Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

October 24, 2019

TCF FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)


Michigan (State or other jurisdiction of incorporation)			000-08185 (Commission File Number)			38-2022454 (IRS Employer Identification No.)

333 W. Fort Street, Suite 1800, Detroit, Michigan 48226

(Address of principal executive offices, including Zip Code)

(800) 867-9757

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


(Title of each class)	(Trading Symbol(s))	(Name of exchange on which registered)
Common Stock (par value $.01 per share)	TCF	The NASDAQ Stock Market
Depositary shares, each representing a 1/1000^th interest in a share of the 5.70% Series C Non-Cumulative Perpetual Preferred Stock	TCFCP	The NASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

The following information, including Exhibit 99.1, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, except as may be expressly set forth by specific reference in such a filing.

TCF Financial Corporation (the "Corporation") issued a press release dated October 28, 2019, attached to this Form 8-K as Exhibit 99.1, announcing its results of operations for the quarter ended September 30, 2019.

The earnings release is also available on the Investor Relations section of the Corporation’s website at http://ir.tcfbank.com. The Corporation’s Annual Report to Shareholders and its reports on Forms 10-K, 10-Q and 8-K and other publicly available information should be consulted for other important information about the Corporation.

Item 7.01 Regulation FD Disclosure.

Information is being furnished herein in Exhibit 99.2 with respect to the slide presentation prepared for use with the press release. This information includes selected financial and operational information through the third quarter of 2019 and does not represent a complete set of financial statements and related notes prepared in conformity with generally accepted accounting principles ("GAAP"). Most, but not all, of the selected financial information furnished herein is derived from the Corporation’s consolidated financial statements and related notes prepared in accordance with GAAP and management’s discussion and analysis of financial condition and results of operations included in the Corporation’s reports on Forms 10-K and 10-Q. The Corporation’s annual financial statements are subject to independent audit. These materials are dated October 28, 2019 and TCF does not undertake to update the materials after that date.

The presentation is also available on the Investor Relations section of the Corporation’s website at http://ir.tcfbank.com. The Corporation’s Annual Report to Shareholders and its reports on Forms 10-K, 10-Q and 8-K and other publicly available information should be consulted for other important information about the Corporation.

Information contained herein, including Exhibit 99.2, shall not be deemed filed for the purposes of the Securities Exchange Act of 1934, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.

Item 8.01 Other Events.

On October 24, 2019, the Corporation's board of directors approved an authorization to repurchase up to $150 million of TCF common stock. The repurchase program has no expiration, and permits shares to be repurchased in compliance with Rule 10b-18 of the Exchange Act, through one or more broker-dealers as part of “block purchases” made by the Corporation, and/or through privately negotiated purchases, accelerated stock repurchase agreements, or 10b5-1 plans at the discretion of the Corporation.

In addition, the board of directors declared a regular quarterly cash dividend of $0.35 per common share payable on December 2, 2019 to shareholders of record at the close of business on November 15, 2019, and declared a quarterly cash dividend of $0.35625 per depositary share payable on December 2, 2019 to shareholders of record of the depositary shares, each 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 November 15, 2019.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.			Description
99.1			Earnings Release of TCF Financial Corporation, dated October 28 , 2019
99.2			Slide presentation prepared for use with the Earnings Release, dated October 28 , 2019
101.1			Interactive Data File

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


			TCF FINANCIAL CORPORATION


			/s/ Craig R. Dahl
			Craig R. Dahl, President and Chief Executive Officer (Principal Executive Officer)


			/s/ Dennis L. Klaeser
			Dennis L. Klaeser, Executive Vice President and Chief Financial Officer (Principal Financial Officer)


			/s/ Kathleen S. Wendt
			Kathleen S. Wendt, Executive Vice President and Chief Accounting Officer (Principal Accounting Officer)

Dated: October 28, 2019

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 THIRD QUARTER 2019 RESULTS

AND ANNOUNCES $150 MILLION SHARE REPURCHASE AUTHORIZATION

TCF also announces quarterly cash dividends on common and preferred stock

Third Quarter Highlights

•Quarterly net income of $22.1 million, or $0.15 per diluted share

•Adjusted diluted earnings per common share of $0.98⁽¹⁾, excluding $106.2 million, or $0.83 per share, after-tax impact of merger-related expenses and non-core items

•Successfully closed merger of equals between Legacy TCF Financial Corporation (Legacy TCF) and Chemical Financial Corporation (Chemical) on August 1, 2019

•Purchase accounting fair value credit mark of $183 million and interest rate mark of $66 million on the Chemical loans

^•Efficiency ratio of 91.32%; adjusted efficiency ratio of 58.74%⁽¹⁾

^•Return on average common equity ("ROACE") of 1.75%; return on average tangible common equity ("ROATCE") of 2.68%⁽¹⁾; adjusted ROATCE of 14.96%⁽¹⁾

•Repositioned assets through investment securities sales and termination of interest rate swaps to lower the risk profile, reduce asset sensitivity and and enhance capital efficiency and liquidity

•Transferred Legacy TCF auto finance portfolio to held-for-sale ($1.2 billion at September 30, 2019), resulting in a $19.3 million pre-tax loss, or $14.7 million after tax

•Net charge-off rate as a percentage of average loans and leases of 0.39%, annualized

•Common equity Tier 1 capital ratio of 10.88%

•Announced $150 million share repurchase authorization on October 28, 2019

•Announced quarterly cash dividends on common stock of $0.35 per share on October 28, 2019

Merger-related Expenses and Non-core Items in the Third Quarter⁽¹⁾

•Pre-tax merger-related expenses of $111.3 million, $82.9 million net of tax, or 64 cents per diluted common share

•Pre-tax loss of $41.1 million, $23.3 million net of tax, or 19 cents per diluted common share related to non-core items, see summary of non-core adjustments below

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

Note: TCF’s financial results for any 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 third quarter of 2019 reflect Legacy TCF financial results only for the month of July and the post-merger combined TCF financial results for August and September. As a result of these two factors, TCF’s financial results for the third quarter of 2019 may not be directly comparable to prior reported periods. The number of shares issued and outstanding, earnings per share, additional paid-in-capital 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
	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Sep. 30,
(Dollars in thousands, except per share data)	2019			2019			2019			2018			2018			2019			2018
Financial Results
Net income attributable to TCF	$	22,148		$	90,427		$	70,494		$	85,652		$	86,196		(75.5)	%	(74.3)	%
Net interest income	371,793			254,057			254,429			253,153			253,502			46.3		46.7
Basic earnings per common share	0.15			1.07			0.83			1.00			1.00			(86.0)		(85.0)
Diluted earnings per common share	0.15			1.07			0.83			1.00			1.00			(86.0)		(85.0)



Return on average assets ("ROAA")⁽³⁾	0.26		%	1.54		%	1.22		%	1.52		%	1.55		%	(128)	bps	(129)	bps
ROACE⁽³⁾	1.75			14.27			11.40			14.30			14.44			(1,252)		(1,269)

ROATCE⁽²⁾⁽³⁾	2.68			15.46			12.42			15.58			15.76			(1,278)		(1,308)

Net interest margin (FTE)⁽³⁾	4.14			4.49			4.61			4.67			4.73			(35)		(59)
Net charge-offs as a percentage of average loans and leases⁽³⁾	0.39			0.29			0.39			0.46			0.15			10		24
Nonperforming assets as a percentage of total loans and leases and other real estate owned	0.62			0.62			0.63			0.65			0.59			—		3
Efficiency ratio	91.32			65.11			70.70			66.30			67.41			2,621		2,391

Adjusted Financial Results (non-GAAP)
Adjusted net income attributable to TCF⁽²⁾	$	128,301		$	93,650		$	77,700		$	85,652		$	86,196		37.0	%	48.8	%
Adjusted diluted earnings per common share⁽²⁾	0.98			1.11			0.91			1.00			1.00			(11.7)		(2.0)
Adjusted ROAA⁽²⁾⁽³⁾	1.34		%	1.59		%	1.34		%	1.52		%	1.55		%	(25)	bps	(21)	bps
Adjusted ROACE⁽²⁾⁽³⁾	11.21			14.79			12.61			14.30			14.44			(358)		(323)
Adjusted ROATCE⁽²⁾⁽³⁾	14.96			16.02			13.72			15.58			15.76			(106)		(80)
Adjusted efficiency ratio⁽²⁾	58.74			61.48			65.67			63.89			64.91			(274)		(617)

(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 statements 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.

The following table includes merger-related expenses and non-core 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 September 30, 2019
(Dollars in thousands, except per share data)	Pre-tax income (loss)		After-tax benefit (loss)⁽¹⁾		Per Share
Merger-related expenses	$	(111,259)	$	(82,862)	$	(0.64)
Non-core items:
Transfer of Legacy TCF auto finance portfolio to held-for-sale⁽²⁾	(19,264)		(14,664)		(0.11)
Termination of interest rate swaps⁽³⁾	(17,302)		(13,170)		(0.10)
Write-down of company-owned vacant land parcels⁽⁴⁾	(5,890)		(4,483)		(0.04)
Sale of certain investment securities⁽⁵⁾	5,869		4,467		0.03
Loan servicing rights impairment⁽³⁾	(4,520)		(3,441)		(0.03)
Tax basis adjustment benefit⁽⁶⁾	—		8,000		0.06
Total non-core items	$	(41,107)	$	(23,291)	$	(0.19)
Total merger-related and non-core items	$	(152,366)	$	(106,153)	$	(0.83)

(1)Net of tax benefit at TCF's normal tax rate and other tax benefits.

(2)Included within Net (loss) gain on sales of loans and leases.

(3)Included within Other noninterest income.

(4)Included within Other noninterest expense.

(5)Included within Net gains on investment securities.

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

DETROIT (October 28, 2019) - TCF Financial Corporation ("TCF" or the "Corporation") (NASDAQ: TCF) today reported net income of $22.1 million and diluted earnings per common share of 15 cents for the third quarter of 2019. Adjusted net income was $128.3 million, or 98 cents per diluted earnings per common share, for the third quarter of 2019, excluding merger-related expenses and non-core items of 83 cents per common share (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

"Following the closing of the merger of equals on August 1, we continue to make progress on integration initiatives and I am optimistic about the growth outlook of the organization as we establish our roadmaps for execution on business synergy opportunities," said Craig R. Dahl, president and chief executive officer. "Our integration program and activities remain on track, and we continue to be focused on achieving targeted cost savings, planning for systems conversions and leveraging our full-scale product offering across our broader consumer and commercial customer base throughout the Midwest. Our teams are collaborating across the organization to ensure we continue to build on the momentum that each bank brings to the table, for both continued organic growth and taking care of our customers. As we go to market as One TCF, we are well positioned to deliver shareholder value through improved efficiency and return on capital, while maintaining an exceptional customer experience."

Net Interest Income and Net Interest Margin

Net interest income was $371.8 million for the third quarter of 2019. Purchase accounting accretion and amortization included in net interest income was $28.4 million. Net interest income, excluding purchase accounting accretion and amortization, was $343.4 million. Net interest margin on a fully tax-equivalent basis (FTE) was 4.14% for the third quarter of 2019. Net interest margin FTE, excluding purchase accounting accretion and amortization, was 3.83% (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

Noninterest Income

Noninterest income was $94.3 million for the third quarter of 2019. Noninterest income included the following balance sheet repositioning actions considered to be non-core items: a $19.3 million loss related to the transfer of the Legacy TCF auto finance portfolio to held-for-sale, a $17.3 million loss related to the termination of interest rate swaps, and a gain of $5.9 million related to the sale of $1.6 billion of certain investment securities. Noninterest income additionally included $4.5 million of loan servicing rights impairment, also considered a non-core item. Adjusted noninterest income for the third quarter of 2019 was $129.5 million (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables). The third quarter of 2019 also included a $2.1 million unrealized loss related to interest rate swaps mark-to-market adjustments resulting from changes in the interest rate environment. Noninterest income, excluding the interest rate swap mark-to-market adjustment and non-core items discussed previously, was $131.6 million for the third quarter of 2019.

