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

Attached files

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EX-99.2 - EXHIBIT 99.2 - TCF FINANCIAL CORP	tcf123119form8kexhibit99.htm
8-K - 8-K TCF Q4 2019 EARNINGS - TCF FINANCIAL CORP	tcf123119form8kearning.htm

Exhibit 99.1

NEWS RELEASE

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

FOR IMMEDIATE RELEASE



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

TCF REPORTS FOURTH QUARTER 2019 RESULTS

TCF also announces quarterly cash dividends on common and preferred stock

Fourth Quarter Highlights


•	Quarterly net income of $112.4 million, or $0.72 per diluted share


•	Adjusted diluted earnings per common share of $1.04⁽¹⁾, excluding $49.2 million, or $0.32 per share, after-tax impact of merger-related expenses and notable items


•	Efficiency ratio of 73.49%; adjusted efficiency ratio of 58.51%⁽¹⁾


•	Return on average common equity ("ROACE") of 8.00%; return on average tangible common equity ("ROATCE") of 11.35%⁽¹⁾; adjusted ROATCE of 16.25%⁽¹⁾


•	Commercial loan and lease balances up $1.0 billion, or 4.5%, compared to September 30, 2019


•	Completed sale of $1.1 billion Legacy TCF auto finance portfolio


•	Net charge-off rate as a percentage of average loans and leases of 0.07%, annualized


•	Nonaccrual loans and leases of $169.7 million, or 0.49% of total loans and leases


•	Common equity Tier 1 capital ratio of 10.99%


•	Repurchased 657,817 common shares at a cost of $27.5 million


•	Declared quarterly cash dividends on common stock of $0.35 per share payable on March 2, 2020

Merger-related Expenses and Notable items in the Fourth Quarter⁽¹⁾


•	Pre-tax merger-related expenses of $47.0 million, $36.1 million net of tax, or $0.24 per diluted common share for the fourth quarter


•	Pre-tax loss of $22.1 million, $13.1 million net of tax, or $0.08 per diluted common share related to notable items for the fourth quarter, see summary of notable items adjustments below


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

Note: TCF’s financial results for periods ended prior to August 1, 2019 reflect Legacy TCF financial results only on a standalone basis. In addition, TCF’s reported financial results for the third quarter of 2019 and the year ended December 31, 2019 reflect Legacy TCF financial results for the period before August 1, 2019 and the post-merger combined TCF financial results on and after August 1, 2019, with the fourth quarter of 2019 financial results being solely of the post-merger combined TCF. As a result, TCF’s financial results for the fourth quarter, third quarter and year ended December 31, 2019 may not be directly comparable to prior reported periods. The number of shares issued and outstanding, earnings per share, additional paid-in-capital, dividends paid and all references to share quantities of TCF have been retrospectively restated to reflect the equivalent number of shares issued in the Merger as the Merger was treated as a reverse merger.



Summary of Financial Results⁽¹⁾
	At or For the Quarter Ended															Change From
	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Dec. 31,
(Dollars in thousands, except per share data)	2019			2019			2019			2019			2018			2019			2018
Financial Results
Net income attributable to TCF	$	112,399		$	22,148		$	90,427		$	70,494		$	85,652		N.M.		%	31.2		%
Net interest income	408,753			371,793			254,057			254,429			253,153			9.9			61.5
Basic earnings per common share	$	0.72		$	0.15		$	1.07		$	0.83		$	1.00		N.M.			(28.0	)
Diluted earnings per common share	0.72			0.15			1.07			0.83			1.00			N.M.			(28.0	)
Return on average assets ("ROAA")⁽³⁾	0.99		%	0.26		%	1.54		%	1.22		%	1.52		%	73		bps	(53	)	bps
ROACE⁽³⁾	8.00			1.75			14.27			11.40			14.30			625			(630	)
ROATCE (non-GAAP)⁽²⁾⁽³⁾	11.35			2.68			15.46			12.42			15.58			867			(423	)
Net interest margin	3.86			4.12			4.46			4.58			4.63			(26	)		(77	)
Net interest margin (FTE)⁽²⁾⁽³⁾	3.89			4.14			4.49			4.61			4.67			(25	)		(78	)
Net charge-offs as a percentage of average loans and leases⁽³⁾	0.07			0.39			0.29			0.39			0.46			(32	)		(39	)
Nonperforming assets as a percentage of total loans and leases and other real estate owned	0.59			0.62			0.62			0.63			0.65			(3	)		(6	)
Efficiency ratio	73.49			91.32			65.11			70.70			66.30			(1,783	)		719
Adjusted Financial Results (non-GAAP)
Adjusted net income attributable to TCF⁽²⁾	$	161,581		$	128,301		$	93,650		$	77,700		$	85,652		25.9		%	88.6		%
Adjusted diluted earnings per common share⁽²⁾	$	1.04		$	0.98		$	1.11		$	0.91		$	1.00		6.1			4.0
Adjusted ROAA⁽²⁾⁽³⁾	1.42		%	1.34		%	1.59		%	1.34		%	1.52		%	8		bps	(10	)	bps
Adjusted ROACE⁽²⁾⁽³⁾	11.57			11.21			14.79			12.61			14.30			36			(273	)
Adjusted ROATCE⁽²⁾⁽³⁾	16.25			14.96			16.02			13.72			15.58			129			67
Adjusted efficiency ratio⁽²⁾	58.51			58.74			61.48			65.67			63.89			(23	)		(538	)

N.M. Not meaningful


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


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


(3)	Annualized.

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



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


(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 ($8.2 million), other noninterest expense ($2.2 million), occupancy and equipment ($1.5 million) and compensation and employee benefits ($0.9 million).


(3)	Included within Other noninterest expense.


(4)	Included within Other noninterest income.


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

DETROIT (January 27, 2020) - TCF Financial Corporation ("TCF" or the "Corporation") (NASDAQ: TCF) today reported net income of $112.4 million and diluted earnings per common share of $0.72 for the fourth quarter of 2019. Adjusted net income was $161.6 million, or $1.04 per diluted common share, for the fourth quarter of 2019, excluding merger-related expenses and notable items of $0.32 per common share (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

"We closed out the year with our first full quarter as a combined organization following our merger of equals and we produced strong business results, driven by robust loan growth led by our commercial businesses, strong credit quality, and continued progress on our integration roadmap," said Craig R. Dahl, president and chief executive officer. "We continued to execute on our business strategies, including completing the sale of the legacy auto finance portfolio, adding key talent to our commercial banking teams, and ensuring we maintain our business momentum as we go into 2020. We remained focused on executing on our targeted expense synergies and integration activities throughout the year. Our strong capital position allows us to continue to pursue organic growth opportunities and leverage our scale and product breadth created by our strategic partnership. I am confident in our opportunities in 2020, and we will continue to focus on our commitment to delivering value for our shareholders."

Net Interest Income and Net Interest Margin

Net interest income was $408.8 million for the fourth quarter of 2019. Purchase accounting accretion and amortization included in net interest income was $30.5 million. Net interest income, excluding purchase accounting accretion and amortization, was $378.3 million. Net interest margin was 3.86% for the fourth quarter of 2019 while net interest margin on a fully tax-equivalent basis (FTE) was 3.89%. Net interest margin FTE, excluding purchase accounting accretion and amortization, was 3.60% (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

Noninterest Income

Noninterest income was $158.1 million for the fourth quarter of 2019. Noninterest income included the following notable items: an $8.2 million loss related to the sale of the Legacy TCF auto finance portfolio, included in net gains (losses) on sales of loans and leases, and a $0.6 million recovery of prior loan servicing rights impairment, included in other noninterest income. Adjusted noninterest income for the fourth quarter of 2019 was $165.6 million (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables). The fourth quarter of 2019 also included a $3.7 million gain on sale of loans and leases related to a nonaccrual and TDR loan sale, included in net gains (losses) on sales of loans and leases and a $2.4 million favorable interest rate swap mark-to-market adjustment resulting from changes in the interest rate environment, included in other noninterest income.

