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Section 1: 8-K (8-K)

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 


 

FORM 8-K

 


 

CURRENT REPORT

 

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

 

Date of Report (Date of earliest event reported):  August 8, 2005

 


 

 

TCF FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

 


 

Delaware

 

001-10253

 

41-1591444

(State or other jurisdiction of
incorporation or organization)

 

(Commission File Number)

 

(IRS Employer Identification No.)

 

200 Lake Street East, Mail Code EX0-03-A, Wayzata, Minnesota 55391-1693

(Address of principal executive offices)

 

(612) 661-6500

(Registrant’s telephone number, including area code)

 


 

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

 

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

 

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

 

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

 

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

 

 



 

Item 2.02  Results of Operations and Financial Condition.

 

Information is being furnished herein in Exhibit 99.1 with respect to presentations to investors and others that may be made by executive officers of TCF Financial Corporation (the “Company”).  This information includes selected financial and operational information through the second quarter of 2005 and does not represent a complete set of financial statements and related footnotes prepared in conformity with generally accepted accounting principles (“GAAP”).  Most, but not all, of the selected financial information furnished herein is derived from the Company’s consolidated financial statements and related footnotes prepared in accordance with GAAP and management’s discussion and analysis included in the Company’s reports of Forms 10-K and 10-Q.  The Company’s annual financial statements are subject to independent audit.  Please refer to the glossary of financial terms at the end of these materials for a definition of the basis of presentation of such information. These materials replace and supercede investor presentation materials previously furnished as an exhibit to Current Reports on Form 8-K dated April 22, 2005.  These materials are dated August 8, 2005, and TCF does not undertake to update the materials after that date.

 

The presentation is also available on the Company’s web site at www.TCFExpress.com.  TCF Financial Corporation’s Annual Report to Shareholders and its reports on Forms 10-K, 10-Q and 8-K and other publicly available information should be consulted for other important information about the Company.

 

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

 

Item 7.01    Regulation FD Disclosure.

 

Information is being furnished herein in Exhibit 99.1 with respect to presentations to investors and others that may be made by executive officers of TCF Financial Corporation (the “Company”).  This information includes selected financial and operational information through the second quarter of 2005 and does not represent a complete set of financial statements and related footnotes prepared in conformity with generally accepted accounting principles (“GAAP”).  Most, but not all, of the selected financial information furnished herein is derived from the Company’s consolidated financial  statements and related footnotes prepared in accordance with GAAP and management’s discussion and analysis included in the Company’s reports of Forms 10-K and 10-Q.  The Company’s annual financial statements are subject to independent audit.  Please refer to the glossary of financial terms at the end of these materials for a definition of the basis of presentation of such information. These materials replace and supercede investor presentation materials previously furnished as an exhibit to Current Reports on Form 8-K dated April 22, 2005.  These materials are dated August 8, 2005, and TCF does not undertake to update the materials after that date.

 

The presentation is also available on the Company’s web site at www.TCFExpress.com.  TCF Financial Corporation’s Annual Report to Shareholders and its reports on Forms 10-K, 10-Q and 8-K and other publicly available information should be consulted for other important information about the Company.

 

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

 

Item 9.01    Financial Statements and Exhibits.

 

(c)          Exhibits.

 

Exhibit No.

 

Description

 

 

 

99.1

 

Investor Presentation of TCF Financial Corporation,

 

 

Dated August 8, 2005

 

2



 

SIGNATURES

 

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

 

 

 

   TCF FINANCIAL CORPORATION

 

 

 

 

 

/s/ William A. Cooper

 

William A. Cooper, Chairman of the Board,

 

Chief Executive Officer and Director

 

 

 

 

 

/s/ Neil W. Brown

 

Neil W. Brown, Executive Vice President

 

and Chief Financial Officer

 

(Principal Financial Officer)

 

 

 

 

 

/s/ David M. Stautz

 

David M. Stautz, Senior Vice President,

 

Controller and Assistant Treasurer

 

(Principal Accounting Officer)

 

 

 

 

Dated:   August 8, 2005

 

 

3


(Back To Top)

Section 2: EX-99.1 (EX-99.1)

Exhibit 99.1

 

TCF Financial Corporation

 

Investing in the Future

 

1.)                                  Corporate Profile

 

At June 30, 2005

 

                                          $12.6 billion financial holding company headquartered in Minnesota - 47th largest1 bank in the U.S. based on asset size and 38th largest1 based on market cap

