TCF Reports First Quarter 2021 Results

TCF Financial Corporation (NASDAQ: TCF):

First Quarter 2021 Highlights

• Quarterly net income of $123.3 million, or $0.79 per diluted share, up 35.0% from the fourth quarter of 2020
• Adjusted diluted earnings per common share of $0.84⁽¹⁾, up 12.0% from the fourth quarter of 2020. Adjusted diluted earnings per common share excludes $6.7 million, or $0.04 per share, after-tax impact of merger-related expenses and notable items
• Loan and lease balances grew $1.8 billion, or 5.1%, from December 31, 2020. Loan and lease balances, excluding PPP loans⁽¹⁾, grew $1.4 billion, or 4.4%, from December 31, 2020
• Deposit balances grew $930 million, or 2.4%, from December 31, 2020
• Provision for credit losses of $20.6 million, up 73.9% from the fourth quarter of 2020, primarily reflects loan and lease growth
• Allowance for credit losses, which includes the reserve for unfunded lending commitments, of 1.45% of total loans and leases, compared to 1.59% at December 31, 2020
• Nonaccrual loans and leases of $677.9 million, relatively stable compared to December 31, 2020
• Net charge-offs of $43.3 million, or 0.49% of average loans and leases (annualized)
• Efficiency ratio of 67.85%, improved 668 basis points from the fourth quarter of 2020. Adjusted efficiency ratio of 62.69%⁽¹⁾, improved 211 basis points from the fourth quarter of 2020
• Common equity Tier 1 capital ratio of 11.06%, compared to 11.45% at December 31, 2020
• On January 29, 2021, TCF acquired BB&T Commercial Equipment Capital, Corp. ("CEC"), which included a portfolio of $1.0 billion of equipment finance loans and leases
• On March 25, 2021, TCF shareholders approved the announced merger with Huntington Bancshares Incorporated ("Huntington"), which is expected to close in the second quarter of 2021, subject to regulatory approval

Merger-related Expenses and Notable items in the First Quarter of 2021 and Fourth Quarter of 2020⁽¹⁾

• Pre-tax merger-related expenses of $16.2 million, $12.7 million net of tax, or $0.08 per diluted common share for the first quarter of 2021, compared to pre-tax merger-related expenses of $31.5 million, $24.4 million net of tax, or $0.17 per diluted common share for the fourth quarter of 2020
• Pre-tax benefit of $7.6 million, $6.0 million net of tax, related to notable items for the first quarter of 2021, compared to pre-tax expenses of $357 thousand, $276 thousand net of tax, related to notable items for the fourth quarter of 2020, see summary of notable items adjustments below

(1)

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

Summary of Financial Results
		At or For the Quarter Ended																				Change From
		Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,				Dec. 31,				Mar. 31,
(Dollars in thousands, except per share data)		2021				2020				2020				2020				2020				2020				2020
Financial Results
Net income attributable to TCF		$	123,336			$	91,358			$	55,738			$	23,764			$	51,899			35.0		%		137.6		%
Net interest income			381,827				381,394				377,167				378,359				401,481			0.1				(4.9)
Basic earnings per common share		$	0.79			$	0.58			$	0.35			$	0.14			$	0.33			36.2				139.4
Diluted earnings per common share			0.79				0.58				0.35				0.14				0.32			36.2				146.9
Return on average assets ("ROAA")(1)			1.03	%			0.78	%			0.46	%			0.21	%			0.46	%		25		bps		57		bps
ROACE(1)			8.78				6.44				3.87				1.56				3.64			234				514
ROATCE (non-GAAP)(1)(2)			12.51				9.18				5.71				2.57				5.42			333				709
Net interest margin			3.45				3.53				3.31				3.33				3.73			(8)				(28)
Net interest margin (FTE)(1)(2)			3.47				3.55				3.34				3.35				3.76			(8)				(29)
Net charge-offs as a percentage of average loans and leases(1)			0.49				0.14				0.28				0.04				0.06			35				43
Nonperforming assets as a percentage of total loans and leases and other real estate owned			1.96				2.06				1.20				0.94				0.80			(10)				116
Efficiency ratio			67.85				74.53				75.29				78.26				69.57			(668)				(172)
Adjusted Financial Results (non-GAAP)
Adjusted net income attributable to TCF(1)(2)		$	130,074			$	116,054			$	98,696			$	84,862			$	89,855			12.1		%		44.8		%
Adjusted diluted earnings per common share(2)		$	0.84			$	0.75			$	0.63			$	0.54			$	0.57			12.0				47.4
Adjusted ROAA(1)(2)			1.08	%			0.99	%			0.81	%			0.70	%			0.78	%		9		bps		30		bps
Adjusted ROACE(1)(2)			9.27				8.23				6.99				6.03				6.43			104				284
Adjusted ROATCE(1)(2)			13.18				11.62				9.96				8.70				9.24			156				394
Adjusted efficiency ratio(2)			62.69				64.80				61.17				59.80				58.24			(211)				445

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

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

		For the Quarter Ended March 31, 2021												For the Quarter Ended December 31, 2020
(Dollars in thousands, except per share data)		Pre-tax income (loss)				After-tax benefit (loss)(1)				Per Share				Pre-tax income (loss)				After-tax benefit (loss)(1)				Per Share
Merger-related expenses		$	(16,216	)		$	(12,736	)		$	(0.08	)		$	(31,530	)			(24,420	)		$	(0.17	)
Notable items:
Loan servicing rights recovery (impairment)(2)			7,637				5,998				0.04				(357	)			(276	)			—
Total notable items			7,637				5,998				0.04				(357	)			(276	)			—
Total merger-related and notable items		$	(8,579	)		$	(6,738	)		$	(0.04	)		$	(31,887	)		$	(24,696	)		$	(0.17	)

(1)		Net of tax benefit at our normal tax rate and other tax benefits.
(2)		Included within other mortgage banking income.

TCF Financial Corporation ("TCF" or the "Corporation") (NASDAQ: TCF) today reported net income of $123.3 million, or diluted earnings per common share of $0.79, for the first quarter of 2021, compared with $91.4 million, or diluted earnings per common share of $0.58, for the fourth quarter of 2020. Adjusted net income was $130.1 million, or $0.84 per diluted common share for the first quarter of 2021, compared with $116.1 million, or $0.75 per diluted common share, for the fourth quarter of 2020 (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

“Our first quarter performance was highlighted by strong balance sheet growth as our teams remained focused on taking care of our customers, while we also continued preparing for the closing of our merger with Huntington,” said David T. Provost, chief executive officer. “We were pleased by the overwhelming shareholder approval of the pending merger with Huntington. With the transaction on track to close later in the second quarter of 2021, we look forward to delivering enhanced shareholder value through our greater Midwest market share, increased scale, broader product set, and enhanced technology capabilities and investments.”

“We continued to execute on our business strategy during the quarter as we generated strong loan and lease growth driven by our commercial portfolios,” said Thomas C. Shafer, vice chairman and chief executive officer of TCF National Bank. “This growth included the acquisition of an equipment finance company in January, further bolstering our team of talented and experienced professionals, which we believe will continue to provide incremental growth opportunities going forward. In addition, we saw strong deposit growth driven by noninterest-bearing deposit inflows during the quarter, which helped to further reduce our overall cost of deposits. As we continue to operate our business and serve our customers today, we will be well positioned to transition our business into Huntington when the merger closes.”

Net Interest Income and Net Interest Margin

Net interest income was $381.8 million for the first quarter of 2021, an increase of $0.4 million, or 0.1%, from the fourth quarter of 2020. Purchase accounting accretion and amortization related to the TCF/Chemical merger included in net interest income was $15.0 million for the first quarter of 2021, compared to $23.0 million for the fourth quarter of 2020. At March 31, 2021, the remaining fair value discount from purchase accounting on acquired loans totaled $91.1 million. Additionally, net interest income recorded for the first quarter of 2021 included $17.8 million of interest and fee income from PPP less funding costs, compared to $19.1 million for the fourth quarter of 2020. Adjusted net interest income (FTE), excluding purchase accounting accretion and amortization and the impact from PPP loans, a non-GAAP financial measure, was $351.8 million for the first quarter of 2021, compared to $342.5 million for the fourth quarter of 2020.

Net interest margin was 3.45% for the first quarter of 2021, compared to 3.53% in the fourth quarter of 2020, while net interest margin on a fully tax-equivalent basis (FTE), a non-GAAP financial measure, was 3.47%, down 8 basis points from the fourth quarter of 2020. Adjusted net interest margin (FTE), a non-GAAP financial measure, was 3.30% for the first quarter of 2021, consistent with the fourth quarter of 2020. Adjusted net interest margin (FTE) excluded a 14 basis point impact related to purchase accounting accretion and amortization related to the TCF/Chemical merger and a three basis point impact related to PPP loans. See the "Reconciliation of GAAP to Non-GAAP Financial Measures" tables for reconciliations of our noted non-GAAP measures. The decrease in net interest margin from the fourth quarter of 2020 was primarily driven by lower purchase accounting accretion and new loan and lease originations at lower yields than loan and lease runoff, partially offset by lower cost of funds. Deposit costs continued to reprice lower as they declined from 0.22% in the fourth quarter of 2020 to 0.14% in the first quarter of 2021.

