2
Total fees and other revenue	92,703			100,665			88,734			(7.9	)	4.5
Subtotal	291,794			301,728			268,907			(3.3	)	8.5
(Losses) gains on securities, net	-			(528		)	76,611			(100.0	)	(100.0	)
Total revenue	$	291,794		$	301,200		$	345,518		(3.1	)	(15.5	)
Net interest margin (1)	4.72		%	4.79		%	4.14		%
Fees and other revenue as a % of total revenue	31.77			33.42			25.68
N.M. = Not meaningful.
(1) Annualized.

Net Interest Income

·Net interest income for the first quarter of 2013 increased $18.9 million, or 10.5 percent, compared with the first quarter of 2012, and decreased slightly from the fourth quarter of 2012.  The increase from the first quarter of 2012 was primarily due to the balance sheet repositioning completed in that quarter, which resulted in a $28.6 million reduction to the cost of borrowings, partially offset by a $14.3 million reduction of interest income on lower levels of mortgage-backed securities for the first quarter of 2013, as well as higher average loan balances primarily from the inventory finance and auto finance portfolios. These increases were partially offset by reduced interest income due to lower average balances of consumer real estate loans as a result of loan sales in the third and fourth quarters of 2012 and first quarter of 2013, as well as lower yields as new originations in our lending businesses continued to be impacted by the low interest rate environment.

·Net interest margin in the first quarter of 2013 was 4.72 percent, compared with 4.14 percent in the first quarter of 2012 and 4.79 percent in the fourth quarter of 2012. The increase from the first quarter of

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2012 was primarily due to a lower average cost of borrowings as a result of the balance sheet repositioning. The decrease from the fourth quarter of 2012 was primarily due to lower yields in the commercial portfolio and the Company’s increased liquidity position driven by the increased loan sale activity late in the quarter.

Non-interest Income

·Fees and service charges in the first quarter of 2013 were $39.3 million, down $2.5 million, or 6.1 percent, from the first quarter of 2012 and down $4.9 million, or 11.2 percent, from the fourth quarter of 2012. The decrease from the first quarter of 2012 was due to the elimination of the monthly maintenance fee on deposit products through the reintroduction of free checking. The decrease from the fourth quarter of 2012 was primarily due to lower transaction activity and higher average balances per customer during the first quarter of 2013, partially offset by growth in the account base for the third consecutive quarter driven by the reintroduction of free checking.

·Leasing and equipment finance revenue was $16.5 million during first quarter of 2013, down $6.4 million, or 28 percent, from the first quarter of 2012 and down $9.7 million, or 37.1 percent, from the fourth quarter of 2012. The decreases were primarily due to lower operating lease and sales-type lease revenue growth in the leasing and equipment finance portfolio as a result of customer driven events.

·In the first quarter of 2013 and the fourth quarter of 2012, respectively, TCF sold $279.2 million and $25.7 million of consumer real estate loans, recognizing gains in the same respective periods.

·TCF sold $179.8 million, $72 million and $159.6 million of auto loans during the first quarters of 2013 and 2012, and the fourth quarter of 2012, respectively, resulting in gains in the same respective periods.

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Loans and Leases

Period-End and Average Loans and Leases									Table 3
							Percent Change
($ in thousands)	1Q		4Q		1Q		1Q13 vs		1Q13 vs
	2013		2012		2012		4Q12		1Q12
Period-End:
Consumer real estate	$	6,418,666	$	6,674,501	$	6,815,909	(3.8	)%	(5.8	)%
Commercial	3,334,716		3,405,235		3,467,089		(2.1	)	(3.8	)
Leasing and equipment finance	3,185,234		3,198,017		3,118,755		(.4	)	2.1
Inventory finance	1,931,363		1,567,214		1,637,958		23.2		17.9
Auto finance	719,666		552,833		139,047		30.2		N.M	.
Other	23,701		27,924		29,178		(15.1	)	(18.8	)
Total	$	15,613,346	$	15,425,724	$	15,207,936	1.2		2.7
Average:
Consumer real estate	$	6,556,426	$	6,663,660	$	6,845,063	(1.6	)	(4.2	)
Commercial	3,345,780		3,452,768		3,457,720		(3.1	)	(3.2	)
Leasing and equipment finance	3,199,499		3,184,540		3,128,329		.5		2.3
Inventory finance	1,686,364		1,570,829		1,145,183		7.4		47.3
Auto finance	670,096		504,565		85,562		32.8		N.M	.
Other	13,641		14,704		17,582		(7.2	)	(22.4	)
Total	$	15,471,806	$	15,391,066	$	14,679,439	.5		5.4
N.M. = Not meaningful.

·Loans and leases were $15.6 billion at March 31, 2013, an increase of $405.4 million, or 2.7 percent, compared with March 31, 2012 and an increase of $187.6 million, or 1.2 percent, compared with December 31, 2012.  Quarterly average loans and leases were $15.5 billion for the first quarter of 2013, an increase of $792.4 million, or 5.4 percent, compared with the first quarter of 2012 and an increase of $80.7 million, or .5 percent, compared with the fourth quarter of 2012.  The increases in period-end and average loans and leases from both periods were primarily due to growth in inventory finance as a result of the Bombardier Recreational Products, Inc. (“BRP”) program, as well as the continued growth of auto finance, as we continue to expand the business. These increases were partially offset by decreases in consumer real estate loans driven by sales in the third and fourth quarters of 2012 and the first quarter of 2013, as well as decreases in commercial loans due to payoffs in the low rate environment exceeding new originations.

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Credit Quality

Credit Trends	Table 4
(In millions)
(At or for the Quarter Ended)
(1) Excludes acquired portfolios and non-accrual loans and leases. (2) Excludes $122.1 million, $117.7 million and $103.2 million of non-accrual assets at March 31, 2013, December 31, 2012 and September 30, 2012, respectively, associated with the implementation of clarifying bankruptcy-related regulatory guidance in the third quarter of 2012.

·Over 60-day delinquencies improved for the fifth consecutive quarter.  The over 60-day delinquency rate excluding acquired portfolios and non-accrual loans and leases at March 31, 2013 was .53 percent, down from .64 percent at December 31, 2012 and .77 percent at March 31, 2012. The decreases from both periods were primarily a result of reduced delinquencies in the consumer real estate portfolio.

·Net charge-offs decreased $4.5 million from the fourth quarter of 2012, primarily due to improved credit quality in the consumer real estate portfolio.