Noninterest Expense

Noninterest expense was $425.6 million for the third quarter of 2019 and included $111.3 million of merger-related expenses. Noninterest expense also included $5.9 million of expense, included within other noninterest expense, related to the write-down of company-owned vacant land parcels, considered a non-core item. Excluding merger-related expenses and the write-down of company-owned vacant land parcels, adjusted noninterest expense was $308.5 million (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

Income Tax (Benefit) Expense

Income tax benefit for the third quarter of 2019 was $11.7 million. The third quarter of 2019 included an $8.0 million tax basis adjustment benefit. The third quarter of 2019 also included a $5.7 million benefit provided by the repricing of TCF's net deferred tax position in conjunction with the completion of the merger and is reflected in the after-tax impact of merger-related expenses.

Credit Quality

Provision for credit losses Provision for credit losses was $27.2 million for the third quarter of 2019.

Net charge-off rate The annualized net charge-offs as a percentage of average loans and leases was 0.39% for the third quarter of 2019.

Allowance for Loan and Lease Losses Allowance for loan and lease losses was $121.2 million, or 0.36% of total loans and leases, at September 30, 2019. Loans acquired in the Merger were recorded at their fair value as of the merger date without a carryover of the related allowance, and as of September 30, 2019, the determination was made that no allowance was needed for this population of loans. Allowance for loan and lease losses and the credit discount on acquired loans was $297.0 million, or 0.89% of total loans and leases at September 30, 2019.

Nonaccrual loans and leases Nonaccrual loans and leases were $181.8 million at September 30, 2019 and represented 0.54% of total loans and leases.

Balance Sheet

Loans and leases Loans and leases were $33.5 billion at September 30, 2019, compared to $19.2 billion at June 30, 2019. Loan and lease balances were impacted by the addition of Chemical's $15.7 billion loan and lease portfolio, partially offset by the transfer of the Legacy TCF auto finance portfolio to held-for-sale ($1.2 billion at September 30, 2019).

Investment securities The investment securities portfolio was $5.7 billion at September 30, 2019, compared to $3.3 billion at June 30, 2019. Portfolio balances were impacted by the addition of Chemical's $3.8 billion investment securities portfolio and the subsequent sale of $1.6 billion of these investment securities during the third quarter of 2019.

Deposits Deposits were $35.3 billion at September 30, 2019, compared to $19.1 billion at June 30, 2019. Deposit balances were impacted by the addition of $16.8 billion of Chemical deposits during the third quarter of 2019.

Capital The common equity Tier 1 capital ratio was 10.88% at September 30, 2019.

TCF's board of directors approved an authorization to repurchase up to $150 million of TCF common stock.

TCF’s board of directors also declared a regular quarterly cash dividend of $0.35 per common share payable on December 2, 2019 to shareholders of record at the close of business on November 15, 2019. In addition, the board of directors declared a quarterly cash dividend of $0.35625 per depositary share payable on December 2, 2019 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 November 15, 2019.

Conference Call Details TCF will host a conference call to discuss third quarter 2019 results on Tuesday, October 29, 2019 at 10:00 a.m. Eastern Daylight 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 3865677. To listen to the replay via phone, please dial (877) 344-7529 and enter access code 10135947. The replay begins approximately one hour after the call is completed on Tuesday, October 29, 2019 and will be available through Tuesday, November 5, 2019.

TCF Financial Corporation (NASDAQ: TCF) is a Detroit, Michigan-based financial holding company with $46 billion in total assets and a top 10 deposit market share in the Midwest at September 30, 2019. 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 more than 500 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Arizona, Colorado, Indiana, 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, 2018 under the heading "Risk Factors" 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.

Use of Non-GAAP Financial Measures

Management uses the adjusted diluted earnings per common share, adjusted ROAA, adjusted ROACE, ROATCE, adjusted ROATCE, adjusted efficiency ratio, 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 non-core items management believes it is 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.


TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Condition (Unaudited)
																					Change From
(Dollars in thousands)	Sep. 30,				Jun. 30,				Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30, 2019											Sep. 30, 2018
			2019				2019				2019				2018				2018				$					%		$				%
ASSETS:
Cash and cash equivalents:
Cash and due from banks	$	586,060			$	294,566			$	283,659			$	279,267			$	306,834			$	291,494			99.0		%	$	279,226			91.0	%
Interest-bearing deposits with other banks	736,954				260,705				180,163				307,790				263,134				476,249				182.7			473,820				180.1

Total cash and cash equivalents	1,323,014				555,271				463,822				587,057				569,968				767,743				138.3			753,046				132.1
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	290,238				105,659				103,644				91,654				80,672				184,579				174.7			209,566				N.M.
Investment securities:
Carried at fair value	5,579,835				3,109,803				2,945,342				2,470,065				2,379,546				2,470,032				79.4			3,200,289				134.5
Held-to-maturity, at amortized cost	144,000				144,919				148,024				148,852				152,881				(919)				(0.6)			(8,881)				(5.8)
Total investment securities	5,723,835				3,254,722				3,093,366				2,618,917				2,532,427				2,469,113				75.9			3,191,408				126.0
Loans and leases held-for-sale	1,436,069				74,410				64,468				90,664				114,198				1,361,659				N.M.			1,321,871				N.M.
Loans and leases	33,510,752				19,185,137				19,384,210				19,073,020				18,422,088				14,325,615				74.7			15,088,664				81.9
Allowance for loan and lease losses	(121,218)				(146,503)				(147,972)				(157,446)				(160,621)				25,285				17.3			39,403				24.5
Loans and leases, net	33,389,534			19,038,634				19,236,238				18,915,574				18,261,467				14,350,900				75.4		15,128,067					82.8
Premises and equipment, net	554,194				432,751				429,711				427,534				429,648				121,443				28.1			124,546				29.0
Goodwill	1,265,111				154,757				154,757				154,757				154,757				1,110,354				N.M.			1,110,354				N.M.
Other intangible assets, net	215,910				18,885				19,684				20,496				21,339				197,025				N.M.			194,571				N.M.
Loan servicing rights	55,301				19				20				23				25				55,282				N.M.			55,276				N.M.
Other assets	1,439,305				991,722				853,005				792,936				740,284				447,583				45.1			699,021				94.4
Total assets	$	45,692,511			$	24,626,830			$	24,418,715			$	23,699,612			$	22,904,785			$	21,065,681			85.5			$	22,787,726			99.5
LIABILITIES AND EQUITY:
Deposits:
Noninterest-bearing	$	7,979,900			$	4,062,912			$	4,104,652			$	3,936,155			$	3,974,333			$	3,916,988			96.4		%	$	4,005,567			100.8	%
Interest-bearing	27,306,174				15,049,475				14,919,459				14,967,531				14,522,178				12,256,699				81.4			12,783,996				88.0
Total deposits	35,286,074				19,112,387				19,024,111				18,903,686				18,496,511				16,173,687				84.6			16,789,563				90.8
Short-term borrowings	2,607,300				350,764				355,992				—				2,324				2,256,536				N.M.			2,604,976				N.M.
Long-term borrowings	860,482				1,617,531				1,411,426				1,449,472				1,171,541				(757,049)				(46.8)			(311,059)				(26.6)
Other liabilities	1,245,238				835,630				981,341				790,194				706,397				409,608				49.0			538,841				76.3
Total liabilities	39,999,094				21,916,312				21,772,870				21,143,352				20,376,773				18,082,782				82.5			19,622,321				96.3
Equity:
Preferred stock	169,302				169,302				169,302				169,302				169,302				—				—			—				—
Common stock	153,571				87,944				88,063				88,198				88,201				65,627				74.6			65,370				74.1
Additional paid-in capital	3,478,159				781,788				789,467				798,627				795,856				2,696,371				N.M.			2,682,303				N.M.
Retained earnings	1,840,214				1,874,308				1,810,701				1,766,994				1,708,410				(34,094)				(1.8)			131,804				7.7
Accumulated other comprehensive income (loss)	56,228				37,334				5,481				(33,138)				(65,259)				18,894				50.6			121,487				N.M.
Treasury stock at cost and other	(27,370)				(265,016)				(246,621)				(252,182)				(189,652)				237,646				89.7			162,282				85.6
Total TCF Financial Corporation shareholders' equity	5,670,104				2,685,660				2,616,393				2,537,801				2,506,858				2,984,444				111.1			3,163,246				126.2
Non-controlling interest	23,313				24,858				29,452				18,459				21,154				(1,545)				(6.2)			2,159				10.2
Total equity	5,693,417				2,710,518				2,645,845				2,556,260				2,528,012				2,982,899				110.0			3,165,405				125.2
Total liabilities and equity	$	45,692,511			$	24,626,830			$	24,418,715			$	23,699,612			$	22,904,785			$	21,065,681			85.5			$	22,787,726			99.5

N.M. Not Meaningful


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

	Quarter Ended																											Change From
(Dollars in thousands)	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30, 2019									Sep. 30, 2018
			2019			2019			2019			2018			2018			$			%			$			%
Interest income:
Interest and fees on loans and leases	$	417,370		$	283,282		$	283,238		$	275,200		$	269,167		$	134,088		47.3	%		$	148,203		55.1	%
Interest on investment securities:																—			—			—			—
Taxable	31,038			22,041			16,666			13,915			11,498			8,997			40.8			19,540			169.9
Tax-exempt	3,385			1,208			2,684			4,147			4,328			2,177			180.2			(943)			(21.8)
Interest on loans held-for-sale	1,408			599			825			1,405			3,625			809			135.1			(2,217)			(61.2)
Interest on other earning assets	6,607			3,651			3,481			3,242			3,089			2,956			81.0			3,518			113.9
Total interest income	459,808			310,781			306,894			297,909			291,707			149,027			48.0			168,101			57.6
Interest expense:
Interest on deposits	70,900			40,646			37,608			33,462			27,479			30,254			74.4			43,421			158.0
Interest on borrowings	17,115			16,078			14,857			11,294			10,726			1,037			6.4			6,389			59.6
Total interest expense	88,015			56,724			52,465			44,756			38,205			31,291			55.2			49,810			130.4
Net interest income	371,793			254,057			254,429			253,153			253,502			117,736			46.3			118,291			46.7
Provision for credit losses	27,188			13,569			10,122			18,894			2,270			13,619			100.4			24,918			N.M.
Net interest income after provision for credit losses	344,605			240,488			244,307			234,259			251,232			104,117			43.3			93,373			37.2
Noninterest income:
Fees and service charges on deposit accounts	34,384			27,842			26,278			29,539			29,175			6,542			23.5			5,209			17.9
Leasing revenue	39,590			39,277			38,165			51,602			41,944			313			0.8			(2,354)			(5.6)
Wealth management revenue	4,241			—			—			—			—			4,241			N.M.			4,241			N.M.
Card and ATM revenue	23,315			20,496			18,659			20,093			20,074			2,819			13.8			3,241			16.1
Net (loss) gain on sales of loans and leases	(5,984)			11,141			8,217			8,795			8,502			(17,125)			N.M.			(14,486)			N.M.
Servicing fee revenue	5,121			4,523			5,110			5,523			6,032			598			13.2			(911)			(15.1)
Net gains on investment securities	5,900			1,066			451			167			94			4,834			N.M.			5,806			N.M.
Other	(12,309)			5,373			6,624			8,149			6,243			(17,682)			N.M.			(18,552)			N.M.
Total noninterest income	94,258			109,718			103,504			123,868			112,064			(15,460)			(14.1)			(17,806)			(15.9)
Noninterest expense:
Compensation and employee benefits	155,745			116,266			123,942			130,022			124,996			39,479			34.0			30,749			24.6
Occupancy and equipment	49,229			41,850			41,710			42,277			42,337			7,379			17.6			6,892			16.3
Lease financing equipment depreciation	19,408			19,133			19,256			19,085			19,525			275			1.4			(117)			(0.6)
Net foreclosed real estate and repossessed assets	2,203			2,448			4,630			4,396			3,880			(245)			(10.0)			(1,677)			(43.2)
Merger-related expenses	111,259			4,226			9,458			—			—			107,033			N.M.			111,259			N.M.
Other	87,776			52,926			54,079			54,178			55,685			34,850			65.8			32,091			57.6
Total noninterest expense	425,620			236,849			253,075			249,958			246,423			188,771			79.7			179,197			72.7
Income before income tax expense	13,243			113,357			94,736			108,169			116,873			(100,114)			(88.3)			(103,630)			(88.7)
Income tax (benefit) expense	(11,735)			19,314			21,287			20,013			28,034			(31,049)			N.M.			(39,769)			N.M.
Income after income tax expense	24,978			94,043			73,449			88,156			88,839			(69,065)			(73.4)			(63,861)			(71.9)
Income attributable to non-controlling interest	2,830			3,616			2,955			2,504			2,643			(786)			(21.7)			187			7.1
Net income attributable to TCF Financial Corporation	22,148			90,427			70,494			85,652			86,196			(68,279)			(75.5)			(64,048)			(74.3)
Preferred stock dividends	2,494			2,494			2,493			2,494			2,494			—			—			—			—