Noninterest Income

Noninterest income was $132.1 million for the first quarter of 2021, an increase of $4.8 million, or 3.8%, from the fourth quarter of 2020. Noninterest income for the first quarter of 2021 included a notable item of a $7.6 million loan servicing rights recovery of impairment, included in mortgage banking income. Noninterest income for the fourth quarter of 2020 included a notable item of a $357 thousand loan servicing rights impairment, included in mortgage banking income. Adjusted noninterest income, a non-GAAP financial measure that excludes the identified notable items, for the first quarter of 2021 was $124.4 million, compared to $127.6 million in the fourth quarter of 2020. Noninterest income in the first quarter of 2021, compared to the fourth quarter of 2020, also included an increase of $5.7 million in net gains on sales of loans and leases, a decrease of $3.9 million in fees and service charges on deposit accounts and a decrease of $3.6 million in leasing revenue. Net gains on sales of loans and leases for the first quarter of 2021 included the sale of $17.8 million of consumer nonaccrual loans. The first quarter of 2021 also included a $1.9 million favorable interest rate swap mark-to-market adjustment resulting from changes in the interest rate environment, included in other noninterest income, compared to a favorable interest rate swap mark-to-market adjustment of $2.4 million in the fourth quarter of 2020. See the "Reconciliation of GAAP to Non-GAAP Financial Measures" tables for reconciliations of our noted non-GAAP measures.

Noninterest Expense

Noninterest expense was $348.7 million for the first quarter of 2021, a decrease of $30.4 million, or 8.0%, from the fourth quarter of 2020. The first quarter of 2021 included $16.2 million of merger-related expenses and $543 thousand of historic tax credit amortization recorded in other noninterest expense. The decrease in the first quarter of 2021 primarily reflected decreases of $17.5 million in compensation and benefits expense and $15.3 million in merger-related expenses, partially offset by increases of $2.1 million in occupancy and equipment expense and $1.8 million in lease financing equipment depreciation. The decrease in compensation and benefits expense was primarily due to executive severance expense recognized in the fourth quarter of 2020 and a decrease in commissions and incentives expense, partially offset by an increase in payroll taxes due to the beginning of a new tax year.

Income Tax Expense

Income tax expense for the first quarter of 2021 was $19.5 million, an effective tax rate of 13.5%, compared to income tax expense of $25.0 million, an effective tax rate of 21.3%, for the fourth quarter of 2020. Income tax expense for the first quarter of 2021 included an additional $11.0 million benefit attributable to tax net operating loss carryback benefits associated with the CARES Act. Excluding the benefit provided by the CARES Act, our effective income tax rate was 21.1% for the first quarter of 2021.

Credit Quality

Provision for credit losses Provision for credit losses was $20.6 million for the first quarter of 2021, an increase of $8.7 million, from the fourth quarter of 2020. The provision for credit losses in the first quarter of 2021 primarily reflects loan and lease growth and the impact of higher net charge-offs. First quarter 2021 net charge-offs were $43.3 million, compared to $11.6 million in the fourth quarter of 2020.

Net charge-off rate The annualized net charge-offs as a percentage of average loans and leases were 0.49% for the first quarter of 2021, compared to 0.24% for the average of the trailing four quarters. The increase in the first quarter of 2021 was primarily due to charge-offs taken on nonaccrual loans and leases within the commercial and industrial portfolio, as well as the commercial real estate portfolio primarily in the hotel sector.

Allowance for Credit Losses The ACL includes both the allowance for loan and lease losses, which is presented separately on the Consolidated Statements of Financial Condition, and the reserve for unfunded lending commitments, which is included in other liabilities on the Consolidated Statements of Financial Condition. The ACL was $526.6 million, or 1.45% of total loans and leases, at March 31, 2021, compared to $549.2 million, or 1.59%, at December 31, 2020. The ACL as a percentage of total loans and leases, excluding PPP loans, a non-GAAP financial measure, was 1.53% at March 31, 2021, compared to 1.67% at December 31, 2020 (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables). The PPP loans are individually guaranteed by the Small Business Administration and therefore the accounting under CECL does not require reserves to be recorded on such loans. The decrease in the ACL as a percentage of total loans and leases from December 31, 2020 was primarily due to continued improvement in both current and forecasted macro-economic conditions and benefit from nonaccrual loan sale recoveries.

Nonaccrual loans and leases Nonaccrual loans and leases were $677.9 million at March 31, 2021 and represented 1.87% of total loans and leases, compared to $677.3 million, or 1.97% of total loans and leases, at December 31, 2020.

Nonaccrual loans and leases in the hotel sector were $110.6 million, an increase of $32.0 million from December 31, 2020, while nonaccrual loans in the motor coach sector were $100.2 million, a decrease of $3.9 million from December 31, 2020, and nonaccrual loans and leases in the shuttle bus sector were $37.0 million, an increase of $569 thousand from December 31, 2020. Due to the prolonged recovery of revenues for borrowers in these sectors given the dependency on travel and related activity levels, we have taken a proactive approach by working with borrowers to extend deferrals continuing into 2021 where necessary, many of which have been moved to nonaccrual status.

Loan and Lease Deferrals Loans and leases on deferral status were $231.0 million at March 31, 2021, a decrease of $98.9 million, or 30.0%, from December 31, 2020. Loans and leases on deferral status included $148.8 million of balances that are included in nonaccrual balances at March 31, 2021, the majority of which have been on deferral for over 180 days.

Balance Sheet

Loans and leases

		March 31,			December 31,			Change
(Dollars in thousands)		2021			2020			$			%
Total loans and leases		$	36,221,019		$	34,466,408		$	1,754,611		5.1	%
PPP loans			1,865,319			1,553,908		$	311,411		20.0
Adjusted total loans and leases, excluding PPP(1)		$	34,355,700		$	32,912,500		$	1,443,200		4.4	%

(1)

Denotes a non-GAAP financial measure.

Loans and leases were $36.2 billion at March 31, 2021, an increase of $1.8 billion, or 5.1%, compared to $34.5 billion at December 31, 2020. At March 31, 2021 we had $1.9 billion of PPP loans outstanding, compared to $1.6 billion at December 31, 2020, all included in our commercial and industrial loan portfolio. Loans and leases excluding PPP loans, a non-GAAP financial measure, increased $1.4 billion, or 4.4%, from December 31, 2020, primarily due to the CEC portfolio purchase and additional increases in the commercial loan and lease portfolio and residential mortgage loans.

Investment securities The investment securities portfolio was $8.6 billion at March 31, 2021, an increase of $144.5 million, or 1.7%, compared to $8.5 billion at December 31, 2020.

Deposits Deposits were $39.8 billion at March 31, 2021, an increase of $930.5 million, or 2.4%, compared to $38.9 billion at December 31, 2020. Increases in noninterest-bearing deposits of $1.4 billion, savings account balances of $478.5 million and checking deposit account balances of $3.3 million, were partially offset by decreases in certificates of deposits of $859.2 million and money market accounts of $50.8 million as of March 31, 2021 compared to December 31, 2020. On a year-over-year basis, noninterest-bearing deposits increased $4.2 billion, or 50.5%.

Capital The common equity Tier 1 capital ratio was 11.06% at March 31, 2021, compared to 11.45% at December 31, 2020. Our capital ratios reflect our election of the five-year CECL transition for regulatory capital purposes.

TCF's board of directors declared a quarterly cash dividend of $0.35625 per depositary share payable on June 1, 2021 to shareholders of record of the depositary shares, representing a 1/1,000th interest in a share of the 5.70% Series C Non-Cumulative Perpetual Preferred Stock, at the close of business on May 14, 2021.

TCF's board of directors has not declared a regular quarterly cash dividend on TCF's common shares given the expected closing date of the merger with Huntington in the second quarter of 2021. If necessary to give effect to the intent of the Agreement and Plan of Merger to provide that TCF shareholders will receive either a common dividend from TCF or a common dividend from Huntington, but not both for the quarter, TCF's board of directors will revisit the dividend topic.

TCF Financial Corporation (NASDAQ: TCF) is a Detroit, Michigan-based financial holding company with $49 billion in total assets at March 31, 2021 and a top 10 deposit market share in the Midwest. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF has approximately 475 banking centers primarily located in Michigan, Illinois and Minnesota with additional locations in Colorado, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses. To learn more about TCF, visit ir.tcfbank.com.

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

Any statements contained in this earnings release regarding the outlook for the Corporation's businesses and their respective markets, such as statements regarding 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.