 

                                          435 bank branches in six states

 

                                          1,151 TCF EXPRESS TELLER® ATMs, 622 off-site

 

                                          12th largest issuer of VISA® Classic debit cards2

 

                                          22nd largest overall issuer of VISA® debit and credit cards2

 

                                          ROA 2.13%; ROE 28.74%; ROTE3 34.66%

 

                                          1,595,001 checking accounts

 

1  Source: CapitalBridge, 3/31/05

2  Source: VISA® 1Q05

3  Excludes the impact of intangible amortization expense (See reconciliation slide in the appendix)

 

2.)                                  Corporate Profile

 

At June 30, 2005

 

 

 

At 6/30/05

 

At 1/1/00

 

Traditional

 

177

 

 

136

 

 

Supermarket

 

250

 

 

195

 

 

Campus

 

8

 

 

7

 

 

Total

 

435

 

 

338

 

 

 

 

 

At 6/30/05

 

At 1/1/00

 

Minnesota

 

102

 

 

82

 

 

Illinois

 

197

 

 

150

 

 

Michigan

 

61

 

 

64

 

 

Wisconsin

 

34

 

 

31

 

 

Colorado

 

35

 

 

10

 

 

Indiana

 

6

 

 

1

 

 

Total

 

435

 

 

338

 

 

 



 

3.)                                  What Makes TCF Different

 

                                          Convenience

TCF banks a large and diverse customer base by offering a host of convenient banking services

                                          Open seven days a week, 364 days/year

                                          Traditional, supermarket and campus branches

                                          TCF EXPRESS TELLER® ATMs

                                          Debit cards

                                          Phone banking

                                          TCF Totally Free OnlineSM banking (889,000 Internet banking accounts)

 

                                          De Novo Expansion

TCF is increasing its market share through de novo expansion:

                                          Opening new branches

                                          Starting new businesses

                                          Offering new products and services

 

4.)                                  What Makes TCF Different

 

                                          Power Assets® and Power Liabilities®

Power Assets® (consumer home equity and other loans, commercial real estate and business loans, and leasing and equipment finance) and low-cost Power Liabilities® (checking, savings and money market accounts) are growing and contribute a significantly high percentage of TCF’s profits.

 

                                          Credit Quality

TCF is primarily a secured lender, emphasizing credit quality over asset growth.

 

5.)                                  Share Repurchase Program

 

                                          Repurchased 1,250,000 shares of common stock during the 2005 second quarter at an average cost of $25.44 per share

 

                                          Since 1/1/98:

                                                                  TCF repurchased 57 million shares at an average cost of $18.08 per share

                                                                  $1 billion investment

                                                                  $1.5 billion value at 6/30/05

 

                                          At 6/30/05, 7.1 million shares remain available to purchase under board authorizations

 

 



 

6.)                                  Return of Net Income to Shareholders

 

 

 

Stock

 

Dividends

 

 

 

Net

 

% of Net

 

 

 

Repurchase

 

Paid

 

Total

 

Income

 

Income

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

2001

 

$

148.0

 

$

77.5

 

$

225.5

 

$

207.3

 

109

%

2002

 

148.0

 

86.5

 

234.5

 

232.9

 

101

 

2003

 

150.4

 

93.0

 

243.4

 

215.9

 

113

 

2004

 

116.1

 

104.0

 

220.1

 

255.0

 

86

 

2005*

 

82.4

 

57.6

 

140.0

 

134.1

 

104

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

644.9

 

$

418.6

 

$

1,063.5

 

$

1,045.2

 

102

%

 

*                 Year-to-date

 

7.)                                  Consumer Home Equity Lending +20%*

 

Loan-to-value

 

 

 

12/01

 

12/02

 

12/03

 

12/04

 

6/05

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

80% or less

 

$

1,178.8

 

$

1,488.5

 

$

1,816.7

 

$

2,149.4

 

$

2,406.5

 

Over 80 to 90%

 

$

802.1

 

$

1,028.2

 

$

1,370.5

 

$

1,750.5

 

$

1,803.0

 

Over 90 to 100%

 

$

396.3

 

$

385.0

 

$

361.4

 

$

449.3

 

$

531.6

 

Over 100%

 

$

66.6

 

$

53.9

 

$

39.5

 

$

32.8

 

$

28.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

2,444

 

$

2,956

 

$

3,588

 

$

4,382

 

$

4,770

 

 