Noninterest Expense

Noninterest expense was $416.6 million for the fourth quarter of 2019 and included $47.0 million of merger-related expenses. Noninterest expense also included the following notable items: $6.3 million of expense related to pension fair valuation adjustment on plans with previously announced terminations, included in other noninterest expense, $4.6 million of expense related to the sale of the Legacy TCF auto finance portfolio ($2.2 million in other noninterest expense, $1.5 million in occupancy and equipment expense and $0.9 million in compensation and employee benefits) and $3.5 million of expense related to branch exit costs, included in other noninterest expense. Excluding merger-related expenses and notable items, adjusted noninterest expense was $355.0 million (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables). The fourth quarter of 2019 also included $4.0 million of impairment related to federal historic tax credits placed into service, included in other noninterest expense, and a $1.3 million impairment charge recognized on a branch we intend to sell in the future, included within occupancy and equipment expense. The $4.0 million of impairment related to federal historic tax credits placed into service was more than offset by an income tax benefit of $3.6 million related to the same tax credits.

Income Tax Expense

Income tax expense for the fourth quarter of 2019 was $21.4 million. In addition to the $3.6 million historic tax credit benefit noted above, the fourth quarter of 2019 also included a $3.8 million tax basis adjustment benefit.

Credit Quality

Provision for credit losses Provision for credit losses was $14.4 million for the fourth quarter of 2019. Provision for credit losses for the fourth quarter of 2019 was reduced by $4.7 million of recoveries of previous charge-offs related to the sale of consumer nonaccrual and TDR loans.

Net charge-off rate The annualized net charge-offs as a percentage of average loans and leases was 0.07% for the fourth quarter of 2019. Net charge-offs for the fourth quarter of 2019 were reduced by $4.7 million of recoveries of previous charge-offs related to the sale of consumer nonaccrual and TDR loans. The annualized net charge-off rate excluding this recovery was 0.13% (see "Reconciliation of GAAP to Non-GAAP Financial Measures" tables).

Allowance for Loan and Lease Losses Allowance for loan and lease losses was $113.1 million, or 0.33% of total loans and leases, at December 31, 2019, down from $121.2 million, or 0.36%, at September 30, 2019.

Nonaccrual loans and leases Nonaccrual loans and leases were $169.7 million at December 31, 2019 and represented 0.49% of total loans and leases, compared to $181.8 million, or 0.54% of total loans and leases, at September 30, 2019. The decrease of nonaccrual loans and leases from September 30, 2019 was primarily due to $17.3 million of consumer nonaccrual loans sold in the fourth quarter of 2019.

Balance Sheet

Loans and leases Loans and leases were $34.5 billion at December 31, 2019, an increase of $986.7 million compared to $33.5 billion at September 30, 2019. The increase from September 30, 2019 was primarily due to growth in the commercial and industrial and commercial real estate portfolios. During the fourth quarter of 2019, TCF completed the sale of the $1.1 billion Legacy TCF auto finance portfolio, which had been included within loans held-for-sale at September 30, 2019.

Investment securities The investment securities portfolio was $6.9 billion at December 31, 2019, compared to $5.7 billion at September 30, 2019. The increase from September 30, 2019 was primarily due to the continued reinvestment into the investment securities portfolio following repositioning actions taken in the third quarter of 2019.

Deposits Deposits were $34.5 billion at December 31, 2019, compared to $35.3 billion at September 30, 2019. The decrease from September 30, 2019 was primarily due to the run-off of $930.4 million of certificates of deposit, which included $402.3 million of brokered certificates of deposit.

Capital The common equity Tier 1 capital ratio was 10.99% at December 31, 2019.

TCF repurchased $27.5 million of its common stock during the fourth quarter of 2019 and had the authority to repurchase an additional $122.5 million in aggregate value of shares as of December 31, 2019 pursuant to its share repurchase program.

TCF's board of directors also declared a regular quarterly cash dividend of $0.35 per common share payable on March 2, 2020 to shareholders of record at the close of business on February 14, 2020. In addition, the board of directors declared a quarterly cash dividend of $0.35625 per depositary share payable on March 2, 2020 to shareholders of record of the depositary shares, representing a 1/1,000th interest in a share of the 5.70% Series C Non-Cumulative Perpetual Preferred Stock, at the close of business on February 14, 2020.

Conference Call Details TCF will host a conference call to discuss fourth quarter 2019 results on Tuesday, January 28, 2020 at 10:00 a.m. Eastern Time. The conference call will be available via a live webcast on the Investor Relations section of TCF's website, ir.tcfbank.com, and archived for replay. The conference call can also be accessed by dialing (844) 512-2926 and entering access code 7648346. To listen to the replay via phone, please dial (877) 344-7529 and enter access code 10138016. The replay begins approximately one hour after the call is completed on Tuesday, January 28, 2020 and will be available through Tuesday, February 4, 2020.

TCF Financial Corporation (NASDAQ: TCF) is a Detroit, Michigan-based financial holding company with $47 billion in total assets at December 31, 2019 and a top 10 deposit market share in the Midwest. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF has approximately 500 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Arizona, Colorado, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses. To learn more about TCF, visit ir.tcfbank.com.

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

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

Certain factors could cause the Corporation's future results to differ materially from those expressed or implied in any forward-looking statements contained herein. These factors include the factors discussed in Part I, Item 1A. of the Corporation's Annual Report on Form 10-K for the year ended December 31, 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 net income, adjusted diluted earnings per common share, adjusted ROAA, adjusted ROACE, ROATCE, adjusted ROATCE, adjusted efficiency ratio, adjusted net interest income, net interest margin (FTE), adjusted net interest margin (FTE), adjusted noninterest income, adjusted noninterest expense, tangible book value per common share and tangible common equity to tangible assets internally to measure performance and believes that these financial measures not recognized under generally accepted accounting principles in the United States ("GAAP") (i.e. non-GAAP) provide meaningful information to investors that will permit them to assess the Corporation's capital and ability to withstand unexpected market or economic conditions and to assess the performance of the Corporation in relation to other banking institutions on the same basis as that applied by management, analysts and banking regulators. TCF adjusts certain results to exclude merger-related expenses and notable items in addition to presenting net interest income and net interest margin (FTE) excluding purchase accounting accretion and amortization. Management believes these measures are useful to investors in understanding TCF's business and operating results.