This release also contains forward-looking statements regarding TCF's outlook or expectations with respect to the planned merger with Huntington. Examples of forward-looking statements include, but are not limited to, statements regarding the outlook and expectations of TCF and Huntington with respect to the planned merger, the strategic benefits and financial benefits of the merger, including the expected impact of the merger on the combined corporation's future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period and other operating and return metrics), and the timing of the closing of the merger. Such risks, uncertainties and assumptions, include, among others:

• the failure to obtain necessary regulatory approvals when expected or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect TCF or Huntington or the expected benefits of the merger);
• the failure of either TCF or Huntington to satisfy any of the other closing conditions to the merger on a timely basis or at all;
• the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement;
• the possibility that the anticipated benefits of the merger, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, economic weakness, competitive factors in the areas where TCF and Huntington do business, or as a result of other unexpected factors or events;
• the impact of purchase accounting with respect to the merger, or any change in the assumptions used regarding the assets purchased and liabilities assumed to determine their fair value;
• diversion of management's attention from ongoing business operations and opportunities;
• potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the merger;
• the ability of either TCF or Huntington to repurchase their stock and the prices at which such repurchases may be made;
• the outcome of any legal proceedings that may be instituted against TCF or Huntington;
• the integration of the businesses and operations of TCF and Huntington, which may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to our businesses;
• business disruptions following the merger; and
• other factors that may affect future results of TCF and Huntington including changes in asset quality and credit risk; the inability to grow revenue and earnings; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.

Additional factors that could cause results to differ materially from those described above can be found in the risk factors described in Part I, Item 1A of TCF’s Annual Report on Form 10-K under the heading "Risk Factors" and Huntington’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2020 or otherwise disclosed in documents filed or furnished by us with or to the SEC after the filing of the Annual Report on Form 10-K. TCF disclaims any obligation to update or revise any forward-looking statements contained in this communication, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law. 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 net income, adjusted diluted earnings per common share, adjusted ROAA, adjusted ROACE, ROATCE, adjusted ROATCE, adjusted efficiency ratio, adjusted net interest income, net interest margin (FTE), adjusted net interest margin (FTE), adjusted noninterest income, adjusted noninterest expense, tangible book value per common share, tangible common equity to tangible assets and the allowance for credit losses as percentage of total loans and leases, excluding PPP loans, internally to measure performance and believes that these financial measures not recognized under generally accepted accounting principles in the United States ("GAAP") (i.e. non-GAAP) provide meaningful information to investors that will permit them to assess the Corporation's capital and ability to withstand unexpected market or economic conditions and to assess the performance of the Corporation in relation to other banking institutions on the same basis as that applied by management, analysts and banking regulators. TCF adjusts certain results to exclude merger-related expenses and notable items, including the related tax impact, in addition to presenting net interest income and net interest margin (FTE) excluding purchase accounting accretion and amortization and the impact of PPP loans. Management believes these measures are useful to investors in understanding TCF's business and operating results.

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

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Condition (Unaudited)
																						Change From
(Dollars in thousands)		Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,				Dec. 31, 2020							Mar. 31, 2020
		2021				2020				2020				2020				2020				$				%			$				%
ASSETS:
Cash and cash equivalents:
Cash and due from banks		$	585,663			$	531,918			$	538,481			$	535,507			$	713,413			$	53,745			10.1	%		$	(127,750	)		(17.9	)%
Interest-bearing deposits with other banks			463,641				728,677				1,232,773				2,545,170				565,458				(265,036	)		(36.4	)			(101,817	)		(18.0	)
Total cash and cash equivalents			1,049,304				1,260,595				1,771,254				3,080,677				1,278,871				(211,291	)		(16.8	)			(229,567	)		(18.0	)
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost			358,414				320,436				300,444				386,483				484,461				37,978			11.9				(126,047	)		(26.0	)
Investment securities:
Available-for-sale, at fair value			8,403,788				8,284,723				7,446,163				7,219,373				7,025,224				119,065			1.4				1,378,564			19.6
Held-to-maturity, at amortized cost			209,778				184,359				170,309				130,101				135,619				25,419			13.8				74,159			54.7
Total investment securities			8,613,566				8,469,082				7,616,472				7,349,474				7,160,843				144,484			1.7				1,452,723			20.3
Loans and leases held-for-sale			107,649				222,028				460,427				532,799				287,177				(114,379	)		(51.5	)			(179,528	)		(62.5	)
Loans and leases			36,221,019				34,466,408				34,343,691				35,535,824				35,921,614				1,754,611			5.1				299,405			0.8
Allowance for loan and lease losses			(504,645	)			(525,868	)			(515,229	)			(461,114	)			(406,383	)			21,223			4.0				(98,262	)		(24.2	)
Loans and leases, net			35,716,374				33,940,540				33,828,462				35,074,710				35,515,231				1,775,834			5.2				201,143			0.6
Premises and equipment, net			455,032				470,131				469,699				472,240				516,454				(15,099	)		(3.2	)			(61,422	)		(11.9	)
Goodwill			1,379,890				1,313,046				1,313,046				1,313,046				1,313,046				66,844			5.1				66,844			5.1
Other intangible assets, net			149,438				146,377				151,875				157,373				162,887				3,061			2.1				(13,449	)		(8.3	)
Loan servicing rights			44,151				38,303				38,253				38,816				47,283				5,848			15.3				(3,132	)		(6.6	)
Other assets			1,585,733				1,621,949				1,615,857				1,656,842				1,828,130				(36,216	)		(2.2	)			(242,397	)		(13.3	)
Total assets		$	49,459,551			$	47,802,487			$	47,565,789			$	50,062,460			$	48,594,383			$	1,657,064			3.5	%		$	865,168			1.8	%
LIABILITIES AND EQUITY:
Deposits:
Noninterest-bearing		$	12,394,753			$	11,036,086			$	10,691,041			$	10,480,245			$	8,237,916			$	1,358,667			12.3	%		$	4,156,837			50.5	%
Interest-bearing			27,392,061				27,820,233				28,481,056				28,730,627				27,561,387				(428,172	)		(1.5	)			(169,326	)		(0.6	)
Total deposits			39,786,814				38,856,319				39,172,097				39,210,872				35,799,303				930,495			2.4				3,987,511			11.1
Short-term borrowings			1,426,083				617,363				655,461				2,772,998				3,482,535				808,720			131.0				(2,056,452	)		(59.1	)
Long-term borrowings			1,518,816				1,374,732				871,845				936,908				2,600,594				144,084			10.5				(1,081,778	)		(41.6	)
Other liabilities			1,136,067				1,264,776				1,207,966				1,483,127				1,056,118				(128,709	)		(10.2	)			79,949			7.6
Total liabilities			43,867,780				42,113,190				41,907,369				44,403,905				42,938,550				1,754,590			4.2				929,230			2.2
Equity:
Preferred stock			169,302				169,302				169,302				169,302				169,302				—			—				—			—
Common stock			152,696				152,566				152,380				152,233				152,186				130			0.1				510			0.3
Additional paid-in capital			3,466,655				3,457,802				3,450,669				3,441,925				3,433,234				8,853			0.3				33,421			1.0
Retained earnings			1,802,340				1,735,201				1,700,044				1,700,480				1,732,932				67,139			3.9				69,408			4.0
Accumulated other comprehensive income			2,654				182,673				191,771				198,408				166,170				(180,019	)		(98.5	)			(163,516	)		(98.4	)
Other			(29,813	)			(26,731	)			(27,122	)			(27,093	)			(28,140	)			(3,082	)		(11.5	)			(1,673	)		(5.9	)
Total TCF Financial Corporation shareholders' equity			5,563,834				5,670,813				5,637,044				5,635,255				5,625,684				(106,979	)		(1.9	)			(61,850	)		(1.1	)
Non-controlling interest			27,937				18,484				21,376				23,300				30,149				9,453			51.1				(2,212	)		(7.3	)
Total equity			5,591,771				5,689,297				5,658,420				5,658,555				5,655,833				(97,526	)		(1.7	)			(64,062	)		(1.1	)
Total liabilities and equity		$	49,459,551			$	47,802,487			$	47,565,789			$	50,062,460			$	48,594,383			$	1,657,064			3.5	%		$	865,168			1.8	%