Net income available to common shareholders	$	19,654		$	87,933		$	68,001		$	83,158		$	83,702		$	(68,279)		(77.6)			$	(64,048)		(76.5)

N.M. Not Meaningful


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

	Nine Months Ended September 30,						Change
(Dollars in thousands, except per share data)	2019		2018		$		%
Interest income:
Interest and fees on loans and leases	$	983,890	$	806,935	$	176,955	21.9	%
Interest on investment securities:
Taxable	69,745		27,491		42,254		153.7
Tax-exempt	7,277		12,991		(5,714)		(44.0)
Interest on loans held-for-sale	2,832		5,281		(2,449)		(46.4)
Interest on other earning assets	13,739		8,722		5,017		57.5
Total interest income	1,077,483		861,420		216,063		25.1
Interest expense:
Interest on deposits	149,154		74,228		74,926		100.9
Interest on borrowings	48,050		31,850		16,200		50.9
Total interest expense	197,204		106,078		91,126		85.9
Net interest income	880,279		755,342		124,937		16.5
Provision for credit losses	50,879		27,874		23,005		82.5
Net interest income after provision for credit losses	829,400		727,468		101,932		14.0
Noninterest income:
Fees and service charges on deposit accounts	88,504		83,703		4,801		5.7
Leasing revenue	117,032		121,001		(3,969)		(3.3)
Wealth management revenue	4,241		—		4,241		N.M.
Card and ATM revenue	62,470		58,313		4,157		7.1
Net gains on sales of loans and leases	13,374		24,900		(11,526)		(46.3)
Servicing fee revenue	14,754		21,811		(7,057)		(32.4)
Net gains (losses) on investment securities	7,417		181		7,236		N.M.
Other	(312)		20,620		(20,932)		N.M.
Total noninterest income	307,480		330,529		(23,049)		(7.0)
Noninterest expense:
Compensation and employee benefits	395,953		372,174		23,779		6.4
Occupancy and equipment	132,789		123,562		9,227		7.5
Lease financing equipment depreciation	57,797		54,744		3,053		5.6
Net foreclosed real estate and repossessed assets	9,281		12,654		(3,373)		(26.7)
Merger-related expenses	124,943		—		124,943		N.M.
Other	194,781		201,308		(6,527)		(3.2)
Total noninterest expense	915,544		764,442		151,102		19.8
Income before income tax expense	221,336		293,555		(72,219)		(24.6)
Income tax expense	28,866		66,083		(37,217)		(56.3)
Income after income tax expense	192,470		227,472		(35,002)		(15.4)
Income attributable to non-controlling interest	9,401		8,766		635		7.2
Net income attributable to TCF Financial Corporation	183,069		218,706		(35,637)		(16.3)
Preferred stock dividends	7,481		9,094		(1,613)		(17.7)
Impact of preferred stock redemption	—		3,481		(3,481)		(100.0)
Net income available to common shareholders	$	175,588	$	206,131	$	(30,543)	(14.8)

Earnings per common share:
Basic	$	1.79	$	2.44	$	(0.65)	(26.6)	%
Diluted	1.79		2.43		(0.64)		(26.3)

N.M. Not Meaningful


TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields and Rates (Unaudited)
	Three Months Ended
	September 30, 2019												June 30, 2019									September 30, 2018
	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	$	230,767	$	806		1.39	%	$	112,118	$	1,093		3.91	%	$	87,485	$	1,057		4.81	%
Investment securities held-to-maturity	143,078		602			1.68		146,296		924			2.53		153,652		988			2.57
Investment securities available-for-sale:
Taxable	4,232,878		30,436			2.88		2,711,984		21,117			3.11		1,525,665		10,511			2.76
Tax-exempt⁽³⁾	643,576		4,283			2.66		222,534		1,530			2.75		823,854		5,478			2.66
Loans and leases held-for-sale	118,482		1,408			4.74		40,835		599			5.88		216,669		3,625			6.64
Loans and leases^(1)(3)(4)
Commercial and industrial	9,290,978		146,865			6.25		6,683,060		109,679			6.56		5,956,211		94,971			6.33
Commercial real estate	6,964,643		97,042			5.45		3,069,969		39,204			5.05		2,840,005		35,214			4.85
Lease financing	2,570,567		32,833			5.11		2,565,175		32,899			5.13		2,473,793		32,110			5.19
Residential mortgage	4,853,627		51,511			4.23		2,337,818		28,665			5.91		1,691,691		22,642			5.32
Consumer installment	2,389,830		34,543			5.73		1,586,633		22,262			3.64		2,449,414		34,439			5.58
Home equity	3,433,830		56,166			6.49		2,997,050		51,588			5.48		3,005,196		50,753			6.70
Total loans and leases^(1)(3)(4)	29,503,475		418,960			5.62		19,239,705		284,297			5.91		18,416,310		270,129			5.82
Interest-bearing deposits with banks and other	933,014		5,800			2.44		280,075		2,557			3.64		218,771		2,031			3.69
Total interest-earning assets	35,805,270		462,295			5.11		22,753,547		312,117			5.48		21,442,406		293,819			5.44
Other assets	3,289,096							1,730,275							1,461,998
Total assets	$	39,094,366						$	24,483,822						$	22,904,404
LIABILITIES AND EQUITY:
Noninterest bearing deposits	$	6,564,195						$	3,980,811						$	3,874,421
Interest-bearing deposits:
Checking	4,805,843		5,520			0.46	%	2,479,814		440			0.07	%	2,427,288		234			0.04	%
Savings	7,676,165		14,110			0.73		6,452,510		12,314			0.77		5,620,161		4,994			0.35
Money market	3,490,922		13,037			1.48		1,430,556		4,588			1.29		1,496,223		2,941			0.78
Certificates of deposit	7,320,720		38,233			2.07		4,527,822		23,304			2.06		4,868,286		19,310			1.57
Total interest-bearing deposits	23,293,650		70,900			1.21		14,890,702		40,646			1.09		14,411,958		27,479			0.76
Total deposits	29,857,845		70,900			0.94		18,871,513		40,646			0.86		18,286,379		27,479			0.60
Borrowings:
Short-term borrowings	1,884,228		5,345			1.11		321,043		2,131			2.63		3,357		21			2.44
Long-term borrowings	1,472,150		11,769			3.17		1,657,527		13,946			3.34		1,351,585		10,705			3.13
Total borrowings	3,356,378		17,114			2.01		1,978,570		16,077			3.23		1,354,942		10,726			3.13
Total interest-bearing liabilities	26,650,028		88,014			1.31		16,869,272		56,723			1.34		15,766,900		38,205			0.96
Total deposits and borrowings	33,214,223		88,014			1.05		20,850,083		56,723			1.09		19,641,321		38,205			0.77
Accrued expenses and other liabilities	1,197,014							969,723							751,100
Total liabilities	34,411,237							21,819,806							20,392,421
Total TCF Financial Corporation shareholders' equity	4,657,613							2,634,386							2,488,435
Non-controlling interest in subsidiaries	25,516							29,630							23,548
Total equity	4,683,129							2,664,016							2,511,983
Total liabilities and equity	$	39,094,366						$	24,483,822						$	22,904,404
Net interest spread (FTE)						4.06	%						4.39	%						4.67	%
Net interest income(FTE) and net interest margin(FTE)			$	374,281		4.14	%			$	255,394		4.49	%			$	255,614		4.73	%
Reconciliation to Reported Net Interest Income
Net interest income (FTE)			$	374,281						$	255,394						$	255,614
Adjustments for taxable equivalent interest⁽¹⁾⁽³⁾
Loans and leases			(1,590)							(1,015)							(962)
Tax-exempt investment securities			(898)							(322)							(1,150)
Total FTE adjustments			(2,488)							(1,337)							(2,112)
Net interest income (GAAP)			$	371,793						$	254,057						$	253,502
Net interest margin (GAAP)			4.12		%					4.48		%					4.69		%

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

(2)Annualized

(3)The yield on tax-exempt loans, leases 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 non-accrual loans and leases and are presented net of unearned income.


TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields and Rates (Unaudited)

	Nine Months Ended September 30,
	2019												2018
	Average					Yields and		Average					Yields and
(Dollars in thousands)	Balance		Interest⁽¹⁾			Rates⁽¹⁾⁽²⁾		Balance		Interest⁽¹⁾			Rates⁽¹⁾⁽²⁾
ASSETS:
Federal Home Loan Bank and Federal Reserve Bank stocks	$	149,801	$	2,860		2.55	%	$	90,600	$	2,698		3.98	%
Investment securities held-to-maturity	145,627		2,061			1.89		156,170		3,005			2.57
Investment securities available-for-sale:
Taxable	3,029,754		67,684			2.98		1,258,708		24,487			2.59
Tax-exempt⁽³⁾	461,499		9,210			2.66		824,551		16,444			2.66
Loans and leases held-for-sale	71,739		2,832			5.27		108,992		5,281			6.48
Loans and leases^(1)(3)(4)
Commercial and industrial	7,499,975		363,260			6.45		6,189,854		288,522			6.21
Commercial real estate	4,332,238		173,983			5.30		2,800,912		99,940			4.71
Lease financing	2,554,521		98,116			5.12		2,453,344		92,201			5.01
Residential mortgage	3,188,294		109,634			4.59		1,731,913		69,424			5.36
Consumer installment	1,945,059		82,305			5.66		2,729,135		112,454			5.51
Home equity	3,161,083		160,206			6.78		3,013,433		147,210			6.53
Total loans and leases^(1)(3)(4)	22,681,170		987,504			5.80		18,918,591		809,751			5.71
Interest-bearing deposits with banks and other	494,007		10,878			2.92		225,203		6,023			3.58
Total interest-earning assets	27,033,597		1,083,029			5.33		21,582,815		867,689			5.36
Other assets	2,249,678							1,448,293
Total assets	$	29,283,275						$	23,031,108
LIABILITIES AND EQUITY:
Noninterest bearing deposits	$	4,831,271						$	3,833,543
Interest-bearing deposits:
Checking	3,256,409		6,347			0.26	%	2,449,723		466			0.03	%
Savings	6,799,432		37,094			0.73		5,520,287		11,895			0.29
Money market	2,144,697		22,078			1.38		1,588,210		7,970			0.67
Certificates of deposit	5,500,105		83,635			2.03		4,924,804		53,897			1.46
Total interest-bearing deposits	17,700,643		149,154			1.13		14,483,024		74,228			0.69
Total deposits	22,531,914		149,154			0.88		18,316,567		74,228			0.54
Borrowings:
Short-term borrowings	838,750		9,433			1.48		3,473		58			2.23
Long-term borrowings	1,543,398		38,616			3.32		1,435,088		31,792			2.94
Total borrowings	2,382,148		48,049			2.67		1,438,561		31,850			2.93
Total interest-bearing liabilities	20,082,791		197,203			1.31		15,921,585		106,078			0.89
Total deposits and borrowings	24,914,062		197,203			1.06		19,755,128		106,078			0.72
Accrued expenses and other liabilities	1,052,709							741,222
Total liabilities	25,966,771							20,496,350
Total TCF Financial Corporation shareholders' equity	3,289,946							2,509,625
Non-controlling interest in subsidiaries	26,558							25,133
Total equity	3,316,504							2,534,758
Total liabilities and equity	$	29,283,275						$	23,031,108
Net interest spread (FTE)						4.27							4.64
Net interest income (FTE) and net interest margin (FTE)			$	885,826		4.36				$	761,611		4.70
Reconciliation to Reported Net Interest Income
Net interest income (FTE)			$	885,826						$	761,611
Adjustments for taxable equivalent interest⁽¹⁾⁽³⁾
Loans			(3,614)							(2,816)
Tax-exempt investment securities			(1,933)							(3,453)
Total FTE adjustments			(5,547)							(6,269)
Net interest income (GAAP)			$	880,279						$	755,342
Net interest margin (GAAP)			4.35		%					4.68		%

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

(2)Annualized

(3)The yield on tax-exempt debt 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 non-accrual 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
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30, 2019						Sep. 30, 2018
(Dollars in thousands)	2019		2019		2019		2018		2018		$		%		$		%
ASSETS:
Federal Home Loan Bank and Federal Reserve Bank stocks	$	230,767	$	112,118	$	105,135	$	87,321	$	87,485	$	118,649	105.8	%	$	143,282	163.8	%
Investment securities held-to-maturity	143,078		146,296		147,556		150,016		153,652		(3,218)		(2.2)		(10,574)		(6.9)
Investment securities available-for-sale:
Taxable	4,232,878		2,711,984		2,121,196		1,779,654		1,525,665		1,520,894		56.1		2,707,213		177.4
Tax-exempt	643,576		222,534		516,995		788,806		823,854		421,042		189.2		(180,278)		(21.9)
Loans and leases held-for-sale	118,482		40,835		55,204		86,169		216,669		77,647		190.1		(98,187)		(45.3)
Loans and leases⁽¹⁾:
Commercial and industrial	9,290,978		6,683,060		6,495,163		6,116,369		5,956,211		2,607,918		39.0		3,334,767		56.0
Commercial real estate	6,964,643		3,069,969		2,917,631		2,795,403		2,840,005		3,894,674		126.9		4,124,638		145.2
Lease financing	2,570,567		2,565,175		2,527,346		2,479,045		2,473,793		5,392		0.2		96,774		3.9
Residential mortgage	4,853,627		2,337,818		2,345,881		1,957,323		1,691,691		2,515,809		107.6		3,161,936		186.9
Consumer installment	2,389,830		1,586,633		1,852,813		2,134,568		2,449,414		803,197		50.6		(59,584)		(2.4)
Home equity	3,433,830		2,997,050		3,048,128		3,072,697		3,005,196		436,780		14.6		428,634		14.3
Total loans and leases⁽¹⁾	29,503,475		19,239,705		19,186,962		18,555,405		18,416,310		10,263,770		53.3		11,087,165		60.2
Interest-bearing deposits with banks and other	933,014		280,075		261,556		243,038		218,771		652,939		N.M.		714,243		N.M.
Total interest-earning assets	35,805,270		22,753,547		22,394,604		21,690,409		21,442,406		13,051,723		57.4		14,362,864		67.0
Other assets	3,289,096		1,730,275		1,712,337		1,463,844		1,461,998		1,558,821		90.1		1,827,098		125.0
Total assets	$	39,094,366	$	24,483,822	$	24,106,941	$	23,154,253	$	22,904,404	$	14,610,544	59.7		$	16,189,962	70.7
LIABILITIES AND EQUITY:
Noninterest bearing deposits	$	6,564,195	$	3,980,811	$	3,919,746	$	3,873,023	$	3,874,421	$	2,583,384	64.9	%	$	2,689,774	69.4	%
Interest-bearing deposits:
Checking	4,805,843		2,479,814		2,457,767		2,403,370		2,427,288		2,326,029		93.8		2,378,555		98.0
Savings	7,676,165		6,452,510		6,253,992		5,922,724		5,620,161		1,223,655		19.0		2,056,004		36.6
Money market	3,490,922		1,430,556		1,490,631		1,449,531		1,496,223		2,060,366		144.0		1,994,699		133.3
Certificates of deposit	7,320,720		4,527,822		4,622,120		4,818,211		4,868,286		2,792,898		61.7		2,452,434		50.4
Total interest-bearing deposits	23,293,650		14,890,702		14,824,510		14,593,836		14,411,958		8,402,948		56.4		8,881,692		61.6
Total deposits	29,857,845		18,871,513		18,744,256		18,466,859		18,286,379		10,986,332		58.2		11,571,466		63.3
Borrowings:
Short-term borrowings	1,884,228		321,043		293,499		2,738		3,357		1,563,185		N.M.		1,880,871		N.M.
Long-term borrowings	1,472,150		1,657,527		1,500,832		1,344,228		1,351,585		(185,377)		(11.2)		120,565		8.9
Total borrowings	3,356,378		1,978,570		1,794,331		1,346,966		1,354,942		1,377,808		69.6		2,001,436		147.7
Total interest-bearing liabilities	26,650,028		16,869,272		16,618,841		15,940,802		15,766,900		9,780,756		58.0		10,883,128		69.0
Total deposits and borrowings	33,214,223		20,850,083		20,538,587		19,813,825		19,641,321		12,364,140		59.3		13,572,902		69.1
Accrued expenses and other liabilities	1,197,014		969,723		989,104		822,558		751,100		227,291		23.4		445,914		59.4
Total liabilities	34,411,237		21,819,806		21,527,691		20,636,383		20,392,421		12,591,431		57.7		14,018,816		68.7
Total TCF Financial Corporation shareholders' equity	4,657,613		2,634,386		2,554,729		2,495,952		2,488,435		2,023,227		76.8		2,169,178		87.2
Non-controlling interest in subsidiaries	25,516		29,630		24,521		21,918		23,548		(4,114)		(13.9)		1,968		8.4
Total equity	4,683,129		2,664,016		2,579,250		2,517,870		2,511,983		2,019,113		75.8		2,171,146		86.4
Total liabilities and equity	$	39,094,366	$	24,483,822	$	24,106,941	$	23,154,253	$	22,904,404	$	14,610,544	59.7		$	16,189,962	70.7

N.M. Not Meaningful

(1)Average balances of loans and leases include non-accrual 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
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,			Sep. 30,
	2019		2019		2019		2018		2018		2019			2018
ASSETS:
Federal Home Loan Bank and Federal Reserve Bank stocks	1.39	%	3.91	%	3.70	%	4.19	%	4.81	%	(252)	bps	(342)	bps
Investment securities held-to-maturity	1.68		2.53		1.45		2.58		2.57		(85)		(89)
Investment securities available-for-sale:
Taxable	2.88		3.11		3.04		2.91		2.76		(23)		12
Tax-exempt⁽³⁾	2.66		2.75		2.63		2.66		2.66		(9)		—
Loans and leases held-for-sale	4.74		5.88		6.05		6.48		6.64		(114)		(190)
Loans and leases⁽¹⁾⁽³⁾:
Commercial and industrial	6.25		6.56		6.63		6.36		6.33		(31)		(8)
Commercial real estate	5.45		5.05		5.17		5.02		4.85		40		60
Lease financing	5.11		5.13		5.13		5.32		5.19		(2)		(8)
Residential mortgage	4.23		5.91		5.97		5.27		5.32		(168)		(109)
Consumer installment	5.73		3.64		3.87		5.62		5.58		209		15
Home equity	6.49		5.48		5.55		6.86		6.70		101		(21)
Total loans and leases⁽¹⁾	5.62		5.91		5.97		5.90		5.82		(29)		(20)
Interest-bearing deposits with banks and other	2.44		3.64		3.87		3.79		3.69		(120)		(125)

Total interest-earning assets	5.11		5.48		5.55		5.49		5.44		(37)		(33)

LIABILITIES:
Interest-bearing deposits:
Checking	0.46		0.07		0.06		0.04		0.04		39		42
Savings	0.73		0.77		0.69		0.54		0.35		(4)		38
Money market	1.48		1.29		1.21		0.99		0.78		19		70
Certificates of deposit	2.07		2.06		1.94		1.77		1.57		1		50
Total interest-bearing deposits	1.21		1.09		1.03		0.91		0.76		12		45
Total deposits	0.94		0.86		0.81		0.72		0.60		8		34
Borrowings:
Short-term borrowings	1.11		2.63		2.67		2.74		2.44		(152)		(133)
Long-term borrowings	3.17		3.34		3.44		3.31		3.13		(17)		4
Total borrowings	2.01		3.23		3.31		3.31		3.13		(122)		(112)

Total interest-bearing liabilities	1.31		1.34		1.28		1.11		0.96		(3)		35

Net interest margin (FTE)	4.14		4.49		4.61		4.67		4.73		(35)		(59)

(1)Annualized

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

(3)The yield on tax-exempt debt 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
Summary of Loans (Unaudited)

Composition of Loans

	Quarter Ended														Change From
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Sep. 30,
(Dollars in thousands)	2019		2019		2019		2018		2018		2019		2018
Commercial and industrial	$	10,810,534	$	6,572,393	$	6,790,956	$	6,220,632	$	5,995,118	$	4,238,141	$	4,815,416
Commercial real estate	8,876,779		3,262,487		2,965,796		2,908,313		2,773,761		5,614,292		6,103,018



Lease financing	2,594,373		2,582,613		2,551,344		2,530,163		2,455,511		11,760		138,862
Residential mortgage	6,057,404		2,368,411		2,376,878		2,335,835		1,847,130		3,688,993		4,210,274
Consumer installment	1,562,252		1,474,480		1,722,557		2,003,572		2,296,241		87,772		(733,989)
Home equity	3,609,410		2,924,753		2,976,679		3,074,505		3,054,327		684,657		555,083
Total	$	33,510,752	$	19,185,137	$	19,384,210	$	19,073,020	$	18,422,088	$	14,325,615	$	15,088,664