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



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Condition (Unaudited)
																Change From
(Dollars in thousands)	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30, 2019					Dec. 31, 2018
	2019			2019			2019			2019			2018			$			%		$			%
ASSETS:
Cash and cash equivalents:
Cash and due from banks	$	491,787		$	586,060		$	294,566		$	283,659		$	279,267		$	(94,273	)	(16.1	)%	$	212,520		76.1%
Interest-bearing deposits with other banks	736,584			736,954			260,705			180,163			307,790			(370		)	(0.1	)	428,794			139.3
Total cash and cash equivalents	1,228,371			1,323,014			555,271			463,822			587,057			(94,643		)	(7.2	)	641,314			109.2
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	442,440			290,238			105,659			103,644			91,654			152,202			52.4		350,786			N.M.
Investment securities:
Available-for-sale, at fair value	6,720,001			5,579,835			3,109,803			2,945,342			2,470,065			1,140,166			20.4		4,249,936			172.1
Held-to-maturity, at amortized cost	139,445			144,000			144,919			148,024			148,852			(4,555		)	(3.2	)	(9,407		)	(6.3)
Total investment securities	6,859,446			5,723,835			3,254,722			3,093,366			2,618,917			1,135,611			19.8		4,240,529			161.9
Loans and leases held-for-sale	199,786			1,436,069			74,410			64,468			90,664			(1,236,283		)	(86.1)		109,122			120.4
Loans and leases	34,497,464			33,510,752			19,185,137			19,384,210			19,073,020			986,712			2.9		15,424,444			80.9
Allowance for loan and lease losses	(113,052		)	(121,218		)	(146,503		)	(147,972		)	(157,446		)	8,166			6.7		44,394			28.2
Loans and leases, net	34,384,412			33,389,534			19,038,634			19,236,238			18,915,574			994,878			3.0		15,468,838			81.8
Premises and equipment, net	533,138			554,194			432,751			429,711			427,534			(21,056		)	(3.8	)	105,604			24.7
Goodwill	1,299,878			1,265,111			154,757			154,757			154,757			34,767			2.7		1,145,121			N.M.
Other intangible assets, net	168,368			215,910			18,885			19,684			20,496			(47,542		)	(22.0)		147,872			N.M.
Loan servicing rights	56,313			55,301			19			20			23			1,012			1.8		56,290			N.M.
Other assets	1,479,401			1,439,305			991,722			853,005			792,936			40,096			2.8		686,465			86.6
Total assets	$	46,651,553		$	45,692,511		$	24,626,830		$	24,418,715		$	23,699,612		$	959,042		2.1		$	22,951,941		96.8
LIABILITIES AND EQUITY:
Deposits:
Noninterest-bearing	$	7,970,590		$	7,979,900		$	4,062,912		$	4,104,652		$	3,936,155		$	(9,310	)	(0.1)%		$	4,034,435		102.5%
Interest-bearing	26,497,873			27,306,174			15,049,475			14,919,459			14,967,531			(808,301		)	(3.0)		11,530,342			77.0
Total deposits	34,468,463			35,286,074			19,112,387			19,024,111			18,903,686			(817,611		)	(2.3)		15,564,777			82.3
Short-term borrowings	2,669,145			2,607,300			350,764			355,992			—			61,845			2.4		2,669,145			N.M.
Long-term borrowings	2,354,448			860,482			1,617,531			1,411,426			1,449,472			1,493,966			173.6		904,976			62.4
Other liabilities	1,432,256			1,245,238			835,630			981,341			790,194			187,018			15.0		642,062			81.3
Total liabilities	40,924,312			39,999,094			21,916,312			21,772,870			21,143,352			925,218			2.3		19,780,960			93.6
Equity:
Preferred stock	169,302			169,302			169,302			169,302			169,302			—			—		—			—
Common stock	152,966			153,571			87,944			88,063			88,198			(605		)	(0.4)		64,768			73.4
Additional paid-in capital	3,462,080			3,478,159			781,788			789,467			798,627			(16,079		)	(0.5)		2,663,453			N.M.
Retained earnings	1,896,427			1,840,214			1,874,308			1,810,701			1,766,994			56,213			3.1		129,433			7.3
Accumulated other comprehensive income (loss)	54,277			56,228			37,334			5,481			(33,138		)	(1,951		)	(3.5)		87,415			N.M.
Treasury stock at cost and other	(28,037		)	(27,370		)	(265,016		)	(246,621		)	(252,182		)	(667		)	(2.4)		224,145			88.9
Total TCF Financial Corporation shareholders' equity	5,707,015			5,670,104			2,685,660			2,616,393			2,537,801			36,911			0.7		3,169,214			124.9
Non-controlling interest	20,226			23,313			24,858			29,452			18,459			(3,087		)	(13.2)		1,767			9.6
Total equity	5,727,241			5,693,417			2,710,518			2,645,845			2,556,260			33,824			0.6		3,170,981			124.0
Total liabilities and equity	$	46,651,553		$	45,692,511		$	24,626,830		$	24,418,715		$	23,699,612		$	959,042		2.1		$	22,951,941		96.8

N.M. Not Meaningful



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

	Quarter Ended											Change From
(Dollars in thousands)	Dec. 31,		Sep. 30,			Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30, 2019					Dec. 31, 2018
(Dollars in thousands)	2019		2019			2019		2019		2018		$			%		$			%
Interest income:
Interest and fees on loans and leases	$	446,738	$	417,370		$	283,282	$	283,238	$	275,200	$	29,368		7.0	%	$	171,538		62.3	%
Interest on investment securities:
Taxable	36,282		31,038			22,041		16,666		13,915		5,244			16.9		22,367			160.7
Tax-exempt	4,374		3,385			1,208		2,684		4,147		989			29.2		227			5.5
Interest on loans held-for-sale	15,767		1,408			599		825		1,405		14,359			N.M.		14,362			N.M.
Interest on other earning assets	6,617		6,607			3,651		3,481		3,242		10			0.2		3,375			104.1
Total interest income	509,778		459,808			310,781		306,894		297,909		49,970			10.9		211,869			71.1
Interest expense:
Interest on deposits	77,003		70,900			40,646		37,608		33,462		6,103			8.6		43,541			130.1
Interest on borrowings	24,022		17,115			16,078		14,857		11,294		6,907			40.4		12,728			112.7
Total interest expense	101,025		88,015			56,724		52,465		44,756		13,010			14.8		56,269			125.7
Net interest income	408,753		371,793			254,057		254,429		253,153		36,960			9.9		155,600			61.5
Provision for credit losses	14,403		27,188			13,569		10,122		18,894		(12,785		)	(47.0	)	(4,491		)	(23.8	)
Net interest income after provision for credit losses	394,350		344,605			240,488		244,307		234,259		49,745			14.4		160,091			68.3
Noninterest income:
Fees and service charges on deposit accounts	39,356		34,384			27,842		26,278		29,539		4,972			14.5		9,817			33.2
Leasing revenue	46,686		39,590			39,277		38,165		51,602		7,096			17.9		(4,916		)	(9.5	)
Wealth management revenue	6,172		4,241			—		—		—		1,931			45.5		6,172			N.M.
Card and ATM revenue	24,751		23,315			20,496		18,659		20,093		1,436			6.2		4,658			23.2
Net gains (losses) on sales of loans and leases	12,934		(5,984		)	11,141		8,217		8,795		18,918			N.M.		4,139			47.1
Servicing fee revenue	6,022		5,121			4,523		5,110		5,523		901			17.6		499			9.0
Net gains on investment securities	8		5,900			1,066		451		167		(5,892		)	(99.9	)	(159		)	(95.2	)
Other	22,123		(12,309		)	5,373		6,624		8,149		34,432			N.M.		13,974			171.5
Total noninterest income	158,052		94,258			109,718		103,504		123,868		63,794			67.7		34,184			27.6
Noninterest expense:
Compensation and employee benefits	180,969		155,745			116,266		123,942		130,022		25,224			16.2		50,947			39.2
Occupancy and equipment	56,771		49,229			41,850		41,710		42,277		7,542			15.3		14,494			34.3
Lease financing equipment depreciation	18,629		19,408			19,133		19,256		19,085		(779		)	(4.0	)	(456		)	(2.4	)
Net foreclosed real estate and repossessed assets	4,242		2,203			2,448		4,630		4,396		2,039			92.6		(154		)	(3.5	)
Merger-related expenses	47,025		111,259			4,226		9,458		—		(64,234		)	(57.7	)	47,025			N.M.
Other	108,935		87,776			52,926		54,079		54,178		21,159			24.1		54,757			101.1
Total noninterest expense	416,571		425,620			236,849		253,075		249,958		(9,049		)	(2.1	)	166,613			66.7
Income before income tax expense	135,831		13,243			113,357		94,736		108,169		122,588			N.M.		27,662			25.6
Income tax expense (benefit)	21,375		(11,735		)	19,314		21,287		20,013		33,110			N.M.		1,362			6.8
Income after income tax expense (benefit)	114,456		24,978			94,043		73,449		88,156		89,478			N.M.		26,300			29.8
Income attributable to non-controlling interest	2,057		2,830			3,616		2,955		2,504		(773		)	(27.3	)	(447		)	(17.9	)
Net income attributable to TCF Financial Corporation	112,399		22,148			90,427		70,494		85,652		90,251			N.M.		26,747			31.2
Preferred stock dividends	2,494		2,494			2,494		2,493		2,494		—			—		—			—
Net income available to common shareholders	$	109,905	$	19,654		$	87,933	$	68,001	$	83,158	$	90,251		N.M.		$	26,747		32.2