*                 Twelve-month growth rate

 

8.)                                  Consumer Home Equity Loans

 

At June 30, 2005

 

                                          68% amortizing loans, 32% lines of credit

 

                                          52% variable rate (prime based) and 48% fixed rate

 

                                          66% are 1st mortgages, 34% are 2nd mortgages

 

                                          Average home value of $205,791

 

                                          Yield 6.78%

 

                                          Over-30-day delinquency rate .34%

 

                                          Net charge-offs: 2005 = .10%*, 2004 = .09%, 2003 = .11%

 

                                          Average loan-to-value 75%

 

                                          Average FICO score 718

 

*                                         Annualized

 



 

9.)                                  Commercial Lending +9%*

 

 

 

12/01

 

12/02

 

12/03

 

12/04

 

6/05

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Real Estate

 

$

1,622.5

 

$

1,835.8

 

$

1,916.7

 

$

2,154.4

 

$

2,202.8

 

Commercial Business

 

$

422.4

 

$

440.1

 

$

427.7

 

$

424.1

 

$

448.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

2,045

 

$

2,276

 

$

2,344

 

$

2,579

 

$

2,651

 

 

*                 Twelve-month growth rate

 

10.)                           Commercial Loans

 

At June 30, 2005

 

                                          Commercial real estate

                                          25% apartment loans

                                          20% office building loans

                                          6% hotel loans

 

                                          Commercial business — $448 million

 

                                          Yield 5.63%

 

                                          Over-30-day delinquency rate .04%

 

                                          Net (recoveries) charge-offs: 2005 = (.19)%*, 2004 = .03% , 2003 = .09%

 

                                          Approximately 99% of all commercial loans secured

 

                                          CRE location mix: 94% Midwest, 6% Other

 

*                 Annualized

 

11.)                           Leasing and Equipment Finance +9%*

 

 

 

12/01

 

12/02

 

12/03

 

12/04

 

6/05

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Leasing and Equipment Finance

 

$

957

 

$

1,039

 

$

1,160

 

$

1,375

 

$

1,420

 

 

*                 Twelve-month growth rate

 



 

12.)                           Leasing and Equipment Finance

 

At June 30, 2005

 

                                          38th largest equipment finance/leasing company in the U.S.1

 

                                          Equipment type

                                          32% manufacturing and construction

                                          17% specialty vehicle

                                          15% technology and data processing

                                          13% medical

                                          23% other

 

                                          Yield 7.02%

 

                                          Uninstalled backlog of $227.3 million; up $32 million from year-end 2004

 

                                          Over-30-day delinquency rate .44%

 

                                          Net charge-offs: 2005 = .22%*, 2004 = .43%, 2003 = .69%

 

                                          $18.8 million leveraged lease with Delta Airlines

 

*                 Annualized

1                    Source: Equipment Leasing Association; 6/05

 

13.)                           Allowance for Loan & Lease Losses

 

 

 

12/01

 

12/02

 

12/03

 

12/04

 

6/05

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Loan & Lease Losses

 

$

75.0

 

$

77.0

 

$

76.6

 

$

79.9

 

$

76.4

 

Net Charge-offs (NCO)

 

$

12.5

 

$

20.0

 

$

12.9

 

$

9.5

 

$

1.5

 

 

 

 

 

 

 

 

 

 

 

 

 

As a % of Loans & Leases:

 

 

 

 

 

 

 

 

 

 

 

Allowance

 

.91

%

.95

%

.92

%

.85

%

.78

%

NCO

 

.15

%

.25

%

.16

%

.11

%

.03

% 1

Coverage Ratio

 

6.0

X

3.8

X

5.9

X

8.4

X

26.1

X

 

1                    Annualized

 

14.)                           Delinquencies (Over 30-day)1

 

 

 

12/01

 

12/02

 

12/03

 

12/04

 

6/05

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Delinquencies

 

$

46.8

 

$

46.3

 

$

38.7

 

$

34.4

 

$

32.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Delinquencies (percent)

 

.57

%

.57

%

.47

%

.37

%

.33

%

 

1                    Excludes non-accrual loans and leases

 



 

15.)                           Non-Performing Assets

 

 

 

12/01

 

12/02

 

12/03

 

12/04

 

6/05

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Accrual Loans and Leases

 

$

52.0

 

$

43.6

 

$

35.4

 

$

46.9

*

$

41.7

*

Real Estate Owned

 

$

14.6

 