·Non-accrual loans and leases were $343.4 million at March 31, 2013, a decrease of $36.1 million, or 9.5 percent, from December 31, 2012 and an increase of $34.4 million, or 11.1 percent, from March 31, 2012. The decrease from December 31, 2012 was primarily due to improved credit quality in the commercial and consumer real estate portfolios resulting in fewer loans entering non-accrual status. The

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increase from March 31, 2012 was primarily due to the implementation of clarifying bankruptcy-related regulatory guidance in the third quarter of 2012. At March 31, 2013, $122.1 million of non-accrual assets were associated with the clarifying bankruptcy-related guidance of which 84 percent were less than 60 days past due.

·Other real estate owned was $71.8 million at March 31, 2013, a decrease of $25.2 million from December 31, 2012, and a decrease of $55.5 million from March 31, 2012. The decrease in both periods was primarily due to a portfolio sale of 184 consumer properties during the first quarter of 2013, as well as a decrease in the number of consumer real estate loans transferred from non-accrual status.

·Provision for credit losses was $38.4 million, a decrease of $10.1 million from the fourth quarter of 2012 and a decrease of $10.2 million from the first quarter of 2012.  The decrease from the fourth quarter of 2012 was primarily due to decreased charge-offs in the consumer real estate portfolio and lower reserve balances on the leasing and equipment finance portfolio as a result of reduced loss experience.  The decrease in provision from the first quarter of 2012 was primarily due to a reduction in the reserve rate for the commercial, leasing and equipment finance and inventory finance portfolios as a result of improved credit quality.

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Deposits

Average Deposits									Table 5
							Percent Change
($ in thousands)	1Q		4Q		1Q		1Q13 vs		1Q13 vs
	2013		2012		2012		4Q12		1Q12
Checking	$	4,784,945	$	4,627,627	$	4,565,065	3.4	%	4.8	%
Savings	6,114,219		6,103,302		5,905,118		.2		3.5
Money market	815,374		819,596		662,493		(.5	)	23.1
Subtotal	11,714,538		11,550,525		11,132,676		1.4		5.2
Certificates	2,323,267		2,206,173		1,135,673		5.3		104.6
Total average deposits	$	14,037,805	$	13,756,698	$	12,268,349	2.0		14.4
Average interest rate on deposits (1)	.28%		.32%		.30%
(1) Annualized.

·Total average deposits for the first quarter of 2013 increased $1.8 billion, or 14.4 percent, from the first quarter of 2012, primarily due to special programs for certificates of deposits, the assumption of $778 million of deposits from Prudential Bank & Trust, FSB in June 2012 and the reintroduction of free checking. The average interest rate on deposits in the first quarter of 2013 was .28 percent, down four basis points from the fourth quarter of 2012 and down two basis points from the first quarter of 2012.

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Non-interest Expense

Non-interest Expense											Table 6
									Percent Change
($ in thousands)	1Q			4Q			1Q		1Q13 vs		1Q13 vs
	2013			2012			2012		4Q12		1Q12
Compensation and employee benefits	$	104,229		$	101,678		$	95,967	2.5	%	8.6	%
Occupancy and equipment	32,875			32,809			32,246		.2		2.0
FDIC insurance	7,710			8,671			6,386		(11.1	)	20.7
Advertising and marketing	5,732			4,303			2,617		33.2		119.0
Operating lease depreciation	5,635			5,905			6,731		(4.6	)	(16.3	)
Deposit account premiums	602			523			5,971		15.1		(89.9	)
Other	37,939			53,472			37,296		(29.0	)	1.7
Core operating expenses	194,722			207,361			187,214		(6.1	)	4.0
Loss on termination of debt	-			-			550,735		N.M.		(100.0	)
Foreclosed real estate and repossessed assets, net	10,167			7,582			11,047		34.1		(8.0	)
Other credit costs, net	(837		)	(894		)	(288)		6.4		(190.6	)
Total non-interest expense	$	204,052		$	214,049		$	748,708	(4.7	)	(72.7	)
N.M. = Not meaningful.

·Compensation and employee benefits expense for the first quarter of 2013 increased $8.3 million, or 8.6 percent, from the first quarter of 2012. The increase was primarily due to increased staff levels to support the growth of auto finance and to support the assets of the BRP program in inventory finance.

·The combined expense associated with advertising, marketing and deposit account premiums decreased $2.3 million from the first quarter of 2012.  The decrease from the first quarter of 2012 is attributable to TCF’s change in strategy for acquiring high quality accounts through the reintroduction of free checking, versus the utilization of high dollar deposit account premiums.

·    The increase in foreclosed real estate and repossessed assets expense from the fourth quarter of 2012 is driven by the acceleration of expenses related to a portfolio sale of consumer properties during the first quarter of 2013.

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Capital

Capital Information						Table 7
At period end
($ in thousands, except per-share data)	1Q					4Q
	2013					2012
Total equity	$	1,900,159				$	1,876,643
Book value per common share	$	9.86				$	9.79
Tangible realized common equity to tangible assets (1)	7.55		%			7.52		%
Risk-based capital (2)
Tier 1	$	1,666,630		11.14	%	$	1,633,336		11.09	%
Total	2,019,082			13.49		2,007,835			13.63
Tier 1 leverage capital	$	1,666,630		9.23	%	$	1,633,336		9.21	%
Tier 1 common capital (3)	$	1,382,457		9.24	%	$	1,356,826		9.21	%
(1) Excludes the impact of goodwill, other intangibles and accumulated other comprehensive income (loss) (see “Reconciliation of GAAP to Non-GAAP Financial Measures” table).
(2) The Company’s capital ratios continue to be in excess of “well-capitalized” regulatory benchmarks.
(3) Excludes the effect of preferred shares, qualifying trust preferred securities and qualifying non-controlling interest in subsidiaries (see “Reconciliation of GAAP to Non-GAAP Financial Measures” table).

·On April 17, 2013, the Board of Directors of TCF declared a regular quarterly cash dividend of 5 cents per common share payable on May 31, 2013, to stockholders of record at the close of business on May 15, 2013. TCF also declared a dividend on the 7.50% Series A and 6.45% Series B Non-Cumulative Perpetual Preferred Stock, both payable on June 3, 2013, to stockholders of record at the close of business on May 15, 2013.

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Webcast Information

A live webcast of TCF’s conference call to discuss the first quarter earnings will be hosted at TCF’s website, http://ir.tcfbank.com, on April 19, 2013 at 8:00 a.m. CT.  A slide presentation for the call will be available on the website prior to the call. Additionally, the webcast will be 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, investor presentations and SEC filings.

TCF is a Wayzata, Minnesota-based national bank holding company with $18.5 billion in total assets at March 31, 2013. TCF has nearly 430 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF, through its subsidiaries, also conducts commercial leasing and equipment finance business in all 50 states, commercial inventory finance business in the U.S. and Canada, and indirect auto finance business in over 40 states. For more information about TCF, please visit http://ir.tcfbank.com.

