TCF FINANCIAL CORP - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - 8-K - TCF FINANCIAL CORP	tcf033120form8kearning.htm
EX-99.2 - EXHIBIT 99.2 - TCF FINANCIAL CORP	tcf0331208kexhibit992.htm

Exhibit 99.1

NEWS RELEASE

TCF Financial Corporation • 333 West Fort Street, Suite 1800 • Detroit, MI 48226

FOR IMMEDIATE RELEASE



Contact:
Tom Wennerberg	(248) 498-2872	news@tcfbank.com	(Media)
Timothy Sedabres	(952) 745-2766	investor@tcfbank.com	(Investors)

TCF REPORTS FIRST QUARTER 2020 RESULTS

TCF also announces quarterly cash dividends on common and preferred stock

First Quarter 2020 Highlights


•	Quarterly net income of $51.9 million, or $0.32 per diluted share, down 53.8% from the fourth quarter of 2019


•	Adjusted diluted earnings per common share of $0.57⁽¹⁾, down 45.2% from the fourth quarter of 2019. Adjusted diluted earnings per common share excludes $38.0 million, or $0.25 per share, after-tax impact of merger-related expenses and notable items


•	Loan and lease growth of 4.1% compared to December 31, 2019, driven by $1.2 billion of commercial loan and lease portfolio growth


•	Deposit growth of 3.9% compared to December 31, 2019


•	Net charge-offs of $5.5 million, or 0.06% of average loans and leases (annualized)


•	Provision for credit losses of $96.9 million, including $74.1 million related to COVID-19, a $0.38 detriment to earnings per diluted common share


•	Assisted consumers via approximately 7,300 COVID-19-related loan modification requests for $825 million as of April 23, 2020


•	Assisted business and commercial customers via $1.2 billion of approved loans through the Payment Protection Program as of April 23, 2020


•	Efficiency ratio of 69.57%, improved 392 basis points from the fourth quarter of 2019. Adjusted efficiency ratio of 58.24%⁽¹⁾, improved 27 basis pointsfrom the fourth quarter of 2019


•	Common equity Tier 1 capital ratio of 10.44%


•	Repurchased 873 thousand common shares at a cost of $33.1 million in the first quarter of 2020; in response to the COVID-19 pandemic, TCF temporarily suspended buybacks under its share repurchase program, but retains the ability to reinstate as circumstances warrant


•	Declared quarterly cash dividends on common stock of $0.35 per share payable on June 1, 2020

Merger-related Expenses and Notable items in the First Quarter of 2020 and Fourth Quarter of 2019⁽¹⁾


•	Pre-tax merger-related expenses of $36.7 million, $29.0 million net of tax, or $0.19 per diluted common share for the first quarter of 2020, compared to pre-tax merger-related expenses of $47.0 million, $36.1 million net of tax, or $0.24 per diluted common share for the fourth quarter of 2019


•	Pre-tax expenses of $11.3 million, $8.9 million net of tax, or $0.06 per diluted common share related to notable items for the first quarter of 2020, compared to pre-tax net expenses of $22.1 million, $13.1 million net of tax, or $0.08 per diluted common share related to notable items for the fourth quarter of 2019, see summary of notable items adjustments below


(1)	Denotes a non-GAAP financial measure. See "Reconciliation of GAAP to Non-GAAP Financial Measures" tables and the following table detailing merger-related expenses and notable items.

Note: TCF’s financial results for periods ended prior to August 1, 2019 reflect Legacy TCF financial results only on a standalone basis. In addition, TCF’s reported financial results for the first, second and third quarter of 2019 reflect Legacy TCF financial results for the period before August 1, 2019 and the post-merger combined TCF financial results on and after August 1, 2019, with the fourth quarter of 2019 and first quarter of 2020 financial results being solely of the post-merger combined TCF. The number of shares issued and outstanding, earnings per share, additional paid-in-capital, dividends paid and all references to share quantities of TCF have been retrospectively restated to reflect the equivalent number of shares issued in the Merger as the Merger was treated as a reverse merger.



Summary of Financial Results⁽¹⁾
	At or For the Quarter Ended															Change From
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Mar. 31,
(Dollars in thousands, except per share data)	2020			2019			2019			2019			2019			2019			2019
Financial Results
Net income attributable to TCF	$	51,899		$	112,399		$	22,148		$	90,427		$	70,494		(53.8	)	%	(26.4	)	%
Net interest income	401,481			408,753			371,793			254,057			254,429			(1.8	)		57.8
Basic earnings per common share	$	0.33		$	0.72		$	0.15		$	1.07		$	0.83		(54.2	)		(60.2	)
Diluted earnings per common share	0.32			0.72			0.15			1.07			0.83			(55.6	)		(61.4	)
Return on average assets ("ROAA")⁽³⁾	0.46		%	0.99		%	0.26		%	1.54		%	1.22		%	(53	)	bps	(76	)	bps
ROACE⁽³⁾	3.64			8.00			1.75			14.27			11.40			(436	)		(776	)
ROATCE (non-GAAP)⁽²⁾⁽³⁾	5.42			11.35			2.68			15.46			12.42			(593	)		(700	)
Net interest margin	3.73			3.86			4.12			4.46			4.58			(13	)		(85	)
Net interest margin (FTE)⁽²⁾⁽³⁾	3.76			3.89			4.14			4.49			4.61			(13	)		(85	)
Net charge-offs as a percentage of average loans and leases⁽³⁾	0.06			0.07			0.39			0.29			0.39			(1	)		(33	)
Nonperforming assets as a percentage of total loans and leases and other real estate owned⁽⁴⁾	0.80			0.59			0.62			0.62			0.63			21			17
Efficiency ratio	69.57			73.49			91.32			65.11			70.70			(392	)		(113	)
Adjusted Financial Results (non-GAAP)
Adjusted net income attributable to TCF⁽²⁾	$	89,855		$	161,581		$	128,301		$	93,650		$	77,700		(44.4	)	%	15.6		%
Adjusted diluted earnings per common share⁽²⁾	$	0.57		$	1.04		$	0.98		$	1.11		$	0.91		(45.2	)		(37.4	)
Adjusted ROAA⁽²⁾⁽³⁾	0.78		%	1.42		%	1.34		%	1.59		%	1.34		%	(64	)	bps	(56	)	bps
Adjusted ROACE⁽²⁾⁽³⁾	6.43			11.57			11.21			14.79			12.61			(514	)		(618	)
Adjusted ROATCE⁽²⁾⁽³⁾	9.24			16.25			14.96			16.02			13.72			(701	)		(448	)
Adjusted efficiency ratio⁽²⁾	58.24			58.51			58.74			61.48			65.67			(27	)		(743	)

N.M. Not meaningful


(1)	Financial results for any periods ended prior to August 1, 2019 reflect Legacy TCF financials on a standalone basis. Certain reclassifications have been made to prior period financial information to conform to the current period presentation.


(2)	Denotes a non-GAAP financial measure. See "Reconciliation of GAAP to Non-GAAP Financial Measures" tables.


(3)	Annualized.

(4)

Prior to the adoption of CECL as of January 1, 2020, purchased credit impaired loans were not classified as nonaccrual loans because they were recorded at their net realizable value based on the principal and interest expected to be collected on the loans. At January 1, 2020, $73.4 million of previous purchased credit impaired loans were reclassified to nonaccrual loans as a result of the adoption of CECL.

The following table includes merger-related expenses and notable items used to arrive at adjusted net income in the Adjusted Financial Results (non-GAAP) (see Reconciliation of Non-GAAP Financial Measures).



	For the Quarter Ended March 31, 2020									For the Quarter Ended December 31, 2019
(Dollars in thousands, except per share data)	Pre-tax income (loss)			After-tax benefit (loss)⁽¹⁾			Per Share			Pre-tax income (loss)			After-tax benefit (loss)⁽¹⁾			Per Share
Merger-related expenses	$	(36,728	)	$	(29,026	)	$	(0.19	)	$	(47,025	)	(36,059		)	$	(0.24	)
Notable items:
Sale of Legacy TCF auto finance portfolio and related expenses⁽²⁾	(3,063		)	(2,421		)	(0.02		)	(12,864		)	(9,865		)	(0.06		)
Branch exit costs⁽³⁾	—			—			—			(3,494		)	(2,679		)	(0.02		)
Loan servicing rights (impairment) recovery⁽⁴⁾	(8,236		)	(6,509		)	(0.04		)	638			490			—
Pension fair valuation adjustment⁽⁴⁾	—			—			—			(6,341		)	(4,862		)	(0.03		)
Tax basis adjustment benefit⁽⁵⁾	—			—			—			—			3,793			0.03
Total notable items	(11,299		)	(8,930		)	(0.06		)	(22,061		)	(13,123		)	(0.08		)
Total merger-related and notable items	$	(48,027	)	$	(37,956	)	$	(0.25	)	$	(69,086	)	$	(49,182	)	$	(0.32	)


(1)	Net of tax benefit at our normal tax rate and other tax benefits.