N.M. Not Meaningful

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
		Quarter Ended																Change From
(Dollars in thousands)		Mar. 31,			Dec. 31,			Sep. 30,				Jun. 30,			Mar. 31,			Dec. 31, 2020							Mar. 31, 2020
		2021			2020			2020				2020			2020			$				%			$				%
Interest income:
Interest and fees on loans and leases		$	360,584		$	366,152		$	373,112			$	392,826		$	443,096		$	(5,568	)		(1.5	)%		$	(82,512	)		(18.6	)%
Interest on investment securities:
Taxable			38,716			35,389			35,648				32,505			40,920			3,327			9.4				(2,204	)		(5.4	)
Tax-exempt			3,700			3,772			3,892				4,155			4,349			(72	)		(1.9	)			(649	)		(14.9	)
Interest on loans held-for-sale			975			2,682			3,829				3,322			1,561			(1,707	)		(63.6	)			(586	)		(37.5	)
Interest on other earning assets			1,657			3,457			3,967				5,562			5,466			(1,800	)		(52.1	)			(3,809	)		(69.7	)
Total interest income			405,632			411,452			420,448				438,370			495,392			(5,820	)		(1.4	)			(89,760	)		(18.1	)
Interest expense:
Interest on deposits			13,786			20,930			31,852				46,785			67,419			(7,144	)		(34.1	)			(53,633	)		(79.6	)
Interest on borrowings			10,019			9,128			11,429				13,226			26,492			891			9.8				(16,473	)		(62.2	)
Total interest expense			23,805			30,058			43,281				60,011			93,911			(6,253	)		(20.8	)			(70,106	)		(74.7	)
Net interest income			381,827			381,394			377,167				378,359			401,481			433			0.1				(19,654	)		(4.9	)
Provision for credit losses			20,556			11,818			69,664				78,726			96,943			8,738			73.9				(76,387	)		(78.8	)
Net interest income after provision for credit losses			361,271			369,576			307,503				299,633			304,538			(8,305	)		(2.2	)			56,733			18.6
Noninterest income:
Leasing revenue			36,453			40,081			31,905				37,172			33,565			(3,628	)		(9.1	)			2,888			8.6
Fees and service charges on deposit accounts			25,895			29,782			25,470				22,832			34,597			(3,887	)		(13.1	)			(8,702	)		(25.2	)
Card and ATM revenue			24,661			22,995			23,383				20,636			21,685			1,666			7.2				2,976			13.7
Mortgage banking income(1)			20,986			11,647			19,880				16,300			5,665			9,339			80.2				15,321			N.M.
Wealth management revenue			6,944			6,838			6,506				6,206			6,151			106			1.6				793			12.9
Net gains on sales of loans and leases(2)			6,058			330			1,760				4,717			7,573			5,728			N.M.				(1,515	)		(20.0	)
Net gains on investment securities			8			6			2,324				8			—			2			33.3				8			N.M.
Other			11,055			15,557			7,582				25,183			27,727			(4,502	)		(28.9	)			(16,672	)		(60.1	)
Total noninterest income			132,060			127,236			118,810				133,054			136,963			4,824			3.8				(4,903	)		(3.6	)
Noninterest expense:
Compensation and employee benefits			173,602			191,052			168,323				171,799			171,528			(17,450	)		(9.1	)			2,074			1.2
Occupancy and equipment			52,166			50,062			48,233				54,107			57,288			2,104			4.2				(5,122	)		(8.9	)
Lease financing equipment depreciation			20,426			18,610			17,932				18,212			18,450			1,816			9.8				1,976			10.7
Net foreclosed real estate and repossessed assets			1,029			761			1,518				998			1,859			268			35.2				(830	)		(44.6	)
Merger-related expenses			16,216			31,530			54,011				81,619			36,728			(15,314	)		(48.6	)			(20,512	)		(55.8	)
Other			85,243			87,076			83,423				73,506			88,746			(1,833	)		(2.1	)			(3,503	)		(3.9	)
Total noninterest expense			348,682			379,091			373,440				400,241			374,599			(30,409	)		(8.0	)			(25,917	)		(6.9	)
Income before income tax expense (benefit)			144,649			117,721			52,873				32,446			66,902			26,928			22.9				77,747			116.2
Income tax expense (benefit)			19,540			25,031			(4,429	)			6,213			13,086			(5,491	)		(21.9	)			6,454			49.3
Income after income tax expense (benefit)			125,109			92,690			57,302				26,233			53,816			32,419			35.0				71,293			132.5
Income attributable to non-controlling interest			1,773			1,332			1,564				2,469			1,917			441			33.1				(144	)		(7.5	)
Net income attributable to TCF Financial Corporation			123,336			91,358			55,738				23,764			51,899			31,978			35.0				71,437			137.6
Preferred stock dividends			2,493			2,494			2,494				2,494			2,493			(1	)		—				—			—
Net income available to common shareholders		$	120,843		$	88,864		$	53,244			$	21,270		$	49,406		$	31,979			36.0	%		$	71,437			144.6	%

(1)		Mortgage banking income includes revenues from originating, selling and servicing residential mortgage loans, changes in fair value of mortgage loans held-for-sale and the related derivative instruments, amortization and changes in impairment of mortgage loan servicing rights, and other miscellaneous loan fees.
(2)		Net gains on sales of loans and leases includes net gains on sales of loans and leases originated as held-for-investment.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields and Rates (Unaudited)
		Quarter Ended
		Mar. 31, 2021									Dec. 31, 2020									Mar. 31, 2020
		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		$	354,019		$	999		1.14	%		$	301,460		$	2,855		3.77	%		$	454,675		$	3,152		2.79	%
Investment securities held-to-maturity			188,824			1,085		2.30				162,590			638		1.57				136,277			560		1.64
Investment securities available-for-sale:
Taxable			7,203,647			37,631		2.09				6,553,126			34,751		2.12				5,892,006			40,360		2.74
Tax-exempt(3)			646,001			4,684		2.90				652,743			4,774		2.93				773,468			5,503		2.85
Loans and leases held-for-sale			160,716			975		2.43				419,704			2,682		2.56				138,058			1,561		4.53
Loans and leases(3)(4)
Commercial and industrial			12,265,082			133,510		4.37				11,425,226			130,654		4.51				11,827,315			160,802		5.42
Commercial real estate			9,818,737			88,377		3.60				9,623,256			96,278		3.91				9,291,540			117,743		5.01
Lease financing			2,849,741			34,189		4.80				2,700,298			32,617		4.83				2,682,323			34,156		5.09
Residential mortgage			6,219,844			53,735		3.46				5,788,514			52,711		3.64				6,113,279			61,379		4.02
Home equity			2,988,761			37,781		5.13				3,202,321			39,722		4.93				3,514,278			51,103		5.85
Consumer installment			1,191,606			14,818		5.04				1,288,382			16,396		5.06				1,517,412			19,742		5.23
Total loans and leases(3)(4)			35,333,771			362,410		4.12				34,027,997			368,378		4.28				34,946,147			444,925		5.08
Interest-bearing deposits with banks and other			515,163			658		0.52				706,114			602		0.34				538,971			2,314		1.72
Total interest-earning assets			44,402,141			408,442		3.69				42,823,734			414,680		3.83				42,879,602			498,375		4.64
Other assets			4,348,617									4,537,786									4,105,824
Total assets		$	48,750,758								$	47,361,520								$	46,985,426
LIABILITIES AND EQUITY:
Noninterest-bearing deposits		$	11,322,059								$	10,942,071								$	7,929,933
Interest-bearing deposits:
Savings			9,697,206			883		0.04				9,395,608			1,759		0.07				8,589,815			13,669		0.64
Checking			7,259,029			1,442		0.08				7,029,938			1,763		0.10				5,990,309			5,830		0.39
Money market			5,577,424			4,704		0.34				5,478,528			5,828		0.42				4,792,248			14,855		1.25
Certificates of deposit			5,094,423			6,757		0.54				5,784,759			11,580		0.80				7,329,632			33,065		1.81
Total interest-bearing deposits			27,628,082			13,786		0.20				27,688,833			20,930		0.30				26,702,004			67,419		1.02
Total deposits			38,950,141			13,786		0.14				38,630,904			20,930		0.22				34,631,937			67,419		0.78
Borrowings:
Short-term borrowings			1,228,501			833		0.27				252,749			101		0.16				2,689,262			10,582		1.56
Long-term borrowings			1,587,028			9,186		2.32				1,253,556			9,027		2.87				2,608,204			15,910		2.42
Total borrowings			2,815,529			10,019		1.42				1,506,305			9,128		2.41				5,297,466			26,492		1.98
Total interest-bearing liabilities			30,443,611			23,805		0.32				29,195,138			30,058		0.41				31,999,470			93,911		1.18
Total deposits and borrowings			41,765,670			23,805		0.23				40,137,209			30,058		0.30				39,929,403			93,911		0.94
Accrued expenses and other liabilities			1,288,804									1,517,120									1,425,536
Total liabilities			43,054,474									41,654,329									41,354,939
Total TCF Financial Corporation shareholders' equity			5,673,654									5,687,196									5,605,159
Non-controlling interest in subsidiaries			22,630									19,995									25,328
Total equity			5,696,284									5,707,191									5,630,487
Total liabilities and equity		$	48,750,758								$	47,361,520								$	46,985,426
Net interest spread (FTE)								3.46	%								3.53	%								3.70	%
Net interest income (FTE) and net interest margin (FTE)					$	384,637		3.47	%					$	384,622		3.55	%					$	404,464		3.76	%
Reconciliation to Reported Net Interest Income
Net interest income and net interest margin (GAAP)					$	381,827		3.45	%					$	381,394		3.53	%					$	401,481		3.73	%
Adjustments for taxable equivalent interest(1)(3)
Loans and leases						1,826									2,226									1,829
Tax-exempt investment securities						984									1,002									1,154
Total FTE adjustments						2,810									3,228									2,983
Net interest income and net interest margin (FTE)					$	384,637		3.47	%					$	384,622		3.55	%					$	404,464		3.76	%