Composition of Deposits

	Quarter Ended														Change From
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Sep. 30,
(Dollars in thousands)	2019		2019		2019		2018		2018		2019		2018
Noninterest-bearing deposits	$	7,979,900	$	4,062,912	$	4,104,652	$	3,936,155	$	3,974,333	$	3,916,988	$	4,005,567
Interest-bearing deposits:
Checking	6,266,740		2,498,042		2,532,688		2,459,617		2,420,896		3,768,698		3,845,844
Savings	8,347,541		6,503,102		6,426,465		6,107,812		5,724,582		1,844,439		2,622,959
Money market	4,305,921		1,443,004		1,468,308		1,609,422		1,504,952		2,862,917		2,800,969
Certificates of deposit	8,385,972		4,605,327		4,491,998		4,790,680		4,871,748		3,780,645		3,514,224
Total interest-bearing deposits	27,306,174		15,049,475		14,919,459		14,967,531		14,522,178		12,256,699		12,783,996
Total deposits	$	35,286,074	$	19,112,387	$	19,024,111	$	18,903,686	$	18,496,511	$	16,173,687	$	16,789,563


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

Allowance for Loan and Lease Losses

	Sep. 30,							Jun. 30,							Mar. 31,							Dec. 31,			Sep. 30,
	2019							2019							2019							2018			2018
				% of				% of					% of					% of				% of
(Dollars in thousands)	Balance		Portfolio					Balance		Portfolio					Balance		Portfolio					Balance		Portfolio	Balance	Portfolio
Commercial and industrial	$	39,974		0.37	%	$	38,605	0.59	%		$	38,639	0.57	%	$	41,103		0.66	%	$	40,211	0.67	%
Commercial real estate	24,090			0.27		22,747		0.70			20,659		0.70		22,877			0.79		22,119		0.80



Lease financing	14,367			0.55		14,440		0.56			14,377		0.56		13,449			0.53		12,427		0.51
Residential mortgage	19,816			0.33		21,102		0.89			20,281		0.85		21,436			0.92		22,312		1.21
Consumer installment	1,859			0.12		26,731		1.81			30,477		1.77		35,151			1.75		40,606		1.77
Home equity	21,112			0.58		22,878		0.78			23,539		0.79		23,430			0.76		22,946		0.75
Total	$	121,218		0.36	%	$	146,503	0.76	%		$	147,972	0.76	%	$	157,446		0.83	%	$	160,621	0.87	%
Credit discount on acquired loans	175,759
Total allowance and discount on acquired loans	$	296,977		0.89	%


Changes in Allowance for Loan and Lease Losses

	Quarter Ended														Change From
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Sep. 30,
(In thousands)	2019		2019		2019		2018		2018		2019		2018
Balance, beginning of period	$	146,503	$	147,972	$	157,446	$	160,621	$	165,619	$	(1,469)	$	(19,116)
Charge-offs	(35,547)		(21,066)		(24,431)		(27,227)		(19,448)		(14,481)		(16,099)
Recoveries	6,969		6,984		5,777		5,913		12,658		(15)		(5,689)
Net (charge-offs) recoveries	(28,578)		(14,082)		(18,654)		(21,314)		(6,790)		(14,496)		(21,788)
Provision for credit losses	27,188		13,569		10,122		18,894		2,270		13,619		24,918
Other⁽¹⁾	(23,895)		(956)		(942)		(755)		(478)		(22,939)		(23,417)
Balance, end of period	$	121,218	$	146,503	$	147,972	$	157,446	$	160,621	$	(25,285)	$	(39,403)

(1)Primarily includes the transfer of the allowance for loan and lease losses to loans and leases held for sale.


Net Charge-offs

	Quarter Ended
	Sep. 30,						Jun. 30,						Mar. 31,						Dec. 31,		Sep. 30,
	2019						2019						2019						2018		2018
(Dollars in thousands)	Balance		Rate⁽¹⁾		Balance		Rate⁽¹⁾		Balance		Rate⁽¹⁾		Balance		Rate⁽¹⁾		Balance		Rate⁽¹⁾
Commercial and industrial	$	(17,631)	0.76	%	$	(5,820)	0.35	%	$	(5,259)	0.32	%	$	(9,678)	0.63	%	$	(2,081)	0.14	%
Commercial real estate	13		—		9		—		5		—		150		(0.02)		19		—



Lease financing	(2,192)		0.34		(966)		0.15		(1,391)		0.22		(574)		0.09		(497)		0.08
Residential mortgage	(189)		0.02		(80)		0.01		(468)		0.08		(109)		0.02		3390		(0.80)
Consumer installment	(8,984)		1.50		(6,990)		1.76		(11,561)		2.50		(11,299)		2.12		(10,662)		1.74
Home equity	405		(0.05)		(235)		0.03		20		—		196		(0.03)		3041		(0.40)
Total	$	(28,578)	0.39	%	$	(14,082)	0.29	%	$	(18,654)	0.39	%	$	(21,314)	0.46	%	$	(6,790)	0.15	%

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


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


Over 90-Day Delinquencies as a Percentage of Portfolio⁽¹⁾
											Change From
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,			Sep. 30,
	2019		2019		2019		2018		2018		2019			2018
Commercial and industrial	0.02	%	—	%	—	%	0.01	%	—	%	2	bps	2	bps
Commercial real estate	0.09		—		—		—		—		9		9



Lease financing	0.09		0.12		0.10		0.07		0.07		(3)		2
Residential mortgage	0.01		0.05		0.07		0.06		0.04		(4)		(3)
Consumer installment	—		0.14		0.14		0.17		0.13		(14)		(13)
Home equity	—		—		—		—		—		—		—
Subtotal	0.04		0.03		0.04		0.04		0.03		1		1
Portfolios acquired with deteriorated credit quality	5.47		18.92		6.75		4.65		16.70		(1,345)		(1,123)
Total delinquencies	0.09		0.04		0.04		0.04		0.03		5		6

(1)Excludes nonaccrual loans and leases


Nonperforming Assets
																Change From
	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,					Sep. 30,
(Dollars in thousands)	2019			2019			2019			2018			2018			2019					2018
Nonaccrual loans and leases:
Commercial and industrial	$	55,039		$	18,483		$	17,150		$	26,061		$	15,073		$	36,556		$	39,966
Commercial real estate	26,518			545			607			4,518			5,210			25,973			21,308



Lease financing	11,503			12,886			10,976			7,993			7,306			(1,383)			4,197
Residential mortgage	48,816			34,760			35,227			33,111			33,136			14,056			15,680
Consumer installment	636			8,633			9,034			8,581			7,614			(7,997)			(6,978)
Home equity	39,296			32,686			30,291			25,654			21,957			6,610			17,339

Total nonaccrual loans and leases	181,808			107,993			103,285			105,918			90,296			73,815			91,512
Other real estate owned	27,638			11,964			18,361			17,403			19,079			15,674			8,559
Total nonperforming assets	$	209,446		$	119,957		$	121,646		$	123,321		$	109,375		$	89,489		$	100,071

Nonaccrual loans and leases as a percentage of total loans and leases	0.54		%	0.56		%	0.53		%	0.56		%	0.49		%	(2)		bps	5		bps
Allowance for loan and lease losses as a percentage of total loans and leases	66.67			135.66			143.27			148.65			177.88			(6,899)			(11,121)
Nonperforming assets as a percentage of total loans and leases and other real estate owned	0.62			0.62			0.63			0.65			0.59			—			3


TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Capital Information (Unaudited)

	At or For the Quarter Ended																								Change From
(Dollars in thousands, except per share data)	Sep. 30,				Jun. 30,				Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,		Sep. 30,
				2019				2019				2019				2018				2018		2019		2018
Dividends declared per common share	$	0.35			$	0.15			$	0.15			$	0.15			$	0.15			133.3	%	133.3	%
Book value per common share	35.82				30.43				$	29.38			$	28.44			$	27.58			17.7		29.9
Tangible book value per common share⁽¹⁾	26.18				28.33				27.28				26.33				25.50				(7.6)		2.7
Common equity to assets	12.04		%		10.22		%		10.02		%		9.99		%		10.21		%		182	bps	183	bps
Tangible common equity to tangible assets⁽¹⁾	9.09				9.58				9.37				9.32				9.51				(49)		(42)

Regulatory Capital:⁽²⁾
Common equity Tier 1 capital	$	4,009,214			$	2,305,706			$	2,266,244			$	2,224,183			$	2,226,820			73.9	%	80.0	%
Tier 1 capital	4,197,706				2,495,178				2,459,132				2,408,393				2,412,869				68.2		74.0
Total capital	4,652,708				2,811,347				2,792,419				2,750,581				2,754,615				65.5		68.9

Common equity Tier 1 capital ratio	10.88		%		10.99		%		10.79		%		10.82		%		11.04		%		(11)	bps	(16)	bps
Tier 1 risk-based capital ratio	11.40				11.90				11.71				11.72				11.96				(50)		(56)
Total risk-based capital ratio	12.63				13.41				13.30				13.38				13.66				(78)		(103)
Tier 1 leverage ratio	11.16				10.27				10.26				10.44				10.58				89		58

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

(2)September 30, 2019 amounts are preliminary pending completion and filing of the Company's regulatory reports


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

Computation of adjusted diluted earnings per common share:

		Quarter Ended
		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
(Dollars in thousands, except per share data)		2019		2019		2019		2018		2018
Net income available to common shareholders		$	19,654	$	87,933	$	68,001	$	83,158	$	83,702
Less: Earnings allocated to participating securities		—		17		13		12		13
Earnings allocated to common stock	(a)	19,654		87,916		67,988		83,146		83,689
Plus: Merger-related expenses		111,259		4,226		9,458		—		—
Non-core items:
Plus: Loss on transfer of legacy TCF auto finance portfolio to held-for-sale⁽¹⁾		19,264		—		—		—		—
Plus: Termination of interest rate swaps⁽²⁾		17,302		—		—		—		—
Less: Gain on sale of certain investment securities⁽³⁾		(5,869)		—		—		—		—
Plus: Write-down of company-owned vacant land parcels⁽⁴⁾		5,890		—		—		—		—
Plus: Loan servicing rights impairment⁽²⁾		4,520		—		—		—		—
Total non-core items		41,107		—		—		—		—
Less: Related income tax expense, net of benefits⁽⁵⁾		46,213		1,003		2,252		—		—
Total adjustments, net of tax		106,153		3,223		7,206		—		—
Adjusted earnings allocated to common stock	(b)	$	125,807	$	91,139	$	75,194	$	83,146	$	83,689

Weighted-average common shares outstanding used in diluted earnings per common share calculation⁽⁶⁾	(c)	128,754,588		82,298,920		82,245,577		82,989,508		83,808,063

Diluted earnings per common share	(a) / (c)	$	0.15	$	1.07	$	0.83	$	1.00	$	1.00
Adjusted diluted earnings per common share	(b) / (c)	0.98		1.11		0.91		1.00		1.00


Net income attributable to TCF		$	22,148	$	90,427	$	70,494	$	85,652	$	86,196
Total adjustments, net of tax		106,153		3,223		7,206		—		—
Adjusted net income attributable to TCF		$	128,301	$	93,650	$	77,700	$	85,652	$	86,196

(1)Included within Net (loss) gain on sales of loans and leases.

(2)Included within Other noninterest income.

(3)Included within Net gains (losses) on investment securities.

(4)Included within Other noninterest expense.

