10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

March 31, 2020

or

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

 Commission File No. 000-08185

TCF Financial Corporation

(Exact name of registrant as specified in its charter)

Michigan	38-2022454
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

333 W. Fort Street, Suite 1800

Detroit, Michigan 48226

(Address and Zip Code of principal executive offices)

(800) 867-9757

(Registrant's telephone number, including area code)

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

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

Indicate by check mark whether the registrant (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.

Yes ☑                                                   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑                                                   No ☐

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

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

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

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

Yes ☐                                                 No ☑

As of May 1, 2020, there were 152,108,934 shares outstanding of the registrant's common stock, par value $1 per share, its only outstanding class of common stock.

TABLE OF CONTENTS

 

Description	Page
Part I - Financial Information
Item 1. Financial Statements.
Consolidated Statements of Financial Condition at March 31, 2020 (Unaudited) and December 31, 2019	1
Consolidated Statements of Income for the Three Months Ended March 31, 2020 and 2019 (Unaudited)	2
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2020 and 2019 (Unaudited)	3
Consolidated Statements of Equity for the Three Months Ended March 31, 2020 and 2019 (Unaudited)	4
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019 (Unaudited)	5
Notes to Consolidated Financial Statements (Unaudited)	6
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.	49
Item 3. Quantitative and Qualitative Disclosures About Market Risk.	82
Item 4. Controls and Procedures.	83
Part II - Other Information
Item 1. Legal Proceedings.	85
Item 1A. Risk Factors.	85
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	86
Item 3. Defaults Upon Senior Securities.	86
Item 4. Mine Safety Disclosures.	86
Item 5. Other Information.	86
Item 6. Index to Exhibits.	88
Signatures	89

Part I - Financial Information                                                

Item 1. Financial Statements.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)	At March 31, 2020			At December 31, 2019
	(Unaudited)
ASSETS
Cash and cash equivalents:
Cash and due from banks	$	713,413		$	491,787
Interest-bearing deposits with other banks	565,458			736,584
Total cash and cash equivalents	1,278,871			1,228,371
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	484,461			442,440
Investment securities:
Available-for-sale, at fair value (amortized cost of $6,793,235 and $6,639,277)	7,025,224			6,720,001
Held-to-maturity, at amortized cost (fair value of $145,974 and $144,844)	135,619			139,445
Total investment securities	7,160,843			6,859,446
Loans and leases held-for-sale (includes $206,366 and $91,202 at fair value)	287,177			199,786
Loans and leases	35,921,614			34,497,464
Allowance for credit losses	(406,383		)	(113,052		)
Loans and leases, net	35,515,231			34,384,412
Premises and equipment, net	516,454			533,138
Goodwill	1,313,046			1,299,878
Other intangible assets, net	162,887			168,368
Loan servicing rights	47,283			56,313
Other assets	1,828,130			1,479,401
Total assets	$	48,594,383		$	46,651,553
LIABILITIES AND EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	8,237,916		$	7,970,590
Interest-bearing	27,561,387			26,497,873
Total deposits	35,799,303			34,468,463
Short-term borrowings	3,482,535			2,669,145
Long-term borrowings	2,600,594			2,354,448
Other liabilities	1,056,118			1,432,256
Total liabilities	42,938,550			40,924,312
Equity
Preferred stock, $0.01 par value, 2,000,000 shares authorized; 7,000 shares issued	169,302			169,302
Common stock, $1.00 par value, 220,000,000 shares authorized
Issued - 152,185,984 shares at March 31, 2020 and 152,965,571 shares at December 31, 2019	152,186			152,966
Additional paid-in capital	3,433,234			3,462,080
Retained earnings	1,732,932			1,896,427
Accumulated other comprehensive income	166,170			54,277
Other	(28,140		)	(28,037		)
Total TCF Financial Corporation shareholders' equity	5,625,684			5,707,015
Non-controlling interest	30,149			20,226
Total equity	5,655,833			5,727,241
Total liabilities and equity	$	48,594,383		$	46,651,553

See accompanying notes to consolidated financial statements.

1

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Income (Unaudited)

	Three Months Ended March 31,
(In thousands, except per share data)	2020		2019
Interest income
Interest and fees on loans and leases	$	443,096	$	283,238
Interest on investment securities:
Taxable	40,920		16,666
Tax-exempt	4,349		2,684
Interest on loans held-for-sale	1,561		825
Interest on other earning assets	5,466		3,481
Total interest income	495,392		306,894
Interest expense
Interest on deposits	67,419		37,608
Interest on borrowings	26,492		14,857
Total interest expense	93,911		52,465
Net interest income	401,481		254,429
Provision for credit losses	96,943		10,122
Net interest income after provision for credit losses	304,538		244,307
Noninterest income
Leasing revenue	33,565		38,165
Fees and service charges on deposit accounts	34,597		26,278
Card and ATM revenue	21,685		18,659
Net gains on sales of loans and leases	20,590		8,217
Servicing fee revenue	6,792		5,110
Wealth management revenue	6,151		—
Net gains (losses) on investment securities	—		451
Other	13,583		6,624
Total noninterest income	136,963		103,504
Noninterest expense
Compensation and employee benefits	171,528		123,942
Occupancy and equipment	57,288		41,710
Lease financing equipment depreciation	18,450		19,256
Net foreclosed real estate and repossessed assets	1,859		4,630
Merger-related expenses	36,728		9,458
Other	88,746		54,079
Total noninterest expense	374,599		253,075
Income before income tax expense	66,902		94,736
Income tax expense	13,086		21,287
Income after income tax expense	53,816		73,449
Income attributable to non-controlling interest	1,917		2,955
Net income attributable to TCF Financial Corporation	51,899		70,494
Preferred stock dividends	2,493		2,493
Net income available to common shareholders	$	49,406	$	68,001
Earnings per common share
Basic	$	0.33	$	0.83
Diluted	0.32		0.83
Weighted-average common shares outstanding
Basic	151,902,357		82,245,577
Diluted	152,114,017		82,245,577

See accompanying notes to consolidated financial statements.

2

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended March 31,
(In thousands)	2020			2019
Net income attributable to TCF Financial Corporation	$	51,899		$	70,494
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips	115,847			37,368
Net unrealized gains (losses) on net investment hedges	10,481			(2,308		)
Foreign currency translation adjustment	(14,426		)	3,567
Recognized postretirement prior service cost	(9		)	(8		)
Total other comprehensive income (loss), net of tax	111,893			38,619
Comprehensive income	$	163,792		$	109,113

 See accompanying notes to consolidated financial statements.

3

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Equity (Unaudited)

At or For the Three Months Ended March 31, 2020 and 2019

	TCF Financial Corporation
	Number of Shares Issued			Preferred Stock		Common Stock			Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)		Other			Total			Non- controlling Interest		Total Equity
(Dollars in thousands)	Preferred	Common
Balance, December 31, 2019	7,000	152,965,571		$	169,302	$	152,966		$	3,462,080		$	1,896,427		$	54,277	$	(28,037	)	$	5,707,015		$	20,226	$	5,727,241
Cumulative effect adjustment related to adoption of Accounting Standards Update 2016-13(1)	—	—		—		—			—			(159,323		)	—		—			(159,323		)	74		(159,249		)
Balance, January 1, 2020	7,000	152,965,571		$	169,302	$	152,966		$	3,462,080		$	1,737,104		$	54,277	$	(28,037	)	$	5,547,692		$	20,300	$	5,567,992
Net income	—	—		—		—			—			51,899			—		—			51,899			1,917		53,816
Other comprehensive income (loss), net of tax	—	—		—		—			—			—			111,893		—			111,893			—		111,893
Net investment by (distribution to) non-controlling interest	—	—		—		—			—			—			—		—			—			7,932		7,932
Repurchases of 873,376 shares of common stock	—	(873,376	)	—		(873		)	(32,225		)	—			—		—			(33,098		)	—		(33,098		)
Dividends on 5.70% Series C Preferred Stock	—	—		—		—			—			(2,493		)	—		—			(2,493		)	—		(2,493		)
Dividends on common stock of $0.35 per common share	—	—		—		—			—			(53,578		)	—		—			(53,578		)	—		(53,578		)
Stock compensation plans, net of tax	—	93,789		—		93			3,276			—			—		—			3,369			—		3,369
Change in shares held in trust for deferred compensation plans, at cost	—	—		—		—			103			—			—		(103		)	—			—		—
Balance, March 31, 2020	7,000	152,185,984		$	169,302	$	152,186		$	3,433,234		$	1,732,932		$	166,170	$	(28,140	)	$	5,625,684		$	30,149	$	5,655,833

(1) See "Note 3. Summary of Significant Accounting Policies" for further information.

	TCF Financial Corporation
	Number of Shares Issued			Preferred Stock		Common Stock			Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Other			Total			Non- controlling Interest		Total Equity
(Dollars in thousands)	Preferred	Common
Balance, December 31, 2018	7,000	88,198,460		$	169,302	$	88,198		$	798,627		$	1,766,994		$	(33,138	)	$	(252,182	)	$	2,537,801		$	18,459	$	2,556,260
Net income	—	—		—		—			—			70,494			—			—			70,494			2,955		73,449
Other comprehensive income (loss), net of tax	—	—		—		—			—			—			38,619			—			38,619			—		38,619
Net investment by (distribution to) non-controlling interest	—	—		—		—			—			—			—			—			—			8,038		8,038
Dividends on 5.70% Series C Preferred Stock	—	—		—		—			—			(2,493		)	—			—			(2,493		)	—		(2,493		)
Dividends on common stock of $0.30 per common share	—	—		—		—			—			(24,294		)	—			—			(24,294		)	—		(24,294		)
Stock compensation plans, net of tax	—	(135,422	)	—		(135		)	(10,390		)	—			—			6,791			(3,734		)	—		(3,734		)
Change in shares held in trust for deferred compensation plans, at cost	—	—		—		—			1,230			—			—			(1,230		)	—			—		—
Balance, March 31, 2019	7,000	88,063,038		$	169,302	$	88,063		$	789,467		$	1,810,701		$	5,481		$	(246,621	)	$	2,616,393		$	29,452	$	2,645,845

See accompanying notes to consolidated financial statements.

4

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows (Unaudited)

	Quarter Ended March 31,
(In thousands)	2020			2019
Cash flows from operating activities
Net income	$	53,816		$	73,449
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses	96,943			10,122
Share-based compensation expense	5,647			224
Depreciation and amortization	99,541			56,284
Provision (benefit) for deferred income taxes	(3,016		)	(1,011		)
Net gains on sales of assets	(28,573		)	(14,918		)
Proceeds from sales of loans and leases held-for-sale	268,133			80,877
Originations of loans and leases held-for-sale, net of repayments	(362,680		)	(72,125		)
Impairment of loan servicing rights	8,236			—
Net change in other assets	(218,094		)	(95,861		)
Net change in other liabilities	(405,718		)	113,978
Other, net	(14,106		)	(11,089		)
Net cash provided by (used in) operating activities	(499,871		)	139,930
Cash flows from investing activities
Proceeds from sales of investment securities available-for-sale	—			205,862
Proceeds from maturities of and principal collected on investment securities available-for-sale	311,531			50,425
Purchases of investment securities available-for-sale	(412,011		)	(597,054		)
Proceeds from maturities of and principal collected on investment securities held-to-maturity	4,152			2,469
Purchases of investment securities held-to-maturity	—			(821		)
Redemption of Federal Home Loan Bank stock	144,000			26,000
Purchases of Federal Home Loan Bank stock	(186,000		)	(38,000		)
Proceeds from sales of loans and leases	287,050			194,109
Loan and lease originations and purchases, net of principal collected	(1,717,733		)	(521,907		)
Proceeds from sales of other assets	16,494			19,644
Purchases of premises and equipment and lease equipment	(23,846		)	(41,121		)
Other, net	15,177			2,937
Net cash provided by (used in) investing activities	(1,561,186		)	(697,457		)
Cash flows from financing activities
Net change in deposits	1,143,905			141,885
Net change in short-term borrowings	813,425			355,947
Proceeds from long-term borrowings	4,150,000			621,328
Payments on long-term borrowings	(3,912,310		)	(662,097		)
Payments on liabilities related to acquisition and portfolio purchase	—			(1,000		)
Repurchases of common stock	(33,098		)	—
Dividends paid on preferred stock	(2,493		)	(2,493		)
Dividends paid on common stock	(53,578		)	(24,294		)
Exercise of stock options	63			—
Payments related to tax-withholding upon conversion of share-based awards	(2,289		)	(3,022		)
Net investment by non-controlling interest	7,932			8,038
Net cash provided by (used in) financing activities	2,111,557			434,292
Net change in cash and due from banks	50,500			(123,235		)
Cash and cash equivalents at beginning of period	1,228,371			587,057
Cash and cash equivalents at end of period	$	1,278,871		$	463,822
Supplemental disclosures of cash flow information
Cash paid (received) for:
Interest on deposits and borrowings	$	76,688		$	48,276
Income taxes, net	1,838			(140		)
Noncash activities:
Transfer of loans and leases to other assets	15,983			27,280
Transfer of loans and leases from held-for-investment to held for sale, net	251,855			170,537

See accompanying notes to consolidated financial statements.

5

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Note 1. Basis of Presentation

On August 1, 2019 (the "Merger Date"), TCF Financial Corporation, a Delaware corporation ("Legacy TCF"), merged with and into Chemical Financial Corporation, a Michigan corporation ("Chemical"), with Chemical continuing as the surviving entity (the "Merger"). Immediately following the Merger, Chemical’s wholly owned bank subsidiary, Chemical Bank, a Michigan state-chartered bank, merged with and into Legacy TCF’s wholly owned bank subsidiary, TCF National Bank, a national banking association, with TCF National Bank surviving the merger (“TCF Bank”). Upon completion of the Merger, Chemical was renamed TCF Financial Corporation. TCF Financial Corporation (together with its direct and indirect subsidiaries, "we," "us," "our," "TCF" or the "Corporation"), is a financial holding company, headquartered in Detroit, Michigan. TCF Bank has its main office in Sioux Falls, South Dakota. References herein to "TCF Financial" or the "Holding Company" refer to TCF Financial Corporation on an unconsolidated basis.

The Merger was accounted for as a reverse merger using the acquisition method of accounting, therefore, Legacy TCF was deemed the accounting acquirer for financial reporting purposes, even though Chemical was the legal acquirer. Accordingly, Legacy TCF's historical financial statements are the historical financial statements of the combined company for all periods before the Merger Date. TCF's results of operations include the results of operations of Chemical on and after August 1, 2019. Results for periods before August 1, 2019 reflect only those of Legacy TCF and do not include the results of operations of Chemical. 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 adjusted to reflect the equivalent number of shares issued to holders of Legacy TCF common stock in the Merger. See "Note 2. Merger" for further information. In addition, the assets and liabilities of Chemical as of the Merger Date have been recorded at their estimated fair value and added to those of Legacy TCF.

TCF Bank operates bank branches primarily located in Michigan, Illinois and Minnesota with additional locations in Arizona, Colorado, Ohio, South Dakota and Wisconsin (TCF's "primary banking markets"). Through its direct subsidiaries, TCF Bank provides a full range of consumer-facing and commercial services, including consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial customers.

The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in accordance with the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission ("SEC"). Accordingly, the consolidated financial statements do not include all of the information and notes necessary for complete financial statements in conformity with GAAP. In the opinion of management, the accompanying unaudited consolidated financial statements contain all the significant adjustments, consisting of normal recurring items, considered necessary for fair presentation. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. The information in this Quarterly Report on Form 10-Q is written with the presumption that the users of the interim financial statements have read or have access to the Corporation's most recent Annual Report on Form 10-K, which contains the latest audited financial statements and notes thereto, together with Management's Discussion and Analysis of Financial Condition and Results of Operations at and for the year ended December 31, 2019.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates. Certain reclassifications have been made to prior period financial statements to conform to the current period presentation.

6

Note 2. Merger

As described in Note 1. Basis of Presentation, on August 1, 2019, the Corporation completed the Merger with Legacy TCF.

The Merger was an all-stock transaction. Pursuant to the merger agreement, on the Merger Date, each holder of Legacy TCF common stock received 0.5081 shares (the "Exchange Ratio") of TCF's common stock for each share of Legacy TCF common stock held. Each outstanding share of common stock of Chemical remained outstanding and was unaffected by the Merger other than by the change of the Corporation’s name from Chemical Financial Corporation to TCF Financial Corporation. As of the effective time of the Merger on August 1, 2019, TCF Financial had approximately 153.5 million shares of common stock outstanding. On the Merger Date, the shares of Legacy TCF common stock, which previously traded under the ticker symbol "TCF" on the New York Stock Exchange (the "NYSE") ceased trading on, and were delisted from, the NYSE. Following the Merger, TCF Financial common stock continues to trade on the Nasdaq Stock Market (“NASDAQ”), but its ticker symbol changed from "CHFC" to "TCF" effective August 1, 2019.

Pursuant to the merger agreement, each outstanding share of Legacy TCF 5.70% Series C Non-Cumulative Perpetual Preferred Stock, with a liquidation preference of $25,000 per share (the "Legacy TCF Preferred Stock") was converted into the right to receive one share of newly created 5.70% Series C Non-Cumulative Perpetual Preferred Stock of TCF, with a liquidation preference of $25,000 per share (the "New TCF Preferred Stock"), and each depository share representing 1/1000^th of a share of Legacy TCF Preferred Stock was converted into one depositary share representing 1/1000th of a share of New TCF Preferred Stock. Immediately following the effective time of the Merger, as of August 1, 2019, TCF Financial had 7,000 shares of New TCF Preferred Stock outstanding and 7.0 million related depositary shares outstanding.

The Merger constituted a business combination and was accounted for as a reverse merger using the acquisition method of accounting, therefore, Legacy TCF was deemed the acquirer for financial reporting purposes even though Chemical was the legal acquirer. As a result, the historical financial statements of Legacy TCF became the historical financial statements of the combined company. In addition, the assets acquired, including the intangible assets identified, and assumed liabilities of Chemical as of the Merger Date, have been recorded at their estimated fair value and added to those of Legacy TCF. In many cases, the determination of fair value required management to make estimates about discount rates, expected future cash flows, market conditions and other future events that are highly subjective in nature and subject to change.

As the legal acquirer, Chemical (now TCF Financial Corporation) issued approximately 81.9 million shares of TCF Financial common stock in connection with the Merger, which represented approximately 53% of the voting interests in TCF Financial upon completion of the Merger. Guidance in Accounting Standards Codification ("ASC") 805-40-30-2 explains that the purchase price in a reverse acquisition is determined based on “the number of equity interests the legal acquiree would have had to issue to give the owners of the legal acquirer the same percentage equity interest in the combined entity that results from the reverse acquisition.” The first step in calculating the purchase price in the Merger is to determine the ownership of the combined company following the Merger. The table below summarizes the ownership of the combined company ("TCF Financial") following the Merger, as well as the market capitalization of the combined company using shares of Chemical and Legacy TCF common stock outstanding at July 31, 2019 and Chemical’s closing price on July 31, 2019.

(Dollars in thousands)	TCF Financial Ownership and Market Value Table
	Number of Chemical Outstanding Shares	Percentage Ownership		Market Value at $42.04 Chemical Share Price
Legacy TCF shareholders	81,920,494	53.38	%	$	3,443,938
Chemical shareholders	71,558,755	46.62		3,008,330
Total	153,479,249	100.00	%	$	6,452,268

7

Next, the hypothetical number of shares Legacy TCF would have to issue to give Chemical owners the same percentage ownership in the combined company is calculated in the table below (based on shares of Legacy TCF common stock outstanding at July 31, 2019):

	Hypothetical Legacy TCF Ownership
	Number of Legacy TCF Outstanding Shares	Percentage Ownership
Legacy TCF shareholders	161,229,078	53.38	%
Chemical shareholders	140,835,967	46.62
Total	302,065,045	100.00	%

Finally, the purchase price is calculated based on the number of hypothetical shares of Legacy TCF common stock issued to Chemical shareholders multiplied by the share price as demonstrated in the table below.

(Dollars in thousands, except per share data)
Number of hypothetical Legacy TCF shares issued to Chemical shareholders	140,835,967
Legacy TCF market price per share as of July 31, 2019	$	21.38
Purchase price determination of hypothetical Legacy TCF shares issued to Chemical shareholders	3,011,073
Value of Chemical stock options hypothetically converted to options to acquire shares of Legacy TCF common stock	7,335
Cash in lieu of fractional shares	148
Purchase price consideration	$	3,018,556

8

The following table provides the purchase price allocation as of the Merger Date and the assets acquired and liabilities assumed at their estimated fair value as of the Merger Date as recorded by the Corporation. The Corporation recorded the estimate of fair value based on initial valuations available at the Merger Date and these estimates are considered preliminary and subject to adjustment for up to one year after the Merger Date. While the Corporation believes that the information available on the Merger Date provided a reasonable basis for estimating fair value, we expect that we may obtain additional information and evidence during the measurement period that would result in changes to the estimated fair value amounts. The measurement period ends on the earlier of one year after the Merger Date or the date the Corporation is able to determine that the Corporation has obtained all necessary information about the facts and circumstances that existed as of Merger Date. The Corporation finalized all valuations and recorded final adjustments during the first quarter of 2020. These adjustments include: (i) changes in the estimated fair value of loans and leases acquired, (ii) changes in deferred tax assets related to fair value estimates and changes in the expected realization of items considered to be net operating loss carryforwards, and (iii) changes in goodwill as a result of the net effect of any adjustments.

(In thousands)
Purchase price consideration:
Stock	$	3,018,556
Fair value of assets acquired(1)
Cash and cash equivalents	975,014
Federal Home Loan Bank and Federal Reserve Bank stocks	218,582
Investment securities	3,774,738
Loans held-for-sale	44,532
Loans and leases	15,713,399
Premises and equipment	140,219
Loan servicing rights	59,567
Other intangible assets	159,532
Net deferred tax asset(2)	65,685
Other assets	552,432
Total assets acquired	21,703,700
Fair value of liabilities assumed(1)
Deposits	16,418,215
Short-term borrowings	2,629,426
Long-term borrowings	442,323
Other liabilities	353,469
Total liabilities assumed	19,843,433
Fair value of net identifiable assets	1,860,267
Goodwill resulting from Merger(1)	$	1,158,289

(1) All amounts were previously reported in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019, with the exception of the following adjustments to fair value based on additional information obtained in the first quarter of 2020: (i) loans and leases ($17.2 million decrease), (ii) net deferred tax asset ($4.0 million increase), and (iii) goodwill resulting from Merger ($13.2 million increase).

(2) Net deferred tax asset includes acquisition-related fair value adjustments, loss and tax credit carry forwards, mortgage servicing rights and core deposit and customer intangibles.

The final loan valuation adjustments also impacted interest income in the first quarter of 2020. Additional accretion of $2.4 million would have been recorded as interest income in the year ended December 31, 2019, had the final loan valuation been recorded at the Merger Date.

As described in more detail in Note 3. Summary of Significant Accounting Policies below, all Chemical loans and leases were recorded at their estimated fair value as of the Merger Date with no carryover of the related allowance for loans and lease losses. The acquired loans and leases were segregated into two classifications at acquisition, purchased credit impaired (“PCI”) loans accounted for under the provisions of legacy GAAP Accounting Standards Codification ("ASC") Topic 310-30, and purchased nonimpaired loans and leases, also referred to as purchased loans and leases. The excess of cash flows expected to be collected over the estimated fair value of PCI loans is referred to as the accretable yield and is accreted into interest income over the estimated remaining life of the loan using the effective yield method. The difference between the contractually required payments and the cash flows expected to be collected at acquisition, considering the impact of prepayment and estimates of future credit losses expected to be incurred, is referred to as the nonaccretable difference.

9

Information regarding acquired loans and leases included in net loans and leases acquired at the Merger Date was as follows:

(In thousands)
PCI loans:
Contractually required payments receivable	$	413,176
Nonaccretable difference	(63,014		)
Expected cash flows	350,162
Accretable yield	38,479
Fair value of PCI loans	$	311,683
Purchased nonimpaired loans and leases:
Unpaid principal balance	$	15,636,020
Fair value discount	(234,304		)
Fair value at acquisition	15,401,716
Total fair value at acquisition	$	15,713,399

Other intangible assets consisted of core deposits and customer relationship intangibles with estimated fair values at the Merger Date of $138.2 million and $21.3 million, respectively. Core deposit intangibles are being amortized over a weighted-average life of ten years on an accelerated basis. Customer relationship intangibles are being amortized over a weighted-average life of 15.6 years based on expected economic benefits of the underlying intangible assets. The weighted-average life of amortizable intangibles acquired in the Merger was 11 years.

As a result of the Merger, the Corporation recorded $1.2 billion of goodwill. Of the $1.2 billion, $528.0 million was attributable to Consumer Banking and $630.3 million was attributable to Commercial Banking. The goodwill recorded is not deductible for income tax purposes.

Pro Forma Combined Results of Operations The following pro forma financial information presents the consolidated results of operations of Legacy TCF and Chemical as if the Merger had occurred as of January 1, 2019 with pro forma adjustments. The pro forma adjustments give effect to any change in interest income due to the accretion of the discount (amortization of premium) associated with the fair value adjustments to acquired loans and leases, any change in interest expense due to estimated premium amortization/discount accretion associated with the fair value adjustments to acquired time deposits and borrowings and other debt, amortization of the customer relationship intangibles, and amortization of the core deposit intangibles that would have resulted had the deposits been acquired as of January 1, 2019. Merger-related expenses incurred by TCF during the three months ended March 31, 2020 are not reflected in the pro forma amounts. The pro forma information does not necessarily reflect the results of operations that would have occurred had Legacy TCF merged with Chemical at the beginning of 2019. Anticipated cost savings that have not yet been realized are also not reflected in the pro forma amounts for the three months ended March 31, 2020 and 2019.

	Three Months Ended March 31,
(In thousands, except per share data)	2020		2019
Net interest income and other noninterest income	$	538,444	$	554,724
Net income	51,899		149,068
Net income available to common shareholders	49,406		146,575
Earnings per share:
Basic	$	0.33	$	0.95
Diluted	0.32		0.95

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Note 3. Summary of Significant Accounting Policies

Accounting policies in effect at December 31, 2019, as previously disclosed in "Note 3. Summary of Significant Accounting Policies" in the Corporation’s Annual Report on Form 10-K at and for the year ended December 31, 2019, remain significantly unchanged and have been followed similarly as in previous periods except for the allowance for credit losses accounting policy, the loans and leases acquired in a business combination accounting policy, the investments securities held-to-maturity accounting policy, and the investments securities available-for-sale accounting policy, resulting from the adoption of Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and related ASUs, as described below.

Allowance for Credit Losses The Corporation's reserve methodology used to determine the appropriate level of the allowance for credit losses ("ACL") is a critical accounting estimate. The ACL is maintained at a level believed to be appropriate to provide for the current credit losses expected to be incurred by the portfolio over the life of each financial asset as of the balance sheet date, including known or anticipated problem loans and leases, as well as for loans and leases which are not currently known to require specific allowances. The Corporation individually evaluates loans and leases that do not share similar risk characteristics with other financial assets for impairment, generally this means TDR loans, previously removed TDR loans and any other loans and leases that no longer exhibit similar risk characteristics of one of the pools of financial assets used for collective evaluation. All other loans and leases are evaluated collectively for impairment. A reserve for unfunded credit commitments such as letters of credit, financial guarantees and binding unfunded loan commitments is recorded in other liabilities on the Consolidated Statements of Financial Condition.

Individually evaluated loans and leases are a key component of the ACL. Individually evaluated consumer loans are generally measured at the present value of the expected future cash flows discounted at the loan's initial effective interest rate, unless the loans are collateral dependent, in which case loan impairment is based on the fair value of the collateral less estimated selling costs. Individually evaluated commercial loans and leases are generally measured at the present value of the expected future cash flows discounted at the initial effective interest rate of the loan or lease, unless the loan or lease is collateral dependent, in which case impairment is based on the fair value of collateral less estimated selling costs; however, if payment or satisfaction of the loan or lease is dependent on the operation, rather than the sale of the collateral, the impairment does not include estimated selling costs.

The impairment for all other consumer and commercial loans and leases is evaluated collectively by various characteristics. The collective evaluation of expected losses in these portfolios is based on their probability of default multiplied by historical loss rates, as well as adjustments for forward-looking information, including industry and macroeconomic forecasts. Management has elected to use a twenty-four month reasonable and supportable forecast period with a twelve month straight line reversion to historical loss rates. Factors utilized in the determination of the amount of the allowance include historical loss experience, current economic forecasts and measurement date credit risk characteristics such as product type, lien position, delinquency, collateral value, credit bureau scores and financial statement ratios. The unfunded credit commitments depend on all the same factors, as well as estimates of exposure at default. The various quantitative and qualitative factors used in the methodologies are reviewed quarterly.

Loans and leases are charged off to the extent they are deemed to be uncollectible. Net charge-offs are included in historical data utilized for calculating the ACL. Loans that are not collateral dependent are charged off when deemed uncollectible based on specific facts and circumstances. Residential mortgage and home equity loans are charged off to the estimated fair value of the underlying collateral, less estimated selling costs, no later than 150 days past due. Additional review of the fair value, less estimated costs to sell, compared with the recorded value occurs upon foreclosure and additional charge-offs are recorded if necessary. Consumer installment loans will generally be charged off in full no later than 120 days past due, unless repossession is reasonably assured and in process, in which case the loan would be charged off to the fair value of the collateral, less estimated selling costs. Consumer loans in bankruptcy status may be charged down to the fair value of the collateral, less estimated selling costs, within 60 days past due based on specific criteria. Deposit account overdrafts are reported in other loans. Net losses on uncollectible overdrafts are reported as net charge-offs in the ACL within 60 days from the date of overdraft. Commercial loans and leases that are considered collateral dependent are charged off to estimated fair value, less estimated selling costs when it becomes probable, based on current information and events, that all principal and interest amounts will not be collectible in accordance with their contractual terms.

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The amount of the ACL significantly depends on management's estimates of key factors and assumptions affecting valuation, appraisals of collateral, evaluations of performance and status, the amounts and timing of future cash flows expected to be received, forecasts of future economic conditions and reversion periods. Such estimates, appraisals, evaluations, cash flows and forecasts may be subject to frequent adjustments due to changing economic prospects of borrowers, lessees, properties or economic conditions. These estimates are reviewed quarterly and adjustments, if necessary, are recorded in the provision for credit losses in the periods in which they become known.

Accrued interest receivable is included in other assets on the Consolidated Statements of Financial Condition, and an ACL is not recorded for these balances. Generally, when a loan or lease is placed on nonaccrual status, typically when the collection of interest or principal is 90 days or more past due, uncollected interest accrued in prior years is charged off against the ACL and interest accrued in the current year is reversed against interest income.

Management maintains a framework of controls over the estimation process for the ACL, including review of collective reserve methodologies for compliance with GAAP. Management has a quarterly process to review the appropriateness of historical observation periods and loss assumptions, risk ratings assigned to commercial loans and leases, and discount rate assumptions used to estimate the fair value of consumer real estate. Management reviews its qualitative framework and the effect on the collective reserve compared with relevant credit risk factors and consistency with credit trends. Management also maintains controls over the information systems, models and spreadsheets used in the quantitative components of the reserve estimate. This includes the quality and accuracy of historical data used to derive loss rates, the probability of default, loss given default, the inputs to industry and macroeconomic forecasts and the reversion periods utilized. The results of this process are summarized and presented to management quarterly for their approval of the recorded allowance.

See "Note 8.  Allowance for Credit Losses and Credit Quality" for further information.

Loans and Leases Acquired in a Business Combination The Corporation records loans and leases acquired in a business combination at fair value at the acquisition date and the fair value discount or premium is recognized as an adjustment to yield over the remaining life of each loan or lease. An ACL is also recorded following the Corporation’s ACL accounting policy. Purchased and acquired loans and leases are evaluated at the acquisition date and classified as either (i) loans and leases purchased without evidence of deteriorated credit quality since origination, or (ii) loans and leases purchased that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, referred to as purchased financial assets with credit deterioration ("PCD") assets. In determining whether an acquired asset should be classified as PCD, the Corporation must make numerous assumptions, interpretations and judgments using internal and third-party credit quality information to determine whether or not the asset has experienced more-than-insignificant credit deterioration since origination. This is a point in time assessment and is inherently subjective due to the nature of the available information and judgment involved. Evidence of credit quality deterioration as of the acquisition date may include statistics such as past due and nonaccrual status, recent borrower credit scores and loan-to-value percentages. The ACL estimated for PCD loans and leases as of the acquisition date is recorded as a gross-up of the loan or lease balance and the ACL. Any remaining discount or premium after the gross-up is then recognized as an adjustment to yield over the remaining life of each PCD loan or lease. After the acquisition date, the accounting for acquired loans and leases, including PCD and non-PCD loans and leases, follows the same accounting guidance as loans and leases originated by the Corporation.

See "Note 8. Allowance for Credit Losses and Credit Quality" for further information.

Investment Securities Held-to-Maturity

Investment securities held-to-maturity are carried at cost and adjusted for amortization of premiums or accretion of discounts using a level yield method; however, transfers of investment securities available-for-sale to investment securities held-to-maturity are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of each transfer is retained in accumulated other comprehensive income (loss) and in the carrying value of the held-to-maturity investment security. Such amounts are then amortized over the remaining life of the transferred investment security as an adjustment of the yield on those securities. The Corporation evaluates investment securities held-to-maturity for credit losses on a quarterly basis, and records any such losses as a component of provision for credit losses in the Consolidated Statements of Income. See "Note 6. Investment Securities" for further information on investment securities held-to-maturity.

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Investment Securities Available-for-Sale

Investment securities available-for-sale are carried at fair value with the unrealized gains or losses net of related deferred income taxes reported within accumulated other comprehensive income (loss). The cost of investment securities sold is determined on a specific identification basis and gains or losses on sales of investment securities available-for-sale are recognized on trade dates. Discounts and premiums on investment securities available-for-sale are amortized using a level yield method over the expected life of the security, or to the earliest call date for premiums on investment securities with call features. The Corporation evaluates investment securities available-for-sale for credit losses on a quarterly basis, and records any such losses as a component of provision for credit losses in the Consolidated Statements of Income. See "Note 6. Investment Securities" for further information on investment securities available-for-sale.

Recently Adopted Accounting Pronouncements

Effective January 1, 2020, the Corporation adopted ASU No. 2020-03, Codification Improvements to Financial Instruments, which is comprised of amendments intended to clarify or improve the accounting guidance for various financial instruments, including fair value measurement and disclosure, disclosures for depository and lending institutions, and the interaction between Topic 326 - Financial Instruments - Credit losses and other Topics. Each of the clarifying amendments are either not relevant to the Corporation's consolidated financial statements or further confirmed the Corporation's existing interpretation of the accounting guidance. As such, the adoption of this guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2019-08, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements-Share-Based Consideration Payable to a Customer, which requires entities to measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. The adoption of this guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which makes targeted improvements to the accounting for collaborative arrangements in response to questions raised as a result of the issuance of ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The adoption of this guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. In addition to providing variable interest entities ("VIE") guidance to private companies, this ASU contains an amendment applicable to all entities which amends how a decision maker or service provider determines whether its fee is a variable interest in a VIE when a related party under common control also has an interest in the VIE. The adoption of this guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. While the adoption of this guidance required adjustments to our fair value disclosures, it did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Under the new guidance, the Corporation will compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for any amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance largely remains unchanged. The adoption of this guidance did not have a material impact on the consolidated financial statements.

13

Effective January 1, 2020, the Corporation adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets (including off-balance sheet exposures), including trade and other receivables, debt securities held-to-maturity, loans, net investments in leases and purchased financial assets with credit deterioration. The ASU requires the use of a current expected credit loss ("CECL") methodology to determine the allowance for credit losses for loans and debt securities held-to-maturity. CECL requires loss estimates for the remaining estimated life of the asset to be measured using historical loss data as well as adjustments for current conditions and reasonable and supportable forecasts of future economic conditions. Effective January 1, 2020, the Corporation also adopted the following ASUs, which further amend the original CECL guidance in Topic 326: (i) ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20 and should be accounted for in accordance with Topic 842; (ii) ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which clarifies and corrects certain unintended applications of the guidance contained in each of the amended Topics; (iii) ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief, which provides an option to irrevocably elect the fair value option in Subtopic 825-10 to certain instruments within the scope of Subtopic 326-20 upon adoption of Topic 326; (iv) ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which clarifies that expected recoveries of amounts previously written off or expected to be written off should be included in the estimate of allowance for credit losses for purchased financial assets with credit deterioration, provides certain transition relief for TDR accounting when the discounted cash flow method is used to estimate credit losses, allows entities to elect to disclose separately the total amount of accrued interest included in the amortized cost basis as a single balance to meet certain disclosure requirements, and clarifies that an entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing financial assets when electing a practical expedient to measure the estimate of expected credit losses by comparing the amortized cost basis of the financial asset and the fair value of collateral securing the financial asset as of the reporting date. These ASUs were adopted on a modified retrospective basis.

CECL represents a significant change in GAAP and is expected to result in a significant change to industry practice, which the Corporation expects will continue to evolve over time. Our adoption resulted in an ACL as of January 1, 2020 that is larger than the allowance for loan and lease losses ("ALLL") that would have been recorded under the legacy guidance on the same date by $206.0 million in total for all portfolios. Approximately 20% of the increase from ALLL to ACL relates to originated loans and leases, with the largest impact on the consumer segment given the longer duration of the portfolios. A significant portion of the increase from ALLL to ACL is a result of new requirements to record ACL related to acquired loans and leases, regardless of any credit mark recorded. Approximately 80% of the increase from ALLL to ACL relates to acquired loans and leases, which were recorded at estimated fair value at their respective acquisition date, the majority of which relate to loans and leases acquired in the Merger. Under legacy GAAP, credit marks were included in the determination of the fair value adjustments reflected as a discount to the carrying value of the loans, and an ALLL was not recorded on acquired loans and leases until evidence of credit deterioration existed post acquisition. However, upon adoption of CECL an ACL is recorded for all acquired loans and leases based on the lifetime loss concept. Further, for acquired loans and leases that do not meet the definition of PCD, the credit and interest marks which existed from acquisition accounting as of December 31, 2019 will continue to accrete over the life of loan. For acquired loans that met the definition of PCI under legacy GAAP and converted to PCD at CECL adoption, the ACL recorded is recognized through a gross-up that increases the amortized cost basis of loans with a corresponding ACL, and therefore results in little to no impact to the cumulative effect adjustment to retained earnings. Prior to the adoption of CECL, PCI loans were not classified as nonaccrual loans because they were recorded at their net realizable value based on the principal and interest expected to be collected on the loans. At January 1, 2020, $73.4 million of previous purchased credit impaired loans were reclassified to nonaccrual loans as a result of the adoption of CECL. The adoption of CECL also resulted in an increase in the liability for unfunded commitments of $14.7 million. For other assets within the scope of the standard such as held-to-maturity investment securities, trade and other receivables, the impact from the standard was inconsequential. The cumulative tax effected adjustment to record ACL and to increase the unfunded commitment liability resulted in a reduction to retained earnings of $159.3 million. Post-adoption, as loans and leases are added to the portfolio, the Corporation expects higher levels of ACL determined by CECL assumptions, resulting in accelerated recognition of provision for credit losses, as compared to historical results. In response to the COVID-19 pandemic, the regulatory agencies published an interim final rule on March 31, 2020 that provides the option to delay the cumulative effect of the day 1 impact of CECL adoption on regulatory capital, along with 25% of the change in the adjusted allowance for credit losses (as computed for regulatory capital purposes which excludes PCD loans), for 2 years, followed by a three-year phase-in period. Management elected the 5-year transition period consistent with the March 31, 2020 interim final rule. Additional and modified disclosure requirements under CECL are included in "Note 6. Investment Securities" and "Note 8. Allowance for Credit Losses and Credit Quality."

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Recently Issued but Not Yet Adopted Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides a number of optional expedients to general accounting guidance intended to ease the burden of the accounting impacts of reference rate reform related to contract modifications and hedge accounting elections. Adoption of the expedients is allowed after March 12, 2020 and no later than December 31, 2022. Management is currently evaluating the impact of this guidance on the consolidated financial statements.

In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force), which clarifies the interactions between Topic 321, Topic 323 and Topic 815, including accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The adoption of this ASU will be required beginning with the Corporation's Quarterly Report on Form 10-Q for the quarter ending March 31, 2021. Early adoption is allowed. Management is currently evaluating the impact of this guidance on the consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify the accounting for income taxes by removing certain exceptions to the general rules found in Topic 740 - Income Taxes. The adoption of this ASU will be required beginning with the Corporation's Quarterly Report on Form 10-Q for the quarter ending March 31, 2021. Early adoption is allowed. Management is currently evaluating the impact of this guidance on the consolidated financial statements.

Note 4.  Cash and Cash Equivalents

Cash and cash equivalents include cash and due from banks and interest-bearing deposits in other banks.

As of March 26, 2020, TCF Bank was no longer required by Federal Reserve regulations to maintain reserves in cash on hand or at the Federal Reserve Bank.

The Corporation maintains cash balances that are restricted as to their use in accordance with certain obligations. Cash payments received on loans serviced for third parties are generally held in separate accounts until remitted. The Corporation may also retain cash balances for collateral on certain borrowings and derivatives. The Corporation maintained restricted cash totaling $113.8 million and $68.6 million at March 31, 2020 and December 31, 2019, respectively.

Note 5. Federal Home Loan Bank and Federal Reserve Bank Stocks

Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") stocks were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
FHLB stock, at cost	$	360,473	$	318,473
FRB stock, at cost	123,988		123,967
Total investments	$	484,461	$	442,440

The investments in FHLB stock are required investments related to the Corporation's membership and borrowings in the FHLB of Des Moines, and additional commitments from the FHLB of Indianapolis and Cincinnati. The Corporation's investments in the FHLB of Des Moines, Indianapolis and Cincinnati could be adversely impacted by the financial operations of the Federal Home Loan Banks and actions of their regulator, the Federal Housing Finance Agency. The amount of FRB stock that TCF Bank is required to hold is based on TCF Bank's capital structure. The Corporation periodically evaluates investments for impairment. There was no impairment of these investments at March 31, 2020 and December 31, 2019.

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Note 6.  Investment Securities

The amortized cost and fair value of investment securities were as follows:

	Investment Securities Available-for-sale, At Fair Value
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
At March 31, 2020
Debt securities:
Government and government-sponsored enterprises	$	218,996	$	80	$	496	$	218,580
Obligations of states and political subdivisions	850,816		16,509		769		866,556
Mortgage-backed securities:
Residential agency	4,701,950		194,932		13		4,896,869
Residential non-agency	327,663		415		4,544		323,534
Commercial agency	653,969		27,769		2,156		679,582
Commercial non-agency	39,390		328		15		39,703
Total mortgage-backed debt securities	5,722,972		223,444		6,728		5,939,688
Corporate debt and trust preferred securities	451		—		51		400
Total investment securities available-for-sale	$	6,793,235	$	240,033	$	8,044	$	7,025,224
At December 31, 2019
Debt securities:
Government and government-sponsored enterprises	$	235,045	$	18	$	678	$	234,385
Obligations of states and political subdivisions	852,096		12,446		687		863,855
Mortgage-backed securities:
Residential agency	4,492,427		68,797		6,103		4,555,121
Residential non-agency	374,046		1,166		616		374,596
Commercial agency	645,814		8,639		2,049		652,404
Commercial non-agency	39,398		17		205		39,210
Total mortgage-backed debt securities	5,551,685		78,619		8,973		5,621,331
Corporate debt and trust preferred securities	451		—		21		430
Total investment securities available-for-sale	$	6,639,277	$	91,083	$	10,359	$	6,720,001

	Investment Securities Held-to-Maturity
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
At March 31, 2020
Residential agency mortgage-backed securities	$	131,947	$	10,370	$	15	$	142,302
Corporate debt and trust preferred securities	3,672		—		—		3,672
Total investment securities held-to-maturity (1)	$	135,619	$	10,370	$	15	$	145,974
At December 31, 2019
Residential agency mortgage-backed securities	$	135,769	$	5,576	$	177	$	141,168
Corporate debt and trust preferred securities	3,676		—		—		3,676
Total investment securities held-to-maturity	$	139,445	$	5,576	$	177	$	144,844

(1) The adoption of CECL was inconsequential to held-to-maturity investment securities. At March 31, 2020 there was no allowance for credit losses for investment securities held-to-maturity.

Accrued interest receivable for investment securities was $25.3 million and $21.6 million at March 31, 2020 and December 31, 2019, respectively, and is is included in other assets on the Consolidated Statements of Financial Condition.

16

Gross unrealized losses and fair value of available-for-sale investment securities aggregated by investment category and the length of time the securities were in a continuous loss position were as follows: 

	At March 31, 2020
	Less than 12 months				12 months or more				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Investment securities available-for-sale
Debt securities:
Government and government sponsored enterprises	$	182,694	$	496	$	—	$	—	$	182,694	$	496
Obligations of states and political subdivisions	145,406		769		—		—		145,406		769
Mortgage-backed securities:
Residential agency	480		13		—		—		480		13
Residential non-agency	251,453		4,544		—		—		251,453		4,544
Commercial agency	89,607		2,156		—		—		89,607		2,156
Commercial non-agency	2,004		15		—		—		2,004		15
Total mortgage-backed debt securities	343,544		6,728		—		—		343,544		6,728
Corporate debt and trust preferred securities	400		51		—		—		400		51
Total investment securities available-for-sale	$	672,044	$	8,044	$	—	$	—	$	672,044	$	8,044

	At December 31, 2019
	Less than 12 months				12 months or more				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Investment securities available-for-sale
Debt securities:
Government and government sponsored enterprises	$	226,177	$	678	$	—	$	—	$	226,177	$	678
Obligations of states and political subdivisions	60,639		687		—		—		60,639		687
Mortgage-backed securities:
Residential agency	667,511		3,586		200,534		2,517		868,045		6,103
Residential non-agency	140,403		616		—		—		140,403		616
Commercial agency	176,880		2,049		—		—		176,880		2,049
Commercial non-agency	25,560		205		—		—		25,560		205
Total mortgage-backed debt securities	1,010,354		6,456		200,534		2,517		1,210,888		8,973
Corporate debt and trust preferred securities	430		21		—		—		430		21
Total investment securities available-for-sale	$	1,297,600	$	7,842	$	200,534	$	2,517	$	1,498,134	$	10,359

The adoption of CECL did not have a material impact on our accounting for available-for-sale investment securities. At March 31, 2020 there were 598 available-for-sale investment securities in an unrealized loss position. We have assessed each investment security with unrealized losses for credit impairment. As part of that assessment we evaluated and concluded that it is more-likely-than-not that the Corporation will not be required and does not intend to sell any of the investment securities prior to recovery of the amortized cost. Unrealized losses on investment securities were due to credit spreads and interest rates.

The gross gains and losses on sales of investment securities were as follows: 

	Three Months Ended March 31,
(In thousands)	2020		2019
Gross realized gains	$	—	$	1,622
Gross realized losses	—		1,175
Recoveries on previously impaired investment securities held-to-maturity	—		4
Net gains (losses) on investment securities	$	—	$	451

17

The amortized cost and fair value of investment securities by final contractual maturity were as follows. Securities with multiple maturity dates are classified in the period of final maturity. The final contractual maturities do not consider possible prepayments and therefore expected maturities may differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	At March 31, 2020				At December 31, 2019
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Investment Securities Available-for-Sale
Due in one year or less	$	66,096	$	66,021	$	66,124	$	66,112
Due in 1-5 years	188,565		189,294		191,364		192,065
Due in 5-10 years	551,643		569,940		547,813		555,523
Due after 10 years	5,986,931		6,199,969		5,833,976		5,906,301
Total investment securities available-for-sale	$	6,793,235	$	7,025,224	$	6,639,277	$	6,720,001
Investment Securities Held-to-Maturity
Due in 1-5 years	$	3,550	$	3,550	$	3,550	$	3,550
Due in 5-10 years	55		61		58		64
Due after 10 years	132,014		142,363		135,837		141,230
Total investment securities held-to-maturity	$	135,619	$	145,974	$	139,445	$	144,844

At March 31, 2020 and December 31, 2019, investment securities with a carrying value of $1.2 billion and $627.0 million, respectively, were pledged as collateral to secure certain deposits and borrowings.

Note 7.  Loans and Leases

Loans and leases were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
Commercial loan and lease portfolio:
Commercial and industrial	$	12,326,943	$	11,439,602
Commercial real estate	9,486,904		9,136,870
Lease financing	2,708,998		2,699,869
Total commercial loan and lease portfolio	24,522,845		23,276,341
Consumer loan portfolio:
Residential mortgage	6,435,314		6,179,805
Consumer installment	1,509,953		1,542,411
Home equity	3,453,502		3,498,907
Total consumer loan portfolio	11,398,769		11,221,123
Total loans and leases(1)	$	35,921,614	$	34,497,464

(1) Loans and leases are reported at historical cost including net direct fees and costs associated with originating and acquiring loans and leases, lease residuals, unearned income and unamortized purchase premiums and discounts. The aggregate amount of these loan and lease adjustments was $(177.8) million and $(201.5) million at March 31, 2020 and December 31, 2019, respectively.

Accrued interest receivable for loans and leases was $109.4 million and $106.5 million at March 31, 2020 and December 31, 2019, respectively, and is included in other assets on the Consolidated Statements of Financial Condition.

Acquired Loans and Leases The Corporation acquires loans and leases through business combinations and purchases of loan and lease portfolios. These loans and leases are recorded at fair value at acquisition and the fair value discount or premium is recognized as an adjustment to yield over the remaining life of each loan or lease. The Corporation purchased jumbo residential mortgage loans at fair value of $423.0 million during the three months ended March 31, 2020, none of which qualified as PCD loans.

See "Note 3. Summary of Significant Accounting Policies" for further acquired loans and leases policy information.

18

Lease Income The components of total lease income were as follows:

	Three Months Ended March 31,
(In thousands)	2020		2019
Interest income - loans and leases:
Interest income on net investment in direct financing and sales-type leases	$	34,156	$	32,384
Leasing revenue (noninterest income):
Lease income from operating lease payments	23,902		25,399
Profit recorded on commencement date on sales-type leases	3,580		7,057
Gains on sales of leased equipment	6,083		5,709
Leasing revenue	33,565		38,165
Total lease income	$	67,721	$	70,549

Loan Sales The following table summarizes the net gains on sales of loans and leases. We retain servicing on a majority of loans sold. See "Note 10. Loan Servicing Rights" for further information.

	Three Months Ended March 31,
(In millions)	2020		2019
Sale proceeds, net	$	555,182	$	274,986
Recorded investment in loans and leases sold, including accrued interest	537,180		267,109
Other	2,588		340
Net gains on sales of loans and leases	$	20,590	$	8,217

The interest-only strips on the balance sheet related to loan sales were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
Interest-only strips	$	10,951	$	12,813

We recorded $224 thousand of impairment charges on interest-only strips during the three months ended March 31, 2020 and no impairment charges during the three months ended March 31, 2019.

The Corporation's agreements to sell consumer loans typically contain certain representations, warranties and covenants regarding the loans sold or securitized. These representations, warranties and covenants generally relate to, among other things, the ownership of the loan, the validity, priority and perfection of the lien securing the loan, accuracy of information supplied to the buyer or investor, the loan's compliance with the criteria set forth in the agreement, the manner in which the loans will be serviced, payment delinquency and compliance with applicable laws and regulations. These agreements generally require the repurchase of loans or indemnification in the event we breach these representations, warranties or covenants and such breaches are not cured. In addition, some agreements contain a requirement to repurchase loans as a result of early payoffs by the borrower, early payment default of the borrower or the failure to obtain valid title. Losses related to repurchases pursuant to such representations, warranties and covenants were immaterial for the three months ended March 31, 2020 and 2019.

19

Note 8.  Allowance for Credit Losses and Credit Quality

Effective January 1, 2020, the Corporation adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and related ASUs on a modified retrospective basis. Financial information at or for the quarter ended March 31, 2020 is reflected as such. The historical financial information disclosed is in accordance with ASC Topic 310.

Allowance for Credit Losses The rollforwards of the allowance for credit losses were as follows:

(In thousands)	Consumer Loan Portfolio			Commercial Loan and Lease Portfolio			Total Loans and Leases			Unfunded Commitments(1)		Total
At or For the Three Months Ended March 31, 2020
Balance, beginning of period	$	28,572		$	84,480		$	113,052		$	3,528	$	116,580
Impact of CECL adoption	107,337			98,655			205,992			14,707		220,699
Adjusted balance, beginning of period	135,909			183,135			319,044			18,235		337,279
Charge-offs	(5,900		)	(9,749		)	(15,649		)	—		(15,649		)
Recoveries	4,760			5,412			10,172			—		10,172
Net (charge-offs) recoveries	(1,140		)	(4,337		)	(5,477		)	—		(5,477		)
Provision for credit losses(2)	40,288			52,702			92,990			3,953		96,943
Other	—			(174		)	(174		)	—		(174		)
Balance, end of period	$	175,057		$	231,326		$	406,383		$	22,188	$	428,571
At or For the Three Months Ended March 31, 2019
Balance, beginning of period	$	80,017		$	77,429		$	157,446		$	1,428	$	158,874
Charge-offs	(16,866		)	(7,565		)	(24,431		)	—		(24,431		)
Recoveries	4,857			920			5,777			—		5,777
Net (charge-offs) recoveries	(12,009		)	(6,645		)	(18,654		)	—		(18,654		)
Provision for credit losses(2)	7,258			2,864			10,122			513		10,635
Other	(969		)	27			(942		)	—		(942		)
Balance, end of period	$	74,297		$	73,675		$	147,972		$	1,941	$	149,913

(1) Reserve for unfunded commitments is recognized within other liabilities on the Consolidated Statements of Financial Condition.

(2) As a result of the adoption of CECL, effective January 1, 2020, the provision for credit losses includes the provision for unfunded commitments that was previously included within other noninterest expense.

Additional disclosures previously required by ASC Topic 310 related to the Corporation's December 31, 2019 balances are included as follows.

The allowance for loan and lease losses and loans and leases outstanding by type of allowance methodology was as follows:

	At December 31, 2019
(In thousands)	Consumer Loan Portfolio		Commercial Loan and Lease Portfolio		Total Loans and Leases
Allowance for loan and lease losses
Collectively evaluated for impairment	$	26,430	$	75,756	$	102,186
Individually evaluated for impairment	1,468		5,769		7,237
Loans acquired with deteriorated credit quality	674		2,955		3,629
Total	$	28,572	$	84,480	$	113,052
Loans and leases outstanding
Collectively evaluated for impairment	$	11,087,534	$	22,986,607	$	34,074,141
Individually evaluated for impairment	60,694		115,843		176,537
Loans acquired with deteriorated credit quality	72,895		173,891		246,786
Total	$	11,221,123	$	23,276,341	$	34,497,464

20

Information on impaired loans and leases at December 31, 2019 was as follows:

	At December 31, 2019
(In thousands)	Unpaid Contractual Balance		Loan and Lease Balance		Related Allowance Recorded
Impaired loans and leases with an allowance recorded:
Commercial loan and lease portfolio:
Commercial and industrial	$	20,069	$	20,090	$	2,844
Commercial real estate	4,225		3,962		333
Lease financing	10,956		10,956		2,592
Total commercial loan and lease portfolio	35,250		35,008		5,769
Consumer loan portfolio:
Residential mortgage	24,297		22,250		1,030
Home equity	9,418		8,791		438
Total consumer loan portfolio	33,715		31,041		1,468
Total impaired loans and leases with an allowance recorded	68,965		66,049		7,237
Impaired loans and leases without an allowance recorded:
Commercial loan and lease portfolio:
Commercial and industrial	55,889		39,098		—
Commercial real estate	69,143		41,737		—
Total commercial loan and lease portfolio	125,032		80,835		—
Consumer loan portfolio:
Residential mortgage	31,142		22,594		—
Consumer installment	2,095		880		—
Home equity	24,709		6,179		—
Total consumer loan portfolio	57,946		29,653		—
Total impaired loans and leases without an allowance recorded	182,978		110,488		—
Total impaired loans and leases	$	251,943	$	176,537	$	7,237

21

Accruing and Nonaccrual Loans and Leases The Corporation's key credit quality indicator is the receivable's payment performance status, defined as accruing or not accruing. Nonaccrual loans and leases are those which management believes have a higher risk of loss. Delinquent balances are determined based on the contractual terms of the loan or lease. Loans and leases that are over 90 days delinquent are a leading indicator for future charge-off trends and are generally placed on nonaccrual status. The Corporation's accruing and nonaccrual loans and leases were as follows:

(In thousands)	Current		30-89 Days Delinquent and Accruing		90 Days or More Delinquent and Accruing		Total  Accruing		Nonaccrual(1)		Total
At March 31, 2020
Commercial loan and lease portfolio:
Commercial and industrial	$	12,188,493	$	54,183	$	110	$	12,242,786	$	84,157	$	12,326,943
Commercial real estate	9,395,692		42,738		1,442		9,439,872		47,032		9,486,904
Lease financing	2,653,675		39,108		3,045		2,695,828		13,170		2,708,998
Total commercial loan and lease portfolio	24,237,860		136,029		4,597		24,378,486		144,359		24,522,845
Consumer loan portfolio:
Residential mortgage	6,350,832		21,949		553		6,373,334		61,980		6,435,314
Consumer installment	1,504,344		4,615		5		1,508,964		989		1,509,953
Home equity	3,380,076		29,864		415		3,410,355		43,147		3,453,502
Total consumer loan portfolio	11,235,252		56,428		973		11,292,653		106,116		11,398,769
Total	$	35,473,112	$	192,457	$	5,570	$	35,671,139	$	250,475	$	35,921,614
At December 31, 2019
Commercial loan and lease portfolio:
Commercial and industrial	$	11,283,832	$	29,780	$	331	$	11,313,943	$	53,812	$	11,367,755
Commercial real estate	8,993,360		10,291		1,440		9,005,091		29,735		9,034,826
Lease financing	2,662,354		24,657		1,901		2,688,912		10,957		2,699,869
Total commercial loan and lease portfolio	22,939,546		64,728		3,672		23,007,946		94,504		23,102,450
Consumer loan portfolio:
Residential mortgage	6,056,817		17,245		559		6,074,621		38,577		6,113,198
Consumer installment	1,536,714		4,292		108		1,541,114		714		1,541,828
Home equity	3,434,771		22,568		—		3,457,339		35,863		3,493,202
Total consumer loan portfolio	11,028,302		44,105		667		11,073,074		75,154		11,148,228
Purchased credit impaired loans(1)	217,206		3,843		25,737		246,786		—		246,786
Total	$	34,185,054	$	112,676	$	30,076	$	34,327,806	$	169,658	$	34,497,464

(1) Prior to the adoption of CECL as of January 1, 2020, purchased credit impaired loans were not classified as nonaccrual loans because they were recorded at their net realizable value based on the principal and interest expected to be collected on the loans. At January 1, 2020, $73.4 million of previous purchased credit impaired loans were reclassified to nonaccrual loans as a result of the adoption of CECL.

22

Loans and leases that are 90 days or more delinquent and accruing by year of origination were as follows:

			Amortized Cost Basis
(In thousands)	Term Loans and Leases by Origination Year												Revolving Loans and Leases		Revolving Loans and Leases Converted to Term Loans and Leases
At March 31, 2020	2020		2019		2018		2017		2016		Prior						Total
Commercial loan and lease portfolio:
Commercial and industrial	$	—	$	—	$	—	$	67	$	39	$	4	$	—	$	—	$	110
Commercial real estate	—		—		115		—		—		1,327		—		—		1,442
Lease financing	—		2,012		691		152		60		130		—		—		3,045
Total commercial loan and lease portfolio	—		2,012		806		219		99		1,461		—		—		4,597
Consumer loan portfolio:
Residential mortgage	—		—		—		—		—		553		—		—		553
Consumer installment	5		—		—		—		—		—		—		—		5
Home equity	—		—		—		—		—		—		415		—		415
Total consumer loan portfolio	5		—		—		—		—		553		415		—		973
Total 90 days or more delinquent and accruing	$	5	$	2,012	$	806	$	219	$	99	$	2,014	$	415	$	—	$	5,570

Nonaccrual loans and leases by year of origination were as follows:

			Amortized Cost Basis
(In thousands)	Term Loans and Leases by Origination Year												Revolving Loans and Leases		Revolving Loans and Leases Converted to Term Loans and Leases
At March 31, 2020	2020		2019		2018		2017		2016		Prior						Total
Commercial loan and lease portfolio:
Commercial and industrial	$	296	$	5,192	$	12,329	$	15,382	$	13,883	$	29,984	$	7,091	$	—	$	84,157
Commercial real estate	—		457		3,758		4,457		9,707		28,653		—		—		47,032
Lease financing	—		1,413		2,065		4,496		1,764		2,546		—		886		13,170
Total commercial loan and lease portfolio	296		7,062		18,152		24,335		25,354		61,183		7,091		886		144,359
Consumer loan portfolio:
Residential mortgage	267		1,517		2,383		2,673		1,857		52,338		—		945		61,980
Consumer installment	—		33		241		122		70		438		85		—		989
Home equity	528		1,883		684		365		215		4,895		33,688		889		43,147
Total consumer loan portfolio	795		3,433		3,308		3,160		2,142		57,671		33,773		1,834		106,116
Total nonaccrual loans and leases	$	1,091	$	10,495	$	21,460	$	27,495	$	27,496	$	118,854	$	40,864	$	2,720	$	250,475

23

The average balance of nonaccrual loans and leases and interest income recognized on nonaccrual loans and leases were as follows:

	Three Months Ended March 31,
	2020				2019
(In thousands)	Average Loan and Lease Balance(1)		Interest Income Recognized(1)		Average Loan and Lease Balance		Interest Income Recognized
Commercial loan and lease portfolio:
Commercial and industrial	$	68,985	$	1,709	$	21,605	$	71
Commercial real estate	38,383		1,784		2,562		—
Lease financing	12,063		51		9,485		34
Total commercial loan and lease portfolio	119,431		3,544		33,652		105
Consumer loan portfolio:
Residential mortgage	50,278		638		34,169		78
Consumer installment	852		25		8,807		—
Home equity	39,505		156		27,973		40
Total consumer loan portfolio	90,635		819		70,949		118
Total nonaccrual loans and leases	$	210,066	$	4,363	$	104,601	$	223

(1) At January 1, 2020, $73.4 million of previously purchased credit impaired loans were reclassified to nonaccrual loans as a result of the adoption of CECL. Beginning January 1, 2020, interest income, including the related purchase accounting accretion and amortization is included related to these loans.

In addition to the receivable's payment performance status, credit quality is also analyzed using risk categories, which vary based on the size and type of credit risk exposure and additionally measure liquidity, debt capacity, coverage and payment behavior as shown in the borrower's financial statements. The risk categories also measure the quality of the borrower's management and the repayment support offered by any guarantors. Loan and lease credit classifications are derived from standard regulatory rating definitions, which include: pass, special mention, substandard, doubtful and loss. Substandard and doubtful loans and leases have well-defined weaknesses, but may never result in a loss.

24

The amortized cost basis of loans and leases by credit risk categories and year of origination was as follows:

	Amortized Cost Basis
(In thousands)	Term Loans and Leases by Origination Year												Revolving Loans and Leases(1)		Revolving Loans and Leases Converted to Term Loans and Leases(2)
At March 31, 2020	2020		2019		2018		2017		2016		Prior						Total
Commercial loan and lease portfolio:
Commercial and industrial
Pass	$	791,458	$	2,781,870	$	1,607,788	$	940,905	$	630,425	$	917,788	$	4,058,569	$	40,089	$	11,768,892
Special mention	667		15,050		47,411		37,612		26,010		45,499		139,147		1,259		312,655
Substandard	1,526		17,159		43,437		14,028		29,873		45,130		88,036		—		239,189
Doubtful	—		—		1,500		4,199		—		508		—		—		6,207
Total commercial and industrial	793,651		2,814,079		1,700,136		996,744		686,308		1,008,925		4,285,752		41,348		12,326,943
Commercial real estate
Pass	685,194		2,328,888		2,141,432		1,671,351		889,876		1,436,544		1,077		—		9,154,362
Special mention	—		38,094		16,882		97,826		36,102		50,891		—		—		239,795
Substandard	—		662		5,516		9,043		16,622		60,904		—		—		92,747
Total commercial real estate	685,194		2,367,644		2,163,830		1,778,220		942,600		1,548,339		1,077		—		9,486,904
Lease financing
Pass	262,563		935,170		549,772		357,029		212,876		89,606		44,682		200,917		2,652,615
Special mention	660		5,154		3,781		4,256		2,899		2,327		—		11,524		30,601
Substandard	3,371		3,596		3,371		6,365		2,596		3,533		—		2,950		25,782
Total lease financing	266,594		943,920		556,924		367,650		218,371		95,466		44,682		215,391		2,708,998
Total commercial	1,745,439		6,125,643		4,420,890		3,142,614		1,847,279		2,652,730		4,331,511		256,739		24,522,845
Consumer loan portfolio:
Residential mortgage
Pass	504,871		1,526,611		1,045,969		668,442		618,565		1,987,061		—		16,554		6,368,073
Special mention	—		393		—		—		—		382		—		—		775
Substandard	267		1,517		2,599		2,807		1,857		56,474		—		945		66,466
Total residential mortgage	505,138		1,528,521		1,048,568		671,249		620,422		2,043,917		—		17,499		6,435,314
Consumer installment
Pass	97,037		483,133		258,519		266,110		189,150		179,147		35,851		—		1,508,947
Substandard	—		42		241		122		70		438		93		—		1,006
Total consumer installment	97,037		483,175		258,760		266,232		189,220		179,585		35,944		—		1,509,953
Home equity
Pass	11,857		68,988		68,945		56,168		41,278		172,810		2,956,158		29,015		3,405,219
Special mention	—		230		—		37		—		372		30		—		669
Substandard	625		2,166		757		365		267		5,353		37,129		952		47,614
Total home equity	12,482		71,384		69,702		56,570		41,545		178,535		2,993,317		29,967		3,453,502
Total consumer	614,657		2,083,080		1,377,030		994,051		851,187		2,402,037		3,029,261		47,466		11,398,769
Total loans and leases	$	2,360,096	$	8,208,723	$	5,797,920	$	4,136,665	$	2,698,466	$	5,054,767	$	7,360,772	$	304,205	$	35,921,614

(1) This balance includes $44.7 million of leased equipment that has been provided to lessees under certain master lease agreements. Under these agreements, the total amount of equipment included in each lease is provided over time, and additional amounts are required to be provided to the respective lessees in future accounting periods.

(2) This balance includes $256.7 million of leased equipment that has been provided to lessees under certain master lease agreements. Under these agreements, the total amount of equipment included in each lease was provided over time, and all equipment required by the lease has been provided to the respective lessees in current or previous accounting periods.

25

The recorded investment of loans and leases by credit risk categories as of December 31, 2019 was as follows:

(In thousands)	Pass		Special Mention		Substandard		Total
At December 31, 2019
Commercial loan and lease portfolio:
Commercial and industrial	$	10,930,939	$	315,097	$	193,566	$	11,439,602
Commercial real estate	8,891,361		170,114		75,395		9,136,870
Lease financing	2,646,874		28,091		24,904		2,699,869
Total commercial loan and lease portfolio	22,469,174		513,302		293,865		23,276,341
Consumer loan portfolio:
Residential mortgage	6,135,096		565		44,144		6,179,805
Consumer installment	1,541,524		—		887		1,542,411
Home equity	3,457,292		456		41,159		3,498,907
Total consumer loan portfolio	11,133,912		1,021		86,190		11,221,123
Total loans and leases	$	33,603,086	$	514,323	$	380,055	$	34,497,464

Troubled Debt Restructurings In certain circumstances, The Corporation may consider modifying the terms of a loan for economic or legal reasons related to the customer's financial difficulties. If the Corporation grants a concession, the modified loan is classified as a troubled debt restructuring ("TDR"). TDRs typically involve a deferral of the principal balance of the loan, a reduction of the stated interest rate of the loan or, in certain limited circumstances, a reduction of the principal balance of the loan or the loan's accrued interest. All loans classified as TDR loans are considered to be impaired.

The following table presents the recorded investment of loan modifications first classified as TDRs during the periods presented:

	Three Months Ended March 31,
	2020				2019
(In thousands)	Pre-modification Investment		Post-modification Investment		Pre-modification Investment		Post-modification Investment
Commercial loan and lease portfolio:
Commercial and industrial	$	5,751	$	5,751	$	1,195	$	1,195
Commercial real estate	106		106		569		569
Total commercial loan and lease portfolio	5,857		5,857		1,764		1,764
Consumer loan portfolio:
Residential mortgage	3,222		3,157		1,385		1,378
Consumer installment	376		353		—		—
Home equity	997		996		1,666		1,654
Total consumer loan portfolio	4,595		4,506		3,051		3,032
Total	$	10,452	$	10,363	$	4,815	$	4,796

The following table presents TDR loans:

	At March 31, 2020						At December 31, 2019
(In thousands)	Accruing TDR Loans		Nonaccrual TDR Loans		Total TDR Loans		Accruing TDR Loans		Nonaccrual TDR Loans		Total TDR Loans
Commercial loan and lease portfolio	$	9,655	$	10,313	$	19,968	$	12,986	$	5,356	$	18,342
Consumer loan portfolio	13,248		17,331		30,579		12,403		14,875		27,278
Total	$	22,903	$	27,644	$	50,547	$	25,389	$	20,231	$	45,620

Commitments to lend additional funds to borrowers whose terms have been modified in TDRs were $840 thousand and $638 thousand at March 31, 2020 and December 31, 2019, respectively.

Loan modifications to troubled borrowers are no longer disclosed as TDR loans in the calendar years after modification if the loans were modified to an interest rate equal to or greater than the yields of new loan originations with comparable risk at the time of restructuring and if the loan is performing based on the restructured terms; however, these loans are still considered impaired and follow the Corporation's impaired loan reserve policies.

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The following table summarizes the TDR loans that defaulted during the periods presented that were modified during the respective reporting period or within one year of the beginning of the respective reporting period. The Corporation considers a loan to have defaulted when under the modified terms it becomes 90 or more days delinquent, has been transferred to nonaccrual status, has been charged down or has been transferred to other real estate owned or repossessed and returned assets.