(2)

First quarter of 2020 included within occupancy and equipment ($1.6 million), compensation and employee benefits ($0.9 million) and other noninterest expense ($0.6 million). Fourth quarter of 2019 included within net (loss) gain on sales of loans and leases ($8.2 million), other noninterest expense ($2.2 million), occupancy and equipment ($1.5 million) and compensation and employee benefits ($0.9 million).


(3)	Included within Other noninterest expense.


(4)	Included within Other noninterest income.


(5)	Included within Income tax expense.

DETROIT (April 27, 2020) - TCF Financial Corporation ("TCF" or the "Corporation") (NASDAQ: TCF) today reported net income of $51.9 million, or diluted earnings per common share of $0.32, for the first quarter of 2020, compared with $112.4 million, or diluted earnings per common share of $0.72, for the fourth quarter of 2019. Adjusted net income was $89.9 million, or $0.57 per diluted common share for the first quarter of 2020, compared with $161.6 million, or $1.04 per diluted common share, for the fourth quarter of 2019. (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

"As we work through the impacts related to COVID-19, I am continually impressed with the dedication of our teams and how our team members have rallied to support our customers as well as each other during these unprecedented times," said Craig R. Dahl, president and chief executive officer. “Our top priorities continue to be on ensuring the health and well-being of our team members, the financial stability of our customers, and the overall wellness of the communities where we live and operate.

“We entered the year with momentum across the company and in January and February, we saw strong business performance that reflected the opportunity we see in our markets as a result of our merger of equals, including robust loan and deposit growth, stable credit quality and on-time execution of our integration initiatives. With the arrival of COVID-19, we quickly took numerous actions to prioritize the well-being of those we work with, both from a health and economic perspective. This included transitioning our branch services to drive-up only where possible, closing select other nearby branches, and implementing a work-from-home approach for many of our team members, all of which were designed to protect the health and safety of our employees. In addition, we are offering relief programs for impacted customers and we have deployed substantial resources to support applications for the Paycheck Protection Program.

“As we look ahead, our focus will remain on managing the impact of COVID-19 across the organization, completing our integration activities and capturing the related cost synergies, and continuing to actively manage the business in this volatile and fluid environment. We are operating with robust capital and liquidity levels, strong diversification across our portfolios as a result of the merger of equals, and an experienced management team that is providing strong leadership as we support our customers and employees in these difficult times.”

Net Interest Income and Net Interest Margin

Net interest income was $401.5 million for the first quarter of 2020, a decrease of $7.3 million, or 1.8%, from the fourth quarter of 2019. Purchase accounting accretion and amortization included in net interest income was $25.3 million for the first quarter of 2020, compared to $30.5 million for the fourth quarter of 2019. Net interest income, excluding purchase accounting accretion and amortization, was $376.2 million for the first quarter of 2020, compared to $378.2 million for the fourth quarter of 2019. Net interest margin was 3.73% for the first quarter of 2020, compared to 3.86% in the fourth quarter of 2019, while net interest margin on a fully tax-equivalent basis (FTE) was 3.76%, down 13 basis points from the fourth quarter of 2019. The decrease in net interest margin from the fourth quarter of 2019 was driven primarily by the Federal Reserve's rate cuts in addition to a decrease in the benefit provided by purchase accounting accretion and amortization. Net interest margin FTE, excluding purchase accounting accretion and amortization, was 3.53% in the first quarter of 2020, compared to 3.60% in the fourth quarter of 2019 (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

Noninterest Income

Noninterest income was $137.0 million for the first quarter of 2020, a decrease of $21.1 million, or 13.3%, from the fourth quarter of 2019. Noninterest income for the first quarter of 2020 included an $8.2 million loan servicing rights impairment, included in other noninterest income, a notable item. Noninterest income for the fourth quarter of 2019 included the following notable items: an $8.2 million loss related to the sale of the Legacy TCF auto finance portfolio, included in net gains (losses) on sales of loans and leases, and a $0.6 million recovery of prior loan servicing rights impairment, included in other noninterest income. Adjusted noninterest income for the first quarter of 2020 was $145.2 million, compared to $165.6 million in the fourth quarter of 2019 (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables). The first quarter of 2020 also included a $6.0 million favorable interest rate swap mark-to-market adjustment resulting from changes in the interest rate environment, included in other noninterest income, a $7.7 million increase in net gains on sales of loans and leases, and decreases of $13.1 million in leasing revenue, primarily due to a seasonal decline in sales-type leasing revenue, and of $4.8 million and $3.1 million in service charges on deposit accounts and card and ATM revenue, respectively. The fourth quarter of 2019 included a $3.7 million gain on sale of loans and leases related to a nonaccrual and TDR loan sale, included in net gains (losses) on sales of loans and leases and a $2.4 million favorable interest rate swap mark-to-market adjustment resulting from changes in the interest rate environment, included in other noninterest income.

Noninterest Expense

Noninterest expense was $374.6 million for the first quarter of 2020, a decrease of $42.0 million, or 10.1%, from the fourth quarter of 2019. The first quarter of 2020 included $36.7 million of merger-related expenses, compared to $47.0 million for the fourth quarter of 2019. Noninterest expense also included $3.1 million of expense related to the sale of the Legacy TCF auto finance portfolio ($1.6 million in occupancy and equipment expense, $0.9 million in compensation and employee benefits and $0.6 million in other noninterest expense) considered a notable item for the first quarter of 2020. Noninterest expense for the fourth quarter of 2019 included the following notable items: $6.3 million of expense related to pension fair valuation adjustment on plans with previously announced terminations, included in other noninterest expense, $4.6 million of expense related to the sale of the Legacy TCF auto finance portfolio ($2.2 million in other noninterest expense, $1.5 million in occupancy and equipment expense and $0.9 million in compensation and employee benefits) and $3.5 million of expense related to branch exit costs, included in other noninterest expense. Excluding merger-related expenses and notable items, adjusted noninterest expense was $334.8 million for the first quarter of 2020, compared to $355.0 million for the fourth quarter of 2019 (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables). The first quarter of 2020 also included $1.5 million of impairment related to federal historic tax credits placed into service, included in other noninterest expense. The fourth quarter of 2019 also included $4.0 million of impairment related to federal historic tax credits placed into service, included in other noninterest expense, and a $1.3 million impairment charge recognized on a branch we intend to sell in the future, included within occupancy and equipment expense.

Income Tax Expense

Income tax expense for the first quarter of 2020 was $13.1 million, a decrease of $8.3 million, or 38.8%, from the fourth quarter of 2019. The fourth quarter of 2019 included a $3.6 million federal historic tax credit benefit and a $3.8 million tax basis adjustment benefit.

Credit Quality

Provision for credit losses Provision for credit losses was $96.9 million for the first quarter of 2020, an increase of $82.5 million, from the fourth quarter of 2019. The increase from the fourth quarter of 2019 was primarily due to the recognition of an economic downturn related to COVID-19 (increased provision for credit losses on loans and leases by $74.1 million, $70.5 million related to the provision for credit losses on loans and leases and $3.6 million related to the provision for unfunded commitments) and the adoption of a new accounting standard, often referred to as Current Expected Credit Losses ("CECL"). This framework requires that management estimate credit losses over the full remaining expected life and consider expected future changes in macroeconomic conditions. As a result of the adoption of CECL, the provision for credit losses now includes the provision for unfunded commitment that was previously included within other noninterest expense. The first quarter of 2020 provision for unfunded commitments was $4.0 million. Provision for credit losses for the fourth quarter of 2019 was reduced by $4.7 million of recoveries of previous charge-offs related to the sale of consumer nonaccrual and TDR loans.

Net charge-off rate The annualized net charge-offs as a percentage of average loans and leases was 0.06% for the first quarter of 2020, down 1 basis point from the fourth quarter of 2019. Net charge-offs for the fourth quarter of 2019 were reduced by $4.7 million of recoveries of previous charge-offs related to the sale of consumer nonaccrual and TDR loans.

Allowance for Credit Losses Allowance for credit losses was $406.4 million, or 1.13% of total loans and leases, at March 31, 2020, up from $113.1 million, or 0.33%, at December 31, 2019. The increase from December 31, 2019 was primarily due to the adoption of CECL and the impact of COVID-19 (increased the allowance for credit losses by $70.5 million) and the adoption of CECL as of January 1, 2020. Upon adoption of CECL, $206.0 million was recorded as an increase in the allowance for credit losses. Prior to the adoption of CECL, the allowance for credit losses was calculated under an incurred loss model which delayed recognition of loss until it was probable the loss had been incurred in comparison to the accounting under CECL which considers current credit losses expected to be incurred in the loan and lease portfolios over the life of each financial asset.