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Cautionary Statements for Purposes of the Safe Harbor Provisions of the Securities Litigation Reform Act

Any statements contained in this earnings release regarding the outlook for the Company’s businesses and their respective markets, such as projections of future performance, guidance, statements of the Company’s plans and objectives, forecasts of market trends and other matters, are forward-looking statements based on the Company’s assumptions and beliefs. Such statements may be identified by such words or phrases as “will likely result,” “are expected to,” “will continue,” “outlook,” “will benefit,” “is anticipated,” “estimate,” “project,” “management believes” or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those discussed in such statements and no assurance can be given that the results in any forward-looking statement will be achieved. For these statements, TCF claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to subsequently revise any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of anticipated or unanticipated events.

Certain factors could cause the Company’s future results to differ materially from those expressed or implied in any forward-looking statements contained in this earnings release.  These factors include the factors discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 under the heading “Risk Factors,” the factors discussed below and any other cautionary statements, written or oral, which may be made or referred to in connection with any such forward-looking statements. Since it is not possible to foresee all such factors, these factors should not be considered as complete or exhaustive.

Adverse Economic or Business Conditions; Competitive Conditions; Credit and Other Risks.Deterioration in general economic and banking industry conditions, including defaults, anticipated defaults or rating agency downgrades of sovereign debt (including debt of the U.S.), or continued high rates of or increases in unemployment in TCF’s primary banking markets; adverse economic, business and competitive developments such as shrinking interest margins, reduced demand for financial services and loan and lease products, deposit outflows, deposit account attrition or an inability to increase the number of deposit accounts; customers completing financial transactions without using a bank; adverse changes in credit quality and other risks posed by TCF’s loan, lease, investment and securities available for sale portfolios, including declines in commercial or residential real estate values or changes in the allowance for loan and lease losses dictated by new market conditions or regulatory requirements; interest rate risks resulting from fluctuations in prevailing interest rates or other factors that result in a mismatch between yields earned on TCF’s interest-earning assets and the rates paid on its deposits and borrowings; foreign currency exchange risks; counterparty risk, including the risk of defaults by our counterparties or diminished availability of counterparties who satisfy our credit quality requirements; decreases in demand for the types of equipment that TCF leases or finances; the effect of any negative publicity.

Legislative and Regulatory Requirements.New consumer protection and supervisory requirements and regulations, including those resulting from action by the Consumer Financial Protection Bureau and changes in the scope of Federal preemption of state laws that could be applied to national banks; the imposition of requirements with an adverse impact relating to TCF’s lending, loan collection and other business activities as a result of the Dodd-Frank Act, or other legislative or regulatory developments such as mortgage foreclosure moratorium laws or imposition of underwriting or other limitations that impact the ability to use certain variable-rate products; impact of legislative, regulatory or other changes affecting customer account charges and fee income; changes to bankruptcy laws which would result in the loss of all or part of TCF’s security interest due to collateral value declines; deficiencies in TCF’s compliance under the Bank Secrecy Act in past or future periods, which may result in regulatory enforcement action including monetary penalties; increased health care costs resulting from Federal health care reform legislation; adverse regulatory examinations and resulting enforcement actions or other adverse consequences such as increased capital requirements or higher deposit insurance assessments; heightened regulatory practices, requirements or expectations, including, but not limited to, requirements related to the Bank Secrecy Act and anti-money laundering compliance activity.

Earnings/Capital Risks and Constraints, Liquidity Risks.Limitations on TCF’s ability to pay dividends or to increase dividends because of financial performance deterioration, regulatory restrictions or limitations; increased deposit insurance premiums, special assessments or other costs related to adverse conditions in the banking industry, the economic impact on banks of the Dodd-Frank Act and other regulatory reform legislation; the impact of financial regulatory reform, including additional capital, leverage, liquidity and risk management requirements or changes in the composition of qualifying regulatory capital (including those resulting from U.S. implementation of Basel III

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requirements); adverse changes in securities markets directly or indirectly affecting TCF’s ability to sell assets or to fund its operations; diminished unsecured borrowing capacity resulting from TCF credit rating downgrades and unfavorable conditions in the credit markets that restrict or limit various funding sources; costs associated with new regulatory requirements or interpretive guidance relating to liquidity; uncertainties relating to customer opt-in preferences with respect to overdraft fees on point of sale and ATM transactions or the success of TCF’s reintroduction of free checking, which may have an adverse impact on TCF’s fee revenue; uncertainties relating to future retail deposit account changes, including limitations on TCF’s ability to predict customer behavior and the impact on TCF’s fee revenues.

Supermarket Branching Risk; Growth Risks.Adverse developments affecting TCF’s supermarket banking relationships or any of the supermarket chains in which TCF maintains supermarket branches, including SUPERVALU’s sale of several of its supermarket chains, including Jewel-Osco®, in which TCF has 156 branches; slower than anticipated growth in existing or acquired businesses; inability to successfully execute on TCF’s growth strategy through acquisitions or cross-selling opportunities; failure to expand or diversify TCF’s balance sheet through programs or new opportunities; failure to successfully attract and retain new customers, including the failure to attract and retain manufacturers and dealers to expand the inventory finance business; risks related to new product additions and addition of distribution channels (or entry into new markets) for existing products.

Technological and Operational Matters.Technological or operational difficulties, loss or theft of information, cyber-attacks and other security breaches, counterparty failures and the possibility that deposit account losses (fraudulent checks, etc.) may increase; failure to keep pace with technological change.

Litigation Risks.Results of litigation, including class action litigation concerning TCF’s lending or deposit activities including account servicing processes or fees or charges, or employment practices, and possible increases in indemnification obligations for certain litigation against Visa U.S.A. and potential reductions in card revenues resulting from such litigation or other litigation against Visa.

Accounting, Audit, Tax and Insurance Matters.Changes in accounting standards or interpretations of existing standards; federal or state monetary, fiscal or tax policies, including adoption of state legislation that would increase state taxes; ineffective internal controls; adverse state or Federal tax assessments or findings in tax audits; lack of or inadequate insurance coverage for claims against TCF; potential for claims and legal action related to TCF’s fiduciary responsibilities.