	Three Months Ended March 31,
(In thousands)	2020		2019
Defaulted TDR loan balances modified during the applicable period
Consumer loan portfolio:
Residential mortgage	$	630	$	190
Consumer installment	—		536
Home equity	59		94
Total consumer loan portfolio	689		820
Defaulted TDR loan balances	$	689	$	820

Other Real Estate Owned and Repossessed and Returned Assets Other real estate owned and repossessed and returned assets were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
Other real estate owned	$	38,914	$	34,256
Repossessed and returned assets	10,196		8,045
Consumer loans in process of foreclosure	18,693		17,758

Other real estate owned and repossessed and returned assets were written down $842 thousand and $1.8 million during the three months ended March 31, 2020 and March 31, 2019, respectively, and were included in other assets on the Consolidated Statements of Financial Condition.

Note 9. Goodwill

Goodwill was as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
Goodwill related to consumer banking segment	$	771,555	$	764,389
Goodwill related to commercial banking segment	541,491		535,489
Goodwill, net	$	1,313,046	$	1,299,878

The Corporation recorded goodwill in the amount of $1.2 billion related to the merger with Legacy TCF completed on August 1, 2019. Goodwill was allocated to the appropriate reporting unit based on the relative fair value of assets acquired and deposits held by the reporting unit. This methodology allocates goodwill in proportion to the assets held by each reporting unit as well as incorporating the value of the funding source provided by the in place deposits. The reporting units aggregate between the Consumer Banking and Commercial Banking segments. See "Note 2. Merger" for further information. There was no impairment of goodwill for the three months ended March 31, 2020 and 2019.

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Note 10. Loan Servicing Rights

Information regarding LSRs was as follows:

(In thousands)	At or For the Three Months Ended March 31, 2020
Balance, beginning of period	$	56,313
New servicing assets created	2,451
Impairment (charge) recovery	(8,236		)
Amortization	(3,245		)
Balance, end of period	$	47,283
Valuation allowance, end of period	$	(12,118	)
Loans serviced for others that have servicing rights capitalized, end of period	$	6,444,101

Total loan servicing, late fee and other ancillary fee income, included in servicing fee income, related to loans serviced for others that have servicing rights capitalized was $4.2 million for the three months ended March 31, 2020.

Note 11. Investments in Qualified Affordable Housing Projects, Federal Historic Projects and New Market Tax Credits

The Corporation invests in qualified affordable housing projects, federal historic projects, and new market tax credits for the purposes of community reinvestment and to obtain tax credits. Return on the Corporation's investment in these projects comes in the form of pass-through tax credits and tax losses. The carrying value of the investments is included in other assets. The Corporation primarily utilizes the proportional amortization method to account for investments in qualified affordable housing projects and the equity method to account for investments in other tax credit projects.

Under the proportional amortization method, the Corporation amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits. The Corporation recognized amortization expense of investments in qualified affordable housing projects of $5.3 million and $2.5 million for the three months ended March 31, 2020 and 2019, respectively. Amortization expense was offset by tax credits and other benefits of $6.6 million and $3.0 million for the three months ended March 31, 2020 and 2019, respectively. The Corporation's remaining investment in qualified affordable housing projects totaled $203.4 million and $195.8 million at March 31, 2020 and December 31, 2019, respectively.

Under the equity method, the Corporation's share of the earnings or losses is included in other noninterest expense. The Corporation's remaining investment in the federal historic projects, and Ohio historic preservation tax credits totaled $46.0 million and $43.6 million at March 31, 2020 and December 31, 2019, respectively. During the three months ended March 31, 2020, $0.3 million of income tax benefit was recognized due to the federal historic tax credits, which was partially offset by amortization expense, inclusive of impairment, of $0.2 million. During the three months ended March 31, 2020, state tax credits, inclusive of impairment, totaled $0.4 million.

The Corporation's unfunded equity contributions relating to investments in qualified affordable housing projects, federal historic projects and new market tax credits are included in other liabilities. The Corporation's remaining unfunded equity contributions totaled $143.8 million and $131.3 million at March 31, 2020 and December 31, 2019, respectively.

Management analyzes these investments for potential impairment when events or changes in circumstances indicate that it is more-likely-than-not that the carrying amount of the investment will not be realized. An impairment loss is measured as the amount by which the carrying amount of an investment exceeds its fair value.

Investments in qualified affordable housing projects, federal historic projects and new market tax credits are considered VIEs because TCF, as a limited partner, lacks the power to direct the activities that most significantly impact the entities' economic performance. TCF has concluded it is not the primary beneficiary and therefore, they are not consolidated. The maximum exposure to loss on the VIE investments is limited to the carrying amount of the investments and the potential recapture of any recognized tax credits. TCF believes the likelihood of the tax credits being recaptured is remote, as a loss would only take place if the managing entity failed to meet certain government compliance requirements. Further, certain of TCF's investments in affordable housing limited liability entities include guaranteed minimum returns which are backed by an investment grade credit-rated company, which reduces the risk of loss.

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Note 12. Borrowings

TCF Bank is a member of the FHLB, which provides short- and long-term funding collateralized by mortgage related assets to its members.

Collateralized Deposits include TCF Bank's Repurchase Investment Sweep Agreement product collateralized by mortgage-backed securities, and funds deposited by customers that are collateralized by investment securities owned by TCF Bank, as these deposits are not covered by FDIC insurance.

Short-term borrowings (borrowings with an original maturity of less than one year) were as follows:

	At March 31, 2020				At December 31, 2019
(Dollars in thousands)	Amount		Weighted-average Rate		Amount		Weighted-average Rate
FHLB advances	$	3,200,000	0.61	%	$	2,450,000	1.85	%
Collateralized Deposits	202,535		0.64		219,145		0.64
Line-of-Credit - TCF Financial Corporation	80,000		2.64		—		—
Total short-term borrowings	$	3,482,535	0.66		$	2,669,145	1.75

On March 9, 2020, TCF Financial amended its $50.0 million unsecured 364-day revolving credit facility with an unaffiliated bank to expand borrowing capacity to $150.0 million, which is available to be used, as needed, to fund growth, common stock repurchases or other general corporate purposes. As of March 31, 2020, $80.0 million was outstanding on the revolving credit facility. The revolving credit facility contains covenants related to various capital adequacy levels, asset quality and profitability ratios that must be maintained, and certain restrictions on levels of indebtedness. TCF Financial was in compliance with all covenants at March 31, 2020.

Long-term borrowings were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
FHLB advances	$	2,071,480	$	1,822,058
Subordinated debt obligations	437,504		428,470
Discounted lease rentals	88,593		100,882
Finance lease obligation	3,017		3,038
Total long-term borrowings	$	2,600,594	$	2,354,448

On May 1, 2020, TCF Bank priced an offering of $150.0 million of fixed-to-floating rate subordinated notes (the “2030 Notes”), which closed on May 6, 2020 at par. The 2030 Notes, due May 6, 2030, bear an initial interest rate of 5.50% per annum, payable semi-annually in arrears on May 6 and November 6, commencing on November 6, 2020. The 2030 Notes are redeemable at TCF Bank's option beginning on May 6, 2025. Effective May 6, 2025, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 509 basis points, payable quarterly in arrears on February 6, May 6, August 6 and November 6, commencing on May 6, 2025. TCF Bank incurred issuance costs of approximately $1.6 million that are amortized as interest expense over the full term of the 2030 Notes using the effective interest method.

At March 31, 2020, TCF Bank had pledged loans secured by consumer and commercial real estate with an aggregate carrying value of $11.3 billion to provide borrowing capacity from the FHLB. At March 31, 2020, $1.8 billion of the FHLB advances outstanding were prepayable at the Corporation's option.

At March 31, 2020, TCF Bank had pledged loans and leases with an aggregate carrying value of $4.0 billion to provide borrowing capacity from the Federal Reserve Bank discount window. No borrowings were sourced from this facility at March 31, 2020.

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The contractual maturities of long-term borrowings at March 31, 2020 were as follows:

(In thousands)
Remainder of 2020	$	62,726
2021	1,818,472
2022	142,766
2023	23,658
2024	10,424
Thereafter	542,548
Total long-term borrowings	$	2,600,594

Note 13.  Accumulated Other Comprehensive Income (Loss)

The components of other comprehensive income (loss), reclassifications from accumulated other comprehensive income (loss) to various financial statement line items and the related tax effects were as follows:

	Three Months Ended March 31,
	2020									2019
(In thousands)	Before Tax			Tax Effect			Net of Tax			Before Tax			Tax Effect			Net of Tax
Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips:
Net unrealized gains (losses) arising during the period	$	150,744		$	(35,607	)	$	115,137		$	48,628		$	(11,836	)	$	36,792
Reclassification of net (gains) losses from accumulated other comprehensive income (loss) to:
Total interest income	754			(177		)	577			1,370			(333		)	1,037
Net gains (losses) on investment securities	—			—			—			(447		)	109			(338		)
Other noninterest expense	173			(40		)	133			(162		)	39			(123		)
Amounts reclassified from accumulated other comprehensive income (loss)	927			(217		)	710			761			(185		)	576
Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips	151,671			(35,824		)	115,847			49,389			(12,021		)	37,368
Recognized postretirement prior service cost:
Reclassification of amortization of prior service cost to other noninterest expense	(12		)	3			(9		)	(12		)	4			(8		)
Foreign currency translation adjustment(1)	(14,426		)	—			(14,426		)	3,567			—			3,567
Net unrealized gains (losses) on net investment hedges	13,695			(3,214		)	$	10,481		(3,050		)	742			(2,308		)
Total other comprehensive income (loss)	$	150,928		$	(39,035	)	$	111,893		$	49,894		$	(11,275	)	$	38,619

(1) Foreign investments are deemed to be permanent in nature and, therefore, TCF does not provide for taxes on foreign currency translation adjustments.

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The components of accumulated other comprehensive income (loss) were as follows:

(In thousands)	Net Unrealized Gains (Losses) on Available-for-Sale Investment Securities and Interest-only Strips			Net Unrealized Gains (Losses) on Net Investment Hedges			Foreign Currency Translation Adjustment			Recognized Postretirement Prior Service Cost			Total
At or For the Three Months Ended March 31, 2020
Balance, beginning of period	$	56,098		$	9,800		$	(11,697	)	$	76		$	54,277
Other comprehensive income (loss)	115,137			10,481			(14,426		)	—			111,192
Amounts reclassified from accumulated other comprehensive income (loss)	710			—			—			(9		)	701
Net other comprehensive income (loss)	115,847			10,481			(14,426		)	(9		)	111,893
Balance, end of period	$	171,945		$	20,281		$	(26,123	)	$	67		$	166,170
At or For the Three Months Ended March 31, 2019
Balance, beginning of period	$	(28,022	)	$	14,986		$	(20,211	)	$	109		$	(33,138	)
Other comprehensive income (loss)	36,792			(2,308		)	3,567			—			38,051
Amounts reclassified from accumulated other comprehensive income (loss)	576			—			—			(8		)	568
Net other comprehensive income (loss)	37,368			(2,308		)	3,567			(8		)	38,619
Balance, end of period	$	9,346		$	12,678		$	(16,644	)	$	101		$	5,481

Note 14.  Regulatory Capital Requirements

TCF and TCF Bank are subject to minimum capital requirements administered by the federal banking regulators. Failure to meet minimum capital requirements can initiate certain mandatory, and possible additional discretionary, actions by the federal banking regulators that could have a material adverse effect on TCF. In general, TCF Bank may not declare or pay a dividend to TCF in excess of 100% of its net retained earnings for the current year combined with its net retained earnings for the preceding two calendar years, which was $121.4 million at March 31, 2020, without prior approval of the Office of the Comptroller of the Currency ("OCC"). The OCC also has the authority to prohibit the payment of dividends by a national bank when it determines such payments would constitute an unsafe and unsound banking practice. TCF Bank's ability to make capital distributions in the future may require regulatory approval and may be restricted by its federal banking regulators. TCF Bank's ability to make any such distributions will also depend on its earnings and ability to meet minimum regulatory capital requirements in effect during future periods. In the future, these capital adequacy standards may be higher than existing minimum regulatory capital requirements.

The Basel III capital standards allowed institutions not subject to the advanced approaches requirements to opt out of including components of accumulated other comprehensive income (loss) in common equity Tier 1 capital. TCF and TCF Bank made the one-time permanent election to not include accumulated other comprehensive income (loss) in regulatory capital.

Effective January 1, 2020, the Corporation adopted CECL. In response to the COVID-19 pandemic, the regulatory agencies published an interim final rule on March 31, 2020 that provides the option to delay the cumulative effect of the day 1 impact of CECL adoption on regulatory capital, along with 25% of the change in the adjusted allowance for credit losses (as computed for regulatory capital purposes which excludes PCD loans), for two years, followed by a three-year phase-in period. Management elected the 5-year transition period consistent with the March 31, 2020 interim final rule.

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Regulatory capital information for TCF and TCF Bank was as follows:

	TCF						TCF Bank
	At March 31,			At December 31,			At March 31,			At December 31,			Well-capitalized Standard		Minimum Capital Requirement(1)
(Dollars in thousands)	2020			2019			2020			2019
Regulatory Capital:
Common equity Tier 1 capital	$	4,026,304		$	4,050,826		$	4,035,278		$	4,039,191
Tier 1 capital	4,225,755			4,236,648			4,065,427			4,059,417
Total capital	4,744,899			4,681,630			4,565,533			4,524,051
Regulatory Capital Ratios:
Common equity Tier 1 capital ratio	10.44		%	10.99		%	10.48		%	10.97		%	6.50	%	4.50	%
Tier 1 risk-based capital ratio	10.96			11.49			10.56			11.03			8.00		6.00
Total risk-based capital ratio	12.31			12.70			11.86			12.29			10.00		8.00
Tier 1 leverage ratio	9.27			9.49			8.93			9.10			5.00		4.00

(1) Excludes capital conservation buffer of 2.5% at both March 31, 2020 and December 31, 2019.

Note 15.  Derivative Instruments

Derivative instruments, recognized at fair value within other assets or other liabilities on the Consolidated Statements of Financial Condition, were as follows:

	At March 31, 2020
			Fair Value
(In thousands)	Notional Amount(1)		Derivative Assets			Derivative Liabilities
Derivatives designated as hedging instruments
Interest rate contract	$	150,000	$	—		$	3
Forward foreign exchange contracts	167,488		5,938			—
Total derivatives designated as hedging instruments			$	5,938		$	3
Derivatives not designated as hedging instruments
Interest rate contracts	$	5,875,131	$	283,410		$	15,967
Risk participation agreements	398,579		22			118
Forward foreign exchange contracts	239,076		3,250			2,200
Interest rate lock commitments	452,544		13,134			4
Forward loan sales commitments	539,741		26			8,819
Power Equity CDs	27,726		509			509
Swap agreement	12,652		—			286
Total derivatives not designated as hedging instruments			$	300,351		$	27,903
Total derivatives before netting			306,289			27,906
Netting(2)			(11,433		)	(4,731		)
Total derivatives, net			$	294,856		$	23,175

(1) Notional or contract amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Statements of Financial Condition.

(2) Includes netting of derivative asset and liability balances and related cash collateral, where counterparty netting agreements are in place.

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	At December 31, 2019
			Fair Value
(In thousands)	Notional Amount(1)		Derivative Assets			Derivative Liabilities
Derivatives designated as hedging instruments
Interest rate contract	$	150,000	$	—		$	168
Forward foreign exchange contracts	177,593		—			3,251
Total derivatives designated as hedging instruments			$	—		$	3,419
Derivatives not designated as hedging instruments
Interest rate contracts	$	5,095,969	$	102,893		$	5,872
Risk participation agreements	316,353		202			354
Forward foreign exchange contracts	262,656		—			3,268
Interest rate lock commitments	158,111		2,772			20
Forward loan sales commitments	174,013		41			289
Power Equity CD	29,009		734			734
Swap agreement	12,652		—			356
Total derivatives not designated as hedging instruments			$	106,642		$	10,893
Total derivatives before netting			$	106,642		$	14,312
Netting(2)			(540		)	(5,109		)
Total derivatives, net			$	106,102		$	9,203

(1) Notional or contract amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Statements of Financial Condition.

(2) Includes netting of derivative asset and liability balances and related cash collateral, where counterparty netting agreements are in place.

Derivative instruments may be subject to master netting arrangements and collateral arrangements and qualify for offset in the Consolidated Statements of Financial Condition. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. Derivative instruments subject to master netting arrangements and collateral arrangements are recognized on a net basis in the Consolidated Statements of Financial Condition. The gross amounts recognized, gross amounts offset and net amount presented of derivative instruments were as follows:

	At March 31, 2020
(In thousands)	Gross Amounts Recognized		Gross Amounts  Offset(1)			Net Amount Presented
Derivative assets
Interest rate contracts	$	283,410	$	(2,215	)	$	281,195
Risk participation agreements	22		—			22
Forward foreign exchange contracts	9,188		(9,188		)	—
Interest rate lock commitments	13,134		(4		)	13,130
Forward loan sales commitments	26		(26		)	—
Power Equity CDs	509		—			509
Total derivative assets	$	306,289	$	(11,433	)	$	294,856
Derivative liabilities
Interest rate contracts	$	15,970	$	(2,215	)	$	13,755
Risk participation agreements	118		—			118
Forward foreign exchange contracts	2,200		(2,200		)	—
Interest rate lock commitments	4		(4		)	—
Forward loan sales commitments	8,819		(26		)	8,793
Power Equity CDs	509		—			509
Swap agreement	286		(286		)	—
Total derivative liabilities	$	27,906	$	(4,731	)	$	23,175

(1) Includes the amounts with counterparties subject to enforceable master netting arrangements that have been offset in the Consolidated Statements of Financial Condition.

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	At December 31, 2019
(In thousands)	Gross Amounts Recognized		Gross Amounts Offset(1)			Net Amount Presented
Derivative assets
Interest rate contracts	$	102,893	$	(492	)	$	102,401
Risk participation agreements	202		—			202
Forward foreign exchange contracts	—		—			—
Interest rate lock commitments	2,772		(7		)	2,765
Forward loan sales commitments	41		(41		)	—
Power Equity CDs	734		—			734
Total derivative assets	$	106,642	$	(540	)	$	106,102
Derivative liabilities
Interest rate contracts	$	6,040	$	(491	)	$	5,549
Risk participation agreements	354		—			354
Forward foreign exchange contracts	6,519		(4,214		)	2,305
Interest rate lock commitments	20		(7		)	13
Forward loan sales commitments	289		(41		)	248
Power Equity CD	734		—			734
Swap agreement	356		(356		)	—
Total derivative liabilities	$	14,312	$	(5,109	)	$	9,203

(1) Includes the amounts with counterparties subject to enforceable master netting arrangements that have been offset in the Consolidated Statements of Financial Condition.

Derivatives Designated as Hedging Instruments

Interest rate contract The carrying amount of the hedged subordinated debt, including the cumulative basis adjustment related to the application of fair value hedge accounting, is recorded in long-term borrowings on the Consolidated Statements of Financial Condition and was as follows:

	Carrying Amount  of the Hedged Liability				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability
(In thousands)	At March 31, 2020		At December 31, 2019		At March 31, 2020		At December 31, 2019
Subordinated bank note - 2025	$	160,340	$	151,454	$	11,602	$	2,773

The following table summarizes the effect of fair value hedge accounting on the Consolidated Statements of Income for the three months ended March 31, 2020 and 2019.

	Three Months Ended March 31,
(In thousands)	2020			2019
Statement of income line where the gain (loss) on the fair value hedge was recorded:
Interest expense on borrowings	$	26,492		$	14,857
Gain (loss) on interest rate contract (fair value hedge)
Hedged item	$	(8,830	)	$	(2,610	)
Derivative designated as a hedging instrument	8,936			2,562
Gain (loss) on interest rate contract recognized in interest expense on borrowings	$	106		$	(48	)

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Forward foreign exchange contracts The effect of net investment hedges on accumulated other comprehensive income was as follows:

	Three Months Ended March 31,
(In thousands)	2020		2019
Forward foreign exchange contracts	$	13,695	$	(3,050	)

Derivatives Not Designated as Hedging Instruments Certain other interest rate contracts, forward foreign exchange contracts, interest rate lock commitments, Power Equity CDs and other contracts have not been designated as hedging instruments. The effect of these derivatives on the Consolidated Statements of Income was as follows:

		Three Months Ended March 31,
(In thousands)	Location of Gain (Loss)	2020			2019
Interest rate contracts	Other noninterest income	$	1,662		$	(487	)
Risk participation agreements	Other noninterest expense	4,326			(321		)
Forward foreign exchange contracts	Other noninterest expense	18,713			(4,779		)
Interest rate lock commitments	Net gains on sales of loans and leases	10,378			493
Forward loan sales commitments	Net gains on sales of loans and leases	(8,545		)	—
Swap agreement	Other noninterest income	(1		)	—
Net gain (loss) recognized		$	26,533		$	(5,094	)

At March 31, 2020 and December 31, 2019, credit risk-related contingent features existed on forward foreign exchange contracts with a notional value of $32.0 million and $23.1 million, respectively. In the event the Corporation is rated less than BB- by Standard and Poor's, the contracts could be terminated or the Corporation may be required to provide approximately $640 thousand and $462 thousand in additional collateral at March 31, 2020 and December 31, 2019, respectively. There were no forward foreign exchange contracts containing credit risk-related features in a liability position at both March 31, 2020 and December 31, 2019.

At March 31, 2020, the Corporation had posted $88.9 million, $1.3 million and $1.7 million of cash collateral related to its interest rate contracts, swap agreements and forward foreign exchange contracts, respectively, and received $10.4 million of cash collateral related to its forward foreign exchange contracts.

Note 16.  Fair Value Measurements

The Corporation uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Fair values are based on the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investment securities available-for-sale, certain loans held for sale, interest-only strips, derivative instruments, forward loan sales commitments and assets and liabilities held in trust for deferred compensation plans are recorded at fair value on a recurring basis. From time to time the Corporation may be required to record at fair value other assets on a non-recurring basis, such as certain investment securities held-to-maturity, loans and leases, goodwill, loan servicing rights, other intangible assets, other real estate owned, repossessed and returned assets or the securitization receivable. These non-recurring fair value adjustments typically involve application of lower of cost or fair value accounting or write-downs of individual assets.

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The Corporation groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the degree and reliability of estimates and assumptions used to determine fair value. The levels are as follows:

Level 1 Valuations that are based on prices obtained from independent pricing sources for the same instruments traded in active markets.

Level 2 Valuations that are based on prices obtained from independent pricing sources that are based on observable transactions of similar instruments, but not quoted markets.

Level 3 Valuations generated from model-based techniques that use at least one significant unobservable inputs. Such unobservable inputs reflect estimates of assumptions that market participants would use in pricing the asset or liability.

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

Investment Securities Available-for-Sale: The fair value of investment securities available-for-sale, categorized primarily as Level 2, is recorded using prices obtained from independent asset pricing services that are based on observable transactions, but not quoted markets. Management reviews the prices obtained from independent asset pricing services for unusual fluctuations and comparisons to current market trading activity.

Loans Held-for-Sale: The Corporation has elected the fair value option for residential mortgage loans held-for-sale. Accordingly, the fair values of residential mortgage loans held-for-sale are based on valuation models that use the market price for similar loans sold in the secondary market. As these prices are derived from market observable inputs, they are categorized as Level 2.

Interest-only Strips: The fair value of interest-only strips, categorized as Level 3, represents the present value of future cash flows expected to be received by the Corporation on certain assets. The Corporation uses available market data, along with its own empirical data and discounted cash flow models, to arrive at the fair value of its interest-only strips. The present value of the estimated expected future cash flows to be received is determined by using discount, loss and prepayment rates that the Corporation believes are commensurate with the risks associated with the cash flows and what a market participant would use. These assumptions are inherently subject to volatility and uncertainty and, as a result, the fair value of the interest-only strips may fluctuate significantly from period to period. Unobservable inputs used to value the interest-only strips include a discount rate of 14% (or weighted average) and prepayment rates of 4% (or weighted average).

Derivative Instruments:

Interest Rate Contracts: The Corporation executes interest rate contracts as described in Note 15. The fair value of these interest rate contracts, categorized as Level 2, is determined using a cash flow model which may consider the forward curve, the discount curve, option volatilities and credit valuation adjustments related to counterparty and/or borrower non-performance risk.

Risk Participation Agreements: The fair value of risk participation agreements, categorized as Level 2, is determined using a cash flow model which may consider the forward curve, the discount curve, option volatilities and credit valuation adjustments related to counterparty and/or borrower nonperformance risk.

Forward Foreign Exchange Contracts: The Corporation's forward foreign exchange contracts are recorded at fair value using a cash flow model that includes key inputs such as foreign exchange rates and an assessment of the risk of counterparty non-performance. The risk of counterparty non-performance is based on external assessments of credit risk. The fair value of these contracts, categorized as Level 2, is based on observable transactions, but not quoted markets.

Interest Rate Lock Commitments: The Corporation's interest rate lock commitments are derivative instruments that are recorded at fair value based on valuation models that use the market price for similar loans sold in the secondary market. The interest rate lock commitments are adjusted for expectations of exercise and funding. As the prices are derived from market observable inputs, the Corporation categorized as Level 2.

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Power Equity CDs: Power Equity CDs are categorized as Level 2, and determined using quoted prices of underlying stocks, along with other terms and features of the derivate instruments.

Swap Agreement: The Corporation's swap agreement, categorized as Level 3, is related to the sale of Legacy TCF's Visa Class B stock. The fair value of the swap agreement is based on the Corporation's estimated exposure related to the Visa covered litigation through a probability analysis of the funding and estimated settlement amounts.

Forward Loan Sales Commitments: The Corporation enters into forward loan sales commitments to sell certain mortgage loans which are recorded at fair value based on valuation models. The Corporation’s expectation of the amount of its interest rate lock commitments that will ultimately close is a factor in determining the position. The valuation models utilize the fair value of related mortgage loans determined using observable market data and therefore the commitments are categorized as Level 2.

Assets and Liabilities Held in Trust for Deferred Compensation Plans: Assets held in trust for deferred compensation plans include investments in publicly traded securities, excluding TCF Financial common stock reported in other equity, and U.S. Treasury notes. The fair value of these assets, categorized as Level 1, is based on prices obtained from independent asset pricing services based on active markets. The fair value of the liabilities equals the fair value of the assets.

The balances of assets and liabilities measured at fair value on a recurring basis were as follows:

	March 31, 2020
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Investment securities available-for-sale	$	—	$	7,024,821	$	403	$	7,025,224
Loans held-for-sale	—		206,366		—		206,366
Interest-only strips	—		—		10,951		10,951
Derivative assets:(1)
Interest rate contracts	—		283,410		—		283,410
Risk participation agreements	—		22		—		22
Forward foreign exchange contracts	—		9,188		—		9,188
Interest rate lock commitments	—		13,134		—		13,134
Forward loan sales commitments	—		26		—		26
Power Equity CDs	—		509		—		509
Total derivative assets	—		306,289		—		306,289
Assets held in trust for deferred compensation plans	42,493		—		—		42,493
Total assets at fair value	$	42,493	$	7,537,476	$	11,354	$	7,591,323
Liabilities
Derivative liabilities:(1)
Interest rate contracts	$	—	$	15,970	$	—	$	15,970
Risk participation agreements	—		118		—		118
Forward foreign exchange contracts	—		2,200		—		2,200
Interest rate lock commitments	—		4		—		4
Forward loan sales commitments	—		8,819		—		8,819
Power Equity CDs	—		509		—		509
Swap agreement	—		—		286		286
Total derivative liabilities	—		27,620		286		27,906
Liabilities held in trust for deferred compensation plans	42,493		—		—		42,493
Total liabilities at fair value	$	42,493	$	27,620	$	286	$	70,399

(1) As permitted under GAAP, the Corporation has elected to net derivative assets and derivative liabilities when a legally enforceable master netting agreement exists as well as the related cash collateral received and paid. For purposes of this table, the derivative assets and derivative liabilities are presented gross of this netting adjustment.

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	December 31, 2019
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Investment securities available-for-sale	$	—	$	6,719,568	$	433	$	6,720,001
Loans held-for-sale	—		91,202		—		91,202
Interest-only strips	—		—		12,813		12,813
Derivative assets:(1)
Interest rate contracts	—		102,893		—		102,893
Risk participation agreements	—		202		—		202
Interest rate lock commitments	—		2,772		—		2,772
Forward loan sales commitments	—		41		—		41
Power Equity CDs	—		734		—		734
Total derivative assets	—		106,642		—		106,642
Forward loan sales commitments, non-derivative	—		46		—		46
Assets held in trust for deferred compensation plans	43,743		—		—		43,743
Total assets at fair value	$	43,743	$	6,917,458	$	13,246	$	6,974,447
Liabilities
Derivative liabilities:(1)
Interest rate contracts	$	—	$	6,040	$	—	$	6,040
Risk participation agreements	—		354		—		354
Forward foreign exchange contracts	—		6,519		—		6,519
Interest rate lock commitments	—		20		—		20
Forward loan sales commitments	—		289		—		289
Power Equity CDs	—		734		—		734
Swap agreement	—		—		356		356
Total derivative liabilities	—		13,956		356		14,312
Liabilities held in trust for deferred compensation plans	43,743		—		—		43,743
Total liabilities at fair value	$	43,743	$	13,956	$	356	$	58,055

(1) As permitted under GAAP, the Corporation has elected to net derivative assets and derivative liabilities when a legally enforceable master netting agreement exists as well as the related cash collateral received and paid. For purposes of this table, the derivative assets and derivative liabilities are presented gross of this netting adjustment.

Management assesses the appropriate classification of financial assets and liabilities within the fair value hierarchy by monitoring the level of available observable market information. Changes in markets or economic conditions, as well as changes to the valuation models, may require the transfer of financial instruments from one fair value level to another. Such transfers, if any, are recorded at the fair values as of the beginning of the quarter in which the transfers occurred.

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The changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows:

(In thousands)	Investment securities available-for-sale			Loans held-for-sale			Interest-only strips			Interest rate lock commitments		Swap agreement			Forward loan sales commitments
At or For the Three Months Ended March 31, 2020
Asset (liability) balance, beginning of period	$	433		$	—		$	12,813		$	—	$	(356	)	$	—
Total net gains (losses) included in:
Net income	1			—			159			—		(1		)	—
Other comprehensive income (loss)	(31		)	—			(348		)	—		—			—
Principal paydowns / settlements	—			—			(1,673		)	—		71			—
Asset (liability) balance, end of period	$	403		$	—		$	10,951		$	—	$	(286	)	$	—
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period	$	(31	)	$	—		$	(348	)	$	—	$	—		$	—
At or For the Three Months Ended March 31, 2019
Asset (liability) balance, beginning of period	$	4		$	18,070		$	16,835		$	624	$	(583	)	$	(26	)
Total net gains (losses) included in:
Net income	—			(166		)	712			493		—			(92		)
Other comprehensive income (loss)	—			—			286			—		—			—
Sales	—			(73,438		)	—			—		—			—
Originations	—			65,400			844			—		—			—
Principal paydowns / settlements	—			(3		)	(2,514		)	—		73			—
Asset (liability) balance, end of period	$	4		$	9,863		$	16,163		$	1,117	$	(510	)	$	(118	)
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period	$	—		$	—		$	286		$	—	$	—		$	—

Assets and Liabilities Recorded at Fair Value on a Non-recurring Basis

The following is a discussion of the valuation methodologies used to record assets and liabilities at fair value on a non-recurring basis.

Loans and Leases: Loans and leases for which repayment is expected to be provided solely by the value of the underlying collateral, categorized as Level 3 and recorded at fair value on a non-recurring basis, are valued based on the fair value of that collateral less estimated selling costs. The fair value of the collateral is determined based on internal estimates and/or assessments provided by third-party appraisers and the valuation relies on discount rates ranging from 10% to 30%.

Loan servicing rights: The fair value of loan servicing rights, categorized as Level 3, is based on a third party valuation model utilizing a discounted cash flow analysis using interest rates and prepayment speed assumptions currently quoted for comparable instruments and a discount rate determined by management. The valuation relies on discount rates ranging from 10% to 14%. Loan servicing rights are recorded at the lower of cost or fair value.

Other Real Estate Owned: The fair value of other real estate owned, categorized as Level 3, is based on independent appraisals, real estate brokers' price opinions or automated valuation methods, less estimated selling costs. Certain properties require assumptions that are not observable in an active market in the determination of fair value and include discount rates ranging from 8% to 30%. Assets acquired through foreclosure are initially recorded at the lower of the loan or lease carrying amount or fair value less estimated selling costs at the time of transfer to other real estate owned.

Repossessed and Returned Assets: The fair value of repossessed and returned assets, are categorized as Level 2 or Level 3 depending on the underlying asset type, is based on available pricing guides, auction results or price opinions, less estimated selling costs. Assets acquired through repossession or returned to TCF are initially recorded at the lower of the loan or lease carrying amount or fair value less estimated selling costs at the time of transfer to repossessed and returned assets.

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The balances of assets measured at fair value on a non-recurring basis were as follows. There were no liabilities measured at fair value on a non-recurring basis at March 31, 2020 and December 31, 2019.

(In thousands)	Level 1		Level 2		Level 3		Total
At March 31, 2020
Loans and leases	$	—	$	—	$	204,489	$	204,489
Loan servicing rights	—		—		47,283		47,283
Other real estate owned	—		—		15,208		15,208
Repossessed and returned assets	—		8,568		—		8,568
Total non-recurring fair value measurements	$	—	$	8,568	$	266,980	$	275,548
At December 31, 2019
Loans and leases	$	—	$	—	$	141,199	$	141,199
Loan servicing rights	—		—		56,298		56,298
Other real estate owned	—		—		17,577		17,577
Repossessed and returned assets	—		6,968		—		6,968
Total non-recurring fair value measurements	$	—	$	6,968	$	215,074	$	222,042

Fair Value Option

The Corporation has elected the fair value option for residential loans held-for-sale. This election facilitates the offsetting of changes in fair value of the loans held-for-sale and the derivative financial instruments used to economically hedge them. The difference between the aggregate fair value and aggregate unpaid principal balance of these loans held-for-sale was as follows:

(In thousands)	March 31, 2020		December 31, 2019
Fair value carrying amount	$	206,366	$	91,202
Aggregate unpaid principal amount	196,253		88,192
Fair value carrying amount less aggregate unpaid principal	$	10,113	$	3,010

Differences between the fair value carrying amount and the aggregate unpaid principal balance include changes in fair value recorded at and subsequent to funding and gains and losses on the related loan commitment prior to funding. No loans recorded under the fair value option were delinquent or on nonaccrual status at March 31, 2020 and December 31, 2019. The net gain from initial measurement of the loans held-for-sale, any subsequent changes in fair value while the loans are outstanding and any actual adjustment to the gains realized upon sales of the loans totaled $15.2 million for the three months ended March 31, 2020 and $2.2 million for the same period in 2019, and are included in net gains on sales of loans and leases. These amounts exclude the impacts from the interest rate lock commitments and forward loan sales commitments which are also included in net gains on sales of loans and leases.

Disclosures about Fair Value of Financial Instruments

Management discloses the estimated fair value of financial instruments, including assets and liabilities on and off the Consolidated Statements of Financial Condition, for which it is practicable to estimate fair value. These fair value estimates were made at March 31, 2020 and December 31, 2019 based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price at which an asset could be sold or a liability could be settled. However, given there is no active market or observable market transactions for many of TCF's financial instruments, the estimates of fair value are subjective in nature, involve uncertainties and include matters of significant judgment. Changes in assumptions could significantly affect the estimated values.

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The carrying amounts and estimated fair values of the financial instruments, excluding short-term financial assets and liabilities as their carrying amounts approximate fair value and excluding financial instruments recorded at fair value on a recurring basis. This information represents only a portion of the Consolidated Statements of Financial Condition not recorded in their entirety on a recurring basis and not the estimated value of the Corporation as a whole. Non-financial instruments such as the intangible value of the Corporation's branches and core deposits, leasing operations, goodwill, premises and equipment and the future revenues from the Corporation's customers are not reflected in this disclosure. Therefore, this information is of limited use in assessing the value of the Corporation.

	At March 31, 2020
	Carrying		Estimated Fair Value
(In thousands)	Amount		Level 1		Level 2		Level 3		Total
Financial instrument assets
FHLB and FRB stocks	$	484,461	$	—	$	484,461	$	—	$	484,461
Investment securities held-to-maturity	135,619		—		142,302		3,672		145,974
Loans and leases held-for-sale	80,811		—		64,895		18,740		83,635
Net loans(1)	32,833,843		—		—		33,154,484		33,154,484
Securitization receivable(2)	19,753		—		—		19,577		19,577
Deferred fees on commitments to extend credit(2)	20,078		—		20,078		—		20,078
Total financial instrument assets	$	33,574,565	$	—	$	711,736	$	33,196,473	$	33,908,209
Financial instrument liabilities
Certificates of deposits	$	7,463,192	$	—	$	7,494,934	$	—	$	7,494,934
Long-term borrowings	2,600,594		—		2,583,975		—		2,583,975
Deferred fees on standby letters of credit(3)	43		—		43		—		43
Total financial instrument liabilities	$	10,063,829	$	—	$	10,078,952	$	—	$	10,078,952

	At December 31, 2019
	Carrying		Estimated Fair Value
(In thousands)	Amount		Level 1		Level 2		Level 3		Total
Financial instrument assets
FHLB and FRB stocks	$	442,440	$	—	$	442,440	$	—	$	442,440
Investment securities held-to-maturity	139,445		—		141,168		3,676		144,844
Loans held-for-sale	108,584		—		110,252		2,273		112,525
Net loans(1)	31,699,285		—		—		31,804,513		31,804,513
Securitization receivable(2)	19,689		—		—		19,466		19,466
Deferred fees on commitments to extend credit(2)	19,300		—		19,300		—		19,300
Total financial instrument assets	$	32,428,743	$	—	$	713,160	$	31,829,928	$	32,543,088
Financial instrument liabilities
Certificates of deposits	$	7,455,556	$	—	$	7,460,577	$	—	$	7,460,577
Long-term borrowings	2,354,448		—		2,368,469		—		2,368,469
Deferred fees on standby letters of credit(3)	56		—		56		—		56
Total financial instrument liabilities	$	9,810,060	$	—	$	9,829,102	$	—	$	9,829,102

(1) Expected credit losses are included in the estimated fair values.

(2) Carrying amounts are included in other assets.

(3) Carrying amounts are included in other liabilities.

Note 17. Revenue from Contracts with Customers

The Corporation earns a variety of revenue, including interest and fees, from customers, as well as revenues from noncustomers. The majority of the sources of revenue are included in interest income and noninterest income and are outside of the scope of ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). Other sources of revenue fall within the scope of ASC 606 and are mostly included in noninterest income.

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The Corporation recognizes revenue when the performance obligations related to the transfer of goods or services under the terms of a contract are satisfied. Some obligations are satisfied at a point in time, while others are satisfied over a period of time. Revenue is recognized as the amount of consideration expected to be received in exchange for transferring goods or services to a customer and is segregated based on the nature of product and services offered as part of contractual arrangements. Revenue streams within the scope of ASC 606 are discussed below.

• Fees and Service Charges on Deposit Accounts Fees and service charges on deposit accounts includes fees and other charges TCF receives to provide various services, including but not limited to, service charges on deposit accounts and other fees including account analysis fees, monthly service fees, overdraft services, transferring funds, and accepting and executing stop-payment orders. The Corporation's performance obligation for account analysis fees and monthly service fees are generally satisfied and, therefore, revenue is recognized over the period in which the service is provided. Deposit account related fees are largely transactional based, and therefore, the performance obligation is satisfied and the related revenue is recognized at the point in time when the transaction occurs.

• Wealth Management Revenue Wealth management revenue includes fee income generated from personal and institutional customers. The Corporation also provides investment management services. Revenue is recognized over the period of time the services are rendered. Wealth management revenue also includes commissions that are earned for placing a brokerage transaction for execution. Revenue is recognized once the transaction is completed and the Corporation is entitled to receive consideration.

• Card and ATM Revenue Card and ATM revenue includes ATM surcharges and debit card related revenue. ATM surcharges and certain debit card fees are transaction-based and, therefore, the performance obligation is satisfied and the related revenue is recognized at the point in time when the transaction occurs. Other debit card fees satisfied over a period of time are recognized over the period in which the service is provided.

• Other Noninterest Income Other noninterest income includes wire transfer fees, safe deposit box income and check orders. The consideration includes both fixed (e.g., safe deposit box fees) and transaction (e.g., wire-transfer fee and check orders) fees. Fixed fees are recognized over the period of time the service is provided, while transaction fees are recognized when a specific service is rendered to the customer.

The following tables present total noninterest income segregated between contracts with customers within the scope of ASC 606 and those within the scope of other GAAP topics.

	Three Months Ended March 31, 2020
	Within the scope of ASC 606						Out of scope of ASC 606		Total
(In thousands)	Consumer Banking		Commercial Banking		Enterprise Services
Noninterest income
Fees and service charges on deposit accounts	$	30,218	$	1,394	$	—	$	2,985	$	34,597
Wealth management revenue	239		—		—		5,912		6,151
Card and ATM revenue	19,181		26		—		2,478		21,685
Other noninterest income	3,821		1,964		2,497		66,248		74,530
Total	$	53,459	$	3,384	$	2,497	$	77,623	$	136,963

	Three Months Ended March 31, 2019
	Within the scope of ASC 606						Out of scope of ASC 606			Total
(In thousands)	Consumer Banking		Commercial Banking		Enterprise Services
Noninterest income
Fees and service charges on deposit accounts	$	25,193	$	1,061	$	—	$	24		$	26,278
Wealth management revenue	—		—		—		—			—
Card and ATM revenue	18,630		17		—		12			18,659
Other noninterest income	2,682		4,826		3,954		(4,838		)	6,624
Total	$	46,505	$	5,904	$	3,954	$	(4,802	)	$	51,561

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Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity's obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The noninterest income streams are largely based on transactional activity, or standard month-end revenue accruals such as asset management fees based on month-end market values. Consideration is most often received immediately or shortly after the Corporation satisfies its performance obligation and revenue is recognized. The Corporation does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances.

Note 18.  Share-based Compensation

The Corporation maintains share-based compensation plans under which it periodically grants share-based awards for a fixed number of shares to certain officers of the Corporation.

Before the Merger, Chemical and Legacy TCF granted share-based awards under their respective share-based compensation plans, including the Chemical Stock Incentive Plan of 2019 (the "Stock Incentive Plan of 2019”") and the TCF Financial 2015 Omnibus Incentive Plan (the "Legacy TCF Omnibus Incentive Plan"). At March 31, 2020, there were 2,271,926 shares reserved for issuance under the Legacy TCF Omnibus Incentive Plan and there were 1,791,840 shares reserved for issuance under the Stock Incentive Plan of 2019.

The fair value of share-based awards is recognized as compensation expense over the requisite service or performance period. Compensation expense for share-based awards was $4.7 million for the three months ended March 31, 2020 and $2.3 million for the same period in 2019. The excess tax benefit realized from share-based compensation transactions during the three months ended March 31, 2020 was a benefit of $677 thousand and $704 thousand for the same period in 2019.

Restricted Stock Units

The Corporation can grant performance-based restricted stock units ("PRSUs") and time-based restricted stock units ("TRSUs") (collectively referred to as "RSUs") under the Stock Incentive Plan of 2019 and the Legacy TCF Omnibus Incentive Plan; provided, that, RSUs granted under the Legacy TCF Omnibus Incentive Plan may only be granted to employees who previously were employees of Legacy TCF. At March 31, 2020, there were no PRSUs outstanding dependent on achieving certain performance target levels and the grantee completing the requisite service period. The TRSUs vest upon satisfaction of a service condition. Upon achievement of the performance target level and/or satisfaction of a service condition, as applicable, the RSUs are converted into shares of TCF Financial's common stock on a one-to-one basis. Compensation expense related to RSUs is recognized over the expected requisite performance or service period, as applicable.

A summary of the activity for RSUs at and for the three months ended March 31, 2020 is presented below:

	Number of Units		Weighted-average Grant Date Fair Value Per Unit
Outstanding at December 31, 2019	1,511,820		$	44.49
Granted	16,980		39.67
Forfeited/canceled	(3,896	)	49.84
Vested	(215,069	)	44.82
Outstanding at March 31, 2020	1,309,835		$	44.36

Unrecognized compensation expense related to RSUs totaled $36.9 million at March 31, 2020 and is expected to be recognized over the remaining weighted-average period of 2.1 years.

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Restricted Stock Awards

The Corporation's restricted stock award transactions were as follows:

	Number of Awards		Weighted-Average Grant Date Fair Value Per Award
Outstanding at December 31, 2019	888,305		$	40.67
Forfeited/canceled	(402	)	39.58
Vested	(104,690	)	43.48
Outstanding at March 31, 2020	783,213		$	40.07

At March 31, 2020, there were no shares of performance-based restricted stock awards outstanding. Unrecognized stock compensation expense for restricted stock awards was $15.3 million at March 31, 2020 with a weighted-average remaining amortization period of 2.3 years.

Stock Options

A summary of activity for the Corporation's stock options at and for the three months ended March 31, 2020 is presented below:

	Non-Vested Stock Options Outstanding				Stock Options Outstanding
	Number of Options		Weighted-average Exercise Price		Number of Options		Weighted-average Exercise Price
Outstanding at December 31, 2019	120,809		$	39.63	495,165		$	29.48
Exercised	—		—		(19,274	)	18.18
Forfeited/canceled	(3,173	)	39.00		—		—
Expired	—		—		(34,323	)	34.38
Vested	(55,568	)	38.25		55,568		38.25
Outstanding at March 31, 2020	62,068		$	40.89	497,136		$	30.56
Exercisable/vested at March 31, 2020					497,136		$	30.56

The weighted-average remaining contractual term was 3.9 years for all outstanding stock options and 3.6 years for exercisable stock options at March 31, 2020.

Note 19.  Retirement Plans

The Corporation's retirement plans include qualified defined benefit pension plans, nonqualified postretirement benefit plans, 401(k) savings plans and nonqualified supplemental retirement plans. These plans are discussed in further detail in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019.

Qualified Defined Benefit Pension Plans

The TCF Cash Balance Pension Plan (the "Legacy TCF Pension Plan") and the Chemical Financial Corporation Employees' Pension Plan ("Chemical Pension Plan") are both defined as qualified benefit pension plans (collectively, the "Pension Plans"), which previously provided for postretirement pension benefits for plan eligible employees.

The Board of Directors of Legacy TCF approved the termination of the Legacy TCF Pension Plan effective November 1, 2019. The Legacy TCF Pension Plan was fully funded as of March 31, 2020. The weighted-average interest crediting rate was 2.05% as of March 31, 2020. TCF does not consolidate the assets and liabilities associated with the Legacy TCF Pension Plan.

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The termination of the Chemical Pension Plan was approved effective August 31, 2019. The discount rate was adjusted to 3.48% based on the remeasurement of the Chemical Pension Plan required due to the Merger and the termination. At the time of the Merger, as a result of the termination, the Corporation recognized a prepaid asset representing the funded status of the Chemical Pension Plan, net of estimated settlement costs, and the balance previously recorded in accumulated other comprehensive income was eliminated. The purchase accounting adjustment, as a result of the Merger, was reported in goodwill. The Chemical Pension Plan was fully funded as of March 31, 2020.

Nonqualified Postretirement Benefit Plans

The Legacy TCF Postretirement Plan provides health care benefits to eligible retired employees who retired prior to December 31, 2009. The provisions for active and retired employees then eligible for these benefits were not changed. The Postretirement Plan is not funded.

The Chemical Postretirement Benefit Plan provides medical and dental benefits, during retirement, to a limited number of active and retired employees. The benefits can be amended, modified or terminated by the Corporation at any time.

401(k) Savings Plans

The TCF 401K Plan (the "TCF 401K"), a qualified postretirement benefit and employee stock ownership plan, and the Chemical Financial Corporation 401K Savings Plan (the "Chemical 401K"), a qualified postretirement benefit plan both provide the option to invest in TCF common stock. Effective December 31, 2019, the Chemical 401K merged with and into the TCF 401K. All participants with an account balance remaining in the Chemical 401K were transferred into the TCF 401K on December 31, 2019.

Nonqualified Supplemental Retirement Plans

The TCF 401K Supplemental Plan (the "Legacy TCF SERP") and the Chemical Financial Corporation Deferred Compensation Plan (the "Chemical Deferred Compensation Plan") are both defined as nonqualified supplemental retirement plans. Effective January 1, 2020, the Legacy TCF SERP no longer receives new contributions from the Corporation or participants. The Legacy TCF SERP's assets which included investments in TCF common stock are held in trust and included in equity in the other line item.

Net Periodic Benefit

The net periodic benefit plan (income) cost included in other noninterest expense for defined benefit pension plans and postretirement benefit plans were as follows:

	Defined Benefit Pension Plans
	Three Months Ended March 31,
(In thousands)	2020			2019
Interest cost	$	946		$	264
Return on plan assets	(957		)	(137		)
Net periodic benefit plan (income) cost	$	(11	)	$	127

	Postretirement Benefit Plans
	Three Months Ended March 31,
(In thousands)	2020			2019
Interest cost	$	36		$	30
Service cost	1			—
Amortization of prior service cost	(12		)	(12		)
Net periodic benefit plan (income) cost	$	25		$	18

TCF made no cash contributions to the defined benefit pension plans during the three months ended March 31, 2020 and 2019. TCF contributed $21 thousand and $107 thousand to the Legacy TCF Postretirement Plan during the three months ended March 31, 2020 and 2019, respectively. TCF made no contributions to the Chemical Postretirement Benefit Plan during both the three months ended March 31, 2020 and 2019.

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The TCF 401K allows participants to make contributions of up to 50% of their covered compensation on a tax-deferred and/or after-tax basis, subject to the annual covered compensation limitation imposed by the Internal Revenue Service ("IRS"). TCF matches the contributions of all participants at a rate of $1 per dollar for employees to a maximum company contribution of 5% of the employee's covered compensation per pay period subject to the annual covered compensation limitation imposed by the IRS. Employee contributions vest immediately and matching contributions made subsequent to January 1, 2020 vest immediately. The Corporation match under the TCF 401K was $6.5 million and $4.3 million for the three months ended March 31, 2020 and 2019, respectively. Dividends on TCF's common shares held in the TCF 401K are reinvested in such fund or, at the election of the participant, may be paid in cash to the participant.

Effective January 1, 2020, the TCF Deferred Compensation Plan (previously the Chemical Deferred Compensation Plan), a nonqualified supplemental retirement plan, was amended to allow certain employees to contribute up to 60% of their salary and up to 85% of their bonus. The amounts deferred under this plan are invested in a selection of mutual funds.

Note 20.  Earnings Per Common Share

The computations of basic and diluted earnings per common share were as follows:

	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2020		2019
Basic earnings per common share
Net income attributable to TCF Financial Corporation	$	51,899	$	70,494
Preferred stock dividends	2,493		2,493
Net income available to common shareholders	49,406		68,001
Less: Earnings allocated to participating securities	—		13
Earnings allocated to common stock	$	49,406	$	67,988
Weighted-average common shares outstanding used in basic earnings per common share calculation	151,902,357		82,245,577
Basic earnings per common share	$	0.33	$	0.83
Diluted earnings per common share
Earnings allocated to common stock	$	49,406	$	67,988
Weighted-average common shares outstanding used in basic earnings per common share calculation	151,902,357		82,245,577
Net dilutive effect of:
Non-participating restricted stock	83,580		—
Stock options	128,080		—
Weighted-average common shares outstanding used in diluted earnings per common share calculation	152,114,017		82,245,577
Diluted earnings per common share	$	0.32	$	0.83
Anti-dilutive shares outstanding not included in the computation of diluted earnings per common share
Non-participating restricted stock	1,173,331		956,589
Stock options	90,144		—

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Note 21. Other Noninterest Expense

Other noninterest expense was as follows:

	Three Months Ended March 31,
(In thousands)	2020		2019
Outside processing	$	13,913	$	5,474
Loan and lease expense	7,783		3,289
Professional fees	6,569		5,528
Advertising and marketing	8,377		6,855
FDIC insurance	6,559		2,918
Card processing and issuance costs	8,690		4,508
Other	36,855		25,507
Total other noninterest expense	$	88,746	$	54,079

Note 22. Reportable Segments

The Corporation's reportable segments are Consumer Banking, Commercial Banking and Enterprise Services. Consumer Banking is comprised of all of the Corporation's consumer-facing businesses and includes retail banking, consumer lending, wealth management and small business banking. Commercial Banking, previously named Wholesale Banking, is comprised of commercial and industrial and commercial real estate banking and lease financing. Enterprise Services is comprised of (i) corporate treasury, which includes the Corporation's investment and borrowing portfolios and management of capital, debt and market risks, (ii) corporate functions, such as information technology, risk and credit management, bank operations, finance, investor relations, corporate development, internal audit, legal and human capital management that provide services to the operating segments, (iii) the Holding Company and (iv) eliminations.

In connection with the Merger, effective August 1, 2019, the Corporation renamed its Wholesale Banking segment to Commercial Banking to align with the way it is now managed. In addition, activity that was related to small business banking and private banking were moved from the Wholesale Banking (now named Commercial Banking) segment to the Consumer Banking segment. The revised presentation of previously reported segment data has been applied retroactively to all periods presented in these financial statements.

The Corporation evaluates performance and allocates resources based on each reportable segment's net income or loss. The reportable segments follow GAAP as described in Note 1. Basis of Presentation, except for the accounting for intercompany interest income and interest expense, which are eliminated in consolidation and presenting net interest income on a fully tax-equivalent basis. The Corporation generally accounts for inter-segment sales and transfers at cost.

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Certain information for each of the Corporation's reportable segments, including reconciliations of the consolidated totals, was as follows:

(In thousands)	Consumer Banking		Commercial Banking		Enterprise Services			Consolidated
At or For the Three Months Ended March 31, 2020
Net interest income (expense)	$	193,832	$	185,986	$	21,663		$	401,481
Provision for credit losses	44,369		52,574		—			96,943
Net interest income (expense) after provision for credit losses	149,463		133,412		21,663			304,538
Noninterest income	81,414		55,773		(224		)	136,963
Noninterest expense	228,859		114,455		31,285			374,599
Income tax expense (benefit)	1,982		16,306		(5,202		)	13,086
Income (loss) after income tax expense (benefit)	36		58,424		(4,644		)	53,816
Income attributable to non-controlling interest	—		1,917		—			1,917
Preferred stock dividends	—		—		2,493			2,493
Net income (loss) available to common shareholders	36		56,507		(7,137		)	49,406
Total assets	$	14,463,055	$	24,859,839	$	9,271,489		$	48,594,383
At or For the Three Months Ended March 31, 2019
Net interest income (expense)	$	140,702	$	96,685	$	17,042		$	254,429
Provision (benefit) for credit losses	7,226		2,896		—			10,122
Net interest income (expense) after provision for credit losses	133,476		93,789		17,042			244,307
Noninterest income	60,503		42,499		502			103,504
Noninterest expense	156,521		83,413		13,141			253,075
Income tax expense (benefit)	8,741		11,759		787			21,287
Income (loss) after income tax expense (benefit)	28,717		41,116		3,616			73,449
Income attributable to non-controlling interest	—		2,955		—			2,955
Preferred stock dividends	—		—		2,493			2,493
Net income (loss) available to common shareholders	28,717		38,161		1,123			68,001
Total assets	$	8,036,742	$	12,735,702	$	3,646,271		$	24,418,715

Note 23. Commitments, Contingent Liabilities and Guarantees

Financial Instruments with Off-Balance Sheet Risk In the normal course of business, the Corporation enters into financial instruments with off-balance sheet risk, primarily to meet the financing needs of its customers. These financial instruments, which are issued or held for purposes other than trading, involve elements of credit and interest-rate risk in excess of the amounts recognized in the Consolidated Statements of Financial Condition.

The Corporation's exposure to credit loss, in the event of non-performance by the counterparty to the financial instrument is represented by the contractual amount of the commitments. The Corporation uses the same credit policies in making these commitments as it does for making direct loans. The Corporation evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained is based on a credit evaluation of the customer.

Financial instruments with off-balance sheet risk were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
Commitments to extend credit:
Commercial	$	5,140,026	$	5,743,072
Consumer	2,245,645		2,305,096
Total commitments to extend credit	7,385,671		8,048,168
Standby letters of credit and guarantees on industrial revenue bonds	126,384		129,192
Total	$	7,512,055	$	8,177,360

Commitments to Extend Credit Commitments to extend credit are agreements to lend provided there is no violation of any condition in the contract. These commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a certain amount of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Collateral to secure any funding of these commitments predominantly consists of residential and commercial real estate mortgages.

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Standby Letters of Credit and Guarantees on Industrial Revenue Bonds Standby letters of credit and guarantees on industrial revenue bonds are conditional commitments issued by the Corporation guaranteeing the performance of a customer to a third party. These conditional commitments expire in various years through 2039. The majority of these standby letters of credit are collateralized. Collateral held consists primarily of commercial real estate mortgages. Since the conditions under which the Corporation is required to fund these commitments may not materialize, the cash requirements are expected to be less than the total outstanding commitments.

Contingencies and Guarantees The Corporation has originated and sold certain loans, and additionally acquired the potential liability for those historical originated and sold loans by merged or acquired entities, for which the buyer has limited recourse to the Corporation in the event the loans do not perform as specified in the agreements. These loans had an outstanding balance of $5.1 million and $6.2 million at March 31, 2020 and December 31, 2019, respectively. The maximum potential amount of undiscounted future payments that the Corporation could be required to make in the event of nonperformance by the borrower totaled $5.0 million and $6.0 million at March 31, 2020 and December 31, 2019, respectively. In the event of nonperformance, the Corporation has rights to the underlying collateral securing the loans. At both March 31, 2020 and December 31, 2019, the Corporation had recorded a liability of $0.1 million, in connection with the recourse agreements, in other liabilities.

In addition, the Corporation acquired, through the Merger, certain Small Business Administration ("SBA") guaranteed loans in which the guaranteed portion had been sold to a third party investor. In the event these loans default and the SBA guaranty is no longer intact (i.e. an issue found to have occurred during the origination or the liquidation of the loans) the Corporation would be liable to make the loan whole to the third party investor. The maximum potential amount of undiscounted future payments that the Corporation could be required to make in the event of default by the borrower was $15.3 million and $16.7 million at March 31, 2020 and December 31, 2019, respectively. In the event of default, the Corporation has rights to the underlying collateral securing the loans. At both March 31, 2020 and December 31, 2019, the Corporation had recorded a liability of $0.9 million, in other liabilities.

Representations, Warranties and Contractual Liabilities In connection with the Corporation's residential mortgage loan sales, and the historical sales of merged or acquired entities, the Corporation makes certain representations and warranties that the loans meet certain criteria, such as collateral type, underwriting standards and the manner in which the loans will be serviced. The Corporation may be required to repurchase individual loans and/or indemnify the purchaser against losses if the loan fails to meet established criteria. In addition, some agreements contain a requirement to repurchase loans as a result of early payoffs by the borrower, early payment default of the borrower or the failure to obtain valid title. At March 31, 2020 and December 31, 2019 the liability recorded in connection with these representations and warranties was $5.5 million and $5.7 million, respectively, included in other liabilities.

Litigation Contingencies From time to time, the Corporation is a party to legal proceedings arising out of its lending, leasing and deposit operations, including foreclosure proceedings and other collection actions as part of its lending and leasing collections activities. The Corporation may also be subject to regulatory examinations and enforcement actions brought by federal regulators, including the SEC, the Federal Reserve, the OCC and the Consumer Financial Protection Bureau which may impose sanctions on the Corporation for failures related to regulatory compliance. From time to time borrowers and other customers, and employees and former employees have also brought actions against the Corporation, in some cases claiming substantial damages. The Corporation, like other financial services companies, is subject to the risk of class action litigation. Litigation is often unpredictable and the actual results of litigation cannot be determined and therefore the ultimate resolution of a matter and the possible range of loss associated with certain potential outcomes cannot be established. Based on the current understanding of the Corporation's pending legal proceedings, management does not believe that judgments or settlements arising from pending or threatened legal matters, individually or in the aggregate, would have a material adverse effect on the consolidated financial position, operating results or cash flows of the Corporation.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Forward-looking Information

Any statements contained in this Quarterly Report on Form 10-Q 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.

These statements include, among others, statements related to: our strategic plan to develop customer relationships that will drive core deposit growth and stability, management's belief that our commercial and commercial real estate loan portfolios are generally well-secured, the impact of projected changes in net interest income assuming changes to short-term market interest rates, statements regarding our risk exposure, statements related to integration following our merger, including statements related to the anticipated effects on results of operations and financial condition from expected developments. All statements referencing future time periods are forward-looking.

Management's determination of the provision and allowance for credit losses; the carrying value of acquired loans and leases, goodwill and loan servicing rights; the fair value of investment securities (including whether there is any credit impairment); and management's assumptions concerning postretirement benefit plans involve judgments that are inherently forward-looking. There can be no assurance that future loan losses will be limited to the amounts estimated. All of the information concerning interest rate sensitivity is forward-looking. The future effect of changes in the financial and credit markets and the national and regional economies on the banking industry, generally, and on us, specifically, are also inherently uncertain.

These forward-looking statements are subject to certain risks, uncertainties and assumptions ("risk factors") that could cause actual results to differ materially from those expressed or implied in such statements and no assurance can be given that the results in any forward-looking statement will be achieved. 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, except as required by law. These factors include the factors discussed in Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2019 under the heading "Risk Factors" or otherwise disclosed in documents filed or furnished by us with or to the SEC after the filing of the Annual Reporting on Form 10-K, the factors discussed below and any other cautionary statements, written or oral, which may be made or referred to in connection with any such forward-looking statements. Since it is not possible to foresee all such factors, these factors should not be considered as complete or exhaustive: macroeconomic and other challenges and uncertainties resulting from the COVID-19 pandemic, such as the extent and duration of the impact on public health, the U.S. and global economies, financial markets and consumer and corporate customers and clients, including economic activity, employment levels and market liquidity, as well as the various actions taken in response to the challenges and uncertainties by governments, central banks and others, including TCF; a failure to manage credit risk; cyber-security breaches involving us or third parties, hacking, denial of service, loss or theft of information, or other cyber-attacks that disrupt TCF's business operations or damage its reputation; adverse developments affecting TCF's branches, including supermarket branches; inability to successfully execute on TCF's growth strategy through acquisitions or expanding existing business relationships; adverse effects related to competition from traditional competitors, non-bank providers of financial services and new technologies; failure to keep pace with technological change, including with respect to customer demands or system upgrades; risks related to developing new products, markets or lines of business; risks related to TCF's loan origination and sales activity; lack of access to liquidity or raise capital that isn’t dilutive; adverse changes in monetary, fiscal or tax policies; litigation or government enforcement actions; heightened consumer protection, supervisory or regulatory practices or requirements; deficiencies in TCF's compliance programs or risk mitigation frameworks; dependence on accurate and complete information from customers and counterparties; the failure to attract and retain key employees; ineffective internal controls; soundness of other financial institutions and other counterparty risk, including the risk of default, operational disruptions, or diminished availability of counterparties who

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satisfy our credit quality requirements; inability to grow deposits, increase earnings and revenue, manage operating expenses, or pay and receive dividends; interruptions, systems failures information technology and telecommunications systems failures of third-party services; deficiencies in TCF's quantitative models; the effect of any negative publicity or reputational damage; technological or operational difficulties; changes in accounting standards or interpretations of existing standards; adverse federal, state or foreign tax assessments; and the effects of man-made and natural disasters, any of which may negatively affect our operations and/or our customers.

This Quarterly Report on Form 10-Q also contains forward-looking statements regarding our outlook or expectations with respect to the Merger with Legacy TCF. Examples of forward-looking statements include, but are not limited to, statements regarding outlook and expectations with respect to the strategic and financial benefits of the merger, including the expected impact of the transaction on TCF's future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period and other operating and return metrics), the expected costs to be incurred in connection with the merger, and operational aspects of post-merger integration. Such risks, uncertainties and assumptions, include, among others, the following:

• the impact of the COVID-19 pandemic;

• the possibility that the anticipated benefits of the merger, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy, competitive factors in the areas where TCF does business, or as a result of other unexpected factors or events;

• the impact of purchase accounting with respect to the merger, or any change in the assumptions used regarding the assets purchased and liabilities assumed to determine their fair value;

• diversion of management's attention from ongoing business operations and opportunities;

• the operational integration of the merged businesses and operations, which may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results;

• failure to attract new customers and retain existing customers in the manner anticipated;

• the challenges of integrating, retaining and hiring key personnel;

• the potential impact of the merger on relationships with third parties, including customers, vendors, employees and competitors; and

• other factors that may affect future results of TCF including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.

TCF disclaims any obligation to update or revise any forward-looking statements contained in this communication, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.

Overview

TCF Financial Corporation, formerly known as Chemical Financial Corporation, ("TCF") is a financial holding company, incorporated in Michigan in 1973 and headquartered in Detroit, Michigan.

Through our wholly-owned bank subsidiary, TCF National Bank, a national banking association ("TCF Bank") with its main office in Sioux Falls, South Dakota, we provide a full range of consumer-facing and commercial services, including consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial customers. As of March 31, 2020, TCF had more than 500 branches primarily located in Michigan, Minnesota, Illinois, Ohio, Colorado and Wisconsin (our "primary banking markets"). We also conduct business across all 50 states and Canada through our specialty lending and leasing businesses.

References herein to "TCF Financial" or the "Holding Company" refer to TCF Financial Corporation on an unconsolidated basis. TCF Financial Corporation (together with its direct and indirect subsidiaries, are referred to as "we," "us," "our," "TCF" or the "Corporation".

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Response to COVID-19

TCF has developed a proactive response to COVID-19 to support our team members, customers and communities. In addition to the below, our management has implemented an internal COVID-19 Task Force, is holding daily Executive Leadership Team Calls, weekly Senior Leadership Team Calls, weekly executive calls with all managers and has enhanced portfolio management and credit committee reporting.

To support our team members we are:

• Providing equipment and resources to allow nearly all of our middle and back office employees to work from home;

• providing company-paid time off for team members not able to work for reasons related to COVID-19; and

• paying premium pay to employees required to work in the office and banking centers.

To support our customers we are:

• Providing relief to small businesses and commercial borrowers by offering loan modifications for impacted customers and participating in the Paycheck Protection Program and Economic Injury Disaster Program,

• providing payment deferrals for up to 90 days with no credit bureau impact and no late fees to provide relief to our mortgage and home equity customers;

• suspending initiating any new residential property foreclosures from March 23, 2020 to April 30, 2020; and

• aiding in the prevention of the spread of COVID-19 through transitioning all branches to drive-up only with lobby services by appointment and have closed in-store only branches that are near drive-thru branches.

To support our communities we have:

• Committed $100 thousand in matching incentives toward both the Henry Ford Health System and University of Minnesota emergency funds for COVID-19 response; and

• partnered with Wayne County, Michigan to provide $10 million in fast relief through low-interest loans to help small businesses within the county of Wayne.

The COVID-19 pandemic has resulted in historic job losses and decreases in economic activity. While the duration and full extent of job losses and magnitude of economic dislocation are not yet known, it is clear that they may impact the ability of individuals and small businesses to make payments, value of underlying collateral and the ability of guarantors to make payments in the case of default, which may decrease consumer demand for our products and services and reduce our ability to access capital. As a result, we have faced and may continue to face a decrease in demand for certain products, reduced access to our branches by our customers, and disruptions in the operations of our vendors. The pandemic could also result in the recognition of additional credit losses in our loan and lease portfolios and increase our allowance for credit losses as both businesses and consumers are negatively impacted by the economic downturn. The extent of such impact will depend on the outcome of certain developments, including but not limited to, the duration and spread of the outbreak as well as its continuing impact on our customers, vendors, employees and the financial markets all of which are uncertain. See Part II, Item 1A, "Risk Factors - Risks related to the impact of COVID-19" for further discussion.

Merger of Equals

On August 1, 2019 (the "Merger Date"), TCF Financial Corporation, a Delaware corporation ("Legacy TCF"), merged with and into Chemical Financial Corporation, a Michigan corporation("Chemical"), with Chemical surviving the merger (the "Merger") and being renamed TCF Financial Corporation. Immediately following the Merger, Chemical’s wholly owned bank subsidiary, Chemical Bank, a Michigan state-chartered bank, merged with and into TCF Bank, with TCF Bank surviving the merger. Upon completion of the Merger, Chemical was renamed TCF Financial Corporation.

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The Merger was accounted for as a reverse merger using the acquisition method of accounting, therefore, Legacy TCF was deemed the acquirer for financial reporting purposes, even though Chemical was the legal acquirer. Accordingly, Legacy TCF's historical financial statements are the historical financial statements of the combined company for all periods before the Merger Date. Our results of operations for the first quarter of 2020 and fourth quarter of 2019 include the results of operations of the post-merger combined TCF. Results for the first quarter of 2019 reflect only those of Legacy TCF and do not include the results of operations of Chemical. Accordingly, comparisons of our results for the first quarter of 2020 to the first quarter of 2019 may not be meaningful. The number of shares issued and outstanding, earnings per share, additional paid-in-capital and all references to share quantities of TCF have been retrospectively adjusted to reflect the equivalent number of shares issued in the Merger. See "Note 2. Merger" of the Notes to Consolidated Financial Statements for further information.

Business Overview

Net interest income, the difference between interest income earned on loans and leases, investments securities and other earning assets (interest income) and interest paid on deposits and borrowings (interest expense), represented 74.6% of our total revenue for the three months ended March 31, 2020, compared with 72.1% for the three months ended December 31, 2019 and 71.1% for the three months ended March 31, 2019. Net interest income can change significantly from period to period based on interest rates, customer prepayment patterns and the volume and mix of interest-earning assets, noninterest-bearing deposits and interest-bearing liabilities. We manage the risk of changes in interest rates on our net interest income through TCF's Asset & Liability Committee ("ALCO") and through related interest rate risk monitoring and management policies. See "Part I, Item 3. Quantitative and Qualitative Disclosures about Market Risk" for further discussion.

Noninterest income is a significant source of our revenue and an important component of our results of operations. The significant components of noninterest income are leasing revenue, fees and service charges on deposit accounts, card and ATM revenue, net gains on sales of loans and leases and servicing fee revenue. Leasing revenue generates noninterest income primarily from operating and sales-type leases. Providing a wide range of consumer banking services is an integral component of our business philosophy. Primary drivers of fees and service charges include the number of customers we attract, the customers' level of engagement and the frequency with which the customer uses our solutions. We sell loans, primarily secured by consumer real estate, which results in gains on sales, as well as servicing fee income. Primary drivers of gains on sales include our ability to originate loans, identify loan buyers and execute loan sales.