Nonaccrual loans and leases Nonaccrual loans and leases were $250.5 million at March 31, 2020 and represented 0.70% of total loans and leases, compared to $169.7 million, or 0.49% of total loans and leases, at December 31, 2019. The $80.8 million increase in nonaccrual loans and leases from December 31, 2019 was substantially driven by the adoption of CECL ($73.4 million of loans previously accounted for as purchased credit impaired were reclassified to nonaccrual loans as of January 1, 2020 due to the adoption of CECL).

Balance Sheet

Loans and leases Loans and leases were $35.9 billion at March 31, 2020, an increase of $1.4 billion, or 4.1%, compared to $34.5 billion at December 31, 2019. The increase from December 31, 2019 was primarily due to growth in the commercial and industrial, commercial real estate and residential mortgage portfolios.

Investment securities The investment securities portfolio was $7.2 billion at March 31, 2020, an increase of $301.4 million, or 4.4%, compared to $6.9 billion at December 31, 2019. The increase from December 31, 2019 was primarily due to purchases of residential agency mortgage-backed securities.

Deposits Deposits were $35.8 billion at March 31, 2020, an increase of $1.3 billion, or 3.9%, compared to $34.5 billion at December 31, 2019. The increase from December 31, 2019 was primarily due to increases in money market deposits of $535.2 million, checking deposit account balances of $322.9 million and savings account balances of $197.8 million, reflecting seasonal increases in addition to lower consumer spending.

Capital The common equity Tier 1 capital ratio was 10.44% at March 31, 2020, compared to 10.99% at December 31, 2019. Our capital ratios as of March 31, 2020 reflect our election of the five-year CECL transition for regulatory capital purposes.

In response to the COVID-19 pandemic, TCF temporarily suspended buybacks under its share repurchase program, but retains the ability to reinstate as circumstances warrant. TCF is well positioned with strong capital and liquidity and is committed to supporting our customers, team members and communities.

TCF's board of directors also declared a regular quarterly cash dividend of $0.35 per common share payable on June 1, 2020 to shareholders of record at the close of business on May 15, 2020. In addition, the board of directors declared a quarterly cash dividend of $0.35625 per depositary share payable on June 1, 2020 to shareholders of record of the depositary shares, representing a 1/1,000th interest in a share of the 5.70% Series C Non-Cumulative Perpetual Preferred Stock, at the close of business on May 15, 2020.

Conference Call Details TCF will host a conference call to discuss first quarter 2020 results on Tuesday, April 28, 2020 at 10:00 a.m. Eastern Time. The conference call will be available via a live webcast on the Investor Relations section of TCF's website, ir.tcfbank.com, and archived for replay. The conference call can also be accessed by dialing (844) 512-2926 and entering access code 6598992. To listen to the replay via phone, please dial (877) 344-7529 and enter access code 10141568. The replay begins approximately one hour after the call is completed on Tuesday, April 28, 2020 and will be available through Tuesday, May 5, 2020.

TCF Financial Corporation (NASDAQ: TCF) is a Detroit, Michigan-based financial holding company with $49 billion in total assets at March 31, 2020 and a top 10 deposit market share in the Midwest. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF has approximately 500 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Arizona, Colorado, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses. To learn more about TCF, visit ir.tcfbank.com.

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 Corporation's businesses and their respective markets, such as projections of future performance, targets, guidance, statements of the Corporation's plans and objectives, forecasts of market trends and other matters are forward-looking statements based on the Corporation'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 Corporation's future results to differ materially from those expressed or implied in any forward-looking statements contained herein. These factors include the factors discussed in Part I, Item 1A of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019 under the heading "Risk Factors" or otherwise disclosed in documents filed or furnished by the Corporation with or to the SEC after the filing of such Annual Report on Form 10-K, 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.

This release also contains forward-looking statements regarding TCF’s outlook or expectations with respect to the merger. Examples of forward-looking statements include, but are not limited to, statements regarding outlook and expectations with respect to the strategic and financial benefits of the merger, including the expected impact of the transaction on TCF’s future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period and other operating and return metrics), the expected costs to be incurred in connection with the merger, and operational aspects of post-merger integration.

Use of Non-GAAP Financial Measures

Management uses the adjusted net income, adjusted diluted earnings per common share, adjusted ROAA, adjusted ROACE, ROATCE, adjusted ROATCE, adjusted efficiency ratio, adjusted net interest income, net interest margin (FTE), adjusted net interest margin (FTE), adjusted noninterest income, adjusted noninterest expense, tangible book value per common share and tangible common equity to tangible assets internally to measure performance and believes that these financial measures not recognized under generally accepted accounting principles in the United States ("GAAP") (i.e. non-GAAP) provide meaningful information to investors that will permit them to assess the Corporation's capital and ability to withstand unexpected market or economic conditions and to assess the performance of the Corporation in relation to other banking institutions on the same basis as that applied by management, analysts and banking regulators. TCF adjusts certain results to exclude merger-related expenses and notable items in addition to presenting net interest income and net interest margin (FTE) excluding purchase accounting accretion and amortization. Management believes these measures are useful to investors in understanding TCF's business and operating results.

These non-GAAP financial measures are not defined by GAAP and other entities may calculate them differently than TCF does. Non-GAAP financial measures have inherent limitations and are not required to be uniformly applied. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a corporation, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP. In particular, a measure of earnings that excludes selected items does not represent the amount that effectively accrues directly to shareholders. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measure may be found in the reconciliation tables included in this press release.



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Condition (Unaudited)
																Change From
(Dollars in thousands)	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31, 2019					Mar. 31, 2019
	2020			2019			2019			2019			2019			$			%		$			%
ASSETS:
Cash and cash equivalents:
Cash and due from banks	$	713,413		$	491,787		$	586,060		$	294,566		$	283,659		$	221,626		45.1	%	$	429,754		151.5%
Interest-bearing deposits with other banks	565,458			736,584			736,954			260,705			180,163			(171,126		)	(23.2	)	385,295			N.M.
Total cash and cash equivalents	1,278,871			1,228,371			1,323,014			555,271			463,822			50,500			4.1		815,049			175.7
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	484,461			442,440			290,238			105,659			103,644			42,021			9.5		380,817			N.M.
Investment securities:
Available-for-sale, at fair value	7,025,224			6,720,001			5,579,835			3,109,803			2,945,342			305,223			4.5		4,079,882			138.5
Held-to-maturity, at amortized cost	135,619			139,445			144,000			144,919			148,024			(3,826		)	(2.7	)	(12,405		)	(8.4)
Total investment securities	7,160,843			6,859,446			5,723,835			3,254,722			3,093,366			301,397			4.4		4,067,477			131.5
Loans and leases held-for-sale	287,177			199,786			1,436,069			74,410			64,468			87,391			43.7		222,709			N.M.
Loans and leases	35,921,614			34,497,464			33,510,752			19,185,137			19,384,210			1,424,150			4.1		16,537,404			85.3
Allowance for credit losses	(406,383		)	(113,052		)	(121,218		)	(146,503		)	(147,972		)	(293,331		)	N.M.		(258,411		)	(174.6)
Loans and leases, net	35,515,231			34,384,412			33,389,534			19,038,634			19,236,238			1,130,819			3.3		16,278,993			84.6
Premises and equipment, net	516,454			533,138			554,194			432,751			429,711			(16,684		)	(3.1	)	86,743			20.2
Goodwill	1,313,046			1,299,878			1,265,111			154,757			154,757			13,168			1.0		1,158,289			N.M.
Other intangible assets, net	162,887			168,368			215,910			18,885			19,684			(5,481		)	(3.3)		143,203			N.M.
Loan servicing rights	47,283			56,313			55,301			19			20			(9,030		)	(16.0	)	47,263			N.M.
Other assets	1,828,130			1,479,401			1,439,305			991,722			853,005			348,729			23.6		975,125			114.3
Total assets	$	48,594,383		$	46,651,553		$	45,692,511		$	24,626,830		$	24,418,715		$	1,942,830		4.2		$	24,175,668		99.0
LIABILITIES AND EQUITY:
Deposits:
Noninterest-bearing	$	8,237,916		$	7,970,590		$	7,979,900		$	4,062,912		$	4,104,652		$	267,326		3.4%		$	4,133,264		100.7%
Interest-bearing	27,561,387			26,497,873			27,306,174			15,049,475			14,919,459			1,063,514			4.0		12,641,928			84.7
Total deposits	35,799,303			34,468,463			35,286,074			19,112,387			19,024,111			1,330,840			3.9		16,775,192			88.2
Short-term borrowings	3,482,535			2,669,145			2,607,300			350,764			355,992			813,390			30.5		3,126,543			N.M.
Long-term borrowings	2,600,594			2,354,448			860,482			1,617,531			1,411,426			246,146			10.5		1,189,168			84.3
Other liabilities	1,056,118			1,432,256			1,245,238			835,630			981,341			(376,138		)	(26.3)		74,777			7.6
Total liabilities	42,938,550			40,924,312			39,999,094			21,916,312			21,772,870			2,014,238			4.9		21,165,680			97.2
Equity:
Preferred stock	169,302			169,302			169,302			169,302			169,302			—			—		—			—
Common stock	152,186			152,966			153,571			87,944			88,063			(780		)	(0.5)		64,123			72.8
Additional paid-in capital	3,433,234			3,462,080			3,478,159			781,788			789,467			(28,846		)	(0.8)		2,643,767			N.M.
Retained earnings	1,732,932			1,896,427			1,840,214			1,874,308			1,810,701			(163,495		)	(8.6)		(77,769)			(4.3)
Accumulated other comprehensive income	166,170			54,277			56,228			37,334			5,481			111,893			N.M.		160,689			N.M.
Treasury stock at cost and other	(28,140		)	(28,037		)	(27,370		)	(265,016		)	(246,621		)	(103		)	(0.4)		218,481			88.6
Total TCF Financial Corporation shareholders' equity	5,625,684			5,707,015			5,670,104			2,685,660			2,616,393			(81,331		)	(1.4)		3,009,291			115.0
Non-controlling interest	30,149			20,226			23,313			24,858			29,452			9,923			49.1		697			2.4
Total equity	5,655,833			5,727,241			5,693,417			2,710,518			2,645,845			(71,408		)	(1.2)		3,009,988			113.8
Total liabilities and equity	$	48,594,383		$	46,651,553		$	45,692,511		$	24,626,830		$	24,418,715		$	1,942,830		4.2		$	24,175,668		99.0