$

26.6

 

$

33.5

 

$

17.2

 

$

17.3

 

Total

 

$

66.6

 

$

70.2

 

$

68.9

 

$

64.1

 

$

59.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Reserves/NAs:

 

144

%

176

%

216

%

170

%

183

%

NPAs/Assets:

 

.59

%

.58

%

.61

%

.52

%

.47

%

 

                *Includes Delta leveraged lease of $8.8 million

 

16.)         Retail Banking

 

17.)                           Checking Accounts +6%*

 

 

 

12/01

 

12/02

 

12/03

 

12/04

 

6/05

 

 

 

(000s)

 

 

 

 

 

 

 

 

 

 

 

 

 

Supermarket Branches

 

496

 

549

 

608

 

652

 

681

 

Traditional & Campus Branches

 

753

 

789

 

836

 

883

 

914

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

1,249

 

1,338

 

1,444

 

1,535

 

1,595

 

 

*                 Twelve-month growth rate

 

18.)                           Banking Fees and Other Revenue1

 

 

 

2001

 

2002

 

2003

 

2004

 

2005

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

$

65.6

 

$

71.8

 

$

81.6

 

$

86.6

 

$

87.3

 

Second Quarter

 

$

74.7

 

$

84.1

 

$

92.6

 

$

103.7

 

$

99.1

 

Third Quarter

 

$

75.1

 

$

87.4

 

$

93.8

 

$

102.2

 

$

 

Fourth Quarter

 

$

77.6

 

$

91.1

 

$

90.0

 

$

97.9

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

293

 

$

334

 

$

358

 

$

390

 

$

186

 

 

1                    Consisting of fees and service charges, card revenue, ATM revenue, and investments and insurance revenue

 



 

19.)                           Retail Checking Deposits +12%*

 

 

 

12/01

 

12/02

 

12/03

 

12/04

 

6/05

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Supermarket Branches

 

$

591

 

$

695

 

$

829

 

$

1,000

 

$

1,061

 

Traditional & Campus Branches

 

$

1,715

 

$

1,903

 

$

2,146

 

$

2,565

 

$

2,627

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

2,306

 

$

2,598

 

$

2,975

 

$

3,565

 

$

3,688

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rate:

 

.07

%

.05

%

.01

%

.22

%

.42

%

 

*                 Twelve-month growth rate

 

20.)                           Retail Savings and Money Market Deposits

 

 

 

12/01

 

12/02

 

12/03

 

12/04

 

6/05

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market

 

$

879.9

 

$

791.3

 

$

745.8

 

$

590.6

 

$

549.9

 

Savings

 

$

1,113.4

 

$

1,794.6

 

$

1,771.1

 

$

1,812.9

 

$

1,933.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

1,993

 

$

2,586

 

$

2,517

 

$

2,404

 

$

2,483

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rate:

 

.86

%

.84

%

.40

%

.53

%

.91

%

 

21.)                           Card Revenue +27%*

 

 

 

2001

 

2002

 

2003

 

2004

 

2005

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

$

8.1

 

$

10.2

 

$

13.2

 

$

13.5

 

$

17.6

 

Second Quarter

 

$

9.3

 

$

11.8

 

$

14.8

 

$

16.0

 

$

19.8

 

Third Quarter

 

$

10.1

 

$

12.1

 

$

12.9

 

$

16.3

 

$

 

Fourth Quarter

 

$

10.1

 

$

13.1

 

$

12.1

 

$

17.7

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

37.6

 

$

47.2

 

$

53.0

 

$

63.5

 

$

37.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Volume:

 

$

2,560

 

$

3,216

 

$

3,899

 

$

4,735

 

$

2,684

1

 

 

 

 

 

 

 

 

 

 

 

 

Average off-line interchange rate:

 

1.55

%

1.55

%

1.43

%

1.40

%

1.40

%1

 

1                    Year-to-date

*                 YTD growth rate (‘05 vs. ‘04)

 



 

22.)                           Card Revenue

 

                                          12th largest issuer of Visa® Classic debit cards1

 

                                          22nd largest overall issuer of Visa® debit and credit cards1

 

                                          18% increase in sales volume2

 

                                          Revenue of $19.7 million in 2Q05, an increase of 23%2

 

                                          Number of active accounts up 50,544 or 7%2

 

                                          15.3 transactions per month on active cards, up 14%2

 

1                    Source: VISA, 1Q05

2                    2Q05 vs. 2Q04

 