N.M. Not Meaningful



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

	Year Ended December 31,				Change
(Dollars in thousands, except per share data)	2019		2018		$			%
Interest income:
Interest and fees on loans and leases	$	1,430,628	$	1,082,135	$	348,493		32.2	%
Interest on investment securities:
Taxable	106,027		41,406		64,621			156.1
Tax-exempt	11,651		17,138		(5,487		)	(32.0	)
Interest on loans held-for-sale	18,599		6,686		11,913			178.2
Interest on other earning assets	20,356		11,964		8,392			70.1
Total interest income	1,587,261		1,159,329		427,932			36.9
Interest expense:
Interest on deposits	226,157		107,690		118,467			110.0
Interest on borrowings	72,072		43,144		28,928			67.0
Total interest expense	298,229		150,834		147,395			97.7
Net interest income	1,289,032		1,008,495		280,537			27.8
Provision for credit losses	65,282		46,768		18,514			39.6
Net interest income after provision for credit losses	1,223,750		961,727		262,023			27.2
Noninterest income:
Fees and service charges on deposit accounts	127,860		113,242		14,618			12.9
Leasing revenue	163,718		172,603		(8,885		)	(5.1	)
Wealth management revenue	10,413		—		10,413			N.M.
Card and ATM revenue	87,221		78,406		8,815			11.2
Net gains on sales of loans and leases	26,308		33,695		(7,387		)	(21.9	)
Servicing fee revenue	20,776		27,334		(6,558		)	(24.0	)
Net gains on investment securities	7,425		348		7,077			N.M.
Other	21,811		28,769		(6,958		)	(24.2	)
Total noninterest income	465,532		454,397		11,135			2.5
Noninterest expense:
Compensation and employee benefits	576,922		502,196		74,726			14.9
Occupancy and equipment	189,560		165,839		23,721			14.3
Lease financing equipment depreciation	76,426		73,829		2,597			3.5
Net foreclosed real estate and repossessed assets	13,523		17,050		(3,527		)	(20.7	)
Merger-related expenses	171,968		—		171,968			N.M.
Other	303,716		255,486		48,230			18.9
Total noninterest expense	1,332,115		1,014,400		317,715			31.3
Income before income tax expense	357,167		401,724		(44,557		)	(11.1	)
Income tax expense	50,241		86,096		(35,855		)	(41.6	)
Income after income tax expense	306,926		315,628		(8,702		)	(2.8	)
Income attributable to non-controlling interest	11,458		11,270		188			1.7
Net income attributable to TCF Financial Corporation	295,468		304,358		(8,890		)	(2.9	)
Preferred stock dividends	9,975		11,588		(1,613		)	(13.9	)
Impact of preferred stock redemption	—		3,481		(3,481		)	(100.0	)
Net income available to common shareholders	$	285,493	$	289,289	$	(3,796	)	(1.3	)

Earnings per common share:
Basic	$	2.56	$	3.44	$	(0.88	)	(25.6	)%
Diluted	2.55		3.43		(0.88		)	(25.7	)

N.M. Not Meaningful



TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields and Rates (Unaudited)
	Quarter Ended
	Dec. 31, 2019						Sep. 30, 2019						Dec. 31, 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	$	388,640	$	3,170		3.24%	$	230,767	$	806		1.39%	$	87,321	$	920		4.19%
Investment securities held-to-maturity	140,434		889			2.53	143,078		602			1.68	150,016		965			2.58
Investment securities available-for-sale:
Taxable	4,960,520		35,393			2.85	4,232,878		30,436			2.88	1,779,654		12,949			2.91
Tax-exempt⁽³⁾	778,994		5,536			2.84	643,576		4,283			2.66	788,806		5,250			2.66
Loans and leases held-for-sale	1,121,326		15,767			5.58	118,482		1,408			4.74	86,169		1,405			6.48
Loans and leases⁽³⁾⁽⁴⁾
Commercial and industrial	10,955,937		156,246			5.63	9,290,978		146,865			6.25	6,116,369		98,019			6.36
Commercial real estate	9,057,834		124,431			5.38	6,964,643		97,042			5.45	2,795,403		35,851			5.02
Lease financing	2,616,360		33,431			5.11	2,570,567		32,833			5.11	2,479,045		32,984			5.32
Residential mortgage	6,023,647		61,072			4.05	4,853,627		51,511			4.23	1,957,323		25,951			5.27
Consumer installment	1,546,952		19,382			4.97	2,389,830		34,543			5.73	2,134,568		30,246			5.62
Home equity	3,604,153		53,910			5.93	3,433,830		56,166			6.49	3,072,697		53,146			6.86
Total loans and leases⁽³⁾⁽⁴⁾	33,804,883		448,472			5.24	29,503,475		418,960			5.62	18,555,405		276,197			5.90
Interest-bearing deposits with banks and other	656,555		3,448			2.07	933,014		5,800			2.44	243,038		2,322			3.79
Total interest-earning assets	41,851,352		512,675			4.85	35,805,270		462,295			5.11	21,690,409		300,008			5.49
Other assets	4,268,162						3,289,096						1,463,844
Total assets	$	46,119,514					$	39,094,366					$	23,154,253
LIABILITIES AND EQUITY:
Noninterest-bearing deposits	$	7,968,769					$	6,564,195					$	3,873,023
Interest-bearing deposits:
Checking	5,891,566		7,614			0.51%	4,805,843		5,520			0.46%	2,403,370		248			0.04%
Savings	8,404,460		14,993			0.71	7,676,165		14,110			0.73	5,922,724		8,114			0.54
Money market	4,463,476		15,537			1.38	3,490,922		13,037			1.48	1,449,531		3,612			0.99
Certificates of deposit	7,825,573		38,859			1.97	7,320,720		38,233			2.07	4,818,211		21,487			1.77
Total interest-bearing deposits	26,585,075		77,003			1.15	23,293,650		70,900			1.21	14,593,836		33,461			0.91
Total deposits	34,553,844		77,003			0.88	29,857,845		70,900			0.94	18,466,859		33,461			0.72
Borrowings:
Short-term borrowings	2,585,682		11,403			1.73	1,884,228		5,345			1.11	2,738		19			2.74
Long-term borrowings	1,739,852		12,620			2.87	1,472,150		11,769			3.17	1,344,228		11,275			3.31
Total borrowings	4,325,534		24,023			2.19	3,356,378		17,114			2.01	1,346,966		11,294			3.31
Total interest-bearing liabilities	30,910,609		101,026			1.29	26,650,028		88,014			1.31	15,940,802		44,755			1.11
Total deposits and borrowings	38,879,378		101,026			1.03	33,214,223		88,014			1.05	19,813,825		44,755			0.89
Accrued expenses and other liabilities	1,549,017						1,197,014						822,558
Total liabilities	40,428,395						34,411,237						20,636,383
Total TCF Financial Corporation shareholders' equity	5,667,436						4,657,613						2,495,952
Non-controlling interest in subsidiaries	23,683						25,516						21,918
Total equity	5,691,119						4,683,129						2,517,870
Total liabilities and equity	$	46,119,514					$	39,094,366					$	23,154,253
Net interest spread (FTE)						3.82%						4.06%						4.60%
Net interest income(FTE) and net interest margin(FTE)			$	411,649		3.89%			$	374,281		4.14%			$	255,253		4.67%
Reconciliation to Reported Net Interest Income
Net interest income (FTE)			$	411,649					$	374,281					$	255,253
Adjustments for taxable equivalent interest⁽¹⁾⁽³⁾
Loans and leases			(1,734		)				(1,590		)				(997		)
Tax-exempt investment securities			(1,162		)				(898		)				(1,103		)
Total FTE adjustments			(2,896		)				(2,488		)				(2,100		)
Net interest income (GAAP)			$	408,753					$	371,793					$	253,153
Net interest margin (GAAP)			3.86		%				4.12		%				4.63		%


(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 Average Balance Sheets, Yields and Rates (Unaudited)