N.M. Not Meaningful



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)

	Quarter Ended											Change From
(Dollars in thousands)	Mar. 31,		Dec. 31,		Sep. 30,			Jun. 30,		Mar. 31,		Dec. 31, 2019					Mar. 31, 2019
(Dollars in thousands)	2020		2019		2019			2019		2019		$			%		$			%
Interest income:
Interest and fees on loans and leases	$	443,096	$	446,738	$	417,370		$	283,282	$	283,238	$	(3,642	)	(0.8	)%	$	159,858		56.4	%
Interest on investment securities:
Taxable	40,920		36,282		31,038			22,041		16,666		4,638			12.8		24,254			145.5
Tax-exempt	4,349		4,374		3,385			1,208		2,684		(25		)	(0.6	)	1,665			62.0
Interest on loans held-for-sale	1,561		15,767		1,408			599		825		(14,206		)	(90.1	)	736			89.2
Interest on other earning assets	5,466		6,617		6,607			3,651		3,481		(1,151		)	(17.4	)	1,985			57.0
Total interest income	495,392		509,778		459,808			310,781		306,894		(14,386		)	(2.8	)	188,498			61.4
Interest expense:
Interest on deposits	67,419		77,003		70,900			40,646		37,608		(9,584		)	(12.4	)	29,811			79.3
Interest on borrowings	26,492		24,022		17,115			16,078		14,857		2,470			10.3		11,635			78.3
Total interest expense	93,911		101,025		88,015			56,724		52,465		(7,114		)	(7.0	)	41,446			79.0
Net interest income	401,481		408,753		371,793			254,057		254,429		(7,272		)	(1.8	)	147,052			57.8
Provision for credit losses	96,943		14,403		27,188			13,569		10,122		82,540			N.M.		86,821			N.M.
Net interest income after provision for credit losses	304,538		394,350		344,605			240,488		244,307		(89,812		)	(22.8	)	60,231			24.7
Noninterest income:
Fees and service charges on deposit accounts	34,597		39,356		34,384			27,842		26,278		(4,759		)	(12.1	)	8,319			31.7
Leasing revenue	33,565		46,686		39,590			39,277		38,165		(13,121		)	(28.1	)	(4,600		)	(12.1	)
Card and ATM revenue	21,685		24,751		23,315			20,496		18,659		(3,066		)	(12.4	)	3,026			16.2
Net gains (losses) on sales of loans and leases	20,590		12,934		(5,984		)	11,141		8,217		7,656			59.2		12,373			150.6
Servicing fee revenue	6,792		6,022		5,121			4,523		5,110		770			12.8		1,682			32.9
Wealth management revenue	6,151		6,172		4,241			—		—		(21		)	(0.3	)	6,151			N.M.
Net gains on investment securities	—		8		5,900			1,066		451		(8		)	(100.0	)	(451		)	(100.0	)
Other	13,583		22,123		(12,309		)	5,373		6,624		(8,540		)	(38.6	)	6,959			105.1
Total noninterest income	136,963		158,052		94,258			109,718		103,504		(21,089		)	(13.3	)	33,459			32.3
Noninterest expense:
Compensation and employee benefits	171,528		180,969		155,745			116,266		123,942		(9,441		)	(5.2	)	47,586			38.4
Occupancy and equipment	57,288		56,771		49,229			41,850		41,710		517			0.9		15,578			37.3
Lease financing equipment depreciation	18,450		18,629		19,408			19,133		19,256		(179		)	(1.0	)	(806		)	(4.2	)
Net foreclosed real estate and repossessed assets	1,859		4,242		2,203			2,448		4,630		(2,383		)	(56.2	)	(2,771		)	(59.8	)
Merger-related expenses	36,728		47,025		111,259			4,226		9,458		(10,297		)	(21.9	)	27,270			N.M.
Other	88,746		108,935		87,776			52,926		54,079		(20,189		)	(18.5	)	34,667			64.1
Total noninterest expense	374,599		416,571		425,620			236,849		253,075		(41,972		)	(10.1	)	121,524			48.0
Income before income tax expense	66,902		135,831		13,243			113,357		94,736		(68,929		)	(50.7	)	(27,834		)	(29.4	)
Income tax expense (benefit)	13,086		21,375		(11,735		)	19,314		21,287		(8,289		)	(38.8	)	(8,201		)	(38.5	)
Income after income tax expense	53,816		114,456		24,978			94,043		73,449		(60,640		)	(53.0	)	(19,633		)	(26.7	)
Income attributable to non-controlling interest	1,917		2,057		2,830			3,616		2,955		(140		)	(6.8	)	(1,038		)	(35.1	)
Net income attributable to TCF Financial Corporation	51,899		112,399		22,148			90,427		70,494		(60,500		)	(53.8	)	(18,595		)	(26.4	)
Preferred stock dividends	2,493		2,494		2,494			2,494		2,493		(1		)	—		—			—
Net income available to common shareholders	$	49,406	$	109,905	$	19,654		$	87,933	$	68,001	$	(60,499	)	(55.0	)	$	(18,595	)	(27.3	)