23.)                           Small Business Checking Deposits +14%*

 

 

 

12/01

 

12/02

 

12/03

 

12/04

 

6/05

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Small Business Checking Deposits

 

$

313

 

$

380

 

$

461

 

$

546

 

$

583

 

Average Rate

 

0

%

0

%

0

%

0

%

0

%

# of accounts

 

79,865

 

91,385

 

102,557

 

113,605

 

119,743

 

 

*                 Twelve-month growth rate

 

24.)                           Small Business Checking Accounts

 

At June 30, 2005

 

                                          $583 million in 0% interest checking account deposits

 

                                          Small business loans up to $500,000; small business administration loans up to $150,000; home equity loans up to $500,000

 

                                          73,323 TCF Business Check CardsSM

 

                                          Introduced TCF Miles Plus Business Check CardSM loyalty program to business banking customers

 



 

25.)

Total New Branches

 

Branches opened since January 1, 2000

 

 

 

 

 

Traditional

 

 

 

# of Branches

 

 

 

 

 

Supermarket

 

and Campus

 

Total

 

Opened

 

Percent of Total

 

 

 

(#)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12/00

 

21

 

3

 

24

 

25

 

6.8

%

12/01

 

41

 

8

 

49

 

26

 

13.1

%

12/02

 

56

 

20

 

76

 

27

 

19.2

%

12/03

 

61

 

34

 

95

 

19

 

23.7

%

12/04

 

72

 

53

 

125

 

30

 

29.1

%

6/05

 

74

 

58

 

132

 

7

 

30.3

%

2005 Forecast

 

79

 

74

 

153

 

21

 

33.6

%

 

 

 

26.)                           New Branch Model - Net Income

 

 

 

Year of Existence

 

 

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

 

 

 

Net Income ($ 000s)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supermarket Branch

 

$

(220

)

$

(48

)

$

31

 

$

90

 

$

132

 

$

177

 

$

204

 

$

235

 

$

269

 

$

294

 

Traditional Branch

 

$

(362

)

$

(32

)

$

157

 

$

320

 

$

384

 

$

491

 

$

570

 

$

555

 

$

630

 

$

692

 

 

Capital Expenditure: $237,000 Supermarket branch, $3 million Traditional branch

 

Includes deposits and consumer lending

 

27.)

New Branch Total Deposits +80%*

 

Branches opened since January 1, 2000

 

 

 

 

12/00

 

12/01

 

12/02

 

12/03

 

12/04

 

6/05

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

52

 

$

97

 

$

250

 

$

353

 

$

570

 

$

843

 

 

*                 Twelve-month growth rate

 

28.)                           New Branch Total Checking Accounts +35%*

                                                Branches opened since January 1, 2000

 

 

 

12/00

 

12/01

 

12/02

 

12/03

 

12/04

 

6/05

 

 

 

(000s)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Checking Accounts

 

12

 

42

 

83

 

142

 

206

 

239

 

 

*                 Twelve-month growth rate

 



 

29.)                           New Branch Banking Fees & Other Revenue1 +38%*

                                                Branches opened since January 1, 2000

 

 

 

2000

 

2001

 

2002

 

2003

 

2004

 

2005

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

$

 

$

1.0

 

$

2.8

 

$

5.4

 

$

9.1

 

$

13.8

 

Second Quarter

 

$

0.2

 

$

1.6

 

$

4.1

 

$

7.3

 

$

13.4

 

$

17.2

 

Third Quarter

 

$

0.5

 

$

2.0

 

$

4.4

 

$

7.9

 

$

14.0

 

$

 

Fourth Quarter

 

$

0.8

 

$

2.6

 

$

5.4

 

$

8.4

 

$

14.5

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

2

 

$

7

 

$

17

 

$

29

 

$

51

 

$

31

 

 

1                    Consisting of fees and service charges, card revenue, ATM revenue, and investments and insurance revenue.

*                 Twelve-month growth rate

 

30.)                           Campus Banking

 

At June 30, 2005

 

                                          Alliances with the University of Minnesota and University of Michigan plus eight other colleges, including the latest agreement with DePaul University in Chicago

 

                                          Multi-purpose campus card serves as a school identification card, ATM card, library card, security card, health care card, phone card, stored value card for vending machines, laundry, etc.