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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
	2013		2012		$		%
Interest income:
Loans and leases	$	204,905	$	205,984	$	(1,079)	(.5)	%
Securities available for sale	4,795		19,112		(14,317)		(74.9)
Investments and other	5,850		2,433		3,417		140.4
Total interest income	215,550		227,529		(11,979)		(5.3)
Interest expense:
Deposits	9,681		9,061		620		6.8
Borrowings	6,778		38,295		(31,517)		(82.3)
Total interest expense	16,459		47,356		(30,897)		(65.2)
Net interest income	199,091		180,173		18,918		10.5
Provision for credit losses	38,383		48,542		(10,159)		(20.9)
Net interest income after provision for credit losses	160,708		131,631		29,077		22.1
Non-interest income:
Fees and service charges	39,323		41,856		(2,533)		(6.1)
Card revenue	12,417		13,207		(790)		(6.0)
ATM revenue	5,505		6,199		(694)		(11.2)
Subtotal	57,245		61,262		(4,017)		(6.6)
Leasing and equipment finance	16,460		22,867		(6,407)		(28.0)
Gain on sale of consumer real estate loans	8,126		-		8,126		N.M.
Gain on sales of auto loans	7,146		2,250		4,896		N.M.
Other	3,726		2,355		1,371		58.2
Fees and other revenue	92,703		88,734		3,969		4.5
Gains on securities, net	-		76,611		(76,611)		(100.0)
Total non-interest income	92,703		165,345		(72,642)		(43.9)
Non-interest expense:
Compensation and employee benefits	104,229		95,967		8,262		8.6
Occupancy and equipment	32,875		32,246		629		2.0
FDIC insurance	7,710		6,386		1,324		20.7
Advertising and marketing	5,732		2,617		3,115		119.0
Operating lease depreciation	5,635		6,731		(1,096)		(16.3)
Deposit account premiums	602		5,971		(5,369)		(89.9)
Other	37,939		37,296		643		1.7
Subtotal	194,722		187,214		7,508		4.0
Loss on termination of debt	-		550,735		(550,735)		(100.0)
Foreclosed real estate and repossessed assets, net	10,167		11,047		(880)		(8.0)
Other credit costs, net	(837)		(288)		(549)		(190.6)
Total non-interest expense	204,052		748,708		(544,656)		(72.7)
Income (loss) before income tax expense (benefit)	49,359		(451,732)		501,091		N.M.
Income tax expense (benefit)	17,559		(170,244)		187,803		N.M.
Income (loss) after income tax expense (benefit)	31,800		(281,488)		313,288		N.M.
Income attributable to non-controlling interest	1,826		1,406		420		29.9
Net income (loss) attributable to TCF Financial Corporation	29,974		(282,894)		312,868		N.M.
Preferred stock dividends	4,524		-		4,524		N.M.
Net income (loss) available to common stockholders	$	25,450	$	(282,894)	$	308,344	N.M.
Net income (loss) per common share:
Basic	$	.16	$	(1.78)	$	1.94	N.M.
Diluted	.16		(1.78)		1.94		N.M.
Dividends declared per common share	$	.05	$	.05	$	-	-
Average common and common equivalent shares outstanding (in thousands):
Basic	160,390		158,506		1,884		1.2
Diluted	161,140		158,506		2,634		1.7
N.M. Not meaningful.

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15

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands, except per-share data)

(Unaudited)

	Three Months Ended March 31,				Change
	2013		2012		$		%
Net income (loss) attributable to TCF Financial Corporation	$	29,974	$	(282,894)	$	312,868	N.M.	%
Other comprehensive income (loss):
Reclassification adjustment for securities gains included in net income	-		(76,967)		76,967		(100.0)
Unrealized holding losses arising during the period on securities available for sale	(13,829)		(7,768)		(6,061)		(78.0)
Foreign currency hedge	537		(404)		941		N.M.
Foreign currency translation adjustment	(622)		385		(1,007)		N.M.
Recognized postretirement prior service cost and transition obligation	(12)		(7)		(5)		(71.4)
Income tax benefit	5,019		31,208		(26,189)		(83.9)
Total other comprehensive loss	(8,907)		(53,553)		44,646		83.4
Comprehensive income (loss)	$	21,067	$	(336,447)	$	357,514	N.M.
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 Mar. 31		At Dec. 31		Change
	2013		2012		$		%
ASSETS
Cash and due from banks	$	1,213,747	$	1,100,347	$	113,400	10.3	%
Investments	122,070		120,867		1,203		1.0
Securities available for sale	677,088		712,091		(35,003)		(4.9)
Loans and leases held for sale	20,217		10,289		9,928		96.5
Loans and leases:
Consumer real estate	6,418,666		6,674,501		(255,835)		(3.8)
Commercial	3,334,716		3,405,235		(70,519)		(2.1)
Leasing and equipment finance	3,185,234		3,198,017		(12,783)		(.4)
Inventory finance	1,931,363		1,567,214		364,149		23.2
Auto finance	719,666		552,833		166,833		30.2
Other loans and leases	23,701		27,924		(4,223)		(15.1)
Total loans and leases	15,613,346		15,425,724		187,622		1.2
Allowance for loan and lease losses	(263,596)		(267,128)		3,532		1.3
Net loans and leases	15,349,750		15,158,596		191,154		1.3
Premises and equipment, net	438,616		440,466		(1,850)		(.4)
Goodwill	225,640		225,640		-		-
Other assets	456,898		457,621		(723)		(.2)
Total assets	$	18,504,026	$	18,225,917	$	278,109	1.5
LIABILITIES AND EQUITY
Deposits:
Checking	$	5,051,730	$	4,834,632	$	217,098	4.5
Savings	6,151,147		6,104,104		47,043		.8
Money market	801,443		820,553		(19,110)		(2.3)
Subtotal	12,004,320		11,759,289		245,031		2.1
Certificates of deposit	2,295,784		2,291,497		4,287		.2
Total deposits	14,300,104		14,050,786		249,318		1.8
Short-term borrowings	3,717		2,619		1,098		41.9
Long-term borrowings	1,926,794		1,931,196		(4,402)		(.2)
Total borrowings	1,930,511		1,933,815		(3,304)		(.2)
Accrued expenses and other liabilities	373,252		364,673		8,579		2.4
Total liabilities	16,603,867		16,349,274		254,593		1.6
Equity:
Preferred stock, par value $.01 per share,
30,000,000 authorized; and 4,006,900 shares issued	263,240		263,240		-		-
Common stock, par value $.01 per share,
280,000,000 shares authorized; 163,910,124
and 163,428,763 shares issued	1,639		1,634		5		.3
Additional paid-in capital	757,346		750,040		7,306		1.0
Retained earnings, subject to certain restrictions	894,861		877,445		17,416		2.0
Accumulated other comprehensive income	3,536		12,443		(8,907)		(71.6)
Treasury stock at cost, 42,566 shares, and other	(41,396)		(41,429)		33		.1
Total TCF Financial Corporation stockholders’ equity	1,879,226		1,863,373		15,853		.9
Non-controlling interest in subsidiaries	20,933		13,270		7,663		57.7
Total equity	1,900,159		1,876,643		23,516		1.3
Total liabilities and equity	$	18,504,026	$	18,225,917	$	278,109	1.5

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17

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

SUMMARY OF CREDIT QUALITY DATA

(Dollars in thousands)

(Unaudited)