N.M. Not Meaningful



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields and Rates (Unaudited)
	Quarter Ended
	Mar. 31, 2020						Dec. 31, 2019						Mar. 31, 2019
	Average					Yields &	Average					Yields &	Average					Yields &
(Dollars in thousands)	Balance		Interest⁽¹⁾			Rates⁽¹⁾⁽²⁾	Balance		Interest⁽¹⁾			Rates⁽¹⁾⁽²⁾	Balance		Interest⁽¹⁾			Rates⁽¹⁾⁽²⁾
ASSETS:
Federal Home Loan Bank and Federal Reserve Bank stocks	$	454,675	$	3,152		2.79%	$	388,640	$	3,170		3.24%	$	105,135	$	961		3.70%
Investment securities held-to-maturity	136,277		560			1.64	140,434		889			2.53	147,556		535			1.45
Investment securities available-for-sale:
Taxable	5,892,006		40,360			2.74	4,960,520		35,393			2.85	2,121,196		16,131			3.04
Tax-exempt⁽³⁾	773,468		5,503			2.85	778,994		5,536			2.84	516,995		3,397			2.63
Loans and leases held-for-sale	138,058		1,561			4.53	1,121,326		15,767			5.58	55,204		825			6.05
Loans and leases⁽³⁾⁽⁴⁾
Commercial and industrial	11,827,315		160,802			5.42	10,955,937		156,246			5.63	6,495,163		106,716			6.63
Commercial real estate	9,291,540		117,743			5.01	9,057,834		124,431			5.38	2,917,631		37,737			5.17
Lease financing	2,682,323		34,156			5.09	2,616,360		33,431			5.11	2,527,346		32,384			5.13
Residential mortgage	6,113,279		61,379			4.02	6,023,647		61,072			4.05	2,345,881		29,458			5.07
Consumer installment	1,517,412		19,742			5.23	1,546,952		19,382			4.97	1,852,813		25,500			5.58
Home equity	3,514,278		51,103			5.85	3,604,153		53,910			5.93	3,048,128		52,452			6.98
Total loans and leases⁽³⁾⁽⁴⁾	34,946,147		444,925			5.08	33,804,883		448,472			5.24	19,186,962		284,247			5.97
Interest-bearing deposits with banks and other	538,971		2,314			1.72	656,555		3,448			2.07	261,556		2,520			3.87
Total interest-earning assets	42,879,602		498,375			4.64	41,851,352		512,675			4.85	22,394,604		308,616			5.55
Other assets	4,105,824						4,268,162						1,712,337
Total assets	$	46,985,426					$	46,119,514					$	24,106,941
LIABILITIES AND EQUITY:
Noninterest-bearing deposits	$	7,929,933					$	7,968,769					$	3,919,746
Interest-bearing deposits:
Checking	5,990,309		5,830			0.39%	5,891,566		7,614			0.51%	2,457,767		387			0.06%
Savings	8,589,815		13,669			0.64	8,404,460		14,993			0.71	6,253,992		10,670			0.69
Money market	4,792,248		14,855			1.25	4,463,476		15,537			1.38	1,490,631		4,453			1.21
Certificates of deposit	7,329,632		33,065			1.81	7,825,573		38,859			1.97	4,622,120		22,098			1.94
Total interest-bearing deposits	26,702,004		67,419			1.02	26,585,075		77,003			1.15	14,824,510		37,608			1.03
Total deposits	34,631,937		67,419			0.78	34,553,844		77,003			0.88	18,744,256		37,608			0.81
Borrowings:
Short-term borrowings	2,689,262		10,582			1.56	2,585,682		11,403			1.73	293,499		1,957			2.67
Long-term borrowings	2,608,204		15,910			2.42	1,739,852		12,620			2.87	1,500,832		12,900			3.44
Total borrowings	5,297,466		26,492			1.98	4,325,534		24,023			2.19	1,794,331		14,857			3.31
Total interest-bearing liabilities	31,999,470		93,911			1.18	30,910,609		101,026			1.29	16,618,841		52,465			1.28
Total deposits and borrowings	39,929,403		93,911			0.94	38,879,378		101,026			1.03	20,538,587		52,465			1.03
Accrued expenses and other liabilities	1,425,536						1,549,017						989,104
Total liabilities	41,354,939						40,428,395						21,527,691
Total TCF Financial Corporation shareholders' equity	5,605,159						5,667,436						2,554,729
Non-controlling interest in subsidiaries	25,328						23,683						24,521
Total equity	5,630,487						5,691,119						2,579,250
Total liabilities and equity	$	46,985,426					$	46,119,514					$	24,106,941
Net interest spread (FTE)						3.70%						3.82%						4.52%
Net interest income(FTE) and net interest margin(FTE)			$	404,464		3.76%			$	411,649		3.89%			$	256,151		4.61%
Reconciliation to Reported Net Interest Income
Net interest income (FTE)			$	404,464					$	411,649					$	256,151
Adjustments for taxable equivalent interest⁽¹⁾⁽³⁾
Loans and leases			(1,829		)				(1,734		)				(1,009		)
Tax-exempt investment securities			(1,154		)				(1,162		)				(713		)
Total FTE adjustments			(2,983		)				(2,896		)				(1,722		)
Net interest income (GAAP)			$	401,481					$	408,753					$	254,429
Net interest margin (GAAP)			3.73		%				3.86		%				4.58		%


(1)	Interest and yields are presented on a fully tax-equivalent basis.


(2)	Annualized.


(3)	The yield on tax-exempt loans and investment securities available-for-sale is computed on a tax-equivalent basis using a statutory federal income tax rate of 21%.


(4)	Average balances of loans and leases include nonaccrual loans and leases and are presented net of unearned income.



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Quarterly Average Balance Sheets (Unaudited)

	Quarter Ended										Change From
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31, 2019					Mar. 31, 2019
(Dollars in thousands)	2020		2019		2019		2019		2019		$			%		$			%
ASSETS:
Federal Home Loan Bank and Federal Reserve Bank stocks	$	454,675	$	388,640	$	230,767	$	112,118	$	105,135	$	66,035		17.0	%	$	349,540		N.M.
Investment securities held-to-maturity	136,277		140,434		143,078		146,296		147,556		(4,157		)	(3.0	)	(11,279		)	(7.6	)%
Investment securities available-for-sale:
Taxable	5,892,006		4,960,520		4,232,878		2,711,984		2,121,196		931,486			18.8		3,770,810			177.8
Tax-exempt	773,468		778,994		643,576		222,534		516,995		(5,526		)	(0.7	)	256,473			49.6
Loans and leases held-for-sale	138,058		1,121,326		118,482		40,835		55,204		(983,268		)	(87.7	)	82,854			150.1
Loans and leases⁽¹⁾ :
Commercial and industrial	11,827,315		10,955,937		9,290,978		6,683,060		6,495,163		871,378			8.0		5,332,152			82.1
Commercial real estate	9,291,540		9,057,834		6,964,643		3,069,969		2,917,631		233,706			2.6		6,373,909			N.M.
Lease financing	2,682,323		2,616,360		2,570,567		2,565,175		2,527,346		65,963			2.5		154,977			6.1
Residential mortgage	6,113,279		6,023,647		4,853,627		2,337,818		2,345,881		89,632			1.5		3,767,398			160.6
Consumer installment	1,517,412		1,546,952		2,389,830		1,586,633		1,852,813		(29,540		)	(1.9	)	(335,401		)	(18.1	)
Home equity	3,514,278		3,604,153		3,433,830		2,997,050		3,048,128		(89,875		)	(2.5	)	466,150			15.3
Total loans and leases⁽¹⁾	34,946,147		33,804,883		29,503,475		19,239,705		19,186,962		1,141,264			3.4		15,759,185			82.1
Interest-bearing deposits with banks and other	538,971		656,555		933,014		280,075		261,556		(117,584		)	(17.9	)	277,415			106.1
Total interest-earning assets	42,879,602		41,851,352		35,805,270		22,753,547		22,394,604		1,028,250			2.5		20,484,998			91.5
Other assets	4,105,824		4,268,162		3,289,096		1,730,275		1,712,337		(162,338		)	(3.8	)	2,393,487			139.8
Total assets	$	46,985,426	$	46,119,514	$	39,094,366	$	24,483,822	$	24,106,941	$	865,912		1.9		$	22,878,485		94.9
LIABILITIES AND EQUITY:
Noninterest-bearing deposits	$	7,929,933	$	7,968,769	$	6,564,195	$	3,980,811	$	3,919,746	$	(38,836	)	(0.5	)	$	4,010,187		102.3	%
Interest-bearing deposits:
Checking	5,990,309		5,891,566		4,805,843		2,479,814		2,457,767		98,743			1.7		3,532,542			143.7
Savings	8,589,815		8,404,460		7,676,165		6,452,510		6,253,992		185,355			2.2		2,335,823			37.3
Money market	4,792,248		4,463,476		3,490,922		1,430,556		1,490,631		328,772			7.4		3,301,617			N.M.
Certificates of deposit	7,329,632		7,825,573		7,320,720		4,527,822		4,622,120		(495,941		)	(6.3	)	2,707,512			58.6
Total interest-bearing deposits	26,702,004		26,585,075		23,293,650		14,890,702		14,824,510		116,929			0.4		11,877,494			80.1
Total deposits	34,631,937		34,553,844		29,857,845		18,871,513		18,744,256		78,093			0.2		15,887,681			84.8
Borrowings:
Short-term borrowings	2,689,262		2,585,682		1,884,228		321,043		293,499		103,580			4.0		2,395,763			N.M.
Long-term borrowings	2,608,204		1,739,852		1,472,150		1,657,527		1,500,832		868,352			49.9		1,107,372			73.8
Total borrowings	5,297,466		4,325,534		3,356,378		1,978,570		1,794,331		971,932			22.5		3,503,135			195.2
Total interest-bearing liabilities	31,999,470		30,910,609		26,650,028		16,869,272		16,618,841		1,088,861			3.5		15,380,629			92.5
Total deposits and borrowings	39,929,403		38,879,378		33,214,223		20,850,083		20,538,587		1,050,025			2.7		19,390,816			94.4
Accrued expenses and other liabilities	1,425,536		1,549,017		1,197,014		969,723		989,104		(123,481		)	(8.0	)	436,432			44.1
Total liabilities	41,354,939		40,428,395		34,411,237		21,819,806		21,527,691		926,544			2.3		19,827,248			92.1
Total TCF Financial Corporation shareholders' equity	5,605,159		5,667,436		4,657,613		2,634,386		2,554,729		(62,277		)	(1.1	)	3,050,430			119.4
Non-controlling interest in subsidiaries	25,328		23,683		25,516		29,630		24,521		1,645			6.9		807			3.3
Total equity	5,630,487		5,691,119		4,683,129		2,664,016		2,579,250		(60,632		)	(1.1	)	3,051,237			118.3
Total liabilities and equity	$	46,985,426	$	46,119,514	$	39,094,366	$	24,483,822	$	24,106,941	$	865,912		1.9		$	22,878,485		94.9

N.M. Not Meaningful


(1)	Average balances of loans and leases include nonaccrual loans and leases and are presented net of unearned income.