(1)		Interest and yields are presented on a fully tax-equivalent basis.
(2)		Annualized.
(3)		The yield on tax-exempt loans and investment securities available-for-sale is computed on a tax-equivalent basis using a statutory federal income tax rate of 21%.
(4)		Average balances of loans and leases include nonaccrual loans and leases and are presented net of unearned income.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Quarterly Average Balance Sheets (Unaudited)
		Quarter Ended															Change From
		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31, 2020							Mar. 31, 2020
(Dollars in thousands)		2021			2020			2020			2020			2020			$				%			$				%
ASSETS:
Federal Home Loan Bank and Federal Reserve Bank stocks		$	354,019		$	301,460		$	361,320		$	401,532		$	454,675		$	52,559			17.4	%		$	(100,656	)		(22.1	)%
Investment securities held-to-maturity			188,824			162,590			135,332			132,054			136,277			26,234			16.1				52,547			38.6
Investment securities available-for-sale:
Taxable			7,203,647			6,553,126			6,021,643			5,730,762			5,892,006			650,521			9.9				1,311,641			22.3
Tax-exempt			646,001			652,743			685,652			743,744			773,468			(6,742	)		(1.0	)			(127,467	)		(16.5	)
Loans and leases held-for-sale			160,716			419,704			490,886			356,671			138,058			(258,988	)		(61.7	)			22,658			16.4
Loans and leases(1) :
Commercial and industrial			12,265,082			11,425,226			11,740,727			12,713,714			11,827,315			839,856			7.4				437,767			3.7
Commercial real estate			9,818,737			9,623,256			9,616,301			9,658,124			9,291,540			195,481			2.0				527,197			5.7
Lease financing			2,849,741			2,700,298			2,679,142			2,712,291			2,682,323			149,443			5.5				167,418			6.2
Residential mortgage			6,219,844			5,788,514			5,987,754			6,326,227			6,113,279			431,330			7.5				106,565			1.7
Home equity			2,988,761			3,202,321			3,399,468			3,509,107			3,514,278			(213,560	)		(6.7	)			(525,517	)		(15.0	)
Consumer installment			1,191,606			1,288,382			1,386,448			1,459,446			1,517,412			(96,776	)		(7.5	)			(325,806	)		(21.5	)
Total loans and leases(1)			35,333,771			34,027,997			34,809,840			36,378,909			34,946,147			1,305,774			3.8				387,624			1.1
Interest-bearing deposits with banks and other			515,163			706,114			2,572,254			1,587,665			538,971			(190,951	)		(27.0	)			(23,808	)		(4.4	)
Total interest-earning assets			44,402,141			42,823,734			45,076,927			45,331,337			42,879,602			1,578,407			3.7				1,522,539			3.6
Other assets			4,348,617			4,537,786			4,462,673			4,384,779			4,105,824			(189,169	)		(4.2	)			242,793			5.9
Total assets		$	48,750,758		$	47,361,520		$	49,539,600		$	49,716,116		$	46,985,426		$	1,389,238			2.9	%		$	1,765,332			3.8	%
LIABILITIES AND EQUITY:
Noninterest-bearing deposits		$	11,322,059		$	10,942,071		$	10,654,288		$	9,830,687		$	7,929,933		$	379,988			3.5	%		$	3,392,126			42.8	%
Interest-bearing deposits:
Savings			9,697,206			9,395,608			9,301,198			9,082,184			8,589,815			301,598			3.2				1,107,391			12.9
Checking			7,259,029			7,029,938			7,029,914			6,649,288			5,990,309			229,091			3.3				1,268,720			21.2
Money market			5,577,424			5,478,528			5,501,747			5,380,547			4,792,248			98,896			1.8				785,176			16.4
Certificates of deposit			5,094,423			5,784,759			6,657,697			7,491,502			7,329,632			(690,336	)		(11.9	)			(2,235,209	)		(30.5	)
Total interest-bearing deposits			27,628,082			27,688,833			28,490,556			28,603,521			26,702,004			(60,751	)		(0.2	)			926,078			3.5
Total deposits			38,950,141			38,630,904			39,144,844			38,434,208			34,631,937			319,237			0.8				4,318,204			12.5
Borrowings:
Short-term borrowings			1,228,501			252,749			2,153,030			3,016,490			2,689,262			975,752			N.M.				(1,460,761	)		(54.3	)
Long-term borrowings			1,587,028			1,253,556			910,149			1,072,394			2,608,204			333,472			26.6				(1,021,176	)		(39.2	)
Total borrowings			2,815,529			1,506,305			3,063,179			4,088,884			5,297,466			1,309,224			86.9				(2,481,937	)		(46.9	)
Total interest-bearing liabilities			30,443,611			29,195,138			31,553,735			32,692,405			31,999,470			1,248,473			4.3				(1,555,859	)		(4.9	)
Total deposits and borrowings			41,765,670			40,137,209			42,208,023			42,523,092			39,929,403			1,628,461			4.1				1,836,267			4.6
Accrued expenses and other liabilities			1,288,804			1,517,120			1,633,850			1,534,769			1,425,536			(228,316	)		(15.0	)			(136,732	)		(9.6	)
Total liabilities			43,054,474			41,654,329			43,841,873			44,057,861			41,354,939			1,400,145			3.4				1,699,535			4.1
Total TCF Financial Corporation shareholders' equity			5,673,654			5,687,196			5,675,089			5,630,133			5,605,159			(13,542	)		(0.2	)			68,495			1.2
Non-controlling interest in subsidiaries			22,630			19,995			22,638			28,122			25,328			2,635			13.2				(2,698	)		(10.7	)
Total equity			5,696,284			5,707,191			5,697,727			5,658,255			5,630,487			(10,907	)		(0.2	)			65,797			1.2
Total liabilities and equity		$	48,750,758		$	47,361,520		$	49,539,600		$	49,716,116		$	46,985,426		$	1,389,238			2.9	%		$	1,765,332			3.8	%

N.M. Not Meaningful
(1)		Average balances of loans and leases include nonaccrual loans and leases and are presented net of unearned income.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Quarterly Yields and Rates(1)(2) (Unaudited)
		Quarter Ended															Change From
		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Mar. 31,
		2021			2020			2020			2020			2020			2020			2020
ASSETS:
Federal Home Loan Bank and Federal Reserve Bank stocks		1.14	%		3.77	%		3.27	%		4.38	%		2.79	%		(263)	bps		(165)	bps
Investment securities held-to-maturity		2.30			1.57			1.69			0.21			1.64			73			66
Investment securities available-for-sale:
Taxable		2.09			2.12			2.33			2.26			2.74			(3)			(65)
Tax-exempt(3)		2.90			2.93			2.90			2.81			2.85			(3)			5
Loans and leases held-for-sale		2.43			2.56			3.13			3.73			4.53			(13)			(210)
Loans and leases(3)
Commercial and industrial		4.37			4.51			4.30			4.41			5.42			(14)			(105)
Commercial real estate		3.60			3.91			3.90			3.91			5.01			(31)			(141)
Lease financing		4.80			4.83			4.88			4.99			5.09			(3)			(29)
Residential mortgage		3.46			3.64			3.86			3.93			4.02			(18)			(56)
Home equity		5.13			4.93			5.09			5.19			5.85			20			(72)
Consumer installment		5.04			5.06			5.04			4.88			5.23			(2)			(19)
Total loans and leases(3)		4.12			4.28			4.26			4.33			5.08			(16)			(96)
Interest-bearing deposits with banks and other		0.52			0.34			0.16			0.30			1.72			18			(120)
Total interest-earning assets		3.69			3.83			3.72			3.88			4.64			(14)			(95)
LIABILITIES:
Interest-bearing deposits:
Savings		0.04			0.07			0.17			0.40			0.64			(3)			(60)
Checking		0.08			0.10			0.11			0.14			0.39			(2)			(31)
Money market		0.34			0.42			0.53			0.66			1.25			(8)			(91)
Certificates of deposit		0.54			0.80			1.10			1.44			1.81			(26)			(127)
Total interest-bearing deposits		0.20			0.30			0.44			0.66			1.02			(10)			(82)
Total deposits		0.14			0.22			0.32			0.49			0.78			(8)			(64)
Borrowings:
Short-term borrowings		0.27			0.16			0.46			0.54			1.56			11			(129)
Long-term borrowings		2.32			2.87			3.91			3.40			2.42			(55)			(10)
Total borrowings		1.42			2.41			1.48			1.29			1.98			(99)			(56)
Total interest-bearing liabilities		0.32			0.41			0.55			0.74			1.18			(9)			(86)
Total deposits and borrowings		0.23			0.30			0.41			0.57			0.94			(7)			(71)
Net interest margin (GAAP)		3.45			3.53			3.31			3.33			3.73			(8)			(28)
Net interest margin (FTE)		3.47			3.55			3.34			3.35			3.76			(8)			(29)

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

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Composition of Loans (Unaudited)
		Quarter Ended															Change From
		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31, 2020							Mar. 31, 2020
(Dollars in thousands)		2021			2020			2020			2020			2020			$				%			$				%
Commercial and industrial		$	12,856,701		$	11,422,383		$	11,557,237		$	12,200,721		$	12,326,943		$	1,434,318			12.6	%		$	529,758			4.3	%
Commercial real estate			9,881,341			9,702,587			9,627,330			9,628,344			9,486,904			178,754			1.8				394,437			4.2
Lease financing			2,956,626			2,817,231			2,724,686			2,707,402			2,708,998			139,395			4.9				247,628			9.1
Total commercial loan and lease portfolio			25,694,668			23,942,201			23,909,253			24,536,467			24,522,845			1,752,467			7.3				1,171,823			4.8
Residential mortgage			6,510,981			6,182,045			5,790,251			6,123,118			6,435,314			328,936			5.3				75,667			1.2
Home equity			2,864,142			3,108,736			3,302,983			3,445,584			3,453,502			(244,594	)		(7.9	)			(589,360	)		(17.1	)
Consumer installment			1,151,228			1,233,426			1,341,204			1,430,655			1,509,953			(82,198	)		(6.7	)			(358,725	)		(23.8	)
Total consumer loan portfolio			10,526,351			10,524,207			10,434,438			10,999,357			11,398,769			2,144			0.0				(872,418	)		(7.7	)
Total		$	36,221,019		$	34,466,408		$	34,343,691		$	35,535,824		$	35,921,614		$	1,754,611			5.1	%		$	299,405			0.8	%

