UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

FORM 10-Q

 

x Quarterly Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

For the quarterly period ended

September 30, 2008

 

or

 

o Transition Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Commission File No.

001-10253

 

TCF FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

 

 

200 Lake Street East, Mail Code EX0-03-A,

Wayzata, Minnesota 55391-1693

(Address and Zip Code of principal executive offices)

 

Registrant’s telephone number, including area code:  (952) 745-2760

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

 

 

 

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

 

INDEX

 

Part I.		Financial Information		Pages
		Item 1. Financial Statements
		Consolidated Statements of Financial Condition at September 30, 2008 and December 31, 2007		3
		Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2008 and 2007		4
		Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2008 and 2007		5
		Consolidated Statements of Stockholders’ Equity for the Nine Months Ended September 30, 2008 and 2007		6
		Notes to Consolidated Financial Statements		7
		Item 2. Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations for the Three and Nine Months Ended September 30, 2008 and 2007		20
		Item 3. Quantitative and Qualitative Disclosures About Market Risk		39
		Item 4. Controls and Procedures		40
		Supplementary Information		41
Part II.		Other Information
		Items 1-6		42
		Signatures		44
		Index to Exhibits		45

 

 

2

 

 

PART 1 - FINANCIAL INFORMATION

Item 1.  Financial Statements

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Financial Condition

 

		At			At
		September 30,			December 31,
(Dollars in thousands, except per-share data)		2008			2007
		(Unaudited)
Assets
Cash and due from banks		$	297,701		$	358,188
Investments		167,115			148,253
Securities available for sale		2,102,756			1,963,681
Education loans held for sale		3,569			156,135
Loans and leases:
Consumer home equity and other		6,898,323			6,590,631
Commercial real estate		2,852,754			2,557,330
Commercial business		549,337			558,325
Leasing and equipment finance		2,330,841			2,104,343
Subtotal		12,631,255			11,810,629
Residential real estate		470,413			527,607
Total loans and leases		13,101,668			12,338,236
Allowance for loan and lease losses		(158,978		)	(80,942		)
Net loans and leases		12,942,690			12,257,294
Premises and equipment, net		441,904			438,452
Goodwill		152,599			152,599
Other assets		402,261			502,452
Total assets		$	16,510,595		$	15,977,054
Liabilities and Stockholders’ Equity
Deposits:
Checking		$	4,089,044		$	4,108,527
Savings		2,717,635			2,636,820
Money market		646,655			576,667
Certificates of deposit		2,396,903			2,254,535
Total deposits		9,850,237			9,576,549
Short-term borrowings		603,233			556,070
Long-term borrowings		4,630,776			4,417,378
Total borrowings		5,234,009			4,973,448
Accrued expenses and other liabilities		315,320			328,045
Total liabilities		15,399,566			14,878,042
Stockholders’ equity:
Preferred stock, par value $.01 per share, 30,000,000 shares authorized; none issued and outstanding		—			—
Common stock, par value $.01 per share, 280,000,000 shares authorized; 130,951,694 and 131,468,699 shares issued		1,308