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

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


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

Computation of adjusted net interest income and margin:

	Quarter Ended
	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
(Dollars in thousands, except per share data)	2019			2019			2019			2018			2018
Net Interest Income	$	371,793		$	254,057		$	254,429		$	253,153		$	253,502
Purchase accounting accretion and amortization	28,411			—			—			—			—
Net interest income, excluding purchase accounting accretion and amortization	$	343,382		$	254,057		$	254,429		$	253,153		$	253,502
Net interest margin (FTE)	4.14		%	4.49		%	4.61		%	4.67		%	4.73		%
Purchase accounting accretion and amortization	0.31			—			—			—			—
Net interest margin, excluding purchase accounting accretion and amortization (FTE)	3.83		%	4.49		%	4.61		%	4.67		%	4.73		%


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 and average tangible common equity:

		Quarter Ended
		Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
(Dollars in thousands)		2019			2019			2019			2018			2018
Adjusted net income after tax expense:
Income after tax expense	(a)	$	24,978		$	94,043		$	73,449		$	88,156		$	88,839
Plus: Merger-related expenses		111,259			4,226			9,458			—			—
Plus: Non-core items		41,107			—			—			—			—
Less: Related income tax expense, net of tax benefits		46,213			1,003			2,252			—			—
Adjusted net income after tax expense for ROAA calculation	(b)	$	131,131		$	97,266		$	80,655		$	88,156		$	88,839
Net income available to common shareholders	(c)	$	19,654		$	87,933		$	68,001		$	83,158		$	83,702

Plus: Other intangibles amortization		4,544			798			812			845			911
Less: Related income tax expense		1,085			189			193			198			220
Net income available to common shareholders used in ROATCE calculation	(d)	$	23,113		$	88,542		$	68,620		$	83,805		$	84,393

Adjusted net income available to common shareholders:
Net income available to common shareholders		$	19,654		$	87,933		$	68,001		$	83,158		$	83,702
Plus: Non-core items		41,107			—			—			—			—
Plus: Merger-related expenses		111,259			4,226			9,458			—			—
Less: Related income tax expense, net of tax benefits		46,213			1,003			2,252			—			—
Net income available to common shareholders used in adjusted ROACE calculation	(e)	125,807			91,156			75,207			83,158			83,702

Plus: Other intangibles amortization		4,544			798			812			845			911
Less: Related income tax expense		1,085			189			193			198			220
Net income available to common shareholders used in adjusted ROATCE calculation	(f)	$	129,266		$	91,765		$	75,826		$	83,805		$	84,393
Average balances:
Average assets	(g)	$	39,094,366		$	24,483,822		$	24,106,941		$	23,154,253		$	22,904,404
Total equity		$	4,683,129		$	2,664,016		$	2,579,250		$	2,517,870		$	2,511,983
Less: Non-controlling interest in subsidiaries		25,516			29,630			24,521			21,918			23,548
Total TCF Financial Corporation shareholders' equity		4,657,613			2,634,386			2,554,729			2,495,952			2,488,435
Less: Preferred stock		169,302			169,302			169,302			169,302			169,302
Average total common shareholders' equity used in ROACE calculation	(h)	4,488,311			2,465,084			2,385,427			2,326,650			2,319,133
Less: Goodwill, net		890,155			154,757			154,757			154,757			154,757
Less: Other intangibles, net		142,925			19,270			20,080			20,907			21,772
Average tangible common shareholders' equity used in ROATCE calculation	(i)	$	3,455,231		$	2,291,057		$	2,210,590		$	2,150,986		$	2,142,604








ROAA⁽¹⁾	(a) / (g)	0.26		%	1.54		%	1.22		%	1.52		%	1.55		%
Adjusted ROAA⁽¹⁾	(b) / (g)	1.34			1.59			1.34			1.52			1.55
ROACE⁽¹⁾	(c) / (h)	1.75			14.27			11.40			14.30			14.44
Adjusted ROACE⁽¹⁾	(e) / (h)	11.21			14.79			12.61			14.30			14.44
ROATCE⁽¹⁾	(d) / (i)	2.68			15.46			12.42			15.58			15.76
Adjusted ROATCE⁽¹⁾	(f) / (i)	14.96			16.02			13.72			15.58			15.76

(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
		Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
(Dollars in thousands)		2019			2019			2019			2018			2018
Noninterest expense	(a)	$	425,620		$	236,849		$	253,075		$	249,958		$	246,423
Less: Merger-related expenses		111,259			4,226			9,458			—			—
Less: Write-down of company-owned vacant land parcels		5,890			—			—			—			—
Adjusted noninterest expense		$	308,471		$	232,623		$	243,617		$	249,958		$	246,423
Less: Lease financing equipment depreciation		19,408			19,133			19,256			19,085			19,525
Less: Amortization of intangibles		4,544			798			812			845			911
Adjusted noninterest expense, efficiency ratio	(b)	$	284,519		$	212,692		$	223,549		$	230,028		$	225,987

Net interest income		$	371,793		$	254,057		$	254,429		$	253,153		$	253,502
Noninterest income		94,258			109,718			103,504			123,868			112,064
Total revenue	(c)	$	466,051		$	363,775		$	357,933		$	377,021		$	365,566

Noninterest income		$	94,258		$	109,718		$	103,504		$	123,868		$	112,064
Plus: Loss on transfer of legacy TCF auto loans to held-for-sale		19,264			—			—			—			—
Less: Termination of interest rate swaps		17,302			—			—			—			—
Less: Gain on sales of certain investment securities		(5,869)			—			—			—			—
Plus: Loan servicing rights impairment		4,520			—			—			—			—
Adjusted noninterest income		$	129,475		$	109,718		$	103,504		$	123,868		$	112,064
Net interest income		$	371,793		$	254,057		$	254,429		$	253,153		$	253,502
Plus: Net interest income FTE adjustment		2,488			1,337			1,722			2,100			2,112
Adjusted net interest income		$	374,281		$	255,394		$	256,151		$	255,253		$	255,614
Less: Lease financing equipment depreciation		19,408			19,133			19,256			19,085			19,525
Adjusted total revenue, efficiency ratio	(d)	$	484,348		$	345,979		$	340,399		$	360,036		$	348,153

Efficiency ratio	(a) / (c)	91.32		%	65.11		%	70.70		%	66.30		%	67.41		%
Adjusted efficiency ratio	(b) / (d)	58.74			61.48			65.67			63.89			64.91


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

		Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
(Dollars in thousands, except per share data)		2019			2019			2019			2018			2018
Total equity		$	5,693,417		$	2,710,518		$	2,645,845		$	2,556,260		$	2,528,012
Less: Non-controlling interest in subsidiaries		23,313			24,858			29,452			18,459			21,154
Total TCF Financial Corporation shareholders' equity		5,670,104			2,685,660			2,616,393			2,537,801			2,506,858
Less: Preferred stock		169,302			169,302			169,302			169,302			169,302
Total common stockholders' equity	(a)	5,500,802			2,516,358			2,447,091			2,368,499			2,337,556
Less: Goodwill, net		1,265,111			154,757			154,757			154,757			154,757
Less: Other intangibles, net		215,910			18,885			19,684			20,496			21,339
Tangible common shareholders' equity	(b)	$	4,019,781		$	2,342,716		$	2,272,650		$	2,193,246		$	2,161,460

Total assets	(c)	$	45,692,511		$	24,626,830		$	24,418,715		$	23,699,612		$	22,904,785
Less: Goodwill, net		1,265,111			154,757			154,757			154,757			154,757
Less: Other intangibles, net		215,910			18,885			19,684			20,496			21,339
Tangible assets	(d)	$	44,211,490		$	24,453,188		$	24,244,274		$	23,524,359		$	22,728,689

Common stock shares outstanding	(e)	153,571,381			82,703,469			83,303,581			83,289,382			84,757,434

Common equity to assets	(a) / (c)	12.04		%	10.22		%	10.02		%	9.99		%	10.21		%
Tangible common equity to tangible assets	(b) / (d)	9.09			9.58			9.37			9.32			9.51

Book value per common share	(a) / (e)	$	35.82		$	30.43		$	29.38		$	28.44		$	27.58
Tangible book value per common share	(b) / (e)	26.18			28.33			27.28			26.33			25.50

(1)

October 28, 2019 TCF Financial Corporation 3Q19 Earnings Presentation

Cautionary Statements for the Purposes of Safe Harbor Provisions of the Securities Litigation Reform Act Any statements contained in this presentation regarding the outlook for the Company's businesses and their respective markets, such as projections of future performance, targets, 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. This presentation also contains forward-looking statements regarding TCF’s outlook or expectations with respect to the merger and integration with Chemical Financial Corporation (“Chemical”). Examples of forward-looking statements include, but are not limited to, statements regarding outlook and expectations with respect to 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. Certain factors could cause the Company'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 Company’s Annual Report on Form 10-K for the year ended December 31, 2018 under the heading "Risk Factors" or otherwise disclosed in documents filed or furnished by the Company with or to the SEC after the filing of such Annual Report on Form 10-K, 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: deterioration in general economic, political and banking industry conditions; cyber-security breaches, hacking, denial of service, security breaches, loss or theft of information, or other cyber-attacks that disrupt TCF’s business operations or damage its reputation; fluctuation in interest rates that result in decreases in the value of assets or a mismatch between yields earned on TCF's interest-earning assets and the rates paid on its deposits and borrowings; lack of access to liquidity; inability to grow deposits, increase earnings and revenue, manage operating expenses, or pay and receive dividends; adverse effects related to competition from traditional competitors, non-bank providers of financial services and new technologies; soundness of other financial institutions and other counterparty risk, including the risk of default, operational disruptions, security breaches, or diminished availability of counterparties who satisfy our credit quality requirements; adverse developments affecting TCF's branches, including supermarket branches; risks related to developing new products, markets or lines of business; adverse changes in monetary, fiscal or tax policies; heightened consumer protection, supervisory or regulatory practices or requirements; deficiencies in TCF's compliance programs or risk mitigation frameworks; the effect of any negative publicity or reputational damage; technological or operational difficulties; failure to keep pace with technological change, including with respect to customer demands or system upgrades; risks related to TCF's loan sales activity; dependence on accurate and complete information from customers and counterparties; the failure to attract and retain key employees; inability to successfully execute on TCF's growth strategy through acquisitions or expanding existing business relationships; changes in accounting standards or interpretations of existing standards; adverse federal, state or foreign tax assessments; litigation or government enforcement actions; ineffective internal controls; and the effects of man-made and natural disasters, any of which may negatively affect our operations and/or our customers. 2

Use of Non-GAAP Financial Measures Management uses the adjusted diluted earnings per common share, adjusted ROAA, adjusted ROACE, ROATCE, adjusted ROATCE, adjusted efficiency ratio, 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 non-core items management believes it is 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. 3

Third Quarter Themes TCF’s financial results for any 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 third quarter of 2019 reflect Legacy TCF financial results only for the month of July and the post-merger combined TCF financial results for August and September. As a result of these two factors, TCF’s financial results for the third quarter of 2019 may not be directly comparable to prior reported periods. Diluted Efficiency Loan Deposit ROACE ROATCE2 EPS Ratio Growth YoY1 Growth YoY1 $0.15 91.3% 1.8% 2.7% 0.9% 4.0% Reported Reported Reported Reported Reported Strong Adjusted $0.98 58.7% 11.2% 15.0% 8.3% Business Results Adjusted2 Adjusted2 Adjusted2 Adjusted2 Excluding Legacy TCF Auto Finance Portfolio3 • Closed merger of equals between Legacy TCF and Chemical on August 1, 2019 • Developed consolidated and comprehensive set of internal policies MOE Closing / • Repositioned assets to lower the risk profile, reduce asset sensitivity and enhance capital Balance Sheet efficiency and liquidity Repositioning ◦ Sold $1.6B of securities ◦ Terminated $1.1B of interest rate swaps ◦ Transferred Legacy TCF auto finance portfolio to held-for-sale ($1.2B at September 30, 2019) • Finalized comprehensive plan and began implementation of initiatives to drive $180M of annualized cost savings Executing on • Executed on $4M of cost savings in 3Q19 (=$16M annualized; $75M of cost savings expected Synergies to be implemented by 3Q20) • Developing roadmaps for business synergy opportunities Strong Capital 10.9% ~10% $150M Position Provides Optionality CET1 Ratio Near-term Share repurchase CET1 Ratio Target authorization announced 1 Based on combined historical TCF and Chemical reported financials 4 2 Denotes a non-GAAP financial measure; see Appendix for "Non-GAAP Reconciliation" slides 3 Denotes a non-GAAP financial measure; See reconciliation on Slide 8 "Loan and Lease Portfolio with Strong Mix of Complementary Products"