	At			At			At			At			At			Change from
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Mar. 31,
	2013			2012			2012			2012			2012			2012			2012
Delinquency Data - Principal Balances (1)
60 days or more:
Consumer real estate
First mortgage lien	$	66,164		$	76,020		$	80,153		$	86,714		$	88,092		$	(9,856)		$	(21,928)
Junior lien	9,674			13,141			13,388			13,967			15,563			(3,467)			(5,889)
Total consumer real estate	75,838			89,161			93,541			100,681			103,655			(13,323)			(27,817)
Commercial	906			2,630			2,652			5,616			3,425			(1,724)			(2,519)
Leasing and equipment finance	2,067			2,568			1,554			1,492			4,919			(501)			(2,852)
Inventory finance	156			119			80			206			185			37			(29)
Auto finance	563			532			305			62			2			31			561
Other	-			31			22			34			52			(31)			(52)
Subtotal	79,530			95,041			98,154			108,091			112,238			(15,511)			(32,708)
Acquired portfolios	578			982			1,069			1,483			2,198			(404)			(1,620)
Total delinquencies	$	80,108		$	96,023		$	99,223		$	109,574		$	114,436		$	(15,915)		$	(34,328)
Delinquency Data - % of Portfolio (1)
60 days or more:
Consumer real estate
First mortgage lien	1.67		%	1.88		%	1.93		%	1.93		%	1.93		%	(21)		bps	(26)		bps
Junior lien	.43			.55			.59			.64			.74			(12)			(31)
Total consumer real estate	1.22			1.38			1.46			1.51			1.55			(16)			(33)
Commercial	.03			.08			.08			.17			.10			(5)			(7)
Leasing and equipment finance	.07			.08			.05			.05			.17			(1)			(10)
Inventory finance	.01			.01			.01			.01			.01			-			-
Auto finance	.08			.10			.08			.02			-			(2)			8
Other	-			.12			.09			.13			.20			(12)			(20)
Subtotal	.53			.64			.67			.74			.77			(11)			(24)
Acquired portfolios	.37			.58			.50			.58			.66			(21)			(29)
Total delinquencies	.52			.64			.67			.73			.77			(12)			(25)
(1) Excludes non-accrual loans and leases.
	At			At			At			At			At			Change from
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Mar. 31,
	2013			2012			2012			2012			2012			2012			2012
Non-Accrual Loans and Leases
Non-accrual loans and leases:
Consumer real estate
First mortgage lien	$	186,218		$	199,631		$	197,649		$	122,406		$	125,895		$	(13,413)		$	60,323
Junior lien	33,907			35,269			35,936			18,272			23,409			(1,362)			10,498
Total consumer real estate	220,125			234,900			233,585			140,678			149,304			(14,775)			70,821
Commercial	108,505			127,746			169,339			150,215			135,677			(19,241)			(27,172)
Leasing and equipment finance	11,695			13,652			15,812			29,429			20,015			(1,957)			(8,320)
Inventory finance	1,480			1,487			1,120			1,900			1,109			(7)			371
Auto finance	106			101			-			-			-			5			106
Other	1,477			1,571			1,957			2,204			2,838			(94)			(1,361)
Total non-accrual loans and leases	$	343,388		$	379,457		$	421,813		$	324,426		$	308,943		$	(36,069)		$	34,445
Non-accrual loans and leases - rollforward
Balance, beginning of period	$	379,457		$	421,813		$	324,426		$	308,943		$	298,311		$	(42,356)		$	81,146
Additions	56,712			88,235			210,916			111,739			85,670			(31,523)			(28,958)
Charge-offs	(24,968)			(27,657)			(49,116)			(28,228)			(19,683)			2,689			(5,285)
Transfers to other assets	(18,892)			(17,305)			(24,632)			(34,473)			(25,603)			(1,587)			6,711
Return to accrual status	(34,692)			(55,261)			(30,300)			(22,200)			(21,243)			20,569			(13,449)
Payments received	(15,399)			(30,832)			(9,652)			(12,261)			(9,202)			15,433			(6,197)
Other, net	1,170			464			171			906			693			706			477
Balance, end of period	$	343,388		$	379,457		$	421,813		$	324,426		$	308,943		$	(36,069)		$	34,445

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18

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

SUMMARY OF CREDIT QUALITY DATA, CONTINUED

(Dollars in thousands)

(Unaudited)

																Change from
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Mar 31,
	2013			2012			2012			2012			2012			2012			2012
Other Real Estate Owned
Other real estate owned (1)
Consumer real estate	$	46,404		$	69,599		$	85,764		$	83,176		$	84,996		$	(23,195)		$	(38,592)
Commercial real estate	25,359			27,379			34,662			42,700			42,232			(2,020)			(16,873)
Total other real estate owned	$	71,763		$	96,978		$	120,426		$	125,876		$	127,228		$	(25,215)		$	(55,465)
Other real estate owned - rollforward
Balance, beginning of period	$	96,978		$	120,426		$	125,876		$	127,228		$	134,898		$	(23,448)		$	(37,920)
Transferred in	20,855			18,444			26,097			33,739			25,624			2,411			(4,769)
Sales	(40,456)			(39,528)			(28,479)			(29,448)			(28,601)			(928)			(11,855)
Writedowns	(5,294)			(4,614)			(3,493)			(6,237)			(5,267)			(680)			(27)
Other, net	(320)			2,250			425			594			574			(2,570)			(894)
Balance, end of period	$	71,763		$	96,978		$	120,426		$	125,876		$	127,228		$	(25,215)		$	(55,465)
Ending number of properties owned
Consumer real estate	224			418			425			426			466			(194)			(242)
Commercial real estate	18			18			26			32			32			-			(14)
Total	242			436			451			458			498			(194)			(256)
(1) Includes properties owned and foreclosed properties subject to redemption.
																Change from
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Mar 31,
	2013			2012			2012			2012			2012			2012			2012
Non-Accrual Loans and Leases and Other Real Estate Owned
Non-accrual loans and leases	$	221,278		$	261,796		$	318,611		$	324,426		$	308,943		$	(40,518)		$	(87,665)
Loans discharged in bankruptcy (1)	122,110			117,661			103,202			-			-			4,449			122,110
Other real estate owned	71,763			96,978			120,426			125,876			127,228			(25,215)			(55,465)
Total non-accrual loans and leases and other real estate owned	$	415,151		$	476,435		$	542,239		$	450,302		$	436,171		$	(61,284)		$	(21,020)
Percent of total loans and leases and other real estate owned	2.65		%	3.07		%	3.54		%	2.93		%	2.84		%	(42)		bps	(19)		bps
(1) Consumer real estate loans required to be reported as nonaccrual loans, regardless of delinquency status, due to the implementation of clarifying regulatory guidance in the third quarter of 2012, related to the discharge of a borrowers’ personal liability following Chapter 7 bankruptcy proceedings.