Composition of Deposits (Unaudited)
		Quarter Ended															Change From
		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31, 2020							Mar. 31, 2020
(Dollars in thousands)		2021			2020			2020			2020			2020			$				%			$				%
Noninterest-bearing deposits		$	12,394,753		$	11,036,086		$	10,691,041		$	10,480,245		$	8,237,916		$	1,358,667			12.3	%		$	4,156,837			50.5	%
Interest-bearing deposits:
Savings			9,988,434			9,509,963			9,295,467			9,310,362			8,703,864			478,471			5.0				1,284,570			14.8
Checking			7,225,588			7,222,275			7,453,504			6,693,092			6,289,046			3,313			—				936,542			14.9
Money market			5,512,828			5,563,614			5,397,325			5,584,177			5,105,285			(50,786	)		(0.9	)			407,543			8.0
Certificates of deposit			4,665,211			5,524,381			6,334,760			7,142,996			7,463,192			(859,170	)		(15.6	)			(2,797,981	)		(37.5	)
Total interest-bearing deposits			27,392,061			27,820,233			28,481,056			28,730,627			27,561,387			(428,172	)		(1.5	)			(169,326	)		(0.6	)
Total deposits		$	39,786,814		$	38,856,319		$	39,172,097		$	39,210,872		$	35,799,303		$	930,495			2.4	%		$	3,987,511			11.1	%

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Summary of Credit Quality Data
Allowance for Credit Losses (Unaudited)
		Mar. 31,						Dec. 31,						Sep. 30,						Jun. 30,						Mar. 31,
		2021						2020						2020						2020						2020
(Dollars in thousands)		Balance			Reserve Rate			Balance			Reserve Rate			Balance			Reserve Rate			Balance			Reserve Rate			Balance			Reserve Rate
Allowance for loan and lease losses
Commercial and industrial		$	148,056		1.15	%		$	155,665		1.36	%		$	145,814		1.26	%		$	122,024		1.00	%		$	117,507		0.95	%
Commercial real estate			166,452		1.68				192,331		1.98				197,892		2.06				162,364		1.69				86,209		0.91
Lease financing			46,658		1.58				40,978		1.45				36,386		1.34				19,041		0.70				27,610		1.02
Residential mortgage			79,609		1.22				72,315		1.17				62,006		1.07				79,479		1.30				97,185		1.51
Home equity			48,251		1.68				45,761		1.47				49,003		1.48				56,824		1.65				57,694		1.67
Consumer installment			15,619		1.36				18,818		1.53				24,128		1.80				21,382		1.49				20,178		1.34
Total allowance for loan and lease losses			504,645		1.39				525,868		1.53				515,229		1.50				461,114		1.30				406,383		1.13
Reserve for unfunded lending commitments			21,909						23,313						34,129						42,788						22,188
Total allowance for credit losses		$	526,554		1.45	%		$	549,181		1.59	%		$	549,358		1.60	%		$	503,902		1.42	%		$	428,571		1.19	%

Changes in Allowance for Credit Losses
		Quarter Ended																				Change From
		Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,				Dec. 31,				Mar. 31,
(Dollars in thousands)		2021				2020				2020				2020				2020				2020				2020
Allowance for loan and lease losses
Balance, beginning of period		$	525,868			$	515,229			$	461,114			$	406,383			$	113,052			$	10,639			$	412,816
Impact of CECL adoption			—				—				—				—				205,992				—				(205,992	)
Adjusted balance, beginning of period			525,868				515,229				461,114				406,383				319,044				10,639				206,824
Charge-offs			(55,618	)			(29,593	)			(32,235	)			(9,958	)			(14,729	)			(26,025	)			(40,889	)
Recoveries			12,356				17,958				7,659				6,563				9,252				(5,602	)			3,104
Net (charge-offs) recoveries			(43,262	)			(11,635	)			(24,576	)			(3,395	)			(5,477	)			(31,627	)			(37,785	)
Provision for credit losses related to loans and leases(1)			21,960				22,634				78,323				58,126				92,990				(674	)			(71,030	)
Other(2)			79				(360	)			368				—				(174	)			439				253
Balance, end of period			504,645				525,868				515,229				461,114				406,383				(21,223	)			98,262
Reserve for unfunded lending commitments
Balance, beginning of period			23,313				34,129				42,788				22,188				3,528				(10,816	)			19,785
Impact of CECL adoption			—				—				—				—				14,707				—				(14,707	)
Adjusted balance, beginning of period			23,313				34,129				42,788				22,188				18,235				(10,816	)			5,078
Provision (benefit) for credit losses related to unfunded lending commitments(1)			(1,404	)			(10,816	)			(8,659	)			20,600				3,953				9,412				(5,357	)
Balance, end of period			21,909				23,313				34,129				42,788				22,188				(1,404	)			(279	)
Total allowance for credit losses		$	526,554			$	549,181			$	549,358			$	503,902			$	428,571			$	(22,627	)		$	97,983

(1)		Provision for credit losses related to loans and leases and the provision (benefit) for credit losses related to unfunded lending commitments are included within provision for credit losses in the Consolidated Statements of Income.
(2)		Primarily includes allowance for PCD acquisitions and the transfer of the allowance for credit losses to loans and leases held-for-sale.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Summary of Credit Quality Data (Unaudited), Continued
Net (Charge-offs) Recoveries
		Quarter Ended
		Mar. 31,							Dec. 31,							Sep. 30,							Jun. 30,							Mar. 31,
		2021							2020							2020							2020							2020
(Dollars in thousands)		Balance				Rate(1)			Balance				Rate(1)			Balance				Rate(1)			Balance				Rate(1)			Balance				Rate(1)
Commercial and industrial		$	(20,476	)		0.67	%		$	(672	)		0.02	%		$	(22,201	)		0.76	%		$	9			—	%		$	(4,022	)		0.14	%
Commercial real estate			(18,389	)		0.75				(6,050	)		0.25				(144	)		0.01				(644	)		0.03				563			(0.02	)
Lease financing			(3,936	)		0.55				(1,748	)		0.26				(161	)		0.02				(1,392	)		0.21				(878	)		0.13
Residential mortgage			3,878			(0.25	)			216			(0.01	)			803			(0.05	)			(871	)		0.06				355			(0.02	)
Home equity			(2,864	)		0.38				(182	)		0.02				(237	)		0.03				(335	)		0.04				(246	)		0.03
Consumer installment			(1,475	)		0.49				(3,199	)		0.99				(2,636	)		0.76				(162	)		0.04				(1,249	)		0.33
Total net (charge-offs) recoveries		$	(43,262	)		0.49	%		$	(11,635	)		0.14	%		$	(24,576	)		0.28	%		$	(3,395	)		0.04	%		$	(5,477	)		0.06	%

(1)

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

Over 90-Day Delinquencies as a Percentage of Portfolio(1)
																	Change From
		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,				Mar. 31,
		2021			2020			2020			2020			2020			2020				2020
Commercial and industrial		0.02	%		0.01	%		0.03	%		0.02	%		—	%		1		bps		2		bps
Commercial real estate		—			—			—			—			0.02			—				(2)
Lease financing		0.17			0.14			0.13			0.18			0.11			3				6
Residential mortgage		0.03			0.03			0.02			0.01			0.01			—				2
Home equity		—			—			—			—			0.01			—				(1)
Consumer installment		—			—			—			—			—			—				—
Total delinquencies		0.03	%		0.02	%		0.02	%		0.02	%		0.02	%		1				1

(1)

Excludes nonaccrual loans and leases.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Summary of Credit Quality Data (Unaudited), Continued
Nonperforming Assets
																						Change From
		Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,				Dec. 31,						Mar. 31,
(Dollars in thousands)		2021				2020				2020				2020				2020				2020						2020
Nonaccrual loans and leases:
Commercial and industrial		$	239,987			$	259,439			$	140,492			$	98,184			$	84,157			$	(19,452	)				$	155,830
Commercial real estate			188,420				154,439				70,252				57,521				47,032				33,981						141,388
Lease financing			93,958				90,822				42,023				18,756				13,170				3,136						80,788
Total commercial			522,365				504,700				252,767				174,461				144,359				17,665						378,006
Residential mortgage			76,533				97,653				65,235				67,762				61,980				(21,120	)					14,553
Home equity			72,941				69,383				52,184				47,560				43,147				3,558						29,794
Consumer installment			6,062				5,566				6,535				1,668				989				496						5,073
Total consumer			155,536				172,602				123,954				116,990				106,116				(17,066	)					49,420
Total nonaccrual loans and leases			677,901				677,302				376,721				291,451				250,475				599						427,426
Other real estate owned			32,115				33,192				35,554				42,744				38,914				(1,077	)					(6,799	)
Total nonperforming assets		$	710,016			$	710,494			$	412,275			$	334,195			$	289,389			$	(478	)				$	420,627
Nonaccrual loans and leases as a percentage of total loans and leases			1.87	%			1.97	%			1.10	%			0.82	%			0.70	%			(10	)		bps			117			bps
Allowance for loan and lease losses as a percentage of nonaccrual loans and leases			74.44				77.64				136.77				158.21				162.24				(320	)					(8,780	)
Allowance for credit losses as a percentage of nonaccrual loans and leases			77.67				81.08				145.83				172.89				171.10				(341	)					(9,343	)
Nonperforming assets as a percentage of total loans and leases and other real estate owned			1.96				2.06				1.20				0.94				0.80				(10	)					116