The following portions of this Management's Discussion and Analysis of Financial Condition and Results of Operations ("Management's Discussion and Analysis") focus in more detail on the results of operations for the three months ended March 31, 2020, December 31, 2019, and March 31, 2019 and on information about our financial condition, loan and lease portfolio, liquidity, funding resources, capital and other matters. This discussion should be read in conjunction with the Consolidated Financial Statements and accompanying notes appearing in this report and the Consolidated Financial Statements and related notes and disclosures in our 2019 Annual Report on Form 10-K.

Critical Accounting Estimates

Our Consolidated Financial Statements are prepared in accordance with United States generally accepted accounting principles ("GAAP"), Securities and Exchange Commission ("SEC") rules and interpretive releases and general practices within our industry. Application of these principles requires management to make estimates, assumptions and complex judgments that affect the amounts reported in our Consolidated Financial Statements and accompanying notes. These estimates, assumptions and judgments are based on historical experience and various assumptions that we believe to be reasonable as of the date of the financial statements; accordingly, as this information changes, our Consolidated Financial Statements could reflect different estimates, assumptions and judgments. Actual results could differ significantly from those estimates.

Certain accounting measurements inherently have a greater reliance on the use of estimates, assumptions and judgments and, as such, have a greater possibility of producing results that could be materially different than originally reported. We use third-party sources to assist us with developing certain estimates, assumptions and judgments regarding certain amounts reported in our Consolidated Financial Statements and accompanying notes. When using third-party sources, management remains responsible for complying with GAAP. To execute management's responsibilities, we have processes in place to develop an understanding of the third-party methodologies and to design and implement internal controls.

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We have identified the determination of the allowance for credit losses (loans and leases), accounting for business combinations (including fair value of purchased loans and leases and core deposit intangibles), and the evaluation of goodwill impairment to be the accounting areas that require the most subjective or complex judgments and, as such, could be most subject to revision as new or additional information becomes available or circumstances change, including overall changes in the economic climate and/or market interest rates. Therefore, we consider them to be critical accounting estimates and discuss them directly with the Audit Committee of our Board of Directors.

Our significant accounting estimate related to accounting for business combinations is more fully described in the Critical Accounting Estimates section of this Management's Discussion and Analysis of Financial Condition within our audited Consolidated Financial Statements and notes thereto at and for the year ended December 31, 2019. As a result of our adoption of CECL as of January 1, 2020, we have made updates to our allowance for credit losses accounting measurements as detailed below. We have also provided updates regarding the evaluation of goodwill impairment below.

Updates to Critical Accounting Estimates

Allowance for Credit Losses

The ACL represents management's estimate of current credit losses expected to be incurred by the portfolio over the life of each financial asset as of the balance sheet date, including known or anticipated problem loans and leases, as well as for loans and leases which are not currently known to require specific allowances. Determining the amount of the ACL is considered a critical accounting estimate because it requires significant judgment and the use of estimates related to the amounts and timing of expected future cash flows, adjustments for forward-looking information, estimates of losses based on measurement date credit risk characteristics and consideration of other qualitative factors, all of which may be susceptible to significant change.

Events that are not within our control, such as changes in economic conditions, could change subsequent to the end of the period covered by this Quarterly Report on Form 10-Q, and could cause the ACL to be overstated or understated. The amount of ACL is affected by net charge-offs, which decrease the ACL; and the provision for credit losses charged to earnings, which increases or decreases the ACL.

The amount of the ACL significantly depends on management's estimates of key factors and assumptions affecting valuation, appraisals of collateral, evaluations of performance and status, the amounts and timing of future cash flows expected to be received, forecasts of future economic conditions and reversion periods. Such estimates, appraisals, evaluations, cash flows and forecasts may be subject to frequent adjustments due to changing economic prospects of borrowers, lessees, properties or economic conditions. These estimates are reviewed quarterly and adjustments, if necessary, are recorded in the provision for credit losses in the periods in which they become known.

See "Note 3. Summary of Significant Accounting Policies" and "Note 8. Allowance for Credit Losses and Credit Quality"

of the Consolidated Financial Statements for additional disclosure regarding our ACL.

Goodwill

Goodwill represents the excess of the purchase price of our business acquisition and other purchases of bank branches and other businesses over the fair value of the net assets acquired. Goodwill is not amortized, but rather is tested by management annually in the fourth quarter for impairment, or more frequently if triggering events occur and indicate potential impairment, in accordance with ASC Topic 350-20, Goodwill (ASC 350-20). ASC 350-20 allows an entity to assess qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. ASC 350-20 also allows an entity to bypass the qualitative assessment approach and determine if goodwill is impaired utilizing a quantitative assessment approach.

Given the economic deterioration due to the COVID-19 pandemic, during the first quarter of 2020 we evaluated whether it was more-likely-than-not that the fair value of any reporting unit was less than its carrying amount. We assessed economic conditions, including projections of the duration of current conditions and timing of a potential recovery; industry and market considerations; government intervention and regulatory updates; the impact of recent events to financial performance and cost factors of the reporting units including merger synergies; the market price of our common stock and other relevant events. At the conclusion of the assessment, we determined that it was not more-likely-than-not that the fair value of each reporting unit was less than its carrying amount.

54

We could incur impairment charges related to goodwill in the future due to changes in financial results or other matters that could affect the fair value of our reporting units.

Selected Financial Data

The following table provides our selected financial information for the periods and at the dates indicated. This information should be read together with our Consolidated Financial Statements and the related notes thereto, which are included elsewhere in this report. Our financial results were significantly impacted by the Merger, and periods before the Merger reflect financial data of Legacy TCF, while periods after the Merger reflect financial data for the combined company. Earnings per share and share quantities of TCF have been retrospectively adjusted to reflect the equivalent number of shares issued in the Merger. As noted in the following table, we have included certain non-GAAP financial measures, which should be read in conjunction with the section entitled "Non-GAAP Financial Measures" and the accompanying table entitled "Reconciliation of Non-GAAP Operating Results," for an explanation of the use of non-GAAP financial measures in this Quarterly Report on Form 10-Q and a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measure. Historical data is not necessarily indicative of TCF's future results of operations or financial condition.

	For the Three Months Ended
(Dollars in thousands, except per share data)	March 31, 2020			December 31, 2019			March 31, 2019
Consolidated Income:
Interest income	$	495,392		$	509,778		$	306,894
Interest expense	93,911			101,025			52,465
Net interest income	401,481			408,753			254,429
Noninterest income	136,963			158,052			103,504
Total revenue	538,444			566,805			357,933
Provision for credit losses	96,943			14,403			10,122
Noninterest expense	374,599			416,571			253,075
Income before income tax expense	66,902			135,831			94,736
Income tax expense	13,086			21,375			21,287
Income attributable to non-controlling interest	1,917			2,057			2,955
Net income attributable to TCF	51,899			112,399			70,494
Preferred stock dividends	2,493			2,494			2,493
Net income available to common shareholders	$	49,406		$	109,905		$	68,001
Earnings per common share:
Basic	$	0.33		$	0.72		$	0.83
Diluted	0.32			0.72			0.83
Financial Ratios:
Return on average assets ("ROAA")(1)	0.46		%	0.99		%	1.22		%
Return on average common equity ("ROACE")(1)	3.64			8.00			11.40
Return on average tangible common equity ("ROATCE")(1)(2)	5.42			11.35			12.42
Net interest margin (FTE)(1)(3)(4)	3.76			3.89			4.61
Dividend payout ratio	109.38			48.61			35.57
Efficiency ratio	69.57			73.49			70.70
Credit Quality Ratios:
Net charge-offs as a percentage of average loans and leases(1)	0.06			0.07			0.39
Adjusted Financial Results (non-GAAP):
Adjusted net income attributable to TCF(2)	$	89,855		$	161,581		$	77,700
Adjusted diluted earnings per common share(2)	$	0.57		$	1.04		$	0.91
Adjusted ROAA(1)(2)	0.78		%	1.42		%	1.34		%
Adjusted ROACE(1)(2)	6.43			11.57			12.61
Adjusted ROATCE(1)(2)	9.24			16.25			13.72
Adjusted efficiency ratio (non-GAAP)(2)	58.24			58.51			65.67

(1) Annualized.

(2) See section entitled "Non-GAAP Financial Measures" for further information.

(3) Net interest income on a fully tax-equivalent ("FTE") basis divided by average interest-earning assets.

(4) Presented on a tax-equivalent basis using a 21% tax rate for each period presented.

55

(Dollars in thousands)	At March 31, 2020			At December 31, 2019
Consolidated Financial Condition:
Loans and leases	$	35,921,614		$	34,497,464
Total assets	48,594,383			46,651,553
Deposits	35,799,303			34,468,463
Borrowings	6,083,129			5,023,593
Total equity	5,655,833			5,727,241
Financial Ratios:
Common equity to assets	11.23		%	11.87		%
Tangible common equity as a percent of tangible assets (non-GAAP)(1)	8.45		%	9.01		%
Total risk-based capital ratio	12.31		%	12.70		%
Book value per common share	$	35.85		$	36.20
Tangible book value per common share (non-GAAP)(1)	26.16			26.60
Credit Quality Ratios:
Nonaccrual loans and leases as a percentage of total loans and leases(2)	0.70		%	0.49		%
Nonperforming assets as a percentage of total loans and leases and other real estate owned	0.80		%	0.59		%
Allowance for credit losses as a percentage of total nonaccrual loans and leases	162.24		%	66.64		%

(1) See section entitled "Non-GAAP Financial Measures" for further information.

(2) Prior to the adoption of CECL as of January 1, 2020, purchased credit impaired loans were not classified as nonaccrual loans because they were recorded at their net realizable value based on the principal and interest expected to be collected on the loans. At January 1, 2020, $73.4 million of previous purchased credit impaired loans were classified as nonaccrual loans.

Results of Operations

Performance Summary We reported net income of $51.9 million for the three months ended March 31, 2020, compared with $112.4 million for the three months ended December 31, 2019 and $70.5 million for the three months ended March 31, 2019. Merger-related expenses included in net income totaled $36.7 million for the three months ended March 31, 2020, $47.0 million for the three months ended December 31, 2019 and $9.5 million for the three months ended March 31, 2019. Notable items, on a pre-tax basis, for the three months ended March 31, 2020, included $8.2 million of loan servicing rights impairment and $3.1 million of expenses related to the sale of the Legacy TCF auto finance portfolio. Notable items, for the three months ended December 31, 2019, included a $12.9 million loss on the sale of Legacy TCF auto finance portfolio and related expenses, $6.3 million of expense related to pension fair valuation adjustment on plans with previously announced terminations, $3.5 million of write-downs of company-owned vacant land parcels and branch exit costs, and a $638 thousand loan servicing rights impairment recovery. Adjusted net income, a non-GAAP financial measure that excludes merger-related expenses and the identified notable items, net of tax, was $89.9 million for the three months ended March 31, 2020, compared to $161.6 million for the three months ended December 31, 2019 and $77.7 million for the three months ended March 31, 2019. See "Non-GAAP Financial Measures" in this Management's Discussion and Analysis for further information.

We reported diluted earnings per common share of $0.32 for the three months ended March 31, 2020, compared with $0.72 for the three months ended December 31, 2019 and $0.83 for the three months ended March 31, 2019. Adjusted diluted earnings per common share, a non-GAAP financial measure that excludes merger-related expenses and notable items was $0.57 for the three months ended March 31, 2020, compared to $1.04 for the three months ended December 31, 2019 and $0.91 for the three months ended March 31, 2019. See "Non-GAAP Financial Measures" in this Management's Discussion and Analysis for further information.

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The following table provides our financial ratios and the adjusted ratios (non-GAAP), which exclude merger expenses and notable items.

Summary of Financial Ratios
	For the Three Months Ended						Change From
	March 31, 2020		December 31, 2019		March 31, 2019		Three Months Ended December 31,			Three Months Ended March 31,
							2020			2019
Return on average assets ("ROAA")(1)	0.46	%	0.99	%	1.22	%	(53	)	bps	(76	)	bps
ROACE(1)	3.64		8.00		11.40		(436	)		(776	)
ROATCE (non-GAAP)(1)(2)	5.42		11.35		12.42		(593	)		(700	)
Efficiency ratio	69.57		73.49		70.70		(392	)		(113	)
Adjusted Financial Results (non-GAAP)
Adjusted ROAA(1)(2)	0.78	%	1.42	%	1.34	%	(64	)	bps	(56	)	bps
Adjusted ROACE(1)(2)	6.43		11.57		12.61		(514	)		(618	)
Adjusted ROATCE(1)(2)	9.24		16.25		13.72		(701	)		(448	)
Adjusted efficiency ratio(2)	58.24		58.51		65.67		(27	)		(743	)

(1) Annualized.

(2) See section entitled "Non-GAAP Financial Measures" in this Management's Discussion and Analysis for further information.

Consolidated Income Statement Analysis

Net Interest Income Net interest income was $401.5 million for the three months ended March 31, 2020, compared with $408.8 million for the three months ended December 31, 2019 and $254.4 million for the three months ended March 31, 2019. Net interest income, our largest source of net revenue (net interest income plus noninterest income), represented 74.6% of our total revenue for the three months ended March 31, 2020, compared with 72.1% for the three months ended December 31, 2019 and 71.1% for the three months ended March 31, 2019. The decrease in net interest income for the three months ended March 31, 2020, compared to the three months ended December 31, 2019, was primarily due to the impact of the Federal Reserve's rate cuts that took place during the quarter in addition to a decrease in the benefit provided by purchase accounting accretion and amortization. The increase in net interest income for the three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily due to the increase in interest-earning assets acquired in the Merger, partially offset by the increase in interest-bearing liabilities acquired in the Merger.

Net interest income, on a fully tax-equivalent ("FTE") basis, was $404.5 million for the three months ended March 31, 2020, compared to $411.6 million for the three months ended December 31, 2019 and $256.2 million for the three months ended March 31, 2019. Net interest income (FTE) is the difference between interest income and interest expense adjusted for the tax benefit received on tax-exempt loans, leases and investment securities. Net interest margin (FTE) is calculated by dividing net interest income (FTE) by average interest-earning assets, expressed as a percentage, annualized as applicable. Net interest income and net interest margin are affected by (i) changes in prevailing short- and long-term interest rates, (ii) loan, lease and deposit pricing strategies and competitive conditions, (iii) the volume and mix of interest-earning assets, noninterest-bearing deposits and interest-bearing liabilities, (iv) the level of nonaccrual loans and leases and other real estate owned,(v) the impact of modified loans and leases, and (vi) changes in customer demand for products due to economic events. Net interest margin (FTE) was 3.76% for the three months ended March 31, 2020, compared with 3.89% for the three months ended December 31, 2019 and 4.61% for the three months ended March 31, 2019. The decrease in net interest margin (FTE) for the three months ended March 31, 2020, compared to the three months ended December 31, 2019, was primarily due to the impact of the Federal Reserve's rate cuts in addition to a decrease in the benefit provided by purchase accounting accretion and amortization. The decrease in net interest margin (FTE) for the three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily due to a decrease in the yield earned on loans and leases added as a result of the lower average yields added to the portfolio through the Merger.

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The following tables present the average balances of our major categories of assets and liabilities, interest income and expense on a FTE basis, average interest rates earned and paid on the assets and liabilities, net interest income (FTE), net interest spread and net interest margin for the three months ended March 31, 2020, December 31, 2019 and March 31, 2019. The presentation of net interest income on a FTE basis is not in accordance with GAAP but is customary in the banking industry. This non-GAAP measure ensures comparability of net interest income arising from both taxable and tax-exempt loans and investment securities.

	Three Months Ended
	March 31, 2020							December 31, 2019							March 31, 2019
(Dollars in thousands)	Average Balance		Interest(1)			Yields & Rates(1)(2)		Average Balance		Interest(1)			Yields & Rates(1)(2)		Average Balance		Interest(1)			Yields & Rates(1)(2)
Assets:
Federal Home Loan Bank and Federal Reserve Bank stocks	$	454,675	$	3,152		2.79	%	$	388,640	$	3,170		3.24	%	$	105,135	$	961		3.70	%
Investment securities held-to-maturity	136,277		560			1.64		140,434		889			2.53		147,556		535			1.45
Investment securities available-for-sale:
Taxable	5,892,006		40,360			2.74		4,960,520		35,393			2.85		2,121,196		16,131			3.04
Tax-exempt(3)	773,468		5,503			2.85		778,994		5,536			2.84		516,995		3,397			2.63
Loans and leases held-for-sale	138,058		1,561			4.53		1,121,326		15,767			5.58		55,204		825			6.05
Loans and leases(1)(3)(4)	34,946,147		444,925			5.08		33,804,883		448,472			5.24		19,186,962		284,247			5.97
Interest-bearing deposits with banks and other	538,971		2,314			1.72		656,555		3,448			2.07		261,556		2,520			3.87
Total interest-earning assets	42,879,602		498,375			4.64		41,851,352		512,675			4.85		22,394,604		308,616			5.55
Other assets	4,105,824							4,268,162							1,712,337
Total assets	$	46,985,426						$	46,119,514						$	24,106,941
Liabilities and Equity:
Noninterest-bearing deposits	$	7,929,933						$	7,968,769						$	3,919,746
Interest-bearing deposits:
Checking	5,990,309		5,830			0.39		5,891,566		7,614			0.51		2,457,767		387			0.06
Savings	8,589,815		13,669			0.64		8,404,460		14,993			0.71		6,253,992		10,670			0.69
Money market	4,792,248		14,855			1.25		4,463,476		15,537			1.38		1,490,631		4,453			1.21
Certificates of deposit	7,329,632		33,065			1.81		7,825,573		38,859			1.97		4,622,120		22,098			1.94
Total interest-bearing deposits	26,702,004		67,419			1.02		26,585,075		77,003			1.15		14,824,510		37,608			1.03
Total deposits	34,631,937		67,419			0.78		34,553,844		77,003			0.88		18,744,256		37,608			0.81
Borrowings:
Short-term borrowings	2,689,262		10,582			1.56		2,585,682		11,403			1.73		293,499		1,957			2.67
Long-term borrowings	2,608,204		15,910			2.42		1,739,852		12,620			2.87		1,500,832		12,900			3.44
Total borrowings	5,297,466		26,492			1.98		4,325,534		24,023			2.19		1,794,331		14,857			3.31
Total interest-bearing liabilities	31,999,470		93,911			1.18		30,910,609		101,026			1.29		16,618,841		52,465			1.28
Total deposits and borrowings	39,929,403		93,911			0.94		38,879,378		101,026			1.03		20,538,587		52,465			1.03
Other liabilities	1,425,536							1,549,017							989,104
Total liabilities	41,354,939							40,428,395							21,527,691
Total TCF Financial Corporation shareholders' equity	5,605,159							5,667,436							2,554,729
Non-controlling interest in subsidiaries	25,328							23,683							24,521
Total equity	5,630,487							5,691,119							2,579,250
Total liabilities and equity	$	46,985,426						$	46,119,514						$	24,106,941
Net interest spread (FTE)						3.70							3.82							4.52
Net interest income (FTE) and net interest margin (FTE)			$404,464			3.76				$411,649			3.89				$256,151			4.61
Reconciliation to Reported Net Interest Income
Net interest income (FTE)			$	404,464						$	411,649						$	256,151
Adjustments for taxable equivalent interest(1)(3)
Loans and leases			$	(1,829	)					$	(1,734	)					$	(1,009	)
Tax-exempt investment securities			(1,154		)					(1,162		)					(713		)
Total FTE adjustments			(2,983		)					(2,896		)					(1,722		)
Net interest income (GAAP)			$	401,481						$	408,753						$	254,429
Net interest margin (GAAP)			3.73		%					3.86		%					4.58		%

(1) Interest and yields are presented on a FTE basis.

(2) Annualized.

(3) The yield on tax-exempt loans, leases and investment securities available-for-sale is computed on a FTE 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.

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Volume and Rate Variance Analysis

	Three Months Ended March 31, 2020 vs. December 31, 2019									Three Months Ended March 31, 2020 vs. March 31, 2019
	Increase (Decrease) Due to Changes in									Increase (Decrease) Due to Changes in
(Dollars in thousands)	Average Volume(1)			Average Yield/Rate(1)			Total Change			Average Volume(1)			Average Yield/Rate(1)			Total Change
Changes in Interest Income on Interest-Earning Assets:
Federal Home Loan Bank and Federal Reserve Bank stocks	$	492		$	(510	)	$	(18	)	$	2,450		$	(259	)	$	2,191
Investment securities held-to-maturity	(26		)	(303		)	(329		)	(43		)	68			25
Investment securities available-for-sale:
Taxable	6,427			(1,460		)	4,967			25,980			(1,751		)	24,229
Tax-exempt	(39		)	6			(33		)	1,805			301			2,106
Loans and leases held-for-sale	(11,690		)	(2,516		)	(14,206		)	983			(247		)	736
Loans and leases	13,424			(16,971		)	(3,547		)	207,371			(46,693		)	160,678
Interest-bearing deposits with banks and other	(577		)	(557		)	(1,134		)	1,703			(1,909		)	(206		)
Total interest-earning assets	$	8,011		$	(22,311	)	$	(14,300	)	$	240,249		$	(50,490	)	$	189,759
Changes in Interest Expense on Interest-Bearing Liabilities:
Interest-bearing deposits:
Checking	$	121		$	(1,905	)	$	(1,784	)	$	1,178		$	4,265		$	5,443
Savings	310			(1,634		)	(1,324		)	3,717			(718		)	2,999
Money market	1,061			(1,743		)	(682		)	10,106			296			10,402
Certificates of deposit	(2,420		)	(3,374		)	(5,794		)	12,121			(1,154		)	10,967
Interest-bearing deposits	(928		)	(8,656		)	(9,584		)	27,122			2,689			29,811
Short-term borrowings	403			(1,224		)	(821		)	9,772			(1,147		)	8,625
Long-term borrowings	5,498			(2,208		)	3,290			7,637			(4,627		)	3,010
Total interest-bearing liabilities	$	4,973		$	(12,088	)	$	(7,115	)	$	44,531		$	(3,085	)	$	41,446
Total change in net interest income (FTE)(2)	$	3,038		$	(10,223	)	$	(7,185	)	$	195,718		$	(47,405	)	$	148,313

(1) Changes attributable to the combined impact of volume and rate have been allocated proportionately to the change due to volume and the change due to rate.

(2) FTE basis using a federal income tax rate of 21%. The presentation of net interest income on a FTE basis is not in accordance with GAAP, but is customary in the banking industry.

Provision for Credit Losses The provision for credit losses was $96.9 million for the three months ended March 31, 2020, compared with $14.4 million for the three months ended December 31, 2019 and $10.1 million for the three months ended March 31, 2019. The increase in both periods was primarily due to the impact of the COVID-19 pandemic and was additionally impacted by the adoption of CECL. Prior to the adoption of CECL on January 1, 2020, the allowance for credit losses was calculated under an incurred loss model which delayed recognition of loss until it was probable the loss had been incurred. The accounting under CECL considers current credit losses expected to be incurred in the loan and lease portfolios over the remaining expected life of each financial asset and considers expected future changes in macroeconomic conditions. In addition, as a result of the adoption of CECL, the provision for credit losses now includes the provision for unfunded commitments that was previously included within other noninterest expense. The provision for unfunded commitments was $4.0 million for the three months ended March 31, 2020. The provision for credit losses is predominantly a function of our reserving methodology used to determine the appropriate level of the allowance for credit losses, which is a critical accounting estimate. The COVID-19 pandemic could result in the recognition of additional credit losses in our loan and lease portfolios and increase our allowance for credit losses as both businesses and consumers are negatively impacted by the economic downturn in future periods.

An analysis of the allowance for credit losses is presented under "Consolidated Financial Condition Analysis — Credit Quality" in this Management's Discussion and Analysis.

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Noninterest Income The components of noninterest income were as follows:

	Three Months Ended									Change from
	March 31, 2020			December 31, 2019			March 31, 2019			December 31, 2019					March 31, 2019
(Dollars in thousands)										$			% / bps		$			% / bps
Fees and service charges on deposit accounts	$	34,597		$	39,356		$	26,278		$	(4,759	)	(12.1	)%	$	8,319		31.7	%
Leasing revenue	33,565			46,686			38,165			(13,121		)	(28.1	)	(4,600		)	(12.1	)
Card and ATM revenue	21,685			24,751			18,659			(3,066		)	(12.4	)	3,026			16.2
Net gains on sales of loans and leases	20,590			12,934			8,217			7,656			59.2		12,373			150.6
Servicing fee revenue	6,792			6,022			5,110			770			12.8		1,682			32.9
Wealth management revenue	6,151			6,172			—			(21		)	(0.3	)	6,151			N.M.
Net gains on investment securities	—			8			451			(8		)	(100.0	)	(451		)	(100.0	)
Other	13,583			22,123			6,624			(8,540		)	(38.6	)	6,959			105.1
Total noninterest income	$	136,963		$	158,052		$	103,504		$	(21,089	)	(13.3	)	$	33,459		32.3
Total noninterest income as a percentage of total revenue	25.4		%	27.9		%	28.9		%				(250) bps					(350) bps

N.M. Not Meaningful

Noninterest income was $137.0 million for the three months ended March 31, 2020, compared to $158.1 million for the three months ended December 31, 2019 and $103.5 million for the three months ended March 31, 2019. Noninterest income included $8.2 million of loan servicing rights impairment for the three months ended March 31, 2020, compared to $0.6 million of loan servicing rights impairment recovery for the three months ended December 31, 2019, considered notable items. Loan servicing rights impairment and impairment recovery are recorded within other noninterest income. The three months ended December 31, 2019, also included an $8.2 million loss related to the sale of the Legacy TCF auto finance portfolio included in net gains on sales of loans and leases as a notable item. Adjusted noninterest income, a non-GAAP financial measure that excludes the identified notable items, was $145.2 million for the three months ended March 31, 2020, compared to $165.6 million for the three months ended December 31, 2019 and $103.5 million for the three months ended March 31, 2019. See "Non-GAAP Financial Measures" in this Management's Discussion and Analysis for further information. As a result of the COVID-19 pandemic, we have faced and may continue to face a decrease in demand and transaction levels for our products and services which would result in a decline in noninterest income in future periods.

Fees and service charges on deposit accounts Fees and service charges on deposit accounts were $34.6 million for the three months ended March 31, 2020, compared with $39.4 million for the three months ended December 31, 2019 and $26.3 million for the three months ended March 31, 2019. The decrease for three months ended March 31, 2020, compared to the three months ended December 31, 2019, was partly due to a decline in overdraft fees charged in the month of March in response to the COVID-19 pandemic. The increase for three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily attributable to incremental fees resulting from the Merger.

Leasing revenue Leasing revenue was $33.6 million for the three months ended March 31, 2020, compared with $46.7 million for the three months ended December 31, 2019 and $38.2 million for the three months ended March 31, 2019. Leasing revenue is impacted by changes in our operating lease revenue and sales-type lease revenue through our equipment financing activity.

Card and ATM revenue Card and ATM revenue was $21.7 million for the three months ended March 31, 2020, compared with $24.8 million for the three months ended December 31, 2019 and $18.7 million for the three months ended March 31, 2019. The decrease for three months ended March 31, 2020, compared to the three months ended December 31, 2019, was primarily due to a reduction in debit card activity partly related to governmental imposed restrictions on activities as a result of the COVID-19 pandemic. The increase for three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily due to incremental revenue resulting from the Merger.

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Net gains on sales of loans and leases Net gains on sales of loans and leases were $20.6 million for the three months ended March 31, 2020, compared with $12.9 million for the three months ended December 31, 2019 and $8.2 million for the three months ended March 31, 2019. The increase for three months ended March 31, 2020, compared to the three months ended December 31, 2019, was primarily due to the $8.2 million loss related to the sale of the Legacy TCF auto finance portfolio recognized in the three months ended December 31, 2019. The increase for three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily due to higher volume of consumer loans sold resulting from the Merger. We sold $535.8 million of residential mortgage loans during the three months ended March 31, 2020, compared with $1.8 billion during the three months ended December 31, 2019 and $266.2 million during the three months ended March 31, 2019.

Servicing fee revenue Servicing fee revenue was $6.8 million for the three months ended March 31, 2020, compared with $6.0 million for the three months ended December 31, 2019 and $5.1 million for the three months ended March 31, 2019. The increase for the three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily due to the incremental servicing fee revenue resulting from the Merger and the transitional servicing fee received on the Legacy TCF auto finance portfolio that was sold in the fourth quarter of 2019. The first quarter 2020 is the final quarter for recognition of the transitional servicing fee revenue on the Legacy TCF auto finance portfolio.

Wealth management Wealth management revenue is comprised of investment fees that are generally based on the market value of assets within a trust account, custodial fees and fees from the sale of investment products and is a revenue stream added as a result of the Merger. Revenues from wealth management were $6.2 million for both the three months ended March 31, 2020 and December 31, 2019.

Net gains on investment securities There were no sales of investment securities for the three months ended March 31, 2020, compared with $8 thousand of net gains on sales of investment securities for the three months ended December 31, 2019 and $0.5 million for the three months ended March 31, 2019.

Other Other noninterest income was $13.6 million for the three months ended March 31, 2020, compared with $22.1 million for the three months ended December 31, 2019 and $6.6 million for the three months ended March 31, 2019. The decrease for three months ended March 31, 2020, compared to the three months ended December 31, 2019, was primarily due to the recognition of $8.2 million of loan servicing rights impairment primarily driven by a decline in market interest rates and an increase in prepayment speeds. The increase for three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily due to an increase in incremental revenue resulting from the Merger, partially offset by the recognition of $8.2 million of loan servicing rights impairment.

Noninterest Expense The components of noninterest expense were as follows:

	Three Months Ended									Change from
	March 31, 2020			December 31, 2019			March 31, 2019			December 31, 2019					March 31, 2019
(Dollars in thousands)										$			% / bps		$			% / bps
Compensation and employee benefits	$	171,528		$	180,969		$	123,942		$	(9,441	)	(5.2	)%	$	47,586		38.4	%
Occupancy and equipment	57,288			56,771			41,710			517			0.9		15,578			37.3
Lease financing equipment depreciation	18,450			18,629			19,256			(179		)	(1.0	)	(806		)	(4.2	)
Net foreclosed real estate and repossessed assets	1,859			4,242			4,630			(2,383		)	(56.2	)	(2,771		)	(59.8	)
Merger-related expenses	36,728			47,025			9,458			(10,297		)	(21.9	)	27,270			N.M.
Other	88,746			108,935			54,079			(20,189		)	(18.5	)	34,667			64.1
Total noninterest expense	$	374,599		$	416,571		$	253,075		$	(41,972	)	(10.1	)	$	121,524		48.0
Full-time equivalent staff (at period end)	7,572			7,762			5,142			(190		)	(2.4	)	2,430			47.3
Efficiency ratio	69.57		%	73.49		%	70.70		%				(392	) bps				(113	) bps
Adjusted efficiency ratio (non-GAAP)(1)	58.24			58.51			65.67						(27	)				(743	)

N.M. Not Meaningful

(1) See "Consolidated Financial Condition Analysis - Non-GAAP Financial Measures" in this Management's Discussion and Analysis for further information.

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Noninterest expense was $374.6 million for the three months ended March 31, 2020, compared to $416.6 million for the three months ended December 31, 2019 and $253.1 million for the three months ended March 31, 2019. Noninterest expense included merger-related costs of $36.7 million for the three months ended March 31, 2020, $47.0 million for the three months ended December 31, 2019 and $9.5 million for the three months ended March 31, 2019. Noninterest expense for the three months ended March 31, 2020 included $3.1 million of expenses related to the sale of the Legacy TCF auto finance portfolio ($1.6 million included in occupancy and equipment, $864 thousand included in compensation and employee benefits and $570 thousand included in other noninterest expense), considered a notable item. Noninterest expense for the three months ended December 31, 2019, included a $6.3 million detriment related to pension fair valuation adjustment on plans with previously announced terminations, included in other noninterest expense, $4.7 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 $930 thousand in compensation and employee benefits) and $3.5 million of expense related to the write-down of company-owned vacant land parcels and branch exit costs, included in other noninterest expense, considered notable items. Adjusted noninterest expense, a non-GAAP financial measure that excludes merger-related expenses and the identified notable items, was $334.8 million for the three months ended March 31, 2020, compared to $355.0 million for the three months ended December 31, 2019 and $243.6 million for the three months ended March 31, 2019. See "Non-GAAP Financial Measures" in this Management's Discussion and Analysis for further information.

Compensation and employee benefits expense Compensation and employee benefits expense was $171.5 million for the three months ended March 31, 2020, compared with $181.0 million for the three months ended December 31, 2019 and $123.9 million for the three months ended March 31, 2019. The decrease in the three months ended March 31, 2020, compared to the three months ended December 31, 2019, was primarily due to a decrease in commission expense as a result of lower production. The increase in the three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily due to the staff additions resulting from the Merger.

Occupancy and equipment Occupancy and equipment expense was $57.3 million for the three months ended March 31, 2020, compared with $56.8 million for the three months ended December 31, 2019 and $41.7 million for the three months ended March 31, 2019. The increase in the three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily due to the incremental operating costs associated with the Merger.

Lease financing equipment depreciation Lease financing equipment depreciation was $18.5 million for the three months ended March 31, 2020, compared with $18.6 million for the three months ended December 31, 2019 and $19.3 million for the three months ended March 31, 2019. Shifts in lease financing equipment depreciation are the result of changes in balances of leased equipment.

Net foreclosed real estate and repossessed assets Net foreclosed real estate and repossessed assets expense was $1.9 million for the three months ended March 31, 2020, compared with $4.2 million for the three months ended December 31, 2019 and $4.6 million for the three months ended March 31, 2019. The decrease in the three months ended March 31, 2020, compared to the three months ended December 31, 2019, was primarily due to a decrease in repossession expense.

Merger-related expenses Merger-related expenses related to the Merger were $36.7 million for the three months ended March 31, 2020, compared with $47.0 million for the three months ended December 31, 2019 and $9.5 million for the three months ended March 31, 2019. Merger-related expenses consist primarily of professional fees and employment related expenses. We anticipate incurring a meaningful amount of merger-related expenses through the remainder of 2020.

Other noninterest expense Other noninterest expense was $88.7 million for the three months ended March 31, 2020, compared with $108.9 million for the three months ended December 31, 2019 and $54.1 million for the three months ended March 31, 2019. The decrease in the three months ended March 31, 2020, compared to the three months ended December 31, 2019, was primarily due to the $6.3 million detriment related to pension fair valuation adjustment on plans with previously announced terminations and the $3.5 million of expense related to write-down of of company-owned vacant land parcels and branch exit costs recognized in the three months ended December 31, 2019. The increase in the three months ended March 31, 2020, compared to the three months ended March 31, 2019 was primarily due to incremental costs associated with the Merger.

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Income Tax Expense Income tax expense was $13.1 million, or 19.6% of income before income tax expense for the three months ended March 31, 2020, compared with $21.4 million, or 15.7% of income before income tax expense, for the three months ended December 31, 2019 and $21.3 million, or 22.5% of income before income tax expense, for the three months ended March 31, 2019. The three months ended December 31, 2019 included a $3.8 million tax basis adjustment benefit. The fluctuations in our effective income tax rate reflect changes each period in the proportion of tax-exempt interest income, nondeductible expenses and credits relative to income before income tax expense.

Reportable Segment Results Our reportable segments are Consumer Banking, Commercial Banking and Enterprise Services. See "Note 22. Reportable Segments" of the Notes to Consolidated Financial Statements for further information regarding net income (loss), revenues and assets for each of our reportable segments.

Consumer Banking

Consumer Banking is comprised of all of our consumer and small business-facing businesses and includes Retail Banking, Wealth Management, Residential and Consumer Lending, and Business Banking. Our consumer banking strategy is primarily to generate deposits and originate high credit quality loans for investment and sale. Deposits are generated from consumers and small businesses to provide a source of low cost funds, with a focus on building and maintaining quality customer relationships.

Consumer Banking generated net income available to common shareholders of $36 thousand for the three months ended March 31, 2020, compared with $50.1 million for the three months ended December 31, 2019 and $28.7 million for the three months ended March 31, 2019. The decrease in the three months ended March 31, 2020, compared to the three months ended December 31, 2019, was primarily due to an increase in provision for credit losses primarily due to the economic downturn related to COVID-19. The decrease in the three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily due to increases in incremental operating costs and an increase in provision for credit losses primarily due to the economic downturn related to COVID-19, partially offset by the incremental income resulting from the Merger.

Consumer Banking net interest income was $193.8 million for the three months ended March 31, 2020, compared with $205.8 million for the three months ended December 31, 2019 and $140.7 million for the three months ended March 31, 2019. The decrease in the three months ended March 31, 2020, compared to the three months ended December 31, 2019, was primarily due to the Federal Reserve's rate cuts in addition to a decrease in the benefit provided by purchase accounting accretion. The increase in net interest income in the three months ended March 31, 2020, compared to the three months ended March 31, 2019 was primarily attributable to the impact of the loans acquired in the Merger, partially offset by the deposits acquired in the Merger.

Consumer Banking provision for credit losses was $44.4 million for the three months ended March 31, 2020, compared with $144 thousand for the three months ended December 31, 2019 and $7.2 million for the three months ended March 31, 2019. The increase in both periods was primarily due to the economic downturn related to COVID-19 and the adoption of CECL. The provision for credit losses is predominantly a function of our reserving methodology used to determine the appropriate level of the allowance for credit losses. For further information, see "Consolidated Income Statement Analysis — Provision for Credit Losses" and "Consolidated Financial Condition Analysis — Credit Quality" in this Management's Discussion and Analysis and "Note 8. Allowance for Credit Losses and Credit Quality" of the Notes to Consolidated Financial Statements.

Consumer Banking noninterest income was $81.4 million for the three months ended March 31, 2020, compared with $90.1 million for the three months ended December 31, 2019 and $60.5 million for the three months ended March 31, 2019. The decrease in the three months ended March 31, 2020, compared to the three months ended December 31, 2019, was primarily due to decreases in fees and service charges on deposit accounts and card and ATM revenue, partially offset by the $8.2 million loss related to the sale of the Legacy TCF auto finance portfolio in the three months ended December 31, 2019. The increase in the three months ended March 31, 2020, compared to three months ended March 31, 2019, was primarily due to a higher volume of consumer loans sold resulting from the Merger. Servicing fee income attributable to the Consumer Banking segment was $6.5 million for the three months ended March 31, 2020, compared with $5.8 million for the three months ended December 31, 2019 and $4.8 million for the three months ended March 31, 2019. Servicing fee income in the three months ended March 31, 2020 included transitional servicing fee received on the Legacy TCF auto finance portfolio that was sold in the fourth quarter of 2019. Average Consumer Banking loans serviced for others were $9.2 billion for the three months ended March 31, 2020, compared with $9.4 billion for the three months ended December 31, 2019 and $2.9 billion for the three months ended March 31, 2019.

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Consumer Banking noninterest expense was $228.9 million for the three months ended March 31, 2020, compared with $233.9 million for the three months ended December 31, 2019 and $156.5 million for the three months ended March 31, 2019. The increase in the three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily due to the incremental operating costs due to the Merger.

Commercial Banking

Commercial Banking is comprised of commercial and industrial, commercial real estate banking and lease financing. Our commercial banking strategy focuses on building full commercial relationships including originating high credit quality loans and leases and providing deposit and treasury services.

Commercial Banking generated net income available to common shareholders of $56.5 million for the three months ended March 31, 2020, compared with $98.5 million for the three months ended December 31, 2019 and $38.2 million for the three months ended March 31, 2019. The decrease in the three months ended March 31, 2020, compared to the three months ended December 31, 2019, was primarily due to an increase in provision for credit losses primarily due to the economic downturn related to COVID-19. The increase in the three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily due to the incremental income resulting from the Merger, partially offset by an increase in provision for credit losses primarily due to the economic downturn related to COVID-19.

Commercial Banking net interest income was $186.0 million for the three months ended March 31, 2020, compared with $185.3 million for the three months ended December 31, 2019 and $96.7 million for the three months ended March 31, 2019. The increase in the three months ended March 31, 2020, compared to the three months ended March 31, 2019 was primarily due to the impact of the loans acquired in the Merger, partially offset by the deposits acquired in the Merger.

Commercial Banking provision for credit losses was $52.6 million for the three months ended March 31, 2020, compared with $14.3 million for the three months ended December 31, 2019 and $2.9 million for the three months ended March 31, 2019. The increase in both periods was primarily due to the economic downturn related to COVID-19 and the adoption of CECL. The provision for credit losses is predominantly a function of our reserving methodology used to determine the appropriate level of the allowance for credit losses. For further information, see "Consolidated Income Statement Analysis — Provision for Credit Losses" and "Consolidated Financial Condition Analysis — Credit Quality" in this Management's Discussion and Analysis and "Note 8. Allowance for Credit Losses and Credit Quality" of the Notes to Consolidated Financial Statements.

Commercial Banking noninterest income was $55.8 million for the three months ended March 31, 2020, compared with with $66.0 million for the three months ended December 31, 2019 and $42.5 million for the three months ended March 31, 2019. The decrease in the three months ended March 31, 2020, compared to the three months ended December 31, 2019, was primarily due to a decrease in leasing revenue. The increase in the three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily due to incremental revenue resulting from the Merger, partially offset by a decrease in leasing revenue.

Commercial Banking noninterest expense was $114.5 million for the three months ended March 31, 2020, compared with $116.2 million for the three months ended December 31, 2019 and $83.4 million for the three months ended March 31, 2019. The increase in the three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily due to an increase in merger-related expenses and other expenses related to the incremental costs due to the Merger.

Enterprise Services

Enterprise Services is comprised of (i) corporate treasury, which includes our investment and borrowing portfolios and management of capital, debt and market risks, (ii) corporate functions, such as information technology, risk and credit management, bank operations, finance, investor relations, corporate development, internal audit, legal and human capital management that provide services to the operating segments, (iii) TCF Financial and (iv) eliminations. Our investment portfolio accounts for the earning assets within this segment. Borrowings may be used to offset reductions in deposits or to support lending activities. This segment also includes residual revenues and expenses representing the difference between actual amounts incurred by Enterprise Services and amounts allocated to the operating segments, including interest rate risk residuals such as funds transfer pricing mismatches.

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Enterprise Services generated a net loss available to common shareholders of $7.1 million for the three months ended March 31, 2020, compared with a net loss of $38.6 million for the three months ended December 31, 2019 and net income available to common shareholders of $1.1 million for the three months ended March 31, 2019.

Enterprise Services net interest income was $21.7 million for the three months ended March 31, 2020, compared with $17.6 million for the three months ended December 31, 2019 and $17.0 million for the three months ended March 31, 2019. The increase in the three months ended March 31, 2020, compared to the three months ended December 31, 2019, was primarily due to an increase in average balances of investment securities. The increase in the three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily due to the increase in average balances of investment securities acquired in the Merger.

Enterprise Services noninterest expense was $31.3 million for the three months ended March 31, 2020, compared with $66.4 million for the three months ended December 31, 2019 and $13.1 million for the same period in 2019. The decrease in the three months ended March 31, 2020, compared to the three months ended December 31, 2019, was primarily due to decreases in merger-related expenses and compensation and employee benefits. The increase in the three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily due to an increase in merger-related expenses and other expenses related to the incremental costs due to the Merger.

Preferred stock dividends were $2.5 million for the three months ended March 31, 2020, compared with $2.5 million for both the three months ended December 31, 2019 and March 31, 2019.

Consolidated Financial Condition Analysis

Investment Securities Total investment securities available-for-sale, at fair value, were $7.0 billion at March 31, 2020, compared with $6.7 billion at December 31, 2019. Our investment securities available-for-sale are debt securities consisting primarily of fixed-rate mortgage-backed securities issued by the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC"), and obligations of states and political subdivisions. The increase in investment securities available-for-sale was primarily due to purchases of additional residential agency mortgage-backed securities. During the first quarter 2020, we completed the reinvestment of $1.6 billion of investment securities sold in the third quarter 2019. We purchased $471.8 million of investment securities during the three months ended March 31, 2020.

Total investment securities held-to-maturity were $135.6 million at March 31, 2020, compared with $139.4 million at December 31, 2019. Our investment securities held-to-maturity portfolio consists primarily of fixed-rate mortgage-backed securities issued by the FNMA.

The amortized cost and fair value of investment securities available-for-sale and held-to-maturity were as follows:

	At March 31, 2020				December 31, 2019
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Investment securities available-for-sale, at fair value
Debt securities:
Government and government-sponsored enterprises	$	218,996	$	218,580	$	235,045	$	234,385
Obligations of states and political subdivisions	850,816		866,556		852,096		863,855
Residential mortgage-backed securities	5,029,613		5,220,403		4,866,473		4,929,717
Commercial mortgage-backed securities	693,359		719,285		685,212		691,614
Corporate debt and trust preferred securities	451		400		451		430
Total investment securities available-for-sale	6,793,235		7,025,224		6,639,277		6,720,001
Investment securities held-to-maturity
Residential mortgage-backed securities	131,947		142,302		135,769		141,168
Corporate debt and trust preferred securities	3,672		3,672		3,676		3,676
Total investment securities held-to-maturity	135,619		145,974		139,445		144,844
Total investment securities	$	6,928,854	$	7,171,198	$	6,778,722	$	6,864,845

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The carrying value and FTE yield of investment securities available-for-sale and investment securities held-to-maturity by final contractual maturity were as follows. The final contractual maturities do not consider possible prepayments and therefore expected maturities may differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	March 31, 2020
	Government and Government-sponsored Enterprises				Obligations of States and Political Subdivisions				Residential Mortgage-backed Securities				Commercial Mortgage-backed Securities					Corporate Debt And Trust Preferred Securities				Total
(Dollars in thousands)	Amount		Yield(1)		Amount		Yield(1)		Amount		Yield(1)		Amount		Yield(1)			Amount		Yield(1)		Amount		Yield(1)
Investment securities available-for-sale
Due in one year or less	$	—	—	%	$	66,021	2.17	%	$	—	—	%	$	—	—		%	$	—	—	%	$	66,021	2.17	%
Due in 1-5 years	—		—		165,230		2.65		21,066		1.89		2,998		1.91			—		—		189,294		2.56
Due in 5-10 years	22,207		2.84		189,749		2.78		119,112		2.01		238,872		2.62			—		—		569,940		2.56
Due after 10 years	196,373		2.77		445,556		2.87		5,080,226		2.84		477,414		2.65			400		6.6		6,199,969		2.83
Total	$	218,580	2.78	%	$	866,556	2.75	%	$	5,220,404	2.82	%	$	719,284	2.64		%	$	400	6.60	%	$	7,025,224	2.79	%
Investment securities held-to-maturity
Due in one year or less	$	—	—	%	$	—	—	%	$	—	—	%	$	—	$	—		$	—	—	%	$	—	—	%
Due in 1-5 years	—		—		—		—		—		—		—		—			3,550		3.00		3,550		3.00
Due in 5-10 years	—		—		—		—		55		6.50		—		—			—		—		55		6.50
Due after 10 years	—		—		—		—		131,892		2.44		—		—			122		6.00		132,014		2.44
Total	$	—	—	%	$	—	—	%	$	131,947	2.44	%	$	—	—		%	$	3,672	3.10	%	$	135,619	2.46	%

(1) Interest and yields are presented on a FTE basis.

See "Note 6. Investment Securities" of Notes to Consolidated Financial Statements for further information regarding our investment securities available-for-sale and investment securities held-to-maturity.

Loans and Leases Held-for-Sale

Our loans and leases held-for-sale were $287.2 million at March 31, 2020, an increase of $87.4 million, compared to $199.8 million at December 31, 2019.

Loans and Leases 

Our commercial loan and lease portfolio is comprised of commercial and industrial loans, commercial real estate loans, and lease financing. Our consumer loan portfolio is comprised of residential mortgages, consumer installment loans and home equity loans and lines of credit. Our lending markets generally consist of communities throughout our primary banking markets including Michigan, Minnesota, Illinois, Arizona, Ohio, Colorado, South Dakota and Wisconsin and additionally include Florida, Texas and California.

Total loans and leases were $35.9 billion at March 31, 2020, an increase of $1.4 billion, or 4.1%, compared to December 31, 2019. The increase was primarily due to growth in the commercial and industrial, commercial real estate and residential mortgage portfolios.

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Information about our loans and leases was as follows:

	At March 31, 2020				At December 31, 2019				Change
(Dollars in thousands)	Amount		% of Total		Amount		% of Total		$			%
Commercial loan and lease portfolio:
Commercial and industrial	$	12,326,943	34.4	%	$	11,439,602	33.2	%	$	887,341		7.8	%
Commercial real estate	9,486,904		26.4		9,136,870		26.5		350,034			3.8
Lease financing	2,708,998		7.5		2,699,869		7.8		9,129			0.3
Total commercial loan and lease portfolio	24,522,845		68.3		23,276,341		67.5		1,246,504			5.4
Consumer loan portfolio:
Residential mortgage	6,435,314		17.9		6,179,805		17.9		255,509			4.1
Consumer installment	1,509,953		4.2		1,542,411		4.5		(32,458		)	(2.1	)
Home equity	3,453,502		9.6		3,498,907		10.1		(45,405		)	(1.3	)
Total consumer loan portfolio	11,398,769		31.7		11,221,123		32.5		177,646			1.6
Total loans and leases	$	35,921,614	100.0	%	$	34,497,464	100.0	%	$	1,424,150		4.1	%

Commercial Loan and Lease Portfolio

Our commercial loan and lease portfolio was $24.5 billion at March 31, 2020, an increase of $1.2 billion, or 5.4%, compared to $23.3 billion at December 31, 2019. We believe that our commercial loan and lease portfolio is well diversified across business lines and has no concentration in any one industry.

Commercial and industrial Commercial and industrial loans and lines of credit include loans to varying types of businesses, municipalities, school districts and nonprofit organizations, for the purpose of supporting working capital and operational needs and term financing of equipment. Commercial and industrial loans are secured by various types of business assets including inventory, floorplan equipment, receivables, equipment or financial instruments. Origination levels related to equipment dealers are impacted by the velocity of fundings and repayments with dealers. Commercial and industrial loans were $12.3 billion at March 31, 2020, an increase of $887.3 million, or 7.8%, compared to $11.4 billion at December 31, 2019.

Our commercial and industrial portfolio by North American Industry Classification System ("NAICS") code was as follows:

	At March 31, 2020
(In thousands)	Total		Percent of Total Loan and Lease Portfolio
Retail trade	$	3,986,952	11.1	%
Transportation and warehouse	1,370,135		3.8
Manufacturing	1,344,368		3.7
Wholesale trade	941,535		2.6
Real estate rental and leasing	935,252		2.6
Construction	622,438		1.7
Health care and social assistance	524,466		1.5
Finance and insurance	524,113		1.5
Other	2,077,684		5.9
Total	$	12,326,943	34.4	%

Commercial real estate Commercial real estate loans include loans that are secured by real estate occupied by the borrower for ongoing operations, non-owner occupied real estate leased to one or more tenants and construction and development loans primarily originated for construction of commercial properties. Construction and development loans often convert to a commercial real estate loan at the completion of the construction period. Commercial real estate loans were $9.5 billion at March 31, 2020, an increase of $350.0 million, or 3.8%, compared to $9.1 billion at December 31, 2019.

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Our commercial real estate loan portfolio by property and loan type was as follows:

	At March 31, 2020				At December 31, 2019
(In thousands)	Total		Percent of Total Loan and Lease Portfolio		Total		Percent of Total Loan and Lease Portfolio
Multifamily	$	1,892,824	5.3	%	$	1,726,450	5.0	%
Office	1,356,077		3.8		1,061,877		3.1
Retail	1,260,127		3.5		814,230		2.4
Warehouse	985,121		2.7		853,042		2.5
Hotel	764,159		2.1		612,098		1.8
Senior housing	671,656		1.9		523,736		1.5
Mixed use	483,769		1.3		382,281		1.1
Self‐storage	479,910		1.3		429,779		1.2
Other	1,593,261		4.5		2,733,377		7.9
Total	$	9,486,904	26.4	%	$	9,136,870	26.5	%

Lease financing We provide a broad range of comprehensive lease products addressing the diverse financing needs of small to large companies. Lease financing loans were $2.7 billion at both March 31, 2020 and December 31, 2019.

Our lease financing portfolio by equipment type was as follows:

	At March 31, 2020				At December 31, 2019
(Dollars in thousands)	Balance		Percent of Total Loan and Lease Portfolio		Balance		Percent of Total Loan and Lease Portfolio
Specialty vehicles	$	587,187	1.6	%	$	585,829	1.7	%
Golf cart and turf equipment	484,791		1.3		473,476		1.4
Medical equipment	383,995		1.1		377,998		1.1
Technology and data processing equipment	235,962		0.7		248,187		0.7
Manufacturing equipment	208,220		0.6		226,833		0.7
Construction equipment	192,381		0.5		180,963		0.5
Material handling	154,578		0.4		138,182		0.4
Trucks and trailers	96,352		0.3		91,711		0.3
Agricultural equipment	91,722		0.3		92,392		0.3
Other	273,810		0.7		284,298		0.7
Total	$	2,708,998	7.5	%	$	2,699,869	7.8	%

Consumer Loan Portfolio

Our consumer loan portfolio was $11.4 billion at March 31, 2020, an increase of $177.6 million, or 1.6%, compared to $11.2 billion at December 31, 2019.

Residential mortgage Residential mortgage loans consist primarily of one-to-four family residential loans with fixed and adjustable interest rates, with amortization periods generally from 15 to 30 years. The loan-to-value ratio at the time of origination is generally 90% or less. Loans with more than an 80% loan-to-value ratio generally require private mortgage insurance. Residential mortgage loans also include loans to consumers for the construction of single family residences that are secured by these properties. Residential mortgage loans were $6.4 billion at March 31, 2020, an increase of $255.5 million, compared to $6.2 billion at December 31, 2019.

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Consumer installment Consumer installment loans consist of relatively small loan amounts to consumers to finance personal items (primarily automobiles, recreational vehicles and marine vehicles) and are comprised primarily of indirect loans purchased from dealerships. Consumer rates are both fixed and variable, with negotiable terms. Our consumer installment loans typically amortize over periods up to 60 months. Consumer loans not secured by real estate are generally considered to have greater risk than first or second mortgages on real estate because they may be unsecured, or, if they are secured, the value of the collateral may be difficult to assess and more likely to decrease in value, and is more difficult to control, than real estate. Consumer installment loans were $1.5 billion at both March 31, 2020 and December 31, 2019.

Home equity Home equity loans and lines of credit are comprised of loans to consumers who utilize equity in their personal residence, including junior lien mortgages, as collateral to secure the loan or line-of-credit. Our home equity portfolio totaled $3.5 billion at both March 31, 2020 (consisting of $3.0 billion of home equity lines of credit and $451.6 million of amortizing home equity loans) and December 31, 2019 (consisting of $3.0 billion of home equity lines of credit and $474.7 million of amortizing home equity loans). At March 31, 2020, $2.3 billion of our home equity lines of credit were comprised of loans with a 10-year interest-only draw period and a 20-year amortization repayment period. These home equity lines of credit include junior lien mortgages where the first lien mortgage is held by a nonaffiliated financial institution. At March 31, 2020, all were within the 10-year interest-only draw period and will not convert to amortizing loans until 2021 or later. At March 31, 2020, $662.4 million of the home equity line of credits were interest-only revolving draw loans with no defined amortization period and original draw periods of five to 40 years.

Credit Quality

Loans and Leases The following summarizes our loan and lease portfolio based on the credit quality factors that we believe are the most important and should be considered to understand the overall condition of the portfolio. The following items should be considered throughout this section:

• Loans and leases that are over 90-days delinquent and accruing generally are a leading indicator for future charge-off trends.

• Nonaccrual loans and leases have been charged down to the estimated fair value of the collateral less estimated selling costs, or reserved for expected loss upon workout.

• Within the performing loans and leases, we classify customers within regulatory classification guidelines. Loans and leases that are "classified" are loans or leases that management has concerns regarding the ability of the borrowers to meet existing loan or lease terms and conditions, but may never become nonaccrual or result in a loss.

Past due loans and leases  Over 90-day delinquent loans and leases by type, excluding nonaccrual loans and leases, were as follows. Delinquent balances are determined based on the contractual terms of the loan or lease. See "Note 8. Allowance for Credit Losses and Credit Quality" of Notes to Consolidated Financial Statements for further information.

	At March 31, 2020				At December 31, 2019
(Dollars in thousands)	90 Days or More Delinquent and Accruing		Percentage of Period-end Loans and Leases		90 Days or More Delinquent and Accruing		Percentage of Period-end Loans and Leases
Commercial loan and lease portfolio:
Commercial and industrial	$	110	—	%	$	331	—	%
Commercial real estate	1,442		0.02		1,440		0.02
Lease financing	3,045		0.11		1,901		0.07
Total commercial loan and lease portfolio	4,597		0.02		3,672		0.02
Consumer loan portfolio:
Residential mortgage	553		0.01		559		0.01
Consumer installment	5		—		108		0.01
Total consumer loan portfolio	973		0.01		667		0.01
Portfolios acquired with deteriorated credit quality(1)	N/A		N/A		25,737		10.43
Total	$	5,570	0.02	%	$	30,076	0.09	%

(1) Prior to the adoption of CECL as of January 1, 2020, purchased credit impaired loans were not classified as nonaccrual loans because they were recorded at their net realizable value based on the principal and interest expected to be collected on the loans.

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Nonperforming assets  Nonperforming assets, consisting of nonaccrual loans and leases and other real estate owned, were as follows:

(Dollars in thousands)	At March 31, 2020			At December 31, 2019
Commercial loan and lease portfolio:
Commercial and industrial	$	84,157		$	53,812
Commercial real estate	47,032			29,735
Lease financing	13,170			10,957
Total commercial loan and lease portfolio	144,359			94,504
Consumer loan portfolio:
Residential mortgage	61,980			38,577
Consumer installment	989			714
Home equity	43,147			35,863
Total consumer loan portfolio	106,116			75,154
Nonaccrual loans and leases	250,475			169,658
Other real estate owned	38,914			34,256
Total nonperforming assets	$	289,389		$	203,914
Nonaccrual loans and leases as a percentage of total loans and leases	0.70		%	0.49		%
Nonperforming assets as a percentage of total loans and leases and other real estate owned	0.80			0.59
Allowance for credit losses as a percentage of nonaccrual loans and leases	162.24			66.64

Nonperforming assets were $289.4 million at March 31, 2020, compared with $203.9 million at December 31, 2019. The $85.5 million increase in nonaccrual loans and leases from December 31, 2019 was substantially driven by the adoption of CECL ($73.4 million of loans previously accounted for as purchased credit impaired were reclassified to nonaccrual loans as of January 1, 2020 due to the adoption of CECL).

Loans and leases are generally placed on nonaccrual status when the collection of interest or principal is 90 days or more past due unless, in the case of commercial loans, they are well secured and in process of collection. Delinquent consumer home equity loans with a junior lien are also placed on nonaccrual status when there is evidence that the related third-party first lien mortgage may be 90 days or more past due, or foreclosure, charge-off or collection action has been initiated. TDR loans are placed on nonaccrual status prior to the past due thresholds outlined above if repayment under the modified terms is not likely after performing a well-documented credit analysis. Loans on nonaccrual status are generally reported as nonaccrual loans until there is sustained repayment performance for six consecutive months, with the exception of loans not reaffirmed upon discharge in Chapter 7 bankruptcy, which remain on nonaccrual status until a well-documented credit analysis indicates full repayment of the remaining pre-discharged contractual principal and interest is likely.

The majority of our nonaccrual loans are secured by real estate. Given the nature of these assets and the related mortgage foreclosure, property sale and, if applicable, mortgage insurance claims processes, it can take 18 months or longer for a loan to migrate from initial delinquency to final disposition. This resolution process generally takes much longer for loans secured by real estate than for unsecured loans or loans secured by other property primarily due to state real estate foreclosure laws.

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Changes in the amount of nonaccrual loans and leases were as follows:

	At or For the Three Months Ended March 31, 2020
(In thousands)	Consumer Loan Portfolio			Commercial Loan and Lease Portfolio			Total
Balance, beginning of period	$	75,154		$	94,504		$	169,658
Transfer in of loans previously accounted for as purchased credit impaired(1)	20,560			52,825			73,385
Adjusted balance, beginning of period	95,714			147,329			243,043
Additions	25,813			48,657			74,470
Charge-offs	(2,839		)	(6,811		)	(9,650		)
Transfers to other assets	(2,536		)	(7,745		)	(10,281		)
Return to accrual status	(4,239		)	(7,678		)	(11,917		)
Payments received	(5,797		)	(28,274		)	(34,071		)
Other, net	—			(1,119		)	(1,119		)
Balance, end of period	$	106,116		$	144,359		$	250,475

(1) Prior to the adoption of CECL as of January 1, 2020, purchased credit impaired loans were not classified as nonaccrual loans because they were recorded at their net realizable value based on the principal and interest expected to be collected on the loans.

Interest income recognized on loans and leases in nonaccrual status was $4.4 million for the three months ended March 31, 2020, compared to $4.8 million for the three months ended December 31, 2019 and $223 thousand for the three months ended March 31, 2019.

See "Note 8. Allowance for Credit Losses and Credit Quality" of Notes to Consolidated Financial Statements for further information.

Loan and lease credit classifications We assess the risk of our loan and lease portfolio utilizing numerous risk characteristics as outlined in the previous sections. Credit classifications are an additional characteristic monitored in the overall credit risk process. Loan and lease credit classifications are derived from standard regulatory rating definitions, which include: non-classified (pass and special mention) and classified (substandard and doubtful). Classified loans and leases have well-defined weaknesses, but may never result in a loss.

Loans and leases by portfolio and regulatory classification were as follows:

	At March 31, 2020
	Non-classified				Classified				Total
(In thousands)	Pass		Special Mention		Substandard		Doubtful
Commercial loan and lease portfolio:
Commercial and industrial	$	11,768,892	$	312,655	$	239,189	$	6,207	$	12,326,943
Commercial real estate	9,154,362		239,795		92,747		—		9,486,904
Lease financing	2,652,615		30,601		25,782		—		2,708,998
Total commercial loan and lease portfolio	23,575,869		583,051		357,718		6,207		24,522,845
Consumer loan portfolio:
Residential mortgage	6,368,073		775		66,466		—		6,435,314
Consumer installment	1,508,947		—		1,006		—		1,509,953
Home equity	3,405,219		669		47,614		—		3,453,502
Total consumer loan portfolio	11,282,239		1,444		115,086		—		11,398,769
Total loans and leases	$	34,858,108	$	584,495	$	472,804	$	6,207	$	35,921,614

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	At December 31, 2019
	Non-classified				Classified				Total
(In thousands)	Pass		Special Mention		Substandard		Doubtful
Commercial loan and lease portfolio:
Commercial and industrial	$	10,930,939	$	315,097	$	193,566	$	—	11,439,602
Commercial real estate	8,891,361		170,114		75,395		—		9,136,870
Lease financing	2,646,874		28,091		24,904		—		2,699,869
Total commercial loan and lease portfolio	22,469,174		513,302		293,865		—		23,276,341
Consumer loan portfolio:
Residential mortgage	6,135,096		565		44,144		—		6,179,805
Consumer installment	1,541,524		—		887		—		1,542,411
Home equity	3,457,292		456		41,159		—		3,498,907
Total consumer loan portfolio	11,133,912		1,021		86,190		—		11,221,123
Total loans and leases	$	33,603,086	$	514,323	$	380,055	$	—	$	34,497,464

Total classified loans and leases in our loan and lease portfolio were $479.0 million at March 31, 2020, compared with $380.1 million at December 31, 2019. The increase was primarily due to downgrades in our commercial loan and lease portfolio.

Loan modifications  Troubled debt restructuring ("TDR") loans are loans to financially troubled borrowers that have been modified such that we have granted a concession in terms to improve the likelihood of collection of all principal and modified interest owed. TDR loans were as follows:

	At March 31, 2020							At December 31, 2019
(Dollars in thousands)	Accruing TDR Loans			Nonaccrual TDR Loans		Total TDR Loans		Accruing TDR Loans			Nonaccrual TDR Loans		Total TDR Loans
Commercial loan and lease portfolio	$	9,655		$	10,313	$	19,968	$	12,986		$	5,356	$	18,342
Consumer loan portfolio	13,248			17,331		30,579		12,403			14,875		27,278
Total	$	22,903		$	27,644	$	50,547	$	25,389		$	20,231	$	45,620
Over 90-day delinquency as a percentage of total accruing TDR loans	0.21		%	N.A.		N.A.		0.52		%	N.A.		N.A.

N.A. Not Applicable

Total TDRs were $50.5 million at March 31, 2020, compared with $45.6 million at December 31, 2019.

Loan modifications to borrowers who have not been granted concessions are not considered TDR loans and therefore are not included in the table above. TDR loans with an interest rate consistent with market rates on loans with comparable risk at the time of restructuring and performing based on the restructured terms are no longer disclosed as TDR loans in the calendar years after modification; however, these loans are still considered impaired and follow our impaired loan reserve policies.

TDRs typically involve a deferral of the principal balance of the loan, a reduction of the stated interest rate of the loan or, in certain limited circumstances, a reduction of the principal balance of the loan or the loan's accrued interest.

Interest income recognized on TDR loans and contractual interest that would have been recorded had the TDR loans performed in accordance with their original contractual terms were as follows:

	Three Months Ended March 31,
(in thousands)	2020		2019
Contractual interest due on TDR loans	$	321	$	1,619
Interest income recognized on TDR loans	292		1,109
Unrecognized interest income	$	29	$	510

See "Note 8. Allowance for Credit Losses and Credit Quality" of Notes to Consolidated Financial Statements for further information.

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Allowance for Credit Losses  The Corporation's reserve methodology used to determine the appropriate level of the ACL is a critical accounting estimate. The ACL is maintained at a level believed to be appropriate to provide for the current credit losses expected to be incurred by the portfolio over the life of each financial asset as of the balance sheet date, including known or anticipated problem loans and leases, as well as for loans and leases which are not currently known to require specific allowances. The collective evaluation of expected losses in these portfolios is based on their probability of default multiplied by historical loss rates, as well as adjustments for forward-looking information, including industry and macroeconomic forecasts. Factors utilized in the determination of the amount of the allowance include historic loss experience, current economic forecasts and measurement date credit risk characteristics such as product type, lien position, delinquency, collateral value, credit bureau scores and financial statement ratios. The various quantitative and qualitative factors used in the methodologies are reviewed quarterly.

We consider our ACL of $406.4 million, or 1.13% of total loans and leases, appropriate to cover current credit losses expected to be incurred in the loan and lease portfolios over the life of each financial asset at March 31, 2020, including loans and leases which are not currently known to require specific allowances. Our ACL at March 31, 2020 includes the impact of the economic downturn related to the COVID-19 pandemic. However, no assurance can be given that we will not, in any particular period, sustain loan and lease losses that are sizable in relation to the amount reserved or will not require significant changes in the balance of the ACL due to subsequent evaluations of the loan and lease portfolios, in light of factors then prevailing, including economic conditions, information obtained during our ongoing credit review process or regulatory requirements. Among other factors, economic slowdown, increasing levels of unemployment, declines in collateral values and/or rising interest rates may have an adverse impact on the current adequacy of our ACL by increasing credit risk and the risk of potential loss.

The total ACL is expected to absorb losses from any segment of the portfolio. The allocation of our ACL disclosed in the following table is subject to change based on changes in the criteria used to evaluate the allowance.

Prior to the adoption of CECL on January 1, 2020, the ACL was calculated under an incurred loss model which delayed recognition of loss until it was probable the loss had been incurred in comparison to the accounting under CECL which considers current credit losses expected to be incurred in the loan and lease portfolios over the life of each financial asset.

Detailed information regarding our credit loss reserves was as follows:

	At March 31, 2020				At December 31, 2019
	Credit Loss Reserves(1)				Credit Loss Reserves(1)
(Dollars in thousands)	Amount		As a Percentage of Portfolio		Amount		As a Percentage of Portfolio
Commercial loan and lease portfolio:
Commercial and industrial	$	117,507	0.95	%	$	42,430	0.38	%
Commercial real estate	86,209		0.91		27,308		0.29
Lease financing	27,610		1.02		14,742		0.55
Total commercial loan and lease portfolio	231,326		0.94		84,480		0.36
Consumer loan portfolio:
Residential mortgage	97,185		1.51		8,099		0.13
Consumer installment	20,178		1.34		2,678		0.17
Home equity	57,694		1.67		17,795		0.51
Total consumer loan portfolio	175,057		1.54		28,572		0.25
Total allowance for credit losses	406,383		1.13		113,052		0.33
Other credit loss reserves:
Reserves for unfunded commitments	22,188		N.A.		3,528		N.A.
Total credit loss reserves(1)	$	428,571	1.19	%	$	116,580	0.34	%

N.A. Not Applicable

(1) Credit loss reserves effective January 1, 2020 are calculated under the guidance of CECL. At December 31, 2019 credit loss reserves were calculated under the guidance of ASC Topic 310 prior to adoption of CECL, See "Note 3. Summary of Significant Accounting Policies" and "Note 8. Allowance for Credit Losses and Credit Quality" of Notes to Consolidated Financial Statements for further information.

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Net loan and lease charge-offs for the three months ended March 31, 2020 were $5.5 million, or 0.06%, of average loans and leases (annualized) compared with $6.2 million, or 0.07% of average loans and leases (annualized), for the three months ended December 31, 2019 and $18.7 million, or 0.39% of average loans and leases (annualized), for the three months ended March 31, 2019. The decrease in the three months ended March 31, 2020, compared to the three months ended March 31, 2019, was primarily due to a decrease in charge-offs in our consumer loan portfolio.

Investment Securities Held-to-Maturity The investment securities held-to-maturity portfolio consist primarily of fixed-rate mortgage-backed securities issued and guaranteed by FNMA, GNMA and FHLMC which significantly decreases credit risk. The most important credit quality factor we consider to understand the condition of the residential agency mortgage-backed securities is that all are AAA rated and guaranteed.

Liquidity Management We manage our liquidity to ensure that our funding needs are met both promptly and in a cost-effective manner. Asset liquidity arises from liquid assets that can be sold or pledged as collateral, amortization, prepayment or maturity of assets and from our ability to sell loans. Liability liquidity results from our ability to maintain a diverse set of funding sources to promptly meet funding requirements.

TCF Bank had $207.0 million of net liquidity qualifying interest-bearing deposits at the Federal Reserve Bank at March 31, 2020, compared with $489.7 million at December 31, 2019. Certain investment securities held-to-maturity and investment securities carried at fair value provide the ability to liquidate or pledge unencumbered securities as needed. At March 31, 2020, $1.2 billion of our securities were pledged as collateral to secure certain deposits and borrowings.