 

                                          85,980 total checking accounts

 

                                          $141.2 million in deposits

 

31.)                           New Products and Services

 

                                          Miles PlusSM Card Loyalty Programs

                                          Premier (Retail)

                                          Small Business

 

                                          TCF Check CashingSM and Money Transfers

 

                                          TCF Express Coin ServiceSM coin counters

 

                                          TCF index Investment StrategiesSM

 

                                          TCF Visa® Gift Card

 

                                          American Express® Travelers Cheque Card

 

                                          Medical equipment leasing

 



 

32.)                           Premier Checking & Savings Deposits +123%*

 

 

 

6/30/04

 

9/30/04

 

12/31/04

 

3/31/05

 

6/30/05

 

 

 

(000s)

 

Premier Checking Accounts

 

$

202

 

$

291

 

$

397

 

$

525

 

$

627

 

Premier Savings Accounts

 

$

67

 

$

156

 

$

244

 

$

324

 

$

370

 

Total

 

$

269

 

$

447

 

$

641

 

$

849

 

$

997

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rate:

 

1.21

%

1.48

%

1.86

%

2.03

%

2.21

%

 

*Twelve-month growth rate

 

33.)                           Diluted EPS +10%*

 

 

 

1996

 

1997

 

1998

 

1999

 

2000

 

2001

 

2002

 

2003

 

2004

 

20051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

 

$

.60

 

$

.84

 

$

.88

 

$

1.00

 

$

1.17

 

$

1.35

 

$

1.58

 

$

1.53

 

$

1.86

 

$

1.00

 

 

*  Year-to-date growth rate (‘05 vs. ‘04)

1  Year-to-date

 

34.)                           Dividend History +13%*

 

 

 

1996

 

1997

 

1998

 

1999

 

2000

 

2001

 

2002

 

2003

 

2004

 

2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Paid

 

$

.18

 

$

.23

 

$

.31

 

$

.36

 

$

.41

 

$

.50

 

$

.58

 

$

.65

 

$

.75

 

$

.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend payout ratio:

 

30

%

28

%

35

%

36

%

35

%

37

%

37

%

43

%

40

%

43

%

 

10-year compounded annual growth rate 20%

Ranks 6th of the Top 50 Banks1

 

1  Source: CapitalBridge

*  Annual growth rate (‘05 vs. ‘04)

 

35.)                           Net Income +7%*

 

 

 

2001

 

2002

 

2003

 

2004

 

20051

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

$

48.2

 

$

56.3

 

$

60.1

 

$

60.7

 

$

63.5

 

Second Quarter

 

$

52.0

 

$

58.0

 

$

60.3

 

$

65.2

 

$

70.6

 

Third Quarter

 

$

52.9

 

$

58.9

 

$

36.0

 

$

61.7

 

$

 

Fourth Quarter

 

$

54.2

 

$

59.8

 

$

59.5

 

$

67.4

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

207

 

$

233

 

$

216

 

$

255

 

$

134

 

 

1  Year-to-date

*  YTD growth rate (‘05 vs. ‘04)

 



 

36.)                           Net Interest Income +8%*

 

 

 

2001

 

2002

 

2003

 

2004

 

20051

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

$

113.8

 

$

124.5

 

$

122.4

 

$

118.4

 

$

129.1

 

Second Quarter

 

$

119.3

 

$

124.3

 

$

119.8

 

$

122.4

 

$

131.3

 

Third Quarter

 

$

122.4

 

$

123.8

 

$

119.9

 

$

124.5

 

$

 

Fourth Quarter

 

$

125.7

 

$

126.6

 

$

119.1

 

$

126.5

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

481

 

$

499

 

$

481

 

$

492

 

$

260

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Margin:

 

4.51

%

4.71

%

4.54

%

4.54

%

4.54

% 1

 

1  Year-to-date

*  Year-to-date growth rate (‘05 vs. ‘04)

 

37.)                           Financial Highlights

 

($ millions, except per-share data)

 

 

 

Year-to-Date

 

 

 

 

 

2005

 

2004

 

Change

Net interest income

 

$

260.3

 

 

$

240.9

 

 

8.1

%

Fees & other revenue:

 

 

 

 

 

 

 

 

 

Banking

 

186.4

 

 

190.3

 

 

(2.1

)

Other

 

33.8

 

 

35.5

 

 

(4.8

)

Total fees and other revenue

 

220.2

 

 

225.8

 

 

(2.5

)

Gains on Sales of Securities

 

9.7

 

 

12.7

 

 

(23.6

)

Total non-interest income

 

229.9

 

 

238.5

 

 

(3.6

)

Total revenue

 

490.2

 

 

479.4

 

 

2.3

 

Provision for credit losses

 

(2.0

)

 

4.2

 

 

N.M.