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19

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

SUMMARY OF CREDIT QUALITY DATA, CONTINUED

(Dollars in thousands)

(Unaudited)

Allowance for Loan and Lease Losses

	At March 31, 2013				At December 31, 2012				At March 31, 2012				Change from
			% of				% of				% of		Dec. 31,		Mar. 31,
	Balance		Portfolio		Balance		Portfolio		Balance		Portfolio		2012		2012
Consumer real estate	$	182,687	2.85	%	$	182,013	2.73	%	$	183,825	2.70	%	12	bps	15	bps
Commercial	48,556		1.46		51,575		1.51		50,444		1.45		(5)		1
Leasing and
equipment finance	17,541		.55		21,037		.66		21,537		.69		(11)		(14)
Inventory finance	8,788		.46		7,569		.48		7,556		.46		(2)		-
Auto finance	5,390		.75		4,136		.75		1,019		.73		-		2
Other	634		2.67		798		2.86		912		3.13		(19)		(46)
Total	$	263,596	1.69		$	267,128	1.73		$	265,293	1.74		(4)		(5)

Net Charge-Offs

																Change from
	Quarter Ended															Quarter Ended
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Mar. 31,
	2013			2012			2012			2012			2012			2012			2012
Consumer real estate
First mortgage lien	$	19,907		$	22,163		$	40,469		$	18,369		$	19,526		$	(2,256)		$	381
Junior lien	10,540			11,757			34,202			16,487			16,162			(1,217)			(5,622)
Total consumer real estate	30,447			33,920			74,671			34,856			35,688			(3,473)			(5,241)
Commercial	7,849			8,351			20,547			8,455			1,524			(502)			6,325
Leasing and equipment finance	1,210			1,345			7,521			1,173			151			(135)			1,059
Inventory finance	355			193			444			225			643			162			(288)
Auto finance	836			771			280			81			2			65			834
Other	307			940			991			69			925			(633)			(618)
Total	$	41,004		$	45,520		$	104,454		$	44,859		$	38,933		$	(4,516)		$	2,071
Net Charge-Offs as a Percentage of Average Loans and Leases
																Change from
	Quarter Ended (1)															Quarter Ended
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Mar. 31,
	2013			2012			2012			2012			2012			2012			2012
Consumer real estate
First mortgage lien	1.90		%	2.06		%	3.60		%	1.58		%	1.66		%	(16)		bps	24		bps
Junior lien	1.78			1.99			6.12			3.07			3.03			(21)			(125)
Total consumer real estate	1.86			2.04			4.44			2.05			2.09			(18)			(23)
Commercial	.94			.97			2.32			.97			.18			(3)			76
Leasing and equipment finance	.15			.17			.95			.15			.02			(2)			13
Inventory finance	.08			.05			.12			.06			.22			3			(14)
Auto finance	.50			.61			.30			.14			.01			(11)			49
Other	9.01			N.M.			N.M.			N.M.			N.M.			N.M.			N.M.
Total	1.06			1.18			2.74			1.18			1.06			(12)			-
(1) Annualized.
N.M. Not Meaningful.

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20

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Dollars in thousands)

(Unaudited)

	Three Months Ended March 31,
	2013					2012
	Average				Yields and	Average				Yields and
	Balance		Interest		Rates(1) (2)	Balance		Interest		Rates(1) (2)
ASSETS:
Investments and other	$	815,420	$	3,246	1.61 %	$	745,861	$	2,388	1.29 %
U.S. Government sponsored entities:
Mortgage-backed securities, fixed-rate	674,860		4,794		2.84	2,087,017		19,109		3.66
U.S. Treasury securities	900		-		.07	-		-		-
Other securities	106		1		2.49	230		3		5.24
Total securities available for sale(3)	675,866		4,795		2.84	2,087,247		19,112		3.66
Loans and leases held for sale	154,766		2,604		6.82	5,872		45		3.08
Loans and leases:
Consumer real estate:
Fixed-rate	3,916,709		57,058		5.91	4,443,148		66,155		5.99
Variable-rate	2,639,717		33,082		5.08	2,401,915		30,068		5.03
Total consumer real estate	6,556,426		90,140		5.58	6,845,063		96,223		5.65
Commercial:
Fixed- and adjustable-rate	2,478,079		32,554		5.33	2,737,848		38,209		5.61
Variable-rate	867,701		7,514		3.51	719,872		7,512		4.20
Total commercial	3,345,780		40,068		4.86	3,457,720		45,721		5.32
Leasing and equipment finance	3,199,499		40,913		5.11	3,128,329		44,001		5.63
Inventory finance	1,686,364		25,605		6.16	1,145,183		18,725		6.58
Auto finance	670,096		8,642		5.23	85,562		1,583		7.44
Other	13,641		276		8.19	17,582		368		8.42
Total loans and leases	15,471,806		205,644		5.38	14,679,439		206,621		5.65
Total interest-earning assets	17,117,858		216,289		5.11	17,518,419		228,166		5.24
Other assets	1,126,694					1,379,289
Total assets	$	18,244,552				$	18,897,708
LIABILITIES AND EQUITY:
Non-interest bearing deposits:
Retail	$	1,426,314				$	1,359,781
Small business	744,168					708,416
Commercial and custodial	329,992					305,064
Total non-interest bearing deposits	2,500,474					2,373,261
Interest-bearing deposits:
Checking	2,308,263		497		.09	2,214,192		902		.16
Savings	6,090,427		3,369		.22	5,882,730		5,436		.37
Money market	815,374		630		.31	662,493		610		.37
Subtotal	9,214,064		4,496		.20	8,759,415		6,948		.32
Certificates of deposit	2,323,267		5,185		.90	1,135,673		2,113		.75
Total interest-bearing deposits	11,537,331		9,681		.34	9,895,088		9,061		.37
Total deposits	14,037,805		9,681		.28	12,268,349		9,061		.30
Borrowings:
Short-term borrowings	8,631		8		.40	436,171		329		.30
Long-term borrowings	1,927,139		6,770		1.41	3,817,165		37,966		4.00
Total borrowings	1,935,770		6,778		1.41	4,253,336		38,295		3.62
Total interest-bearing liabilities	13,473,101		16,459		.49	14,148,424		47,356		1.35
Total deposits and borrowings	15,973,575		16,459		.42	16,521,685		47,356		1.15
Other liabilities	390,825					577,142
Total liabilities	16,364,400					17,098,827
Total TCF Financial Corporation stockholders’ equity	1,863,393					1,785,375
Non-controlling interest in subsidiaries	16,759					13,506
Total equity	1,880,152					1,798,881
Total liabilities and equity	$	18,244,552				$	18,897,708
Net interest income and margin			$	199,830	4.72			$	180,810	4.14
(1)  Annualized.
(2)  Interest and yields are presented on a fully tax equivalent basis.
(3)  Average balances and yields of securities available for sale are based upon the historical amortized cost and excludes equity securities.