TCF Financial had net liquidity qualifying cash of $210.6 million at March 31, 2020, compared with $156.0 million at December 31, 2019.

Deposits are the primary source of our funds for use in lending and for other general business purposes. In addition to deposits, we receive funds from loan and lease repayments, loan sales and borrowings. Borrowings may be used to compensate for reductions in normal sources of funds, such as deposit inflows at less than projected levels, net deposit outflows or to fund balance sheet growth. We primarily borrow from the Federal Home Loan Bank (the "FHLB") of Des Moines. We had $1.5 billion of additional borrowing capacity at the FHLB of Des Moines at March 31, 2020, as well as access to the Federal Reserve Discount Window. In addition, we maintain a diversified set of unsecured and uncommitted funding sources, including access to overnight federal funds purchased lines, brokered deposits and capital markets. Lending activities, such as loan originations, loan purchases and equipment purchases for lease financing are the primary uses of our funds.

On March 9, 2020, TCF Financial amended its $50.0 million unsecured 364-day revolving credit facility with an unaffiliated bank to expand borrowing capacity to $150.0 million. The revolving credit facility contains several restrictive covenants, including the maintenance of various capital adequacy levels, asset quality and profitability ratios, and certain restrictions on levels of indebtedness. At March 31, 2020, TCF had an outstanding balance of $80.0 million under the revolving credit facility. The revolving credit facility is available to be used, as needed, to fund growth, common stock repurchases or other general corporate purposes. We were in compliance with all the covenants at March 31, 2020.

Our wholly-owned subsidiary, TCF Commercial Finance Canada, Inc. ("TCFCFC"), maintains a $20.0 million Canadian dollar-denominated line of credit facility with an unaffiliated bank, which is guaranteed by TCF Bank. TCFCFC had no (USD) outstanding under the line of credit with the counterparty at March 31, 2020 and at December 31, 2019.

Deposits Deposits were $35.8 billion at March 31, 2020, an increase of $1.3 billion, compared to $34.5 billion at December 31, 2019. The increase in deposits was primarily due to increases in money market deposits of $535.2 million, interest-bearing checking account balances of $322.9 million, noninterest-bearing deposits of $267.3 million and savings account balances of $197.8 million, reflecting seasonal increases in addition to lower consumer spending.

Noninterest-bearing checking accounts represented 22.9% of total deposits at March 31, 2020, compared with 23.1% of total deposits at December 31, 2019. Our weighted-average interest rate for deposits, including noninterest-bearing deposits, was 0.78% for the three months ended March 31, 2020, compared with 0.81% for the same period in 2019.

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Certificates of deposit including Certificate of Deposit Account Registry Service ("CDARS") deposits, IRA deposits and brokered deposits, were $7.5 billion at both March 31, 2020 and December 31, 2019. The maturities of certificates of deposit with denominations equal to or greater than $100,000 at March 31, 2020 were as follows:

(In thousands)
Three months or less	$	1,417,184
Over three through six months	701,535
Over six through 12 months	1,145,576
Over 12 months	591,404
Total	$	3,855,699

Borrowings Borrowings were $6.1 billion at March 31, 2020, compared with $5.0 billion at December 31, 2019. The increase in borrowings was primarily due to an increase in short-term FHLB borrowings. In addition, on March 9, 2020, TCF Financial amended its $50.0 million unsecured 364-day revolving credit facility with an unaffiliated bank to expand borrowing capacity to $150.0 million and had drawn $80.0 million as of March 31, 2020.

Information regarding short-term borrowings (borrowings with an original maturity of less than one year) was as follows:

	At or For the Three Months Ended March 31,
(Dollars in thousands)	2020			2019
FHLB advances
Maximum outstanding at any month-end	$	3,200,000		$	350,000
Balance outstanding at end of period	3,200,000			350,000
Weighted average interest rate at end of period	0.61		%	2.66		%
Average balance outstanding	$	2,467,583		$	288,890
Weighted average interest rate	1.63		%	2.67		%
Federal funds purchased
Maximum outstanding at any month-end	$	—		$	—
Balance outstanding at end of period	—			—
Weighted average interest rate at end of period	—		%	—		%
Average balance outstanding	$	231		$	344
Weighted average interest rate	1.78		%	2.66		%
Collateralized Deposits
Maximum outstanding at any month-end	$	218,163		$	—
Balance outstanding at end of period	202,535			—
Weighted average interest rate at end of period	0.64		%	—		%
Average balance outstanding	$	208,316		$	2,778
Weighted average interest rate	0.56		%	2.66		%
Line-of-credit: TCF Financial Corporation
Maximum outstanding at any month-end	80,000			—
Balance outstanding at end of period	80,000			—
Weighted average interest rate at end of period	2.64		%	—		%
Average balance outstanding	12,527			—
Weighted average interest rate	3.89		%	—		%
Line-of-credit: TCF Commercial Finance Canada, Inc.
Maximum outstanding at any month-end	$	747		$	9,905
Balance outstanding at end of period	—			5,992
Weighted average interest rate at end of period	—		%	3.00		%
Average balance outstanding	$	605		$	1,487
Weighted average interest rate	2.88		%	3.00		%

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Long-term borrowings were as follows:

(In thousands)	March 31, 2020		December 31, 2019
FHLB advances	$	2,071,480	$	1,822,058
Subordinated debt obligations	437,504		428,470
Discounted lease rentals	88,593		100,882
Finance lease obligation	3,017		3,038
Total long-term borrowings	$	2,600,594	$	2,354,448

On May 1, 2020, TCF Bank priced an offering of $150.0 million of fixed-to-floating rate subordinated notes (the “2030 Notes”), which closed on May 6, 2020 at par. The 2030 Notes, due May 6, 2030, bear an initial interest rate of 5.50% per annum, payable semi-annually in arrears on May 6 and November 6, commencing on November 6, 2020.

See "Note 12 Borrowings" of Notes to Consolidated Financial Statements for further information regarding our long-term borrowings.

Commitments We have commitments that may impact our liquidity. The following schedule summarizes our credit-related commitments and expected expiration dates by period as of March 31, 2020. Although many of these commitments historically have expired without being drawn upon, and therefore, the total amount of these commitments does not necessarily represent future liquidity requirements, changes in macroeconomic conditions and customer liquidity needs could result in greater utilization than we have experienced previously. See "Note 23. Commitments, Contingent Liabilities and Guarantees" of Notes to Consolidated Financial Statements for a further discussion of these obligations.

	Amount of Commitment - Expiration by Period
(In thousands)	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Commitments:
Commitments to extend credit:
Commercial	$	5,140,026	$	2,373,030	$	1,535,695	$	998,272	$	233,029
Consumer	2,245,645		110,483		125,117		174,330		1,835,715
Total commitments to extend credit	7,385,671		2,483,513		1,660,812		1,172,602		2,068,744
Standby letters of credit and guarantees on industrial revenue bonds	126,384		76,798		24,023		16,279		9,284
Total	$	7,512,055	$	2,560,311	$	1,684,835	$	1,188,881	$	2,078,028

Unrecognized tax benefits, projected benefit obligations, demand deposits with indeterminate maturities and discretionary credit facilities that do not obligate us to lend have been excluded from the contractual obligations table above.

Capital Management We are committed to managing capital to maintain protection for shareholders, depositors and creditors. We employ a variety of capital management tools to achieve our capital goals, including, but not limited to, dividends, public offerings of debt and preferred and common stock, common stock repurchases, redemption of preferred stock and the issuance or redemption of subordinated debt and other capital instruments. We maintain a Capital Planning and Dividend Policy which applies to TCF Financial and incorporates TCF Bank's Capital Planning and Dividend Policy. These policies are intended to ensure that capital strategy actions, including the addition of new capital, if needed, common stock repurchases, redemption of preferred stock or the declaration of preferred stock, common stock and bank dividends are prudent, efficient and provide value to our shareholders, while ensuring that past and prospective earnings retention is consistent with our capital needs for growth, as well as asset quality and overall financial condition. TCF Financial and TCF Bank manage capital levels to exceed all regulatory capital requirements.

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In 2019, our Board of Directors approved an authorization to repurchase up to $150 million of our common stock. The repurchase program has no expiration, and permits shares to be repurchased in compliance with Rule 10b-18 of the Exchange Act, through one or more broker-dealers as part of “block purchases” made by TCF, and/or through privately negotiated purchases, accelerated stock repurchase agreements, or Rule 10b5-1 plans at our discretion. During the three months ended March 31, 2020, we repurchased 873,376 shares of our common stock totaling $33.1 million. In response to the COVID-19 pandemic, TCF temporarily suspended buybacks under its share repurchase program, but retains the ability to resume repurchases as circumstances warrant.

Effective January 1, 2020, the Corporation adopted CECL. Consistent with the treatment of the ACL under the capital rule’s standardized approach, the ACL (excluding PCD loans) and reserve for unfunded credit commitments are eligible for inclusion in TCF’s Tier 2 capital up to 1.25 percent of standardized total risk weighted assets. In response to the COVID-19 pandemic, the regulatory agencies published an interim final rule on March 31, 2020 that provides the option to delay the cumulative effect of the day 1 impact of CECL adoption on regulatory capital, along with 25% of the change in the adjusted allowance for credit losses (as computed for regulatory capital purposes which excludes PCD loans), for two years, followed by a three-year phase-in period. Management elected the 5-year transition period consistent with the March 31, 2020 interim final rule.

At March 31, 2020 and December 31, 2019, TCF Bank's capital ratios exceeded the quantitative capital ratios required for an institution to be considered "well-capitalized." Significant factors that may affect capital adequacy include, but are not limited to, economic uncertainty, deteriorating economic conditions, a disproportionate growth in assets versus capital and a change in mix or credit quality of assets. There are no conditions or events since March 31, 2020 that management believes have changed TCF Bank's status as well-capitalized.

Equity Total equity was $5.7 billion, or 11.6% of total assets, at March 31, 2020, compared with $5.7 billion, or 12.3% of total assets, at December 31, 2019.

Other Other, comprised of shares held in trust for deferred compensation plans, was $28.1 million at March 31, 2020, compared with $28.0 million at December 31, 2019.

Common Stock Dividends Dividends to common shareholders on a per share basis were $0.35 for both the three months ended March 31, 2020 and December 31, 2019. Dividends to common shareholders on a per share basis, adjusted to reflect the Merger Exchange Ratio, were $0.30 for the three months ended March 31, 2019. Our common stock dividend payout ratio was 109.4% for the three months ended March 31, 2020, compared with 48.6% for the three months ended December 31, 2019 and 35.6% for the three months ended March 31, 2019. TCF Financial's primary funding sources for dividends are dividends received from TCF Bank.

On April 27, 2020, our Board of Directors declared a regular quarterly cash dividend of $0.35 per common share payable on June 1, 2020 to shareholders of record at the close of business on May 15, 2020, and declared a quarterly cash dividend of $0.35625 per depositary share representing a 1/1,000th interest in a share of the 5.70% Series C Non-Cumulative Perpetual Preferred Stock, payable on June 1, 2020 to shareholders of record at the close of business on May 15, 2020.

Common Shareholders' Equity Total common shareholders' equity was $5.5 billion, or 11.23% of total assets, at March 31, 2020, compared with $5.5 billion, or 11.87%, at December 31, 2019. Tangible common equity was $4.0 billion, or 8.45% of total tangible assets, at March 31, 2020, compared with $4.1 billion, or 9.01% of total tangible assets, at December 31, 2019. Book value per common share was $35.85 at March 31, 2020, compared with $36.20 at December 31, 2019. Tangible book value per common share was $26.16 at March 31, 2020, compared with $26.60 at December 31, 2019. Tangible common equity and tangible book value are non-GAAP measures that exclude goodwill and other intangible assets See "Consolidated Financial Condition Analysis — Non-GAAP Financial Measures" in this Management's Discussion and Analysis for further information.

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Non-GAAP Financial Measures

This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include our tangible book value per common share; tangible common shareholders' equity; presentation of net interest income and net interest margin on a fully tax-equivalent ("FTE") basis; our adjusted efficiency ratio (which excludes merger-related expenses, expenses associated with the our sale of the Legacy TCF auto finance portfolio, write-down of company-owned vacant land parcels and branch exit costs, pension fair valuation adjustment, loan servicing rights impairment (recovery), lease financing equipment depreciation, net interest income FTE adjustment, amortization of intangible assets, and impairment of federal historic tax credits); and other adjusted information presented excluding merger-related expenses and notable items (defined as expenses associated with the sale of the Legacy TCF auto finance portfolio, write-down of company-owned vacant land parcels and branch exit costs, pension fair valuation adjustment and loan servicing rights impairment (recovery)) including net income, diluted earnings per share, return on average assets, return on average common shareholders' equity, return on average tangible common shareholders' equity tangible book value per common share and tangible common equity to tangible assets. Management believes that the presentation of these non-GAAP financial measures (i) provides important supplemental information that contributes to a proper understanding of our operating performance, (ii) enables a more complete understanding of factors and trends affecting our business and (iii) allows investors to evaluate our performance in a manner similar to management, the financial services industry, bank stock analysts, and bank regulators. Management uses non-GAAP financial measures internally in the preparation of our operating budgets, monthly financial performance reporting, and in our presentation to investors of our performance. Non-GAAP financial measures are not defined by GAAP and other entities may calculate them differently than we do. Non-GAAP financial measures have inherent limitations and are not required to be uniformly applied. Although non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, 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.

The following tables provide a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. A reconciliation of net interest income and net interest margin (FTE) to the most directly comparable GAAP financial measure can be found within the Net Interest Income subheading of this report.

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The computation of the adjusted diluted earnings per common share was as follows:

		Three Months Ended
(Dollars in thousands, except per share data)		March 31, 2020			December 31, 2019			March 31, 2019
Net income available to common shareholders		$	49,406		$	109,905		$	68,001
Earnings allocated to participating securities		—			—			(13		)
Earnings allocated to common shareholders	(a)	49,406			109,905			67,988
Merger-related expenses		36,728			47,025			9,458
Notable items:
Sale of legacy TCF auto finance portfolio and related expenses(1)		3,063			12,864			—
Write-down of company-owned vacant land parcels and branch exit costs(2)		—			3,494			—
Pension fair valuation adjustment(2)		—			6,341			—
Loan servicing rights impairment (recovery)(3)		8,236			(638		)	—
Total notable items		11,299			22,061			—
Related income tax expense, net of benefits(4)		(10,071		)	(19,904		)	(2,252		)
Total adjustments, net of tax		37,956			49,182			7,206
Adjusted earnings allocated to common stock	(b)	$	87,362		$	159,087		$	75,194
Weighted-average common shares outstanding used in diluted earnings per common share calculation(5)	(c)	152,114,017			152,658,766			82,245,577
Diluted earnings per common share	(a) / (c)	$	0.32		$	0.72		$	0.83
Adjusted diluted earnings per common share	(b) / (c)	0.57			1.04			0.91
Net income attributable to TCF		$	51,899		$	112,399		$	70,494
Total adjustments, net of tax		37,956			49,182			7,206
Adjusted net income attributable to TCF		$	89,855		$	161,581		$	77,700

(1) Three months ended March 31, 2020 amount included within occupancy and equipment ($1.6 million), compensation and employee benefits ($0.9 million) and other noninterest expense ($0.6 million). Three months ended December 31, 2019 amount 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 expense.

(3) Included within Other noninterest income.

(4) Included within Income tax expense.

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

The computation of the adjusted net interest income and margin was as follows:

	Three Months Ended
(Dollars in thousands, except per share data)	March 31, 2020			December 31, 2019			March 31, 2019
Net Interest Income	$	401,481		$	408,753		$	254,429
Purchase accounting accretion and amortization	(25,258		)	(30,523		)	—
Net interest income, excluding purchase accounting accretion and amortization	$	376,223		$	378,230		$	254,429
Net interest margin (FTE)	3.76		%	3.89		%	4.61		%
Purchase accounting accretion and amortization	(0.23		)	(0.29		)	—
Net interest margin, excluding purchase accounting accretion and amortization (FTE)	3.53		%	3.60		%	4.61		%

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The computation of the adjusted return on average assets, common equity and average tangible common equity was as follows:

		Three Months Ended
(Dollars in thousands)		March 31, 2020			December 31, 2019			March 31, 2019
Adjusted net income after tax expense:
Income after tax expense	(a)	$	53,816		$	114,456		$	73,449
Merger-related expenses		36,728			47,025			9,458
Notable items		11,299			22,061			—
Related income tax expense, net of tax benefits		(10,071		)	(19,904		)	(2,252		)
Adjusted net income after tax expense for ROAA calculation	(b)	$	91,772		$	163,638		$	80,655
Net income available to common shareholders	(c)	$	49,406		$	109,905		$	68,001
Other intangibles amortization		5,480			5,505			812
Related income tax expense		(1,149		)	(1,284		)	(193		)
Net income available to common shareholders used in ROATCE calculation	(d)	$	53,737		$	114,126		$	68,620
Adjusted net income available to common shareholders:
Net income available to common shareholders		$	49,406		$	109,905		$	68,001
Notable items		11,299			22,061			—
Merger-related expenses		36,728			47,025			9,458
Related income tax expense, net of tax benefits		(10,071		)	(19,904		)	(2,252		)
Net income available to common shareholders used in adjusted ROACE calculation	(e)	87,362			159,087			75,207
Other intangibles amortization		5,480			5,505			812
Related income tax expense		(1,149		)	(1,284		)	(193		)
Net income available to common shareholders used in adjusted ROATCE calculation	(f)	$	91,693		$	163,308		$	75,826
Average balances:
Average assets	(g)	$	46,985,426		$	46,119,514		$	24,106,941
Total average equity		$	5,630,487		$	5,691,119		$	2,579,250
Non-controlling interest in subsidiaries		(25,328		)	(23,683		)	(24,521		)
Total TCF Financial Corporation shareholders' equity		5,605,159			5,667,436			2,554,729
Preferred stock		(169,302		)	(169,302		)	(169,302		)
Average total common shareholders' equity used in ROACE calculation	(h)	$	5,435,857		$	5,498,134		$	2,385,427
Average goodwill, net		(1,301,080		)	(1,266,166		)	(154,757		)
Average other intangibles, net		(166,298		)	(211,294		)	(20,080		)
Average tangible common shareholders' equity used in ROATCE calculation	(i)	$	3,968,479		$	4,020,674		$	2,210,590
ROAA(1)	(a) / (g)	0.46		%	0.99		%	1.22		%
Adjusted ROAA(1)	(b) / (g)	0.78			1.42			1.34
ROACE(1)	(c) / (h)	3.64			8.00			11.40
Adjusted ROACE(1)	(e) / (h)	6.43			11.57			12.61
ROATCE(1)	(d) / (i)	5.42			11.35			12.42
Adjusted ROATCE(1)	(f) / (i)	9.24			16.25			13.72

(1) Annualized.

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The computation of the adjusted efficiency ratio, noninterest income and noninterest expense was as follows:

		Three Months Ended
(Dollars in thousands)		March 31, 2020			December 31, 2019			March 31, 2019
Noninterest expense	(a)	$	374,599		$	416,571		$	253,075
Merger-related expenses		(36,728		)	(47,025		)	(9,458		)
Write-down of company-owned vacant land parcels and branch exit costs		—			(3,494		)	—
Expenses related to the sale of Legacy TCF auto finance portfolio		(3,063		)	(4,670		)	—
Pension fair valuation adjustment		—			(6,341		)	—
Adjusted noninterest expense		$	334,808		$	355,041		$	243,617
Lease financing equipment depreciation		(18,450		)	(18,629		)	(19,256		)
Amortization of intangibles		(5,480		)	(5,505		)	(812		)
Impairment of federal historic tax credits		(1,521		)	(4,030		)	—
Adjusted noninterest expense, efficiency ratio	(b)	$	309,357		$	326,877		$	223,549
Net interest income		$	401,481		$	408,753		$	254,429
Noninterest income		136,963			158,052			103,504
Total revenue	(c)	$	538,444		566,805			$	357,933
Noninterest income		$	136,963		$	158,052		$	103,504
Sale of legacy TCF auto finance portfolio		—			8,194			—
Loan servicing rights impairment (recovery)		8,236			(638		)	—
Adjusted noninterest income		145,199			165,608			103,504
Net interest income		401,481			408,753			254,429
Net interest income FTE adjustment		2,983			2,896			1,722
Adjusted net interest income		404,464			411,649			256,151
Lease financing equipment depreciation		(18,450		)	(18,629		)	(19,256		)
Adjusted total revenue, efficiency ratio	(d)	$	531,213		$	558,628		$	340,399
Efficiency ratio	(a) / (c)	69.57		%	73.49		%	70.70		%
Adjusted efficiency ratio	(b) / (d)	58.24			58.51			65.67

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The computations of tangible common equity to tangible assets and tangible book value per common share were as follows:

(Dollars in thousands, except per share data)		At March 31, 2020			At December 31, 2019
Total equity		$	5,655,833		$	5,727,241
Non-controlling interest in subsidiaries		(30,149		)	(20,226		)
Total TCF Financial Corporation shareholders' equity		5,625,684			5,707,015
Preferred stock		(169,302		)	(169,302		)
Total common shareholders' equity	(a)	5,456,382			5,537,713
Goodwill, net		(1,313,046		)	(1,299,878		)
Other intangibles, net		(162,887		)	(168,368		)
Tangible common shareholders' equity	(b)	$	3,980,449		$	4,069,467
Total assets	(c)	$	48,594,383		$	46,651,553
Goodwill, net		(1,313,046		)	(1,299,878		)
Other intangibles, net		(162,887		)	(168,368		)
Tangible assets	(d)	$	47,118,450		$	45,183,307
Common stock shares outstanding	(e)	152,185,984			152,965,571
Common equity to assets	(a) / (c)	11.23		%	11.87		%
Tangible common equity to tangible assets	(b) / (d)	8.45			9.01
Book value per common share	(a) / (e)	$	35.85		$	36.20
Tangible book value per common share	(b) / (e)	26.16			26.60

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Our results of operations depend, to a large degree, on our net interest income and our ability to manage interest rate risk. Although we manage other risks in the normal course of business, such as credit risk, liquidity risk and foreign currency risk, we consider interest rate risk to be one of our more significant market risks.

Interest Rate Risk

Our ALCO and Finance Committee of our Board of Directors have established interest rate risk policy limits. Interest rate risk is defined as the exposure of net interest income and fair value of financial instruments (interest earning assets, deposits and borrowings) to movements in interest rates. The major sources of our interest rate risk are timing differences in the maturity and repricing characteristics of assets and liabilities, changes in the shape of the yield curve, changes in consumer behavior and changes in relationships between rate indices (basis risk). Management measures these risks and their impact in various ways, including through the use of simulation and valuation analyses. The interest rate scenarios may include gradual or rapid changes in interest rates, spread narrowing and widening, yield curve twists and changes in assumptions about consumer behavior in various interest rate scenarios. A mismatch between maturities, interest rate sensitivities and prepayment characteristics of assets and liabilities results in interest rate risk. We, like most financial institutions, has material interest rate risk exposure to changes in both short- and long-term interest rates, as well as variable interest rate indices (e.g., the prime rate or London Interbank Offered Rate).

Our ALCO is responsible for reviewing our interest rate sensitivity position and establishing policies to monitor and limit exposure to interest rate risk. ALCO manages our interest rate risk based on interest rate expectations and other factors. The principal objective in managing our assets and liabilities is to provide maximum levels of net interest income and facilitate our funding needs, while maintaining acceptable levels of interest rate risk and liquidity risk.

ALCO primarily uses two interest rate risk tools with policy limits to evaluate our interest rate risk: net interest income simulation and economic value of equity ("EVE") analysis.

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Management utilizes net interest income simulation models to estimate the near-term effects of changing interest rates on our net interest income. Net interest income simulation involves forecasting net interest income under a variety of scenarios, including the level of interest rates, the shape of the yield curve and the spreads between market interest rates. Management exercises best judgment in making assumptions regarding events that management can influence, such as non-contractual deposit repricings and events outside management's control, including consumer behavior on loan and deposit activity and the effect that competition has on both loan and deposit pricing. These assumptions are subjective and, as a result, net interest income simulation results will differ from actual results due to the timing, magnitude and frequency of interest rate changes and changes in market conditions, consumer behavior and management strategies, among other factors. We perform various sensitivity analyses on new loan spreads, prepayment rates, basis risk and deposit assumptions.

The following table presents changes in our net interest income over a twelve month period if short- and long-term interest rates were to sustain an immediate change. These projections were based on our assets and liabilities remaining static over the next twelve months and factored into the simulation model. Given the current rate environment, TCF’s margin would likely show modest expansion if rates increase. Conversely, we have risk to rates decreasing and/or the yield curve flattening. It is likely in these scenarios that margin would be compressed. Risk to lower rates depends on future monetary policy at the zero-lower bound, customer and competitor behavior.

	Impact on Net Interest Income
(Dollars in millions)	March 31, 2020
Immediate change in interest rates:
+200 basis points	$	32,200	2.2	%
+100 basis points	18,700		1.3

Management also uses EVE to measure risk in the balance sheet that might not be taken into account in the net interest income simulation analysis. Net interest income simulation highlights exposure over a relatively short time period, while EVE analysis incorporates all cash flows over the estimated remaining life of all balance sheet positions. The valuation of the balance sheet, at a point in time, is defined as the discounted present value of asset cash flows minus the discounted present value of liability cash flows. EVE analysis addresses only the current balance sheet and does not incorporate the planned changes to interest-earning assets. As with the net interest income simulation model, EVE analysis is based on key assumptions about the timing and variability of balance sheet cash flows and does not take into account any potential responses by management to anticipated changes in interest rates.

LIBOR Transition

In 2017, the U.K. Financial Conduct Authority (the “FCA”) noted that market conditions raised serious questions about the future sustainability of LIBOR benchmarks. Many financial products, including mortgages and other consumer loans, commercial loans, corporate loans, various types of debt, derivatives and other securities, reference LIBOR to determine their applicable interest rate. The expected cessation of publication of LIBOR will impact the mechanics of floating rate financial instruments and contracts that reference LIBOR and mature after 2021. Certain of these financial products do not provide for alternative reference rates, and those that do may differ from the prior benchmark rates. The FCA subsequently announced that it had secured voluntary panel bank support of LIBOR through only 2021. As a result, central banks and regulators have convened working groups to find a suitable replacement index for LIBOR, and TCF is working to identify, assess and monitor risks associated with the expected discontinuation or unavailability of LIBOR, achieve operational readiness and engage impacted customers in connection with the transition.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures TCF Financial carried out an evaluation, under the supervision and with the participation of TCF Financial's management, including its Chief Executive Officer (Principal Executive Officer), Chief Financial Officer (Principal Financial Officer) and Chief Accounting Officer (Principal Accounting Officer), of the effectiveness of the design and operation of TCF Financial's disclosure controls and procedures pursuant to Rules 13a-15 and 15d-15 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Based on that evaluation, TCF’s Principal Executive Officer and Principal Financial Officer concluded that TCF's disclosure controls and procedures were effective as of March 31, 2020.

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Any system of disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. The design of a control system inherently has limitations and the benefits of controls must be weighed against their costs. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. Therefore, no assessment of a cost-effective system of internal controls can provide absolute assurance that all control issues and instances of fraud, if any, will be detected.

Disclosure controls and procedures are designed to ensure that information required to be disclosed by TCF Financial in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls are also designed with the objective of ensuring that such information is accumulated and communicated to TCF Financial's management, including the Chief Executive Officer (Principal Executive Officer), Chief Financial Officer (Principal Financial Officer) and Chief Accounting Officer (Principal Accounting Officer), as appropriate, to allow for timely decisions regarding required disclosure. TCF Financial's disclosure controls also include internal controls that are designed to provide reasonable assurance that transactions are properly authorized, assets are safeguarded against unauthorized or improper use and that transactions are properly recorded and reported.

Changes in Internal Control Over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting for TCF Financial. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Internal control over financial reporting includes those policies and procedures that pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of TCF Financial; provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of TCF Financial are only being made in accordance with authorizations of management and directors of TCF Financial; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of TCF Financial’s assets that could have a material effect on the financial statements.

While we have incorporated certain new controls related to our final adoption of ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments into our existing internal control environment, there was no change in internal control over financial reporting (as a defined rule in Rule 13a-15(f) of the Exchange Act) that occurred during the three months ended March 31, 2020 that has materially affected, or is reasonably likely to materially affect, the Corporation's internal control over financial reporting.

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Part II - Other Information                                                

Item 1. Legal Proceedings.

From time to time, we are a party to legal proceedings arising out of our lending, leasing and deposit operations, including foreclosure proceedings and other collection actions as part of our lending and leasing collections activities. We may also be subject to regulatory examinations and enforcement actions brought by federal regulators, including the SEC, the Federal Reserve, the OCC and the CFPB which may impose sanctions on us for failures related to regulatory compliance. From time to time borrowers and other customers, and employees and former employees have also brought actions against us, in some cases claiming substantial damages. We, like other financial services companies are subject to the risk of class action litigation. Litigation is often unpredictable and the actual results of litigation cannot be determined and therefore the ultimate resolution of a matter and the possible range of loss associated with certain potential outcomes cannot be established. Based on our current understanding of our pending legal proceedings, management does not believe that judgments or settlements arising from pending or threatened legal matters, individually or in the aggregate, would have a material adverse effect on our consolidated financial position, operating results or cash flows.

Item 1A. Risk Factors.

In addition to the risks detailed below, additional information concerning risk factors facing the Corporation is contained in this report under the heading "Forward-Looking Statements" and in Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2019. TCF's business, financial condition or results of operations could be materially adversely affected by any of these risks.

We face risks and uncertainties related to the outbreak of COVID-19

In March 2020, the outbreak of COVID-19 caused by a novel strain of the coronavirus was recognized as a pandemic by the World Health Organization. Shortly thereafter, the President of the United States declared a National Emergency throughout the United States attributable to such outbreak. The outbreak has become increasingly widespread in the United States, including in the markets in which we operate. We are currently taking steps to assess the effects, and mitigate the adverse consequences to our businesses, of the outbreak; though the magnitude of the impact remains to be seen, our businesses will be adversely impacted by the outbreak of COVID-19.

As previously disclosed in Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, our operations and profitability are impacted by business and economic conditions generally, as well as those in the primary banking markets in which we operate. The COVID-19 pandemic has resulted in historic job losses and decreases in economic activity. While the duration and full extent of job losses and magnitude of economic dislocation are not yet known, it is clear that they may impact the ability of individuals and small businesses to make payments, value of underlying collateral and the ability of guarantors to make payments in the case of default, which may decrease consumer demand for our products and services, reduce our ability to access capital, and otherwise adversely impact the financial condition, results of operations, prospects of our businesses and our credit ratings. While the United States and various state and local governments have implemented various programs designed to aid individuals and businesses, the impact of, and extent to which, these efforts will be successful cannot be determined at this time.  

Specifically, many of our customers and counterparties have been and may continue to be adversely impacted by the COVID-19 pandemic and resulting economic downturn. As a result, we have faced and may continue to face a decrease in demand for certain products, reduced access to our branches by our customers, and disruptions in the operations of our vendors. The pandemic could also result in the recognition of additional credit losses in our loan and lease portfolios and increase our allowance for credit losses as both businesses and consumers are negatively impacted by the economic downturn. Additionally, customers that are increasingly forced to work remotely and may not have appropriately secured remote networks may be more vulnerable to cyber-attacks or phishing schemes. Any of these occurrences could have a material adverse effect on our financial condition, results of operations and prospects. The extent to which the pandemic impacts our results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning its severity and the actions necessary to contain it or address its impact, among others. The duration of these impacts resulting from the COVID-19 is unknown, and the resulting customer behavioral changes are not fully known and may not be temporary.

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In addition, the COVID-19 outbreak has caused, and will continue to cause, substantial disruption to our employees as a result of illness, increased family responsibilities, self-isolation, travel limitations, and otherwise. Most areas within the United States have imposed mandatory closures for businesses not deemed to be essential, and it is currently unclear for how long such closures will last. Although nearly all of our corporate employees are able to work remotely, closures have nevertheless caused us to reduce access to our branches, and affected many of our customers and many businesses through which we sell our products and services. In addition, the increased reliance on remote work may result in increased vulnerabilities through heavy dependence on remote networks.

Any of the foregoing factors, or other cascading effects of the COVID-19 pandemic that are not currently known, could materially impact our team members and decrease our ability to serve customers, increase our costs, negatively impact our sales and damage our results of operations and our liquidity position, possibly to a significant degree. The duration of any such impacts cannot be predicted.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Share repurchase activity for the three months ended March 31, 2020 was as follows:

Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan
January 1 to January 31, 2020
Share repurchase program(1)	22,244	$	42.51	22,244	$	121,559,856
Employee transactions(2)	47,890	46.80		N.A.	N.A.
February 1 to February 28, 2020
Share repurchase program(1)	459,649	$	40.41	459,649	$	102,983,806
Employee transactions(2)	1,250	38.64		N.A.	N.A.
March 1 to March 31, 2020
Share repurchase program(1)	391,483	$	34.65	391,483	$	89,419,941
Employee transactions(2)	—	—		N.A.	N.A.
Total
Share repurchase program(1)	873,376	$	37.88	873,376	$	89,419,941
Employee transactions(2)	49,140	46.59		N.A.	N.A.

 N.A. Not Applicable

(1) On October 24, 2019, the Board of Directors approved an authorization to repurchase up to $150.0 million of our common stock. Repurchases will be based on market conditions, the trading price of our shares and other factors. The ability to repurchase shares in the future may be adversely affected by new legislation or regulations or by changes in regulatory policies.

(2) Represents restricted stock withheld pursuant to the terms of awards granted under the Legacy TCF Financial Omnibus Incentive Plan to offset tax withholding obligations that occur upon vesting and release of restricted stock. The plan provides that the value of shares withheld shall be the average of the high and low prices of common stock of TCF Financial Corporation on the date the relevant transaction occurs.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

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Item 5. Other Information.

The following information is being filed herewith in lieu of filing such information on a Current Report on Form 8-K under Item 5.02, Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers:

On May 8^th, 2020, TCF Financial Corporation (“TCF” or the “Company”) announced that the employment of David T. Provost, Executive Vice Chairman of TCF ended effective as of May 8, 2020. Mr. Provost remains Vice Chairman of TCF’s Board of Directors. Mr. Provost resigned from the board of directors of TCF National Bank, the wholly-owned banking subsidiary of TCF, and all subsidiaries thereof, effective as of May 8, 2020.

Pursuant to the terms of the Separation and Release Agreement (the “Release”) entered into between TCF and Mr. Provost on May 8, 2020, Mr. Provost will receive severance compensation as provided for in the case of a termination without cause pursuant to the terms of the Amended and Restated Retention Agreement (the “Retention Agreement”) entered into between Mr. Provost and TCF as of March 10, 2020; provided that in addition to the amounts provided for under Section 6(b)(i)(A) of the Retention Agreement, Mr. Provost shall also receive the sum of $8,600,000 payable in a lump sum subject to expiration of the rescission period set forth in the Release.

Mr. Provost’s right to receive the benefits described above and in the Retention Agreement are conditioned upon his compliance with the Retention Agreement, including, without limitation, non-competition and non-solicitation provisions thereof and Mr. Provost not rescinding his entry into the Release. The description of the Retention Agreement with Mr. Provost and compensation provided for thereunder contained in the Company’s Current Report on Form 8-K filed on March 16, 2020 is incorporated herein by reference and, other than as provided herein, remains unchanged.

A copy of the Separation and Release Agreement entered into with Mr. Provost is filed as Exhibit 10(k) to this Quarterly Report on Form 10-Q.

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Item 6. Exhibits.  

Exhibit Number	Description
3(a)	Restated Articles of Incorporation of TCF Financial Corporation [incorporated by reference to Exhibit 3.1 to our Form 10-Q for the quarter ended March 31, 2017 (No. 17829102)]
3(b)	Amendment to the Restated Articles of Incorporation of TCF Financial Corporation, including the Certificate of Designations of 5.70% Series C Non-Cumulative Perpetual Preferred Stock [incorporated by reference to Exhibit 3.2 of TCF Financial Corporation’s Current Report on Form 8-K filed with the SEC on August 1, 2019 (No. 19993087)]
3(c)	Bylaws of TCF Financial Corporation, as of August 1, 2019 [incorporated by reference to Exhibit 3.3 of TCF Financial Corporation’s Current Report on Form 8-K filed with the SEC on August 1, 2019 (No. 19993087)]
4(a)	Description of Capital Stock [incorporated by reference to Exhibit 4.1 of TCF Financial Corporation’s Current Report on Form 8-K filed with the SEC on August 1, 2019 (No. 19993087)]
10(a)*	Amended and Restated Retention Agreement between David T. Provost and TCF Financial Corporation, dated March 10, 2020. Previously filed as Exhibit 10.1 of the registrant’s Current Report on Form 8-K filed with the SEC on March 16, 2020. Here incorporated by reference.
10(b)*	Amended and Restated Retention Agreement between Gary Torgow and TCF Financial Corporation, dated March 10, 2020. Previously filed as Exhibit 10.2 of the registrant’s Current Report on Form 8-K filed with the SEC on March 16, 2020. Here incorporated by reference.
10(c)	Stock Incentive Plan of 2019. Previously filed as Appendix A to the registrant's definitive proxy statement for the registrant's 2019 Annual Meeting of Shareholders, filed with the SEC on March 26, 2019. Here incorporated by reference.
10(d)#	Form of Restricted Stock Unit Agreement pursuant to the Stock Incentive Plan of 2019 for Time-Vested Restricted Stock Units.
10(e)#	Form of Restricted Stock Unit Agreement pursuant to the Stock Incentive Plan of 2019 for Performance-Based Restricted Stock Units.
10(f)#	Form of Director’s Restricted Stock Agreement pursuant to the Stock Incentive Plan of 2019 for Deferred Restricted Stock.
10(g)#	Form of Director’s Restricted Stock Agreement pursuant to the Stock Incentive Plan of 2019 for Non-Deferred Restricted Stock.
10(h)	Amended and Restated TCF Financial 2015 Omnibus Incentive Plan. Previously filed as Exhibit 10(a) to Legacy TCF’s Annual Report on Form 10-K filed with the SEC on February 26, 2019. Here incorporated by reference.
10(i)#	Form of Restricted Stock Unit Agreement pursuant to the TCF Financial 2015 Omnibus Incentive Plan for Time-Based Restricted Stock Units.
10(j)#	Form of Restricted Stock Unit Agreement pursuant to the TCF Financial 2015 Omnibus Incentive Plan for Performance-Based Restricted Stock Units.
10(k)#	Separation and Release between David T. Provost and TCF Financial Corporation, dated May 8, 2020.
31.1#	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2#	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1#	Certification of the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2#	Certification of the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH#	XBRL Taxonomy Extension Schema Document
101.CAL#	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF#	XBRL Taxonomy Extension Definitions Linkbase Document
101.LAB#	XBRL Taxonomy Extension Label Linkbase Document
101.PRE#	XBRL Taxonomy Extension Presentation Linkbase Document

* Executive Contract

#  Filed herein

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SIGNATURES

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

TCF FINANCIAL CORPORATION

/s/ Craig R. Dahl

Craig R. Dahl,

Chief Executive Officer and President

(Principal Executive Officer)

/s/ Dennis L. Klaeser

Dennis L. Klaeser,

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

/s/ Kathleen S. Wendt

Kathleen S. Wendt,

Executive Vice President and Chief Accounting Officer

(Principal Accounting Officer)

Dated: May 8, 2020

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EX-10.(D)

Exhibit 10(d)

TCF FINANCIAL CORPORATION

___________

<NAME>

<###> Units

RESTRICTED STOCK UNIT AGREEMENT

PURSUANT TO THE

STOCK INCENTIVE PLAN OF 2019

Time-Based Restricted Stock Units

_________________________

This Time-Based Restricted Stock Unit Agreement (this “Agreement”) is made as of [GRANT DATE] (“Grant Date”), between TCF FINANCIAL CORPORATION, a Michigan corporation, (the “Corporation”), and the Grantee named above (“Grantee”).

The Stock Incentive Plan of 2019 (the “Plan”) is administered by the Compensation and Pension Committee of the Corporation’s Board of Directors (“Committee”). The Committee has determined that Grantee is eligible to participate in the Plan and has awarded time-based restricted stock units (“TRSUs”) to Grantee, subject to the terms and conditions set forth in this Agreement and the Plan.

Grantee acknowledges receipt of a copy of the Plan and the Information Statement describing the Plan, and accepts this TRSU award subject to all of the terms, conditions, and provisions of this Agreement and the Plan.

1.Award. The Corporation hereby awards to Grantee <###> TRSUs, subject to the restrictions imposed under this Agreement and the Plan. Each TRSU is initially equal to one share of the Corporation’s common stock, $1.00 par value (“Common Stock”), and is convertible into one share of Common Stock, subject to vesting as set forth below.

2.Transferability. Until the TRSUs vest in accordance with this Agreement and shares of Common Stock are delivered in settlement thereof, interests in TRSUs under this Agreement are generally not transferable by Grantee, except by will or according to the laws of descent and distribution. All rights with respect to the TRSUs granted hereunder are exercisable during Grantee’s lifetime only by Grantee, Grantee’s guardian or legal representative.

3.Vesting. Except as otherwise provided in this Agreement, TRSUs granted hereunder shall vest based on Grantee’s continued employment with the Corporation or its Subsidiaries and the vesting schedule attached as Exhibit A. The periods during which TRSUs are unvested are “Restricted Period(s).” The Restricted Period(s) shall lapse upon the date or dates identified in Exhibit A. TRSUs are unvested under the Plan and this Agreement until the end of the applicable Restricted Period. Unless specified otherwise below, TRSUs shall be settled within 30 days following satisfaction of the applicable vesting requirements as set forth below.

4.Termination of Employment. If, during the Restricted Period, Grantee’s employment with the Corporation or any of its Subsidiaries is terminated by the Corporation without Cause (except as provided in Section 11.1 during the two-year period following a Change in Control), or

if Grantee terminates employment due to death, or Disability, then the remaining restrictions on Grantee’s unvested TRSUs shall lapse and such award shall vest on a prorated basis and be convertible into a number of shares of Common Stock equal to (a) the number of Grantee’s unvested TRSUs as of the effective date of the termination, multiplied by (b) the quotient of (x) the number of full months that had elapsed since the most recent annual vesting date and the effective date of Grantee’s termination and (y) the total number of full months remaining in the vesting period since the most recent annual vesting date, which shall be settled within 30 days following the date of Grantee’s termination of employment, subject to any required delay pursuant to Section 14 below. If Grantee terminates employment on or after attainment of age 55 with 10 years of service, having submitted written notice to the Corporation of his or her intended Retirement date at least one year in advance of such Retirement, then following such employment termination, the remaining restrictions on Grantee’s unvested TRSUs shall lapse and such award shall vest on a prorated basis and be convertible into a number of shares of Common Stock equal to (a) the number of Grantee’s unvested TRSUs as of the effective date of the termination, multiplied by (b) the quotient of (x) the number of full months that had elapsed since the most recent annual vesting date and the effective date of Grantee’s termination and (y) the total number of full months remaining in the vesting period since the most recent annual vesting date, which shall be settled within 30 days following the date of Grantee’s termination of employment, subject to any required delay pursuant to Section 14 below. If Grantee does not provide the Corporation with written notice one year in advance of his or her intended Retirement date, then all TRSUs still subject to restrictions on Grantee’s Retirement date automatically shall be forfeited. Except to the extent provided herein, any unvested TRSUs shall be forfeited upon Grantee’s employment termination by the Corporation for Cause, or upon Grantee’s voluntary termination of employment.

5.Employment by the Corporation. The award of TRSUs under this Agreement shall not impose upon the Corporation or any Subsidiary any obligation to retain Grantee in its employment for any given period or upon any specific terms of employment. The Corporation or any Subsidiary may at any time dismiss Grantee from employment, free from any liability or claim under the Plan or this Agreement, unless otherwise expressly provided in any written agreement with Grantee.

6.Shareholder Rights. Any dividends or other distributions declared payable on the Corporation’s Common Stock on or after the grant date of the TRSUs until the TRSUs vest or forfeit shall be credited notionally to the Grantee in an amount equal to such declared dividends or other distributions on an equivalent number of shares of the Corporation’s Common Stock (“Dividend Equivalents”). Dividend Equivalents so credited shall be paid if, and only to the extent that, the TRSUs to which they relate vest, as provided under the terms of the Plan and this Agreement. Dividend Equivalents credited in respect to TRSUs that are forfeited under the terms of the Plan and this Agreement, are correspondingly forfeited. No interest or other earnings shall be credited on Dividend Equivalents. Vested Dividend Equivalents shall be paid in cash at the same time as the TRSUs to which they relate vest and are converted into Common Stock.

7.Legal Compliance. The Corporation shall not be obligated to issue any shares to Grantee, if such issuance would violate any law, order or regulation of any governmental authority.

8.Acknowledgments. Grantee acknowledges that he or she has been furnished with, and has read, the Plan. Grantee agrees not to resell or distribute the shares of Common Stock received upon vesting and settlement of Grantee’s TRSUs in compliance with such conditions as

the Corporation may reasonably require, to ensure compliance with federal and state securities laws and other Corporation policies, including stock ownership guidelines, if applicable.

9.Withholding. The Corporation or one of its Subsidiaries shall be entitled to (a) withhold and deduct from Grantee’s future wages (or from other amounts that may be due and owing to Grantee from the Corporation or a Subsidiary), or make other arrangements for the collection of all legally required amounts necessary to satisfy any and all federal, state, and local income and employment tax withholding requirements attributable to the TRSUs awarded hereunder, including, without limitation, the award of, vesting of, payments of dividends with respect to, or settlement with respect to, the TRSUs; or (b) require Grantee promptly to remit the amount of such withholding to the Corporation or a Subsidiary before delivering shares of Common Stock in settlement of the vested TRSUs. The applicable withholding requirements shall be satisfied by withholding shares of Common Stock from the shares otherwise deliverable in settlement of the vested TRSUs, unless Grantee elects to satisfy the applicable withholding requirements in cash or by using a cash equivalent.

10.Effective Date. This award of TRSUs shall be effective as of the date first set forth above.

11.Change in Control.

11.1Treatment upon a Change in Control. Notwithstanding anything contained in Section 8 of the Plan or any similar provision of a Prior Plan (or the award agreements thereunder), following a Change in Control after the Effective Date, all TRSUs granted to Grantee under this Agreement outstanding at the time of the Change in Control and which have not previously vested shall be administered as set forth herein. If the Corporation is not the surviving entity, all unvested TRSUs shall be converted into TRSUs of the surviving entity’s common stock at the applicable exchange ratio on the date of the Change in Control (or shall be otherwise adjusted as contemplated by the Plan) in a manner approved by the Committee or the Board. The TRSUs shall continue to vest under the vesting schedule in effect immediately prior to the Change in Control. If, during the two-year period following the Change in Control, Grantee’s employment is involuntarily terminated without Cause or Grantee terminates employment for Good Reason, any unvested TRSUs granted under this Agreement shall 100% vest and be converted into shares of Common Stock (or the common stock of the surviving entity, as applicable), with settlement to occur within 30 days following such termination of employment, subject to any required delay pursuant to Section 14 below. Following a Change in Control after the Effective Date, Grantee’s rights in respect of Retirement, death and Disability as set forth in Section 4 with respect to TRSUs granted under this Agreement, including any proration, shall continue to apply to the TRSUs.

12.Definitions. Capitalized terms not defined herein shall be defined as in the Plan or in Grantee’s Individual Agreement (defined below). To the extent any capitalized term not defined herein is defined in both the Plan and Grantee’s Individual Agreement, the definition set forth in Grantee’s Individual Agreement shall control. As used in this Agreement, “Individual Agreement” means (a) any employment, change in control or severance agreement between Grantee and the Corporation or one of its affiliates (or any successor thereto) and (b) any retention agreement between Grantee and the Corporation or one of its affiliates (or any successor thereto) that becomes effective on or following the date hereof.

13.Amendment. This Agreement shall not be modified except in a writing executed by the parties hereto.

14.Section 409A of the Code. This Agreement and the TRSUs granted hereunder are intended to comply with the requirements of Section 409A of the Code or an exemption or exclusion therefrom, and, with respect to TRSUs that constitute deferred compensation subject to Section 409A of the Code, the Plan and this Agreement as well as any Individual Agreement shall be interpreted and administered in all respects in accordance with Section 409A of the Code (including with respect to the application of any defined terms to TRSUs that constitute nonqualified deferred compensation, which defined terms shall be interpreted to have the meaning required by Section 409A of the Code to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code). Each payment (including the delivery of shares of Common Stock) under the TRSUs that constitutes nonqualified deferred compensation subject to Section 409A of the Code shall be treated as a separate payment for purposes of Section 409A of the Code and, to the extent to be made or delivered upon a termination of employment may only be made upon a “separation from service” under Section 409A of the Code to the extent necessary in order to avoid the imposition of penalty taxes on Grantee pursuant to Section 409A of the Code. In no event may Grantee, directly or indirectly, designate the calendar year of any payment to be made under this Agreement that constitutes nonqualified deferred compensation subject to Section 409A of the Code. Notwithstanding any other provision of this Agreement to the contrary, if Grantee is a “specified employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Corporation as in effect on the date of Grantee’s separation from service), TRSUs that constitute nonqualified deferred compensation within the meaning of Section 409A of the Code that would otherwise be deliverable by reason of Grantee’s separation from service during the six-month period immediately following such separation from service shall instead be provided on the earlier to occur of: (a) the date that is six months and one day after Grantee’s separation from service; or (b) the date of Grantee’s death.

15.Conflict Between Plan, Agreement, and Individual Agreements. The Plan is incorporated in this Agreement by reference. In the event of any conflict between the terms of this Agreement, an Individual Agreement and/or the terms of the Plan, the provisions of this Agreement, or, to the extent more favorable, the Individual Agreement shall control; provided, however, that notwithstanding anything in this Agreement to the contrary, any provisions of this Agreement relating to the timing of settlement or payment in respect of the TRSUs shall control in the event of any conflict between this Agreement, the Plan, any Prior Plan and the award agreements thereunder, and any Individual Agreement.

16.Non-Solicitation And Confidentiality Agreement. Grantee acknowledges and agrees that Grantee’s position with the Corporation or any affiliated companies (collectively “TCF Companies”) provides Grantee with access to non-public, confidential information (“Confidential Information”) that is valuable to TCF Companies and/or would be valuable to competitors, including but not limited to, information regarding Customers of the TCF Companies.

As a condition of accepting this Award and in consideration of the opportunity to receive TRSUs, Grantee and the Corporation agree as follows:

16.1 Non-Solicitation.  For the duration of Grantee’s employment with the TCF Companies and for a period of 12 months after Grantee’s employment terminates (for any reason),

Grantee shall not, directly or indirectly (whether for compensation or without compensation): (i) solicit or attempt to solicit employees or independent contractors of TCF Companies with whom Grantee worked or who have skill sets with which Grantee became familiar during Grantee’s employment with TCF Companies, for the purpose of encouraging the employee or independent contractor to terminate his or her employment relationship or contract with TCF Companies to provide competing services on that employee or independent contractor’s own behalf or on behalf of any other person or entity; (ii) solicit or attempt to solicit any Customer for the purpose of providing products or services that are similar to or in competition with products or services of the TCF Companies; (iii) induce or attempt to induce any Customer to not do business with or stop doing business with TCF Companies; or (iv) assist any other person or entity in any of the foregoing. During the period of time, if any, that Grantee resided in the States of California or North Dakota, the above non-solicitation provisions will apply following Grantee’s termination of employment with TCF Companies only in situations where Grantee wrongfully used or disclosed trade secrets (as defined by California or North Dakota law, respectively) of the TCF Companies.

For purposes of this Section, “Customer” means current and prospective: (i) customers, such as borrowers, lessees, or depositors (individuals or entities); (ii) referral or origination sources, such as manufacturers, distributors, brokers, dealers or financial institutions; (iii) capital markets or funding sources; (iv) investors in or purchasers of financial contracts; or (v) manufacturers or distributors providing collateral repurchase or remarketing support, in each case with whom Grantee had Material Contact and/or about whom Grantee obtained Confidential Information during employment with the TCF Companies. For purposes of this Section, “Material Contact” means any interaction between the Customer and Grantee, within the two-year period prior to termination of Grantee’s employment, which took place to promote, manage, service or further the business relationship.

16.2 Confidentiality. During Grantee’s employment with TCF Companies and after Grantee’s termination from employment (for any reason), Grantee shall maintain the confidentiality of all Confidential Information. Other than in the reasonable performance of Grantee’s job duties and in the furtherance of the interests of TCF Companies during Grantee’s employment with the TCF Companies, Grantee will not disclose, publish or use Confidential Information without prior written consent. Upon Grantee’s termination from employment, Grantee will immediately return or securely destroy, as directed, any Confidential Information within Grantee’s possession or control, in any form or format, including electronically-stored information.

Grantee understands that (i) the Agreement is a binding contract, even if the TRSUs awarded in this Agreement never become vested; (ii) the TCF Companies may enforce this Agreement in court and, if this Agreement is violated, seek injunctive relief, monetary damages and other remedies available under applicable law; and (iii) nothing in this Agreement is intended to supersede or eliminate other obligations, including non-solicitation and/or confidentiality obligations, that Grantee may have to TCF Companies during or after Grantee’s employment terminates.

* * *

[Signatures on Next Page]

This TRSU grant has been issued by the Corporation by authority of its Compensation and Pension Committee.

TCF FINANCIAL CORPORATION,

Corporation

_________________________________

By: Craig R. Dahl

Its: President & CEO

__________________________________

Grantee

Name:

EXHIBIT A

Subject to the provisions of this Agreement and the Plan, the above awarded TRSUs shall become vested and non-forfeitable in accordance with the vesting terms set forth below, provided that Grantee is employed by the Corporation or any of its Subsidiaries on the applicable vesting date(s):

(i) [____] of the total number of TRSUs granted under this Agreement shall vest on each of:

[__________________________________________________________]

(ii) Any fractional number of TRSUs resulting from the application of the foregoing vesting schedule may be rounded to the nearest whole number of shares.

EX-10.(E)

Exhibit 10(e)

TCF FINANCIAL CORPORATION

___________

[_______]

[__] Units

RESTRICTED STOCK UNIT AGREEMENT

PURSUANT TO THE

STOCK INCENTIVE PLAN OF 2019

Performance-Based Restricted Stock Units

____________

This Performance-Based Restricted Stock Unit Agreement (this “Agreement”) is made as of [grant date] between TCF FINANCIAL CORPORATION (the “Corporation”), and the Grantee named above (“Grantee”).

The Stock Incentive Plan of 2019 (the “Plan”) is administered by the Compensation and Pension Committee of the Corporation’s Board of Directors (“Committee”). The Committee has determined that Grantee is eligible to participate in the Plan and has awarded performance-based restricted stock units (“PRSUs”) to Grantee, subject to the terms and conditions set forth in this Agreement and the Plan.

1.Award. The Corporation hereby awards to Grantee [__] PRSUs, assuming achievement of performance at target level (the “Target Shares”), subject to the restrictions imposed under this Agreement and the Plan. Each PRSU is initially equal to one share of the Corporation’s common stock, $1.00 par value (“Common Stock”), and is convertible into Common Stock pursuant to the formula determined by the Committee and attached as Exhibit A, subject to vesting as set forth below.

2.Transferability. Until the PRSUs vest and shares of Common Stock are delivered in settlement thereof, interests in PRSUs under this Agreement are generally not transferable by Grantee, except by will or according to the laws of descent and distribution. All rights with respect to the PRSUs granted hereunder are exercisable during Grantee’s lifetime only by Grantee, Grantee’s guardian or legal representative.

3.Vesting. Except as otherwise provided in this Agreement, PRSUs granted hereunder shall vest based on Grantee’s continued employment with the Corporation or its Subsidiaries and the Corporation’s achievement of performance targets determined by the Committee and attached as Exhibit A for the applicable “Performance Period” (as defined in Exhibit A). PRSUs shall vest, to the extent earned, upon the conclusion of the Restricted Period. The “Restricted Period” shall begin on the Effective Date, and end on the date that the Committee certifies the level of achievement of the PRSUs, but in no event later than March 5^th of the year following the last day of the Performance Period. PRSUs are unvested under the Plan and under this Agreement until the end of the Restricted Period. Unless specified otherwise below, PRSUs shall be settled within 30 days following satisfaction of the applicable vesting requirements as set forth below.

4.Termination of Employment. If, during the Restricted Period, Grantee’s employment with the Corporation or any of its Subsidiaries is terminated by the Corporation without Cause (except as provided in Section 11.1 during the two-year period following a Change in Control), or

if Grantee terminates employment due to death or Disability, then, subject to any required delay pursuant to Section 14 below, within 30 days following Grantee’s termination of employment, Grantee shall be issued a number of shares of Common Stock equal to (a) the Target Shares (100% of the number of PRSUs set forth in Section 1 of this Agreement) or, upon such a termination on or following a Change in Control, the Earned PRSUs (as defined in Section 11), multiplied by (b) the quotient of (x) the number of full months that have elapsed between the first day of the Performance Period and the effective date of Grantee’s employment termination and (y) the total number of full months in the respective Performance Period. If Grantee terminates employment on or after attainment of age 55 with 10 years of service, having submitted written notice to the Corporation of his or her intended Retirement date at least one year in advance of such Retirement, then following such employment termination, subject to any required delay pursuant to Section 14 below, Grantee shall be issued a number of shares of Common Stock equal to (A) the Target Shares (100% of the number of PRSUs set forth in Section 1 of this Agreement) or, upon a Retirement on or following a Change in Control, the Earned PRSUs multiplied by (B) the quotient of (x) the number of full months that have elapsed between the first day of the Performance Period and the effective date of Grantee’s employment termination and (y) the total number of full months in the respective Performance Period. If Grantee does not provide the Corporation with written notice one year in advance of his or her intended Retirement date, then all PRSUs still subject to restrictions on Grantee’s Retirement date automatically shall be forfeited. Except to the extent provided herein, any unvested PRSUs shall be forfeited upon Grantee’s employment termination by the Corporation for Cause or upon Grantee’s voluntary termination of employment.

5.Employment by the Corporation. The award of PRSUs under this Agreement shall not impose upon the Corporation or any Subsidiary any obligation to retain Grantee in its employment for any given period or upon any specific terms of employment. The Corporation or any Subsidiary may at any time dismiss Grantee from employment, free from any liability or claim under the Plan or this Agreement, unless otherwise expressly provided in any written agreement with Grantee.

6.Shareholder Rights. During the Restricted Period, Grantee shall not be entitled to cash or non-cash dividends or dividend equivalents. Grantee shall have no voting rights with respect to shares of Common Stock underlying PRSUs, unless and until such shares of Common Stock are reflected as issued and outstanding on the Corporation’s stock ledger.

7.Legal Compliance. The Corporation shall not be obligated to issue any shares to Grantee, if such issuance would violate any law, order or regulation of any governmental authority.

8.Acknowledgments. Grantee acknowledges that he or she has been furnished with, and has read, the Plan and the Information Statement describing the Plan, and accepts this PRSU award subject to all of the terms, conditions, and provisions of this Agreement and the Plan. Grantee agrees not to resell or distribute the shares of Common Stock received upon vesting and settlement of Grantee’s PRSUs in compliance with such conditions as the Corporation may reasonably require to ensure compliance with federal and state securities laws and other Corporation policies, including stock ownership guidelines, if applicable.

9.Withholding. The Corporation or one of its Subsidiaries shall be entitled to (a) withhold and deduct from Grantee’s future wages (or from other amounts that may be due and owing to Grantee from the Corporation or a Subsidiary), or make other arrangements for the collection of all legally required amounts necessary to satisfy any and all federal, state, and local

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income and employment tax withholding requirements attributable to the PRSUs awarded hereunder, including, without limitation, the award of, vesting of, or settlement with respect to the PRSUs; or (b) require Grantee promptly to remit the amount of such withholding to the Corporation or a Subsidiary before delivering shares of Common Stock in settlement of the vested PRSUs. The applicable withholding requirements shall be satisfied by withholding shares of Common Stock from the shares otherwise deliverable in settlement of the vested PRSUs, unless Grantee elects to satisfy the applicable withholding requirements in cash or by using a cash equivalent.

10.EffectiveDate. This award of PRSUs shall be effective as of the date first set forth above (the “Effective Date”).

11.Change in Control.

11.1Treatment upon aChange in Control. Notwithstanding anything contained in Section 8 of the Plan, following a Change in Control after the Effective Date, all PRSUs granted to Grantee under this Agreement shall be administered as set forth herein. If the Corporation is not the surviving entity, all Earned PRSUs (determined as set forth below) shall be converted into PRSUs of the surviving entity’s common stock at the applicable exchange ratio on the date of the Change in Control (or shall be otherwise adjusted as contemplated by Section 4.4(b) of the Plan) in a manner approved by the Committee or the Board. As of the latest practicable date prior to the consummation of such Change in Control, the performance goals applicable to such PRSUs shall be measured and the number of shares subject to such PRSUs from and after the date of consummation of the Change in Control shall equal the greater of (a) the Target Shares (100% of the number of PRSUs set forth in Section 1 of this Agreement that would be earned assuming performance goals applicable to any incomplete performance periods are deemed achieved at target levels), and (b) the number of shares of Common Stock that would have been earned based on the actual performance of the Corporation measured through the latest practicable date prior to the date of consummation of the Change in Control (which, unless otherwise determined by the Committee, shall be the most recently completed calendar quarter) (such higher number, the “Earned PRSUs”), as determined by the Committee prior to such Change in Control. Following the date of consummation of the Change in Control, the Earned PRSUs shall vest and be subject to forfeiture based on Grantee’s continued service through the last day of the Restricted Period. If, during the two-year period following the effective date of the Change in Control, Grantee’s employment is involuntarily terminated without Cause or Grantee terminates employment for Good Reason, the Earned PRSUs granted under this Agreement shall vest in full as of Grantee’s employment termination date, and the shares of Common Stock (or the common stock of the surviving entity, as applicable) in respect thereof shall be issued within 30 days following the Grantee’s termination of employment, subject to any required delay pursuant to Section 14 below. Following a Change in Control, Grantee’s rights in respect of Retirement, death and Disability as set forth in Section 4 with respect to PRSUs granted hereunder (and with respect to PRSUs granted prior to the date hereof, the terms applicable upon retirement, death and disability as set forth in the award agreement applicable to such PRSUs), including any proration, shall continue to apply to the PRSUs.

12.Definitions. Capitalized terms not defined herein shall be defined as in the Plan or in Grantee’s Individual Agreement (defined below). To the extent any capitalized term not defined herein is defined in both the Plan and Grantee’s Individual Agreement, the definition set forth in Grantee’s Individual Agreement shall control. As used in this Agreement, “Individual Agreement” means (a) any employment, change in control or severance agreement between Grantee and the Corporation or one of its affiliates (or any successor thereto) and (b) any retention agreement

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between Grantee and the Corporation or one of its affiliates (or any successor thereto) that becomes effective on or following the date hereof.

13.Amendment. This Agreement shall not be modified except in a writing executed by the parties hereto.

14.Section 409A of the Code. This Agreement and the PRSUs granted hereunder are intended to comply with the requirements of Section 409A of the Code or an exemption or exclusion therefrom, and, with respect to PRSUs that constitute deferred compensation subject to Section 409A of the Code, the Plan and this Agreement as well as any Individual Agreement shall be interpreted and administered in all respects in accordance with Section 409A of the Code (including with respect to the application of any defined terms to PRSUs that constitute nonqualified deferred compensation, which defined terms shall be interpreted to have the meaning required by Section 409A of the Code to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code). Each payment (including the delivery of shares of Common Stock) under the PRSUs that constitutes nonqualified deferred compensation subject to Section 409A of the Code shall be treated as a separate payment for purposes of Section 409A of the Code and, to the extent to be made or delivered upon a termination of employment may only be made upon a “separation from service” under Section 409A of the Code to the extent necessary in order to avoid the imposition of penalty taxes on Grantee pursuant to Section 409A of the Code. In no event may Grantee, directly or indirectly, designate the calendar year of any payment to be made under this Agreement that constitutes nonqualified deferred compensation subject to Section 409A of the Code. Notwithstanding any other provision of this Agreement to the contrary, if Grantee is a “specified employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Corporation as in effect on the date of Grantee’s separation from service), PRSUs that constitute nonqualified deferred compensation within the meaning of Section 409A of the Code that would otherwise be deliverable by reason of Grantee’s separation from service during the six-month period immediately following such separation from service shall instead be provided on the earlier to occur of: (a) the date that is six months and one day after Grantee’s separation from service; or (b) the date of Grantee’s death.

15.Conflict Between the Plan, Agreement, and Individual Agreements. The Plan is incorporated in this Agreement by reference. In the event of any conflict between the terms of this Agreement, an Individual Agreement and/or the terms of the Plan, the provisions of this Agreement, or, to the extent more favorable, the Individual Agreement shall control; provided, however, that notwithstanding anything in this Agreement to the contrary, any provisions of this Agreement relating to the timing of settlement or payment in respect of the PRSUs shall control in the event of any conflict between this Agreement, the Plan, any Prior Plan and the award agreements thereunder, and any Individual Agreement.

16.Non-Solicitation And Confidentiality Agreement. Grantee acknowledges and agrees that Grantee’s position with the Corporation or any affiliated companies (collectively “TCF Companies”) provided Grantee with access to non-public, confidential information (“Confidential Information”) that is valuable to TCF Companies and/or would be valuable to competitors, including but not limited to, information regarding Customers of the TCF Companies.

As a condition of accepting this Award and in consideration of the opportunity to receive shares of stock, Grantee and the Corporation agree as follows:

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16.1    Non-Solicitation.  For the duration of Grantee’s employment with the TCF Companies and for a period of 12 months after Grantee’s employment terminates (for any reason), Grantee shall not, directly or indirectly (whether for compensation or without compensation): (i) solicit or attempt to solicit employees or independent contractors of TCF Companies with whom Grantee worked or who have skill sets with which Grantee became familiar during Grantee’s with TCF Companies, for the purpose of encouraging the employee or independent contractor to terminate his or her employment relationship or contract with TCF Companies to provide competing services on that employee or independent contractor’s own behalf or on behalf of any other person or entity; (ii) solicit or attempt to solicit any Customer for the purpose of providing products or services that are similar to or in competition with products or services of the TCF Companies; (iii) induce or attempt to induce any Customer to not do business with or stop doing business with TCF Companies; or (iv) assist any other person or entity in any of the foregoing. During the period of time, if any, that Grantee resided in the States of California or North Dakota, the above non-solicitation provisions will apply following Grantee’s termination of employment with TCF Companies only in situations where Grantee wrongfully used or disclosed trade secrets (as defined by California or North Dakota law, respectively) of the TCF Companies.

For purposes of this Section, “Customer” means current and prospective: (i) customers, such as borrowers, lessees, or depositors (individuals or entities); (ii) referral or origination sources, such as manufacturers, distributors, brokers, dealers or financial institutions; (iii) capital markets or funding sources; (iv) investors in or purchasers of financial contracts; or (v) manufacturers or distributors providing collateral repurchase or remarketing support, in each case with whom Grantee had Material Contact and/or about whom Grantee obtained Confidential Information during employment with the TCF Companies. For purposes of this Section, “Material Contact” means any interaction between the Customer and Grantee, within the two-year period prior to termination of Grantee’s employment, which took place to promote, manage, service or further the business relationship.

16.2    Confidentiality. During Grantee’s employment with TCF Companies and after Grantee’s termination from employment (for any reason), Grantee shall maintain the confidentiality of all Confidential Information. Other than in the reasonable performance of Grantee’s job duties and in the furtherance of the interests of TCF Companies during Grantee’s employment with the TCF Companies, Grantee will not disclose, publish or use Confidential Information without prior written consent. Upon Grantee’s termination from employment, Grantee will immediately return or securely destroy, as directed, any Confidential Information within Grantee’s possession or control, in any form or format, including electronically-stored information.

Grantee understands that (i) the Agreement is a binding contract, even if the PRSUs awarded in this Agreement never become vested; (ii) the TCF Companies may enforce this Agreement in court and, if this Agreement is violated, seek injunctive relief, monetary damages and other remedies available under applicable law; and (iii) nothing in this Agreement is intended to supersede or eliminate other obligations, including non-solicitation and/or confidentiality obligations, that Grantee may have to TCF Companies during or after Grantee’s employment terminates.

* * *

[Signatures on Next Page]

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This PRSU grant has been issued by the Corporation by authority of its Compensation and Pension Committee.

TCF FINANCIAL CORPORATION,

Corporation

_________________________________

By: Craig R. Dahl

Its: President & CEO

__________________________________

Grantee

Name:

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EXHIBIT A

Overview

This award of PRSUs will vest contingent upon the satisfactory achievement of corporate goals over the [_______________________________________] (the “Performance Period”). The number of PRSUs that ultimately vest and convert to shares may range from [_______________] of the underlying units originally awarded, depending on the Corporation’s performance relative to these goals.

Payout Calibration

The Compensation Committee has established threshold, target and maximum performance goals for the corporate financial goals upon which PRSU payouts are based. The payout rates for the achievement of the threshold, target and maximum goals are 50%, 100% and 150%, respectively, as a percentage of the Target Shares. Actual Corporation performance between threshold, target and maximum performance levels is interpolated on a linear, incremental basis to determine the precise payout percentage.

PRSU Measures

The vesting of PRSUs is dependent upon the achievement of with respect to [______________________________] measured over the Performance Period.

PRSU Goals

Performance Goal [_________________________]	Weighting	Threshold (50% Payout)	Target (100% Payout)	Maximum (150% Payout)
[_______________]

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EX-10.(F)

Exhibit 10(f)

DIRECTORS

RESTRICTED STOCK AGREEMENT

DIRECTORS RSA NO. [___] (Deferred Shares)

Shares of Restricted Stock are hereby awarded effective as of ____________ by TCF Financial Corporation (“TCF Financial”) to [_____________] (the “Grantee”) or to the Grantee’s account in the trust hereinafter described, in accordance with the following terms and conditions of this Restricted Stock Agreement (the “Agreement”):

1. Share Award. TCF Financial hereby awards to the Grantee’s account in the TCF Directors Deferred Compensation Trust Agreement (the “Trust”) [______] shares (the “Deferred Shares”) of Common Stock, pursuant to the Stock Incentive Plan of 2019 (the “Stock Plan”) upon the terms and conditions therein and hereinafter set forth. The Deferred Shares shall be issued in the name of the trustee under the Trust (the “Trustee”) for the account of the Grantee, and shall be held by the Trustee pursuant to the terms of the Trust.