 

Non-interest expense

 

298.4

 

 

284.6

 

 

4.8

 

Net income

 

$

134.1

 

 

$

125.9

 

 

6.5

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

 

$

1.00

 

 

$

.91

 

 

9.9

 

ROA

 

2.13

%

 

2.15

%

 

(0.02

)bps

ROE

 

28.74

%

 

26.82

%

 

1.92

bps

 

 N.M. Not meaningful

 



 

38.)                           Power ProfitsSM

 

Average Balance ($ millions)

Profit center net income ($ 000s)

 

 

 

 

 

YTD 2005

 

 

 

 

 

Balance

 

Income

 

%

 

Commercial Lending

 

$

2,605

 

 

$

16,099

 

 

12

%

Consumer Lending

 

4,585

 

 

27,979

 

 

21

 

Leasing and Equipment Finance

 

1,401

 

 

17,048

 

 

13

 

Total Power Assets®

 

$

8,591

 

 

61,126

 

 

46

 

 

 

 

 

 

 

 

 

 

 

Traditional & Campus Branches (185)

 

$

6,515

 

 

34,779

 

 

26

 

Supermarket Branches (250)

 

1,750

 

 

14,261

 

 

11

 

Total Power Liabilities®

 

$

8,265

 

 

49,040

 

 

37

 

Total Power Assets & Liabilities

 

 

 

 

110,166

 

 

83

 

Equity

 

 

 

 

11,371

 

 

8

 

Total Power Businesses

 

 

 

 

121,537

 

 

91

 

Gains on Sales of Securities

 

 

 

 

9,676

 

 

7

 

Treasury Services and Other

 

 

 

 

2,893

 

 

2

 

Net Income

 

 

 

 

$

134,106

 

 

100

%

 

39.)                           Interest Rate Risk Management

 

Cumulative One Year Positive Gap

 

 

 

12/01

 

12/02

 

12/03

 

12/04

 

6/05

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Gap

 

$

242

 

$

1,110

 

$

161

 

$

585

 

$

519

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Gap as a % of Total Assets

 

2.1

%

9.1

%

1.4

%

4.7

%

4.1

%

 

40.)                           Securities Available for Sale and Residential Portfolios

 

Ending Balance

 

 

 

12/01

 

12/02

 

12/03

 

12/04

 

6/05

 

 

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale portfolio1

 

$

1,575

 

$

2,355

 

$

1,524

 

$

1,622

 

$

1,404

 

Residential portfolio

 

2,733

 

1,800

 

1,213

 

1,014

 

884

 

Total

 

$

4,308

 

$

4,155

 

$

2,737

 

$

2,636

 

$

2,288

 

 

 

 

 

 

 

 

 

 

 

 

 

Yield:

 

6.76

%

6.25

%

5.55

%

5.29

%

5.37

%

Unrealized Gain / (Loss):

 

$

9.8

 

$

72.3

 

$

8.9

 

$

(2.2

)

$

2.5

 

 

Based on historical amortized cost

 



 

41.)                           Top 50 Banks¹ - Return on Assets

 

Quarter Ended March 31, 2005

(Percent)

 

MELLON FINANCIAL CORP

 

MEL

 

2.26

%

U S BANCORP

 

USB

 

2.17

%

TCF FINANCIAL CORP

 

TCB

 

2.03

%

NATIONAL CITY CORP

 

NCC

 

2.02

%

SYNOVUS FINANCIAL CP

 

SNV

 

1.87

%

NORTH FORK BANCORPORATION

 

NFB

 

1.71

%

WELLS FARGO & CO

 

WFC

 

1.71

%

MARSHALL & ILSLEY CORP

 

MI

 

1.69

%

BB&T CORP

 

BBT

 

1.66

%

MERCANTILE BANKSHARES CORP

 

MRBK

 

1.64

%

BANK OF AMERICA CORP

 

BAC

 

1.59

%

UNIONBANCAL CORP

 

UB

 

1.58

%

CITY NATIONAL CORP

 

CYN

 

1.55

%

PNC FINANCIAL SVCS GROUP INC

 

PNC

 

1.55

%

BANK OF NEW YORK CO INC

 

BK

 

1.54

%

ASSOCIATED BANC CORP

 

ASBC

 

1.53

%

COMMERCE BANCSHARES INC

 

CBSH

 

1.53

%

WESTCORP

 

WES

 

1.53

%

HIBERNIA CORP -CL A

 

HIB

 

1.53

%

FIFTH THIRD BANCORP

 

FITB

 

1.53

%

FULTON FINANCIAL

 

FULT

 

1.51

%

COMERICA INC.