	Year Ended December 31,
	2019						2018
	Average					Yields &	Average					Yields &
(Dollars in thousands)	Balance		Interest⁽¹⁾			Rates⁽¹⁾	Balance		Interest⁽¹⁾			Rates⁽¹⁾
ASSETS:
Federal Home Loan Bank and Federal Reserve Bank stocks	$	210,001	$	6,030		2.87%	$	89,774	$	3,618		4.03%
Investment securities held-to-maturity	144,318		2,950			2.04	154,619		3,970			2.57
Investment securities available-for-sale:
Taxable	3,516,413		103,077			2.93	1,390,016		37,436			2.69
Tax-exempt⁽³⁾	541,525		14,746			2.72	815,540		21,694			2.66
Loans and leases held-for-sale	336,292		18,599			5.53	103,240		6,686			6.48
Loans and leases⁽²⁾⁽³⁾
Commercial and industrial	8,371,066		519,506			6.18	6,171,331		386,541			6.25
Commercial real estate	5,523,347		298,414			5.33	2,799,523		135,791			4.78
Lease financing	2,570,109		131,547			5.12	2,459,823		125,185			5.09
Residential mortgage	3,902,959		170,706			4.37	1,788,729		95,375			5.33
Consumer installment	1,844,714		101,687			5.51	2,579,271		142,700			5.53
Home equity	3,272,760		214,116			6.54	3,028,370		200,356			6.62
Total loans and leases⁽²⁾⁽³⁾	25,484,955		1,435,976			5.61	18,827,047		1,085,948			5.75
Interest-bearing deposits with banks and other	534,979		14,326			2.66	229,698		8,346			3.63
Total interest-earning assets	30,768,483		1,595,704			5.17	21,609,934		1,167,698			5.39
Other assets	2,758,447						1,452,214
Total assets	$	33,526,930					$	23,062,148
LIABILITIES AND EQUITY:
Noninterest-bearing deposits	$	5,622,092					$	3,843,494
Interest-bearing deposits:
Checking	3,920,613		13,961			0.36	2,438,040		714			0.03
Savings	7,203,987		52,087			0.72	5,621,723		20,009			0.36
Money market	2,729,156		37,615			1.38	1,553,255		11,582			0.75
Certificates of deposit	6,086,251		122,494			2.01	4,897,937		75,385			1.54
Total interest-bearing deposits	19,940,007		226,157			1.13	14,510,955		107,690			0.74
Total deposits	25,562,099		226,157			0.88	18,354,449		107,690			0.59
Borrowings:
Short-term borrowings	1,279,073		20,836			1.61	3,288		77			2.33
Long-term borrowings	1,592,915		51,236			3.19	1,412,186		43,067			3.03
Total borrowings	2,871,988		72,072			2.49	1,415,474		43,144			3.02
Total interest-bearing liabilities	22,811,995		298,229			1.30	15,926,429		150,834			0.94
Total deposits and borrowings	28,434,087		298,229			1.05	19,769,923		150,834			0.76
Accrued expenses and other liabilities	1,177,805						761,723
Total liabilities	29,611,892						20,531,646
Total TCF Financial Corporation shareholders' equity	3,889,204						2,506,179
Non-controlling interest in subsidiaries	25,834						24,323
Total equity	3,915,038						2,530,502
Total liabilities and equity	$	33,526,930					$	23,062,148
Net interest spread (FTE)						4.12%						4.63%
Net interest income (FTE) and net interest margin (FTE)			$	1,297,475		4.20%			$	1,016,864		4.69%
Reconciliation to Reported Net Interest Income
Net interest income (FTE)			$	1,297,475					$	1,016,864
Adjustments for taxable equivalent interest⁽¹⁾⁽²⁾
Loans			(5,348		)				(3,813		)
Tax-exempt investment securities			(3,095		)				(4,556		)
Total FTE adjustments			(8,443		)				(8,369		)
Net interest income (GAAP)			$	1,289,032					$	1,008,495
Net interest margin (GAAP)			4.17		%				4.66		%


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


(2)	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%.


(3)	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
	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30, 2019					Dec. 31, 2018
(Dollars in thousands)	2019		2019		2019		2019		2018		$			%		$			%
ASSETS:
Federal Home Loan Bank and Federal Reserve Bank stocks	$	388,640	$	230,767	$	112,118	$	105,135	$	87,321	$	157,873		68.4	%	$	301,319		N.M.
Investment securities held-to-maturity	140,434		143,078		146,296		147,556		150,016		(2,644		)	(1.8	)	(9,582		)	(6.4	)%
Investment securities available-for-sale:
Taxable	4,960,520		4,232,878		2,711,984		2,121,196		1,779,654		727,642			17.2		3,180,866			178.7
Tax-exempt	778,994		643,576		222,534		516,995		788,806		135,418			21.0		(9,812		)	(1.2	)
Loans and leases held-for-sale	1,121,326		118,482		40,835		55,204		86,169		1,002,844			N.M.		1,035,157			N.M.
Loans and leases⁽¹⁾ :
Commercial and industrial	10,955,937		9,290,978		6,683,060		6,495,163		6,116,369		1,664,959			17.9		4,839,568			79.1
Commercial real estate	9,057,834		6,964,643		3,069,969		2,917,631		2,795,403		2,093,191			30.1		6,262,431			N.M.
Lease financing	2,616,360		2,570,567		2,565,175		2,527,346		2,479,045		45,793			1.8		137,315			5.5
Residential mortgage	6,023,647		4,853,627		2,337,818		2,345,881		1,957,323		1,170,020			24.1		4,066,324			N.M.
Consumer installment	1,546,952		2,389,830		1,586,633		1,852,813		2,134,568		(842,878		)	(35.3	)	(587,616		)	(27.5	)
Home equity	3,604,153		3,433,830		2,997,050		3,048,128		3,072,697		170,323			5.0		531,456			17.3
Total loans and leases⁽¹⁾	33,804,883		29,503,475		19,239,705		19,186,962		18,555,405		4,301,408			14.6		15,249,478			82.2
Interest-bearing deposits with banks and other	656,555		933,014		280,075		261,556		243,038		(276,459		)	(29.6	)	413,517			170.1
Total interest-earning assets	41,851,352		35,805,270		22,753,547		22,394,604		21,690,409		6,046,082			16.9		20,160,943			92.9
Other assets	4,268,162		3,289,096		1,730,275		1,712,337		1,463,844		979,066			29.8		2,804,318			191.6
Total assets	$	46,119,514	$	39,094,366	$	24,483,822	$	24,106,941	$	23,154,253	$	7,025,148		18.0		$	22,965,261		99.2
LIABILITIES AND EQUITY:
Noninterest-bearing deposits	$	7,968,769	$	6,564,195	$	3,980,811	$	3,919,746	$	3,873,023	$	1,404,574		21.4		$	4,095,746		105.8	%
Interest-bearing deposits:
Checking	5,891,566		4,805,843		2,479,814		2,457,767		2,403,370		1,085,723			22.6		3,488,196			145.1
Savings	8,404,460		7,676,165		6,452,510		6,253,992		5,922,724		728,295			9.5		2,481,736			41.9
Money market	4,463,476		3,490,922		1,430,556		1,490,631		1,449,531		972,554			27.9		3,013,945			N.M.
Certificates of deposit	7,825,573		7,320,720		4,527,822		4,622,120		4,818,211		504,853			6.9		3,007,362			62.4
Total interest-bearing deposits	26,585,075		23,293,650		14,890,702		14,824,510		14,593,836		3,291,425			14.1		11,991,239			82.2
Total deposits	34,553,844		29,857,845		18,871,513		18,744,256		18,466,859		4,695,999			15.7		16,086,985			87.1
Borrowings:
Short-term borrowings	2,585,682		1,884,228		321,043		293,499		2,738		701,454			37.2		2,582,944			N.M.
Long-term borrowings	1,739,852		1,472,150		1,657,527		1,500,832		1,344,228		267,702			18.2		395,624			29.4
Total borrowings	4,325,534		3,356,378		1,978,570		1,794,331		1,346,966		969,156			28.9		2,978,568			N.M.
Total interest-bearing liabilities	30,910,609		26,650,028		16,869,272		16,618,841		15,940,802		4,260,581			16.0		14,969,807			93.9
Total deposits and borrowings	38,879,378		33,214,223		20,850,083		20,538,587		19,813,825		5,665,155			17.1		19,065,553			96.2
Accrued expenses and other liabilities	1,549,017		1,197,014		969,723		989,104		822,558		352,003			29.4		726,459			88.3
Total liabilities	40,428,395		34,411,237		21,819,806		21,527,691		20,636,383		6,017,158			17.5		19,792,012			95.9
Total TCF Financial Corporation shareholders' equity	5,667,436		4,657,613		2,634,386		2,554,729		2,495,952		1,009,823			21.7		3,171,484			127.1
Non-controlling interest in subsidiaries	23,683		25,516		29,630		24,521		21,918		(1,833		)	(7.2	)	1,765			8.1
Total equity	5,691,119		4,683,129		2,664,016		2,579,250		2,517,870		1,007,990			21.5		3,173,249			126.0
Total liabilities and equity	$	46,119,514	$	39,094,366	$	24,483,822	$	24,106,941	$	23,154,253	$	7,025,148		18.0		$	22,965,261		99.2