2. Restrictions on Transfer and Restricted Periods.

a.Beginning on the date of this Agreement (the “Commencement Date”), the Deferred Shares may not be sold, assigned, transferred, pledged or otherwise encumbered by the Trustee (except that the Trustee may transfer Deferred Shares to a successor Trustee or as provided in the Trust in the event of insolvency), except to TCF Financial or as hereinafter provided, and are subject to the restrictions set forth in the Stock Plan (collectively, the “Restrictions”).

b.The period beginning on the Commencement Date and ending on the lapse of the Restrictions shall be referred to as the “Restricted Period.” The Restrictions will lapse and the Deferred Shares will vest, subject to the acceleration and forfeiture provisions herein, with respect to one hundred percent (100%) of the Deferred Shares on [____________].

c.The Compensation and Pension Committee of the Board (the “Committee”) shall have the authority, in its discretion, to accelerate the time at which any or all of the Restrictions shall lapse with respect to any Deferred Shares, or to remove any or all such Restrictions, whenever the Committee may determine that such action is appropriate by reason of changes in applicable tax or other laws or other changes occurring after the commencement of the Restricted Period.

3. Termination of Service. Except as provided in Section 8 below or in the Stock Plan, if the Grantee ceases to be a member of all boards of directors of TCF Financial and its affiliated companies for any reason, all Deferred Shares which at the time of such termination of board service are subject to the Restrictions shall upon termination of such service be forfeited and returned to TCF Financial unless the Committee, pursuant to its discretion under Section 2(c), shall determine to remove any or all of the Restrictions on such Deferred Shares prior

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to such forfeiture; provided that in the event of Grantee’s retirement from service pursuant to the terms of Section 6.4(c) of the Stock Plan, Deferred Shares still subject to Restricted Period on that date shall lapse and all Deferred Shares shall be fully vested.

4. Certificates for Shares. TCF Financial may issue one or more certificates in respect of the Deferred Shares to be held by the Trustee in the name of the Trustee for the account of the Grantee until the expiration of the Restricted Period with respect to the Deferred Shares represented thereby. Any such certificate(s) for Deferred Shares will be subject to a Restricted Period and bear the following legend:

“The shares represented by this certificate were issued subject to certain restrictions under the TCF Financial Corporation Stock Incentive Plan of 2019 (the “Plan”). This certificate is held subject to the terms and conditions in a restricted stock agreement that includes a prohibition against the sale or transfer of the stock represented by this certificate except in compliance with that agreement, which provides for forfeiture upon certain events. Copies of the Plan and the restricted stock agreement are on file in the office of the Secretary of the Company.”

The Grantee further agrees that, if at any time requested by the Company during the Restricted Period, s/he shall execute a stock power endorsed in blank and that s/he shall promptly deliver such stock power to TCF Financial. The Trustee shall, if requested by TCF Financial, execute a stock power endorsed in blank with respect to any Deferred Shares held by the Trustee.

Alternatively, TCF Financial may cause the Deferred Shares to be issued in the name of the Trustee in a sub-issue of Common Stock managed by the transfer agent which is subject to transferability restrictions set forth above.

5. Grantee’s Rights. Grantee, as owner of the Shares, shall have the right to vote the Shares. Deferred Shares shall be subject in all respects to the terms of the Trust, including (but not limited to) the provisions which make such Deferred Shares subject to the claims of creditors in the event of insolvency of the company. Any dividends or other distributions declared payable on TCF Financial’s common stock on or after the grant date of the Deferred Shares until the Deferred Shares vest or forfeit shall be credited notionally to the Grantee in an amount equal to such declared dividends or other distributions on an equivalent number of shares of the TCF Financial’s common stock (“Dividend Equivalents”). Dividend Equivalents so credited shall be paid if, and only to the extent, the Deferred Shares to which they relate vest, as provided under the terms of the Stock Plan and this Restricted Stock Agreement. Dividend Equivalents credited in respect to Deferred Shares that are forfeited under the terms of the Stock Plan and this Restricted Stock Agreement, are correspondingly forfeited. No interest or other earnings shall be credited on Dividend Equivalents. Vested Dividend Equivalents shall be paid in cash at the same time as the underlying Deferred Shares to which they relate. Any dividends paid on Deferred Shares of a Grantee shall be credited to Trustee’s account for Grantee and shall be reinvested in Common Stock.

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6. Expiration of Restricted Period. Upon the expiration of the Restricted Period with respect to any Deferred Shares, TCF Financial shall redeliver to the Trustee for the Grantee’s account any certificate(s) for Deferred Shares with respect to which Restricted Periods have expired without the restrictive legend provided for in Section 4 above. The Trustee shall hold such Deferred Shares for the account of the Grantee until such time as they become distributable pursuant to the provisions of the TCF Directors Deferred Compensation Plan, as amended and restated effective as of October 23, 2019 (the “Deferred Compensation Plan”). The Trustee shall accomplish such distribution by sending the Deferred Shares to TCF Financial’s transfer agent, with instructions to reissue them in the name of Grantee. Subject to the provisions of Section 3 above, any Deferred Shares for which Restricted Periods are still in effect at the time of such termination of service shall be forfeited and Trustee shall deliver any certificates for such Deferred Shares to TCF Financial for cancellation.

7. Adjustments for Changes in Capitalization of TCF Financial. In the event of any change in the outstanding Common Stock of TCF Financial by reason of any reorganization, recapitalization, stock split, combination or exchange of shares, merger, consolidation or any change in the corporate structure of TCF Financial or in the shares of Common Stock, or in the event of any issuance of preferred stock or other change in the capital structure of TCF Financial which the Committee deems significant for purposes of this Agreement, the number and class of Deferred Shares covered by this Agreement shall be appropriately adjusted by the Committee, whose determination of the appropriate adjustment, or whose determination that there shall be no adjustment, shall be conclusive. Any Deferred Shares of Common Stock or other securities received, as a result of the foregoing, by the Grantee or the Trustee will be subject to the Restrictions and the certificate or other instruments representing or evidencing such Deferred Shares shall be legended and deposited with TCF Financial or the Trustee in the manner provided in Section 4 above.

8. Effect of Change in Control. Subject to the six-month holding requirement, if any, of the Rule 16b-3 under the Securities Exchange Act of 1934, as amended, but notwithstanding any other provision in this Stock Plan (including, but not limited to, Sections 2(b) and 3 of this Agreement) in the event of a Change in Control, as defined in the Stock Plan, all terms and conditions of this Restricted Stock Agreement shall be deemed satisfied, and all the Deferred Shares shall vest as of the date of the Change in Control. Such vested Deferred Shares shall be distributed as provided in the Deferred Compensation Plan, in accordance with the procedures described in Section 6 of this Agreement.

9. Stock Plan and Committee Interpretations as Controlling. The Deferred Shares hereby awarded and the terms and conditions herein set forth are subject in all respects to the terms and conditions of the Stock Plan, which are controlling. All determinations and interpretations of the Committee shall be binding and conclusive upon the Grantee or his or her legal representatives with regard to any question arising hereunder or under the Stock Plan.

10. Grantee Service. Nothing in this Agreement shall limit the right of the Board, Board committees, or shareholders of TCF Financial to remove the Grantee from service as a Director, to refuse to renominate or reelect the Grantee as a Director or to enforce the duly adopted retirement policies of the Board of TCF Financial.

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11. Grantee and Trustee Acceptance. The Grantee shall signify acceptance of the terms and conditions of this Agreement by signing in the space provided below and returning a signed copy hereof to TCF Financial. The Trustee (if applicable) shall signify its acceptance of the terms and conditions of this Agreement by signing in the space provided below and returning a signed copy hereof to TCF Financial.

12. Section 409A of the Internal Revenue Code. Insofar as the arrangements described in this Agreement are subject to Section 409A of the Internal Revenue Code of 1986, as amended, the terms of this Agreement shall be interpreted as necessary to comply with the requirements of Section 409A, as interpreted by guidance issued by the Internal Revenue Service.

IN WITNESS WHEREOF, the parties hereto have caused this RESTRICTED STOCK AGREEMENT to be executed as of the date first above written.

TCF FINANCIAL CORPORATION

By___________________________

General Counsel

ACCEPTED:

___________________________________

Signature - [_________________]

_____________________________

(Street Address)

_____________________________

(City, State and Zip Code)

TRUSTEE

The First National Bank in Sioux Falls

By: __________________________

Title: _________________________

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EX-10.(G)

Exhibit 10(g)

DIRECTORS

RESTRICTED STOCK AGREEMENT

DIRECTORS RSA NO. ____ (Non-Deferred Shares)

Shares of Restricted Stock are hereby awarded effective as of [___________] by TCF Financial Corporation (“TCF Financial”) to [____________] (the “Grantee”) in accordance with the following terms and conditions of this Restricted Stock Agreement (the “Agreement”):

1. Share Award. TCF Financial hereby awards to the Grantee [______] shares (the “Shares”) of Common Stock, par value $.01 per share (“Common Stock”) of TCF Financial, pursuant to the Stock Incentive Plan of 2019 (the “Stock Plan”) upon the terms and conditions therein and hereinafter set forth.

2. Restrictions on Transfer and Restricted Periods.

a. Beginning on the date of this Agreement (the “Commencement Date”), Shares may not be sold, assigned, transferred, pledged, or otherwise encumbered by the Grantee, except to TCF Financial or as hereinafter provided, and are subject to the restrictions set forth in the Stock Plan (collectively, the “Restrictions”).

b. The period beginning on the Commencement Date and ending upon lapse of the Restrictions shall be referred to as the “Restricted Period” and the Shares will vest, subject to the acceleration and forfeiture provisions herein, with respect to one hundred percent (100%) of the Shares on [_________].

c. The Compensation and Pension Committee of the Board (the “Committee”) shall have the authority, in its discretion, to accelerate the time at which any or all of the Restrictions shall lapse with respect to any Shares, or to remove any or all such Restrictions, whenever the Committee may determine that such action is appropriate by reason of changes in applicable tax or other laws or other changes occurring after the commencement of the Restricted Period.

3. Termination of Service. Except as provided in Section 8 below or in the Stock Plan, if the Grantee ceases to be a member of all boards of directors of TCF Financial and its affiliated companies for any reason, all Shares which at the time of such termination of board service are subject to the Restrictions shall upon termination of such service be forfeited and returned to TCF Financial unless the Committee, pursuant to its discretion under Section 2(c), shall determine to remove any or all of the Restrictions on such Shares prior to such forfeiture; provided that in the event of Grantee’s retirement from service pursuant to the terms of Section 6.4(c) of the Stock Plan, the Restricted Periods for any Shares still subject to Restricted Periods on that date shall lapse and all Shares shall be fully vested.

4. Certificates for Shares. TCF Financial shall issue one or more certificates in respect of the Shares and shall hold such certificates on deposit for the account of the Grantee until the expiration of the Restricted Period with respect to the Shares represented thereby. Certificate(s) for Shares subject to a Restricted Period shall bear the following legend:

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“The shares represented by this certificate were issued subject to certain restrictions under the TCF Financial Corporation Stock Incentive Plan of 2019 (the “Plan”). This certificate is held subject to the terms and conditions in a restricted stock agreement that includes a prohibition against the sale or transfer of the stock represented by this certificate except in compliance with that agreement, which provides for forfeiture upon certain events. Copies of the Plan and the restricted stock agreement are on file in the office of the Secretary of the Company.”

The Grantee further agrees that, if at any time requested by the Company during the Restricted Period, s/he shall execute a stock power endorsed in blank and that s/he shall promptly deliver such stock power to TCF Financial. Alternatively, TCF Financial may cause the Shares to be issued in the name of the Grantee in a sub-issue of Common Stock managed by the transfer agent which is subject to the Restrictions.

5. Grantee’s Rights. Grantee, as owner of the Shares, shall have the right to vote the Shares. Any dividends or other distributions declared payable on TCF Financial’s common stock on or after the grant date of the Shares until the Shares vest or forfeit shall be credited notionally to the Grantee in an amount equal to such declared dividends or other distributions on an equivalent number of shares of the TCF Financial’s common stock (“Dividend Equivalents”). Dividend Equivalents so credited shall be paid if, and only to the extent, the Shares to which they relate vest, as provided under the terms of the Stock Plan and this Restricted Stock Agreement. Dividend Equivalents credited in respect to Shares that are forfeited under the terms of the Plan and this Restricted Stock Agreement, are correspondingly forfeited. No interest or other earnings shall be credited on Dividend Equivalents. Vested Dividend Equivalents shall be paid in cash at the same time as the underlying Shares to which they relate.

6. Expiration of Restricted Period. Upon the expiration of the Restricted Period with respect to any Shares, TCF Financial shall redeliver to the Grantee (or, if the Grantee is deceased, to his legal representative, beneficiary or heir) the certificate(s) in respect of such Shares, without the restrictive legend provided for in Section 4 above, and the related stock power(s) held by TCF Financial pursuant to Section 4 above. The Shares as to which the Restricted Period shall have lapsed or expired shall be free of the Restrictions and such certificates shall not bear the legend provided for in Section 4 above.

1. Adjustments for Changes in Capitalization of TCF Financial. In the event of any change in the outstanding Common Stock of TCF Financial by reason of any reorganization, recapitalization, stock split, combination or exchange of shares, merger, consolidation or any change in the corporate structure of TCF Financial or in the shares of Common Stock, or in the event of any issuance of preferred stock or other change in the capital structure of TCF Financial which the Committee deems significant for purposes of this Agreement, the number and class of Shares covered by this Agreement shall be appropriately adjusted by the Committee, whose determination of the appropriate adjustment, or whose determination that there shall be no adjustment, shall be conclusive. Any Shares of Common Stock or other securities received, as a result of the foregoing, by the Grantee will be subject to the Restrictions and the certificate or other instruments representing or evidencing such Shares shall be legended and deposited with TCF Financial in the manner provided in Section 4 above.

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8. Effect of Change in Control. Subject to the six-month holding requirement, if any, of Rule 16b-3 under the Securities Exchange Act of 1934, as amended but notwithstanding any other provision in this Stock Plan (including, but not limited to, Sections 2(b) and 3 of this Agreement) in the event of a Change in Control, as defined in the Stock Plan, all terms and conditions of this Restricted Stock Agreement shall be deemed satisfied, and all the Shares shall vest as of the date of the Change in Control. Such vested Shares shall be distributed in accordance with the procedures described in Section 6 of this Agreement.

9. Stock Plan and Committee Interpretations as Controlling. The Shares hereby awarded and the terms and conditions herein set forth are subject in all respects to the terms and conditions of the Stock Plan, which are controlling. All determinations and interpretations of the Committee shall be binding and conclusive upon the Grantee or his or her legal representatives with regard to any question arising hereunder or under the Stock Plan.

10. Grantee Service. Nothing in this Agreement shall limit the right of the Board, Board committees, or shareholders of TCF Financial to remove the Grantee from service as a Director, to refuse to renominate or reelect the Grantee as a Director or to enforce the duly adopted retirement policies of the Board of TCF Financial.

11. Grantee Acceptance. The Grantee shall signify acceptance of the terms and conditions of this Agreement by signing in the space provided below and returning a signed copy hereof to TCF Financial.

12. Section 409A of the Internal Revenue Code. The arrangements described in this Agreement are not deferred arrangements and are intended to be exempt from Section 409A of the Internal Revenue Code of 1986, as amended. In the event the Agreement (or any portion thereof) is determined to be subject to Section 409A, then the Agreement (or such portion) shall be interpreted as necessary to comply with the requirements of Section 409A, as interpreted by guidance issued by the Internal Revenue Service.

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IN WITNESS WHEREOF, the parties hereto have caused this RESTRICTED STOCK AGREEMENT to be executed as of the date first above written.

TCF FINANCIAL CORPORATION

By ____________________________________________

                 General Counsel

ACCEPTED:

________________________________________________________

Signature - [________________]

________________________________________________________    

(Street Address)

________________________________________________________    

(City, State and Zip Code)

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EX-10.(I)

Exhibit 10(i)

TCF FINANCIAL CORPORATION

___________

<NAME>

<###> Units

RESTRICTED STOCK UNIT AGREEMENT

PURSUANT TO

TCF FINANCIAL 2015 OMNIBUS INCENTIVE PLAN

Time-Based Restricted Stock Units

_________________________

This Time-Based Restricted Stock Unit Agreement (this “Agreement”) is made as of [GRANT DATE] (“Grant Date”), between TCF FINANCIAL CORPORATION, a Michigan corporation, (the “Corporation”), and the Grantee named above (“Grantee”).

On August 1, 2019, the Corporation assumed the TCF FINANCIAL 2015 OMNIBUS INCENTIVE PLAN (the “Plan”) in connection with its merger (the “Merger”) with TCF Financial Corporation, a Delaware corporation (“Legacy TCF”). Awards may be made under the Plan to employees employed by Legacy TCF prior to the date of the Merger and employees of the combined enterprise following the date of the Merger; grants may not be made to employees of the Corporation prior to the date of the Merger.

The Plan is administered by the Compensation and Pension Committee of the Corporation’s Board of Directors (“Committee”). The Committee has determined that Grantee is eligible to participate in the Plan and has awarded time-based restricted stock units (“TRSUs”) to Grantee, subject to the terms and conditions set forth in this Agreement and the Plan.

Grantee acknowledges receipt of a copy of the Plan and the Prospectus and accepts this TRSU award subject to all of the terms, conditions, and provisions of this Agreement and the Plan.

1.Award. The Corporation hereby awards to Grantee <###> TRSUs (TRSU No. [____]), subject to the restrictions imposed under this Agreement and the Plan. Each TRSU is initially equal to one share of the Corporation’s common stock, $1.00 par value (“Common Stock”), and is convertible into one share of Common Stock, subject to vesting as set forth below.

2.Transferability. Until the TRSUs vest in accordance with this Agreement and shares of Common Stock are delivered in settlement thereof, interests in TRSUs under this Agreement are generally not transferable by Grantee, except by will or according to the laws of descent and distribution. All rights with respect to the TRSUs granted hereunder are exercisable during Grantee’s lifetime only by Grantee, Grantee’s guardian or legal representative.

3.Vesting. Except as otherwise provided in this Agreement, TRSUs granted hereunder shall vest based on Grantee’s Continuous Service with the Corporation or any affiliated companies (collectively the “TCF Companies”), and the vesting schedule attached as Exhibit A. The periods

during which TRSUs are unvested are “Restricted Period(s).” The Restricted Period(s) shall lapse upon the date or dates identified in Exhibit A. TRSUs are unvested under the Plan and this Agreement until the end of the applicable Restricted Period. Unless specified otherwise below, TRSUs shall be settled within 30 days following satisfaction of the applicable vesting requirements as set forth below.

4.Termination of Employment. If, during the Restricted Period, Grantee’s employment with the TCF Companies is terminated by the Corporation without Cause (except as provided during the two-year period following a Change in Control), or if Grantee terminates employment due to death, or Disability, then the remaining restrictions on Grantee’s unvested TRSUs shall lapse and such award shall vest on a prorated basis and be convertible into a number of shares of Common Stock equal to (a) the number of Grantee’s unvested TRSUs as of the effective date of the termination, multiplied by (b) the quotient of (x) the number of full months that had elapsed since the most recent annual vesting date and the effective date of Grantee’s termination and (y) the total number of full months remaining in the vesting period since the most recent annual vesting date, which shall be settled within 30 days following the date of Grantee’s termination of employment, subject to any required delay pursuant to this Agreement. If Grantee terminates employment on or after attainment of age 55 with 10 years of service (the Grantee’s “Retirement”), having submitted written notice to the Corporation of his or her intended Retirement date at least one year in advance of such Retirement, then following such employment termination, the remaining restrictions on Grantee’s unvested TRSUs shall lapse and such award shall vest on a prorated basis and be convertible into a number of shares of Common Stock equal to (a) the number of Grantee’s unvested TRSUs as of the effective date of the termination, multiplied by (b) the quotient of (x) the number of full months that had elapsed since the most recent annual vesting date and the effective date of Grantee’s termination and (y) the total number of full months remaining in the vesting period since the most recent annual vesting date, which shall be settled within 30 days following the date of Grantee’s termination of employment, subject to any required delay provided pursuant to this Agreement. If Grantee does not provide the Corporation with written notice one year in advance of his or her intended Retirement date, then all TRSUs still subject to restrictions on Grantee’s Retirement date automatically shall be forfeited. Except to the extent provided herein, any unvested TRSUs shall be forfeited upon Grantee’s employment termination by the Corporation for Cause, or upon Grantee’s voluntary termination of employment.

5.Employment by the Corporation. The award of TRSUs under this Agreement shall not impose upon the TCF Companies any obligation to retain Grantee in its employment for any given period or upon any specific terms of employment. The TCF Companies may at any time dismiss Grantee from employment, free from any liability or claim under the Plan or this Agreement, unless otherwise expressly provided in any written agreement with Grantee.

6.Shareholder Rights. Any dividends or other distributions declared payable on the Corporation’s Common Stock on or after the grant date of the TRSUs until the TRSUs vest or forfeit shall be credited notionally to the Grantee in an amount equal to such declared dividends or other distributions on an equivalent number of shares of the Corporation’s Common Stock (“Dividend Equivalents”). Dividend Equivalents so credited shall be paid if, and only to the extent that, the TRSUs to which they relate vest, as provided under the terms of the Plan and this Agreement. Dividend Equivalents credited in respect to TRSUs that are forfeited under the terms of the Plan and this Agreement, are correspondingly forfeited. No interest or other earnings shall be credited

on Dividend Equivalents. Vested Dividend Equivalents shall be paid in cash at the same time as the TRSUs to which they relate vest and are converted into Common Stock.

7.Legal Compliance. The issuance and transfer of shares of Common Stock shall be subject to compliance by the Corporation and the Grantee with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Corporation’s shares of Common Stock may be listed. No shares of Common Stock shall be issued or transferred unless and until any then applicable requirements of state and federal laws and regulatory agencies have been fully complied with to the satisfaction of the Corporation and its counsel.

8.Acknowledgments. Grantee acknowledges that he or she has been furnished with, and has read, the Plan. Grantee agrees not to resell or distribute the shares of Common Stock received upon vesting and settlement of Grantee’s TRSUs in compliance with such conditions as the Corporation may reasonably require, to ensure compliance with federal and state securities laws and other Corporation policies, including stock ownership guidelines, if applicable.

9.Withholding. The TCF Companies shall be entitled to (a) withhold and deduct from Grantee’s future wages (or from other amounts that may be due and owing to Grantee from the TCF Companies, or make other arrangements for the collection of all legally required amounts necessary to satisfy any and all federal, state, and local income and employment tax withholding requirements attributable to the TRSUs awarded hereunder, including, without limitation, the award of, vesting of, payments of dividends with respect to, or settlement with respect to, the TRSUs; or (b) require Grantee promptly to remit the amount of such withholding to the TCF Companies before delivering shares of Common Stock in settlement of the vested TRSUs. The applicable withholding requirements shall be satisfied by withholding shares of Common Stock from the shares otherwise deliverable in settlement of the vested TRSUs, unless Grantee elects to satisfy the applicable withholding requirements in cash or by using a cash equivalent.

10.Effective Date. This award of TRSUs shall be effective as of the date first set forth above.

10.1Treatment upon a Change in Control. Notwithstanding anything contained in the Plan, following a Change in Control after the Effective Date, all TRSUs granted to Grantee under this Agreement outstanding at the time of the Change in Control and which have not previously vested shall be administered as set forth herein. If the Corporation is not the surviving entity, all unvested TRSUs shall be converted into TRSUs of the surviving entity’s common stock at the applicable exchange ratio on the date of the Change in Control (or shall be otherwise adjusted as contemplated by the Plan) in a manner approved by the Committee or the Board. The TRSUs shall continue to vest under the vesting schedule in effect immediately prior to the Change in Control. If, during the two-year period following the Change in Control, Grantee’s employment is involuntarily terminated without Cause or Grantee terminates employment for Good Reason, any unvested TRSUs granted under this Agreement shall 100% vest and be converted into shares of Common Stock (or the common stock of the surviving entity, as applicable), with settlement to occur within 30 days following such termination of employment, subject to any required delay pursuant to this Agreement. Following a Change in Control after the Effective Date, Grantee’s rights in respect of Retirement, death and Disability as set forth in this Agreement with respect to TRSUs granted under this Agreement, including any proration, shall continue to apply to the TRSUs.

11.Definitions. Capitalized terms not defined herein shall be defined as in the Plan or in Grantee’s Individual Agreement (defined below). To the extent any capitalized term not defined herein is defined in both the Plan and Grantee’s Individual Agreement, the definition set forth in Grantee’s Individual Agreement shall control. As used in this Agreement, “Individual Agreement” means (a) any employment, change in control or severance agreement between Grantee and the Corporation or one of its Affiliates (or any successor thereto) and (b) any retention agreement between Grantee and the Corporation or one of its affiliates (or any successor thereto) that becomes effective on or following the date hereof.

12.Amendment. The Committee has the right to amend, alter, suspend, discontinue or cancel the TRSUs, prospectively or retroactively; provided, however, that no such amendment shall adversely affect the Grantee’s material rights under this Agreement without the Grantee’s consent.

13.Section 409A of the Code. This Agreement and the TRSUs granted hereunder are intended to comply with the requirements of Section 409A of the Code or an exemption or exclusion therefrom, and, with respect to TRSUs that constitute deferred compensation subject to Section 409A of the Code, the Plan and this Agreement as well as any Individual Agreement shall be interpreted and administered in all respects in accordance with Section 409A of the Code (including with respect to the application of any defined terms to TRSUs that constitute nonqualified deferred compensation, which defined terms shall be interpreted to have the meaning required by Section 409A of the Code to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code). Each payment (including the delivery of shares of Common Stock) under the TRSUs that constitutes nonqualified deferred compensation subject to Section 409A of the Code shall be treated as a separate payment for purposes of Section 409A of the Code and, to the extent to be made or delivered upon a termination of employment may only be made upon a “separation from service” under Section 409A of the Code to the extent necessary in order to avoid the imposition of penalty taxes on Grantee pursuant to Section 409A of the Code. In no event may Grantee, directly or indirectly, designate the calendar year of any payment to be made under this Agreement that constitutes nonqualified deferred compensation subject to Section 409A of the Code. Notwithstanding the foregoing, the Corporation makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Corporation be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Grantee on account of non-compliance with Section 409A of the Code. Notwithstanding any other provision of this Agreement to the contrary, if Grantee is a “specified employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Corporation as in effect on the date of Grantee’s separation from service), TRSUs that constitute nonqualified deferred compensation within the meaning of Section 409A of the Code that would otherwise be deliverable by reason of Grantee’s separation from service during the six-month period immediately following such separation from service shall instead be provided on the earlier to occur of: (a) the date that is six months and one day after Grantee’s separation from service; or (b) the date of Grantee’s death.

14.Conflict Between Plan, Agreement, and Individual Agreements. The Plan is incorporated in this Agreement by reference. In the event of any conflict between the terms of this Agreement, an Individual Agreement and/or the terms of the Plan, the provisions of this Agreement, or, to the extent more favorable, the Individual Agreement shall control; provided, however, that

notwithstanding anything in this Agreement to the contrary, any provisions of this Agreement relating to the timing of settlement or payment in respect of the TRSUs shall control in the event of any conflict between this Agreement, the Plan, and any Individual Agreement.

15.Non-Solicitation And Confidentiality Agreement. Grantee acknowledges and agrees that Grantee’s position with the TCF Companies provided Grantee with access to non-public, confidential information (“Confidential Information”) that is valuable to TCF Companies and/or would be valuable to competitors, including but not limited to, information regarding Customers of the TCF Companies.

As a condition of accepting this Award and in consideration of the opportunity to receive TRSUs, Grantee and the Corporation agree as follows:

(a)Non-Solicitation.  For the duration of Grantee’s employment with the TCF Companies and for a period of 12 months after Grantee’s employment terminates (for any reason), Grantee shall not, directly or indirectly (whether for compensation or without compensation): (i) solicit or attempt to solicit employees or independent contractors of TCF Companies with whom Grantee worked or who have skill sets with which Grantee became familiar during Grantee’s employment with TCF Companies, for the purpose of encouraging the employee or independent contractor to terminate his or her employment relationship or contract with TCF Companies to provide competing services on that employee or independent contractor’s own behalf or on behalf of any other person or entity; (ii) solicit or attempt to solicit any Customer for the purpose of providing products or services that are similar to or in competition with products or services of the TCF Companies; (iii) induce or attempt to induce any Customer to not do business with or stop doing business with TCF Companies; or (iv) assist any other person or entity in any of the foregoing. During the period of time, if any, that Grantee resided in the States of California or North Dakota, the above non-solicitation provisions will apply following Grantee’s termination of employment with TCF Companies only in situations where Grantee wrongfully used or disclosed trade secrets (as defined by California or North Dakota law, respectively) of the TCF Companies.

For purposes of this Section, “Customer” means current and prospective: (i) customers, such as borrowers, lessees, or depositors (individuals or entities); (ii) referral or origination sources, such as manufacturers, distributors, brokers, dealers or financial institutions; (iii) capital markets or funding sources; (iv) investors in or purchasers of financial contracts; or (v) manufacturers or distributors providing collateral repurchase or remarketing support, in each case with whom Grantee had Material Contact and/or about whom Grantee obtained Confidential Information during employment with the TCF Companies. For purposes of this Section, “Material Contact” means any interaction between the Customer and Grantee, within the two-year period prior to termination of Grantee’s employment, which took place to promote, manage, service or further the business relationship.

(b)Confidentiality. During Grantee’s employment with TCF Companies and after Grantee’s termination from employment (for any reason), Grantee shall maintain the confidentiality of all Confidential Information. Other than in the reasonable performance of Grantee’s job duties and in the furtherance of the interests of TCF Companies during Grantee’s employment with the TCF Companies, Grantee will not disclose, publish or use Confidential Information without prior written consent. Upon Grantee’s termination from employment, Grantee will immediately return

or securely destroy, as directed, any Confidential Information within Grantee’s possession or control, in any form or format, including electronically-stored information.

Grantee understands that (i) the Agreement is a binding contract, even if the TRSUs awarded in this Agreement never become vested; (ii) the TCF Companies may enforce this Agreement in court and, if this Agreement is violated, seek injunctive relief, monetary damages and other remedies available under applicable law; and (iii) nothing in this Agreement is intended to supersede or eliminate other obligations, including non-solicitation and/or confidentiality obligations, that Grantee may have to TCF Companies during or after Grantee’s employment terminates.

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[Signatures on Next Page]

This TRSU grant has been issued by the Corporation by authority of its Compensation and Pension Committee.

TCF FINANCIAL CORPORATION,

Corporation

_________________________________

By: Craig R. Dahl

Its: President & CEO

__________________________________

Grantee

Name:

EXHIBIT A

Subject to the provisions of this Agreement and the Plan, the above awarded TRSUs shall become vested and non-forfeitable in accordance with the vesting terms set forth below, provided that Grantee is employed by the Corporation or any of its Subsidiaries on the applicable vesting date(s):

(i) [____] of the total number of TRSUs granted under this Agreement shall vest on each of:

[__________________________________________________________]

(ii) Any fractional number of TRSUs resulting from the application of the foregoing vesting schedule may be rounded to the nearest whole number of shares.

EX-10.(J)

Exhibit 10(j)

TCF FINANCIAL CORPORATION

___________

[_________]

[__] Units

RESTRICTED STOCK UNIT AGREEMENT

PURSUANT TO

TCF FINANCIAL 2015 OMNIBUS INCENTIVE PLAN

Performance-Based Restricted Stock Units

____________

This Performance-Based Restricted Stock Unit Agreement (this “Agreement”) is made as of [grant date] between TCF FINANCIAL CORPORATION, a Michigan corporation (the “Corporation”), and the Grantee named above (“Grantee”).

On August 1, 2019, the Corporation assumed the TCF FINANCIAL 2015 OMNIBUS INCENTIVE PLAN (the “Plan”) in connection with its merger (the “Merger”) with legacy TCF Financial Corporation, a Delaware corporation (“Legacy TCF”). Awards may be made under the Plan to employees employed by Legacy TCF prior to the date of the Merger and employees of the combined enterprise following the date of the Merger; grants may not be made to employees who were employees of the Corporation prior to the date of the Merger.

The Plan is administered by the Compensation and Pension Committee of the Corporation’s Board of Directors (“Committee”). The Committee has determined that Grantee is eligible to participate in the Plan and has awarded performance-based restricted stock units (“PRSUs”) to Grantee, subject to the terms and conditions set forth in this Agreement and the Plan.

1.Award. The Corporation hereby awards to Grantee [___] PRSUs (PRSU No. [_____]), assuming achievement of performance at target level (the “Target Shares”), subject to the restrictions imposed under this Agreement and the Plan. Each PRSU is initially equal to one share of the Corporation’s common stock, $1.00 par value (“Common Stock”), and is convertible into Common Stock pursuant to the formula determined by the Committee and attached as Exhibit A, subject to vesting as set forth below. If any change is made to the outstanding Common Stock or the capital structure of the Corporation, if required, the PRSUs shall be adjusted or terminated in any manner as contemplated by Section 11 of the Plan.

2.Transferability. Until the PRSUs vest and shares of Common Stock are delivered in settlement thereof, interests in PRSUs under this Agreement are generally not transferable by Grantee, except by will or according to the laws of descent and distribution. All rights with respect to the PRSUs granted hereunder are exercisable during Grantee’s lifetime only by Grantee, Grantee’s guardian or legal representative.

3.Vesting. Except as otherwise provided in this Agreement, PRSUs granted hereunder shall vest based on Grantee’s Continuous Service as an employee of the Corporation or its Affiliates and the Corporation’s achievement of performance targets determined by the Committee and attached as Exhibit A for the applicable “Performance Period” (as defined in Exhibit A). PRSUs shall vest, to the extent earned, upon the conclusion of the Restricted Period. The “Restricted

Period” shall begin on the Effective Date and end on the date that the Committee certifies the level of achievement of the PRSUs, but in no event later than March 5^th of the year following the last day of the Performance Period. PRSUs are unvested under the Plan and under this Agreement until the end of the Restricted Period. Unless specified otherwise below, PRSUs shall be settled within 30 days following satisfaction of the applicable vesting requirements as set forth below.

4.Termination of Employment. If, during the Restricted Period, Grantee’s employment with the Corporation or any of its Affiliates is terminated by the Corporation without Cause (except as provided in Section 11.1 during the two-year period following a Change in Control), or if Grantee terminates employment due to death or Disability, then, subject to any required delay pursuant to Section 14 below, within 30 days following Grantee’s termination of employment, Grantee shall be issued a number of shares of Common Stock equal to (a) the Target Shares (100% of the number of PRSUs set forth in Section 1 of this Agreement) or, upon such a termination on or following a Change in Control, the Earned PRSUs (as defined in Section 11.1 multiplied by (b) the quotient of (x) the number of full months that have elapsed between the first day of the Performance Period and the effective date of Grantee’s employment termination and (y) the total number of full months in the respective Performance Period. If Grantee terminates employment on or after attainment of age 55 with 10 years of service (the Grantee’s “Retirement”), having submitted written notice to the Corporation of his or her intended Retirement date at least one year in advance of such Retirement, then following such employment termination, subject to any required delay pursuant to Section 14 below, Grantee shall be issued a number of shares of Common Stock equal to (A) the Target Shares (100% of the number of PRSUs set forth in Section 1 of this Agreement) or, upon a Retirement on or following a Change in Control, the Earned PRSUs multiplied by (B) the quotient of (x) the number of full months that have elapsed between the first day of the Performance Period and the effective date of Grantee’s employment termination and (y) the total number of full months in the respective Performance Period. If Grantee does not provide the Corporation with written notice one year in advance of his or her intended Retirement date, then all PRSUs still subject to restrictions on Grantee’s Retirement date automatically shall be forfeited. Except to the extent provided herein, any unvested PRSUs shall be forfeited upon Grantee’s employment termination by the Corporation for Cause or upon Grantee’s voluntary termination of employment.

5.Employment by the Corporation. The award of PRSUs under this Agreement shall not impose upon the Corporation or any Affiliate any obligation to retain Grantee in its employment for any given period or upon any specific terms of employment. The Corporation or any Affiliate may at any time dismiss Grantee from employment, free from any liability or claim under the Plan or this Agreement, unless otherwise expressly provided in any written agreement with Grantee.

6.Shareholder Rights. During the Restricted Period, Grantee shall not be entitled to cash or non-cash dividends or dividend equivalents. Grantee shall have no voting rights with respect to shares of Common Stock underlying PRSUs, unless and until such shares of Common Stock are reflected as issued and outstanding on the Corporation’s stock ledger.

7.Legal Compliance. The Corporation shall not be obligated to issue any shares to Grantee, if such issuance would violate any law, order or regulation of any governmental authority.

8.Acknowledgments. Grantee acknowledges receipt of a copy of the Plan and the Plan Summary and accepts this PRSU award subject to all of the terms, conditions, and provisions of this Agreement and the Plan. Grantee agrees not to resell or distribute the shares of Common Stock received upon vesting and settlement of Grantee’s PRSUs in compliance with such conditions as

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the Corporation may reasonably require to ensure compliance with federal and state securities laws and other Corporation policies, including stock ownership guidelines, if applicable.

9.Withholding. The Corporation or one of its Affiliates shall be entitled to (a) withhold and deduct from Grantee’s future wages (or from other amounts that may be due and owing to Grantee from the Corporation or an Affiliate), or make other arrangements for the collection of all legally required amounts necessary to satisfy any and all federal, state, and local income and employment tax withholding requirements attributable to the PRSUs awarded hereunder, including, without limitation, the award of, vesting of, or settlement with respect to the PRSUs; or (b) require Grantee promptly to remit the amount of such withholding to the Corporation or an Affiliate before delivering shares of Common Stock in settlement of the vested PRSUs. The applicable withholding requirements shall be satisfied by withholding shares of Common Stock from the shares otherwise deliverable in settlement of the vested PRSUs, unless Grantee elects to satisfy the applicable withholding requirements in cash or by using a cash equivalent.

10.EffectiveDate. This award of PRSUs shall be effective as of the date first set forth above.

11.Change in Control.

11.1Treatment upon aChange in Control. Notwithstanding Section 4 herein, following a Change in Control after the Effective Date, all PRSUs granted to Grantee under this Agreement outstanding at the time of the Change in Control and for which performance results have not been measured in the ordinary course prior to such Change in Control shall be administered as set forth herein. If the Corporation is not the surviving entity, all Earned PRSUs (determined as set forth below) shall be converted into PRSUs of the surviving entity’s common stock at the applicable exchange ratio on the date of the Change in Control (or shall be otherwise adjusted as contemplated by the Plan) in a manner approved by the Committee or the Board. As of the latest practicable date prior to the consummation of such Change in Control, the performance goals applicable to such PRSUs shall be measured and the number of shares subject to such PRSUs from and after the date of consummation of the Change in Control shall equal the greater of (a) the Target Shares (100% of the number of PRSUs set forth in Section 1 of this Agreement, and (b) the number of shares of Common Stock that would have been earned based on the actual performance of the Corporation measured through the latest practicable date prior to the date of consummation of the Change in Control (which, unless otherwise determined by the Committee, shall be the most recently completed calendar quarter) (such higher number, the “Earned PRSUs”), as determined by the Committee prior to such Change in Control. Following the date of consummation of the Change in Control, the Earned PRSUs shall vest and be subject to forfeiture based on Grantee’s Continuous Service through the last day of the Restricted Period. If, during the two-year period following the effective date of the Change in Control, Grantee’s employment is involuntarily terminated without Cause or Grantee terminates employment for Good Reason, the Earned PRSUs granted under this Agreement shall vest in full as of Grantee’s employment termination date, and the shares of Common Stock (or the common stock of the surviving entity, as applicable) in respect thereof shall be issued within 30 days following the Grantee’s termination of employment, subject to any required delay pursuant to Section 14 below. Following a Change in Control, Grantee’s rights in respect of Retirement, death and Disability as set forth in Section 4 with respect to PRSUs granted hereunder, including any proration, shall continue to apply to the PRSUs.

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12.Definitions. Capitalized terms not defined herein shall be defined as in the Plan or in Grantee’s Individual Agreement (defined below). To the extent any capitalized term not defined herein is defined in both the Plan and Grantee’s Individual Agreement, the definition set forth in Grantee’s Individual Agreement shall control. As used in this Agreement, “Individual Agreement” means (a) any employment, change in control or severance agreement between Grantee and the Corporation or one of its Affiliates (or any successor thereto) and (b) any retention agreement between Grantee and the Corporation or one of its affiliates (or any successor thereto) that becomes effective on or following the date hereof.

13.Amendment. This Agreement shall not be modified except in a writing executed by the parties hereto.

14.Section 409A of the Code. This Agreement and the PRSUs granted hereunder are intended to comply with the requirements of Section 409A of the Code or an exemption or exclusion therefrom, and, with respect to PRSUs that constitute deferred compensation subject to Section 409A of the Code, the Plan and this Agreement as well as any Individual Agreement shall be interpreted and administered in all respects in accordance with Section 409A of the Code (including with respect to the application of any defined terms to PRSUs that constitute nonqualified deferred compensation, which defined terms shall be interpreted to have the meaning required by Section 409A of the Code to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code). Each payment (including the delivery of shares of Common Stock) under the PRSUs that constitutes nonqualified deferred compensation subject to Section 409A of the Code shall be treated as a separate payment for purposes of Section 409A of the Code and, to the extent to be made or delivered upon a termination of employment may only be made upon a “separation from service” under Section 409A of the Code to the extent necessary in order to avoid the imposition of penalty taxes on Grantee pursuant to Section 409A of the Code. In no event may Grantee, directly or indirectly, designate the calendar year of any payment to be made under this Agreement that constitutes nonqualified deferred compensation subject to Section 409A of the Code. Notwithstanding any other provision of this Agreement to the contrary, if Grantee is a “specified employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Corporation as in effect on the date of Grantee’s separation from service), PRSUs that constitute nonqualified deferred compensation within the meaning of Section 409A of the Code that would otherwise be deliverable by reason of Grantee’s separation from service during the six-month period immediately following such separation from service shall instead be provided on the earlier to occur of: (a) the date that is six months and one day after Grantee’s separation from service; or (b) the date of Grantee’s death.

15.Conflict Between the Plan, Agreement, and Individual Agreements. The Plan is incorporated in this Agreement by reference. In the event of any conflict between the terms of this Agreement, an Individual Agreement and/or the terms of the Plan, the provisions of this Agreement, or, to the extent more favorable, the Individual Agreement shall control; provided, however, that notwithstanding anything in this Agreement to the contrary, any provisions of this Agreement relating to the timing of settlement or payment in respect of the PRSUs shall control in the event of any conflict between this Agreement, the Plan, any Prior Plan and the award agreements thereunder, and any Individual Agreement.

16.Non-Solicitation And Confidentiality Agreement. Grantee acknowledges and agrees that Grantee’s position with the Corporation or any affiliated companies (collectively “TCF Companies”) provides Grantee with access to non-public, confidential information (“Confidential

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Information”) that is valuable to TCF Companies and/or would be valuable to competitors, including but not limited to, information regarding Customers of the TCF Companies.

As a condition of accepting this Award and in consideration of the opportunity to receive shares of stock, Grantee and the Corporation agree as follows:

(a)Non-Solicitation.  For the duration of Grantee’s employment with the TCF Companies and for a period of 12 months after Grantee’s employment terminates (for any reason), Grantee shall not, directly or indirectly (whether for compensation or without compensation): (i) solicit or attempt to solicit employees or independent contractors of TCF Companies with whom Grantee worked or who have skill sets with which Grantee became familiar during Grantee’s employment with TCF Companies, for the purpose of encouraging the employee or independent contractor to terminate his or her employment relationship or contract with TCF Companies to provide competing services on that employee or independent contractor’s own behalf or on behalf of any other person or entity; (ii) solicit or attempt to solicit any Customer for the purpose of providing products or services that are similar to or in competition with products or services of the TCF Companies; (iii) induce or attempt to induce any Customer to not do business with or stop doing business with TCF Companies; or (iv) assist any other person or entity in any of the foregoing. During the period of time, if any, that Grantee resided in the States of California or North Dakota, the above non-solicitation provisions will apply following Grantee’s termination of employment with TCF Companies only in situations where Grantee wrongfully used or disclosed trade secrets (as defined by California or North Dakota law, respectively) of the TCF Companies.

For purposes of this Section, “Customer” means current and prospective: (i) customers, such as borrowers, lessees, or depositors (individuals or entities); (ii) referral or origination sources, such as manufacturers, distributors, brokers, dealers or financial institutions; (iii) capital markets or funding sources; (iv) investors in or purchasers of financial contracts; or (v) manufacturers or distributors providing collateral repurchase or remarketing support, in each case with whom Grantee had Material Contact and/or about whom Grantee obtained Confidential Information during employment with the TCF Companies. For purposes of this Section, “Material Contact” means any interaction between the Customer and Grantee, within the two-year period prior to termination of Grantee’s employment, which took place to promote, manage, service or further the business relationship.

(b)Confidentiality. During Grantee’s employment with TCF Companies and after Grantee’s termination from employment (for any reason), Grantee shall maintain the confidentiality of all Confidential Information. Other than in the reasonable performance of Grantee’s job duties and in the furtherance of the interests of TCF Companies during Grantee’s employment with the TCF Companies, Grantee will not disclose, publish or use Confidential Information without prior written consent. Upon Grantee’s termination from employment, Grantee will immediately return or securely destroy, as directed, any Confidential Information within Grantee’s possession or control, in any form or format, including electronically-stored information.

17.Delivery and Registration of Shares of Common Stock. The Corporation's obligation to deliver shares of Common Stock hereunder shall, if the Committee so requests, be conditioned upon the receipt of a representation as to the investment intention of the Grantee or any other person to whom such shares of Common Stock are to be delivered, in such form as the Committee shall determine to be necessary or advisable to comply with the provisions of the Securities Act of 1933, as amended (the "Securities Act"), or any other federal, state, or local securities law or regulation.

5

It may be provided that any representation requirement shall become inoperative upon a registration of such shares of Common Stock or other action eliminating the necessity of such representation under the Securities Act or other securities law or regulation. The Corporation shall not be required to deliver any shares of Common Stock under the Plan prior to (i) the admission of such Shares to listing on any stock exchange on which the Common Stock may be listed, and (ii) the completion of such registration or other qualification of such Shares under state or federal law, rule, or regulation, as the Committee shall determine to be necessary or advisable.

Grantee understands that (i) the Agreement is a binding contract, even if the PRSUs awarded in this Agreement never become vested; (ii) the TCF Companies may enforce this Agreement in court and, if this Agreement is violated, seek injunctive relief, monetary damages and other remedies available under applicable law; and (iii) nothing in this Agreement is intended to supersede or eliminate other obligations, including non-solicitation and/or confidentiality obligations, that Grantee may have to TCF Companies during or after Grantee’s employment terminates.

* * *

[Signatures on Next Page]

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This PRSU grant has been issued by the Corporation by authority of its Compensation and Pension Committee.

TCF FINANCIAL CORPORATION,

Corporation

_________________________________

By: Craig R. Dahl

Its: President & CEO

__________________________________

Grantee

Name:

7

EXHIBIT A

Overview

This award of PRSUs will vest contingent upon the satisfactory achievement of corporate goals over the [_______________________________________] (the “Performance Period”). The number of PRSUs that ultimately vest and convert to shares may range from [_______________] of the underlying units originally awarded, depending on the Corporation’s performance relative to these goals.

Payout Calibration

The Compensation Committee has established threshold, target and maximum performance goals for the corporate financial goals upon which PRSU payouts are based. The payout rates for the achievement of the threshold, target and maximum goals are 50%, 100% and 150%, respectively, as a percentage of the Target Shares. Actual Corporation performance between threshold, target and maximum performance levels is interpolated on a linear, incremental basis to determine the precise payout percentage.

PRSU Measures

The vesting of PRSUs is dependent upon the achievement of with respect to [______________________________] measured over the Performance Period.

PRSU Goals

Performance Goal [_________________________]	Weighting	Threshold (50% Payout)	Target (100% Payout)	Maximum (150% Payout)
[_______________]

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EX-10.(K)

Exhibit 10(k)

SEPARATION AND RELEASE

THIS SEPARATION AND RELEASE AGREEMENT (the “Release”) is made as of the 8^th day of May, 2020, by and between TCF Financial Corporation (“TCF”) and David T. Provost (“Executive”) (in the aggregate, the “Parties”).

WHEREAS, Executive’s employment with TCF terminated effective May 8, 2020; and

WHEREAS, TCF and Executive previously entered into a Retention Agreement dated as of January 27, 2019 (as amended and restated by the Parties effective as of March 10, 2020, the “Retention Agreement”), pursuant to which Executive is entitled to receive certain additional compensation upon termination of Executive’s employment with TCF under certain qualifying termination events; and

WHEREAS, at the time of Executive’s separation, the Parties have negotiated a termination supplement payable to Executive (the “Termination Supplement”) in addition to and totally separate from Executive’s compensation under the Retention Agreement; and

WHEREAS, Executive’s receipt of the additional compensation under the Retention Agreement is conditioned upon the execution of a Release that is mutually acceptable to both Parties; and

WHEREAS, Executive’s receipt of the additional compensation from the Termination Supplement also is conditioned upon the execution of a Release that is mutually acceptable to both Parties; and

WHEREAS, Executive’s status as a director of TCF shall remain unaffected by this Release; and

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is agreed between the Parties as follows:

1.Retention Agreement Compensation. Subject to the terms and conditions hereof, TCF shall pay Executive the compensation set forth in Section 6(b)(i) of the Retention Agreement, net of applicable withholding taxes, commencing after this executed Release becomes enforceable with all expiration periods having expired, and in accordance with the terms of the Retention Agreement.

2.Termination Supplement. Subject to the terms and conditions hereof, TCF shall pay Executive a Termination Supplement in the amount of $8,600,000, net of applicable withholding taxes, in one lump sum cash payment, conditioned on Executive’s separation from service as a TCF employee, and payable after this executed Release becomes enforceable, with all expiration periods having expired, and no later than June 12, 2020. The Termination Supplement payment is intended to satisfy the short-term deferral exemption under Treasury Regulation 1.409A-1(b)(4) and is to be construed accordingly. Notwithstanding the foregoing, TCF has no responsibility for any taxes, payments or interest incurred by Executive in connection with payment of the Termination Supplement, which is subject to TCF’s clawback policy and all

1

restrictive covenant agreements in effect between Executive and TCF on the date of his separation from service.

3.Release.

(a)In exchange for the good and valuable consideration set forth herein, Executive agrees for himself, his heirs, administrators, representatives, executors, successors and assigns (“Releasors”), to irrevocably and unconditionally release, waive and forever discharge any and all manner of action, causes of action, claims, rights, promises, charges, suits, damages, debts, lawsuits, liabilities, rights, due controversies, charges, complaints, remedies, losses, demands, obligations, costs, expenses, fees (including, without limitation attorneys’ fees), or any and all other liabilities or claims of whatsoever nature, whether arising in contract, tort, or any other theory of action, whether arising in law or in equity, whether known or unknown, choate or inchoate, matured or unmatured, contingent or fixed, liquidated or unliquidated, accrued or unaccrued, asserted or unasserted, including, but not limited to, any claim and/or claim of damages or other relief for tort, breach of contract, personal injury, negligence, age discrimination under the Age Discrimination in Employment Act of 1967 (as amended), employment discrimination prohibited by other federal, state or local laws including sex, race, national origin, marital status, age, handicap, height, weight, or religious discrimination, and any other claims of unlawful employment practices or any other unlawful criterion or circumstance which Executive and Releasors had, now have or may have in the future against each or any of TCF, its parent, divisions, affiliates and related companies or entities, regardless of its or their form of business organization (the “Company Entities”), any predecessors, successors, joint ventures, and parents of any Company Entity, and any and all of their respective past or present directors, officers, shareholders, partners, employees, consultants, independent contractors, trustees, administrators, insurers, agents, attorneys, representative and fiduciaries, successors and assigns including without limitation all persons acting by, through, under or in concert with any of them arising out of or relating to his employment relationship with TCF, its predecessors, successors or affiliates and the termination thereof; provided, however, that Executive expressly does not release, relinquish or in any way diminish his rights or claims arising from or related to (i) indemnification under the provisions of the Articles of Incorporation or Bylaws of TCF, the Bank, the Merger Agreement (as defined in the Retention Agreement) or any indemnification agreement entered into between Executive and TCF, the Bank or any Affiliates, including any and all rights thereto under applicable law or any rights with respect to coverage under any directors’ and officers’ insurance policies, (ii) any obligation to Executive under the Retention Agreement or this Release that is unsatisfied or continues following Executive’s termination, (iii) any claims for vested benefits under any employee benefit plan of TCF or its Affiliates, (iv) any claim Executive may have as the holder or beneficial owner of securities (or other rights relating to securities) of TCF, or (v) any claims that may arise in the future from events or actions occurring after the date of termination of employment or any claims that Executive cannot by law waive or release. Notwithstanding anything in this Release to the contrary, this Release shall not relinquish, diminish, or in any way affect any rights or claims of Executive arising out of any breach by TCF of this Release.

(b)Executive acknowledges that he has read this Release carefully and understands all of its terms.

2

(c)Executive understands and agrees that he has been advised to consult with an attorney prior to executing this Release.

(d)Executive understands that he is entitled to consider this Release for at least twenty-one (21) days before signing the Release. However, after due deliberation, Executive may elect to sign this Release without availing himself of the opportunity to consider its provisions for at least twenty-one (21) days. Executive hereby acknowledges that any decision to shorten the time for considering this Release prior to signing it is voluntary, and such decision is not induced by or through fraud, misrepresentation, or a threat to withdraw or alter the provisions set forth in this Release in the event Executive elected to consider this Release for at least twenty-one (21) days prior to signing the Release.

(e)Executive understands that he may revoke this Release as it relates to any potential claim that could be brought or filed under the Age Discrimination in Employment Act 29 U.S.C. §§ 621-634, within seven (7) days after the date on which he signs this Release, and that this Release as it relates to such a claim does not become effective until the expiration of the seven (7)-day period. In the event that Executive wishes to revoke this Release within the seven (7)-day period, Executive understands that he must provide such revocation in writing to the then Chief Executive Officer at TCF Financial Corporation, 2301 W. Big Beaver Rd., Troy, MI 48084.

(f)In agreeing to sign this Release, Executive is doing so voluntarily and agrees that he has not relied on any oral statements or explanations made by TCF or its representatives.

(g)This Release shall not be construed as an admission of wrongdoing by either Executive or TCF.

4.Notices. Every notice relating to this Release shall be in writing and if given by mail shall be given by registered or certified mail with return receipt requested. All notices to TCF shall be delivered to TCF’s Chief Executive Officer at TCF Financial Corporation, 2301 W. Big Beaver Road, Troy, MI 48084. All notices by TCF to Executive shall be delivered to Executive personally or addressed to Executive at Executive’s last residence address as then contained in the records of TCF or such other address as Executive may designate. Either party by notice to the other may designate a different address to which notices shall be addressed. Any notice given by TCF to Executive at Executive’s last designated address shall be effective to bind any other person who shall acquire rights hereunder.

5.Governing Law. To the extent not preempted by federal law, this Release shall be governed by and construed in accordance with the laws of the State of Michigan, without giving effect to conflicts of laws.

6.Counterparts. This Release may be executed in two (2) or more counterparts, all of which when taken together shall be considered one (1) and the same Release and shall become effective when the counterparts have been signed by each party and delivered to the other party; it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature page were an original thereof.

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7.Entire Agreement. This Release, when aggregated with the Retention Agreement, contains the entire understanding of the parties with respect to the subject matter hereof and together supersedes all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into this Release. For clarity, the parties agree and acknowledge that execution of this Release in no way affects Executive’s current status as a director of TCF or any benefits to which he may be entitled on account of such role.

IN WITNESS WHEREOF, the parties hereto have executed this Release as of the day and year first written above.

/s/ David T. ProvostDavid T. Provost, Executive

TCF FINANCIAL CORPORATION

/s/ Joseph T. Green

By:     Joseph T. Green

Its:    EVP and General Counsel

4

WAIVER OF 21-DAY NOTICE PERIOD

I have been provided with the General Release Agreement (“Agreement”) between TCF Financial Corporation (collectively with all of its affiliates, the “Corporation”) and David T. Provost (“Executive”).

I understand that I have twenty-one (21) days from the date the Agreement was presented to me to consider whether or not to sign the Agreement. I further understand that I have the right to seek counsel prior to signing the Agreement.

I am knowingly and voluntarily signing and returning the Agreement prior to the expiration of the twenty-one (21)-day consideration period. I understand that I have seven (7) days from signing the Agreement to revoke the Agreement, by delivering a written notice of revocation to the Chief Executive Officer, TCF Financial Corporation, 2301 W. Big Beaver Rd., Troy, MI 48084.

Dated:    May 8, 2020

/s/ David T. Provost

David T. Provost, Executive

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EX-31.1

Exhibit 31.1

CERTIFICATION

I, Craig R. Dahl, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of TCF Financial Corporation for the quarter ended March 31, 2020;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2020

/s/ Craig R. Dahl

Craig R. Dahl

Chief Executive Officer and President

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Dennis L. Klaeser, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of TCF Financial Corporation for the quarter ended March 31, 2020;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2020

/s/ Dennis L. Klaeser

Dennis L. Klaeser

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

EX-32.1

Exhibit 32.1

TCF FINANCIAL CORPORATION

STATEMENT PURSUANT TO 18 U.S.C. §1350

I, Craig R. Dahl, Chief Executive Officer and President of TCF Financial Corporation, a Michigan corporation (the “Company”), hereby certify as follows:

1. This statement is provided pursuant to 18 U.S.C. § 1350 in connection with the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (the “Periodic Report”);

2. The Periodic Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

3. The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods indicated therein.

Date: May 8, 2020

/s/ Craig R. Dahl

Craig R. Dahl

Chief Executive Officer and President

(Principal Executive Officer)

* A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to TCF Financial Corporation and will be retained by TCF Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

TCF FINANCIAL CORPORATION

STATEMENT PURSUANT TO 18 U.S.C. §1350

I, Dennis L. Klaeser, Executive Vice President and Chief Financial Officer of TCF Financial Corporation, a Michigan corporation (the “Company”), hereby certify as follows:

1. This statement is provided pursuant to 18 U.S.C. § 1350 in connection with the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (the “Periodic Report”);

2. The Periodic Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

3. The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods indicated therein.

Date: May 8, 2020

/s/ Dennis L. Klaeser

Dennis L. Klaeser

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

* A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to TCF Financial Corporation and will be retained by TCF Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Other Noninterest Expense

3 Months Ended

Mar. 31, 2020

Other Income and Expenses [Abstract]

Other Noninterest Expense

Other Noninterest Expense

Other noninterest expense was as follows:

	Three Months Ended March 31,
(In thousands)	2020		2019
Outside processing	$	13,913	$	5,474
Loan and lease expense	7,783		3,289
Professional fees	6,569		5,528
Advertising and marketing	8,377		6,855
FDIC insurance	6,559		2,918
Card processing and issuance costs	8,690		4,508
Other	36,855		25,507
Total other noninterest expense	$	88,746	$	54,079

XML

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2020

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The components of other comprehensive income (loss), reclassifications from accumulated other comprehensive income (loss) to various financial statement line items and the related tax effects were as follows:

	Three Months Ended March 31,
	2020									2019
(In thousands)	Before Tax			Tax Effect			Net of Tax			Before Tax			Tax Effect			Net of Tax
Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips:
Net unrealized gains (losses) arising during the period	$	150,744		$	(35,607	)	$	115,137		$	48,628		$	(11,836	)	$	36,792
Reclassification of net (gains) losses from accumulated other comprehensive income (loss) to:
Total interest income	754			(177		)	577			1,370			(333		)	1,037
Net gains (losses) on investment securities	—			—			—			(447		)	109			(338		)
Other noninterest expense	173			(40		)	133			(162		)	39			(123		)
Amounts reclassified from accumulated other comprehensive income (loss)	927			(217		)	710			761			(185		)	576
Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips	151,671			(35,824		)	115,847			49,389			(12,021		)	37,368
Recognized postretirement prior service cost:
Reclassification of amortization of prior service cost to other noninterest expense	(12		)	3			(9		)	(12		)	4			(8		)
Foreign currency translation adjustment(1)	(14,426		)	—			(14,426		)	3,567			—			3,567
Net unrealized gains (losses) on net investment hedges	13,695			(3,214		)	$	10,481		(3,050		)	742			(2,308		)
Total other comprehensive income (loss)	$	150,928		$	(39,035	)	$	111,893		$	49,894		$	(11,275	)	$	38,619

(1) Foreign investments are deemed to be permanent in nature and, therefore, TCF does not provide for taxes on foreign currency translation adjustments.

The components of accumulated other comprehensive income (loss) were as follows:

(In thousands)	Net Unrealized Gains (Losses) on Available-for-Sale Investment Securities and Interest-only Strips			Net Unrealized Gains (Losses) on Net Investment Hedges			Foreign Currency Translation Adjustment			Recognized Postretirement Prior Service Cost			Total
At or For the Three Months Ended March 31, 2020
Balance, beginning of period	$	56,098		$	9,800		$	(11,697	)	$	76		$	54,277
Other comprehensive income (loss)	115,137			10,481			(14,426		)	—			111,192
Amounts reclassified from accumulated other comprehensive income (loss)	710			—			—			(9		)	701
Net other comprehensive income (loss)	115,847			10,481			(14,426		)	(9		)	111,893
Balance, end of period	$	171,945		$	20,281		$	(26,123	)	$	67		$	166,170
At or For the Three Months Ended March 31, 2019
Balance, beginning of period	$	(28,022	)	$	14,986		$	(20,211	)	$	109		$	(33,138	)
Other comprehensive income (loss)	36,792			(2,308		)	3,567			—			38,051
Amounts reclassified from accumulated other comprehensive income (loss)	576			—			—			(8		)	568
Net other comprehensive income (loss)	37,368			(2,308		)	3,567			(8		)	38,619
Balance, end of period	$	9,346		$	12,678		$	(16,644	)	$	101		$	5,481

XML

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

The Corporation earns a variety of revenue, including interest and fees, from customers, as well as revenues from noncustomers. The majority of the sources of revenue are included in interest income and noninterest income and are outside of the scope of ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). Other sources of revenue fall within the scope of ASC 606 and are mostly included in noninterest income.

The Corporation recognizes revenue when the performance obligations related to the transfer of goods or services under the terms of a contract are satisfied. Some obligations are satisfied at a point in time, while others are satisfied over a period of time. Revenue is recognized as the amount of consideration expected to be received in exchange for transferring goods or services to a customer and is segregated based on the nature of product and services offered as part of contractual arrangements. Revenue streams within the scope of ASC 606 are discussed below.

• Fees and Service Charges on Deposit Accounts Fees and service charges on deposit accounts includes fees and other charges TCF receives to provide various services, including but not limited to, service charges on deposit accounts and other fees including account analysis fees, monthly service fees, overdraft services, transferring funds, and accepting and executing stop-payment orders. The Corporation's performance obligation for account analysis fees and monthly service fees are generally satisfied and, therefore, revenue is recognized over the period in which the service is provided. Deposit account related fees are largely transactional based, and therefore, the performance obligation is satisfied and the related revenue is recognized at the point in time when the transaction occurs.

• Wealth Management Revenue Wealth management revenue includes fee income generated from personal and institutional customers. The Corporation also provides investment management services. Revenue is recognized over the period of time the services are rendered. Wealth management revenue also includes commissions that are earned for placing a brokerage transaction for execution. Revenue is recognized once the transaction is completed and the Corporation is entitled to receive consideration.

• Card and ATM Revenue Card and ATM revenue includes ATM surcharges and debit card related revenue. ATM surcharges and certain debit card fees are transaction-based and, therefore, the performance obligation is satisfied and the related revenue is recognized at the point in time when the transaction occurs. Other debit card fees satisfied over a period of time are recognized over the period in which the service is provided.

• Other Noninterest Income Other noninterest income includes wire transfer fees, safe deposit box income and check orders. The consideration includes both fixed (e.g., safe deposit box fees) and transaction (e.g., wire-transfer fee and check orders) fees. Fixed fees are recognized over the period of time the service is provided, while transaction fees are recognized when a specific service is rendered to the customer.

The following tables present total noninterest income segregated between contracts with customers within the scope of ASC 606 and those within the scope of other GAAP topics.

	Three Months Ended March 31, 2020
	Within the scope of ASC 606						Out of scope of ASC 606		Total
(In thousands)	Consumer Banking		Commercial Banking		Enterprise Services
Noninterest income
Fees and service charges on deposit accounts	$	30,218	$	1,394	$	—	$	2,985	$	34,597
Wealth management revenue	239		—		—		5,912		6,151
Card and ATM revenue	19,181		26		—		2,478		21,685
Other noninterest income	3,821		1,964		2,497		66,248		74,530
Total	$	53,459	$	3,384	$	2,497	$	77,623	$	136,963

	Three Months Ended March 31, 2019
	Within the scope of ASC 606						Out of scope of ASC 606			Total
(In thousands)	Consumer Banking		Commercial Banking		Enterprise Services
Noninterest income
Fees and service charges on deposit accounts	$	25,193	$	1,061	$	—	$	24		$	26,278
Wealth management revenue	—		—		—		—			—
Card and ATM revenue	18,630		17		—		12			18,659
Other noninterest income	2,682		4,826		3,954		(4,838		)	6,624
Total	$	46,505	$	5,904	$	3,954	$	(4,802	)	$	51,561

Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity's obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The noninterest income streams are largely based on transactional activity, or standard month-end revenue accruals such as asset management fees based on month-end market values. Consideration is most often received immediately or shortly after the Corporation satisfies its performance obligation and revenue is recognized. The Corporation does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances.

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Regulatory Capital Requirements - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Percentage of net retained profits for the current year combined with retained net profits for the preceding two calendar years that can be declared as dividend	100.00%
TCF Bank
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Net profits for the current year combined with retained net profits for preceding two calendar years	$ 121.4

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Investment Securities - Gross Unrealized Losses and Fair Value of Debt Securities Available for Sale and Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Gross unrealized losses and fair value of debt securities available for sale that are in a loss position
Less than 12 months, Fair Value	$ 672,044	$ 1,297,600
Less than 12 months, Unrealized Losses	8,044	7,842
12 months or more, Fair Value	0	200,534
12 months or more, Unrealized Losses	0	2,517
Total, Fair Value	672,044	1,498,134
Total, Unrealized Losses	8,044	10,359
Government and government-sponsored enterprises
Gross unrealized losses and fair value of debt securities available for sale that are in a loss position
Less than 12 months, Fair Value	182,694	226,177
Less than 12 months, Unrealized Losses	496	678
12 months or more, Fair Value	0	0
12 months or more, Unrealized Losses	0	0
Total, Fair Value	182,694	226,177
Total, Unrealized Losses	496	678
Obligations of states and political subdivisions
Gross unrealized losses and fair value of debt securities available for sale that are in a loss position
Less than 12 months, Fair Value	145,406	60,639
Less than 12 months, Unrealized Losses	769	687
12 months or more, Fair Value	0	0
12 months or more, Unrealized Losses	0	0
Total, Fair Value	145,406	60,639
Total, Unrealized Losses	769	687
Total mortgage-backed debt securities
Gross unrealized losses and fair value of debt securities available for sale that are in a loss position
Less than 12 months, Fair Value	343,544	1,010,354
Less than 12 months, Unrealized Losses	6,728	6,456
12 months or more, Fair Value	0	200,534
12 months or more, Unrealized Losses	0	2,517
Total, Fair Value	343,544	1,210,888
Total, Unrealized Losses	6,728	8,973
Residential agency
Gross unrealized losses and fair value of debt securities available for sale that are in a loss position
Less than 12 months, Fair Value	480	667,511
Less than 12 months, Unrealized Losses	13	3,586
12 months or more, Fair Value	0	200,534
12 months or more, Unrealized Losses	0	2,517
Total, Fair Value	480	868,045
Total, Unrealized Losses	13	6,103
Residential non-agency
Gross unrealized losses and fair value of debt securities available for sale that are in a loss position
Less than 12 months, Fair Value	251,453	140,403
Less than 12 months, Unrealized Losses	4,544	616
12 months or more, Fair Value	0	0
12 months or more, Unrealized Losses	0	0
Total, Fair Value	251,453	140,403
Total, Unrealized Losses	4,544	616
Commercial agency
Gross unrealized losses and fair value of debt securities available for sale that are in a loss position
Less than 12 months, Fair Value	89,607	176,880
Less than 12 months, Unrealized Losses	2,156	2,049
12 months or more, Fair Value	0	0
12 months or more, Unrealized Losses	0	0
Total, Fair Value	89,607	176,880
Total, Unrealized Losses	2,156	2,049
Commercial non-agency
Gross unrealized losses and fair value of debt securities available for sale that are in a loss position
Less than 12 months, Fair Value	2,004	25,560
Less than 12 months, Unrealized Losses	15	205
12 months or more, Fair Value	0	0
12 months or more, Unrealized Losses	0	0
Total, Fair Value	2,004	25,560
Total, Unrealized Losses	15	205
Corporate debt and trust preferred securities
Gross unrealized losses and fair value of debt securities available for sale that are in a loss position
Less than 12 months, Fair Value	400	430
Less than 12 months, Unrealized Losses	51	21
12 months or more, Fair Value	0	0
12 months or more, Unrealized Losses	0	0
Total, Fair Value	400	430
Total, Unrealized Losses	$ 51	$ 21

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Loans and Leases - Loan and Lease Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Loans and Leases Receivable Disclosure
Loans and leases	$ 35,921,614	$ 34,497,464
Loan and lease adjustments	(177,800)	(201,500)
Commercial
Loans and Leases Receivable Disclosure
Loans and leases	24,522,845	23,276,341
Commercial | Commercial and industrial
Loans and Leases Receivable Disclosure
Loans and leases	12,326,943	11,439,602
Commercial | Commercial real estate
Loans and Leases Receivable Disclosure
Loans and leases	9,486,904	9,136,870
Commercial | Lease financing
Loans and Leases Receivable Disclosure
Loans and leases	2,708,998	2,699,869
Consumer
Loans and Leases Receivable Disclosure
Loans and leases	11,398,769	11,221,123
Consumer | Residential mortgage
Loans and Leases Receivable Disclosure
Loans and leases	6,435,314	6,179,805
Consumer | Consumer installment
Loans and Leases Receivable Disclosure
Loans and leases	1,509,953	1,542,411
Consumer | Home equity
Loans and Leases Receivable Disclosure
Loans and leases	$ 3,453,502	$ 3,498,907

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Derivative Instruments - Derivatives Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Interest Rate Contract
Carrying amount of the hedged liability - Subordinated bank note - 2025	$ 160,340		$ 151,454
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged liability - Subordinated bank note - 2025	11,602		$ 2,773
Gains and losses related to changes in the fair vale of the interest rate swap and hedged debt
Interest expense on borrowings	26,492	$ 14,857
Summary of Net Investment Hedge Activity [Abstract]
Effect of net investment hedges on accumulated other comprehensive income	13,695	(3,050)
Derivatives designated as hedges | Interest expense - borrowings
Gains and losses related to changes in the fair vale of the interest rate swap and hedged debt
Gain (loss) of fair value hedge: Hedged item	(8,830)	(2,610)
Gain (loss) of fair value hedge: Derivative designated as a hedging instrument	8,936	2,562
Gain (loss) on interest rate contract recognized in interest expense on borrowings	106	(48)
Derivatives designated as hedges | Net investment hedges | Forward foreign exchange contracts
Summary of Net Investment Hedge Activity [Abstract]
Effect of net investment hedges on accumulated other comprehensive income	$ 13,695	$ (3,050)

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Fair Values Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Balances of Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis

The balances of assets and liabilities measured at fair value on a recurring basis were as follows:

	March 31, 2020
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Investment securities available-for-sale	$	—	$	7,024,821	$	403	$	7,025,224
Loans held-for-sale	—		206,366		—		206,366
Interest-only strips	—		—		10,951		10,951
Derivative assets:(1)
Interest rate contracts	—		283,410		—		283,410
Risk participation agreements	—		22		—		22
Forward foreign exchange contracts	—		9,188		—		9,188
Interest rate lock commitments	—		13,134		—		13,134
Forward loan sales commitments	—		26		—		26
Power Equity CDs	—		509		—		509
Total derivative assets	—		306,289		—		306,289
Assets held in trust for deferred compensation plans	42,493		—		—		42,493
Total assets at fair value	$	42,493	$	7,537,476	$	11,354	$	7,591,323
Liabilities
Derivative liabilities:(1)
Interest rate contracts	$	—	$	15,970	$	—	$	15,970
Risk participation agreements	—		118		—		118
Forward foreign exchange contracts	—		2,200		—		2,200
Interest rate lock commitments	—		4		—		4
Forward loan sales commitments	—		8,819		—		8,819
Power Equity CDs	—		509		—		509
Swap agreement	—		—		286		286
Total derivative liabilities	—		27,620		286		27,906
Liabilities held in trust for deferred compensation plans	42,493		—		—		42,493
Total liabilities at fair value	$	42,493	$	27,620	$	286	$	70,399

(1) As permitted under GAAP, the Corporation has elected to net derivative assets and derivative liabilities when a legally enforceable master netting agreement exists as well as the related cash collateral received and paid. For purposes of this table, the derivative assets and derivative liabilities are presented gross of this netting adjustment.