Merger of Equals Integration Remains on Track TCF Financial Corporation and Chemical Financial Corporation closed merger-of-equals (MOE) on August 1, 2019 creating a $46 billion1 premier Midwest commercial bank Recent MOE Actions • Announced board of directors and implemented governance and committee structures • Developed consolidated internal policies including credit underwriting, risk appetite statement, BSA policies and concentration limits • Began cultural integration activities including town halls and other employee-focused activities • Named over 90% of functional leadership roles • Prepared for first wave of system conversions • Selected and finalized contract for the core banking platform Upcoming Priorities • Optimized the balance sheet through the completion of several repositioning actions • Implement a combined benefits plan effective as of • Continued to serve customer base with limited disruption January 1, 2020 with reduced cost • Initiated termination of legacy pension plans • Consolidation onto a single mortgage lending platform • Various waves of system roll-outs prior to final Other Business Actions systems conversion in 3Q20 • Implemented branch rationalization initiatives • Continuation of staffing optimizations ◦ Announced closing of 4 out-of-market branches in Indiana • Launch business synergy initiatives and Ohio (3Q19) ◦ Announced closing of 17 in-store branches in Minnesota and Illinois as part of ongoing branch profitability analysis (4Q19) 5 1 As of September 30, 2019

Impact of Purchase Accounting Actual purchase accounting marks were lower than expected at transaction announcement Notable Purchase Accounting Updates Accretion and Amortization (3Q19) ($ millions) Estimate at Actual Announcement1 $28 • 1.18% of gross loans at 1 $189M $183M announcement compared $(4) to 1.15% of actual gross $24 Credit Mark Credit Mark Chemical loans acquired $200M $66M • Driven by lower interest rate environment at closing Interest Rate Mark Interest Rate Mark • Amortized over 10 years $168M $178M utilizing sum-of-the-years- Core Deposit Core Deposit digits methodology Purchase CDI Net Intangible (CDI) Intangible (CDI) Accounting Amortization Accretion • Lower purchase Expect purchase accounting accretion 10.0% 10.9% accounting marks result in in the low $20M range in 4Q192 CET1 Ratio CET1 Ratio higher capital level at close compared to $28M in 3Q19 1 As of merger announcement on January 28, 2019 6 2 Excluding payoffs and prepayments

Repositioned Balance Sheet to Reduce Risk and Increase Liquidity Repositioned assets during the quarter to lower the risk profile, reduce asset sensitivity and enhance capital efficiency and liquidity • Sold $1.6B of certain investment securities with $1.3B remaining to be reinvested as of Sale of September 30, 2019 Securities • Sold securities with weighted average yield of 2.4% • Securities sales reduce interest rate risk and enhance capital efficiency and liquidity • Terminated $1.1B of interest rate swaps Termination of Interest Rate • Pre-tax expense of $17.3M (included in other noninterest income) Swaps • Termination reduces asset sensitivity by an estimated 60 basis points in the down 100 basis point rate shock scenario Legacy TCF Auto Finance • Transferred Legacy TCF auto finance portfolio to held-for-sale ($1.2B at September 30, 2019) Portfolio • Pre-tax loss of $19.3M (included in net (loss) gain on sales of loans and leases) Transferred to Held-for-Sale 7

Loan and Lease Portfolio with Strong Mix of Complementary Products HFI Loans and Leases ($ billions) Loan and Lease Portfolio Mix (3Q19) Loans and Leases (ex. Legacy TCF Auto) Consumer installment Legacy TCF Auto 5% Consumer Commercial $33.2 $33.5 34% 66% Home equity $2.3 11% C&I 32% $30.9 Residential mortgage 18% $34B 3Q18 3Q19 Lease financing TCF/Chemical 8% CRE Combined1 26% Balances 8.3% YoY (ex. Legacy $30.9 $33.5 2 TCF Auto) Growth YoY Growth Drivers ($ billions) YoY Change TCF/Chemical % 3 3Q19 Combined1 Growth 5.62% 3Q19 Yield on Commercial and industrial $ 10.8 $ 1.1 11.3 % Total Loans and Leases Commercial real estate 8.9 0.8 9.5 Lease financing 2.6 0.1 5.7 Consumer (ex. Legacy TCF Auto) 11.2 0.6 5.3 1 Combined TCF and Chemical reported financials 2 Total period-end loans and leases of $33.5B, up $0.3B or 0.9% YoY 8 3 Annualized and presented on a fully tax-equivalent basis

Strong Deposit Growth Across a Well-diversified Portfolio Deposit Growth ($ billions) A Preferred Deposit Composition (3Q19) YoY Deposit Growth of 4% / non-CD growth of 7% CDs Noninterest- Bearing $8B Checking 24% 23% $8B $33.9 $35.0 $35.3 $9.0 $8.4 $8.7 CDs $35B Non-CDs Money Market 12% 18% Interest- $4B Bearing $25.2 $26.0 $26.9 Checking 23% $6B Savings 3Q18 2Q19 3Q19 $8B TCF/Chemical Combined1 Strong YoY Deposit Growth Commercial Deposits 38% Consumer Deposits $13B $35B $22B • $1.7B of combined non-CD growth YoY 62% • Short duration CD portfolio with 60% maturing over the next six months with an average rate of 2.13% 3Q19 Cost of Deposits: 0.94%2 down 1 basis point from 2Q19 TCF/Chemical combined deposit costs 9 1 Combined TCF and Chemical reported financials 2 Annualized

Repositioning the Investment Securities Portfolio Investment Securities Repositioning ($ billions) Improving Investment Securities Mix (3Q19) Legacy Chemical 2Q19 Combined1 3Q19 Actual Legacy TCF $7.2 Other Other 9% $5.8 $5.7 Obligations of 12% states and Obligations of political $3.9 states and political subdivisions subdivisions $3.3 16% Agency 14% $7B Agency $6B Agency MBS MBS 48% CMOs Agency 8% 66% $3.3 CMOs $2.5 27% 3Q18 2Q19 3Q19 TCF/Chemical Combined1 Sold $1.6B of Investment Securities in 3Q19 Investment Securities Portfolio Attributes (3Q19) with $1.3B Remaining to be Reinvested 2.81%2 2.63%2 3.4 Years 13% • Reduces interest rate and credit risk 3Q19 yield on average tax- duration at of total investment equivalent yield on September 30, 2019 assets • Enhances capital efficiency and liquidity securities investment securities purchased in 3Q19 • Sold securities with weighted average yield of 2.4% High quality fixed-rate assets (95% are AA and AAA rated) 10 1 Combined TCF and Chemical reported financials 2 Annualized and presented on a fully tax-equivalent basis

Net Interest Income and Net Interest Margin Impacted by Purchase Accounting Accretion Net Interest Income ($ millions) Net Interest Margin1 Legacy Chemical Purchase Accounting Accretion Purchase Accounting Accretion Legacy TCF $409 $415 4.14% 4.10% $11 $11 3.92% $371 0.11% 0.31% 0.40% $28 Expect purchase $154 accounting $149 accretion in the low $20M range in 4Q192 3.83% 3 3 $343 $143 3.81% 3.70% $249 $250 $15 $128 3Q18 2Q19 3Q19 Sept. 2019 2Q19 3Q19 Sept. 2019 TCF/Chemical Combined 4 Month Actual TCF/Chemical Month Actual 4 1 2 Combined 1 2 1 3Q19 = Stub Period Cost of Deposits Stabilizing • Reflects Legacy TCF July NII + NewTCF August/September NII 0.90% 0.95% 0.94% 0.79% 2 September 2019 Month Actual 0.65% • Provides a starting point for modeling NII and NIM going forward 3Q18 4Q18 1Q19 2Q19 3Q19 4 1 Annualized and presented on a fully tax-equivalent basis TCF/Chemical Combined 2 Excludes payoffs and prepayments 3 11 Denotes a non-GAAP financial measure; see Appendix for "Non-GAAP Reconciliation" slides 4 Combined TCF and Chemical reported financials

A More Diverse Noninterest Income Mix Noninterest Income ($ millions) Adjusted Noninterest Income Mix (3Q19) 1 Legacy Chemical Non-core Items (excludes non-core items) Legacy TCF Servicing fee 4Q19 Target: revenue, 4% in-line with prior Other $150 $148 combined periods 7% $129 $38 Fees and service $38 Net gains on charges on deposit 1 sales of loan accounts, 27% $35 10% $129M $112 $110 $94 Card and ATM revenue, 18% Leasing revenue 3Q18 2Q19 3Q19 Wealth 31% TCF/Chemical Combined 2 management 1 3% 3Q19 Non-core Items (noninterest income) 1 3Q19 = Stub Period Pre-tax • Reflects Legacy TCF July noninterest income + Impact ($M) NewTCF August/September NII Loss on transfer of Legacy TCF auto finance portfolio to HFS $ (19.3) Sale of certain investment securities 5.9 • 3Q19 noninterest income of $129M excluding Termination of interest rate swaps (17.3) non-core items Loan servicing rights impairment (4.5) Total non-core items $ (35.2) 12 1 Noninterest income non-core items reflect a loss of $35.2M in 3Q19 2 Combined TCF and Chemical reported financials

Managing Operating Expenses to Deliver on Cost Synergies Merger-related cost synergies of $180M over the next 5 quarters is a unique catalyst in the current operating environment and will drive toward a targeted efficiency ratio below peer median Implied 4Q20 NIE Target at MOE Announcement ($ millions) Noninterest Expense ($ millions) Legacy Chemical Expect to drive NIE below Merger-related expenses Non-core items Legacy TCF implied 4Q20 target of $321M $425 $348 $6 $366 $111 $321 $7 $110 $(45) $341 $308 $321 $256 2Q19 3Q19 TCF/Chemical Combined1 4Q20 NIE Less Cost 4Q20 1 Consensus Savings NIE Implied 3Q19 = Stub Period (at MOE Estimate Consensus Target 1 • Reflects Legacy TCF July NIE + announcement) NewTCF August/September NIE Cost Savings Timing Expectations Driving Toward Below Peer Median Efficiency Cost savings • $75M of annualized cost savings by 3Q20 Post-Cost Savings $45 achieved to-date • Full $180M run-rate thereafter 91.3% Adjusted Efficiency Ratio Target4: Below Peer Median 9% $4M 58.7% $4 57.0% 3Q19A 4Q19 1Q20 2Q20 3Q20 4Q20 $45mm in 4Q20 = $180mm annualized 3Q19 3Q19 2Q19 Peer 1 Combined Legacy TCF and Chemical reported financials 2 3 2 Adjusted Median Denotes a non-GAAP financial measure; see Appendix for "Non-GAAP Reconciliation" slides 3 Source: S&P Global Market Intelligence; TCF Peer Group includes KEY, RF, MTB, HBAN, CMA, ZION, PBCT, CIT, SNV, EWBC, FHN, FCNC.A, FNB, WTFC, ASB, BKU, VLY and IBKC 13 4 Adjusted efficiency ratio is a non-GAAP financial measure. A reconciliation of the adjusted efficiency ratio target to the most directly comparable GAAP measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort, however it is expected to be consistent with the historical non-GAAP reconciliation included in the appendix