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
	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Dec. 31,
	2019		2019		2019		2019		2018		2019		2018
ASSETS:
Federal Home Loan Bank and Federal Reserve Bank stocks	3.24	%	1.39	%	3.91	%	3.70	%	4.19	%	185	bps	(95)	bps
Investment securities held-to-maturity	2.53		1.68		2.53		1.45		2.58		85		(5)
Investment securities available-for-sale:
Taxable	2.85		2.88		3.11		3.04		2.91		(3)		(6)
Tax-exempt⁽³⁾	2.84		2.66		2.75		2.63		2.66		18		18
Loans and leases held-for-sale	5.58		4.74		5.88		6.05		6.48		84		(90)
Loans and leases⁽³⁾
Commercial and industrial	5.63		6.25		6.56		6.63		6.36		(62)		(73)
Commercial real estate	5.38		5.45		5.05		5.17		5.02		(7)		36
Lease financing	5.11		5.11		5.13		5.13		5.32		0		(21)
Residential mortgage	4.05		4.23		4.91		5.07		5.27		(18)		(122)
Consumer installment	4.97		5.73		5.63		5.58		5.62		(76)		(65)
Home equity	5.93		6.49		6.90		6.98		6.86		(56)		(93)
Total loans and leases⁽³⁾	5.24		5.62		5.91		5.97		5.90		(38)		(66)
Interest-bearing deposits with banks and other	2.07		2.44		3.64		3.87		3.79		(37)		(172)

Total interest-earning assets	4.85		5.11		5.48		5.55		5.49		(26)		(64)

LIABILITIES:
Interest-bearing deposits:
Checking	0.51		0.46		0.07		0.06		0.04		5		47
Savings	0.71		0.73		0.77		0.69		0.54		(2)		17
Money market	1.38		1.48		1.29		1.21		0.99		(10)		39
Certificates of deposit	1.97		2.07		2.06		1.94		1.77		(10)		20
Total interest-bearing deposits	1.15		1.21		1.09		1.03		0.91		(6)		24
Total deposits	0.88		0.94		0.86		0.81		0.72		(6)		16
Borrowings:
Short-term borrowings	1.73		1.11		2.63		2.67		2.74		62		(101)
Long-term borrowings	2.87		3.17		3.34		3.44		3.31		(30)		(44)
Total borrowings	2.19		2.01		3.23		3.31		3.31		18		(112)

Total interest-bearing liabilities	1.29		1.31		1.34		1.28		1.11		(2)		18

Net interest margin (FTE)	3.89		4.14		4.49		4.61		4.67		(25)		(78)


(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
	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30, 2019				Dec. 31, 2018
(Dollars in thousands)	2019		2019		2019		2019		2018		$			%	$
Commercial and industrial	$	11,309,420	$	10,810,534	$	6,572,393	$	6,790,956	$	6,220,632	$	498,886		4.6%	$	5,088,788
Commercial real estate	9,267,052		8,876,779		3,262,487		2,965,796		2,908,313		390,273			4.4	6,358,739
Lease financing	2,699,869		2,594,373		2,582,613		2,551,344		2,530,163		105,496			4.1	169,706
Residential mortgage	6,179,805		6,057,404		2,368,411		2,376,878		2,335,835		122,401			2.0	3,843,970
Consumer installment	1,542,411		1,562,252		1,474,480		1,722,557		2,003,572		(19,841		)	(1.3)	(461,161		)
Home equity	3,498,907		3,609,410		2,924,753		2,976,679		3,074,505		(110,503		)	(3.1)	424,402
Total	$	34,497,464	$	33,510,752	$	19,185,137	$	19,384,210	$	19,073,020	$	986,712		2.9	$	15,424,444



Composition of Deposits (Unaudited)

	Quarter Ended										Change From
	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30, 2019				Dec. 31, 2018
(Dollars in thousands)	2019		2019		2019		2019		2018		$			%	$
Noninterest-bearing deposits	$	7,970,590	$	7,979,900	$	4,062,912	$	4,104,652	$	3,936,155	$	(9,310	)	(0.1)%	$	4,034,435
Interest-bearing deposits:
Checking	5,966,178		6,266,740		2,498,042		2,532,688		2,459,617		(300,562		)	(4.8)	3,506,561
Savings	8,506,058		8,347,541		6,503,102		6,426,465		6,107,812		158,517			1.9	2,398,246
Money market	4,570,081		4,305,921		1,443,004		1,468,308		1,609,422		264,160			6.1	2,960,659
Certificates of deposit	7,455,556		8,385,972		4,605,327		4,491,998		4,790,680		(930,416		)	(11.1)	2,664,876
Total interest-bearing deposits	26,497,873		27,306,174		15,049,475		14,919,459		14,967,531		(808,301		)	(3.0)	11,530,342
Total deposits	$	34,468,463	$	35,286,074	$	19,112,387	$	19,024,111	$	18,903,686	$	(817,611	)	(2.3)	$	15,564,777



Summary of Credit Quality Data

Allowance for Loan and Lease Losses (Unaudited)

	Dec. 31,				Sep. 30,				Jun. 30,				Mar. 31,				Dec. 31,
	2019				2019				2019				2019				2018
(Dollars in thousands)	Balance		% of Portfolio		Balance		% of Portfolio		Balance		% of Portfolio		Balance		% of Portfolio		Balance		% of Portfolio
Commercial and industrial	$	42,430		0.38%	$	39,974		0.37%	$	38,605		0.59%	$	38,639		0.57%	$	41,103		0.66%
Commercial real estate	27,308			0.29	24,090			0.27	22,747			0.70	20,659			0.70	22,877			0.79
Lease financing	14,742			0.55	14,367			0.55	14,440			0.56	14,377			0.56	13,449			0.53
Residential mortgage	8,099			0.13	19,816			0.33	21,102			0.89	20,281			0.85	21,436			0.92
Consumer installment	2,678			0.17	1,859			0.12	26,731			1.81	30,477			1.77	35,151			1.75
Home equity	17,795			0.51	21,112			0.58	22,878			0.78	23,539			0.79	23,430			0.76
Total	$	113,052		0.33%	$	121,218		0.36%	$	146,503		0.76%	$	147,972		0.76%	$	157,446		0.83%



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

Changes in Allowance for Loan and Lease Losses

	Quarter Ended															Change From
	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Dec. 31,
(Dollars in thousands)	2019			2019			2019			2019			2018			2019			2018
Balance, beginning of period	$	121,218		$	146,503		$	147,972		$	157,446		$	160,621		$	(25,285	)	$	(39,403	)
Charge-offs	(16,891		)	(35,547		)	(21,066		)	(24,431		)	(27,227		)	18,656			10,336
Recoveries	10,654			6,969			6,984			5,777			5,913			3,685			4,741
Net (charge-offs) recoveries	(6,237		)	(28,578		)	(14,082		)	(18,654		)	(21,314		)	22,341			15,077
Provision for credit losses	14,403			27,188			13,569			10,122			18,894			(12,785		)	(4,491		)
Other⁽¹⁾	(16,332		)	(23,895		)	(956		)	(942		)	(755		)	7,563			(15,577		)
Balance, end of period	$	113,052		$	121,218		$	146,503		$	147,972		$	157,446		$	(8,166	)	$	(44,394	)


(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
	Dec. 31,					Sep. 30,					Jun. 30,					Mar. 31,					Dec. 31,
	2019					2019					2019					2019					2018
(Dollars in thousands)	Balance			Rate⁽¹⁾		Balance			Rate⁽¹⁾		Balance			Rate⁽¹⁾		Balance			Rate⁽¹⁾		Balance			Rate⁽¹⁾
Commercial and industrial	$	(5,736	)	0.21	%	$	(17,631	)	0.76	%	$	(5,820	)	0.35	%	$	(5,259	)	0.32	%	$	(9,678	)	0.63	%
Commercial real estate	(7		)	—		13			—		9			—		5			—		150			(0.02	)
Lease financing	(1,749		)	0.27		(2,192		)	0.34		(966		)	0.15		(1,391		)	0.22		(574		)	0.09
Residential mortgage	1,552			(0.10	)	(189		)	0.02		(80		)	0.01		(468		)	0.08		(109		)	0.02
Consumer installment	(2,577		)	0.67		(8,984		)	1.50		(6,990		)	1.76		(11,561		)	2.50		(11,299		)	2.12
Home equity	2,280			(0.25	)	405			(0.05	)	(235		)	0.03		20			—		196			(0.03	)
Total	$	(6,237	)	0.07	%	$	(28,578	)	0.39	%	$	(14,082	)	0.29	%	$	(18,654	)	0.39	%	$	(21,314	)	0.46	%

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



Over 90-Day Delinquencies as a Percentage of Portfolio⁽¹⁾
											Change From
	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,			Dec. 31,
	2019		2019		2019		2019		2018		2019			2018
Commercial and industrial	—	%	0.02	%	—	%	—	%	0.01	%	(2	)	bps	(1	)	bps
Commercial real estate	0.02		0.09		—		—		—		(7	)		2
Lease financing	0.07		0.09		0.12		0.10		0.07		(2	)		—
Residential mortgage	0.01		0.01		0.05		0.07		0.06		—			(5	)
Consumer installment	0.01		—		0.14		0.14		0.17		1			(16	)
Home equity	—		—		—		—		—		—			—
Subtotal	0.01		0.04		0.03		0.04		0.04		(3	)		(3	)
Portfolios acquired with deteriorated credit quality	10.43		5.47		18.92		6.75		4.65		496			578
Total delinquencies	0.09	%	0.09	%	0.04	%	0.04	%	0.04	%	—			5


(1)	Excludes nonaccrual loans and leases.