Consolidated Capital Information (Unaudited)
																						Change From
(Dollars in thousands, except per share data)		Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,				Dec. 31,				Mar. 31,
		2021				2020				2020				2020				2020				2020				2020
Book value per common share		$	35.33			$	36.06			$	35.88			$	35.91			$	35.85			(2.0	)	%		(1.5	)	%
Tangible book value per common share(1)			25.31				26.49				26.27				26.25				26.16			(4.5	)			(3.2	)
Common equity to assets			10.91	%			11.51	%			11.50	%			10.92	%			11.23	%		(60	)	bps		(32	)	bps
Tangible common equity to tangible assets(1)			8.06				8.72				8.68				8.22				8.45			(66	)			(39	)
Regulatory Capital:(2)
Common equity Tier 1 capital		$	4,101,896			$	4,103,007			$	4,053,931			$	4,028,681			$	4,026,304			0.0		%		1.9		%
Tier 1 capital			4,299,135				4,290,793				4,244,609				4,221,283				4,225,755			0.2				1.7
Total capital			4,994,676				5,026,611				4,972,715				4,907,760				4,744,899			(0.6	)			5.3
Common equity Tier 1 capital ratio			11.06	%			11.45	%			11.45	%			11.06	%			10.44	%		(39	)	bps		62		bps
Tier 1 risk-based capital ratio			11.59				11.98				11.98				11.59				10.96			(39	)			63
Total risk-based capital ratio			13.47				14.03				14.04				13.47				12.31			(56	)			116
Tier 1 leverage ratio			9.09				9.34				8.83				8.75				9.27			(25	)			(18	)

(1)		See "Reconciliation of GAAP to Non-GAAP Financial Measures" tables.
(2)		March 31, 2021 amounts are preliminary pending completion and filing of the Corporation's regulatory reports. Regulatory capital ratios presented reflect our election of the five-year CECL transition for regulatory capital purposes.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
Computation of adjusted diluted earnings per common share and adjusted net income:
		Quarter Ended
		Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,
(Dollars in thousands, except per share data)		2021				2020				2020				2020				2020
Net income available to common shareholders	(a)	$	120,843			$	88,864			$	53,244			$	21,270			$	49,406
Merger-related expenses			16,216				31,530				54,011				81,619				36,728
Notable items:
Sale of legacy TCF auto finance portfolio and related expenses(1)			—				—				—				901				3,063
Gains on sales of branches, write-down of company-owned vacant land parcels and branch exit costs, net(2)			—				—				—				(14,166	)			—
Loan servicing rights (recovery) impairment(3)			(7,637	)			357				154				8,858				8,236
Total notable items			(7,637	)			357				154				(4,407	)			11,299
Total merger-related and notable items			8,579				31,887				54,165				77,212				48,027
Related income tax expense, net of benefits(4)			(1,841	)			(7,191	)			(11,207	)			(16,114	)			(10,071	)
Total adjustments, net of tax			6,738				24,696				42,958				61,098				37,956
Adjusted earnings allocated to common stock	(b)	$	127,581			$	113,560			$	96,202			$	82,368			$	87,362
Weighted-average common shares outstanding used in diluted earnings per common share calculation	(c)		152,540,687				152,084,428				151,821,592				151,660,139				152,114,017
Diluted earnings per common share	(a)/(c)	$	0.79			$	0.58			$	0.35			$	0.14			$	0.32
Adjusted diluted earnings per common share	(b)/(c)		0.84				0.75				0.63				0.54				0.57
Net income attributable to TCF		$	123,336			$	91,358			$	55,738			$	23,764			$	51,899
Total adjustments, net of tax			6,738				24,696				42,958				61,098				37,956
Adjusted net income attributable to TCF		$	130,074			$	116,054			$	98,696			$	84,862			$	89,855

(1)		Second quarter 2020 amount included within other noninterest expense ($0.8 million) and compensation and employee benefits ($0.1 million). First quarter 2020 amount included within occupancy and equipment ($1.6 million), compensation and employee benefits ($0.9 million) and other noninterest expense ($0.6 million).
(2)		Second quarter 2020 amount included within other noninterest income ($14.7 million net gain) and other noninterest expense ($0.6 million).
(3)		Included within mortgage banking income.
(4)		Included within income tax expense (benefit).

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited), Continued
Computation of adjusted return on average assets, common equity and average tangible common equity:
		Quarter Ended
		Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,
(Dollars in thousands)		2021				2020				2020				2020				2020
Adjusted net income after income tax expense (benefit):
Income after tax expense	(a)	$	125,109			$	92,690			$	57,302			$	26,233			$	53,816
Merger-related expenses			16,216				31,530				54,011				81,619				36,728
Notable items			(7,637	)			357				154				(4,407	)			11,299
Related income tax expense, net of tax benefits			(1,841	)			(7,191	)			(11,207	)			(16,114	)			(10,071	)
Adjusted net income after income tax expense (benefit) for adjusted ROAA calculation	(b)		131,847				117,386				100,260				87,331				91,772
Net income available to common shareholders	(c)		120,843				88,864				53,244				21,270				49,406
Other intangibles amortization			5,168				5,498				5,498				5,516				5,480
Related income tax expense			(1,109	)			(1,240	)			(1,137	)			(1,151	)			(1,149	)
Adjusted net income available to common shareholders used in adjusted ROATCE calculation	(d)		124,902				93,122				57,605				25,635				53,737
Adjusted net income available to common shareholders:
Net income available to common shareholders			120,843				88,864				53,244				21,270				49,406
Notable items			(7,637	)			357				154				(4,407	)			11,299
Merger-related expenses			16,216				31,530				54,011				81,619				36,728
Related income tax expense, net of tax benefits			(1,841	)			(7,191	)			(11,207	)			(16,114	)			(10,071	)
Adjusted net income available to common shareholders used in adjusted ROACE calculation	(e)		127,581				113,560				96,202				82,368				87,362
Other intangibles amortization			5,168				5,498				5,498				5,516				5,480
Related income tax expense			(1,109	)			(1,240	)			(1,137	)			(1,151	)			(1,149	)
Adjusted net income available to common shareholders used in adjusted ROATCE calculation	(f)		131,640				117,818				100,563				86,733				91,693
Average balances:
Average assets	(g)		48,750,758				47,361,520				49,539,600				49,716,116				46,985,426
Total equity			5,696,284				5,707,191				5,697,727				5,658,255				5,630,487
Non-controlling interest in subsidiaries			(22,630	)			(19,995	)			(22,638	)			(28,122	)			(25,328	)
Total TCF Financial Corporation shareholders' equity			5,673,654				5,687,196				5,675,089				5,630,133				5,605,159
Preferred stock			(169,302	)			(169,302	)			(169,302	)			(169,302	)			(169,302	)
Average total common shareholders' equity used in ROACE calculation	(h)		5,504,352				5,517,894				5,505,787				5,460,831				5,435,857
Goodwill, net			(1,363,039	)			(1,313,046	)			(1,313,046	)			(1,313,046	)			(1,301,080	)
Other intangibles, net			(146,763	)			(149,140	)			(155,142	)			(160,841	)			(166,298	)
Average tangible common shareholders' equity used in ROATCE calculation	(i)	$	3,994,550			$	4,055,708			$	4,037,599			$	3,986,944			$	3,968,479
ROAA(1)	(a)/(g)		1.03	%			0.78	%			0.46	%			0.21	%			0.46	%
Adjusted ROAA(1)	(b)/(g)		1.08				0.99				0.81				0.70				0.78
ROACE(1)	(c)/(h)		8.78				6.44				3.87				1.56				3.64
Adjusted ROACE(1)	(e)/(h)		9.27				8.23				6.99				6.03				6.43
ROATCE(1)	(d)/(i)		12.51				9.18				5.71				2.57				5.42
Adjusted ROATCE(1)	(f)/(i)		13.18				11.62				9.96				8.70				9.24

(1)