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Quarterly Yields and Rates⁽¹⁾⁽²⁾ (Unaudited)

	Quarter Ended										Change From
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Mar. 31,
	2020		2019		2019		2019		2019		2019		2019
ASSETS:
Federal Home Loan Bank and Federal Reserve Bank stocks	2.79	%	3.24	%	1.39	%	3.91	%	3.70	%	(45)	bps	(91)	bps
Investment securities held-to-maturity	1.64		2.53		1.68		2.53		1.45		(89)		19
Investment securities available-for-sale:
Taxable	2.74		2.85		2.88		3.11		3.04		(11)		(30)
Tax-exempt⁽³⁾	2.85		2.84		2.66		2.75		2.63		1		22
Loans and leases held-for-sale	4.53		5.58		4.74		5.88		6.05		(105)		(152)
Loans and leases⁽³⁾
Commercial and industrial	5.42		5.63		6.25		6.56		6.63		(21)		(121)
Commercial real estate	5.01		5.38		5.45		5.05		5.17		(37)		(16)
Lease financing	5.09		5.11		5.11		5.13		5.13		(2)		(4)
Residential mortgage	4.02		4.05		4.23		4.91		5.07		(3)		(105)
Consumer installment	5.23		4.97		5.73		5.63		5.58		26		(35)
Home equity	5.85		5.93		6.49		6.90		6.98		(8)		(113)
Total loans and leases⁽³⁾	5.08		5.24		5.62		5.91		5.97		(16)		(89)
Interest-bearing deposits with banks and other	1.72		2.07		2.44		3.64		3.87		(35)		(215)

Total interest-earning assets	4.64		4.85		5.11		5.48		5.55		(21)		(91)

LIABILITIES:
Interest-bearing deposits:
Checking	0.39		0.51		0.46		0.07		0.06		(12)		33
Savings	0.64		0.71		0.73		0.77		0.69		(7)		(5)
Money market	1.25		1.38		1.48		1.29		1.21		(13)		4
Certificates of deposit	1.81		1.97		2.07		2.06		1.94		(16)		(13)
Total interest-bearing deposits	1.02		1.15		1.21		1.09		1.03		(13)		(1)
Total deposits	0.78		0.88		0.94		0.86		0.81		(10)		(3)
Borrowings:
Short-term borrowings	1.56		1.73		1.11		2.63		2.67		(17)		(111)
Long-term borrowings	2.42		2.87		3.17		3.34		3.44		(45)		(102)
Total borrowings	1.98		2.19		2.01		3.23		3.31		(21)		(133)

Total interest-bearing liabilities	1.18		1.29		1.31		1.34		1.28		(11)		(10)

Net interest margin (FTE)	3.76		3.89		4.14		4.49		4.61		(13)		(85)


(1)	Annualized.


(2)	Yields are presented on a fully tax-equivalent basis.


(3)	The yield on tax-exempt loans and investment securities available-for-sale is computed on a tax-equivalent basis using a statutory federal income tax rate of 21%.



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Composition of Loans (Unaudited)

	Quarter Ended										Change From
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31, 2019				Mar. 31, 2019
(Dollars in thousands)	2020		2019		2019		2019		2019		$			%	$
Commercial and industrial	$	12,326,943	$	11,439,602	$	10,913,343	$	6,666,106	$	6,852,373	$	887,341		7.8%	$	5,474,570
Commercial real estate	9,486,904		9,136,870		8,773,970		3,168,774		2,904,379		350,034			3.8	6,582,525
Lease financing	2,708,998		2,699,869		2,594,373		2,582,613		2,551,344		9,129			0.3	157,654
Total commercial loan and lease portfolio	24,522,845		23,276,341		22,281,686		12,417,493		12,308,096		1,246,504			5.4	12,214,749
Residential mortgage	6,435,314		6,179,805		6,057,404		2,368,411		2,376,878		255,509			4.1	4,058,436
Consumer installment	1,509,953		1,542,411		1,562,252		1,474,480		1,722,557		(32,458		)	(2.1)	(212,604		)
Home equity	3,453,502		3,498,907		3,609,410		2,924,753		2,976,679		(45,405		)	(1.3)	476,823
Total consumer loan portfolio	11,398,769		11,221,123		11,229,066		6,767,644		7,076,114		177,646			1.6	4,322,655
Total	$	35,921,614	$	34,497,464	$	33,510,752	$	19,185,137	$	19,384,210	$	1,424,150		4.1	$	16,537,404



Composition of Deposits (Unaudited)

	Quarter Ended										Change From
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31, 2019			Mar. 31, 2019
(Dollars in thousands)	2020		2019		2019		2019		2019		$		%	$
Noninterest-bearing deposits	$	8,237,916	$	7,970,590	$	7,979,900	$	4,062,912	$	4,104,652	$	267,326	3.4%	$	4,133,264
Interest-bearing deposits:
Checking	6,289,046		5,966,178		6,266,740		2,498,042		2,532,688		322,868		5.4	3,756,358
Savings	8,703,864		8,506,058		8,347,541		6,503,102		6,426,465		197,806		2.3	2,277,399
Money market	5,105,285		4,570,081		4,305,921		1,443,004		1,468,308		535,204		11.7	3,636,977
Certificates of deposit	7,463,192		7,455,556		8,385,972		4,605,327		4,491,998		7,636		0.1	2,971,194
Total interest-bearing deposits	27,561,387		26,497,873		27,306,174		15,049,475		14,919,459		1,063,514		4.0	12,641,928
Total deposits	$	35,799,303	$	34,468,463	$	35,286,074	$	19,112,387	$	19,024,111	$	1,330,840	3.9	$	16,775,192



Summary of Credit Quality Data

Allowance for Credit Losses (Unaudited)

	Mar. 31,				Jan. 1,		Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,
	2020				2020		2019				2019				2019				2019
(Dollars in thousands)	Balance		% of Portfolio		Adjusted for adoption of CECL		Balance		% of Portfolio		Balance		% of Portfolio		Balance		% of Portfolio		Balance		% of Portfolio
Commercial and industrial	$	117,507		0.95%	$	93,884	$	42,430		0.38%	$	39,974		0.37%	$	38,605		0.59%	$	38,639		0.57%
Commercial real estate	86,209			0.91	67,620		27,308			0.29	24,090			0.27	22,747			0.70	20,659			0.70
Lease financing	27,610			1.02	21,631		14,742			0.55	14,367			0.55	14,440			0.56	14,377			0.56
Residential mortgage	97,185			1.51	72,939		8,099			0.13	19,816			0.33	21,102			0.89	20,281			0.85
Consumer installment	20,178			1.34	15,967		2,678			0.17	1,859			0.12	26,731			1.81	30,477			1.77
Home equity	57,694			1.67	47,003		17,795			0.51	21,112			0.58	22,878			0.78	23,539			0.79
Total	$	406,383		1.13%	$	319,044	$	113,052		0.33%	$	121,218		0.36%	$	146,503		0.76%	$	147,972		0.76%



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Summary of Credit Quality Data (Unaudited), Continued

Changes in Allowance for Credit Losses

	Quarter Ended															Change From
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Mar. 31,
(Dollars in thousands)	2020			2019			2019			2019			2019			2019			2019
Balance, beginning of period	$	113,052		$	121,218		$	146,503		$	147,972		$	157,446		$	(8,166	)	$	(44,394	)
Impact of CECL adoption	205,992			—			—			—			—			205,992			205,992
Adjusted balance, beginning of period	319,044			121,218			146,503			147,972			157,446			197,826			161,598
Charge-offs	(15,649		)	(16,891		)	(35,547		)	(21,066		)	(24,431		)	1,242			8,782
Recoveries	10,172			10,654			6,969			6,984			5,777			(482		)	4,395
Net (charge-offs) recoveries	(5,477		)	(6,237		)	(28,578		)	(14,082		)	(18,654		)	760			13,177
Provision for credit losses related to loans and leases⁽¹⁾	92,990			14,403			27,188			13,569			10,122			78,587			82,868
Other⁽²⁾	(174		)	(16,332		)	(23,895		)	(956		)	(942		)	16,158			768
Balance, end of period	$	406,383		$	113,052		$	121,218		$	146,503		$	147,972		$	293,331		$	258,411


(1)	Provision for credit losses related to loans and leases excludes the provision related to the unfunded commitment liability of $4.0 million and other assets from the total provision for credit losses for the three months ended March 31, 2020.


(2)	Primarily includes the transfer of the allowance for credit losses to loans and leases held-for-sale.