	December 31, 2019
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Investment securities available-for-sale	$	—	$	6,719,568	$	433	$	6,720,001
Loans held-for-sale	—		91,202		—		91,202
Interest-only strips	—		—		12,813		12,813
Derivative assets:(1)
Interest rate contracts	—		102,893		—		102,893
Risk participation agreements	—		202		—		202
Interest rate lock commitments	—		2,772		—		2,772
Forward loan sales commitments	—		41		—		41
Power Equity CDs	—		734		—		734
Total derivative assets	—		106,642		—		106,642
Forward loan sales commitments, non-derivative	—		46		—		46
Assets held in trust for deferred compensation plans	43,743		—		—		43,743
Total assets at fair value	$	43,743	$	6,917,458	$	13,246	$	6,974,447
Liabilities
Derivative liabilities:(1)
Interest rate contracts	$	—	$	6,040	$	—	$	6,040
Risk participation agreements	—		354		—		354
Forward foreign exchange contracts	—		6,519		—		6,519
Interest rate lock commitments	—		20		—		20
Forward loan sales commitments	—		289		—		289
Power Equity CDs	—		734		—		734
Swap agreement	—		—		356		356
Total derivative liabilities	—		13,956		356		14,312
Liabilities held in trust for deferred compensation plans	43,743		—		—		43,743
Total liabilities at fair value	$	43,743	$	13,956	$	356	$	58,055

(1) As permitted under GAAP, the Corporation has elected to net derivative assets and derivative liabilities when a legally enforceable master netting agreement exists as well as the related cash collateral received and paid. For purposes of this table, the derivative assets and derivative liabilities are presented gross of this netting adjustment.

The balances of assets measured at fair value on a non-recurring basis were as follows. There were no liabilities measured at fair value on a non-recurring basis at March 31, 2020 and December 31, 2019.

(In thousands)	Level 1		Level 2		Level 3		Total
At March 31, 2020
Loans and leases	$	—	$	—	$	204,489	$	204,489
Loan servicing rights	—		—		47,283		47,283
Other real estate owned	—		—		15,208		15,208
Repossessed and returned assets	—		8,568		—		8,568
Total non-recurring fair value measurements	$	—	$	8,568	$	266,980	$	275,548
At December 31, 2019
Loans and leases	$	—	$	—	$	141,199	$	141,199
Loan servicing rights	—		—		56,298		56,298
Other real estate owned	—		—		17,577		17,577
Repossessed and returned assets	—		6,968		—		6,968
Total non-recurring fair value measurements	$	—	$	6,968	$	215,074	$	222,042

Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows:

(In thousands)	Investment securities available-for-sale			Loans held-for-sale			Interest-only strips			Interest rate lock commitments		Swap agreement			Forward loan sales commitments
At or For the Three Months Ended March 31, 2020
Asset (liability) balance, beginning of period	$	433		$	—		$	12,813		$	—	$	(356	)	$	—
Total net gains (losses) included in:
Net income	1			—			159			—		(1		)	—
Other comprehensive income (loss)	(31		)	—			(348		)	—		—			—
Principal paydowns / settlements	—			—			(1,673		)	—		71			—
Asset (liability) balance, end of period	$	403		$	—		$	10,951		$	—	$	(286	)	$	—
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period	$	(31	)	$	—		$	(348	)	$	—	$	—		$	—
At or For the Three Months Ended March 31, 2019
Asset (liability) balance, beginning of period	$	4		$	18,070		$	16,835		$	624	$	(583	)	$	(26	)
Total net gains (losses) included in:
Net income	—			(166		)	712			493		—			(92		)
Other comprehensive income (loss)	—			—			286			—		—			—
Sales	—			(73,438		)	—			—		—			—
Originations	—			65,400			844			—		—			—
Principal paydowns / settlements	—			(3		)	(2,514		)	—		73			—
Asset (liability) balance, end of period	$	4		$	9,863		$	16,163		$	1,117	$	(510	)	$	(118	)
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period	$	—		$	—		$	286		$	—	$	—		$	—

Schedule of Differences Between the Aggregate Fair Value and Aggregate Unpaid Principal Balance on Loans Held for Sale

The difference between the aggregate fair value and aggregate unpaid principal balance of these loans held-for-sale was as follows:

(In thousands)	March 31, 2020		December 31, 2019
Fair value carrying amount	$	206,366	$	91,202
Aggregate unpaid principal amount	196,253		88,192
Fair value carrying amount less aggregate unpaid principal	$	10,113	$	3,010

Fair Value of Assets and Liabilities, Including Hierarchy Level

The carrying amounts and estimated fair values of the financial instruments, excluding short-term financial assets and liabilities as their carrying amounts approximate fair value and excluding financial instruments recorded at fair value on a recurring basis. This information represents only a portion of the Consolidated Statements of Financial Condition not recorded in their entirety on a recurring basis and not the estimated value of the Corporation as a whole. Non-financial instruments such as the intangible value of the Corporation's branches and core deposits, leasing operations, goodwill, premises and equipment and the future revenues from the Corporation's customers are not reflected in this disclosure. Therefore, this information is of limited use in assessing the value of the Corporation.

	At March 31, 2020
	Carrying		Estimated Fair Value
(In thousands)	Amount		Level 1		Level 2		Level 3		Total
Financial instrument assets
FHLB and FRB stocks	$	484,461	$	—	$	484,461	$	—	$	484,461
Investment securities held-to-maturity	135,619		—		142,302		3,672		145,974
Loans and leases held-for-sale	80,811		—		64,895		18,740		83,635
Net loans(1)	32,833,843		—		—		33,154,484		33,154,484
Securitization receivable(2)	19,753		—		—		19,577		19,577
Deferred fees on commitments to extend credit(2)	20,078		—		20,078		—		20,078
Total financial instrument assets	$	33,574,565	$	—	$	711,736	$	33,196,473	$	33,908,209
Financial instrument liabilities
Certificates of deposits	$	7,463,192	$	—	$	7,494,934	$	—	$	7,494,934
Long-term borrowings	2,600,594		—		2,583,975		—		2,583,975
Deferred fees on standby letters of credit(3)	43		—		43		—		43
Total financial instrument liabilities	$	10,063,829	$	—	$	10,078,952	$	—	$	10,078,952

	At December 31, 2019
	Carrying		Estimated Fair Value
(In thousands)	Amount		Level 1		Level 2		Level 3		Total
Financial instrument assets
FHLB and FRB stocks	$	442,440	$	—	$	442,440	$	—	$	442,440
Investment securities held-to-maturity	139,445		—		141,168		3,676		144,844
Loans held-for-sale	108,584		—		110,252		2,273		112,525
Net loans(1)	31,699,285		—		—		31,804,513		31,804,513
Securitization receivable(2)	19,689		—		—		19,466		19,466
Deferred fees on commitments to extend credit(2)	19,300		—		19,300		—		19,300
Total financial instrument assets	$	32,428,743	$	—	$	713,160	$	31,829,928	$	32,543,088
Financial instrument liabilities
Certificates of deposits	$	7,455,556	$	—	$	7,460,577	$	—	$	7,460,577
Long-term borrowings	2,354,448		—		2,368,469		—		2,368,469
Deferred fees on standby letters of credit(3)	56		—		56		—		56
Total financial instrument liabilities	$	9,810,060	$	—	$	9,829,102	$	—	$	9,829,102

(1) Expected credit losses are included in the estimated fair values.

(2) Carrying amounts are included in other assets.

(3)

Carrying amounts are included in other liabilities.

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Borrowings (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Short-term Borrowings

Short-term borrowings (borrowings with an original maturity of less than one year) were as follows:

	At March 31, 2020				At December 31, 2019
(Dollars in thousands)	Amount		Weighted-average Rate		Amount		Weighted-average Rate
FHLB advances	$	3,200,000	0.61	%	$	2,450,000	1.85	%
Collateralized Deposits	202,535		0.64		219,145		0.64
Line-of-Credit - TCF Financial Corporation	80,000		2.64		—		—
Total short-term borrowings	$	3,482,535	0.66		$	2,669,145	1.75

Schedule of Long-term Borrowings

Long-term borrowings were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
FHLB advances	$	2,071,480	$	1,822,058
Subordinated debt obligations	437,504		428,470
Discounted lease rentals	88,593		100,882
Finance lease obligation	3,017		3,038
Total long-term borrowings	$	2,600,594	$	2,354,448

Schedule of Maturities of Long-term Borrowings

The contractual maturities of long-term borrowings at March 31, 2020 were as follows:

(In thousands)
Remainder of 2020	$	62,726
2021	1,818,472
2022	142,766
2023	23,658
2024	10,424
Thereafter	542,548
Total long-term borrowings	$	2,600,594

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Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings per Common Share

The computations of basic and diluted earnings per common share were as follows:

	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2020		2019
Basic earnings per common share
Net income attributable to TCF Financial Corporation	$	51,899	$	70,494
Preferred stock dividends	2,493		2,493
Net income available to common shareholders	49,406		68,001
Less: Earnings allocated to participating securities	—		13
Earnings allocated to common stock	$	49,406	$	67,988
Weighted-average common shares outstanding used in basic earnings per common share calculation	151,902,357		82,245,577
Basic earnings per common share	$	0.33	$	0.83
Diluted earnings per common share
Earnings allocated to common stock	$	49,406	$	67,988
Weighted-average common shares outstanding used in basic earnings per common share calculation	151,902,357		82,245,577
Net dilutive effect of:
Non-participating restricted stock	83,580		—
Stock options	128,080		—
Weighted-average common shares outstanding used in diluted earnings per common share calculation	152,114,017		82,245,577
Diluted earnings per common share	$	0.32	$	0.83
Anti-dilutive shares outstanding not included in the computation of diluted earnings per common share
Non-participating restricted stock	1,173,331		956,589
Stock options	90,144		—

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Earnings Per Common Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic Earnings Per Common Share:
Net income attributable to TCF Financial Corporation	$ 51,899	$ 70,494
Preferred stock dividends	2,493	2,493
Net income available to common stockholders	49,406	68,001
Less: Earnings allocated to participating securities	0	13
Earnings allocated to common stock	$ 49,406	$ 67,988
Weighted-average common shares outstanding used in basic earnings per common share calculation (in shares)	151,902,357	82,245,577
Basic earnings per common share (in usd per share)	$ 0.33	$ 0.83
Diluted Earnings Per Common Share:
Earnings allocated to common stock	$ 49,406	$ 67,988
Weighted-average common shares outstanding used in basic earnings per common share calculation (in shares)	151,902,357	82,245,577
Net dilutive effect of:
Non-participating restricted stock (in shares)	83,580	0
Stock options (in shares)	128,080	0
Weighted-average common shares outstanding used in diluted earnings per common share calculation (in shares)	152,114,017	82,245,577
Diluted earnings per common share (in usd per share)	$ 0.32	$ 0.83
Non-participating restricted stock
Anti-dilutive shares outstanding not included in the computation of diluted earnings per share:
Non-participating restricted stock (in shares)	1,173,331	956,589
Stock options
Anti-dilutive shares outstanding not included in the computation of diluted earnings per share:
Non-participating restricted stock (in shares)	90,144	0

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Commitments, Contingent Liabilities and Guarantees - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Representations and Warranties
Loss Contingencies [Line Items]
Accrued liability	$ 5.5	$ 5.7
Certain Loans | Performance Guarantee
Loss Contingencies [Line Items]
Outstanding balance	5.1	6.2
Maximum potential amount of undiscounted future payments	5.0	6.0
Recourse liability	0.1	0.1
SBA Guaranteed Loans | Performance Guarantee
Loss Contingencies [Line Items]
Maximum potential amount of undiscounted future payments	15.3	16.7
Recourse liability	$ 0.9	$ 0.9

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Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Cash and cash equivalents:
Cash and due from banks	$ 713,413	$ 491,787
Interest-bearing deposits with other banks	565,458	736,584
Total cash and cash equivalents	1,278,871	1,228,371
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	484,461	442,440
Investment securities:
Available-for-sale, at fair value (amortized cost of $6,793,235 and $6,639,277)	7,025,224	6,720,001
Held-to-maturity, at amortized cost (fair value of $145,974 and $144,844)	135,619	139,445
Total investment securities	7,160,843	6,859,446
Loans and leases held-for-sale (includes $206,366 and $91,202 at fair value)	287,177	199,786
Loans and leases	35,921,614	34,497,464
Allowance for credit losses	(406,383)	(113,052)
Loans and leases, net	35,515,231	34,384,412
Premises and equipment, net	516,454	533,138
Goodwill	1,313,046	1,299,878
Other intangible assets, net	162,887	168,368
Loan servicing rights	47,283	56,313
Other assets	1,828,130	1,479,401
Total assets	48,594,383	46,651,553
Deposits:
Noninterest-bearing	8,237,916	7,970,590
Interest-bearing	27,561,387	26,497,873
Total deposits	35,799,303	34,468,463
Short-term borrowings	3,482,535	2,669,145
Long-term borrowings	2,600,594	2,354,448
Other liabilities	1,056,118	1,432,256
Total liabilities	42,938,550	40,924,312
Equity
Preferred stock issued	169,302	169,302
Common stock issued	152,186	152,966
Additional paid-in capital	3,433,234	3,462,080
Retained earnings	1,732,932	1,896,427
Accumulated other comprehensive income	166,170	54,277
Other	(28,140)	(28,037)
Non-controlling interest	30,149	20,226
Total TCF Financial Corporation shareholders' equity	5,625,684	5,707,015
Total equity	5,655,833	5,727,241
Total liabilities and equity	$ 48,594,383	$ 46,651,553

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Investments in Qualified Affordable Housing Projects, Federal Historic Projects and New Market Tax Credits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Remaining unfunded equity contributions	$ 143.8		$ 131.3
Qualified Affordable Housing Projects
Schedule of Equity Method Investments [Line Items]
Amortization expense	5.3	$ 2.5
Tax credits and other benefits	6.6	$ 3.0
Remaining investment amount	203.4		195.8
Federal Historical Projects and Ohio Historical Preservation Projects
Schedule of Equity Method Investments [Line Items]
Remaining investment amount	46.0		$ 43.6
Federal Historical Projects
Schedule of Equity Method Investments [Line Items]
Amortization expense	0.2
Tax credits and other benefits	0.3
Ohio Historical Preservation Projects
Schedule of Equity Method Investments [Line Items]
Tax credits and other benefits	$ 0.4

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Allowance for Credit Losses and Credit Quality - Recorded Investment by Credit Risk Category (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	$ 34,497,464
Commercial
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	23,276,341
Commercial | Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	11,439,602
Commercial | Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	9,136,870
Commercial | Lease financing
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	2,699,869
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	11,221,123
Consumer | Residential mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	6,179,805
Consumer | Consumer installment
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	1,542,411
Consumer | Home equity
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	3,498,907
Pass
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	33,603,086
Pass | Commercial
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	22,469,174
Pass | Commercial | Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	10,930,939
Pass | Commercial | Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	8,891,361
Pass | Commercial | Lease financing
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	2,646,874
Pass | Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	11,133,912
Pass | Consumer | Residential mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	6,135,096
Pass | Consumer | Consumer installment
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	1,541,524
Pass | Consumer | Home equity
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	3,457,292
Special Mention
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	514,323
Special Mention | Commercial
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	513,302
Special Mention | Commercial | Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	315,097
Special Mention | Commercial | Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	170,114
Special Mention | Commercial | Lease financing
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	28,091
Special Mention | Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	1,021
Special Mention | Consumer | Residential mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	565
Special Mention | Consumer | Consumer installment
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	0
Special Mention | Consumer | Home equity
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	456
Substandard
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	380,055
Substandard | Commercial
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	293,865
Substandard | Commercial | Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	193,566
Substandard | Commercial | Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	75,395
Substandard | Commercial | Lease financing
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	24,904
Substandard | Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	86,190
Substandard | Consumer | Residential mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	44,144
Substandard | Consumer | Consumer installment
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	887
Substandard | Consumer | Home equity
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases	$ 41,159

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Allowance for Credit Losses and Credit Quality - Rollfowards of the Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Allowance for loan and lease losses [Roll Forward]
Balance, beginning of period	$ 113,052	$ 157,446
Charge-offs	(15,649)	(24,431)
Recoveries	10,172	5,777
Net (charge-offs) recoveries	(5,477)	(18,654)
Provision for credit losses	92,990	10,122
Other	(174)	(942)
Balance, end of period	406,383	147,972
Allowance for loan, leases and unfunded commitments [Roll Forward]
Balance, beginning of period	116,580	158,874
Charge-offs	(15,649)	(24,431)
Recoveries	10,172	5,777
Net (charge-offs) recoveries	(5,477)	(18,654)
Provision for credit losses	96,943	10,635
Other	(174)	(942)
Balance, end of period	428,571	149,913
Unfunded Loan Commitment
Unfunded commitments [Roll Forward]
Balance, beginning of period	3,528	1,428
Charge-offs	0	0
Recoveries	0	0
Net (charge-offs) recoveries	0	0
Provision for credit losses	3,953	513
Other	0	0
Balance, end of period	22,188	1,941
Consumer
Allowance for loan and lease losses [Roll Forward]
Balance, beginning of period	28,572	80,017
Charge-offs	(5,900)	(16,866)
Recoveries	4,760	4,857
Net (charge-offs) recoveries	(1,140)	(12,009)
Provision for credit losses	40,288	7,258
Other	0	(969)
Balance, end of period	175,057	74,297
Commercial
Allowance for loan and lease losses [Roll Forward]
Balance, beginning of period	84,480	77,429
Charge-offs	(9,749)	(7,565)
Recoveries	5,412	920
Net (charge-offs) recoveries	(4,337)	(6,645)
Provision for credit losses	52,702	2,864
Other	(174)	27
Balance, end of period	231,326	$ 73,675
Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan and lease losses [Roll Forward]
Balance, beginning of period	205,992
Allowance for loan, leases and unfunded commitments [Roll Forward]
Balance, beginning of period	220,699
Cumulative Effect, Period of Adoption, Adjustment | Unfunded Loan Commitment
Unfunded commitments [Roll Forward]
Balance, beginning of period	14,707
Cumulative Effect, Period of Adoption, Adjustment | Consumer
Allowance for loan and lease losses [Roll Forward]
Balance, beginning of period	107,337
Cumulative Effect, Period of Adoption, Adjustment | Commercial
Allowance for loan and lease losses [Roll Forward]
Balance, beginning of period	98,655
Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for loan and lease losses [Roll Forward]
Balance, beginning of period	319,044
Allowance for loan, leases and unfunded commitments [Roll Forward]
Balance, beginning of period	337,279
Cumulative Effect, Period of Adoption, Adjusted Balance | Unfunded Loan Commitment
Unfunded commitments [Roll Forward]
Balance, beginning of period	18,235
Cumulative Effect, Period of Adoption, Adjusted Balance | Consumer
Allowance for loan and lease losses [Roll Forward]
Balance, beginning of period	135,909
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial
Allowance for loan and lease losses [Roll Forward]
Balance, beginning of period	$ 183,135

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Consolidated Statements of Equity (Unaudited) - USD ($)	Total	Series C Preferred Stock	Total	Total Series C Preferred Stock	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Series C Preferred Stock	Accumulated Other Comprehensive Income (Loss)	Other	Non-controlling Interest
Balance (in shares) at Dec. 31, 2018					7,000	88,198,460
Balance at Dec. 31, 2018	$ 2,556,260,000		$ 2,537,801,000		$ 169,302,000	$ 88,198,000	$ 798,627,000	$ 1,766,994,000		$ (33,138,000)	$ (252,182,000)	$ 18,459,000
Increase (Decrease) in Equity
Net income	73,449,000		70,494,000					70,494,000				2,955,000
Other comprehensive income (loss), net of tax	38,619,000		38,619,000							38,619,000
Net investment by (distribution to) non-controlling interest	8,038,000											8,038,000
Dividends on 5.70% Series C Preferred Stock		$ (2,493,000)		$ (2,493,000)					$ (2,493,000)
Dividends on common stock	(24,294,000)		(24,294,000)					(24,294,000)
Stock compensation plans, net of tax (in shares)						(135,422)
Stock compensation plans, net of tax	(3,734,000)		(3,734,000)			$ (135,000)	(10,390,000)				6,791,000
Change in shares held in trust for deferred compensation plans, at cost							1,230,000				(1,230,000)
Balance (in shares) at Mar. 31, 2019					7,000	88,063,038
Balance at Mar. 31, 2019	2,645,845,000		2,616,393,000		$ 169,302,000	$ 88,063,000	789,467,000	1,810,701,000		5,481,000	(246,621,000)	29,452,000
Increase (Decrease) in Equity
Change in accounting principle	(159,249,000)		(159,323,000)					(159,323,000)				74,000
Adjusted balance after cumulative adjustment related to change in accounting principle	5,567,992,000		5,547,692,000		$ 169,302,000	$ 152,966,000	3,462,080,000	1,737,104,000		54,277,000	(28,037,000)	20,300,000
Balance (in shares) at Dec. 31, 2019					7,000	152,965,571
Balance at Dec. 31, 2019	5,727,241,000		5,707,015,000		$ 169,302,000	$ 152,966,000	3,462,080,000	1,896,427,000		54,277,000	(28,037,000)	20,226,000
Increase (Decrease) in Equity
Net income	53,816,000		51,899,000					51,899,000				1,917,000
Other comprehensive income (loss), net of tax	111,893,000		111,893,000							111,893,000
Net investment by (distribution to) non-controlling interest	7,932,000											7,932,000
Repurchases of shares of common stock	(33,098,000)		(33,098,000)			$ (873,376)	(32,225,000)
Dividends on 5.70% Series C Preferred Stock		$ (2,493,000)		$ (2,493,000)					$ (2,493,000)
Dividends on common stock	(53,578,000)		(53,578,000)					(53,578,000)
Stock compensation plans, net of tax (in shares)						93,789
Stock compensation plans, net of tax	3,369,000		3,369,000			$ 93,000	3,276,000				0
Change in shares held in trust for deferred compensation plans, at cost							103,000				(103,000)
Balance (in shares) at Mar. 31, 2020					7,000	152,185,984
Balance at Mar. 31, 2020	$ 5,655,833,000		$ 5,625,684,000		$ 169,302,000	$ 152,186,000	$ 3,433,234,000	$ 1,732,932,000		$ 166,170,000	$ (28,140,000)	$ 30,149,000

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Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Aug. 01, 2019
Goodwill [Line Items]
Goodwill	$ 1,313,046	$ 1,299,878	$ 1,158,289
Consumer Banking
Goodwill [Line Items]
Goodwill	771,555	764,389	$ 528,000
Wholesale Banking
Goodwill [Line Items]
Goodwill	$ 541,491	$ 535,489

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Fair Values Measurements - Fair Value Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and leases	$ 204,489	$ 141,199
Loan servicing rights	47,283	56,298
Other real estate owned	15,208	17,577
Repossessed and returned assets	8,568	6,968
Total assets at fair value	275,548	222,042
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and leases	0	0
Loan servicing rights	0	0
Other real estate owned	0	0
Repossessed and returned assets	0	0
Total assets at fair value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and leases	0	0
Loan servicing rights	0	0
Other real estate owned	0	0
Repossessed and returned assets	8,568	6,968
Total assets at fair value	8,568	6,968
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and leases	204,489	141,199
Loan servicing rights	47,283	56,298
Other real estate owned	15,208	17,577
Repossessed and returned assets	0	0
Total assets at fair value	$ 266,980	$ 215,074

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Cash and Cash Equivalents - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Total restricted cash balance	$ 113.8	$ 68.6

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Fair Values Measurements - Narrative (Details)	3 Months Ended
	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amount of loans recorded under the fair value option that were delinquent or on non-accrual status	$ 0		$ 0
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Swap agreement, measurement input	0.14
Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Swap agreement, measurement input	0.04
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans and leases, measurement input	0.10
Loan servicing rights, measurement input	0.10
Other real estate owned, measurement input	0.08
Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans and leases, measurement input	0.30
Loan servicing rights, measurement input	0.14
Other real estate owned, measurement input	0.30
Net (loss) gain on sales of loans and leases | Loans Held for Sale
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net gain from initial measurement of the correspondent lending loans held for sale and subsequent changes in fair value for loans outstanding	$ 15,200,000	$ 2,200,000
Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities	$ 0		$ 0

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Share-based Compensation - Award Activity (Details)	3 Months Ended
	Mar. 31, 2020 $ / shares shares
Restricted Stock Units (RSUs)
Restricted Stock Awards, Shares Activity
Outstanding at the beginning of the period (in shares) | shares	1,511,820
Granted (in shares) | shares	16,980
Forfeited/cancelled (in shares) | shares	(3,896)
Vested (in shares) | shares	(215,069)
Outstanding at the end of the period (in shares) | shares	1,309,835
Restricted Stock Awards, Weighted-average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 44.49
Granted (in usd per share)	39.67
Forfeited/canceled (in usd per share)	49.84
Vested (in usd per share)	44.82
Outstanding at the end of the period (in dollars per share)	$ 44.36
Restricted Stock Awards (RSAs)
Restricted Stock Awards, Shares Activity
Outstanding at the beginning of the period (in shares) | shares	888,305
Forfeited/cancelled (in shares) | shares	(402)
Vested (in shares) | shares	(104,690)
Outstanding at the end of the period (in shares) | shares	783,213
Restricted Stock Awards, Weighted-average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 40.67
Forfeited/canceled (in usd per share)	39.58
Vested (in usd per share)	43.48
Outstanding at the end of the period (in dollars per share)	$ 40.07
Non-Vested Stock Options Outstanding
Non-Vested Stock Options Outstanding, Shares Activity
Beginning balance (in shares) | shares	120,809
Exercised (in shares) | shares	0
Forfeited/canceled (in shares) | shares	(3,173)
Expired (in shares) | shares	0
Vested (in shares) | shares	55,568
Ending balance (in shares) | shares	62,068
Non-Vested Stock Options Outstanding, Weighted-average Grant Date Fair Value
Beginning balance (in usd per share)	$ 39.63
Exercised (in usd per share)	0
Forfeited/canceled (in usd per share)	39.00
Expired (in usd per share)	0
Vested (in usd per share)	38.25
Ending balance (in usd per share)	$ 40.89
Stock Options Outstanding, Shares Activity
Vested (in shares) | shares	55,568
Stock Options Outstanding, Weighted-average Grant Date Fair Value
Forfeited/canceled (in usd per share)	$ 39.00
Expired (in usd per share)	0
Vested (in usd per share)	$ 38.25
Stock Options Outstanding
Non-Vested Stock Options Outstanding, Shares Activity
Vested (in shares) | shares	55,568
Non-Vested Stock Options Outstanding, Weighted-average Grant Date Fair Value
Exercised (in usd per share)	$ 18.18
Forfeited/canceled (in usd per share)	0
Expired (in usd per share)	34.38
Vested (in usd per share)	$ 38.25
Stock Options Outstanding, Shares Activity
Beginning balance (in shares) | shares	495,165
Forfeited/canceled (in shares) | shares	0
Expired (in shares) | shares	(34,323)
Vested (in shares) | shares	55,568
Ending balance (in shares) | shares	497,136
Stock Options Outstanding, Weighted-average Grant Date Fair Value
Beginning balance (in usd per share)	$ 29.48
Forfeited/canceled (in usd per share)	0
Expired (in usd per share)	34.38
Vested (in usd per share)	38.25
Ending balance (in usd per share)	$ 30.56
Exercisable/vested (in shares) | shares	497,136
Exercisable/vested (in usd per share)	$ 30.56
Stock options
Non-Vested Stock Options Outstanding, Shares Activity
Exercised (in shares) | shares	(19,274)

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Commitments, Contingent Liabilities and Guarantees (Tables)

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Financial Instruments with Off-Balance Sheet Risk

Financial instruments with off-balance sheet risk were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
Commitments to extend credit:
Commercial	$	5,140,026	$	5,743,072
Consumer	2,245,645		2,305,096
Total commitments to extend credit	7,385,671		8,048,168
Standby letters of credit and guarantees on industrial revenue bonds	126,384		129,192
Total	$	7,512,055	$	8,177,360

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Merger - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 01, 2019	Mar. 31, 2020	Dec. 31, 2019
Fair value of assets acquired:
Cash and cash equivalents	$ 975,014
Federal Home Loan Bank and Federal Reserve Bank stocks	218,582
Investment securities	3,774,738
Loans held-for-sale	44,532
Loans and leases	15,713,399
Premises and equipment	140,219
Loan servicing rights	59,567
Other intangible assets	159,532
Net deferred tax asset	65,685
Other assets	552,432
Total assets acquired	21,703,700
Fair value of liabilities assumed:
Deposits	16,418,215
Short-term borrowings	2,629,426
Long-term borrowings	442,323
Other liabilities	353,469
Total liabilities assumed	19,843,433
Fair value of net identifiable assets	1,860,267
Goodwill	1,158,289	$ 1,313,046	$ 1,299,878
Purchase price consideration:
Stock	$ 3,018,556
Loans and leases, adjustment		(17,200)
Net deferred tax asset, adjustment		4,000
Goodwill, adjustment		$ (13,200)

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Federal Home Loan Bank and Federal Reserve Bank Stock (Tables)

3 Months Ended

Mar. 31, 2020

Federal Home Loan Banks [Abstract]

Summary of Federal Home Loan Bank and Federal Reserve Bank Stocks

Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") stocks were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
FHLB stock, at cost	$	360,473	$	318,473
FRB stock, at cost	123,988		123,967
Total investments	$	484,461	$	442,440

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Reportable Segments

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Reportable Segments

Reportable Segments

The Corporation's reportable segments are Consumer Banking, Commercial Banking and Enterprise Services. Consumer Banking is comprised of all of the Corporation's consumer-facing businesses and includes retail banking, consumer lending, wealth management and small business banking. Commercial Banking, previously named Wholesale Banking, is comprised of commercial and industrial and commercial real estate banking and lease financing. Enterprise Services is comprised of (i) corporate treasury, which includes the Corporation's investment and borrowing portfolios and management of capital, debt and market risks, (ii) corporate functions, such as information technology, risk and credit management, bank operations, finance, investor relations, corporate development, internal audit, legal and human capital management that provide services to the operating segments, (iii) the Holding Company and (iv) eliminations.

In connection with the Merger, effective August 1, 2019, the Corporation renamed its Wholesale Banking segment to Commercial Banking to align with the way it is now managed. In addition, activity that was related to small business banking and private banking were moved from the Wholesale Banking (now named Commercial Banking) segment to the Consumer Banking segment. The revised presentation of previously reported segment data has been applied retroactively to all periods presented in these financial statements.

The Corporation evaluates performance and allocates resources based on each reportable segment's net income or loss. The reportable segments follow GAAP as described in Note 1. Basis of Presentation, except for the accounting for intercompany interest income and interest expense, which are eliminated in consolidation and presenting net interest income on a fully tax-equivalent basis. The Corporation generally accounts for inter-segment sales and transfers at cost.

Certain information for each of the Corporation's reportable segments, including reconciliations of the consolidated totals, was as follows:

(In thousands)	Consumer Banking		Commercial Banking		Enterprise Services			Consolidated
At or For the Three Months Ended March 31, 2020
Net interest income (expense)	$	193,832	$	185,986	$	21,663		$	401,481
Provision for credit losses	44,369		52,574		—			96,943
Net interest income (expense) after provision for credit losses	149,463		133,412		21,663			304,538
Noninterest income	81,414		55,773		(224		)	136,963
Noninterest expense	228,859		114,455		31,285			374,599
Income tax expense (benefit)	1,982		16,306		(5,202		)	13,086
Income (loss) after income tax expense (benefit)	36		58,424		(4,644		)	53,816
Income attributable to non-controlling interest	—		1,917		—			1,917
Preferred stock dividends	—		—		2,493			2,493
Net income (loss) available to common shareholders	36		56,507		(7,137		)	49,406
Total assets	$	14,463,055	$	24,859,839	$	9,271,489		$	48,594,383
At or For the Three Months Ended March 31, 2019
Net interest income (expense)	$	140,702	$	96,685	$	17,042		$	254,429
Provision (benefit) for credit losses	7,226		2,896		—			10,122
Net interest income (expense) after provision for credit losses	133,476		93,789		17,042			244,307
Noninterest income	60,503		42,499		502			103,504
Noninterest expense	156,521		83,413		13,141			253,075
Income tax expense (benefit)	8,741		11,759		787			21,287
Income (loss) after income tax expense (benefit)	28,717		41,116		3,616			73,449
Income attributable to non-controlling interest	—		2,955		—			2,955
Preferred stock dividends	—		—		2,493			2,493
Net income (loss) available to common shareholders	28,717		38,161		1,123			68,001
Total assets	$	8,036,742	$	12,735,702	$	3,646,271		$	24,418,715

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Goodwill (Tables)

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill was as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
Goodwill related to consumer banking segment	$	771,555	$	764,389
Goodwill related to commercial banking segment	541,491		535,489
Goodwill, net	$	1,313,046	$	1,299,878

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Federal Home Loan Bank and Federal Reserve Bank Stock

3 Months Ended

Mar. 31, 2020

Federal Home Loan Banks [Abstract]

Federal Home Loan Bank and Federal Reserve Bank Stocks

Federal Home Loan Bank and Federal Reserve Bank Stocks

Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") stocks were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
FHLB stock, at cost	$	360,473	$	318,473
FRB stock, at cost	123,988		123,967
Total investments	$	484,461	$	442,440

The investments in FHLB stock are required investments related to the Corporation's membership and borrowings in the FHLB of Des Moines, and additional commitments from the FHLB of Indianapolis and Cincinnati. The Corporation's investments in the FHLB of Des Moines, Indianapolis and Cincinnati could be adversely impacted by the financial operations of the Federal Home Loan Banks and actions of their regulator, the Federal Housing Finance Agency. The amount of FRB stock that TCF Bank is required to hold is based on TCF Bank's capital structure. The Corporation periodically evaluates investments for impairment. There was no impairment of these investments at March 31, 2020 and December 31, 2019.

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Goodwill

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill

Goodwill was as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
Goodwill related to consumer banking segment	$	771,555	$	764,389
Goodwill related to commercial banking segment	541,491		535,489
Goodwill, net	$	1,313,046	$	1,299,878

The Corporation recorded goodwill in the amount of $1.2 billion related to the merger with Legacy TCF completed on August 1, 2019. Goodwill was allocated to the appropriate reporting unit based on the relative fair value of assets acquired and deposits held by the reporting unit. This methodology allocates goodwill in proportion to the assets held by each reporting unit as well as incorporating the value of the funding source provided by the in place deposits. The reporting units aggregate between the Consumer Banking and Commercial Banking segments. See "Note 2. Merger" for further information. There was no impairment of goodwill for the three months ended March 31, 2020 and 2019.

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Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Held-to-maturity, at fair value	$ 145,974	$ 144,844
Available-for-sale, at amortized cost	6,793,235	6,639,277
Loans and leases held-for-sale, fair value	$ 206,366	$ 91,202
Preferred stock, par value (dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	7,000	7,000
Common stock, par value (dollars per share)	$ 1	$ 1.00
Common stock, shares authorized (in shares)	220,000,000	220,000,000
Common stock, shares issued (in shares)	152,185,984	152,965,571

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Borrowings - Schedule of Short-term Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Short-term Debt [Line Items]
Amount	$ 3,482,535	$ 2,669,145
Weighted-average Rate	0.66%	1.75%
FHLB advances
Short-term Debt [Line Items]
Amount	$ 3,200,000	$ 2,450,000
Weighted-average Rate	0.61%	1.85%
Collateralized Deposits
Short-term Debt [Line Items]
Amount	$ 202,535	$ 219,145
Weighted-average Rate	0.64%	0.64%
TCF Financial Corporation, Line-of-Credit | Line of Credit
Short-term Debt [Line Items]
Amount	$ 80,000	$ 0
Weighted-average Rate	2.64%	0.00%

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Allowance for Credit Losses and Credit Quality - Summary of TDR Modifications (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-modification Investment	$ 10,452	$ 4,815
Post-modification Investment	10,363	4,796
Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-modification Investment	5,857	1,764
Post-modification Investment	5,857	1,764
Commercial | Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-modification Investment	5,751	1,195
Post-modification Investment	5,751	1,195
Commercial | Commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-modification Investment	106	569
Post-modification Investment	106	569
Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-modification Investment	4,595	3,051
Post-modification Investment	4,506	3,032
Consumer | Residential mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-modification Investment	3,222	1,385
Post-modification Investment	3,157	1,378
Consumer | Consumer installment
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-modification Investment	376	0
Post-modification Investment	353	0
Consumer | Home equity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-modification Investment	997	1,666
Post-modification Investment	$ 996	$ 1,654

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Allowance for Credit Losses and Credit Quality - Balance Of Impaired Loans and Leases With and Without Allowances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			$ 251,943
Loan and Lease Balance			176,537
Related Allowance Recorded			7,237
Average Loan and Lease Balance	$ 210,066	$ 104,601
Interest Income Recognized	4,363	223
Commercial
Financing Receivable, Impaired [Line Items]
Average Loan and Lease Balance	119,431	33,652
Interest Income Recognized	3,544	105
Impaired Loans With Valuation Allowance
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			68,965
Loan and Lease Balance			66,049
Related Allowance Recorded			7,237
Impaired Loans With Valuation Allowance | Commercial
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			35,250
Loan and Lease Balance			35,008
Related Allowance Recorded			5,769
Impaired Loans With Valuation Allowance | Commercial | Commercial and industrial
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			20,069
Loan and Lease Balance			20,090
Related Allowance Recorded			2,844
Impaired Loans With Valuation Allowance | Commercial | Commercial real estate
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			4,225
Loan and Lease Balance			3,962
Related Allowance Recorded			333
Impaired Loans With Valuation Allowance | Commercial | Lease financing
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			10,956
Loan and Lease Balance			10,956
Related Allowance Recorded			2,592
Impaired Loans With Valuation Allowance | Consumer
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			33,715
Loan and Lease Balance			31,041
Related Allowance Recorded			1,468
Impaired Loans With Valuation Allowance | Consumer | Residential mortgage
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			24,297
Loan and Lease Balance			22,250
Related Allowance Recorded			1,030
Impaired Loans With Valuation Allowance | Consumer | Home equity
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			9,418
Loan and Lease Balance			8,791
Related Allowance Recorded			438
Impaired Loans With No Valuation Allowance
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			182,978
Loan and Lease Balance			110,488
Related Allowance Recorded			0
Impaired Loans With No Valuation Allowance | Commercial
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			125,032
Loan and Lease Balance			80,835
Related Allowance Recorded			0
Impaired Loans With No Valuation Allowance | Commercial | Commercial and industrial
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			55,889
Loan and Lease Balance			39,098
Related Allowance Recorded			0
Average Loan and Lease Balance	68,985	21,605
Interest Income Recognized	1,709	71
Impaired Loans With No Valuation Allowance | Commercial | Commercial real estate
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			69,143
Loan and Lease Balance			41,737
Related Allowance Recorded			0
Average Loan and Lease Balance	38,383	2,562
Interest Income Recognized	1,784	0
Impaired Loans With No Valuation Allowance | Commercial | Lease financing
Financing Receivable, Impaired [Line Items]
Average Loan and Lease Balance	12,063	9,485
Interest Income Recognized	51	34
Impaired Loans With No Valuation Allowance | Consumer
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			57,946
Loan and Lease Balance			29,653
Related Allowance Recorded			0
Average Loan and Lease Balance	90,635	70,949
Interest Income Recognized	819	118
Impaired Loans With No Valuation Allowance | Consumer | Residential mortgage
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			31,142
Loan and Lease Balance			22,594
Related Allowance Recorded			0
Average Loan and Lease Balance	50,278	34,169
Interest Income Recognized	638	78
Impaired Loans With No Valuation Allowance | Consumer | Consumer installment
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			2,095
Loan and Lease Balance			880
Related Allowance Recorded			0
Average Loan and Lease Balance	852	8,807
Interest Income Recognized	25	0
Impaired Loans With No Valuation Allowance | Consumer | Home equity
Financing Receivable, Impaired [Line Items]
Unpaid Contractual Balance			24,709
Loan and Lease Balance			6,179
Related Allowance Recorded			$ 0
Average Loan and Lease Balance	39,505	27,973
Interest Income Recognized	$ 156	$ 40

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Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock Transactions, Parenthetical Disclosures [Abstract]
Dividends on common stock, per common share	$ 0.35	$ 0.30
Repurchases of shares of common stock (in shares)	873,376	0
Series C Preferred Stock
Stock Transactions, Parenthetical Disclosures [Abstract]
Dividends on preferred stock	5.70%	5.70%

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Goodwill - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Aug. 01, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 1,313,046,000		$ 1,299,878,000	$ 1,158,289,000
Impairment of goodwill	$ 0	$ 0

XML

Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Reportable Segments, Including a Reconciliation of Consolidated Totals

Certain information for each of the Corporation's reportable segments, including reconciliations of the consolidated totals, was as follows:

(In thousands)	Consumer Banking		Commercial Banking		Enterprise Services			Consolidated
At or For the Three Months Ended March 31, 2020
Net interest income (expense)	$	193,832	$	185,986	$	21,663		$	401,481
Provision for credit losses	44,369		52,574		—			96,943
Net interest income (expense) after provision for credit losses	149,463		133,412		21,663			304,538
Noninterest income	81,414		55,773		(224		)	136,963
Noninterest expense	228,859		114,455		31,285			374,599
Income tax expense (benefit)	1,982		16,306		(5,202		)	13,086
Income (loss) after income tax expense (benefit)	36		58,424		(4,644		)	53,816
Income attributable to non-controlling interest	—		1,917		—			1,917
Preferred stock dividends	—		—		2,493			2,493
Net income (loss) available to common shareholders	36		56,507		(7,137		)	49,406
Total assets	$	14,463,055	$	24,859,839	$	9,271,489		$	48,594,383
At or For the Three Months Ended March 31, 2019
Net interest income (expense)	$	140,702	$	96,685	$	17,042		$	254,429
Provision (benefit) for credit losses	7,226		2,896		—			10,122
Net interest income (expense) after provision for credit losses	133,476		93,789		17,042			244,307
Noninterest income	60,503		42,499		502			103,504
Noninterest expense	156,521		83,413		13,141			253,075
Income tax expense (benefit)	8,741		11,759		787			21,287
Income (loss) after income tax expense (benefit)	28,717		41,116		3,616			73,449
Income attributable to non-controlling interest	—		2,955		—			2,955
Preferred stock dividends	—		—		2,493			2,493
Net income (loss) available to common shareholders	28,717		38,161		1,123			68,001
Total assets	$	8,036,742	$	12,735,702	$	3,646,271		$	24,418,715

XML

Retirement Plans - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Weighted-average interest crediting rate	2.05%
Discount rate	3.48%
Company contributions to defined benefit plans	$ 0	$ 0
Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Company contributions to defined benefit plans	21,000	107,000
Chemical Financial Corporation
Defined Benefit Plan Disclosure [Line Items]
Company contributions to defined benefit plans	$ 0
401K Plan After January 1, 2016
Defined Benefit Plan Disclosure [Line Items]
Maximum percent of eligible compensation for 401k plan	50.00%
Employer matching contribution, per dollar	1
The TCF 401K Plan
Defined Benefit Plan Disclosure [Line Items]
Company contributions to 401k Plans	$ 6,500,000	$ 4,300,000
Maximum | 401K Plan After January 1, 2016
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent	5.00%

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Merger - Summary of Consideration (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 01, 2019	Jul. 31, 2019
Business Acquisition [Line Items]
Cash in lieu of fractional shares	$ 148
Purchase price consideration	3,018,556
Legacy TCF shareholders
Business Acquisition [Line Items]
Shares issued in acquisition		140,835,967
Share price (in usd per share)		$ 21.38
Chemical Financial Corporation stock option holders
Business Acquisition [Line Items]
Value of stock	7,335
Chemical Financial Corporation
Business Acquisition [Line Items]
Purchase price determination	$ 3,011,073

XML

Fair Values Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-sale	$ 206,366	$ 91,202
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available-for-sale	7,025,224	6,720,001
Loans held-for-sale	206,366	91,202
Recurring | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available-for-sale	0	0
Loans held-for-sale	0	0
Recurring | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available-for-sale	7,024,821	6,719,568
Loans held-for-sale	206,366	91,202
Recurring | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available-for-sale	403	433
Loans held-for-sale	0	0
Carrying Amount | Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-sale	80,811	108,584
Net loans and leases	32,833,843	31,699,285
Securitization receivable	19,753	19,689
Deferred fees on commitments to extend credit	20,078	19,300
Total financial instrument assets	33,574,565	32,428,743
Certificates of deposits	7,463,192	7,455,556
Long-term borrowings	2,600,594	2,354,448
Deferred fees on standby letters of credit	43	56
Total financial instrument liabilities	10,063,829	9,810,060
Carrying Amount | Recurring | FHLB and FRB stocks
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available-for-sale	484,461	442,440
Carrying Amount | Recurring | Investment securities held-to-maturity
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available-for-sale	135,619	139,445
Estimated Fair Value | Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-sale	83,635	112,525
Net loans and leases	33,154,484	31,804,513
Securitization receivable	19,577	19,466
Deferred fees on commitments to extend credit	20,078	19,300
Total financial instrument assets	33,908,209	32,543,088
Certificates of deposits	7,494,934	7,460,577
Long-term borrowings	2,583,975	2,368,469
Deferred fees on standby letters of credit	43	56
Total financial instrument liabilities	10,078,952	9,829,102
Estimated Fair Value | Recurring | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-sale	0	0
Net loans and leases	0	0
Securitization receivable	0	0
Deferred fees on commitments to extend credit	0	0
Total financial instrument assets	0	0
Certificates of deposits	0	0
Long-term borrowings	0	0
Deferred fees on standby letters of credit	0	0
Total financial instrument liabilities	0	0
Estimated Fair Value | Recurring | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-sale	64,895	110,252
Net loans and leases	0	0
Securitization receivable	0	0
Deferred fees on commitments to extend credit	20,078	19,300
Total financial instrument assets	711,736	713,160
Certificates of deposits	7,494,934	7,460,577
Long-term borrowings	2,583,975	2,368,469
Deferred fees on standby letters of credit	43	56
Total financial instrument liabilities	10,078,952	9,829,102
Estimated Fair Value | Recurring | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-sale	18,740	2,273
Net loans and leases	33,154,484	31,804,513
Securitization receivable	19,577	19,466
Deferred fees on commitments to extend credit	0	0
Total financial instrument assets	33,196,473	31,829,928
Certificates of deposits	0	0
Long-term borrowings	0	0
Deferred fees on standby letters of credit	0	0
Total financial instrument liabilities	0	0
Estimated Fair Value | Recurring | FHLB and FRB stocks
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available-for-sale	484,461	442,440
Estimated Fair Value | Recurring | FHLB and FRB stocks | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available-for-sale	0	0
Estimated Fair Value | Recurring | FHLB and FRB stocks | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available-for-sale	484,461	442,440
Estimated Fair Value | Recurring | FHLB and FRB stocks | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available-for-sale	0	0
Estimated Fair Value | Recurring | Investment securities held-to-maturity
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available-for-sale	145,974	144,844
Estimated Fair Value | Recurring | Investment securities held-to-maturity | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available-for-sale	0	0
Estimated Fair Value | Recurring | Investment securities held-to-maturity | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available-for-sale	142,302	141,168
Estimated Fair Value | Recurring | Investment securities held-to-maturity | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available-for-sale	$ 3,672	$ 3,676

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Fair Values Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Loans held-for-sale	$ 206,366	$ 91,202
Derivative assets	294,856	106,102
Liabilities
Derivative liabilities	23,175	9,203
Interest rate contracts
Assets
Derivative assets	281,195	102,401
Liabilities
Derivative liabilities	13,755	5,549
Risk participation agreements
Assets
Derivative assets	22	202
Liabilities
Derivative liabilities	118	354
Forward foreign exchange contracts
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	2,305
Interest rate lock commitments
Assets
Derivative assets	13,130	2,765
Liabilities
Derivative liabilities	0	13
Forward loan sales commitments
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	8,793	248
Power Equity CDs
Assets
Derivative assets	509	734
Liabilities
Derivative liabilities	509	734
Recurring
Assets
Investment securities available-for-sale	7,025,224	6,720,001
Loans held-for-sale	206,366	91,202
Interest-only strips	10,951	12,813
Derivative assets	306,289	106,642
Forward loan sales commitments, non-derivative		46
Assets held in trust for deferred compensation plans	42,493	43,743
Total assets at fair value	7,591,323	6,974,447
Liabilities
Derivative liabilities	27,906	14,312
Liabilities held in trust for deferred compensation plans	42,493	43,743
Total liabilities at fair value	70,399	58,055
Recurring | Interest rate contracts
Assets
Derivative assets	283,410	102,893
Liabilities
Derivative liabilities	15,970	6,040
Recurring | Risk participation agreements
Assets
Derivative assets	22	202
Liabilities
Derivative liabilities	118	354
Recurring | Forward foreign exchange contracts
Assets
Derivative assets	9,188
Liabilities
Derivative liabilities	2,200	6,519
Recurring | Interest rate lock commitments
Assets
Derivative assets	13,134	2,772
Liabilities
Derivative liabilities	4	20
Recurring | Forward loan sales commitments
Assets
Derivative assets	26	41
Liabilities
Derivative liabilities	8,819	289
Recurring | Power Equity CDs
Assets
Derivative assets	509	734
Liabilities
Derivative liabilities	509	734
Recurring | Swap agreement
Liabilities
Derivative liabilities	286	356
Recurring | Level 1
Assets
Investment securities available-for-sale	0	0
Loans held-for-sale	0	0
Interest-only strips	0	0
Derivative assets	0	0
Forward loan sales commitments, non-derivative		0
Assets held in trust for deferred compensation plans	42,493	43,743
Total assets at fair value	42,493	43,743
Liabilities
Derivative liabilities	0	0
Liabilities held in trust for deferred compensation plans	42,493	43,743
Total liabilities at fair value	42,493	43,743
Recurring | Level 1 | Interest rate contracts
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Recurring | Level 1 | Risk participation agreements
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Recurring | Level 1 | Forward foreign exchange contracts
Assets
Derivative assets	0
Liabilities
Derivative liabilities	0	0
Recurring | Level 1 | Interest rate lock commitments
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Recurring | Level 1 | Forward loan sales commitments
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Recurring | Level 1 | Power Equity CDs
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Recurring | Level 1 | Swap agreement
Liabilities
Derivative liabilities	0	0
Recurring | Level 2
Assets
Investment securities available-for-sale	7,024,821	6,719,568
Loans held-for-sale	206,366	91,202
Interest-only strips	0	0
Derivative assets	306,289	106,642
Forward loan sales commitments, non-derivative		46
Assets held in trust for deferred compensation plans	0	0
Total assets at fair value	7,537,476	6,917,458
Liabilities
Derivative liabilities	27,620	13,956
Liabilities held in trust for deferred compensation plans	0	0
Total liabilities at fair value	27,620	13,956
Recurring | Level 2 | Interest rate contracts
Assets
Derivative assets	283,410	102,893
Liabilities
Derivative liabilities	15,970	6,040
Recurring | Level 2 | Risk participation agreements
Assets
Derivative assets	22	202
Liabilities
Derivative liabilities	118	354
Recurring | Level 2 | Forward foreign exchange contracts
Assets
Derivative assets	9,188
Liabilities
Derivative liabilities	2,200	6,519
Recurring | Level 2 | Interest rate lock commitments
Assets
Derivative assets	13,134	2,772
Liabilities
Derivative liabilities	4	20
Recurring | Level 2 | Forward loan sales commitments
Assets
Derivative assets	26	41
Liabilities
Derivative liabilities	8,819	289
Recurring | Level 2 | Power Equity CDs
Assets
Derivative assets	509	734
Liabilities
Derivative liabilities	509	734
Recurring | Level 2 | Swap agreement
Liabilities
Derivative liabilities	0	0
Recurring | Level 3
Assets
Investment securities available-for-sale	403	433
Loans held-for-sale	0	0
Interest-only strips	10,951	12,813
Derivative assets	0	0
Forward loan sales commitments, non-derivative		0
Assets held in trust for deferred compensation plans	0	0
Total assets at fair value	11,354	13,246
Liabilities
Derivative liabilities	286	356
Liabilities held in trust for deferred compensation plans	0	0
Total liabilities at fair value	286	356
Recurring | Level 3 | Interest rate contracts
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Recurring | Level 3 | Risk participation agreements
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Recurring | Level 3 | Forward foreign exchange contracts
Assets
Derivative assets	0
Liabilities
Derivative liabilities	0	0
Recurring | Level 3 | Interest rate lock commitments
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Recurring | Level 3 | Forward loan sales commitments
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Recurring | Level 3 | Power Equity CDs
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Recurring | Level 3 | Swap agreement
Liabilities
Derivative liabilities	$ 286	$ 356

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Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2020	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Change in Accounting Principle
Allowance for credit loss		$ 406,383	$ 113,052	$ 147,972	$ 157,446
Reclassification into nonaccrual loans	$ 73,400	250,475	169,658
Reduction in retained earnings		$ 1,732,932	1,896,427
Forecast period		24 months
Historical loss reversion period		12 months
Accounting Standards Update 2016-13
Change in Accounting Principle
Projected increase in allowance for loan losses, percent	20.00%
Allowance for loan and lease losses	80.00%
Cumulative Effect, Period of Adoption, Adjustment
Change in Accounting Principle
Allowance for credit loss			205,992
Reclassification of previous purchased credit impaired loans	$ 73,400
Reclassification into nonaccrual loans	73,400
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
Change in Accounting Principle
Allowance for credit loss	206,000
Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
Change in Accounting Principle
Allowance for credit loss	14,700
TCF
Change in Accounting Principle
Total capital		$ 4,744,899	$ 4,681,630
TCF | Accounting Standards Update 2016-13
Change in Accounting Principle
Total capital	$ (159,300)

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Loan Servicing Rights (Tables)

3 Months Ended

Mar. 31, 2020

Transfers and Servicing [Abstract]

Schedule of Servicing Assets at Fair Value

Information regarding LSRs was as follows:

(In thousands)	At or For the Three Months Ended March 31, 2020
Balance, beginning of period	$	56,313
New servicing assets created	2,451
Impairment (charge) recovery	(8,236		)
Amortization	(3,245		)
Balance, end of period	$	47,283
Valuation allowance, end of period	$	(12,118	)
Loans serviced for others that have servicing rights capitalized, end of period	$	6,444,101

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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities

The amortized cost and fair value of investment securities were as follows:

	Investment Securities Available-for-sale, At Fair Value
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
At March 31, 2020
Debt securities:
Government and government-sponsored enterprises	$	218,996	$	80	$	496	$	218,580
Obligations of states and political subdivisions	850,816		16,509		769		866,556
Mortgage-backed securities:
Residential agency	4,701,950		194,932		13		4,896,869
Residential non-agency	327,663		415		4,544		323,534
Commercial agency	653,969		27,769		2,156		679,582
Commercial non-agency	39,390		328		15		39,703
Total mortgage-backed debt securities	5,722,972		223,444		6,728		5,939,688
Corporate debt and trust preferred securities	451		—		51		400
Total investment securities available-for-sale	$	6,793,235	$	240,033	$	8,044	$	7,025,224
At December 31, 2019
Debt securities:
Government and government-sponsored enterprises	$	235,045	$	18	$	678	$	234,385
Obligations of states and political subdivisions	852,096		12,446		687		863,855
Mortgage-backed securities:
Residential agency	4,492,427		68,797		6,103		4,555,121
Residential non-agency	374,046		1,166		616		374,596
Commercial agency	645,814		8,639		2,049		652,404
Commercial non-agency	39,398		17		205		39,210
Total mortgage-backed debt securities	5,551,685		78,619		8,973		5,621,331
Corporate debt and trust preferred securities	451		—		21		430
Total investment securities available-for-sale	$	6,639,277	$	91,083	$	10,359	$	6,720,001

	Investment Securities Held-to-Maturity
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
At March 31, 2020
Residential agency mortgage-backed securities	$	131,947	$	10,370	$	15	$	142,302
Corporate debt and trust preferred securities	3,672		—		—		3,672
Total investment securities held-to-maturity (1)	$	135,619	$	10,370	$	15	$	145,974
At December 31, 2019
Residential agency mortgage-backed securities	$	135,769	$	5,576	$	177	$	141,168
Corporate debt and trust preferred securities	3,676		—		—		3,676
Total investment securities held-to-maturity	$	139,445	$	5,576	$	177	$	144,844

(1)

The adoption of CECL was inconsequential to held-to-maturity investment securities. At March 31, 2020 there was no allowance for credit losses for investment securities held-to-maturity.

Schedule of Gross Unrealized Losses and Fair Value of Debt Securities Available for Sale and Debt Securities Held to Maturity that are in a Loss Position

Gross unrealized losses and fair value of available-for-sale investment securities aggregated by investment category and the length of time the securities were in a continuous loss position were as follows: 

	At March 31, 2020
	Less than 12 months				12 months or more				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Investment securities available-for-sale
Debt securities:
Government and government sponsored enterprises	$	182,694	$	496	$	—	$	—	$	182,694	$	496
Obligations of states and political subdivisions	145,406		769		—		—		145,406		769
Mortgage-backed securities:
Residential agency	480		13		—		—		480		13
Residential non-agency	251,453		4,544		—		—		251,453		4,544
Commercial agency	89,607		2,156		—		—		89,607		2,156
Commercial non-agency	2,004		15		—		—		2,004		15
Total mortgage-backed debt securities	343,544		6,728		—		—		343,544		6,728
Corporate debt and trust preferred securities	400		51		—		—		400		51
Total investment securities available-for-sale	$	672,044	$	8,044	$	—	$	—	$	672,044	$	8,044

	At December 31, 2019
	Less than 12 months				12 months or more				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Investment securities available-for-sale
Debt securities:
Government and government sponsored enterprises	$	226,177	$	678	$	—	$	—	$	226,177	$	678
Obligations of states and political subdivisions	60,639		687		—		—		60,639		687
Mortgage-backed securities:
Residential agency	667,511		3,586		200,534		2,517		868,045		6,103
Residential non-agency	140,403		616		—		—		140,403		616
Commercial agency	176,880		2,049		—		—		176,880		2,049
Commercial non-agency	25,560		205		—		—		25,560		205
Total mortgage-backed debt securities	1,010,354		6,456		200,534		2,517		1,210,888		8,973
Corporate debt and trust preferred securities	430		21		—		—		430		21
Total investment securities available-for-sale	$	1,297,600	$	7,842	$	200,534	$	2,517	$	1,498,134	$	10,359

Realized Gain (Loss) on Investments

The gross gains and losses on sales of investment securities were as follows: 

	Three Months Ended March 31,
(In thousands)	2020		2019
Gross realized gains	$	—	$	1,622
Gross realized losses	—		1,175
Recoveries on previously impaired investment securities held-to-maturity	—		4
Net gains (losses) on investment securities	$	—	$	451

Schedule of Amortized Cost and Fair Value of Debt Securities Available for Sale and Debt Securities Held to Maturity by Contractual Maturity

The amortized cost and fair value of investment securities by final contractual maturity were as follows. Securities with multiple maturity dates are classified in the period of final maturity. The final contractual maturities do not consider possible prepayments and therefore expected maturities may differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	At March 31, 2020				At December 31, 2019
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Investment Securities Available-for-Sale
Due in one year or less	$	66,096	$	66,021	$	66,124	$	66,112
Due in 1-5 years	188,565		189,294		191,364		192,065
Due in 5-10 years	551,643		569,940		547,813		555,523
Due after 10 years	5,986,931		6,199,969		5,833,976		5,906,301
Total investment securities available-for-sale	$	6,793,235	$	7,025,224	$	6,639,277	$	6,720,001
Investment Securities Held-to-Maturity
Due in 1-5 years	$	3,550	$	3,550	$	3,550	$	3,550
Due in 5-10 years	55		61		58		64
Due after 10 years	132,014		142,363		135,837		141,230
Total investment securities held-to-maturity	$	135,619	$	145,974	$	139,445	$	144,844

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Commitments, Contingent Liabilities and Guarantees

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingent Liabilities and Guarantees

Commitments, Contingent Liabilities and Guarantees

Financial Instruments with Off-Balance Sheet Risk In the normal course of business, the Corporation enters into financial instruments with off-balance sheet risk, primarily to meet the financing needs of its customers. These financial instruments, which are issued or held for purposes other than trading, involve elements of credit and interest-rate risk in excess of the amounts recognized in the Consolidated Statements of Financial Condition.

The Corporation's exposure to credit loss, in the event of non-performance by the counterparty to the financial instrument is represented by the contractual amount of the commitments. The Corporation uses the same credit policies in making these commitments as it does for making direct loans. The Corporation evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained is based on a credit evaluation of the customer.

Financial instruments with off-balance sheet risk were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
Commitments to extend credit:
Commercial	$	5,140,026	$	5,743,072
Consumer	2,245,645		2,305,096
Total commitments to extend credit	7,385,671		8,048,168
Standby letters of credit and guarantees on industrial revenue bonds	126,384		129,192
Total	$	7,512,055	$	8,177,360

Commitments to Extend Credit Commitments to extend credit are agreements to lend provided there is no violation of any condition in the contract. These commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a certain amount of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Collateral to secure any funding of these commitments predominantly consists of residential and commercial real estate mortgages.

Standby Letters of Credit and Guarantees on Industrial Revenue Bonds Standby letters of credit and guarantees on industrial revenue bonds are conditional commitments issued by the Corporation guaranteeing the performance of a customer to a third party. These conditional commitments expire in various years through 2039. The majority of these standby letters of credit are collateralized. Collateral held consists primarily of commercial real estate mortgages. Since the conditions under which the Corporation is required to fund these commitments may not materialize, the cash requirements are expected to be less than the total outstanding commitments.

Contingencies and Guarantees The Corporation has originated and sold certain loans, and additionally acquired the potential liability for those historical originated and sold loans by merged or acquired entities, for which the buyer has limited recourse to the Corporation in the event the loans do not perform as specified in the agreements. These loans had an outstanding balance of $5.1 million and $6.2 million at March 31, 2020 and December 31, 2019, respectively. The maximum potential amount of undiscounted future payments that the Corporation could be required to make in the event of nonperformance by the borrower totaled $5.0 million and $6.0 million at March 31, 2020 and December 31, 2019, respectively. In the event of nonperformance, the Corporation has rights to the underlying collateral securing the loans. At both March 31, 2020 and December 31, 2019, the Corporation had recorded a liability of $0.1 million, in connection with the recourse agreements, in other liabilities.

In addition, the Corporation acquired, through the Merger, certain Small Business Administration ("SBA") guaranteed loans in which the guaranteed portion had been sold to a third party investor. In the event these loans default and the SBA guaranty is no longer intact (i.e. an issue found to have occurred during the origination or the liquidation of the loans) the Corporation would be liable to make the loan whole to the third party investor. The maximum potential amount of undiscounted future payments that the Corporation could be required to make in the event of default by the borrower was $15.3 million and $16.7 million at March 31, 2020 and December 31, 2019, respectively. In the event of default, the Corporation has rights to the underlying collateral securing the loans. At both March 31, 2020 and December 31, 2019, the Corporation had recorded a liability of $0.9 million, in other liabilities.

Representations, Warranties and Contractual Liabilities In connection with the Corporation's residential mortgage loan sales, and the historical sales of merged or acquired entities, the Corporation makes certain representations and warranties that the loans meet certain criteria, such as collateral type, underwriting standards and the manner in which the loans will be serviced. The Corporation may be required to repurchase individual loans and/or indemnify the purchaser against losses if the loan fails to meet established criteria. In addition, some agreements contain a requirement to repurchase loans as a result of early payoffs by the borrower, early payment default of the borrower or the failure to obtain valid title. At March 31, 2020 and December 31, 2019 the liability recorded in connection with these representations and warranties was $5.5 million and $5.7 million, respectively, included in other liabilities.

Litigation Contingencies From time to time, the Corporation is a party to legal proceedings arising out of its lending, leasing and deposit operations, including foreclosure proceedings and other collection actions as part of its lending and leasing collections activities. The Corporation may also be subject to regulatory examinations and enforcement actions brought by federal regulators, including the SEC, the Federal Reserve, the OCC and the Consumer Financial Protection Bureau which may impose sanctions on the Corporation for failures related to regulatory compliance. From time to time borrowers and other customers, and employees and former employees have also brought actions against the Corporation, in some cases claiming substantial damages. The Corporation, like other financial services companies, is subject to the risk of class action litigation. Litigation is often unpredictable and the actual results of litigation cannot be determined and therefore the ultimate resolution of a matter and the possible range of loss associated with certain potential outcomes cannot be established. Based on the current understanding of the Corporation's pending legal proceedings, management does not believe that judgments or settlements arising from pending or threatened legal matters, individually or in the aggregate, would have a material adverse effect on the consolidated financial position, operating results or cash flows of the Corporation.

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Cash and Cash Equivalents

3 Months Ended

Mar. 31, 2020

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include cash and due from banks and interest-bearing deposits in other banks.

As of March 26, 2020, TCF Bank was no longer required by Federal Reserve regulations to maintain reserves in cash on hand or at the Federal Reserve Bank.

The Corporation maintains cash balances that are restricted as to their use in accordance with certain obligations. Cash payments received on loans serviced for third parties are generally held in separate accounts until remitted. The Corporation may also retain cash balances for collateral on certain borrowings and derivatives. The Corporation maintained restricted cash totaling $113.8 million and $68.6 million at March 31, 2020 and December 31, 2019, respectively.

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Allowance for Credit Losses and Credit Quality

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Allowance for Credit Losses and Credit Quality

Allowance for Credit Losses and Credit Quality

Effective January 1, 2020, the Corporation adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and related ASUs on a modified retrospective basis. Financial information at or for the quarter ended March 31, 2020 is reflected as such. The historical financial information disclosed is in accordance with ASC Topic 310.

Allowance for Credit Losses The rollforwards of the allowance for credit losses were as follows:

(In thousands)	Consumer Loan Portfolio			Commercial Loan and Lease Portfolio			Total Loans and Leases			Unfunded Commitments(1)		Total
At or For the Three Months Ended March 31, 2020
Balance, beginning of period	$	28,572		$	84,480		$	113,052		$	3,528	$	116,580
Impact of CECL adoption	107,337			98,655			205,992			14,707		220,699
Adjusted balance, beginning of period	135,909			183,135			319,044			18,235		337,279
Charge-offs	(5,900		)	(9,749		)	(15,649		)	—		(15,649		)
Recoveries	4,760			5,412			10,172			—		10,172
Net (charge-offs) recoveries	(1,140		)	(4,337		)	(5,477		)	—		(5,477		)
Provision for credit losses(2)	40,288			52,702			92,990			3,953		96,943
Other	—			(174		)	(174		)	—		(174		)
Balance, end of period	$	175,057		$	231,326		$	406,383		$	22,188	$	428,571
At or For the Three Months Ended March 31, 2019
Balance, beginning of period	$	80,017		$	77,429		$	157,446		$	1,428	$	158,874
Charge-offs	(16,866		)	(7,565		)	(24,431		)	—		(24,431		)
Recoveries	4,857			920			5,777			—		5,777
Net (charge-offs) recoveries	(12,009		)	(6,645		)	(18,654		)	—		(18,654		)
Provision for credit losses(2)	7,258			2,864			10,122			513		10,635
Other	(969		)	27			(942		)	—		(942		)
Balance, end of period	$	74,297		$	73,675		$	147,972		$	1,941	$	149,913

(1) Reserve for unfunded commitments is recognized within other liabilities on the Consolidated Statements of Financial Condition.

(2) As a result of the adoption of CECL, effective January 1, 2020, the provision for credit losses includes the provision for unfunded commitments that was previously included within other noninterest expense.

Additional disclosures previously required by ASC Topic 310 related to the Corporation's December 31, 2019 balances are included as follows.