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

Nonperforming Assets
																Change From
	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,				Dec. 31,
(Dollars in thousands)	2019			2019			2019			2019			2018			2019				2018
Nonaccrual loans and leases:
Commercial and industrial	$	53,812		$	55,039		$	18,483		$	17,150		$	26,061		$	(1,227	)		$	27,751
Commercial real estate	29,735			26,518			545			607			4,518			3,217				25,217
Lease financing	10,957			11,503			12,886			10,976			7,993			(546		)		2,964
Residential mortgage	38,577			48,816			34,760			35,227			33,111			(10,239		)		5,466
Consumer installment	714			636			8,633			9,034			8,581			78				(7,867		)
Home equity	35,863			39,296			32,686			30,291			25,654			(3,433		)		10,209
Total nonaccrual loans and leases	$	169,658		$	181,808		$	107,993		$	103,285		$	105,918		$	(12,150	)		$	63,740
Other real estate owned	34,256			27,638			11,964			18,361			17,403			6,618				16,853
Total nonperforming assets	203,914			209,446			119,957			121,646			123,321			(5,532		)		80,593

Nonaccrual loans and leases as a percentage of total loans and leases	0.49		%	0.54		%	0.56		%	0.53		%	0.56		%	(5		)	bps	(7		)	bps
Allowance for loan and lease losses as a percentage of nonaccrual loans and leases	66.64			66.67			135.66			143.27			148.65			(3		)		(8,201		)
Nonperforming assets as a percentage of total loans and leases and other real estate owned	0.59			0.62			0.62			0.63			0.65			(3		)		(6		)



Consolidated Capital Information (Unaudited)

																Change From
(Dollars in thousands, except per share data)	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,		Dec. 31,
(Dollars in thousands, except per share data)	2019			2019			2019			2019			2018			2019		2018
Dividends declared per common share	$	0.35		$	0.35		$	0.30		$	0.30		$	0.30		0.0	%	16.7	%
Book value per common share	36.20			35.82			30.43			29.38			28.44			1.1		27.3
Tangible book value per common share⁽¹⁾	26.60			26.18			28.33			27.28			26.33			1.6		1.0
Common equity to assets	11.87		%	12.04		%	10.22		%	10.02		%	9.99		%	(17)	bps	188	bps
Tangible common equity to tangible assets⁽¹⁾	9.01			9.09			9.58			9.37			9.32			(8)		(31)

Regulatory Capital:⁽²⁾
Common equity Tier 1 capital	$	4,050,826		$	4,009,214		$	2,305,706		$	2,266,244		$	2,224,183		1.0	%	82.1	%
Tier 1 capital	4,236,643			4,197,706			2,495,178			2,459,132			2,408,393			0.9		75.9
Total capital	4,681,533			4,652,708			2,811,347			2,792,419			2,750,581			0.6		70.2

Common equity Tier 1 capital ratio	10.99		%	10.88		%	10.99		%	10.79		%	10.82		%	11	bps	17	bps
Tier 1 risk-based capital ratio	11.50			11.40			11.90			11.71			11.72			10		(22)
Total risk-based capital ratio	12.71			12.63			13.41			13.30			13.38			8		(67)
Tier 1 leverage ratio	9.49			11.16			10.27			10.26			10.44			(167)		(95)


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


(2)	December 31, 2019 amounts are preliminary pending completion and filing of the Corporation'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
		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
(Dollars in thousands, except per share data)		2019			2019			2019			2019			2018
Net income available to common shareholders		$	109,905		$	19,654		$	87,933		$	68,001		$	83,158
Earnings allocated to participating securities		—			—			17			13			12
Earnings allocated to common stock	(a)	109,905			19,654			87,950			68,014			83,170
Merger-related expenses		47,025			111,259			4,226			9,458			—
Notable items:
Sale of legacy TCF auto finance portfolio⁽¹⁾		12,864			19,264			—			—			—
Termination of interest rate swaps⁽²⁾		—			17,302			—			—			—
Gain on sale of certain investment securities⁽³⁾		—			(5,869		)	—			—			—
Write-down of company-owned vacant land parcels and branch exit costs⁽⁴⁾		3,494			5,890			—			—			—
Pension fair valuation adjustment⁽⁴⁾		6,341			—			—			—			—
Loan servicing rights (recovery) impairment⁽²⁾		(638		)	4,520			—			—			—
Total notable items		22,061			41,107			—			—			—
Related income tax expense, net of benefits⁽⁵⁾		(19,904		)	(46,213		)	(1,003		)	(2,252		)	—
Total adjustments, net of tax		49,182			106,153			3,223			7,206			—
Adjusted earnings allocated to common stock	(b)	$	159,087		$	125,807		$	91,173		$	75,220		$	83,170

Weighted-average common shares outstanding used in diluted earnings per common share calculation⁽⁶⁾	(c)	152,658,766			128,754,588			82,298,920			82,245,577			82,989,508

Diluted earnings per common share	(a)/(c)	$	0.72		$	0.15		$	1.07		$	0.83		$	1.00
Adjusted diluted earnings per common share	(b)/(c)	1.04			0.98			1.11			0.91			1.00

Net income attributable to TCF		$	112,399		$	22,148		$	90,427		$	70,494		$	85,652
Total adjustments, net of tax		49,182			106,153			3,223			7,206			—
Adjusted net income attributable to TCF		$	161,581		$	128,301		$	93,650		$	77,700		$	85,652


(1)	Included within Net gains (losses) on sales of loans and leases ($8.2 million), other noninterest expense ($2.2 million), occupancy and equipment ($1.5 million) and compensation and employee benefits ($0.9 million).


(2)	Included within Other noninterest income.


(3)	Included within Net gains on investment securities.


(4)	Included within Other noninterest expense.


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


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



Computation of adjusted net interest income and margin:

	Quarter Ended
	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
(Dollars in thousands)	2019			2019			2019			2019			2018
Net Interest Income	$	408,753		$	371,793		$	254,057		$	254,429		$	253,153
Purchase accounting accretion and amortization	(30,523		)	(28,411		)	—			—			—
Adjusted net interest income, excluding purchase accounting accretion and amortization	$	378,230		$	343,382		$	254,057		$	254,429		$	253,153
Net interest margin (FTE)	3.89		%	4.14		%	4.49		%	4.61		%	4.67		%
Purchase accounting accretion and amortization impact	(0.29		)	(0.31		)	—			—			—
Adjusted net interest margin, excluding purchase accounting accretion and amortization (FTE)	3.60		%	3.83		%	4.49		%	4.61		%	4.67		%



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
		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
(Dollars in thousands)		2019			2019			2019			2019			2018
Adjusted net income after tax expense:
Income after tax expense	(a)	$	114,456		$	24,978		$	94,043		$	73,449		$	88,156
Merger-related expenses		47,025			111,259			4,226			9,458			—
Notable items		22,061			41,107			—			—			—
Related income tax expense, net of tax benefits		(19,904		)	(46,213		)	(1,003		)	(2,252		)	—
Adjusted net income after tax expense for ROAA calculation	(b)	163,638			131,131			97,266			80,655			88,156
Net income available to common shareholders	(c)	109,905			19,654			87,933			68,001			83,158
Other intangibles amortization		5,505			4,544			798			812			845
Related income tax expense		(1,284		)	(1,085		)	(189		)	(193		)	(198		)
Net income available to common shareholders used in ROATCE calculation	(d)	114,126			23,113			88,542			68,620			83,805