Credit Quality Net Charge-offs (3Q19) Nonaccrual Loans and Leases (3Q19) $29M 0.39%1 $182M 0.54% Net as a percentage of Nonaccrual loans as a percentage of total Charge-offs average loans and leases and leases loans and leases Provision (3Q19) Allowance for Loan and Lease Losses (3Q19) $27M $121M 0.36% Provision for Credit Losses Allowance for loan as a percentage of and lease losses total loans and leases Over 90-Day Delinquencies (3Q19)2 0.09% $297M 0.89% as a percentage of ALLL + credit as a percentage of total loans and leases discount on total loans and leases acquired loans 1 Annualized 14 2 Excludes nonaccrual loans and leases

Strong Capital Position $150M share repurchase authorization approved by the board of directors CET1 Ratio Capital Priorities (3Q19) Organic Growth Ample opportunities for growth given complementary business 10.9% platforms and adjacent markets Dividends CET1 Ratio Dividend payout ratio target of 30% - 40% (Near-term Target) ~10.0% Share Repurchases Evaluate share repurchases based on excess capital after organic growth and dividends ROATCE (Post-Cost Savings Target)1 Corporate Development Remain disciplined for opportunities including whole banks, Top-Quartile2 lending or deposit platforms, or portfolios 1 ROATCE is a non-GAAP financial measure. A reconciliation of the ROATCE target to the most directly comparable GAAP measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort, however it is expected to be consistent with the historical non-GAAP reconciliation included in 15 the appendix 2 Compared to TCF's Peer Group including KEY, RF, MTB, HBAN, CMA, ZION, PBCT, CIT, SNV, EWBC, FHN, FCNC.A, FNB, WTFC, ASB, BKU, VLY and IBKC

Appendix

Impact of 3Q19 Merger-related Expenses and Non-core Items Merger- 3Q19 related Non-core 3Q19 1 (Dollars in thousands, except per share data) Reported Items Items Adjusted Net interest income $ 371,793 $ — $ — $ 371,793 Provision for credit losses 27,188 — — 27,188 Noninterest income: Fees and service charges on deposits 34,384 — — 34,384 Leasing revenue 39,590 — — 39,590 Wealth management revenue 4,241 — — 4,241 Card and ATM revenue 23,315 — — 23,315 Net (loss) gain on sales of loans and leases (5,984) — (19,264) (2) 13,280 Servicing fee income 5,121 — — 5,121 Net gains on investment securities 5,900 — 5,869 (3) 31 Other (12,309) — (21,822) (4) 9,513 Total noninterest income 94,258 — (35,217) 129,475 Noninterest expense 425,620 (111,259) (5,890) (5) 308,471 Income before income tax expense 13,243 (111,259) (41,107) 165,609 Income tax benefit (11,735) 28,397 17,816 (6) 34,478 Income after income tax expense 24,978 (82,862) (23,291) 131,131 Income attributable to non-controlling interest 2,830 — — 2,830 Net income attributable to TCF 22,148 (82,862) (23,291) 128,301 Preferred stock dividends 2,494 — — 2,494 Net income available to common shareholders $ 19,654 $ (82,862) $ (23,291) $ 125,807 Diluted earnings per share $ 0.15 $ (0.64) $ (0.19) 0.98 Average diluted common shares outstanding 128,754,588 — — 128,754,588 Return on average assets 0.26 % 1.34 % Return on average common equity 1.75 % 11.21 % Return on average tangible common equity2 2.68 % 14.96 % Efficiency ratio(7) 91.32 % 58.74 % 1 Denotes a non-GAAP financial measure; see Appendix for "Reconciliation of GAAP to Non-GAAP Financial Measures" slides 2 Includes loss on transfer of Legacy TCF auto finance portfolio to held-for-sale 3 Includes gain on sale of certain investment securities 4 Includes loan servicing rights impairment ($4.5M) and termination expense related to interest rate swaps ($17.3M) 5 Includes write-down of company-owned vacant land parcels in other noninterest expense 6 Includes a tax basis benefit adjustment ($8.0M) and benefit related to repricing of net deferred tax position ($5.7M). The remainder is based on TCF's normal tax rate 17 on pretax non-core expense items $41.1M. 7 Adjusted efficiency ratio also excludes lease financing equipment depreciation, other intangible amortization and net interest income FTE adjustment.

Non-GAAP Reconciliation Computation of adjusted diluted earnings per common share: Quarter Ending Sep. 30, (Dollars in thousands, except per share data) 2019 Net income available to common shareholders $ 19,654 Less: Earnings allocated to participating securities — Earnings allocated to common stock (a) 19,654 Plus: Merger-related expenses 111,259 Non-core items: Plus: Loss on transfer of legacy TCF auto loans to held-for-sale 19,264 Plus: Termination of interest rate swaps 17,302 Less: Gain on sales of certain investment securities (5,869) Plus: Write-down of company-owned vacant land parcels 5,890 Plus: Loan servicing rights impairment 4,520 Total non-core items 41,107 Less: Related income tax expense, net of benefits 46,213 Total adjustments, net of tax 106,153 Adjusted earnings allocated to common stock (b) $ 125,807 Weighted-average common shares outstanding used in diluted earnings per common share calculation (c) 128,754,588 Diluted earnings per common share (a) / (c) $ 0.15 Adjusted diluted earnings per common share (b) / (c) 0.98 18

Non-GAAP Reconciliation Computation of adjusted net interest income and margin: Quarter Ending Sep. 30, (Dollars in thousands, except per share data) 2019 Net interest income $ 371,793 Purchase accounting accretion and amortization 28,411 Net interest income, excluding purchase accounting accretion and amortization $ 343,382 Net interest margin (FTE) 4.14 % Purchase accounting accretion and amortization 0.31 Net interest margin, excluding purchase accounting accretion and amortization (FTE) 3.83 % Computation of adjusted net interest income and margin: Month Ending Sep. 30, (Dollars in thousands, except per share data) 2019 Net interest income $ 142,216 Adjustments for taxable equivalent interest 960 Net interest income (FTE) 143,176 Less: Purchase accounting accretion and amortization 14,300 Net interest income (FTE), excluding purchase accounting accretion and amortization $ 157,476 Average interest-earning assets $ 42,030,630 Net interest margin (FTE) 4.10 % Purchase accounting accretion and amortization 0.40 Net interest margin, excluding purchase accounting accretion and amortization (FTE) 3.70 % 19

Non-GAAP Reconciliation Computation of adjusted return on average assets, common equity, average tangible common equity and average tangible common Quarter Ending equity: Sep. 30, (Dollars in thousands, except per share data) 2019 Adjsuted net income after tax expense: Income after tax expense (a) $ 24,978 Plus: Merger-related expenses 111,259 Plus: Non-core items 41,107 Less: Related income tax expense, net of tax benefits 46,213 Adjusted net income after tax expense for ROAA calculation (b) $ 131,131 Net income available to common shareholders (c) $ 19,654 Plus: Other intangibles amortization 4,544 Less: Related income tax expense 1,085 Net income available to common shareholders used in ROATCE calculation (d) $ 23,113 Adjusted net income available to common shareholders: Net income available to common shareholders $ 19,654 Plus: Merger-related expenses 111,259 Plus: Non-core items 41,107 Less: Related income tax expense, net of tax benefits 46,213 Net income available to common shareholders used in adjusted ROAA and ROACE calculation (e) 125,807 Plus: Other intangibles amortization 4,544 Less: Related income tax expense 1,085 Net income available to common shareholders used in adjusted ROATCE calculation (f) $ 129,266 Average balances: Average assets (g) $ 39,094,366 Total equity 4,683,129 Less: Non-controlling interest in subsidiaries 25,516 Total TCF Financial Corporation shareholders' equity 4,657,613 Less: Preferred stock 169,302 Average total common shareholders' equity used in ROACE calculation (h) 4,488,311 Less: Goodwill, net 890,155 Less: Other intangibles, net 142,925 Average tangible common shareholders' equity used in ROATCE calculation (i) $ 3,455,231 ROAA (a) / (g) 0.26 % Adjusted ROAA (b) / (g) 1.34 ROACE (c) / (h) 1.75 Adjusted ROACE (e) / (h) 11.21 ROATCE (d) / (i) 2.68 Adjusted ROATCE (f) / (i) 14.96 20

Non-GAAP Reconciliation Computation of adjusted efficiency ratio, core noninterest income and core noninterest expense: Quarter Ending Sep. 30, (Dollars in thousands, except per share data) 2019 Noninterest expense (a) $ 425,620 Less: Merger-related expenses 111,259 Less: Write-down of company-owned vacant land parcels 5,890 Adjusted noninterest expense $ 308,471 Less: Lease financing equipment depreciation 19,408 Less: Amortization of intangibles 4,544 Adjusted noninterest expense, efficiency ratio (b) $ 284,519 Net interest income $ 371,793 Noninterest income 94,258 Total revenue (c) $ 466,051 Noninterest income $ 94,258 Plus: Loss on transfer of legacy TCF auto loans to held-for-sale 19,264 Less: Termination of interest rate swaps 17,302 Less: Gain on sales of certain investment securities (5,869) Plus: Loan servicing rights impairment 4,520 Adjusted noninterest income $ 129,475 Net interest income $ 371,793 Plus: Net interest income FTE adjustment 2,488 Adjusted net interest income $ 374,281 Less: Lease financing equipment depreciation 19,408 Adjusted total revenue, efficiency ratio (d) $ 484,348 Efficiency ratio (a) / (c) 91.32 % Adjusted efficiency ratio (b) / (d) 58.74 21

Non-GAAP Reconciliation Computation of tangible common equity to tangible assets and tangible book value per common share: Quarter Ending Sep. 30, (Dollars in thousands, except per share data) 2019 Total equity $ 5,693,417 Less: Non-controlling interest in subsidiaries 23,313 Total TCF Financial Corporation shareholders' equity 5,670,104 Less: Preferred stock 169,302 Total common shareholders' equity (a) 5,500,802 Less: Goodwill, net 1,265,111 Less: Other intangibles, net(1) 215,910 Tangible common shareholders' equity (b) $ 4,019,781 Total assets (c) $ 45,692,511 Less: Goodwill, net 1,265,111 Less: Other intangibles, net(1) 215,910 Tangible assets (d) $ 44,211,490 Common stock shares outstanding (e) 153,571,381 Common equity to assets (a) / (c) 12.04 % Tangible common equity to tangible assets (b) / (d) 9.09 Book value per common share (a) / (e) $ 35.82 Tangible book value per common share (b) / (e) 26.18 22

Cover Page	Oct. 24, 2019
Cover page.
Document Type	8-K
Document Period End Date	Oct. 24, 2019
Entity Registrant Name	TCF FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	MI
Entity File Number	000-08185
Entity Tax Identification Number	38-2022454
Entity Address, Address Line One	333 W. Fort Street
Entity Address, Address Line Two	Suite 1800
Entity Address, City or Town	Detroit
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48226
City Area Code	800
Local Phone Number	867-9757
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000019612
Amendment Flag	false
Common Stock (par value $.01 per share)
Class of Stock [Line Items]
Title of 12(b) Security	Common Stock (par value $.01 per share)
Trading Symbol	TCF
Security Exchange Name	NASDAQ
Depositary shares, each representing a 1/1000th interest in a share of the 5.70% Series C Non-Cumulative Perpetual Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	Depositary shares, each representing a 1/1000th interest in a share of the 5.70% Series C Non-Cumulative Perpetual Preferred Stock
Trading Symbol	TCFCP
Security Exchange Name	NASDAQ