The allowance for loan and lease losses and loans and leases outstanding by type of allowance methodology was as follows:

	At December 31, 2019
(In thousands)	Consumer Loan Portfolio		Commercial Loan and Lease Portfolio		Total Loans and Leases
Allowance for loan and lease losses
Collectively evaluated for impairment	$	26,430	$	75,756	$	102,186
Individually evaluated for impairment	1,468		5,769		7,237
Loans acquired with deteriorated credit quality	674		2,955		3,629
Total	$	28,572	$	84,480	$	113,052
Loans and leases outstanding
Collectively evaluated for impairment	$	11,087,534	$	22,986,607	$	34,074,141
Individually evaluated for impairment	60,694		115,843		176,537
Loans acquired with deteriorated credit quality	72,895		173,891		246,786
Total	$	11,221,123	$	23,276,341	$	34,497,464

Information on impaired loans and leases at December 31, 2019 was as follows:

	At December 31, 2019
(In thousands)	Unpaid Contractual Balance		Loan and Lease Balance		Related Allowance Recorded
Impaired loans and leases with an allowance recorded:
Commercial loan and lease portfolio:
Commercial and industrial	$	20,069	$	20,090	$	2,844
Commercial real estate	4,225		3,962		333
Lease financing	10,956		10,956		2,592
Total commercial loan and lease portfolio	35,250		35,008		5,769
Consumer loan portfolio:
Residential mortgage	24,297		22,250		1,030
Home equity	9,418		8,791		438
Total consumer loan portfolio	33,715		31,041		1,468
Total impaired loans and leases with an allowance recorded	68,965		66,049		7,237
Impaired loans and leases without an allowance recorded:
Commercial loan and lease portfolio:
Commercial and industrial	55,889		39,098		—
Commercial real estate	69,143		41,737		—
Total commercial loan and lease portfolio	125,032		80,835		—
Consumer loan portfolio:
Residential mortgage	31,142		22,594		—
Consumer installment	2,095		880		—
Home equity	24,709		6,179		—
Total consumer loan portfolio	57,946		29,653		—
Total impaired loans and leases without an allowance recorded	182,978		110,488		—
Total impaired loans and leases	$	251,943	$	176,537	$	7,237

Accruing and Nonaccrual Loans and Leases The Corporation's key credit quality indicator is the receivable's payment performance status, defined as accruing or not accruing. Nonaccrual loans and leases are those which management believes have a higher risk of loss. Delinquent balances are determined based on the contractual terms of the loan or lease. Loans and leases that are over 90 days delinquent are a leading indicator for future charge-off trends and are generally placed on nonaccrual status. The Corporation's accruing and nonaccrual loans and leases were as follows:

(In thousands)	Current		30-89 Days Delinquent and Accruing		90 Days or More Delinquent and Accruing		Total  Accruing		Nonaccrual(1)		Total
At March 31, 2020
Commercial loan and lease portfolio:
Commercial and industrial	$	12,188,493	$	54,183	$	110	$	12,242,786	$	84,157	$	12,326,943
Commercial real estate	9,395,692		42,738		1,442		9,439,872		47,032		9,486,904
Lease financing	2,653,675		39,108		3,045		2,695,828		13,170		2,708,998
Total commercial loan and lease portfolio	24,237,860		136,029		4,597		24,378,486		144,359		24,522,845
Consumer loan portfolio:
Residential mortgage	6,350,832		21,949		553		6,373,334		61,980		6,435,314
Consumer installment	1,504,344		4,615		5		1,508,964		989		1,509,953
Home equity	3,380,076		29,864		415		3,410,355		43,147		3,453,502
Total consumer loan portfolio	11,235,252		56,428		973		11,292,653		106,116		11,398,769
Total	$	35,473,112	$	192,457	$	5,570	$	35,671,139	$	250,475	$	35,921,614
At December 31, 2019
Commercial loan and lease portfolio:
Commercial and industrial	$	11,283,832	$	29,780	$	331	$	11,313,943	$	53,812	$	11,367,755
Commercial real estate	8,993,360		10,291		1,440		9,005,091		29,735		9,034,826
Lease financing	2,662,354		24,657		1,901		2,688,912		10,957		2,699,869
Total commercial loan and lease portfolio	22,939,546		64,728		3,672		23,007,946		94,504		23,102,450
Consumer loan portfolio:
Residential mortgage	6,056,817		17,245		559		6,074,621		38,577		6,113,198
Consumer installment	1,536,714		4,292		108		1,541,114		714		1,541,828
Home equity	3,434,771		22,568		—		3,457,339		35,863		3,493,202
Total consumer loan portfolio	11,028,302		44,105		667		11,073,074		75,154		11,148,228
Purchased credit impaired loans(1)	217,206		3,843		25,737		246,786		—		246,786
Total	$	34,185,054	$	112,676	$	30,076	$	34,327,806	$	169,658	$	34,497,464

(1) Prior to the adoption of CECL as of January 1, 2020, purchased credit impaired loans were not classified as nonaccrual loans because they were recorded at their net realizable value based on the principal and interest expected to be collected on the loans. At January 1, 2020, $73.4 million of previous purchased credit impaired loans were reclassified to nonaccrual loans as a result of the adoption of CECL.

Loans and leases that are 90 days or more delinquent and accruing by year of origination were as follows:

			Amortized Cost Basis
(In thousands)	Term Loans and Leases by Origination Year												Revolving Loans and Leases		Revolving Loans and Leases Converted to Term Loans and Leases
At March 31, 2020	2020		2019		2018		2017		2016		Prior						Total
Commercial loan and lease portfolio:
Commercial and industrial	$	—	$	—	$	—	$	67	$	39	$	4	$	—	$	—	$	110
Commercial real estate	—		—		115		—		—		1,327		—		—		1,442
Lease financing	—		2,012		691		152		60		130		—		—		3,045
Total commercial loan and lease portfolio	—		2,012		806		219		99		1,461		—		—		4,597
Consumer loan portfolio:
Residential mortgage	—		—		—		—		—		553		—		—		553
Consumer installment	5		—		—		—		—		—		—		—		5
Home equity	—		—		—		—		—		—		415		—		415
Total consumer loan portfolio	5		—		—		—		—		553		415		—		973
Total 90 days or more delinquent and accruing	$	5	$	2,012	$	806	$	219	$	99	$	2,014	$	415	$	—	$	5,570

Nonaccrual loans and leases by year of origination were as follows:

			Amortized Cost Basis
(In thousands)	Term Loans and Leases by Origination Year												Revolving Loans and Leases		Revolving Loans and Leases Converted to Term Loans and Leases
At March 31, 2020	2020		2019		2018		2017		2016		Prior						Total
Commercial loan and lease portfolio:
Commercial and industrial	$	296	$	5,192	$	12,329	$	15,382	$	13,883	$	29,984	$	7,091	$	—	$	84,157
Commercial real estate	—		457		3,758		4,457		9,707		28,653		—		—		47,032
Lease financing	—		1,413		2,065		4,496		1,764		2,546		—		886		13,170
Total commercial loan and lease portfolio	296		7,062		18,152		24,335		25,354		61,183		7,091		886		144,359
Consumer loan portfolio:
Residential mortgage	267		1,517		2,383		2,673		1,857		52,338		—		945		61,980
Consumer installment	—		33		241		122		70		438		85		—		989
Home equity	528		1,883		684		365		215		4,895		33,688		889		43,147
Total consumer loan portfolio	795		3,433		3,308		3,160		2,142		57,671		33,773		1,834		106,116
Total nonaccrual loans and leases	$	1,091	$	10,495	$	21,460	$	27,495	$	27,496	$	118,854	$	40,864	$	2,720	$	250,475

The average balance of nonaccrual loans and leases and interest income recognized on nonaccrual loans and leases were as follows:

	Three Months Ended March 31,
	2020				2019
(In thousands)	Average Loan and Lease Balance(1)		Interest Income Recognized(1)		Average Loan and Lease Balance		Interest Income Recognized
Commercial loan and lease portfolio:
Commercial and industrial	$	68,985	$	1,709	$	21,605	$	71
Commercial real estate	38,383		1,784		2,562		—
Lease financing	12,063		51		9,485		34
Total commercial loan and lease portfolio	119,431		3,544		33,652		105
Consumer loan portfolio:
Residential mortgage	50,278		638		34,169		78
Consumer installment	852		25		8,807		—
Home equity	39,505		156		27,973		40
Total consumer loan portfolio	90,635		819		70,949		118
Total nonaccrual loans and leases	$	210,066	$	4,363	$	104,601	$	223

(1) At January 1, 2020, $73.4 million of previously purchased credit impaired loans were reclassified to nonaccrual loans as a result of the adoption of CECL. Beginning January 1, 2020, interest income, including the related purchase accounting accretion and amortization is included related to these loans.

In addition to the receivable's payment performance status, credit quality is also analyzed using risk categories, which vary based on the size and type of credit risk exposure and additionally measure liquidity, debt capacity, coverage and payment behavior as shown in the borrower's financial statements. The risk categories also measure the quality of the borrower's management and the repayment support offered by any guarantors. Loan and lease credit classifications are derived from standard regulatory rating definitions, which include: pass, special mention, substandard, doubtful and loss. Substandard and doubtful loans and leases have well-defined weaknesses, but may never result in a loss.

The amortized cost basis of loans and leases by credit risk categories and year of origination was as follows:

	Amortized Cost Basis
(In thousands)	Term Loans and Leases by Origination Year												Revolving Loans and Leases(1)		Revolving Loans and Leases Converted to Term Loans and Leases(2)
At March 31, 2020	2020		2019		2018		2017		2016		Prior						Total
Commercial loan and lease portfolio:
Commercial and industrial
Pass	$	791,458	$	2,781,870	$	1,607,788	$	940,905	$	630,425	$	917,788	$	4,058,569	$	40,089	$	11,768,892
Special mention	667		15,050		47,411		37,612		26,010		45,499		139,147		1,259		312,655
Substandard	1,526		17,159		43,437		14,028		29,873		45,130		88,036		—		239,189
Doubtful	—		—		1,500		4,199		—		508		—		—		6,207
Total commercial and industrial	793,651		2,814,079		1,700,136		996,744		686,308		1,008,925		4,285,752		41,348		12,326,943
Commercial real estate
Pass	685,194		2,328,888		2,141,432		1,671,351		889,876		1,436,544		1,077		—		9,154,362
Special mention	—		38,094		16,882		97,826		36,102		50,891		—		—		239,795
Substandard	—		662		5,516		9,043		16,622		60,904		—		—		92,747
Total commercial real estate	685,194		2,367,644		2,163,830		1,778,220		942,600		1,548,339		1,077		—		9,486,904
Lease financing
Pass	262,563		935,170		549,772		357,029		212,876		89,606		44,682		200,917		2,652,615
Special mention	660		5,154		3,781		4,256		2,899		2,327		—		11,524		30,601
Substandard	3,371		3,596		3,371		6,365		2,596		3,533		—		2,950		25,782
Total lease financing	266,594		943,920		556,924		367,650		218,371		95,466		44,682		215,391		2,708,998
Total commercial	1,745,439		6,125,643		4,420,890		3,142,614		1,847,279		2,652,730		4,331,511		256,739		24,522,845
Consumer loan portfolio:
Residential mortgage
Pass	504,871		1,526,611		1,045,969		668,442		618,565		1,987,061		—		16,554		6,368,073
Special mention	—		393		—		—		—		382		—		—		775
Substandard	267		1,517		2,599		2,807		1,857		56,474		—		945		66,466
Total residential mortgage	505,138		1,528,521		1,048,568		671,249		620,422		2,043,917		—		17,499		6,435,314
Consumer installment
Pass	97,037		483,133		258,519		266,110		189,150		179,147		35,851		—		1,508,947
Substandard	—		42		241		122		70		438		93		—		1,006
Total consumer installment	97,037		483,175		258,760		266,232		189,220		179,585		35,944		—		1,509,953
Home equity
Pass	11,857		68,988		68,945		56,168		41,278		172,810		2,956,158		29,015		3,405,219
Special mention	—		230		—		37		—		372		30		—		669
Substandard	625		2,166		757		365		267		5,353		37,129		952		47,614
Total home equity	12,482		71,384		69,702		56,570		41,545		178,535		2,993,317		29,967		3,453,502
Total consumer	614,657		2,083,080		1,377,030		994,051		851,187		2,402,037		3,029,261		47,466		11,398,769
Total loans and leases	$	2,360,096	$	8,208,723	$	5,797,920	$	4,136,665	$	2,698,466	$	5,054,767	$	7,360,772	$	304,205	$	35,921,614

(1) This balance includes $44.7 million of leased equipment that has been provided to lessees under certain master lease agreements. Under these agreements, the total amount of equipment included in each lease is provided over time, and additional amounts are required to be provided to the respective lessees in future accounting periods.

(2) This balance includes $256.7 million of leased equipment that has been provided to lessees under certain master lease agreements. Under these agreements, the total amount of equipment included in each lease was provided over time, and all equipment required by the lease has been provided to the respective lessees in current or previous accounting periods.

The recorded investment of loans and leases by credit risk categories as of December 31, 2019 was as follows:

(In thousands)	Pass		Special Mention		Substandard		Total
At December 31, 2019
Commercial loan and lease portfolio:
Commercial and industrial	$	10,930,939	$	315,097	$	193,566	$	11,439,602
Commercial real estate	8,891,361		170,114		75,395		9,136,870
Lease financing	2,646,874		28,091		24,904		2,699,869
Total commercial loan and lease portfolio	22,469,174		513,302		293,865		23,276,341
Consumer loan portfolio:
Residential mortgage	6,135,096		565		44,144		6,179,805
Consumer installment	1,541,524		—		887		1,542,411
Home equity	3,457,292		456		41,159		3,498,907
Total consumer loan portfolio	11,133,912		1,021		86,190		11,221,123
Total loans and leases	$	33,603,086	$	514,323	$	380,055	$	34,497,464

Troubled Debt Restructurings In certain circumstances, The Corporation may consider modifying the terms of a loan for economic or legal reasons related to the customer's financial difficulties. If the Corporation grants a concession, the modified loan is classified as a troubled debt restructuring ("TDR"). TDRs typically involve a deferral of the principal balance of the loan, a reduction of the stated interest rate of the loan or, in certain limited circumstances, a reduction of the principal balance of the loan or the loan's accrued interest. All loans classified as TDR loans are considered to be impaired.

The following table presents the recorded investment of loan modifications first classified as TDRs during the periods presented:

	Three Months Ended March 31,
	2020				2019
(In thousands)	Pre-modification Investment		Post-modification Investment		Pre-modification Investment		Post-modification Investment
Commercial loan and lease portfolio:
Commercial and industrial	$	5,751	$	5,751	$	1,195	$	1,195
Commercial real estate	106		106		569		569
Total commercial loan and lease portfolio	5,857		5,857		1,764		1,764
Consumer loan portfolio:
Residential mortgage	3,222		3,157		1,385		1,378
Consumer installment	376		353		—		—
Home equity	997		996		1,666		1,654
Total consumer loan portfolio	4,595		4,506		3,051		3,032
Total	$	10,452	$	10,363	$	4,815	$	4,796

The following table presents TDR loans:

	At March 31, 2020						At December 31, 2019
(In thousands)	Accruing TDR Loans		Nonaccrual TDR Loans		Total TDR Loans		Accruing TDR Loans		Nonaccrual TDR Loans		Total TDR Loans
Commercial loan and lease portfolio	$	9,655	$	10,313	$	19,968	$	12,986	$	5,356	$	18,342
Consumer loan portfolio	13,248		17,331		30,579		12,403		14,875		27,278
Total	$	22,903	$	27,644	$	50,547	$	25,389	$	20,231	$	45,620

Commitments to lend additional funds to borrowers whose terms have been modified in TDRs were $840 thousand and $638 thousand at March 31, 2020 and December 31, 2019, respectively.

Loan modifications to troubled borrowers are no longer disclosed as TDR loans in the calendar years after modification if the loans were modified to an interest rate equal to or greater than the yields of new loan originations with comparable risk at the time of restructuring and if the loan is performing based on the restructured terms; however, these loans are still considered impaired and follow the Corporation's impaired loan reserve policies.

The following table summarizes the TDR loans that defaulted during the periods presented that were modified during the respective reporting period or within one year of the beginning of the respective reporting period. The Corporation considers a loan to have defaulted when under the modified terms it becomes 90 or more days delinquent, has been transferred to nonaccrual status, has been charged down or has been transferred to other real estate owned or repossessed and returned assets.

	Three Months Ended March 31,
(In thousands)	2020		2019
Defaulted TDR loan balances modified during the applicable period
Consumer loan portfolio:
Residential mortgage	$	630	$	190
Consumer installment	—		536
Home equity	59		94
Total consumer loan portfolio	689		820
Defaulted TDR loan balances	$	689	$	820

Other Real Estate Owned and Repossessed and Returned Assets Other real estate owned and repossessed and returned assets were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
Other real estate owned	$	38,914	$	34,256
Repossessed and returned assets	10,196		8,045
Consumer loans in process of foreclosure	18,693		17,758

Other real estate owned and repossessed and returned assets were written down $842 thousand and $1.8 million during the three months ended March 31, 2020 and March 31, 2019, respectively, and were included in other assets on the Consolidated Statements of Financial Condition.

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Borrowings

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Borrowings

Borrowings

TCF Bank is a member of the FHLB, which provides short- and long-term funding collateralized by mortgage related assets to its members.

Collateralized Deposits include TCF Bank's Repurchase Investment Sweep Agreement product collateralized by mortgage-backed securities, and funds deposited by customers that are collateralized by investment securities owned by TCF Bank, as these deposits are not covered by FDIC insurance.

Short-term borrowings (borrowings with an original maturity of less than one year) were as follows:

	At March 31, 2020				At December 31, 2019
(Dollars in thousands)	Amount		Weighted-average Rate		Amount		Weighted-average Rate
FHLB advances	$	3,200,000	0.61	%	$	2,450,000	1.85	%
Collateralized Deposits	202,535		0.64		219,145		0.64
Line-of-Credit - TCF Financial Corporation	80,000		2.64		—		—
Total short-term borrowings	$	3,482,535	0.66		$	2,669,145	1.75

On March 9, 2020, TCF Financial amended its $50.0 million unsecured 364-day revolving credit facility with an unaffiliated bank to expand borrowing capacity to $150.0 million, which is available to be used, as needed, to fund growth, common stock repurchases or other general corporate purposes. As of March 31, 2020, $80.0 million was outstanding on the revolving credit facility. The revolving credit facility contains covenants related to various capital adequacy levels, asset quality and profitability ratios that must be maintained, and certain restrictions on levels of indebtedness. TCF Financial was in compliance with all covenants at March 31, 2020.

Long-term borrowings were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
FHLB advances	$	2,071,480	$	1,822,058
Subordinated debt obligations	437,504		428,470
Discounted lease rentals	88,593		100,882
Finance lease obligation	3,017		3,038
Total long-term borrowings	$	2,600,594	$	2,354,448

On May 1, 2020, TCF Bank priced an offering of $150.0 million of fixed-to-floating rate subordinated notes (the “2030 Notes”), which closed on May 6, 2020 at par. The 2030 Notes, due May 6, 2030, bear an initial interest rate of 5.50% per annum, payable semi-annually in arrears on May 6 and November 6, commencing on November 6, 2020. The 2030 Notes are redeemable at TCF Bank's option beginning on May 6, 2025. Effective May 6, 2025, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 509 basis points, payable quarterly in arrears on February 6, May 6, August 6 and November 6, commencing on May 6, 2025. TCF Bank incurred issuance costs of approximately $1.6 million that are amortized as interest expense over the full term of the 2030 Notes using the effective interest method.

At March 31, 2020, TCF Bank had pledged loans secured by consumer and commercial real estate with an aggregate carrying value of $11.3 billion to provide borrowing capacity from the FHLB. At March 31, 2020, $1.8 billion of the FHLB advances outstanding were prepayable at the Corporation's option.

At March 31, 2020, TCF Bank had pledged loans and leases with an aggregate carrying value of $4.0 billion to provide borrowing capacity from the Federal Reserve Bank discount window. No borrowings were sourced from this facility at March 31, 2020.

The contractual maturities of long-term borrowings at March 31, 2020 were as follows:

(In thousands)
Remainder of 2020	$	62,726
2021	1,818,472
2022	142,766
2023	23,658
2024	10,424
Thereafter	542,548
Total long-term borrowings	$	2,600,594

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Fair Values Measurements

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The Corporation uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Fair values are based on the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investment securities available-for-sale, certain loans held for sale, interest-only strips, derivative instruments, forward loan sales commitments and assets and liabilities held in trust for deferred compensation plans are recorded at fair value on a recurring basis. From time to time the Corporation may be required to record at fair value other assets on a non-recurring basis, such as certain investment securities held-to-maturity, loans and leases, goodwill, loan servicing rights, other intangible assets, other real estate owned, repossessed and returned assets or the securitization receivable. These non-recurring fair value adjustments typically involve application of lower of cost or fair value accounting or write-downs of individual assets.

The Corporation groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the degree and reliability of estimates and assumptions used to determine fair value. The levels are as follows:

Level 1 Valuations that are based on prices obtained from independent pricing sources for the same instruments traded in active markets.

Level 2 Valuations that are based on prices obtained from independent pricing sources that are based on observable transactions of similar instruments, but not quoted markets.

Level 3 Valuations generated from model-based techniques that use at least one significant unobservable inputs. Such unobservable inputs reflect estimates of assumptions that market participants would use in pricing the asset or liability.

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

Investment Securities Available-for-Sale: The fair value of investment securities available-for-sale, categorized primarily as Level 2, is recorded using prices obtained from independent asset pricing services that are based on observable transactions, but not quoted markets. Management reviews the prices obtained from independent asset pricing services for unusual fluctuations and comparisons to current market trading activity.

Loans Held-for-Sale: The Corporation has elected the fair value option for residential mortgage loans held-for-sale. Accordingly, the fair values of residential mortgage loans held-for-sale are based on valuation models that use the market price for similar loans sold in the secondary market. As these prices are derived from market observable inputs, they are categorized as Level 2.

Interest-only Strips: The fair value of interest-only strips, categorized as Level 3, represents the present value of future cash flows expected to be received by the Corporation on certain assets. The Corporation uses available market data, along with its own empirical data and discounted cash flow models, to arrive at the fair value of its interest-only strips. The present value of the estimated expected future cash flows to be received is determined by using discount, loss and prepayment rates that the Corporation believes are commensurate with the risks associated with the cash flows and what a market participant would use. These assumptions are inherently subject to volatility and uncertainty and, as a result, the fair value of the interest-only strips may fluctuate significantly from period to period. Unobservable inputs used to value the interest-only strips include a discount rate of 14% (or weighted average) and prepayment rates of 4% (or weighted average).

Derivative Instruments:

Interest Rate Contracts: The Corporation executes interest rate contracts as described in Note 15. The fair value of these interest rate contracts, categorized as Level 2, is determined using a cash flow model which may consider the forward curve, the discount curve, option volatilities and credit valuation adjustments related to counterparty and/or borrower non-performance risk.

Risk Participation Agreements: The fair value of risk participation agreements, categorized as Level 2, is determined using a cash flow model which may consider the forward curve, the discount curve, option volatilities and credit valuation adjustments related to counterparty and/or borrower nonperformance risk.

Forward Foreign Exchange Contracts: The Corporation's forward foreign exchange contracts are recorded at fair value using a cash flow model that includes key inputs such as foreign exchange rates and an assessment of the risk of counterparty non-performance. The risk of counterparty non-performance is based on external assessments of credit risk. The fair value of these contracts, categorized as Level 2, is based on observable transactions, but not quoted markets.

Interest Rate Lock Commitments: The Corporation's interest rate lock commitments are derivative instruments that are recorded at fair value based on valuation models that use the market price for similar loans sold in the secondary market. The interest rate lock commitments are adjusted for expectations of exercise and funding. As the prices are derived from market observable inputs, the Corporation categorized as Level 2.

Power Equity CDs: Power Equity CDs are categorized as Level 2, and determined using quoted prices of underlying stocks, along with other terms and features of the derivate instruments.

Swap Agreement: The Corporation's swap agreement, categorized as Level 3, is related to the sale of Legacy TCF's Visa Class B stock. The fair value of the swap agreement is based on the Corporation's estimated exposure related to the Visa covered litigation through a probability analysis of the funding and estimated settlement amounts.

Forward Loan Sales Commitments: The Corporation enters into forward loan sales commitments to sell certain mortgage loans which are recorded at fair value based on valuation models. The Corporation’s expectation of the amount of its interest rate lock commitments that will ultimately close is a factor in determining the position. The valuation models utilize the fair value of related mortgage loans determined using observable market data and therefore the commitments are categorized as Level 2.

Assets and Liabilities Held in Trust for Deferred Compensation Plans: Assets held in trust for deferred compensation plans include investments in publicly traded securities, excluding TCF Financial common stock reported in other equity, and U.S. Treasury notes. The fair value of these assets, categorized as Level 1, is based on prices obtained from independent asset pricing services based on active markets. The fair value of the liabilities equals the fair value of the assets.

The balances of assets and liabilities measured at fair value on a recurring basis were as follows:

	March 31, 2020
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Investment securities available-for-sale	$	—	$	7,024,821	$	403	$	7,025,224
Loans held-for-sale	—		206,366		—		206,366
Interest-only strips	—		—		10,951		10,951
Derivative assets:(1)
Interest rate contracts	—		283,410		—		283,410
Risk participation agreements	—		22		—		22
Forward foreign exchange contracts	—		9,188		—		9,188
Interest rate lock commitments	—		13,134		—		13,134
Forward loan sales commitments	—		26		—		26
Power Equity CDs	—		509		—		509
Total derivative assets	—		306,289		—		306,289
Assets held in trust for deferred compensation plans	42,493		—		—		42,493
Total assets at fair value	$	42,493	$	7,537,476	$	11,354	$	7,591,323
Liabilities
Derivative liabilities:(1)
Interest rate contracts	$	—	$	15,970	$	—	$	15,970
Risk participation agreements	—		118		—		118
Forward foreign exchange contracts	—		2,200		—		2,200
Interest rate lock commitments	—		4		—		4
Forward loan sales commitments	—		8,819		—		8,819
Power Equity CDs	—		509		—		509
Swap agreement	—		—		286		286
Total derivative liabilities	—		27,620		286		27,906
Liabilities held in trust for deferred compensation plans	42,493		—		—		42,493
Total liabilities at fair value	$	42,493	$	27,620	$	286	$	70,399

(1) As permitted under GAAP, the Corporation has elected to net derivative assets and derivative liabilities when a legally enforceable master netting agreement exists as well as the related cash collateral received and paid. For purposes of this table, the derivative assets and derivative liabilities are presented gross of this netting adjustment.

	December 31, 2019
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Investment securities available-for-sale	$	—	$	6,719,568	$	433	$	6,720,001
Loans held-for-sale	—		91,202		—		91,202
Interest-only strips	—		—		12,813		12,813
Derivative assets:(1)
Interest rate contracts	—		102,893		—		102,893
Risk participation agreements	—		202		—		202
Interest rate lock commitments	—		2,772		—		2,772
Forward loan sales commitments	—		41		—		41
Power Equity CDs	—		734		—		734
Total derivative assets	—		106,642		—		106,642
Forward loan sales commitments, non-derivative	—		46		—		46
Assets held in trust for deferred compensation plans	43,743		—		—		43,743
Total assets at fair value	$	43,743	$	6,917,458	$	13,246	$	6,974,447
Liabilities
Derivative liabilities:(1)
Interest rate contracts	$	—	$	6,040	$	—	$	6,040
Risk participation agreements	—		354		—		354
Forward foreign exchange contracts	—		6,519		—		6,519
Interest rate lock commitments	—		20		—		20
Forward loan sales commitments	—		289		—		289
Power Equity CDs	—		734		—		734
Swap agreement	—		—		356		356
Total derivative liabilities	—		13,956		356		14,312
Liabilities held in trust for deferred compensation plans	43,743		—		—		43,743
Total liabilities at fair value	$	43,743	$	13,956	$	356	$	58,055

(1) As permitted under GAAP, the Corporation has elected to net derivative assets and derivative liabilities when a legally enforceable master netting agreement exists as well as the related cash collateral received and paid. For purposes of this table, the derivative assets and derivative liabilities are presented gross of this netting adjustment.

Management assesses the appropriate classification of financial assets and liabilities within the fair value hierarchy by monitoring the level of available observable market information. Changes in markets or economic conditions, as well as changes to the valuation models, may require the transfer of financial instruments from one fair value level to another. Such transfers, if any, are recorded at the fair values as of the beginning of the quarter in which the transfers occurred.

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows:

(In thousands)	Investment securities available-for-sale			Loans held-for-sale			Interest-only strips			Interest rate lock commitments		Swap agreement			Forward loan sales commitments
At or For the Three Months Ended March 31, 2020
Asset (liability) balance, beginning of period	$	433		$	—		$	12,813		$	—	$	(356	)	$	—
Total net gains (losses) included in:
Net income	1			—			159			—		(1		)	—
Other comprehensive income (loss)	(31		)	—			(348		)	—		—			—
Principal paydowns / settlements	—			—			(1,673		)	—		71			—
Asset (liability) balance, end of period	$	403		$	—		$	10,951		$	—	$	(286	)	$	—
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period	$	(31	)	$	—		$	(348	)	$	—	$	—		$	—
At or For the Three Months Ended March 31, 2019
Asset (liability) balance, beginning of period	$	4		$	18,070		$	16,835		$	624	$	(583	)	$	(26	)
Total net gains (losses) included in:
Net income	—			(166		)	712			493		—			(92		)
Other comprehensive income (loss)	—			—			286			—		—			—
Sales	—			(73,438		)	—			—		—			—
Originations	—			65,400			844			—		—			—
Principal paydowns / settlements	—			(3		)	(2,514		)	—		73			—
Asset (liability) balance, end of period	$	4		$	9,863		$	16,163		$	1,117	$	(510	)	$	(118	)
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period	$	—		$	—		$	286		$	—	$	—		$	—

Assets and Liabilities Recorded at Fair Value on a Non-recurring Basis

The following is a discussion of the valuation methodologies used to record assets and liabilities at fair value on a non-recurring basis.

Loans and Leases: Loans and leases for which repayment is expected to be provided solely by the value of the underlying collateral, categorized as Level 3 and recorded at fair value on a non-recurring basis, are valued based on the fair value of that collateral less estimated selling costs. The fair value of the collateral is determined based on internal estimates and/or assessments provided by third-party appraisers and the valuation relies on discount rates ranging from 10% to 30%.

Loan servicing rights: The fair value of loan servicing rights, categorized as Level 3, is based on a third party valuation model utilizing a discounted cash flow analysis using interest rates and prepayment speed assumptions currently quoted for comparable instruments and a discount rate determined by management. The valuation relies on discount rates ranging from 10% to 14%. Loan servicing rights are recorded at the lower of cost or fair value.

Other Real Estate Owned: The fair value of other real estate owned, categorized as Level 3, is based on independent appraisals, real estate brokers' price opinions or automated valuation methods, less estimated selling costs. Certain properties require assumptions that are not observable in an active market in the determination of fair value and include discount rates ranging from 8% to 30%. Assets acquired through foreclosure are initially recorded at the lower of the loan or lease carrying amount or fair value less estimated selling costs at the time of transfer to other real estate owned.

Repossessed and Returned Assets: The fair value of repossessed and returned assets, are categorized as Level 2 or Level 3 depending on the underlying asset type, is based on available pricing guides, auction results or price opinions, less estimated selling costs. Assets acquired through repossession or returned to TCF are initially recorded at the lower of the loan or lease carrying amount or fair value less estimated selling costs at the time of transfer to repossessed and returned assets.

The balances of assets measured at fair value on a non-recurring basis were as follows. There were no liabilities measured at fair value on a non-recurring basis at March 31, 2020 and December 31, 2019.

(In thousands)	Level 1		Level 2		Level 3		Total
At March 31, 2020
Loans and leases	$	—	$	—	$	204,489	$	204,489
Loan servicing rights	—		—		47,283		47,283
Other real estate owned	—		—		15,208		15,208
Repossessed and returned assets	—		8,568		—		8,568
Total non-recurring fair value measurements	$	—	$	8,568	$	266,980	$	275,548
At December 31, 2019
Loans and leases	$	—	$	—	$	141,199	$	141,199
Loan servicing rights	—		—		56,298		56,298
Other real estate owned	—		—		17,577		17,577
Repossessed and returned assets	—		6,968		—		6,968
Total non-recurring fair value measurements	$	—	$	6,968	$	215,074	$	222,042

Fair Value Option

The Corporation has elected the fair value option for residential loans held-for-sale. This election facilitates the offsetting of changes in fair value of the loans held-for-sale and the derivative financial instruments used to economically hedge them. The difference between the aggregate fair value and aggregate unpaid principal balance of these loans held-for-sale was as follows:

(In thousands)	March 31, 2020		December 31, 2019
Fair value carrying amount	$	206,366	$	91,202
Aggregate unpaid principal amount	196,253		88,192
Fair value carrying amount less aggregate unpaid principal	$	10,113	$	3,010

Differences between the fair value carrying amount and the aggregate unpaid principal balance include changes in fair value recorded at and subsequent to funding and gains and losses on the related loan commitment prior to funding. No loans recorded under the fair value option were delinquent or on nonaccrual status at March 31, 2020 and December 31, 2019. The net gain from initial measurement of the loans held-for-sale, any subsequent changes in fair value while the loans are outstanding and any actual adjustment to the gains realized upon sales of the loans totaled $15.2 million for the three months ended March 31, 2020 and $2.2 million for the same period in 2019, and are included in net gains on sales of loans and leases. These amounts exclude the impacts from the interest rate lock commitments and forward loan sales commitments which are also included in net gains on sales of loans and leases.

Disclosures about Fair Value of Financial Instruments

Management discloses the estimated fair value of financial instruments, including assets and liabilities on and off the Consolidated Statements of Financial Condition, for which it is practicable to estimate fair value. These fair value estimates were made at March 31, 2020 and December 31, 2019 based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price at which an asset could be sold or a liability could be settled. However, given there is no active market or observable market transactions for many of TCF's financial instruments, the estimates of fair value are subjective in nature, involve uncertainties and include matters of significant judgment. Changes in assumptions could significantly affect the estimated values.

The carrying amounts and estimated fair values of the financial instruments, excluding short-term financial assets and liabilities as their carrying amounts approximate fair value and excluding financial instruments recorded at fair value on a recurring basis. This information represents only a portion of the Consolidated Statements of Financial Condition not recorded in their entirety on a recurring basis and not the estimated value of the Corporation as a whole. Non-financial instruments such as the intangible value of the Corporation's branches and core deposits, leasing operations, goodwill, premises and equipment and the future revenues from the Corporation's customers are not reflected in this disclosure. Therefore, this information is of limited use in assessing the value of the Corporation.

	At March 31, 2020
	Carrying		Estimated Fair Value
(In thousands)	Amount		Level 1		Level 2		Level 3		Total
Financial instrument assets
FHLB and FRB stocks	$	484,461	$	—	$	484,461	$	—	$	484,461
Investment securities held-to-maturity	135,619		—		142,302		3,672		145,974
Loans and leases held-for-sale	80,811		—		64,895		18,740		83,635
Net loans(1)	32,833,843		—		—		33,154,484		33,154,484
Securitization receivable(2)	19,753		—		—		19,577		19,577
Deferred fees on commitments to extend credit(2)	20,078		—		20,078		—		20,078
Total financial instrument assets	$	33,574,565	$	—	$	711,736	$	33,196,473	$	33,908,209
Financial instrument liabilities
Certificates of deposits	$	7,463,192	$	—	$	7,494,934	$	—	$	7,494,934
Long-term borrowings	2,600,594		—		2,583,975		—		2,583,975
Deferred fees on standby letters of credit(3)	43		—		43		—		43
Total financial instrument liabilities	$	10,063,829	$	—	$	10,078,952	$	—	$	10,078,952

	At December 31, 2019
	Carrying		Estimated Fair Value
(In thousands)	Amount		Level 1		Level 2		Level 3		Total
Financial instrument assets
FHLB and FRB stocks	$	442,440	$	—	$	442,440	$	—	$	442,440
Investment securities held-to-maturity	139,445		—		141,168		3,676		144,844
Loans held-for-sale	108,584		—		110,252		2,273		112,525
Net loans(1)	31,699,285		—		—		31,804,513		31,804,513
Securitization receivable(2)	19,689		—		—		19,466		19,466
Deferred fees on commitments to extend credit(2)	19,300		—		19,300		—		19,300
Total financial instrument assets	$	32,428,743	$	—	$	713,160	$	31,829,928	$	32,543,088
Financial instrument liabilities
Certificates of deposits	$	7,455,556	$	—	$	7,460,577	$	—	$	7,460,577
Long-term borrowings	2,354,448		—		2,368,469		—		2,368,469
Deferred fees on standby letters of credit(3)	56		—		56		—		56
Total financial instrument liabilities	$	9,810,060	$	—	$	9,829,102	$	—	$	9,829,102

(1) Expected credit losses are included in the estimated fair values.

(2) Carrying amounts are included in other assets.

(3)

Carrying amounts are included in other liabilities.

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Earnings Per Common Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

The computations of basic and diluted earnings per common share were as follows:

	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2020		2019
Basic earnings per common share
Net income attributable to TCF Financial Corporation	$	51,899	$	70,494
Preferred stock dividends	2,493		2,493
Net income available to common shareholders	49,406		68,001
Less: Earnings allocated to participating securities	—		13
Earnings allocated to common stock	$	49,406	$	67,988
Weighted-average common shares outstanding used in basic earnings per common share calculation	151,902,357		82,245,577
Basic earnings per common share	$	0.33	$	0.83
Diluted earnings per common share
Earnings allocated to common stock	$	49,406	$	67,988
Weighted-average common shares outstanding used in basic earnings per common share calculation	151,902,357		82,245,577
Net dilutive effect of:
Non-participating restricted stock	83,580		—
Stock options	128,080		—
Weighted-average common shares outstanding used in diluted earnings per common share calculation	152,114,017		82,245,577
Diluted earnings per common share	$	0.32	$	0.83
Anti-dilutive shares outstanding not included in the computation of diluted earnings per common share
Non-participating restricted stock	1,173,331		956,589
Stock options	90,144		—

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Accumulated Other Comprehensive Income (Loss) - Rollforward of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes in accumulated other comprehensive income by component
Balance	$ 5,727,241	$ 2,556,260
Total other comprehensive income (loss), net of tax	111,893	38,619
Balance	5,655,833	2,645,845
Total
Changes in accumulated other comprehensive income by component
Balance	54,277	(33,138)
Other comprehensive income (loss)	111,192	38,051
Amounts reclassified from accumulated other comprehensive income (loss)	701	568
Total other comprehensive income (loss), net of tax	111,893	38,619
Balance	166,170	5,481
Net Unrealized Gains (Losses) on Available-for-Sale Investment Securities and Interest-only Strips
Changes in accumulated other comprehensive income by component
Balance	56,098	(28,022)
Other comprehensive income (loss)	115,137	36,792
Amounts reclassified from accumulated other comprehensive income (loss)	710	576
Total other comprehensive income (loss), net of tax	115,847	37,368
Balance	171,945	9,346
Net Unrealized Gains (Losses) on Net Investment Hedges
Changes in accumulated other comprehensive income by component
Balance	9,800	14,986
Other comprehensive income (loss)	10,481	(2,308)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Total other comprehensive income (loss), net of tax	10,481	(2,308)
Balance	20,281	12,678
Foreign Currency Translation Adjustment
Changes in accumulated other comprehensive income by component
Balance	(11,697)	(20,211)
Other comprehensive income (loss)	(14,426)	3,567
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Total other comprehensive income (loss), net of tax	(14,426)	3,567
Balance	(26,123)	(16,644)
Recognized Postretirement Prior Service Cost
Changes in accumulated other comprehensive income by component
Balance	76	109
Other comprehensive income (loss)	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	(9)	(8)
Total other comprehensive income (loss), net of tax	(9)	(8)
Balance	$ 67	$ 101

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Investment Securities - Debt Securities Available for Sale and Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt securities available for sale:
Amortized Cost	$ 6,793,235	$ 6,639,277
Gross Unrealized Gains	240,033	91,083
Gross Unrealized Losses	8,044	10,359
Available-for-sale, at fair value (amortized cost of $6,793,235 and $6,639,277)	7,025,224	6,720,001
Debt securities held to maturity:
Amortized Cost	135,619	139,445
Gross Unrealized Gains	10,370	5,576
Gross Unrealized Losses	15	177
Fair Value	145,974	144,844
Government and government-sponsored enterprises
Debt securities available for sale:
Amortized Cost	218,996	235,045
Gross Unrealized Gains	80	18
Gross Unrealized Losses	496	678
Available-for-sale, at fair value (amortized cost of $6,793,235 and $6,639,277)	218,580	234,385
Obligations of states and political subdivisions
Debt securities available for sale:
Amortized Cost	850,816	852,096
Gross Unrealized Gains	16,509	12,446
Gross Unrealized Losses	769	687
Available-for-sale, at fair value (amortized cost of $6,793,235 and $6,639,277)	866,556	863,855
Total mortgage-backed debt securities
Debt securities available for sale:
Amortized Cost	5,722,972	5,551,685
Gross Unrealized Gains	223,444	78,619
Gross Unrealized Losses	6,728	8,973
Available-for-sale, at fair value (amortized cost of $6,793,235 and $6,639,277)	5,939,688	5,621,331
Residential agency
Debt securities available for sale:
Amortized Cost	4,701,950	4,492,427
Gross Unrealized Gains	194,932	68,797
Gross Unrealized Losses	13	6,103
Available-for-sale, at fair value (amortized cost of $6,793,235 and $6,639,277)	4,896,869	4,555,121
Debt securities held to maturity:
Amortized Cost	131,947	135,769
Gross Unrealized Gains	10,370	5,576
Gross Unrealized Losses	15	177
Fair Value	142,302	141,168
Residential non-agency
Debt securities available for sale:
Amortized Cost	327,663	374,046
Gross Unrealized Gains	415	1,166
Gross Unrealized Losses	4,544	616
Available-for-sale, at fair value (amortized cost of $6,793,235 and $6,639,277)	323,534	374,596
Commercial agency
Debt securities available for sale:
Amortized Cost	653,969	645,814
Gross Unrealized Gains	27,769	8,639
Gross Unrealized Losses	2,156	2,049
Available-for-sale, at fair value (amortized cost of $6,793,235 and $6,639,277)	679,582	652,404
Commercial non-agency
Debt securities available for sale:
Amortized Cost	39,390	39,398
Gross Unrealized Gains	328	17
Gross Unrealized Losses	15	205
Available-for-sale, at fair value (amortized cost of $6,793,235 and $6,639,277)	39,703	39,210
Corporate debt and trust preferred securities
Debt securities available for sale:
Amortized Cost	451	451
Gross Unrealized Gains	0	0
Gross Unrealized Losses	51	21
Available-for-sale, at fair value (amortized cost of $6,793,235 and $6,639,277)	400	430
Debt securities held to maturity:
Amortized Cost	3,672	3,676
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 3,672	$ 3,676

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Investment Securities - Amortized Cost and Fair Value of Debt Securities Available for Sale and Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Amortized cost
Due in one year or less	$ 66,096	$ 66,124
Due in 1-5 years	188,565	191,364
Due in 5-10 years	551,643	547,813
Due after 10 years	5,986,931	5,833,976
Amortized Cost	6,793,235	6,639,277
Fair value
Due in one year or less	66,021	66,112
Due in 1-5 years	189,294	192,065
Due in 5-10 years	569,940	555,523
Due after 10 years	6,199,969	5,906,301
Total investment securities available-for-sale	7,025,224	6,720,001
Amortized cost
Due in 1-5 years	3,550	3,550
Due in 5-10 years	55	58
Due after 10 years	132,014	135,837
Amortized Cost	135,619	139,445
Fair value
Due in 1-5 years	3,550	3,550
Due in 5-10 years	61	64
Due after 10 years	142,363	141,230
Fair Value	$ 145,974	$ 144,844

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Derivative Instruments - Derivatives Gross Amounts Recognized and Offset (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative Assets
Gross amounts recognized	$ 306,289	$ 106,642
Gross amounts offset	(11,433)	(540)
Total derivative assets, net	294,856	106,102
Derivative Liabilities
Gross amounts recognized	27,906	14,312
Gross amounts offset	(4,731)	(5,109)
Net amount presented	23,175	9,203
Interest rate contracts
Derivative Assets
Gross amounts recognized	283,410	102,893
Gross amounts offset	(2,215)	(492)
Total derivative assets, net	281,195	102,401
Derivative Liabilities
Gross amounts recognized	15,970	6,040
Gross amounts offset	(2,215)	(491)
Net amount presented	13,755	5,549
Risk participation agreements
Derivative Assets
Gross amounts recognized	22	202
Gross amounts offset	0	0
Total derivative assets, net	22	202
Derivative Liabilities
Gross amounts recognized	118	354
Gross amounts offset	0	0
Net amount presented	118	354
Interest rate lock commitments
Derivative Assets
Gross amounts recognized	13,134	2,772
Gross amounts offset	(4)	(7)
Total derivative assets, net	13,130	2,765
Derivative Liabilities
Gross amounts recognized	4	20
Gross amounts offset	(4)	(7)
Net amount presented	0	13
Forward loan sales commitments
Derivative Assets
Gross amounts recognized	26	41
Gross amounts offset	(26)	(41)
Total derivative assets, net	0	0
Derivative Liabilities
Gross amounts recognized	8,819	289
Gross amounts offset	(26)	(41)
Net amount presented	8,793	248
Power Equity CDs
Derivative Assets
Gross amounts recognized	509	734
Gross amounts offset	0	0
Total derivative assets, net	509	734
Derivative Liabilities
Gross amounts recognized	509	734
Gross amounts offset	0	0
Net amount presented	509	734
Forward foreign exchange contracts
Derivative Assets
Gross amounts recognized	9,188	0
Gross amounts offset	(9,188)	0
Total derivative assets, net	0	0
Derivative Liabilities
Gross amounts recognized	2,200	6,519
Gross amounts offset	(2,200)	(4,214)
Net amount presented	0	2,305
Swap agreement
Derivative Liabilities
Gross amounts recognized	286	356
Gross amounts offset	(286)	(356)
Net amount presented	$ 0	$ 0

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Retirement Plans - Net Periodic Benefit Plan (Income) Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Pension Plans
Net periodic benefit plan (income) cost included in non-interest expense
Interest cost	$ 946	$ 264
Return on plan assets	(957)	(137)
Net periodic benefit plan (income) cost	(11)	127
Postretirement Benefit Plans
Net periodic benefit plan (income) cost included in non-interest expense
Interest cost	36	30
Service cost	1	0
Amortization of prior service credit		(12)
Amortization of unrecognized net loss	(12)
Net periodic benefit plan (income) cost	$ 25	$ 18

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Other Noninterest Expense (Tables)

3 Months Ended

Mar. 31, 2020

Other Income and Expenses [Abstract]

Other Non-interest Expense

Other noninterest expense was as follows:

	Three Months Ended March 31,
(In thousands)	2020		2019
Outside processing	$	13,913	$	5,474
Loan and lease expense	7,783		3,289
Professional fees	6,569		5,528
Advertising and marketing	8,377		6,855
FDIC insurance	6,559		2,918
Card processing and issuance costs	8,690		4,508
Other	36,855		25,507
Total other noninterest expense	$	88,746	$	54,079

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Commitments, Contingent Liabilities and Guarantees - Off-Balance Sheet Risks (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet risks	$ 7,512,055	$ 8,177,360
Total commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet risks	7,385,671	8,048,168
Standby letters of credit and guarantees on industrial revenue bonds
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet risks	126,384	129,192
Commercial | Total commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet risks	5,140,026	5,743,072
Consumer | Total commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet risks	$ 2,245,645	$ 2,305,096

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Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Segregation of Noninterest Income

The following tables present total noninterest income segregated between contracts with customers within the scope of ASC 606 and those within the scope of other GAAP topics.

	Three Months Ended March 31, 2020
	Within the scope of ASC 606						Out of scope of ASC 606		Total
(In thousands)	Consumer Banking		Commercial Banking		Enterprise Services
Noninterest income
Fees and service charges on deposit accounts	$	30,218	$	1,394	$	—	$	2,985	$	34,597
Wealth management revenue	239		—		—		5,912		6,151
Card and ATM revenue	19,181		26		—		2,478		21,685
Other noninterest income	3,821		1,964		2,497		66,248		74,530
Total	$	53,459	$	3,384	$	2,497	$	77,623	$	136,963

	Three Months Ended March 31, 2019
	Within the scope of ASC 606						Out of scope of ASC 606			Total
(In thousands)	Consumer Banking		Commercial Banking		Enterprise Services
Noninterest income
Fees and service charges on deposit accounts	$	25,193	$	1,061	$	—	$	24		$	26,278
Wealth management revenue	—		—		—		—			—
Card and ATM revenue	18,630		17		—		12			18,659
Other noninterest income	2,682		4,826		3,954		(4,838		)	6,624
Total	$	46,505	$	5,904	$	3,954	$	(4,802	)	$	51,561

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Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2020

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Summary of Components of Other Comprehensive Income (Loss), Reclassifications from Accumulated Other Comprehensive Income (Loss) to Various Financial Statement Line Items and the Related Tax Effects

The components of other comprehensive income (loss), reclassifications from accumulated other comprehensive income (loss) to various financial statement line items and the related tax effects were as follows:

	Three Months Ended March 31,
	2020									2019
(In thousands)	Before Tax			Tax Effect			Net of Tax			Before Tax			Tax Effect			Net of Tax
Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips:
Net unrealized gains (losses) arising during the period	$	150,744		$	(35,607	)	$	115,137		$	48,628		$	(11,836	)	$	36,792
Reclassification of net (gains) losses from accumulated other comprehensive income (loss) to:
Total interest income	754			(177		)	577			1,370			(333		)	1,037
Net gains (losses) on investment securities	—			—			—			(447		)	109			(338		)
Other noninterest expense	173			(40		)	133			(162		)	39			(123		)
Amounts reclassified from accumulated other comprehensive income (loss)	927			(217		)	710			761			(185		)	576
Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips	151,671			(35,824		)	115,847			49,389			(12,021		)	37,368
Recognized postretirement prior service cost:
Reclassification of amortization of prior service cost to other noninterest expense	(12		)	3			(9		)	(12		)	4			(8		)
Foreign currency translation adjustment(1)	(14,426		)	—			(14,426		)	3,567			—			3,567
Net unrealized gains (losses) on net investment hedges	13,695			(3,214		)	$	10,481		(3,050		)	742			(2,308		)
Total other comprehensive income (loss)	$	150,928		$	(39,035	)	$	111,893		$	49,894		$	(11,275	)	$	38,619

(1)

Foreign investments are deemed to be permanent in nature and, therefore, TCF does not provide for taxes on foreign currency translation adjustments.

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) were as follows:

(In thousands)	Net Unrealized Gains (Losses) on Available-for-Sale Investment Securities and Interest-only Strips			Net Unrealized Gains (Losses) on Net Investment Hedges			Foreign Currency Translation Adjustment			Recognized Postretirement Prior Service Cost			Total
At or For the Three Months Ended March 31, 2020
Balance, beginning of period	$	56,098		$	9,800		$	(11,697	)	$	76		$	54,277
Other comprehensive income (loss)	115,137			10,481			(14,426		)	—			111,192
Amounts reclassified from accumulated other comprehensive income (loss)	710			—			—			(9		)	701
Net other comprehensive income (loss)	115,847			10,481			(14,426		)	(9		)	111,893
Balance, end of period	$	171,945		$	20,281		$	(26,123	)	$	67		$	166,170
At or For the Three Months Ended March 31, 2019
Balance, beginning of period	$	(28,022	)	$	14,986		$	(20,211	)	$	109		$	(33,138	)
Other comprehensive income (loss)	36,792			(2,308		)	3,567			—			38,051
Amounts reclassified from accumulated other comprehensive income (loss)	576			—			—			(8		)	568
Net other comprehensive income (loss)	37,368			(2,308		)	3,567			(8		)	38,619
Balance, end of period	$	9,346		$	12,678		$	(16,644	)	$	101		$	5,481

XML

Merger - Narrative (Details) - USD ($)		3 Months Ended
	Aug. 01, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)	153,500,000
Interest income		$ 495,392,000	$ 306,894,000
Other intangible assets	$ 159,532,000
Estimated useful life		11 years
Goodwill	1,158,289,000	$ 1,313,046,000		$ 1,299,878,000
Financing Receivable, Allowance for Credit Loss		$ 406,383,000	$ 147,972,000	113,052,000	$ 157,446,000
Core deposit intangibles
Business Acquisition [Line Items]
Other intangible assets	138,200,000
Estimated useful life		10 years
Customer relationships
Business Acquisition [Line Items]
Other intangible assets	$ 21,300,000
Estimated useful life		15 years 7 months 6 days
Legacy TCF
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)	302,065,045
Chemical Financial Corporation
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)	153,479,249
Financing Receivable, Allowance for Credit Loss	$ 0
TCF Financial Corporation
Business Acquisition [Line Items]
Voting interest percent	53.00%
Chemical Common Stock
Business Acquisition [Line Items]
Share conversion ratio	0.5081
Shares issued in acquisition (in shares)	81,900,000
Series C Preferred Stock
Business Acquisition [Line Items]
Annual rate of dividend (as a percent)		5.70%	5.70%
Series C Preferred Stock | Legacy TCF
Business Acquisition [Line Items]
Annual rate of dividend (as a percent)	5.70%
Liquidation preference (in usd per share)	$ 25,000
New Chemical Preferred Stock | Chemical Financial Corporation
Business Acquisition [Line Items]
Share conversion ratio	1
Annual rate of dividend (as a percent)	5.70%
Liquidation preference (in usd per share)	$ 25,000
Preferred stock, shares outstanding (in shares)	7,000
Depositary Shares | Chemical Financial Corporation
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)	7,000,000.0
Consumer Banking
Business Acquisition [Line Items]
Goodwill	$ 528,000,000.0	$ 771,555,000		$ 764,389,000
Commercial Banking
Business Acquisition [Line Items]
Goodwill	630,300,000
Pro Forma
Business Acquisition [Line Items]
Interest income	$ 2,400,000

XML

Merger - Summary of Acquired Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Aug. 01, 2019
Business Combinations [Abstract]
Goodwill	$ 1,313,046	$ 1,299,878	$ 1,158,289
PCI loans:
Contractually required payments receivable			413,176
Nonaccretable difference			(63,014)
Expected cash flows			350,162
Accretable yield			38,479
Fair value of PCI loans			311,683
Purchased nonimpaired loans and leases:
Unpaid principal balance			15,636,020
Fair value discount			(234,304)
Fair value at acquisition			15,401,716
Total fair value at acquisition			$ 15,713,399

XML

Share-based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 4,700	$ 2,300
Tax benefit from share-based compensation	$ 677	$ 704
Weighted average remaining contractual term for all outstanding stock options	3 years 10 months 24 days
Weighted average remaining contractual term for exercisable stock options	3 years 7 months 6 days
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for plan (in shares)	2,271,926
2019 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for plan (in shares)	1,791,840
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	1,309,835		1,511,820
Unrecognized compensation costs	$ 36,900
Unrecognized compensation cost, recognition period	2 years 1 month 6 days
Restricted Stock Awards (RSAs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)	783,213		888,305
Unrecognized compensation costs	$ 15,300
Unrecognized compensation cost, recognition period	2 years 3 months 18 days

XML

Fair Values Measurements - Fair Value Option (Details) - Loans Held for Sale - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Option, Quantitative Disclosures
Fair value carrying amount	$ 206,366	$ 91,202
Aggregate unpaid principal amount	196,253	88,192
Fair value carrying amount less aggregate unpaid principal	$ 10,113	$ 3,010

XML

Loan Servicing Rights - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Transfers and Servicing [Abstract]
Total loan servicing, late fee and other ancillary fee income	$ 4.2

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	000-08185
Entity Registrant Name	TCF Financial Corporation
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-2022454
Entity Address, Address Line One	333 W. Fort Street, Suite 1800
Entity Address, City or Town	Detroit
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48226
City Area Code	(800)
Local Phone Number	867-9757
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		152,108,934
Entity Central Index Key	0000019612
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock (par value $1 per share)
Trading Symbol	TCF
Security Exchange Name	NASDAQ
Series C Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary shares, each representing a 1/1000th interest in a share of the 5.70% Series C Non-Cumulative Perpetual Preferred Stock
Trading Symbol	TCFCP
Security Exchange Name	NASDAQ

XML

Allowance for Credit Losses and Credit Quality - Schedule of Amortized Cost Basis of Loans and Leases by Year of Origination (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
2020	$ 2,360,096
2019	8,208,723
2018	5,797,920
2017	4,136,665
2016	2,698,466
Prior	5,054,767
Revolving Loans and Leases	7,360,772
Revolving Loans and Leases Converted to Term Loans and Leases	304,205
Total	35,921,614	$ 34,497,464
Impaired Loans With No Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	1,091
2019	10,495
2018	21,460
2017	27,495
2016	27,496
Prior	118,854
Revolving Loans and Leases	40,864
Revolving Loans and Leases Converted to Term Loans and Leases	2,720
Total	250,475
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
2020	614,657
2019	2,083,080
2018	1,377,030
2017	994,051
2016	851,187
Prior	2,402,037
Revolving Loans and Leases	3,029,261
Revolving Loans and Leases Converted to Term Loans and Leases	47,466
Total	11,398,769
Consumer | Impaired Loans With No Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	795
2019	3,433
2018	3,308
2017	3,160
2016	2,142
Prior	57,671
Revolving Loans and Leases	33,773
Revolving Loans and Leases Converted to Term Loans and Leases	1,834
Total	106,116
Consumer | Impaired Loans With Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	5
2019	0
2018	0
2017	0
2016	0
Prior	553
Revolving Loans and Leases	415
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	973
Consumer | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
2020	505,138
2019	1,528,521
2018	1,048,568
2017	671,249
2016	620,422
Prior	2,043,917
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	17,499
Total	6,435,314
Consumer | Residential mortgage | Impaired Loans With No Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	267
2019	1,517
2018	2,383
2017	2,673
2016	1,857
Prior	52,338
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	945
Total	61,980
Consumer | Residential mortgage | Impaired Loans With Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
Prior	553
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	553
Consumer | Consumer installment
Financing Receivable, Credit Quality Indicator [Line Items]
2020	97,037
2019	483,175
2018	258,760
2017	266,232
2016	189,220
Prior	179,585
Revolving Loans and Leases	35,944
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	1,509,953
Consumer | Consumer installment | Impaired Loans With No Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	33
2018	241
2017	122
2016	70
Prior	438
Revolving Loans and Leases	85
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	989
Consumer | Consumer installment | Impaired Loans With Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	5
2019	0
2018	0
2017	0
2016	0
Prior	0
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	5
Consumer | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
2020	12,482
2019	71,384
2018	69,702
2017	56,570
2016	41,545
Prior	178,535
Revolving Loans and Leases	2,993,317
Revolving Loans and Leases Converted to Term Loans and Leases	29,967
Total	3,453,502
Consumer | Home equity | Impaired Loans With No Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	528
2019	1,883
2018	684
2017	365
2016	215
Prior	4,895
Revolving Loans and Leases	33,688
Revolving Loans and Leases Converted to Term Loans and Leases	889
Total	43,147
Consumer | Home equity | Impaired Loans With Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
Prior	0
Revolving Loans and Leases	415
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	415
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
2020	1,745,439
2019	6,125,643
2018	4,420,890
2017	3,142,614
2016	1,847,279
Prior	2,652,730
Revolving Loans and Leases	4,331,511
Revolving Loans and Leases Converted to Term Loans and Leases	256,739
Total	24,522,845
Commercial | Impaired Loans With No Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	296
2019	7,062
2018	18,152
2017	24,335
2016	25,354
Prior	61,183
Revolving Loans and Leases	7,091
Revolving Loans and Leases Converted to Term Loans and Leases	886
Total	144,359
Commercial | Impaired Loans With Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	2,012
2018	806
2017	219
2016	99
Prior	1,461
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	4,597
Commercial | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2020	793,651
2019	2,814,079
2018	1,700,136
2017	996,744
2016	686,308
Prior	1,008,925
Revolving Loans and Leases	4,285,752
Revolving Loans and Leases Converted to Term Loans and Leases	41,348
Total	12,326,943
Commercial | Commercial and industrial | Impaired Loans With No Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	296
2019	5,192
2018	12,329
2017	15,382
2016	13,883
Prior	29,984
Revolving Loans and Leases	7,091
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	84,157
Commercial | Commercial and industrial | Impaired Loans With Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	0
2017	67
2016	39
Prior	4
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	110
Commercial | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2020	685,194
2019	2,367,644
2018	2,163,830
2017	1,778,220
2016	942,600
Prior	1,548,339
Revolving Loans and Leases	1,077
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	9,486,904
Commercial | Commercial real estate | Impaired Loans With No Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	457
2018	3,758
2017	4,457
2016	9,707
Prior	28,653
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	47,032
Commercial | Commercial real estate | Impaired Loans With Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	115
2017	0
2016	0
Prior	1,327
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	1,442
Commercial | Lease financing
Financing Receivable, Credit Quality Indicator [Line Items]
2020	266,594
2019	943,920
2018	556,924
2017	367,650
2016	218,371
Prior	95,466
Revolving Loans and Leases	44,682
Revolving Loans and Leases Converted to Term Loans and Leases	215,391
Total	2,708,998
Commercial | Lease financing | Impaired Loans With No Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	1,413
2018	2,065
2017	4,496
2016	1,764
Prior	2,546
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	886
Total	13,170
Commercial | Lease financing | Impaired Loans With Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	2,012
2018	691
2017	152
2016	60
Prior	130
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	3,045
Pass | Consumer | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
2020	504,871
2019	1,526,611
2018	1,045,969
2017	668,442
2016	618,565
Prior	1,987,061
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	16,554
Total	6,368,073
Pass | Consumer | Consumer installment
Financing Receivable, Credit Quality Indicator [Line Items]
2020	97,037
2019	483,133
2018	258,519
2017	266,110
2016	189,150
Prior	179,147
Revolving Loans and Leases	35,851
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	1,508,947
Pass | Consumer | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
2020	11,857
2019	68,988
2018	68,945
2017	56,168
2016	41,278
Prior	172,810
Revolving Loans and Leases	2,956,158
Revolving Loans and Leases Converted to Term Loans and Leases	29,015
Total	3,405,219
Pass | Commercial | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2020	791,458
2019	2,781,870
2018	1,607,788
2017	940,905
2016	630,425
Prior	917,788
Revolving Loans and Leases	4,058,569
Revolving Loans and Leases Converted to Term Loans and Leases	40,089
Total	11,768,892
Pass | Commercial | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2020	685,194
2019	2,328,888
2018	2,141,432
2017	1,671,351
2016	889,876
Prior	1,436,544
Revolving Loans and Leases	1,077
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	9,154,362
Pass | Commercial | Lease financing
Financing Receivable, Credit Quality Indicator [Line Items]
2020	262,563
2019	935,170
2018	549,772
2017	357,029
2016	212,876
Prior	89,606
Revolving Loans and Leases	44,682
Revolving Loans and Leases Converted to Term Loans and Leases	200,917
Total	2,652,615
Special Mention | Consumer | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	393
2018	0
2017	0
2016	0
Prior	382
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	775
Special Mention | Consumer | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	230
2018	0
2017	37
2016	0
Prior	372
Revolving Loans and Leases	30
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	669
Special Mention | Commercial | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2020	667
2019	15,050
2018	47,411
2017	37,612
2016	26,010
Prior	45,499
Revolving Loans and Leases	139,147
Revolving Loans and Leases Converted to Term Loans and Leases	1,259
Total	312,655
Special Mention | Commercial | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	38,094
2018	16,882
2017	97,826
2016	36,102
Prior	50,891
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	239,795
Special Mention | Commercial | Lease financing
Financing Receivable, Credit Quality Indicator [Line Items]
2020	660
2019	5,154
2018	3,781
2017	4,256
2016	2,899
Prior	2,327
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	11,524
Total	30,601
Substandard | Consumer | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
2020	267
2019	1,517
2018	2,599
2017	2,807
2016	1,857
Prior	56,474
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	945
Total	66,466
Substandard | Consumer | Consumer installment
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	42
2018	241
2017	122
2016	70
Prior	438
Revolving Loans and Leases	93
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	1,006
Substandard | Consumer | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
2020	625
2019	2,166
2018	757
2017	365
2016	267
Prior	5,353
Revolving Loans and Leases	37,129
Revolving Loans and Leases Converted to Term Loans and Leases	952
Total	47,614
Substandard | Commercial | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2020	1,526
2019	17,159
2018	43,437
2017	14,028
2016	29,873
Prior	45,130
Revolving Loans and Leases	88,036
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	239,189
Substandard | Commercial | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	662
2018	5,516
2017	9,043
2016	16,622
Prior	60,904
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	92,747
Substandard | Commercial | Lease financing
Financing Receivable, Credit Quality Indicator [Line Items]
2020	3,371
2019	3,596
2018	3,371
2017	6,365
2016	2,596
Prior	3,533
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	2,950
Total	25,782
Doubtful | Commercial | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	1,500
2017	4,199
2016	0
Prior	508
Revolving Loans and Leases	0
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	6,207
Financial Asset, Equal to or Greater than 90 Days Past Due | Impaired Loans With Valuation Allowance
Financing Receivable, Credit Quality Indicator [Line Items]
2020	5
2019	2,012
2018	806
2017	219
2016	99
Prior	2,014
Revolving Loans and Leases	415
Revolving Loans and Leases Converted to Term Loans and Leases	0
Total	$ 5,570

XML

Allowance for Credit Losses and Credit Quality - Allowance for Loan and Lease Losses and Balances Outstanding by Allowance Methodology (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Allowance for loan and lease losses
Collectively evaluated for impairment		$ 102,186
Individually evaluated for impairment		7,237
Total	$ 406,383	113,052	$ 147,972	$ 157,446
Loans and leases outstanding
Collectively evaluated for impairment		34,074,141
Individually evaluated for impairment		176,537
Total	35,921,614	34,497,464
Portfolios acquired with deteriorated credit quality
Allowance for loan and lease losses
Total		3,629
Loans and leases outstanding
Total		246,786
Consumer
Allowance for loan and lease losses
Collectively evaluated for impairment		26,430
Individually evaluated for impairment		1,468
Total	175,057	28,572	74,297	80,017
Loans and leases outstanding
Collectively evaluated for impairment		11,087,534
Individually evaluated for impairment		60,694
Total	11,398,769	11,221,123
Consumer | Portfolios acquired with deteriorated credit quality
Allowance for loan and lease losses
Total		674
Loans and leases outstanding
Total		72,895
Commercial
Allowance for loan and lease losses
Collectively evaluated for impairment		75,756
Individually evaluated for impairment		5,769
Total	231,326	84,480	$ 73,675	$ 77,429
Loans and leases outstanding
Collectively evaluated for impairment		22,986,607
Individually evaluated for impairment		115,843
Total	$ 24,522,845	23,276,341
Commercial | Portfolios acquired with deteriorated credit quality
Allowance for loan and lease losses
Total		2,955
Loans and leases outstanding
Total		$ 173,891

XML

Allowance for Credit Losses and Credit Quality - Other Real Estate Owned and Repossessed Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Other real estate owned	$ 38,914	$ 34,256
Repossessed and returned assets	10,196	8,045
Consumer loans in process of foreclosure	$ 18,693	$ 17,758

XML

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income attributable to TCF Financial Corporation	$ 51,899	$ 70,494
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips	115,847	37,368
Net unrealized gains (losses) on net investment hedges	10,481	(2,308)
Foreign currency translation adjustment	(14,426)	3,567
Recognized postretirement prior service cost	(9)	(8)
Total other comprehensive income (loss), net of tax	111,893	38,619
Comprehensive income	$ 163,792	$ 109,113

XML

Allowance for Credit Losses and Credit Quality - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Aug. 01, 2019
Receivables [Abstract]
Commitments to lend additional funds	$ 840		$ 638
Other real estate owned and repossessed and returned assets, write down	842	$ 1,800	3,400
Business Acquisition [Line Items]
Other real estate owned	38,914		34,256
Repossessed and returned assets	$ 10,196		$ 8,045
Chemical Financial Corporation
Business Acquisition [Line Items]
Other real estate owned				$ 14,600
Repossessed and returned assets				$ 300

XML

Borrowings - Schedule of Long-term Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Subordinated debt obligations	$ 437,504	$ 428,470
Discounted lease rentals	88,593	100,882
Long-term Debt and Lease Obligation	2,600,594	2,354,448
FHLB Advances Due 2020-2025
Debt Instrument [Line Items]
FHLB advances	2,071,480	1,822,058
Finance Lease Obligation Due 2038
Debt Instrument [Line Items]
Finance lease obligation	$ 3,017	$ 3,038

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Basis of Presentation

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

On August 1, 2019 (the "Merger Date"), TCF Financial Corporation, a Delaware corporation ("Legacy TCF"), merged with and into Chemical Financial Corporation, a Michigan corporation ("Chemical"), with Chemical continuing as the surviving entity (the "Merger"). Immediately following the Merger, Chemical’s wholly owned bank subsidiary, Chemical Bank, a Michigan state-chartered bank, merged with and into Legacy TCF’s wholly owned bank subsidiary, TCF National Bank, a national banking association, with TCF National Bank surviving the merger (“TCF Bank”). Upon completion of the Merger, Chemical was renamed TCF Financial Corporation. TCF Financial Corporation (together with its direct and indirect subsidiaries, "we," "us," "our," "TCF" or the "Corporation"), is a financial holding company, headquartered in Detroit, Michigan. TCF Bank has its main office in Sioux Falls, South Dakota. References herein to "TCF Financial" or the "Holding Company" refer to TCF Financial Corporation on an unconsolidated basis.

The Merger was accounted for as a reverse merger using the acquisition method of accounting, therefore, Legacy TCF was deemed the accounting acquirer for financial reporting purposes, even though Chemical was the legal acquirer. Accordingly, Legacy TCF's historical financial statements are the historical financial statements of the combined company for all periods before the Merger Date. TCF's results of operations include the results of operations of Chemical on and after August 1, 2019. Results for periods before August 1, 2019 reflect only those of Legacy TCF and do not include the results of operations of Chemical. 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 adjusted to reflect the equivalent number of shares issued to holders of Legacy TCF common stock in the Merger. See "Note 2. Merger" for further information. In addition, the assets and liabilities of Chemical as of the Merger Date have been recorded at their estimated fair value and added to those of Legacy TCF.

TCF Bank operates bank branches primarily located in Michigan, Illinois and Minnesota with additional locations in Arizona, Colorado, Ohio, South Dakota and Wisconsin (TCF's "primary banking markets"). Through its direct subsidiaries, TCF Bank provides a full range of consumer-facing and commercial services, including consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial customers.