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21

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME AND FINANCIAL HIGHLIGHTS

(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,
	2013			2012			2012			2012			2012
Interest income:
Loans and leases	$	204,905		$	210,490		$	210,140		$	208,766		$	205,984
Securities available for sale	4,795			4,615			5,607			5,816			19,112
Investments and other	5,850			3,922			4,105			3,633			2,433
Total interest income	215,550			219,027			219,852			218,215			227,529
Interest expense:
Deposits	9,681			10,972			10,757			10,197			9,061
Borrowings	6,778			6,992			8,536			9,794			38,295
Total interest expense	16,459			17,964			19,293			19,991			47,356
Net interest income	199,091			201,063			200,559			198,224			180,173
Provision for credit losses	38,383			48,520			96,275			54,106			48,542
Net interest income after provision for credit losses	160,708			152,543			104,284			144,118			131,631
Non-interest income:
Fees and service charges	39,323			44,262			43,745			48,090			41,856
Card revenue	12,417			12,974			12,927			13,530			13,207
ATM revenue	5,505			5,584			6,122			6,276			6,199
Subtotal	57,245			62,820			62,794			67,896			61,262
Leasing and equipment finance	16,460			26,149			20,498			23,207			22,867
Gain on sale of consumer real estate loans	8,126			854			4,559			-			-
Gain on sale of auto loans	7,146			6,869			7,486			5,496			2,250
Other	3,726			3,973			3,688			3,168			2,355
Fees and other revenue	92,703			100,665			99,025			99,767			88,734
(Losses) gains on securities, net	-			(528)			13,033			13,116			76,611
Total non-interest income	92,703			100,137			112,058			112,883			165,345
Non-interest expense:
Compensation and employee benefits	104,229			101,678			98,409			97,787			95,967
Occupancy and equipment	32,875			32,809			33,006			32,731			32,246
FDIC insurance	7,710			8,671			6,899			8,469			6,386
Advertising and marketing	5,732			4,303			4,248			5,404			2,617
Operating lease depreciation	5,635			5,905			6,325			6,417			6,731
Deposit account premiums	602			523			485			1,690			5,971
Other	37,939			53,472			36,173			36,956			37,296
Subtotal	194,722			207,361			185,545			189,454			187,214
Loss on termination of debt	-			-			-			-			550,735
Foreclosed real estate and repossessed assets, net	10,167			7,582			10,670			12,059			11,047
Other credit costs, net	(837)			(894)			593			1,476			(288)
Total non-interest expense	204,052			214,049			196,808			202,989			748,708
Income (loss) before income tax expense (benefit)	49,359			38,631			19,534			54,012			(451,732)
Income tax expense (benefit)	17,559			10,540			6,304			20,542			(170,244)
Income (loss) after income tax expense (benefit)	31,800			28,091			13,230			33,470			(281,488)
Income attributable to non-controlling interest	1,826			1,306			1,536			1,939			1,406
Net income (loss) attributable to TCF Financial Corporation	29,974			26,785			11,694			31,531			(282,894)
Preferred stock dividends	4,524			3,234			2,372			-			-
Net income (loss) available to common stockholders	$	25,450		$	23,551		$	9,322		$	31,531		$	(282,894)
Net income (loss) per common share:
Basic	$	.16		$	.15		$	.06		$	.20		$	(1.78)
Diluted	.16			.15			.06			.20			(1.78)
Dividends declared per common share	$	.05		$	.05		$	.05		$	.05		$	.05
Financial Highlights:
Pre-tax pre-provision profit(1)	$	87,742		$	87,151		$	115,809		$	108,118		$	70,578
Return on average assets(2)	.70		%	.63		%	.30		%	.76		%	(5.96)		%
Return on average common equity(2)	6.36			5.93			2.36			8.13			(63.38)
Net interest margin(2)	4.72			4.79			4.85			4.86			4.14
(1) Pre-tax pre-provision profit (‘‘PTPP’’) is calculated as total revenues less non-interest expense.  First quarter 2012 PTPP excludes the net loss of $473.8 million related to the balance sheet repositioning completed in the first quarter of 2012.
(2) Annualized.

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22

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS

(In thousands)

(Unaudited)