Net Charge-offs

	Quarter Ended
	Mar. 31,					Dec. 31,					Sep. 30,					Jun. 30,					Mar. 31,
	2020					2019					2019					2019					2019
(Dollars in thousands)	Balance			Rate⁽¹⁾		Balance			Rate⁽¹⁾		Balance			Rate⁽¹⁾		Balance			Rate⁽¹⁾		Balance			Rate⁽¹⁾
Commercial and industrial	$	(4,022	)	0.14	%	$	(5,736	)	0.21	%	$	(17,631	)	0.76	%	$	(5,820	)	0.35	%	$	(5,259	)	0.32	%
Commercial real estate	563			(0.02	)	(7		)	—		13			—		9			—		5			—
Lease financing	(878		)	0.13		(1,749		)	0.27		(2,192		)	0.34		(966		)	0.15		(1,391		)	0.22
Residential mortgage	355			(0.02	)	1,552			(0.10	)	(189		)	0.02		(80		)	0.01		(468		)	0.08
Consumer installment	(1,249		)	0.33		(2,577		)	0.67		(8,984		)	1.50		(6,990		)	1.76		(11,561		)	2.50
Home equity	(246		)	0.03		2,280			(0.25	)	405			(0.05	)	(235		)	0.03		20			—
Total	$	(5,477	)	0.06	%	$	(6,237	)	0.07	%	$	(28,578	)	0.39	%	$	(14,082	)	0.29	%	$	(18,654	)	0.39	%

(1) Annualized net charge-off rate based on average loans and leases.



Over 90-Day Delinquencies as a Percentage of Portfolio⁽¹⁾
											Change From
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,			Mar. 31,
	2020		2019		2019		2019		2019		2019			2019
Commercial and industrial	—	%	—	%	0.02	%	—	%	—	%	—		bps	—		bps
Commercial real estate	0.02		0.02		0.09		—		—		—			2
Lease financing	0.11		0.07		0.09		0.12		0.10		4			1
Residential mortgage	0.01		0.01		0.01		0.05		0.07		—			(6	)
Consumer installment	—		0.01		—		0.14		0.14		(1	)		(14	)
Home equity	0.01		—		—		—		—		1			1
Subtotal	0.02		0.01		0.04		0.03		0.04		1			(2	)
Portfolios acquired with deteriorated credit quality⁽²⁾	N/A		10.43		5.47		18.92		6.75		N/A			N/A
Total delinquencies	0.02	%	0.09	%	0.09	%	0.04	%	0.04	%	(7	)		(2	)


(1)	Excludes nonaccrual loans and leases.


(2)	Prior to the adoption of CECL as of January 1, 2020, purchased credit impaired loans were not classified as nonaccrual loans because they were recorded at their net realizable value based on the principal and interest expected to be collected on the loans.



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Summary of Credit Quality Data (Unaudited), Continued

Nonperforming Assets
																Change From
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Mar. 31,
(Dollars in thousands)	2020			2019			2019			2019			2019			2019			2019
Nonaccrual loans and leases:
Commercial and industrial	$	84,157		$	53,812		$	55,039		$	18,483		$	17,150		$	30,345		$	67,007
Commercial real estate	47,032			29,735			26,518			545			607			17,297			46,425
Lease financing	13,170			10,957			11,503			12,886			10,976			2,213			2,194
Residential mortgage	61,980			38,577			48,816			34,760			35,227			23,403			26,753
Consumer installment	989			714			636			8,633			9,034			275			(8,045		)
Home equity	43,147			35,863			39,296			32,686			30,291			7,284			12,856
Total nonaccrual loans and leases⁽¹⁾	$	250,475		$	169,658		$	181,808		$	107,993		$	103,285		$	80,817		$	147,190
Other real estate owned	38,914			34,256			27,638			11,964			18,361			4,658			20,553
Total nonperforming assets	289,389			203,914			209,446			119,957			121,646			85,475			167,743

Nonaccrual loans and leases as a percentage of total loans and leases⁽¹⁾	0.70		%	0.49		%	0.54		%	0.56		%	0.53		%	21		bps	17			bps
Allowance for credit losses as a percentage of nonaccrual loans and leases⁽¹⁾	162.24			66.64			66.67			135.66			143.27			9,560			1,897
Nonperforming assets as a percentage of total loans and leases and other real estate owned⁽¹⁾	0.80			0.59			0.62			0.62			0.63			21			17

(1)



Consolidated Capital Information (Unaudited)
																Change From
(Dollars in thousands, except per share data)	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,		Mar. 31,
(Dollars in thousands, except per share data)	2020			2019			2019			2019			2019			2019		2019
Dividends declared per common share	$	0.35		$	0.35		$	0.35		$	0.30		$	0.30		0.0	%	16.7	%
Book value per common share	35.85			36.20			35.82			30.43			29.38			(1.0)		22.0
Tangible book value per common share⁽¹⁾	26.16			26.60			26.18			28.33			27.28			(1.7)		(4.1)
Common equity to assets	11.23		%	11.87		%	12.04		%	10.22		%	10.02		%	(64)	bps	121	bps
Tangible common equity to tangible assets⁽¹⁾	8.45			9.01			9.09			9.58			9.37			(56)		(92)

Regulatory Capital:⁽²⁾
Common equity Tier 1 capital	$	4,026,304		$	4,050,826		$	4,009,214		$	2,305,706		$	2,266,244		(0.6)	%	77.7	%
Tier 1 capital	4,225,755			4,236,648			4,197,706			2,495,178			2,459,132			(0.3)		71.8
Total capital	4,744,899			4,681,630			4,652,708			2,811,347			2,792,419			1.4		69.9

Common equity Tier 1 capital ratio	10.44		%	10.99		%	10.88		%	10.99		%	10.79		%	(55)	bps	(35)	bps
Tier 1 risk-based capital ratio	10.96			11.49			11.40			11.90			11.71			(53)		(75)
Total risk-based capital ratio	12.31			12.70			12.63			13.40			13.30			(39)		(99)
Tier 1 leverage ratio	9.27			9.49			11.16			10.26			10.26			(22)		(99)


(1)	See "Reconciliation of GAAP to Non-GAAP Financial Measures" tables.


(2)	March 31, 2020 amounts are preliminary pending completion and filing of the Corporation's regulatory reports and reflect our election of the five-year CECL transition for regulatory capital purposes.



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)

Computation of adjusted diluted earnings per common share:

		Quarter Ended
		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
(Dollars in thousands, except per share data)		2020			2019			2019			2019			2019
Net income available to common shareholders		$	49,406		$	109,905		$	19,654		$	87,933		$	68,001
Earnings allocated to participating securities		—			—			—			(17		)	(13		)
Earnings allocated to common stock	(a)	49,406			109,905			19,654			87,916			67,988
Merger-related expenses		36,728			47,025			111,259			4,226			9,458
Notable items:
Sale of legacy TCF auto finance portfolio and related expenses⁽¹⁾		3,063			12,864			19,264			—			—
Termination of interest rate swaps⁽²⁾		—			—			17,302			—			—
Gain on sale of certain investment securities⁽³⁾		—			—			(5,869		)	—			—
Write-down of company-owned vacant land parcels and branch exit costs⁽⁴⁾		—			3,494			5,890			—			—
Pension fair valuation adjustment⁽⁴⁾		—			6,341			—			—			—
Loan servicing rights (recovery) impairment⁽²⁾		8,236			(638		)	4,520			—			—
Total notable items		11,299			22,061			41,107			—			—
Related income tax expense, net of benefits⁽⁵⁾		(10,071		)	(19,904		)	(46,213		)	(1,003		)	(2,252		)
Total adjustments, net of tax		37,956			49,182			106,153			3,223			7,206
Adjusted earnings allocated to common stock	(b)	$	87,362		$	159,087		$	125,807		$	91,139		$	75,194

Weighted-average common shares outstanding used in diluted earnings per common share calculation⁽⁶⁾	(c)	152,114,017			152,658,766			128,754,588			82,298,920			82,245,577

Diluted earnings per common share	(a)/(c)	$	0.32		$	0.72		$	0.15		$	1.07		$	0.83
Adjusted diluted earnings per common share	(b)/(c)	0.57			1.04			0.98			1.11			0.91

Net income attributable to TCF		$	51,899		$	112,399		$	22,148		$	90,427		$	70,494
Total adjustments, net of tax		37,956			49,182			106,153			3,223			7,206
Adjusted net income attributable to TCF		$	89,855		$	161,581		$	128,301		$	93,650		$	77,700

(1)

First quarter 2020 amount included within occupancy and equipment ($1.6 million), compensation and employee benefits ($0.9 million) and other noninterest expense ($0.6 million).Fourth quarter 2019 amount included within net gains (losses) on sales of loans and leases ($8.2 million), other noninterest expense ($2.2 million), occupancy and equipment ($1.5 million) and compensation and employee benefits ($0.9 million). Third quarter 2019 amount included within net gains (losses) on sales of loans and leases.


(2)	Included within Other noninterest income.


(3)	Included within Net gains on investment securities.


(4)	Included within Other noninterest expense.


(5)	Included within Income tax expense (benefit).


(6)	Assumes conversion of common shares, as applicable.