Adjusted net income available to common shareholders:
Net income available to common shareholders		109,905			19,654			87,933			68,001			83,158
Notable items		22,061			41,107			—			—			—
Merger-related expenses		47,025			111,259			4,226			9,458			—
Related income tax expense, net of tax benefits		(19,904		)	(46,213		)	(1,003		)	(2,252		)	—
Net income available to common shareholders used in adjusted ROACE calculation	(e)	159,087			125,807			91,156			75,207			83,158
Other intangibles amortization		5,505			4,544			798			812			845
Related income tax expense		(1,284		)	(1,085		)	(189		)	(193		)	(198		)
Net income available to common shareholders used in adjusted ROATCE calculation	(f)	163,308			129,266			91,765			75,826			83,805
Average balances:
Average assets	(g)	46,119,514			39,094,366			24,483,822			24,106,941			23,154,253
Total equity		5,691,119			4,683,129			2,664,016			2,579,250			2,517,870
Non-controlling interest in subsidiaries		(23,683		)	(25,516		)	(29,630		)	(24,521		)	(21,918		)
Total TCF Financial Corporation shareholders' equity		5,667,436			4,657,613			2,634,386			2,554,729			2,495,952
Preferred stock		(169,302		)	(169,302		)	(169,302		)	(169,302		)	(169,302		)
Average total common shareholders' equity used in ROACE calculation	(h)	5,498,134			4,488,311			2,465,084			2,385,427			2,326,650
Goodwill, net		(1,266,166		)	(890,155		)	(154,757		)	(154,757		)	(154,757		)
Other intangibles, net		(211,294		)	(142,925		)	(19,270		)	(20,080		)	(20,907		)
Average tangible common shareholders' equity used in ROATCE calculation	(i)	$	4,020,674		$	3,455,231		$	2,291,057		$	2,210,590		$	2,150,986

ROAA⁽¹⁾	(a)/(g)	0.99		%	0.26		%	1.54		%	1.22		%	1.52		%
Adjusted ROAA⁽¹⁾	(b)/(g)	1.42			1.34			1.59			1.34			1.52
ROACE⁽¹⁾	(c)/(h)	8.00			1.75			14.27			11.40			14.30
Adjusted ROACE⁽¹⁾	(e)/(h)	11.57			11.21			14.79			12.61			14.30
ROATCE⁽¹⁾	(d)/(i)	11.35			2.68			15.46			12.42			15.58
Adjusted ROATCE⁽¹⁾	(f)/(i)	16.25			14.96			16.02			13.72			15.58


(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
		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
(Dollars in thousands)		2019			2019			2019			2019			2018
Noninterest expense	(a)	$	416,571		$	425,620		$	236,849		$	253,075		$	249,958
Merger-related expenses		(47,025		)	(111,259		)	(4,226		)	(9,458		)	—
Write-down of company-owned vacant land parcels and branch exit costs		(3,494		)	(5,890		)	—			—			—
Sale of Legacy TCF auto finance portfolio		(4,670		)	—			—			—			—
Pension fair valuation adjustment		(6,341		)	—			—			—			—
Adjusted noninterest expense		355,041			308,471			232,623			243,617			249,958
Lease financing equipment depreciation		(18,629		)	(19,408		)	(19,133		)	(19,256		)	(19,085		)
Amortization of intangibles		(5,505		)	(4,544		)	(798		)	(812		)	(845		)
Impairment of historic income tax credits		(4,030		)	—			—			—			—
Adjusted noninterest expense, efficiency ratio	(b)	326,877			284,519			212,692			223,549			230,028

Net interest income		408,753			371,793			254,057			254,429			253,153
Noninterest income		158,052			94,258			109,718			103,504			123,868
Total revenue	(c)	566,805			466,051			363,775			357,933			377,021

Noninterest income		158,052			94,258			109,718			103,504			123,868
Sale of Legacy TCF auto finance portfolio		8,194			19,264			—			—			—
Termination of interest rate swaps		—			17,302			—			—			—
Gain on sales of certain investment securities		—			(5,869		)	—			—			—
Loan servicing rights (recovery) impairment		(638		)	4,520			—			—			—
Adjusted noninterest income		165,608			129,475			109,718			103,504			123,868
Net interest income		408,753			371,793			254,057			254,429			253,153
Net interest income FTE adjustment		2,896			2,488			1,337			1,722			2,100
Adjusted net interest income		411,649			374,281			255,394			256,151			255,253
Lease financing equipment depreciation		(18,629		)	(19,408		)	(19,133		)	(19,256		)	(19,085		)
Adjusted total revenue, efficiency ratio	(d)	$	558,628		$	484,348		$	345,979		$	340,399		$	360,036

Efficiency ratio	(a)/(c)	73.49		%	91.32		%	65.11		%	70.70		%	66.30		%
Adjusted efficiency ratio	(b)/(d)	58.51			58.74			61.48			65.67			63.89



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

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

		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
(Dollars in thousands, except per share data)		2019			2019			2019			2019			2018
Total equity		$	5,727,241		$	5,693,417		$	2,710,518		$	2,645,845		$	2,556,260
Non-controlling interest in subsidiaries		(20,226		)	(23,313		)	(24,858		)	(29,452		)	(18,459		)
Total TCF Financial Corporation shareholders' equity		5,707,015			5,670,104			2,685,660			2,616,393			2,537,801
Preferred stock		(169,302		)	(169,302		)	(169,302		)	(169,302		)	(169,302		)
Total common stockholders' equity	(a)	5,537,713			5,500,802			2,516,358			2,447,091			2,368,499
Goodwill, net		(1,299,878		)	(1,265,111		)	(154,757		)	(154,757		)	(154,757		)
Other intangibles, net		(168,368		)	(215,910		)	(18,885		)	(19,684		)	(20,496		)
Tangible common shareholders' equity	(b)	$	4,069,467		$	4,019,781		$	2,342,716		$	2,272,650		$	2,193,246

Total assets	(c)	$	46,651,553		$	45,692,511		$	24,626,830		$	24,418,715		$	23,699,612
Goodwill, net		(1,299,878		)	(1,265,111		)	(154,757		)	(154,757		)	(154,757		)
Other intangibles, net		(168,368		)	(215,910		)	(18,885		)	(19,684		)	(20,496		)
Tangible assets	(d)	$	45,183,307		$	44,211,490		$	24,453,188		$	24,244,274		$	23,524,359

Common stock shares outstanding	(e)	152,965,571			153,571,381			82,703,469			83,303,581			83,289,382

Common equity to assets	(a) / (c)	11.87		%	12.04		%	10.22		%	10.02		%	9.99		%
Tangible common equity to tangible assets	(b) / (d)	9.01			9.09			9.58			9.37			9.32

Book value per common share	(a) / (e)	$	36.20		$	35.82		$	30.43		$	29.38		$	28.44
Tangible book value per common share	(b) / (e)	26.60			26.18			28.33			27.28			26.33



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

Computation of adjusted provision and net charge-offs:

		Quarter Ended
		Dec. 31,
(Dollars in thousands)		2019
Provision		$	14,403
Provision benefit due to sale of the consumer nonaccrual and TDR loan sale		4,694
Adjusted provision, excluding consumer nonaccrual and TDR loan sale		$	19,097

Net charge-offs	(a)	$	(6,237	)
Recovery related to the consumer nonaccrual and TDR loan sale	(b)	4,694
Adjusted net charge-offs, excluding consumer nonaccrual and TDR loan sale	(c)	$	(10,931	)
Average loans and leases	(d)	$	33,804,883
Net charge-off rate as a percentage of average loans and leases⁽¹⁾	(a)/(d)	0.07		%
Impact of recovery to net charge-off ratio related to the consumer nonaccrual and TDR loan sale⁽¹⁾	(b)/(d)	0.06
Adjusted net charge-off ratio, excluding consumer nonaccrual and TDR loan sale⁽¹⁾	(c)/(d)	0.13		%


(1)	Annualized.

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