	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
	2013		2012		2012		2012		2012
ASSETS
Cash and due from banks	$	945,928	$	777,995	$	628,697	$	555,590	$	863,310
Investments	122,014		122,970		123,223		149,813		168,805
U.S. Government sponsored entities:
Mortgage-backed securities	676,296		696,506		701,155		736,251		2,021,574
U.S. Treasury securities	900		-		-		-		-
Other securities	2,400		2,150		2,224		2,097		1,678
Total securities available for sale	679,596		698,656		703,379		738,348		2,023,252
Loans and leases held for sale	154,766		53,140		80,549		44,788		5,872
Loans and leases:
Consumer real estate:
Fixed-rate	3,916,709		4,012,702		4,197,903		4,365,670		4,443,148
Variable-rate	2,639,717		2,650,958		2,531,351		2,427,745		2,401,915
Total consumer real estate	6,556,426		6,663,660		6,729,254		6,793,415		6,845,063
Commercial:
Fixed- and adjustable-rate	2,478,079		2,614,824		2,682,193		2,730,085		2,737,848
Variable-rate	867,701		837,944		855,918		761,964		719,872
Total commercial	3,345,780		3,452,768		3,538,111		3,492,049		3,457,720
Leasing and equipment finance	3,199,499		3,184,540		3,164,592		3,145,914		3,128,329
Inventory finance	1,686,364		1,570,829		1,440,298		1,571,004		1,145,183
Auto finance	670,096		504,565		367,271		223,893		85,562
Other	13,641		14,704		16,280		17,647		17,582
Total loans and leases	15,471,806		15,391,066		15,255,806		15,243,922		14,679,439
Allowance for loan and lease losses	(265,392)		(269,578)		(264,626)		(266,187)		(257,895)
Net loans and leases	15,206,414		15,121,488		14,991,180		14,977,735		14,421,544
Premises and equipment, net	440,437		442,287		442,456		438,438		435,412
Goodwill	225,640		225,640		225,640		225,640		225,640
Other assets	469,757		506,212		521,397		524,466		753,873
Total assets	$	18,244,552	$	17,948,388	$	17,716,521	$	17,654,818	$	18,897,708
LIABILITIES AND EQUITY
Non-interest-bearing deposits:
Retail	$	1,426,314	$	1,294,027	$	1,275,722	$	1,316,767	$	1,359,781
Small business	744,168		775,334		746,511		725,052		708,416
Commercial and custodial	329,992		329,919		324,739		310,321		305,064
Total non-interest bearing deposits	2,500,474		2,399,280		2,346,972		2,352,140		2,373,261
Interest-bearing deposits:
Checking	2,308,263		2,248,481		2,255,561		2,306,810		2,214,192
Savings	6,090,427		6,083,168		6,153,079		6,031,015		5,882,730
Money market	815,374		819,596		848,899		748,016		662,493
Subtotal	9,214,064		9,151,245		9,257,539		9,085,841		8,759,415
Certificates of deposit	2,323,267		2,206,173		1,953,208		1,608,653		1,135,673
Total interest-bearing deposits	11,537,331		11,357,418		11,210,747		10,694,494		9,895,088
Total deposits	14,037,805		13,756,698		13,557,719		13,046,634		12,268,349
Borrowings:
Short-term borrowings	8,631		47,715		65,531		705,888		436,171
Long-term borrowings	1,927,139		1,928,507		1,985,094		1,986,182		3,817,165
Total borrowings	1,935,770		1,976,222		2,050,625		2,692,070		4,253,336
Accrued expenses and other liabilities	390,825		434,471		343,336		335,113		577,142
Total liabilities	16,364,400		16,167,391		15,951,680		16,073,817		17,098,827
Equity:
Preferred stock	263,240		180,359		166,721		10,993		-
Common stock	1,637		1,634		1,631		1,625		1,617
Additional paid-in capital	753,583		749,445		742,598		738,089		727,596
Retained earnings, subject to certain restrictions	880,582		866,895		862,570		846,349		1,052,632
Accumulated other comprehensive income	5,624		13,131		19,321		11,601		46,029
Treasury stock at cost and other	(41,273)		(43,462)		(42,890)		(45,499)		(42,499)
Total TCF Financial Corporation stockholders’ equity	1,863,393		1,768,002		1,749,951		1,563,158		1,785,375
Non-controlling interest in subsidiaries	16,759		12,995		14,890		17,843		13,506
Total equity	1,880,152		1,780,997		1,764,841		1,581,001		1,798,881
Total liabilities and equity	$	18,244,552	$	17,948,388	$	17,716,521	$	17,654,818	$	18,897,708

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23

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY YIELDS AND RATES(1) (2)

(Unaudited)

	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
	2013		2012		2012		2012		2012
ASSETS
Investments and other	1.61	%	1.77	%	2.09	%	2.48	%	1.29	%
U.S. Government sponsored entities:
Mortgage-backed securities, fixed-rate	2.84		2.64		3.15		3.17		3.66
U.S. Treasury securities	.07		-		-		-		-
Other securities	2.49		2.52		3.32		4.14		5.24
Total securities available for sale(3)	2.84		2.64		3.15		3.17		3.66
Loans and leases held for sale	6.82		8.00		7.89		8.80		3.08
Loans and leases:
Consumer real estate:
Fixed-rate	5.91		5.95		5.94		5.84		5.99
Variable-rate	5.08		5.07		5.04		5.00		5.03
Total consumer real estate	5.58		5.60		5.60		5.54		5.65
Commercial:
Fixed- and adjustable-rate	5.33		5.60		5.57		5.49		5.61
Variable-rate	3.51		3.55		3.77		3.99		4.20
Total commercial	4.86		5.10		5.14		5.16		5.32
Leasing and equipment finance	5.11		5.24		5.33		5.48		5.63
Inventory finance	6.16		6.11		6.19		6.07		6.58
Auto finance	5.23		5.53		5.97		6.89		7.44
Other	8.19		8.31		7.83		7.66		8.42
Total loans and leases	5.38		5.47		5.50		5.52		5.65
Total interest-earning assets	5.11		5.21		5.32		5.34		5.24
LIABILITIES
Interest-bearing deposits:
Checking	.09		.11		.12		.15		.16
Savings	.22		.29		.31		.34		.37
Money market	.31		.35		.38		.39		.37
Subtotal	.20		.25		.27		.30		.32
Certificates of deposit	.90		.92		.92		.86		.75
Total interest-bearing deposits	.34		.38		.38		.38		.37
Total deposits	.28		.32		.32		.31		.30
Borrowings:
Short-term borrowings	.40		.41		.24		.30		.30
Long-term borrowings	1.41		1.44		1.71		1.87		4.00
Total borrowings	1.41		1.41		1.66		1.46		3.62
Total interest-bearing liabilities	.49		.54		.58		.60		1.35
Net interest margin	4.72		4.79		4.85		4.86		4.14
(1)  Annualized.
(2)  Yields are presented on a fully tax equivalent basis.
(3)  Average yields of securities available for sale are based upon the historical amortized cost and excludes equity securities.

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24

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(1)

(Dollars in thousands)

(Unaudited)

	At Mar. 31,			At Dec. 31,
	2013			2012
Computation of tangible realized common equity to tangible assets:
Total equity	$	1,900,159		$	1,876,643
Less: Non-controlling interest in subsidiaries	20,933			13,270
Total TCF Financial Corp. stockholders’ equity	1,879,226			1,863,373
Less:
Preferred stock	263,240			263,240
Goodwill	225,640			225,640
Other intangibles	7,860			8,674
Accumulated other comprehensive income	3,536			12,443
Tangible realized common equity	$	1,378,950		$	1,353,376
Total assets	$	18,504,026		$	18,225,917
Less:
Goodwill	225,640			225,640
Other intangibles	7,860			8,674
Tangible assets	$	18,270,526		$	17,991,603
Tangible realized common equity to tangible assets	7.55		%	7.52		%
	At Mar. 31,			At Dec. 31,
	2013			2012
Computation of tier 1 risk-based capital ratio:
Total tier 1 capital	$	1,666,630		$	1,633,336
Total risk-weighted assets	14,964,703			14,733,203
Total tier 1 risk-based capital ratio	11.14		%	11.09		%
Computation of tier 1 common capital ratio:
Total tier 1 capital	$	1,666,630		$	1,633,336
Less:
Preferred stock	263,240			263,240
Qualifying non-controlling interest in subsidiaries	20,933			13,270
Total tier 1 common capital	$	1,382,457		$	1,356,826
Total tier 1 common capital ratio	9.24		%	9.21		%
(1) When evaluating capital adequacy and utilization, management considers financial measures such as Tangible Realized Common Equity to Tangible Assets and the Tier 1 Common Capital Ratio. These measures are non-GAAP financial measures and are viewed by management as useful indicators of capital levels available to withstand unexpected market or economic conditions, and also provide investors, regulators, and other users with information to be viewed in relation to other banking institutions.

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