Computation of adjusted net interest income and margin:

	Quarter Ended
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
(Dollars in thousands)	2020			2019			2019			2019			2019
Net Interest Income	$	401,481		$	408,753		$	371,793		$	254,057		$	254,429
Purchase accounting accretion and amortization	(25,258		)	(30,523		)	(28,411		)	—			—
Adjusted net interest income, excluding purchase accounting accretion and amortization	$	376,223		$	378,230		$	343,382		$	254,057		$	254,429
Net interest margin (FTE)	3.76		%	3.89		%	4.14		%	4.49		%	4.61		%
Purchase accounting accretion and amortization impact	(0.23		)	(0.29		)	(0.31		)	—			—
Adjusted net interest margin, excluding purchase accounting accretion and amortization (FTE)	3.53		%	3.60		%	3.83		%	4.49		%	4.61		%



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited), Continued

Computation of adjusted return on average assets, common equity, average tangible common equity:

		Quarter Ended
		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
(Dollars in thousands)		2020			2019			2019			2019			2019
Adjusted net income after tax expense:
Income after tax expense	(a)	$	53,816		$	114,456		$	24,978		$	94,043		$	73,449
Merger-related expenses		36,728			47,025			111,259			4,226			9,458
Notable items		11,299			22,061			41,107			—			—
Related income tax expense, net of tax benefits		(10,071		)	(19,904		)	(46,213		)	(1,003		)	(2,252		)
Adjusted net income after tax expense for ROAA calculation	(b)	91,772			163,638			131,131			97,266			80,655
Net income available to common shareholders	(c)	49,406			109,905			19,654			87,933			68,001
Other intangibles amortization		5,480			5,505			4,544			798			812
Related income tax expense		(1,149		)	(1,284		)	(1,085		)	(189		)	(193		)
Net income available to common shareholders used in ROATCE calculation	(d)	53,737			114,126			23,113			88,542			68,620

Adjusted net income available to common shareholders:
Net income available to common shareholders		49,406			109,905			19,654			87,933			68,001
Notable items		11,299			22,061			41,107			—			—
Merger-related expenses		36,728			47,025			111,259			4,226			9,458
Related income tax expense, net of tax benefits		(10,071		)	(19,904		)	(46,213		)	(1,003		)	(2,252		)
Net income available to common shareholders used in adjusted ROACE calculation	(e)	87,362			159,087			125,807			91,156			75,207
Other intangibles amortization		5,480			5,505			4,544			798			812
Related income tax expense		(1,149		)	(1,284		)	(1,085		)	(189		)	(193		)
Net income available to common shareholders used in adjusted ROATCE calculation	(f)	91,693			163,308			129,266			91,765			75,826
Average balances:
Average assets	(g)	46,985,426			46,119,514			39,094,366			24,483,822			24,106,941
Total equity		5,630,487			5,691,119			4,683,129			2,664,016			2,579,250
Non-controlling interest in subsidiaries		(25,328		)	(23,683		)	(25,516		)	(29,630		)	(24,521		)
Total TCF Financial Corporation shareholders' equity		5,605,159			5,667,436			4,657,613			2,634,386			2,554,729
Preferred stock		(169,302		)	(169,302		)	(169,302		)	(169,302		)	(169,302		)
Average total common shareholders' equity used in ROACE calculation	(h)	5,435,857			5,498,134			4,488,311			2,465,084			2,385,427
Goodwill, net		(1,301,080		)	(1,266,166		)	(890,155		)	(154,757		)	(154,757		)
Other intangibles, net		(166,298		)	(211,294		)	(142,925		)	(19,270		)	(20,080		)
Average tangible common shareholders' equity used in ROATCE calculation	(i)	$	3,968,479		$	4,020,674		$	3,455,231		$	2,291,057		$	2,210,590

ROAA⁽¹⁾	(a)/(g)	0.46		%	0.99		%	0.26		%	1.54		%	1.22		%
Adjusted ROAA⁽¹⁾	(b)/(g)	0.78			1.42			1.34			1.59			1.34
ROACE⁽¹⁾	(c)/(h)	3.64			8.00			1.75			14.27			11.40
Adjusted ROACE⁽¹⁾	(e)/(h)	6.43			11.57			11.21			14.79			12.61
ROATCE⁽¹⁾	(d)/(i)	5.42			11.35			2.68			15.46			12.42
Adjusted ROATCE⁽¹⁾	(f)/(i)	9.24			16.25			14.96			16.02			13.72


(1)	Annualized.



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited), Continued

Computation of adjusted efficiency ratio, noninterest income and noninterest expense:

		Quarter Ended
		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
(Dollars in thousands)		2020			2019			2019			2019			2019
Noninterest expense	(a)	$	374,599		$	416,571		$	425,620		$	236,849		$	253,075
Merger-related expenses		(36,728		)	(47,025		)	(111,259		)	(4,226		)	(9,458		)
Write-down of company-owned vacant land parcels and branch exit costs		—			(3,494		)	(5,890		)	—			—
Expenses related to the sale of Legacy TCF auto finance portfolio		(3,063		)	(4,670		)	—			—			—
Pension fair valuation adjustment		—			(6,341		)	—			—			—
Adjusted noninterest expense		334,808			355,041			308,471			232,623			243,617
Lease financing equipment depreciation		(18,450		)	(18,629		)	(19,408		)	(19,133		)	(19,256		)
Amortization of intangibles		(5,480		)	(5,505		)	(4,544		)	(798		)	(812		)
Impairment of federal historic tax credits		(1,521		)	(4,030		)	—			—			—
Adjusted noninterest expense, efficiency ratio	(b)	309,357			326,877			284,519			212,692			223,549

Net interest income		401,481			408,753			371,793			254,057			254,429
Noninterest income		136,963			158,052			94,258			109,718			103,504
Total revenue	(c)	538,444			566,805			466,051			363,775			357,933

Noninterest income		136,963			158,052			94,258			109,718			103,504
Sale of Legacy TCF auto finance portfolio		—			8,194			19,264			—			—
Termination of interest rate swaps		—			—			17,302			—			—
Gain on sales of certain investment securities		—			—			(5,869		)	—			—
Loan servicing rights impairment (recovery)		8,236			(638		)	4,520			—			—
Adjusted noninterest income		145,199			165,608			129,475			109,718			103,504
Net interest income		401,481			408,753			371,793			254,057			254,429
Net interest income FTE adjustment		2,983			2,896			2,488			1,337			1,722
Adjusted net interest income		404,464			411,649			374,281			255,394			256,151
Lease financing equipment depreciation		(18,450		)	(18,629		)	(19,408		)	(19,133		)	(19,256		)
Adjusted total revenue, efficiency ratio	(d)	$	531,213		$	558,628		$	484,348		$	345,979		$	340,399

Efficiency ratio	(a)/(c)	69.57		%	73.49		%	91.32		%	65.11		%	70.70		%
Adjusted efficiency ratio	(b)/(d)	58.24			58.51			58.74			61.48			65.67



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited), Continued

Computation of tangible common equity to tangible assets and tangible book value per common share:

		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
(Dollars in thousands, except per share data)		2020			2019			2019			2019			2019
Total equity		$	5,655,833		$	5,727,241		$	5,693,417		$	2,710,518		$	2,645,845
Non-controlling interest in subsidiaries		(30,149		)	(20,226		)	(23,313		)	(24,858		)	(29,452		)
Total TCF Financial Corporation shareholders' equity		5,625,684			5,707,015			5,670,104			2,685,660			2,616,393
Preferred stock		(169,302		)	(169,302		)	(169,302		)	(169,302		)	(169,302		)
Total common stockholders' equity	(a)	5,456,382			5,537,713			5,500,802			2,516,358			2,447,091
Goodwill, net		(1,313,046		)	(1,299,878		)	(1,265,111		)	(154,757		)	(154,757		)
Other intangibles, net		(162,887		)	(168,368		)	(215,910		)	(18,885		)	(19,684		)
Tangible common shareholders' equity	(b)	$	3,980,449		$	4,069,467		$	4,019,781		$	2,342,716		$	2,272,650

Total assets	(c)	$	48,594,383		$	46,651,553		$	45,692,511		$	24,626,830		$	24,418,715
Goodwill, net		(1,313,046		)	(1,299,878		)	(1,265,111		)	(154,757		)	(154,757		)
Other intangibles, net		(162,887		)	(168,368		)	(215,910		)	(18,885		)	(19,684		)
Tangible assets	(d)	$	47,118,450		$	45,183,307		$	44,211,490		$	24,453,188		$	24,244,274

Common stock shares outstanding	(e)	152,185,984			152,965,571			153,571,381			82,703,469			83,303,581

Common equity to assets	(a) / (c)	11.23		%	11.87		%	12.04		%	10.22		%	10.02		%
Tangible common equity to tangible assets	(b) / (d)	8.45			9.01			9.09			9.58			9.37

Book value per common share	(a) / (e)	$	35.85		$	36.20		$	35.82		$	30.43		$	29.38
Tangible book value per common share	(b) / (e)	26.16			26.60			26.18			28.33			27.28

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