Annualized.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited), Continued
Computation of adjusted efficiency ratio, interest income, noninterest income and noninterest expense:
		Quarter Ended
		Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,
(Dollars in thousands)		2021				2020				2020				2020				2020
Noninterest expense	(a)	$	348,682			$	379,091			$	373,440			$	400,241			$	374,599
Merger-related expenses			(16,216	)			(31,530	)			(54,011	)			(81,619	)			(36,728	)
Write-down of company-owned vacant land parcels and branch exit costs			—				—				—				(551	)			—
Expenses related to the sale of Legacy TCF auto finance portfolio			—				—				—				(901	)			(3,063	)
Adjusted noninterest expense			332,466				347,561				319,429				317,170				334,808
Lease financing equipment depreciation			(20,426	)			(18,610	)			(17,932	)			(18,212	)			(18,450	)
Amortization of intangibles			(5,168	)			(5,498	)			(5,498	)			(5,516	)			(5,480	)
Historic tax credit amortization			(543	)			(3,591	)			(1,758	)			(179	)			(1,521	)
Adjusted noninterest expense, efficiency ratio	(b)		306,329				319,862				294,241				293,263				309,357
Net interest income			381,827				381,394				377,167				378,359				401,481
Noninterest income			132,060				127,236				118,810				133,054				136,963
Total revenue	(c)		513,887				508,630				495,977				511,413				538,444
Noninterest income			132,060				127,236				118,810				133,054				136,963
Gain on sales of branches			—				—				—				(14,717	)			—
Loan servicing rights (recovery) impairment			(7,637	)			357				154				8,858				8,236
Adjusted noninterest income			124,423				127,593				118,964				127,195				145,199
Net interest income			381,827				381,394				377,167				378,359				401,481
Adjustments for taxable equivalent interest (FTE)			2,810				3,228				2,844				3,032				2,983
Net interest income (FTE)			384,637				384,622				380,011				381,391				404,464
Lease financing equipment depreciation			(20,426	)			(18,610	)			(17,932	)			(18,212	)			(18,450	)
Adjusted total revenue, efficiency ratio	(d)	$	488,634			$	493,605			$	481,043			$	490,374			$	531,213
Efficiency ratio	(a)/(c)		67.85	%			74.53	%			75.29	%			78.26	%			69.57	%
Adjusted efficiency ratio	(b)/(d)		62.69				64.80				61.17				59.80				58.24

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited), Continued
Computation of adjusted net interest income and margin:
		Quarter Ended
		Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,
(Dollars in thousands)		2021				2020				2020				2020				2020
Net interest income		$	381,827			$	381,394			$	377,167			$	378,359			$	401,481
Adjustments for taxable equivalent interest (FTE)			2,810				3,228				2,844				3,032				2,983
Net interest income (FTE)			384,637				384,622				380,011				381,391				404,464
Purchase accounting accretion and amortization(1)			(15,043	)			(22,997	)			(17,710	)			(18,209	)			(25,258	)
Net fees recognized on PPP loans			(14,607	)			(16,071	)			(11,886	)			(7,805	)			—
Interest recognition on PPP loans(2)			(3,201	)			(3,051	)			(2,824	)			(1,759	)			—
Total PPP loans impact			(17,808	)			(19,122	)			(14,710	)			(9,564	)			—
Adjusted net interest income (FTE), excluding purchase accounting accretion and amortization and PPP impact		$	351,786			$	342,503			$	347,591			$	353,618			$	379,206
Net interest margin (GAAP)			3.45	%			3.53	%			3.31	%			3.33	%			3.73	%
FTE impact			0.02				0.02				0.03				0.02				0.03
Net interest margin (FTE)			3.47				3.55				3.34				3.35				3.76
Purchase accounting accretion and amortization impact			(0.14	)			(0.21	)			(0.16	)			(0.16	)			(0.23	)
PPP loans impact(3)			(0.03	)			(0.04	)			0.01				0.01				—
Adjusted net interest margin (FTE), excluding purchase accounting accretion and amortization and PPP loans impact			3.30	%			3.30	%			3.19	%			3.20	%			3.53	%

(1)		Includes purchase accounting accretion and amortization resulting from the TCF/Chemical merger.
(2)		Interest income recorded on PPP loans less funding costs.
(3)		The exclusion of PPP loans additionally reduces average earning assets by $1.7 billion in the first quarter of 2021 and by $1.7 billion, $1.8 billion and $1.2 billion in the fourth, third and second quarters of 2020, respectively.

Computation of tangible common equity to tangible assets and tangible book value per common share:
		Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,
(Dollars in thousands, except per share data)		2021				2020				2020				2020				2020
Total equity		$	5,591,771			$	5,689,297			$	5,658,420			$	5,658,555			$	5,655,833
Non-controlling interest in subsidiaries			(27,937	)			(18,484	)			(21,376	)			(23,300	)			(30,149	)
Total TCF Financial Corporation shareholders' equity			5,563,834				5,670,813				5,637,044				5,635,255				5,625,684
Preferred stock			(169,302	)			(169,302	)			(169,302	)			(169,302	)			(169,302	)
Total common stockholders' equity	(a)		5,394,532				5,501,511				5,467,742				5,465,953				5,456,382
Goodwill, net			(1,379,890	)			(1,313,046	)			(1,313,046	)			(1,313,046	)			(1,313,046	)
Other intangibles, net			(149,438	)			(146,377	)			(151,875	)			(157,373	)			(162,887	)
Tangible common shareholders' equity	(b)		3,865,204				4,042,088				4,002,821				3,995,534				3,980,449
Total assets	(c)		49,459,551				47,802,487				47,565,789				50,062,460				48,594,383
Goodwill, net			(1,379,890	)			(1,313,046	)			(1,313,046	)			(1,313,046	)			(1,313,046	)
Other intangibles, net			(149,438	)			(146,377	)			(151,875	)			(157,373	)			(162,887	)
Tangible assets	(d)	$	47,930,223			$	46,343,064			$	46,100,868			$	48,592,041			$	47,118,450
Common stock shares outstanding	(e)		152,696,133				152,565,504				152,379,722				152,233,106				152,185,984
Common equity to assets	(a) / (c)		10.91	%			11.51	%			11.50	%			10.92	%			11.23	%
Tangible common equity to tangible assets	(b) / (d)		8.06				8.72				8.68				8.22				8.45
Book value per common share	(a) / (e)	$	35.33			$	36.06			$	35.88			$	35.91			$	35.85
Tangible book value per common share	(b) / (e)		25.31				26.49				26.27				26.25				26.16

TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited), Continued
Computation of loans and leases and the related allowance for credit losses excluding PPP
		Quarter Ended																				Change From
		Mar. 31,				Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,				Dec. 31, 2020
(Dollars in thousands)		2021				2020				2020				2020				2020				$				%
Commercial and industrial		$	12,856,701			$	11,422,383			$	11,557,237			$	12,200,721			$	12,326,943			$	1,434,318			12.6	%
Commercial real estate			9,881,341				9,702,587				9,627,330				9,628,344				9,486,904				178,754			1.8
Lease financing			2,956,626				2,817,231				2,724,686				2,707,402				2,708,998				139,395			4.9
Total commercial loan and lease portfolio			25,694,668				23,942,201				23,909,253				24,536,467				24,522,845				1,752,467			7.3
Residential mortgage			6,510,981				6,182,045				5,790,251				6,123,118				6,435,314				328,936			5.3
Home equity			2,864,142				3,108,736				3,302,983				3,445,584				3,453,502				(244,594	)		(7.9	)
Consumer installment			1,151,228				1,233,426				1,341,204				1,430,655				1,509,953				(82,198	)		(6.7	)
Total consumer loan portfolio			10,526,351				10,524,207				10,434,438				10,999,357				11,398,769				2,144			0.0
Total loans and leases			36,221,019				34,466,408				34,343,691				35,535,824				35,921,614				1,754,611			5.1
PPP (Commercial and industrial)			1,865,319				1,553,908				1,836,850				1,819,469				—				311,411			20.0
Loans and leases excluding PPP loans
Commercial and industrial			10,991,382				9,868,475				9,720,387				10,381,252				12,326,943				1,122,907			11.4
Commercial real estate			9,881,341				9,702,587				9,627,330				9,628,344				9,486,904				178,754			1.8
Lease financing			2,956,626				2,817,231				2,724,686				2,707,402				2,708,998				139,395			4.9
Total commercial loan and lease portfolio			23,829,349				22,388,293				22,072,403				22,716,998				24,522,845				1,441,056			6.4
Residential mortgage			6,510,981				6,182,045				5,790,251				6,123,118				6,435,314				328,936			5.3
Home equity			2,864,142				3,108,736				3,302,983				3,445,584				3,453,502				(244,594	)		(7.9	)
Consumer installment			1,151,228				1,233,426				1,341,204				1,430,655				1,509,953				(82,198	)		(6.7	)
Total consumer loan portfolio			10,526,351				10,524,207				10,434,438				10,999,357				11,398,769				2,144			0.0
Total loans and leases, excluding PPP loans		$	34,355,700			$	32,912,500			$	32,506,841			$	33,716,355			$	35,921,614			$	1,443,200			4.4
Allowance for credit losses		$	526,554			$	549,181			$	549,358			$	503,902			$	428,571			$	(22,627	)		(4.1	)%
Allowance for credit losses as a % of total loans and leases			1.45	%			1.59	%			1.60	%			1.42	%			1.19	%			(14	)		bps
Allowance for credit losses as a % of loans and leases, excluding PPP loans			1.53				1.67				1.69				1.49				1.19				(14	)

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Source: TCF Financial Corporation

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