 

CMA

 

1.47

%

M & T BANK CORP

 

MTB

 

1.44

%

VALLEY NATL BANC

 

VLY

 

1.43

%

FIRST HORIZON NATL CORP

 

FHN

 

1.43

%

COMPASS BANCSHARES INC

 

CBSS

 

1.36

%

ZIONS BANCORPORATION

 

ZION

 

1.35

%

REGIONS FINL CORP

 

RF

 

1.35

%

INVESTORS FINL

 

IFIN

 

1.33

%

BOK FINANCIAL CORP

 

BOKF

 

1.32

%

AMSOUTH BANCORPORATION

 

ASO

 

1.32

%

POPULAR INC

 

BPOP

 

1.25

%

HUDSON CITY BANCORP

 

HCBK

 

1.25

%

HUNTINGTON BANCSHARES

 

HBAN

 

1.24

%

NEW YORK CMNTY BANCORP INC

 

NYB

 

1.24

%

SKY FINANCIAL GR

 

SKYF

 

1.23

%

CITIGROUP INC

 

C

 

1.22

%

WACHOVIA CORP

 

WB

 

1.22

%

NORTHERN TRUST CORP

 

NTRS

 

1.18

%

SUNTRUST BANKS INC

 

STI

 

1.17

%

KEYCORP

 

KEY

 

1.11

%

COLONIAL BANCGROUP

 

CNB

 

1.03

%

COMMERCE BANCORP INC/NJ

 

CBH

 

1.02

%

WEBSTER FINANCIAL CORP

 

WBS

 

.98

%

SOUTH FINANCIAL

 

TSFG

 

.95

%

SOVEREIGN BANCORP INC

 

SOV

 

.94

%

BANKNORTH GROUP INC

 

BNK

 

.93

%

STATE STREET CORP

 

STT

 

.84

%

FIRST CITIZENS

 

FCNCA

 

.63

%

J P MORGAN CHASE & CO

 

JPM

 

.48

%

 

 

 

 

 

 

AVERAGE

 

 

 

1.39

%

 

¹  Represents the fifty largest bank holding companies in the U.S. based on asset size at 3/31/05

Source: CapitalBridge

 



 

42.)                           Top 50 Banks¹ - Return on Equity

 

Quarter Ended March 31, 2005

(Percent)

 

TCF FINANCIAL CORP

 

TCB

 

27.18

%

NATIONAL CITY CORP

 

NCC

 

22.69

%

FIRST HORIZON NATL CORP

 

FHN

 

22.15

%

BANK OF AMERICA CORP

 

BAC

 

21.96

%

U S BANCORP

 

USB

 

21.88

%

INVESTORS FINL

 

IFIN

 

21.66

%

VALLEY NATL BANC

 

VLY

 

20.60

%

MELLON FINANCIAL CORP

 

MEL

 

19.98

%

WELLS FARGO & CO

 

WFC

 

19.20

%

COMPASS BANCSHARES INC

 

CBSS

 

19.07

%

AMSOUTH BANCORPORATION

 

ASO

 

18.71

%

UNIONBANCAL CORP

 

UB

 

18.68

%

POPULAR INC

 

BPOP

 

18.52

%

COMMERCE BANCORP INC/NJ

 

CBH

 

18.27

%

SYNOVUS FINANCIAL CP

 

SNV

 

17.78

%

MARSHALL & ILSLEY CORP

 

MI

 

17.52

%

HUDSON CITY BANCORP

 

HCBK

 

17.32

%

WESTCORP

 

WES

 

17.31

%

FIFTH THIRD BANCORP

 

FITB

 

16.91

%

PNC FINANCIAL SVCS GROUP INC

 

PNC

 

16.50

%

CITY NATIONAL CORP

 

CYN

 

16.47

%

HIBERNIA CORP -CL A

 

HIB

 

16.35

%

CITIGROUP INC

 

C

 

16.32

%

ASSOCIATED BANC CORP

 

ASBC

 

16.15

%

BANK OF NEW YORK CO INC