The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in accordance with the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission ("SEC"). Accordingly, the consolidated financial statements do not include all of the information and notes necessary for complete financial statements in conformity with GAAP. In the opinion of management, the accompanying unaudited consolidated financial statements contain all the significant adjustments, consisting of normal recurring items, considered necessary for fair presentation. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. The information in this Quarterly Report on Form 10-Q is written with the presumption that the users of the interim financial statements have read or have access to the Corporation's most recent Annual Report on Form 10-K, which contains the latest audited financial statements and notes thereto, together with Management's Discussion and Analysis of Financial Condition and Results of Operations at and for the year ended December 31, 2019.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates. Certain reclassifications have been made to prior period financial statements to conform to the current period presentation.

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Loan Servicing Rights

3 Months Ended

Mar. 31, 2020

Transfers and Servicing [Abstract]

Loan Servicing Rights

Loan Servicing Rights

Information regarding LSRs was as follows:

(In thousands)	At or For the Three Months Ended March 31, 2020
Balance, beginning of period	$	56,313
New servicing assets created	2,451
Impairment (charge) recovery	(8,236		)
Amortization	(3,245		)
Balance, end of period	$	47,283
Valuation allowance, end of period	$	(12,118	)
Loans serviced for others that have servicing rights capitalized, end of period	$	6,444,101

Total loan servicing, late fee and other ancillary fee income, included in servicing fee income, related to loans serviced for others that have servicing rights capitalized was $4.2 million for the three months ended March 31, 2020.

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Merger

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Merger

Merger

As described in Note 1. Basis of Presentation, on August 1, 2019, the Corporation completed the Merger with Legacy TCF.

The Merger was an all-stock transaction. Pursuant to the merger agreement, on the Merger Date, each holder of Legacy TCF common stock received 0.5081 shares (the "Exchange Ratio") of TCF's common stock for each share of Legacy TCF common stock held. Each outstanding share of common stock of Chemical remained outstanding and was unaffected by the Merger other than by the change of the Corporation’s name from Chemical Financial Corporation to TCF Financial Corporation. As of the effective time of the Merger on August 1, 2019, TCF Financial had approximately 153.5 million shares of common stock outstanding. On the Merger Date, the shares of Legacy TCF common stock, which previously traded under the ticker symbol "TCF" on the New York Stock Exchange (the "NYSE") ceased trading on, and were delisted from, the NYSE. Following the Merger, TCF Financial common stock continues to trade on the Nasdaq Stock Market (“NASDAQ”), but its ticker symbol changed from "CHFC" to "TCF" effective August 1, 2019.

Pursuant to the merger agreement, each outstanding share of Legacy TCF 5.70% Series C Non-Cumulative Perpetual Preferred Stock, with a liquidation preference of $25,000 per share (the "Legacy TCF Preferred Stock") was converted into the right to receive one share of newly created 5.70% Series C Non-Cumulative Perpetual Preferred Stock of TCF, with a liquidation preference of $25,000 per share (the "New TCF Preferred Stock"), and each depository share representing 1/1000^th of a share of Legacy TCF Preferred Stock was converted into one depositary share representing 1/1000th of a share of New TCF Preferred Stock. Immediately following the effective time of the Merger, as of August 1, 2019, TCF Financial had 7,000 shares of New TCF Preferred Stock outstanding and 7.0 million related depositary shares outstanding.

The Merger constituted a business combination and was accounted for as a reverse merger using the acquisition method of accounting, therefore, Legacy TCF was deemed the acquirer for financial reporting purposes even though Chemical was the legal acquirer. As a result, the historical financial statements of Legacy TCF became the historical financial statements of the combined company. In addition, the assets acquired, including the intangible assets identified, and assumed liabilities of Chemical as of the Merger Date, have been recorded at their estimated fair value and added to those of Legacy TCF. In many cases, the determination of fair value required management to make estimates about discount rates, expected future cash flows, market conditions and other future events that are highly subjective in nature and subject to change.

As the legal acquirer, Chemical (now TCF Financial Corporation) issued approximately 81.9 million shares of TCF Financial common stock in connection with the Merger, which represented approximately 53% of the voting interests in TCF Financial upon completion of the Merger. Guidance in Accounting Standards Codification ("ASC") 805-40-30-2 explains that the purchase price in a reverse acquisition is determined based on “the number of equity interests the legal acquiree would have had to issue to give the owners of the legal acquirer the same percentage equity interest in the combined entity that results from the reverse acquisition.” The first step in calculating the purchase price in the Merger is to determine the ownership of the combined company following the Merger. The table below summarizes the ownership of the combined company ("TCF Financial") following the Merger, as well as the market capitalization of the combined company using shares of Chemical and Legacy TCF common stock outstanding at July 31, 2019 and Chemical’s closing price on July 31, 2019.

(Dollars in thousands)	TCF Financial Ownership and Market Value Table
	Number of Chemical Outstanding Shares	Percentage Ownership		Market Value at $42.04 Chemical Share Price
Legacy TCF shareholders	81,920,494	53.38	%	$	3,443,938
Chemical shareholders	71,558,755	46.62		3,008,330
Total	153,479,249	100.00	%	$	6,452,268

Next, the hypothetical number of shares Legacy TCF would have to issue to give Chemical owners the same percentage ownership in the combined company is calculated in the table below (based on shares of Legacy TCF common stock outstanding at July 31, 2019):

	Hypothetical Legacy TCF Ownership
	Number of Legacy TCF Outstanding Shares	Percentage Ownership
Legacy TCF shareholders	161,229,078	53.38	%
Chemical shareholders	140,835,967	46.62
Total	302,065,045	100.00	%

Finally, the purchase price is calculated based on the number of hypothetical shares of Legacy TCF common stock issued to Chemical shareholders multiplied by the share price as demonstrated in the table below.

(Dollars in thousands, except per share data)
Number of hypothetical Legacy TCF shares issued to Chemical shareholders	140,835,967
Legacy TCF market price per share as of July 31, 2019	$	21.38
Purchase price determination of hypothetical Legacy TCF shares issued to Chemical shareholders	3,011,073
Value of Chemical stock options hypothetically converted to options to acquire shares of Legacy TCF common stock	7,335
Cash in lieu of fractional shares	148
Purchase price consideration	$	3,018,556

The following table provides the purchase price allocation as of the Merger Date and the assets acquired and liabilities assumed at their estimated fair value as of the Merger Date as recorded by the Corporation. The Corporation recorded the estimate of fair value based on initial valuations available at the Merger Date and these estimates are considered preliminary and subject to adjustment for up to one year after the Merger Date. While the Corporation believes that the information available on the Merger Date provided a reasonable basis for estimating fair value, we expect that we may obtain additional information and evidence during the measurement period that would result in changes to the estimated fair value amounts. The measurement period ends on the earlier of one year after the Merger Date or the date the Corporation is able to determine that the Corporation has obtained all necessary information about the facts and circumstances that existed as of Merger Date. The Corporation finalized all valuations and recorded final adjustments during the first quarter of 2020. These adjustments include: (i) changes in the estimated fair value of loans and leases acquired, (ii) changes in deferred tax assets related to fair value estimates and changes in the expected realization of items considered to be net operating loss carryforwards, and (iii) changes in goodwill as a result of the net effect of any adjustments.

(In thousands)
Purchase price consideration:
Stock	$	3,018,556
Fair value of assets acquired(1)
Cash and cash equivalents	975,014
Federal Home Loan Bank and Federal Reserve Bank stocks	218,582
Investment securities	3,774,738
Loans held-for-sale	44,532
Loans and leases	15,713,399
Premises and equipment	140,219
Loan servicing rights	59,567
Other intangible assets	159,532
Net deferred tax asset(2)	65,685
Other assets	552,432
Total assets acquired	21,703,700
Fair value of liabilities assumed(1)
Deposits	16,418,215
Short-term borrowings	2,629,426
Long-term borrowings	442,323
Other liabilities	353,469
Total liabilities assumed	19,843,433
Fair value of net identifiable assets	1,860,267
Goodwill resulting from Merger(1)	$	1,158,289

(1) All amounts were previously reported in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019, with the exception of the following adjustments to fair value based on additional information obtained in the first quarter of 2020: (i) loans and leases ($17.2 million decrease), (ii) net deferred tax asset ($4.0 million increase), and (iii) goodwill resulting from Merger ($13.2 million increase).

(2) Net deferred tax asset includes acquisition-related fair value adjustments, loss and tax credit carry forwards, mortgage servicing rights and core deposit and customer intangibles.

The final loan valuation adjustments also impacted interest income in the first quarter of 2020. Additional accretion of $2.4 million would have been recorded as interest income in the year ended December 31, 2019, had the final loan valuation been recorded at the Merger Date.

As described in more detail in Note 3. Summary of Significant Accounting Policies below, all Chemical loans and leases were recorded at their estimated fair value as of the Merger Date with no carryover of the related allowance for loans and lease losses. The acquired loans and leases were segregated into two classifications at acquisition, purchased credit impaired (“PCI”) loans accounted for under the provisions of legacy GAAP Accounting Standards Codification ("ASC") Topic 310-30, and purchased nonimpaired loans and leases, also referred to as purchased loans and leases. The excess of cash flows expected to be collected over the estimated fair value of PCI loans is referred to as the accretable yield and is accreted into interest income over the estimated remaining life of the loan using the effective yield method. The difference between the contractually required payments and the cash flows expected to be collected at acquisition, considering the impact of prepayment and estimates of future credit losses expected to be incurred, is referred to as the nonaccretable difference.

Information regarding acquired loans and leases included in net loans and leases acquired at the Merger Date was as follows:

(In thousands)
PCI loans:
Contractually required payments receivable	$	413,176
Nonaccretable difference	(63,014		)
Expected cash flows	350,162
Accretable yield	38,479
Fair value of PCI loans	$	311,683
Purchased nonimpaired loans and leases:
Unpaid principal balance	$	15,636,020
Fair value discount	(234,304		)
Fair value at acquisition	15,401,716
Total fair value at acquisition	$	15,713,399

Other intangible assets consisted of core deposits and customer relationship intangibles with estimated fair values at the Merger Date of $138.2 million and $21.3 million, respectively. Core deposit intangibles are being amortized over a weighted-average life of ten years on an accelerated basis. Customer relationship intangibles are being amortized over a weighted-average life of 15.6 years based on expected economic benefits of the underlying intangible assets. The weighted-average life of amortizable intangibles acquired in the Merger was 11 years.

As a result of the Merger, the Corporation recorded $1.2 billion of goodwill. Of the $1.2 billion, $528.0 million was attributable to Consumer Banking and $630.3 million was attributable to Commercial Banking. The goodwill recorded is not deductible for income tax purposes.

Pro Forma Combined Results of Operations The following pro forma financial information presents the consolidated results of operations of Legacy TCF and Chemical as if the Merger had occurred as of January 1, 2019 with pro forma adjustments. The pro forma adjustments give effect to any change in interest income due to the accretion of the discount (amortization of premium) associated with the fair value adjustments to acquired loans and leases, any change in interest expense due to estimated premium amortization/discount accretion associated with the fair value adjustments to acquired time deposits and borrowings and other debt, amortization of the customer relationship intangibles, and amortization of the core deposit intangibles that would have resulted had the deposits been acquired as of January 1, 2019. Merger-related expenses incurred by TCF during the three months ended March 31, 2020 are not reflected in the pro forma amounts. The pro forma information does not necessarily reflect the results of operations that would have occurred had Legacy TCF merged with Chemical at the beginning of 2019. Anticipated cost savings that have not yet been realized are also not reflected in the pro forma amounts for the three months ended March 31, 2020 and 2019.

	Three Months Ended March 31,
(In thousands, except per share data)	2020		2019
Net interest income and other noninterest income	$	538,444	$	554,724
Net income	51,899		149,068
Net income available to common shareholders	49,406		146,575
Earnings per share:
Basic	$	0.33	$	0.95
Diluted	0.32		0.95

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Investment Securities

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

The amortized cost and fair value of investment securities were as follows:

	Investment Securities Available-for-sale, At Fair Value
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
At March 31, 2020
Debt securities:
Government and government-sponsored enterprises	$	218,996	$	80	$	496	$	218,580
Obligations of states and political subdivisions	850,816		16,509		769		866,556
Mortgage-backed securities:
Residential agency	4,701,950		194,932		13		4,896,869
Residential non-agency	327,663		415		4,544		323,534
Commercial agency	653,969		27,769		2,156		679,582
Commercial non-agency	39,390		328		15		39,703
Total mortgage-backed debt securities	5,722,972		223,444		6,728		5,939,688
Corporate debt and trust preferred securities	451		—		51		400
Total investment securities available-for-sale	$	6,793,235	$	240,033	$	8,044	$	7,025,224
At December 31, 2019
Debt securities:
Government and government-sponsored enterprises	$	235,045	$	18	$	678	$	234,385
Obligations of states and political subdivisions	852,096		12,446		687		863,855
Mortgage-backed securities:
Residential agency	4,492,427		68,797		6,103		4,555,121
Residential non-agency	374,046		1,166		616		374,596
Commercial agency	645,814		8,639		2,049		652,404
Commercial non-agency	39,398		17		205		39,210
Total mortgage-backed debt securities	5,551,685		78,619		8,973		5,621,331
Corporate debt and trust preferred securities	451		—		21		430
Total investment securities available-for-sale	$	6,639,277	$	91,083	$	10,359	$	6,720,001

	Investment Securities Held-to-Maturity
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
At March 31, 2020
Residential agency mortgage-backed securities	$	131,947	$	10,370	$	15	$	142,302
Corporate debt and trust preferred securities	3,672		—		—		3,672
Total investment securities held-to-maturity (1)	$	135,619	$	10,370	$	15	$	145,974
At December 31, 2019
Residential agency mortgage-backed securities	$	135,769	$	5,576	$	177	$	141,168
Corporate debt and trust preferred securities	3,676		—		—		3,676
Total investment securities held-to-maturity	$	139,445	$	5,576	$	177	$	144,844

(1) The adoption of CECL was inconsequential to held-to-maturity investment securities. At March 31, 2020 there was no allowance for credit losses for investment securities held-to-maturity.

Accrued interest receivable for investment securities was $25.3 million and $21.6 million at March 31, 2020 and December 31, 2019, respectively, and is is included in other assets on the Consolidated Statements of Financial Condition.

Gross unrealized losses and fair value of available-for-sale investment securities aggregated by investment category and the length of time the securities were in a continuous loss position were as follows: 

	At March 31, 2020
	Less than 12 months				12 months or more				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Investment securities available-for-sale
Debt securities:
Government and government sponsored enterprises	$	182,694	$	496	$	—	$	—	$	182,694	$	496
Obligations of states and political subdivisions	145,406		769		—		—		145,406		769
Mortgage-backed securities:
Residential agency	480		13		—		—		480		13
Residential non-agency	251,453		4,544		—		—		251,453		4,544
Commercial agency	89,607		2,156		—		—		89,607		2,156
Commercial non-agency	2,004		15		—		—		2,004		15
Total mortgage-backed debt securities	343,544		6,728		—		—		343,544		6,728
Corporate debt and trust preferred securities	400		51		—		—		400		51
Total investment securities available-for-sale	$	672,044	$	8,044	$	—	$	—	$	672,044	$	8,044

	At December 31, 2019
	Less than 12 months				12 months or more				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Investment securities available-for-sale
Debt securities:
Government and government sponsored enterprises	$	226,177	$	678	$	—	$	—	$	226,177	$	678
Obligations of states and political subdivisions	60,639		687		—		—		60,639		687
Mortgage-backed securities:
Residential agency	667,511		3,586		200,534		2,517		868,045		6,103
Residential non-agency	140,403		616		—		—		140,403		616
Commercial agency	176,880		2,049		—		—		176,880		2,049
Commercial non-agency	25,560		205		—		—		25,560		205
Total mortgage-backed debt securities	1,010,354		6,456		200,534		2,517		1,210,888		8,973
Corporate debt and trust preferred securities	430		21		—		—		430		21
Total investment securities available-for-sale	$	1,297,600	$	7,842	$	200,534	$	2,517	$	1,498,134	$	10,359

The adoption of CECL did not have a material impact on our accounting for available-for-sale investment securities. At March 31, 2020 there were 598 available-for-sale investment securities in an unrealized loss position. We have assessed each investment security with unrealized losses for credit impairment. As part of that assessment we evaluated and concluded that it is more-likely-than-not that the Corporation will not be required and does not intend to sell any of the investment securities prior to recovery of the amortized cost. Unrealized losses on investment securities were due to credit spreads and interest rates.

The gross gains and losses on sales of investment securities were as follows: 

	Three Months Ended March 31,
(In thousands)	2020		2019
Gross realized gains	$	—	$	1,622
Gross realized losses	—		1,175
Recoveries on previously impaired investment securities held-to-maturity	—		4
Net gains (losses) on investment securities	$	—	$	451

The amortized cost and fair value of investment securities by final contractual maturity were as follows. Securities with multiple maturity dates are classified in the period of final maturity. The final contractual maturities do not consider possible prepayments and therefore expected maturities may differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	At March 31, 2020				At December 31, 2019
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Investment Securities Available-for-Sale
Due in one year or less	$	66,096	$	66,021	$	66,124	$	66,112
Due in 1-5 years	188,565		189,294		191,364		192,065
Due in 5-10 years	551,643		569,940		547,813		555,523
Due after 10 years	5,986,931		6,199,969		5,833,976		5,906,301
Total investment securities available-for-sale	$	6,793,235	$	7,025,224	$	6,639,277	$	6,720,001
Investment Securities Held-to-Maturity
Due in 1-5 years	$	3,550	$	3,550	$	3,550	$	3,550
Due in 5-10 years	55		61		58		64
Due after 10 years	132,014		142,363		135,837		141,230
Total investment securities held-to-maturity	$	135,619	$	145,974	$	139,445	$	144,844

At March 31, 2020 and December 31, 2019, investment securities with a carrying value of $1.2 billion and $627.0 million, respectively, were pledged as collateral to secure certain deposits and borrowings.

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Allowance for Credit Losses and Credit Quality (Tables)

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Rollforwards of the allowance for loan and lease losses

The rollforwards of the allowance for credit losses were as follows:

(In thousands)	Consumer Loan Portfolio			Commercial Loan and Lease Portfolio			Total Loans and Leases			Unfunded Commitments(1)		Total
At or For the Three Months Ended March 31, 2020
Balance, beginning of period	$	28,572		$	84,480		$	113,052		$	3,528	$	116,580
Impact of CECL adoption	107,337			98,655			205,992			14,707		220,699
Adjusted balance, beginning of period	135,909			183,135			319,044			18,235		337,279
Charge-offs	(5,900		)	(9,749		)	(15,649		)	—		(15,649		)
Recoveries	4,760			5,412			10,172			—		10,172
Net (charge-offs) recoveries	(1,140		)	(4,337		)	(5,477		)	—		(5,477		)
Provision for credit losses(2)	40,288			52,702			92,990			3,953		96,943
Other	—			(174		)	(174		)	—		(174		)
Balance, end of period	$	175,057		$	231,326		$	406,383		$	22,188	$	428,571
At or For the Three Months Ended March 31, 2019
Balance, beginning of period	$	80,017		$	77,429		$	157,446		$	1,428	$	158,874
Charge-offs	(16,866		)	(7,565		)	(24,431		)	—		(24,431		)
Recoveries	4,857			920			5,777			—		5,777
Net (charge-offs) recoveries	(12,009		)	(6,645		)	(18,654		)	—		(18,654		)
Provision for credit losses(2)	7,258			2,864			10,122			513		10,635
Other	(969		)	27			(942		)	—		(942		)
Balance, end of period	$	74,297		$	73,675		$	147,972		$	1,941	$	149,913

(1) Reserve for unfunded commitments is recognized within other liabilities on the Consolidated Statements of Financial Condition.

(2)

As a result of the adoption of CECL, effective January 1, 2020, the provision for credit losses includes the provision for unfunded commitments that was previously included within other noninterest expense.

Rollforwards of the allowance for loan and lease losses

The rollforwards of the allowance for credit losses were as follows:

(In thousands)	Consumer Loan Portfolio			Commercial Loan and Lease Portfolio			Total Loans and Leases			Unfunded Commitments(1)		Total
At or For the Three Months Ended March 31, 2020
Balance, beginning of period	$	28,572		$	84,480		$	113,052		$	3,528	$	116,580
Impact of CECL adoption	107,337			98,655			205,992			14,707		220,699
Adjusted balance, beginning of period	135,909			183,135			319,044			18,235		337,279
Charge-offs	(5,900		)	(9,749		)	(15,649		)	—		(15,649		)
Recoveries	4,760			5,412			10,172			—		10,172
Net (charge-offs) recoveries	(1,140		)	(4,337		)	(5,477		)	—		(5,477		)
Provision for credit losses(2)	40,288			52,702			92,990			3,953		96,943
Other	—			(174		)	(174		)	—		(174		)
Balance, end of period	$	175,057		$	231,326		$	406,383		$	22,188	$	428,571
At or For the Three Months Ended March 31, 2019
Balance, beginning of period	$	80,017		$	77,429		$	157,446		$	1,428	$	158,874
Charge-offs	(16,866		)	(7,565		)	(24,431		)	—		(24,431		)
Recoveries	4,857			920			5,777			—		5,777
Net (charge-offs) recoveries	(12,009		)	(6,645		)	(18,654		)	—		(18,654		)
Provision for credit losses(2)	7,258			2,864			10,122			513		10,635
Other	(969		)	27			(942		)	—		(942		)
Balance, end of period	$	74,297		$	73,675		$	147,972		$	1,941	$	149,913

(1) Reserve for unfunded commitments is recognized within other liabilities on the Consolidated Statements of Financial Condition.

(2)

As a result of the adoption of CECL, effective January 1, 2020, the provision for credit losses includes the provision for unfunded commitments that was previously included within other noninterest expense.

Allowance for loan and lease losses and balances by type of allowance methodology

The allowance for loan and lease losses and loans and leases outstanding by type of allowance methodology was as follows:

	At December 31, 2019
(In thousands)	Consumer Loan Portfolio		Commercial Loan and Lease Portfolio		Total Loans and Leases
Allowance for loan and lease losses
Collectively evaluated for impairment	$	26,430	$	75,756	$	102,186
Individually evaluated for impairment	1,468		5,769		7,237
Loans acquired with deteriorated credit quality	674		2,955		3,629
Total	$	28,572	$	84,480	$	113,052
Loans and leases outstanding
Collectively evaluated for impairment	$	11,087,534	$	22,986,607	$	34,074,141
Individually evaluated for impairment	60,694		115,843		176,537
Loans acquired with deteriorated credit quality	72,895		173,891		246,786
Total	$	11,221,123	$	23,276,341	$	34,497,464

Schedule of accruing and non-accruing loans and leases

The Corporation's accruing and nonaccrual loans and leases were as follows:

(In thousands)	Current		30-89 Days Delinquent and Accruing		90 Days or More Delinquent and Accruing		Total  Accruing		Nonaccrual(1)		Total
At March 31, 2020
Commercial loan and lease portfolio:
Commercial and industrial	$	12,188,493	$	54,183	$	110	$	12,242,786	$	84,157	$	12,326,943
Commercial real estate	9,395,692		42,738		1,442		9,439,872		47,032		9,486,904
Lease financing	2,653,675		39,108		3,045		2,695,828		13,170		2,708,998
Total commercial loan and lease portfolio	24,237,860		136,029		4,597		24,378,486		144,359		24,522,845
Consumer loan portfolio:
Residential mortgage	6,350,832		21,949		553		6,373,334		61,980		6,435,314
Consumer installment	1,504,344		4,615		5		1,508,964		989		1,509,953
Home equity	3,380,076		29,864		415		3,410,355		43,147		3,453,502
Total consumer loan portfolio	11,235,252		56,428		973		11,292,653		106,116		11,398,769
Total	$	35,473,112	$	192,457	$	5,570	$	35,671,139	$	250,475	$	35,921,614
At December 31, 2019
Commercial loan and lease portfolio:
Commercial and industrial	$	11,283,832	$	29,780	$	331	$	11,313,943	$	53,812	$	11,367,755
Commercial real estate	8,993,360		10,291		1,440		9,005,091		29,735		9,034,826
Lease financing	2,662,354		24,657		1,901		2,688,912		10,957		2,699,869
Total commercial loan and lease portfolio	22,939,546		64,728		3,672		23,007,946		94,504		23,102,450
Consumer loan portfolio:
Residential mortgage	6,056,817		17,245		559		6,074,621		38,577		6,113,198
Consumer installment	1,536,714		4,292		108		1,541,114		714		1,541,828
Home equity	3,434,771		22,568		—		3,457,339		35,863		3,493,202
Total consumer loan portfolio	11,028,302		44,105		667		11,073,074		75,154		11,148,228
Purchased credit impaired loans(1)	217,206		3,843		25,737		246,786		—		246,786
Total	$	34,185,054	$	112,676	$	30,076	$	34,327,806	$	169,658	$	34,497,464

(1) Prior to the adoption of CECL as of January 1, 2020, purchased credit impaired loans were not classified as nonaccrual loans because they were recorded at their net realizable value based on the principal and interest expected to be collected on the loans. At January 1, 2020, $73.4 million of previous purchased credit impaired loans were reclassified to nonaccrual loans as a result of the adoption of CECL.

Financing receivable credit quality indicators

Loans and leases that are 90 days or more delinquent and accruing by year of origination were as follows:

			Amortized Cost Basis
(In thousands)	Term Loans and Leases by Origination Year												Revolving Loans and Leases		Revolving Loans and Leases Converted to Term Loans and Leases
At March 31, 2020	2020		2019		2018		2017		2016		Prior						Total
Commercial loan and lease portfolio:
Commercial and industrial	$	—	$	—	$	—	$	67	$	39	$	4	$	—	$	—	$	110
Commercial real estate	—		—		115		—		—		1,327		—		—		1,442
Lease financing	—		2,012		691		152		60		130		—		—		3,045
Total commercial loan and lease portfolio	—		2,012		806		219		99		1,461		—		—		4,597
Consumer loan portfolio:
Residential mortgage	—		—		—		—		—		553		—		—		553
Consumer installment	5		—		—		—		—		—		—		—		5
Home equity	—		—		—		—		—		—		415		—		415
Total consumer loan portfolio	5		—		—		—		—		553		415		—		973
Total 90 days or more delinquent and accruing	$	5	$	2,012	$	806	$	219	$	99	$	2,014	$	415	$	—	$	5,570

Nonaccrual loans and leases by year of origination were as follows:

			Amortized Cost Basis
(In thousands)	Term Loans and Leases by Origination Year												Revolving Loans and Leases		Revolving Loans and Leases Converted to Term Loans and Leases
At March 31, 2020	2020		2019		2018		2017		2016		Prior						Total
Commercial loan and lease portfolio:
Commercial and industrial	$	296	$	5,192	$	12,329	$	15,382	$	13,883	$	29,984	$	7,091	$	—	$	84,157
Commercial real estate	—		457		3,758		4,457		9,707		28,653		—		—		47,032
Lease financing	—		1,413		2,065		4,496		1,764		2,546		—		886		13,170
Total commercial loan and lease portfolio	296		7,062		18,152		24,335		25,354		61,183		7,091		886		144,359
Consumer loan portfolio:
Residential mortgage	267		1,517		2,383		2,673		1,857		52,338		—		945		61,980
Consumer installment	—		33		241		122		70		438		85		—		989
Home equity	528		1,883		684		365		215		4,895		33,688		889		43,147
Total consumer loan portfolio	795		3,433		3,308		3,160		2,142		57,671		33,773		1,834		106,116
Total nonaccrual loans and leases	$	1,091	$	10,495	$	21,460	$	27,495	$	27,496	$	118,854	$	40,864	$	2,720	$	250,475

The recorded investment of loans and leases by credit risk categories as of December 31, 2019 was as follows:

(In thousands)	Pass		Special Mention		Substandard		Total
At December 31, 2019
Commercial loan and lease portfolio:
Commercial and industrial	$	10,930,939	$	315,097	$	193,566	$	11,439,602
Commercial real estate	8,891,361		170,114		75,395		9,136,870
Lease financing	2,646,874		28,091		24,904		2,699,869
Total commercial loan and lease portfolio	22,469,174		513,302		293,865		23,276,341
Consumer loan portfolio:
Residential mortgage	6,135,096		565		44,144		6,179,805
Consumer installment	1,541,524		—		887		1,542,411
Home equity	3,457,292		456		41,159		3,498,907
Total consumer loan portfolio	11,133,912		1,021		86,190		11,221,123
Total loans and leases	$	33,603,086	$	514,323	$	380,055	$	34,497,464

The amortized cost basis of loans and leases by credit risk categories and year of origination was as follows:

	Amortized Cost Basis
(In thousands)	Term Loans and Leases by Origination Year												Revolving Loans and Leases(1)		Revolving Loans and Leases Converted to Term Loans and Leases(2)
At March 31, 2020	2020		2019		2018		2017		2016		Prior						Total
Commercial loan and lease portfolio:
Commercial and industrial
Pass	$	791,458	$	2,781,870	$	1,607,788	$	940,905	$	630,425	$	917,788	$	4,058,569	$	40,089	$	11,768,892
Special mention	667		15,050		47,411		37,612		26,010		45,499		139,147		1,259		312,655
Substandard	1,526		17,159		43,437		14,028		29,873		45,130		88,036		—		239,189
Doubtful	—		—		1,500		4,199		—		508		—		—		6,207
Total commercial and industrial	793,651		2,814,079		1,700,136		996,744		686,308		1,008,925		4,285,752		41,348		12,326,943
Commercial real estate
Pass	685,194		2,328,888		2,141,432		1,671,351		889,876		1,436,544		1,077		—		9,154,362
Special mention	—		38,094		16,882		97,826		36,102		50,891		—		—		239,795
Substandard	—		662		5,516		9,043		16,622		60,904		—		—		92,747
Total commercial real estate	685,194		2,367,644		2,163,830		1,778,220		942,600		1,548,339		1,077		—		9,486,904
Lease financing
Pass	262,563		935,170		549,772		357,029		212,876		89,606		44,682		200,917		2,652,615
Special mention	660		5,154		3,781		4,256		2,899		2,327		—		11,524		30,601
Substandard	3,371		3,596		3,371		6,365		2,596		3,533		—		2,950		25,782
Total lease financing	266,594		943,920		556,924		367,650		218,371		95,466		44,682		215,391		2,708,998
Total commercial	1,745,439		6,125,643		4,420,890		3,142,614		1,847,279		2,652,730		4,331,511		256,739		24,522,845
Consumer loan portfolio:
Residential mortgage
Pass	504,871		1,526,611		1,045,969		668,442		618,565		1,987,061		—		16,554		6,368,073
Special mention	—		393		—		—		—		382		—		—		775
Substandard	267		1,517		2,599		2,807		1,857		56,474		—		945		66,466
Total residential mortgage	505,138		1,528,521		1,048,568		671,249		620,422		2,043,917		—		17,499		6,435,314
Consumer installment
Pass	97,037		483,133		258,519		266,110		189,150		179,147		35,851		—		1,508,947
Substandard	—		42		241		122		70		438		93		—		1,006
Total consumer installment	97,037		483,175		258,760		266,232		189,220		179,585		35,944		—		1,509,953
Home equity
Pass	11,857		68,988		68,945		56,168		41,278		172,810		2,956,158		29,015		3,405,219
Special mention	—		230		—		37		—		372		30		—		669
Substandard	625		2,166		757		365		267		5,353		37,129		952		47,614
Total home equity	12,482		71,384		69,702		56,570		41,545		178,535		2,993,317		29,967		3,453,502
Total consumer	614,657		2,083,080		1,377,030		994,051		851,187		2,402,037		3,029,261		47,466		11,398,769
Total loans and leases	$	2,360,096	$	8,208,723	$	5,797,920	$	4,136,665	$	2,698,466	$	5,054,767	$	7,360,772	$	304,205	$	35,921,614

(1) This balance includes $44.7 million of leased equipment that has been provided to lessees under certain master lease agreements. Under these agreements, the total amount of equipment included in each lease is provided over time, and additional amounts are required to be provided to the respective lessees in future accounting periods.

(2)

This balance includes $256.7 million of leased equipment that has been provided to lessees under certain master lease agreements. Under these agreements, the total amount of equipment included in each lease was provided over time, and all equipment required by the lease has been provided to the respective lessees in current or previous accounting periods.

Schedule of TDR loans

The following table summarizes the TDR loans that defaulted during the periods presented that were modified during the respective reporting period or within one year of the beginning of the respective reporting period. The Corporation considers a loan to have defaulted when under the modified terms it becomes 90 or more days delinquent, has been transferred to nonaccrual status, has been charged down or has been transferred to other real estate owned or repossessed and returned assets.

	Three Months Ended March 31,
(In thousands)	2020		2019
Defaulted TDR loan balances modified during the applicable period
Consumer loan portfolio:
Residential mortgage	$	630	$	190
Consumer installment	—		536
Home equity	59		94
Total consumer loan portfolio	689		820
Defaulted TDR loan balances	$	689	$	820

The following table presents the recorded investment of loan modifications first classified as TDRs during the periods presented:

	Three Months Ended March 31,
	2020				2019
(In thousands)	Pre-modification Investment		Post-modification Investment		Pre-modification Investment		Post-modification Investment
Commercial loan and lease portfolio:
Commercial and industrial	$	5,751	$	5,751	$	1,195	$	1,195
Commercial real estate	106		106		569		569
Total commercial loan and lease portfolio	5,857		5,857		1,764		1,764
Consumer loan portfolio:
Residential mortgage	3,222		3,157		1,385		1,378
Consumer installment	376		353		—		—
Home equity	997		996		1,666		1,654
Total consumer loan portfolio	4,595		4,506		3,051		3,032
Total	$	10,452	$	10,363	$	4,815	$	4,796

The following table presents TDR loans:

	At March 31, 2020						At December 31, 2019
(In thousands)	Accruing TDR Loans		Nonaccrual TDR Loans		Total TDR Loans		Accruing TDR Loans		Nonaccrual TDR Loans		Total TDR Loans
Commercial loan and lease portfolio	$	9,655	$	10,313	$	19,968	$	12,986	$	5,356	$	18,342
Consumer loan portfolio	13,248		17,331		30,579		12,403		14,875		27,278
Total	$	22,903	$	27,644	$	50,547	$	25,389	$	20,231	$	45,620

Information on impaired loans

Information on impaired loans and leases at December 31, 2019 was as follows:

	At December 31, 2019
(In thousands)	Unpaid Contractual Balance		Loan and Lease Balance		Related Allowance Recorded
Impaired loans and leases with an allowance recorded:
Commercial loan and lease portfolio:
Commercial and industrial	$	20,069	$	20,090	$	2,844
Commercial real estate	4,225		3,962		333
Lease financing	10,956		10,956		2,592
Total commercial loan and lease portfolio	35,250		35,008		5,769
Consumer loan portfolio:
Residential mortgage	24,297		22,250		1,030
Home equity	9,418		8,791		438
Total consumer loan portfolio	33,715		31,041		1,468
Total impaired loans and leases with an allowance recorded	68,965		66,049		7,237
Impaired loans and leases without an allowance recorded:
Commercial loan and lease portfolio:
Commercial and industrial	55,889		39,098		—
Commercial real estate	69,143		41,737		—
Total commercial loan and lease portfolio	125,032		80,835		—
Consumer loan portfolio:
Residential mortgage	31,142		22,594		—
Consumer installment	2,095		880		—
Home equity	24,709		6,179		—
Total consumer loan portfolio	57,946		29,653		—
Total impaired loans and leases without an allowance recorded	182,978		110,488		—
Total impaired loans and leases	$	251,943	$	176,537	$	7,237

The average balance of nonaccrual loans and leases and interest income recognized on nonaccrual loans and leases were as follows:

	Three Months Ended March 31,
	2020				2019
(In thousands)	Average Loan and Lease Balance(1)		Interest Income Recognized(1)		Average Loan and Lease Balance		Interest Income Recognized
Commercial loan and lease portfolio:
Commercial and industrial	$	68,985	$	1,709	$	21,605	$	71
Commercial real estate	38,383		1,784		2,562		—
Lease financing	12,063		51		9,485		34
Total commercial loan and lease portfolio	119,431		3,544		33,652		105
Consumer loan portfolio:
Residential mortgage	50,278		638		34,169		78
Consumer installment	852		25		8,807		—
Home equity	39,505		156		27,973		40
Total consumer loan portfolio	90,635		819		70,949		118
Total nonaccrual loans and leases	$	210,066	$	4,363	$	104,601	$	223

Schedule of other real estate owned and repossessed and returned assets

Other real estate owned and repossessed and returned assets were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
Other real estate owned	$	38,914	$	34,256
Repossessed and returned assets	10,196		8,045
Consumer loans in process of foreclosure	18,693		17,758

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Merger (Tables)

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The table below summarizes the ownership of the combined company ("TCF Financial") following the Merger, as well as the market capitalization of the combined company using shares of Chemical and Legacy TCF common stock outstanding at July 31, 2019 and Chemical’s closing price on July 31, 2019.

(Dollars in thousands)	TCF Financial Ownership and Market Value Table
	Number of Chemical Outstanding Shares	Percentage Ownership		Market Value at $42.04 Chemical Share Price
Legacy TCF shareholders	81,920,494	53.38	%	$	3,443,938
Chemical shareholders	71,558,755	46.62		3,008,330
Total	153,479,249	100.00	%	$	6,452,268

Next, the hypothetical number of shares Legacy TCF would have to issue to give Chemical owners the same percentage ownership in the combined company is calculated in the table below (based on shares of Legacy TCF common stock outstanding at July 31, 2019):

	Hypothetical Legacy TCF Ownership
	Number of Legacy TCF Outstanding Shares	Percentage Ownership
Legacy TCF shareholders	161,229,078	53.38	%
Chemical shareholders	140,835,967	46.62
Total	302,065,045	100.00	%

Finally, the purchase price is calculated based on the number of hypothetical shares of Legacy TCF common stock issued to Chemical shareholders multiplied by the share price as demonstrated in the table below.

(Dollars in thousands, except per share data)
Number of hypothetical Legacy TCF shares issued to Chemical shareholders	140,835,967
Legacy TCF market price per share as of July 31, 2019	$	21.38
Purchase price determination of hypothetical Legacy TCF shares issued to Chemical shareholders	3,011,073
Value of Chemical stock options hypothetically converted to options to acquire shares of Legacy TCF common stock	7,335
Cash in lieu of fractional shares	148
Purchase price consideration	$	3,018,556

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

While the Corporation believes that the information available on the Merger Date provided a reasonable basis for estimating fair value, we expect that we may obtain additional information and evidence during the measurement period that would result in changes to the estimated fair value amounts. The measurement period ends on the earlier of one year after the Merger Date or the date the Corporation is able to determine that the Corporation has obtained all necessary information about the facts and circumstances that existed as of Merger Date. The Corporation finalized all valuations and recorded final adjustments during the first quarter of 2020. These adjustments include: (i) changes in the estimated fair value of loans and leases acquired, (ii) changes in deferred tax assets related to fair value estimates and changes in the expected realization of items considered to be net operating loss carryforwards, and (iii) changes in goodwill as a result of the net effect of any adjustments.

(In thousands)
Purchase price consideration:
Stock	$	3,018,556
Fair value of assets acquired(1)
Cash and cash equivalents	975,014
Federal Home Loan Bank and Federal Reserve Bank stocks	218,582
Investment securities	3,774,738
Loans held-for-sale	44,532
Loans and leases	15,713,399
Premises and equipment	140,219
Loan servicing rights	59,567
Other intangible assets	159,532
Net deferred tax asset(2)	65,685
Other assets	552,432
Total assets acquired	21,703,700
Fair value of liabilities assumed(1)
Deposits	16,418,215
Short-term borrowings	2,629,426
Long-term borrowings	442,323
Other liabilities	353,469
Total liabilities assumed	19,843,433
Fair value of net identifiable assets	1,860,267
Goodwill resulting from Merger(1)	$	1,158,289

(1) All amounts were previously reported in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019, with the exception of the following adjustments to fair value based on additional information obtained in the first quarter of 2020: (i) loans and leases ($17.2 million decrease), (ii) net deferred tax asset ($4.0 million increase), and (iii) goodwill resulting from Merger ($13.2 million increase).

(2) Net deferred tax asset includes acquisition-related fair value adjustments, loss and tax credit carry forwards, mortgage servicing rights and core deposit and customer intangibles.

Summary of PCI Loans

Information regarding acquired loans and leases included in net loans and leases acquired at the Merger Date was as follows:

(In thousands)
PCI loans:
Contractually required payments receivable	$	413,176
Nonaccretable difference	(63,014		)
Expected cash flows	350,162
Accretable yield	38,479
Fair value of PCI loans	$	311,683
Purchased nonimpaired loans and leases:
Unpaid principal balance	$	15,636,020
Fair value discount	(234,304		)
Fair value at acquisition	15,401,716
Total fair value at acquisition	$	15,713,399

Business Acquisition, Pro Forma Information

The following pro forma financial information presents the consolidated results of operations of Legacy TCF and Chemical as if the Merger had occurred as of January 1, 2019 with pro forma adjustments. The pro forma adjustments give effect to any change in interest income due to the accretion of the discount (amortization of premium) associated with the fair value adjustments to acquired loans and leases, any change in interest expense due to estimated premium amortization/discount accretion associated with the fair value adjustments to acquired time deposits and borrowings and other debt, amortization of the customer relationship intangibles, and amortization of the core deposit intangibles that would have resulted had the deposits been acquired as of January 1, 2019. Merger-related expenses incurred by TCF during the three months ended March 31, 2020 are not reflected in the pro forma amounts. The pro forma information does not necessarily reflect the results of operations that would have occurred had Legacy TCF merged with Chemical at the beginning of 2019. Anticipated cost savings that have not yet been realized are also not reflected in the pro forma amounts for the three months ended March 31, 2020 and 2019.

	Three Months Ended March 31,
(In thousands, except per share data)	2020		2019
Net interest income and other noninterest income	$	538,444	$	554,724
Net income	51,899		149,068
Net income available to common shareholders	49,406		146,575
Earnings per share:
Basic	$	0.33	$	0.95
Diluted	0.32		0.95

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Regulatory Capital Requirements

3 Months Ended

Mar. 31, 2020

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Regulatory Capital Requirements

Regulatory Capital Requirements

TCF and TCF Bank are subject to minimum capital requirements administered by the federal banking regulators. Failure to meet minimum capital requirements can initiate certain mandatory, and possible additional discretionary, actions by the federal banking regulators that could have a material adverse effect on TCF. In general, TCF Bank may not declare or pay a dividend to TCF in excess of 100% of its net retained earnings for the current year combined with its net retained earnings for the preceding two calendar years, which was $121.4 million at March 31, 2020, without prior approval of the Office of the Comptroller of the Currency ("OCC"). The OCC also has the authority to prohibit the payment of dividends by a national bank when it determines such payments would constitute an unsafe and unsound banking practice. TCF Bank's ability to make capital distributions in the future may require regulatory approval and may be restricted by its federal banking regulators. TCF Bank's ability to make any such distributions will also depend on its earnings and ability to meet minimum regulatory capital requirements in effect during future periods. In the future, these capital adequacy standards may be higher than existing minimum regulatory capital requirements.

The Basel III capital standards allowed institutions not subject to the advanced approaches requirements to opt out of including components of accumulated other comprehensive income (loss) in common equity Tier 1 capital. TCF and TCF Bank made the one-time permanent election to not include accumulated other comprehensive income (loss) in regulatory capital.

Effective January 1, 2020, the Corporation adopted CECL. In response to the COVID-19 pandemic, the regulatory agencies published an interim final rule on March 31, 2020 that provides the option to delay the cumulative effect of the day 1 impact of CECL adoption on regulatory capital, along with 25% of the change in the adjusted allowance for credit losses (as computed for regulatory capital purposes which excludes PCD loans), for two years, followed by a three-year phase-in period. Management elected the 5-year transition period consistent with the March 31, 2020 interim final rule.

Regulatory capital information for TCF and TCF Bank was as follows:

	TCF						TCF Bank
	At March 31,			At December 31,			At March 31,			At December 31,			Well-capitalized Standard		Minimum Capital Requirement(1)
(Dollars in thousands)	2020			2019			2020			2019
Regulatory Capital:
Common equity Tier 1 capital	$	4,026,304		$	4,050,826		$	4,035,278		$	4,039,191
Tier 1 capital	4,225,755			4,236,648			4,065,427			4,059,417
Total capital	4,744,899			4,681,630			4,565,533			4,524,051
Regulatory Capital Ratios:
Common equity Tier 1 capital ratio	10.44		%	10.99		%	10.48		%	10.97		%	6.50	%	4.50	%
Tier 1 risk-based capital ratio	10.96			11.49			10.56			11.03			8.00		6.00
Total risk-based capital ratio	12.31			12.70			11.86			12.29			10.00		8.00
Tier 1 leverage ratio	9.27			9.49			8.93			9.10			5.00		4.00

(1)

Excludes capital conservation buffer of 2.5% at both March 31, 2020 and December 31, 2019.

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Share-based Compensation

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-based Compensation

Share-based Compensation

The Corporation maintains share-based compensation plans under which it periodically grants share-based awards for a fixed number of shares to certain officers of the Corporation.

Before the Merger, Chemical and Legacy TCF granted share-based awards under their respective share-based compensation plans, including the Chemical Stock Incentive Plan of 2019 (the "Stock Incentive Plan of 2019”") and the TCF Financial 2015 Omnibus Incentive Plan (the "Legacy TCF Omnibus Incentive Plan"). At March 31, 2020, there were 2,271,926 shares reserved for issuance under the Legacy TCF Omnibus Incentive Plan and there were 1,791,840 shares reserved for issuance under the Stock Incentive Plan of 2019.

The fair value of share-based awards is recognized as compensation expense over the requisite service or performance period. Compensation expense for share-based awards was $4.7 million for the three months ended March 31, 2020 and $2.3 million for the same period in 2019. The excess tax benefit realized from share-based compensation transactions during the three months ended March 31, 2020 was a benefit of $677 thousand and $704 thousand for the same period in 2019.

Restricted Stock Units

The Corporation can grant performance-based restricted stock units ("PRSUs") and time-based restricted stock units ("TRSUs") (collectively referred to as "RSUs") under the Stock Incentive Plan of 2019 and the Legacy TCF Omnibus Incentive Plan; provided, that, RSUs granted under the Legacy TCF Omnibus Incentive Plan may only be granted to employees who previously were employees of Legacy TCF. At March 31, 2020, there were no PRSUs outstanding dependent on achieving certain performance target levels and the grantee completing the requisite service period. The TRSUs vest upon satisfaction of a service condition. Upon achievement of the performance target level and/or satisfaction of a service condition, as applicable, the RSUs are converted into shares of TCF Financial's common stock on a one-to-one basis. Compensation expense related to RSUs is recognized over the expected requisite performance or service period, as applicable.

A summary of the activity for RSUs at and for the three months ended March 31, 2020 is presented below:

	Number of Units		Weighted-average Grant Date Fair Value Per Unit
Outstanding at December 31, 2019	1,511,820		$	44.49
Granted	16,980		39.67
Forfeited/canceled	(3,896	)	49.84
Vested	(215,069	)	44.82
Outstanding at March 31, 2020	1,309,835		$	44.36

Unrecognized compensation expense related to RSUs totaled $36.9 million at March 31, 2020 and is expected to be recognized over the remaining weighted-average period of 2.1 years.

Restricted Stock Awards

The Corporation's restricted stock award transactions were as follows:

	Number of Awards		Weighted-Average Grant Date Fair Value Per Award
Outstanding at December 31, 2019	888,305		$	40.67
Forfeited/canceled	(402	)	39.58
Vested	(104,690	)	43.48
Outstanding at March 31, 2020	783,213		$	40.07

At March 31, 2020, there were no shares of performance-based restricted stock awards outstanding. Unrecognized stock compensation expense for restricted stock awards was $15.3 million at March 31, 2020 with a weighted-average remaining amortization period of 2.3 years.

Stock Options

A summary of activity for the Corporation's stock options at and for the three months ended March 31, 2020 is presented below:

	Non-Vested Stock Options Outstanding				Stock Options Outstanding
	Number of Options		Weighted-average Exercise Price		Number of Options		Weighted-average Exercise Price
Outstanding at December 31, 2019	120,809		$	39.63	495,165		$	29.48
Exercised	—		—		(19,274	)	18.18
Forfeited/canceled	(3,173	)	39.00		—		—
Expired	—		—		(34,323	)	34.38
Vested	(55,568	)	38.25		55,568		38.25
Outstanding at March 31, 2020	62,068		$	40.89	497,136		$	30.56
Exercisable/vested at March 31, 2020					497,136		$	30.56

The weighted-average remaining contractual term was 3.9 years for all outstanding stock options and 3.6 years for exercisable stock options at March 31, 2020.

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Other Noninterest Expense - Summary of Other Noninterest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Income and Expenses [Abstract]
Outside processing	$ 13,913	$ 5,474
Loan and lease expense	7,783	3,289
Professional fees	6,569	5,528
Advertising and marketing	8,377	6,855
FDIC insurance	6,559	2,918
Card processing and issuance costs	8,690	4,508
Other	36,855	25,507
Total other noninterest expense	$ 88,746	$ 54,079

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Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Cost Included in Non-interest Expense for the TCF Cash Balance Pension Plan and Postretirement Plan

The net periodic benefit plan (income) cost included in other noninterest expense for defined benefit pension plans and postretirement benefit plans were as follows:

	Defined Benefit Pension Plans
	Three Months Ended March 31,
(In thousands)	2020			2019
Interest cost	$	946		$	264
Return on plan assets	(957		)	(137		)
Net periodic benefit plan (income) cost	$	(11	)	$	127

	Postretirement Benefit Plans
	Three Months Ended March 31,
(In thousands)	2020			2019
Interest cost	$	36		$	30
Service cost	1			—
Amortization of prior service cost	(12		)	(12		)
Net periodic benefit plan (income) cost	$	25		$	18

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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

Derivative instruments, recognized at fair value within other assets or other liabilities on the Consolidated Statements of Financial Condition, were as follows:

	At March 31, 2020
			Fair Value
(In thousands)	Notional Amount(1)		Derivative Assets			Derivative Liabilities
Derivatives designated as hedging instruments
Interest rate contract	$	150,000	$	—		$	3
Forward foreign exchange contracts	167,488		5,938			—
Total derivatives designated as hedging instruments			$	5,938		$	3
Derivatives not designated as hedging instruments
Interest rate contracts	$	5,875,131	$	283,410		$	15,967
Risk participation agreements	398,579		22			118
Forward foreign exchange contracts	239,076		3,250			2,200
Interest rate lock commitments	452,544		13,134			4
Forward loan sales commitments	539,741		26			8,819
Power Equity CDs	27,726		509			509
Swap agreement	12,652		—			286
Total derivatives not designated as hedging instruments			$	300,351		$	27,903
Total derivatives before netting			306,289			27,906
Netting(2)			(11,433		)	(4,731		)
Total derivatives, net			$	294,856		$	23,175

(1) Notional or contract amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Statements of Financial Condition.

(2) Includes netting of derivative asset and liability balances and related cash collateral, where counterparty netting agreements are in place.

	At December 31, 2019
			Fair Value
(In thousands)	Notional Amount(1)		Derivative Assets			Derivative Liabilities
Derivatives designated as hedging instruments
Interest rate contract	$	150,000	$	—		$	168
Forward foreign exchange contracts	177,593		—			3,251
Total derivatives designated as hedging instruments			$	—		$	3,419
Derivatives not designated as hedging instruments
Interest rate contracts	$	5,095,969	$	102,893		$	5,872
Risk participation agreements	316,353		202			354
Forward foreign exchange contracts	262,656		—			3,268
Interest rate lock commitments	158,111		2,772			20
Forward loan sales commitments	174,013		41			289
Power Equity CD	29,009		734			734
Swap agreement	12,652		—			356
Total derivatives not designated as hedging instruments			$	106,642		$	10,893
Total derivatives before netting			$	106,642		$	14,312
Netting(2)			(540		)	(5,109		)
Total derivatives, net			$	106,102		$	9,203

(1) Notional or contract amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Statements of Financial Condition.

(2)

Includes netting of derivative asset and liability balances and related cash collateral, where counterparty netting agreements are in place.

Schedule of Gross Amounts Recognized, Gross Amounts Offset and Net Amount Presented

The gross amounts recognized, gross amounts offset and net amount presented of derivative instruments were as follows:

	At March 31, 2020
(In thousands)	Gross Amounts Recognized		Gross Amounts  Offset(1)			Net Amount Presented
Derivative assets
Interest rate contracts	$	283,410	$	(2,215	)	$	281,195
Risk participation agreements	22		—			22
Forward foreign exchange contracts	9,188		(9,188		)	—
Interest rate lock commitments	13,134		(4		)	13,130
Forward loan sales commitments	26		(26		)	—
Power Equity CDs	509		—			509
Total derivative assets	$	306,289	$	(11,433	)	$	294,856
Derivative liabilities
Interest rate contracts	$	15,970	$	(2,215	)	$	13,755
Risk participation agreements	118		—			118
Forward foreign exchange contracts	2,200		(2,200		)	—
Interest rate lock commitments	4		(4		)	—
Forward loan sales commitments	8,819		(26		)	8,793
Power Equity CDs	509		—			509
Swap agreement	286		(286		)	—
Total derivative liabilities	$	27,906	$	(4,731	)	$	23,175

(1) Includes the amounts with counterparties subject to enforceable master netting arrangements that have been offset in the Consolidated Statements of Financial Condition.

	At December 31, 2019
(In thousands)	Gross Amounts Recognized		Gross Amounts Offset(1)			Net Amount Presented
Derivative assets
Interest rate contracts	$	102,893	$	(492	)	$	102,401
Risk participation agreements	202		—			202
Forward foreign exchange contracts	—		—			—
Interest rate lock commitments	2,772		(7		)	2,765
Forward loan sales commitments	41		(41		)	—
Power Equity CDs	734		—			734
Total derivative assets	$	106,642	$	(540	)	$	106,102
Derivative liabilities
Interest rate contracts	$	6,040	$	(491	)	$	5,549
Risk participation agreements	354		—			354
Forward foreign exchange contracts	6,519		(4,214		)	2,305
Interest rate lock commitments	20		(7		)	13
Forward loan sales commitments	289		(41		)	248
Power Equity CD	734		—			734
Swap agreement	356		(356		)	—
Total derivative liabilities	$	14,312	$	(5,109	)	$	9,203

(1)

Includes the amounts with counterparties subject to enforceable master netting arrangements that have been offset in the Consolidated Statements of Financial Condition.

Amounts Recorded in the Consolidated Statements of Financial Condition Related to the Cumulative Basis Adjustment for the Fair Value Hedge

The carrying amount of the hedged subordinated debt, including the cumulative basis adjustment related to the application of fair value hedge accounting, is recorded in long-term borrowings on the Consolidated Statements of Financial Condition and was as follows:

	Carrying Amount  of the Hedged Liability				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability
(In thousands)	At March 31, 2020		At December 31, 2019		At March 31, 2020		At December 31, 2019
Subordinated bank note - 2025	$	160,340	$	151,454	$	11,602	$	2,773

Summary of Gains and Losses Related to the Fair Value Hedge of the Interest Rate Swap and the Offsetting Changes in the Fair Value of the Hedged Debt

The following table summarizes the effect of fair value hedge accounting on the Consolidated Statements of Income for the three months ended March 31, 2020 and 2019.

	Three Months Ended March 31,
(In thousands)	2020			2019
Statement of income line where the gain (loss) on the fair value hedge was recorded:
Interest expense on borrowings	$	26,492		$	14,857
Gain (loss) on interest rate contract (fair value hedge)
Hedged item	$	(8,830	)	$	(2,610	)
Derivative designated as a hedging instrument	8,936			2,562
Gain (loss) on interest rate contract recognized in interest expense on borrowings	$	106		$	(48	)

Effect of Net Investment Hedges on Accumulated Other Comprehensive Income

The effect of net investment hedges on accumulated other comprehensive income was as follows:

	Three Months Ended March 31,
(In thousands)	2020		2019
Forward foreign exchange contracts	$	13,695	$	(3,050	)

Summary of Effects of Derivatives not Designated as Hedging Instruments on the Consolidated Statements of Income

Certain other interest rate contracts, forward foreign exchange contracts, interest rate lock commitments, Power Equity CDs and other contracts have not been designated as hedging instruments. The effect of these derivatives on the Consolidated Statements of Income was as follows:

		Three Months Ended March 31,
(In thousands)	Location of Gain (Loss)	2020			2019
Interest rate contracts	Other noninterest income	$	1,662		$	(487	)
Risk participation agreements	Other noninterest expense	4,326			(321		)
Forward foreign exchange contracts	Other noninterest expense	18,713			(4,779		)
Interest rate lock commitments	Net gains on sales of loans and leases	10,378			493
Forward loan sales commitments	Net gains on sales of loans and leases	(8,545		)	—
Swap agreement	Other noninterest income	(1		)	—
Net gain (loss) recognized		$	26,533		$	(5,094	)

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Derivative Instruments - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Derivative instruments, gain (loss)
Notional Amount
Derivatives not designated as hedges
Derivative instruments, gain (loss)
Net gain (loss) of derivatives included in the Consolidated Statements of Income	26,533	$ (5,094)
Notional Amount
Derivatives not designated as hedges | Interest rate contracts
Derivative instruments, gain (loss)
Notional Amount	5,875,131		5,095,969
Derivatives not designated as hedges | Interest rate contracts | Other noninterest income
Derivative instruments, gain (loss)
Net gain (loss) of derivatives included in the Consolidated Statements of Income	1,662	(487)
Derivatives not designated as hedges | Risk participation agreements
Derivative instruments, gain (loss)
Notional Amount	398,579		316,353
Derivatives not designated as hedges | Risk participation agreements | Other noninterest expense
Derivative instruments, gain (loss)
Net gain (loss) of derivatives included in the Consolidated Statements of Income	4,326	(321)
Derivatives not designated as hedges | Forward foreign exchange contracts
Derivative instruments, gain (loss)
Notional Amount	239,076		262,656
Derivatives not designated as hedges | Forward foreign exchange contracts | Other noninterest expense
Derivative instruments, gain (loss)
Net gain (loss) of derivatives included in the Consolidated Statements of Income	18,713	(4,779)
Derivatives not designated as hedges | Interest rate lock commitments
Derivative instruments, gain (loss)
Notional Amount	452,544		158,111
Derivatives not designated as hedges | Interest rate lock commitments | Net gains on sales of loans and leases
Derivative instruments, gain (loss)
Net gain (loss) of derivatives included in the Consolidated Statements of Income	10,378	493
Derivatives not designated as hedges | Forward loan sales commitments
Derivative instruments, gain (loss)
Notional Amount	539,741		174,013
Derivatives not designated as hedges | Forward loan sales commitments | Net gains on sales of loans and leases
Derivative instruments, gain (loss)
Net gain (loss) of derivatives included in the Consolidated Statements of Income	(8,545)	0
Derivatives not designated as hedges | Swap agreement
Derivative instruments, gain (loss)
Notional Amount	12,652		$ 12,652
Derivatives not designated as hedges | Swap agreement | Other noninterest income
Derivative instruments, gain (loss)
Net gain (loss) of derivatives included in the Consolidated Statements of Income	$ (1)	$ 0

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Loans and Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest receivable	$ 109,400		$ 106,500
Jumbo residential mortgage loans	35,921,614		$ 34,497,464
Impairment charges	224	$ 0
Mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Jumbo residential mortgage loans	$ 423,000

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Borrowings - Contractual Maturities of Long-term Debt (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Debt Disclosure [Abstract]
Remainder of 2020	$ 62,726
2021	1,818,472
2022	142,766
2023	23,658
2024	10,424
Thereafter	542,548
Long-term Debt	$ 2,600,594

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Federal Home Loan Bank and Federal Reserve Bank Stock - Summary of FHLB and FRB Stocks (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Federal Home Loan Banks [Abstract]
FHLB stock, at cost	$ 360,473	$ 318,473
FRB stock, at cost	123,988	123,967
Total investments	$ 484,461	$ 442,440

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Investment Securities - Narrative (Details) $ in Millions	Mar. 31, 2020 USD ($) investment	Dec. 31, 2019 USD ($)
Debt Securities, Available-for-sale [Line Items]
Interest receivable	$ 25.3	$ 21.6
Investment securities in unrealized loss position | investment	598
Collateral Pledged | Total mortgage-backed debt securities
Debt Securities, Available-for-sale [Line Items]
Restricted investments	$ 1,200.0	$ 627.0

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Regulatory Capital Requirements - Summary of Regulatory Capital Requirements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Tier 1 leverage ratio
Capital conservation buffer	2.50%	2.50%
TCF
Regulatory Capital:
Common equity Tier 1 capital	$ 4,026,304	$ 4,050,826
Tier 1 capital	4,225,755	4,236,648
Total capital	$ 4,744,899	$ 4,681,630
Common equity Tier 1 capital ratio
Common equity Tier 1 capital - actual, ratio	10.44%	10.99%
Risk-based capital ratios
Tier 1 risk-based capital - actual, ratio	10.96%	11.49%
Total risk-based capital - actual, ratio	12.31%	12.70%
Tier 1 leverage ratio
Tier 1 leverage - actual, ratio	9.27%	9.49%
TCF Bank
Regulatory Capital:
Common equity Tier 1 capital	$ 4,035,278	$ 4,039,191
Tier 1 capital	4,065,427	4,059,417
Total capital	$ 4,565,533	$ 4,524,051
Common equity Tier 1 capital ratio
Common equity Tier 1 capital - actual, ratio	10.48%	10.97%
Common equity Tier 1 capital - well-capitalized capital requirement, ratio	6.50%
Common equity Tier 1 capital - minimum capital requirement, ratio	4.50%
Risk-based capital ratios
Tier 1 risk-based capital - actual, ratio	10.56%	11.03%
Tier 1 risk-based capital - well-capitalized capital requirement, ratio	8.00%
Tier 1 risk-based capital - minimum capital requirement, ratio	6.00%
Total risk-based capital - actual, ratio	11.86%	12.29%
Total risk-based capital - well-capitalized capital requirement, ratio	10.00%
Total risk-based capital - minimum capital requirement, ratio	8.00%
Tier 1 leverage ratio
Tier 1 leverage - actual, ratio	8.93%	9.10%
Tier 1 leverage - well-capitalized capital requirement, ratio	5.00%
Tier 1 leverage - minimum capital requirement, ratio	4.00%

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Derivative Instruments

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

Derivative instruments, recognized at fair value within other assets or other liabilities on the Consolidated Statements of Financial Condition, were as follows:

	At March 31, 2020
			Fair Value
(In thousands)	Notional Amount(1)		Derivative Assets			Derivative Liabilities
Derivatives designated as hedging instruments
Interest rate contract	$	150,000	$	—		$	3
Forward foreign exchange contracts	167,488		5,938			—
Total derivatives designated as hedging instruments			$	5,938		$	3
Derivatives not designated as hedging instruments
Interest rate contracts	$	5,875,131	$	283,410		$	15,967
Risk participation agreements	398,579		22			118
Forward foreign exchange contracts	239,076		3,250			2,200
Interest rate lock commitments	452,544		13,134			4
Forward loan sales commitments	539,741		26			8,819
Power Equity CDs	27,726		509			509
Swap agreement	12,652		—			286
Total derivatives not designated as hedging instruments			$	300,351		$	27,903
Total derivatives before netting			306,289			27,906
Netting(2)			(11,433		)	(4,731		)
Total derivatives, net			$	294,856		$	23,175

(1) Notional or contract amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Statements of Financial Condition.

(2) Includes netting of derivative asset and liability balances and related cash collateral, where counterparty netting agreements are in place.

	At December 31, 2019
			Fair Value
(In thousands)	Notional Amount(1)		Derivative Assets			Derivative Liabilities
Derivatives designated as hedging instruments
Interest rate contract	$	150,000	$	—		$	168
Forward foreign exchange contracts	177,593		—			3,251
Total derivatives designated as hedging instruments			$	—		$	3,419
Derivatives not designated as hedging instruments
Interest rate contracts	$	5,095,969	$	102,893		$	5,872
Risk participation agreements	316,353		202			354
Forward foreign exchange contracts	262,656		—			3,268
Interest rate lock commitments	158,111		2,772			20
Forward loan sales commitments	174,013		41			289
Power Equity CD	29,009		734			734
Swap agreement	12,652		—			356
Total derivatives not designated as hedging instruments			$	106,642		$	10,893
Total derivatives before netting			$	106,642		$	14,312
Netting(2)			(540		)	(5,109		)
Total derivatives, net			$	106,102		$	9,203

(1) Notional or contract amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Statements of Financial Condition.

(2) Includes netting of derivative asset and liability balances and related cash collateral, where counterparty netting agreements are in place.

Derivative instruments may be subject to master netting arrangements and collateral arrangements and qualify for offset in the Consolidated Statements of Financial Condition. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. Derivative instruments subject to master netting arrangements and collateral arrangements are recognized on a net basis in the Consolidated Statements of Financial Condition. The gross amounts recognized, gross amounts offset and net amount presented of derivative instruments were as follows:

	At March 31, 2020
(In thousands)	Gross Amounts Recognized		Gross Amounts  Offset(1)			Net Amount Presented
Derivative assets
Interest rate contracts	$	283,410	$	(2,215	)	$	281,195
Risk participation agreements	22		—			22
Forward foreign exchange contracts	9,188		(9,188		)	—
Interest rate lock commitments	13,134		(4		)	13,130
Forward loan sales commitments	26		(26		)	—
Power Equity CDs	509		—			509
Total derivative assets	$	306,289	$	(11,433	)	$	294,856
Derivative liabilities
Interest rate contracts	$	15,970	$	(2,215	)	$	13,755
Risk participation agreements	118		—			118
Forward foreign exchange contracts	2,200		(2,200		)	—
Interest rate lock commitments	4		(4		)	—
Forward loan sales commitments	8,819		(26		)	8,793
Power Equity CDs	509		—			509
Swap agreement	286		(286		)	—
Total derivative liabilities	$	27,906	$	(4,731	)	$	23,175

(1) Includes the amounts with counterparties subject to enforceable master netting arrangements that have been offset in the Consolidated Statements of Financial Condition.

	At December 31, 2019
(In thousands)	Gross Amounts Recognized		Gross Amounts Offset(1)			Net Amount Presented
Derivative assets
Interest rate contracts	$	102,893	$	(492	)	$	102,401
Risk participation agreements	202		—			202
Forward foreign exchange contracts	—		—			—
Interest rate lock commitments	2,772		(7		)	2,765
Forward loan sales commitments	41		(41		)	—
Power Equity CDs	734		—			734
Total derivative assets	$	106,642	$	(540	)	$	106,102
Derivative liabilities
Interest rate contracts	$	6,040	$	(491	)	$	5,549
Risk participation agreements	354		—			354
Forward foreign exchange contracts	6,519		(4,214		)	2,305
Interest rate lock commitments	20		(7		)	13
Forward loan sales commitments	289		(41		)	248
Power Equity CD	734		—			734
Swap agreement	356		(356		)	—
Total derivative liabilities	$	14,312	$	(5,109	)	$	9,203

(1) Includes the amounts with counterparties subject to enforceable master netting arrangements that have been offset in the Consolidated Statements of Financial Condition.

Derivatives Designated as Hedging Instruments

Interest rate contract The carrying amount of the hedged subordinated debt, including the cumulative basis adjustment related to the application of fair value hedge accounting, is recorded in long-term borrowings on the Consolidated Statements of Financial Condition and was as follows:

	Carrying Amount  of the Hedged Liability				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability
(In thousands)	At March 31, 2020		At December 31, 2019		At March 31, 2020		At December 31, 2019
Subordinated bank note - 2025	$	160,340	$	151,454	$	11,602	$	2,773

The following table summarizes the effect of fair value hedge accounting on the Consolidated Statements of Income for the three months ended March 31, 2020 and 2019.

	Three Months Ended March 31,
(In thousands)	2020			2019
Statement of income line where the gain (loss) on the fair value hedge was recorded:
Interest expense on borrowings	$	26,492		$	14,857
Gain (loss) on interest rate contract (fair value hedge)
Hedged item	$	(8,830	)	$	(2,610	)
Derivative designated as a hedging instrument	8,936			2,562
Gain (loss) on interest rate contract recognized in interest expense on borrowings	$	106		$	(48	)

Forward foreign exchange contracts The effect of net investment hedges on accumulated other comprehensive income was as follows:

	Three Months Ended March 31,
(In thousands)	2020		2019
Forward foreign exchange contracts	$	13,695	$	(3,050	)

Derivatives Not Designated as Hedging Instruments Certain other interest rate contracts, forward foreign exchange contracts, interest rate lock commitments, Power Equity CDs and other contracts have not been designated as hedging instruments. The effect of these derivatives on the Consolidated Statements of Income was as follows:

		Three Months Ended March 31,
(In thousands)	Location of Gain (Loss)	2020			2019
Interest rate contracts	Other noninterest income	$	1,662		$	(487	)
Risk participation agreements	Other noninterest expense	4,326			(321		)
Forward foreign exchange contracts	Other noninterest expense	18,713			(4,779		)
Interest rate lock commitments	Net gains on sales of loans and leases	10,378			493
Forward loan sales commitments	Net gains on sales of loans and leases	(8,545		)	—
Swap agreement	Other noninterest income	(1		)	—
Net gain (loss) recognized		$	26,533		$	(5,094	)

At March 31, 2020 and December 31, 2019, credit risk-related contingent features existed on forward foreign exchange contracts with a notional value of $32.0 million and $23.1 million, respectively. In the event the Corporation is rated less than BB- by Standard and Poor's, the contracts could be terminated or the Corporation may be required to provide approximately $640 thousand and $462 thousand in additional collateral at March 31, 2020 and December 31, 2019, respectively. There were no forward foreign exchange contracts containing credit risk-related features in a liability position at both March 31, 2020 and December 31, 2019.

At March 31, 2020, the Corporation had posted $88.9 million, $1.3 million and $1.7 million of cash collateral related to its interest rate contracts, swap agreements and forward foreign exchange contracts, respectively, and received $10.4 million of cash collateral related to its forward foreign exchange contracts.

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Retirement Plans

3 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

Retirement Plans

Retirement Plans

The Corporation's retirement plans include qualified defined benefit pension plans, nonqualified postretirement benefit plans, 401(k) savings plans and nonqualified supplemental retirement plans. These plans are discussed in further detail in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019.

Qualified Defined Benefit Pension Plans

The TCF Cash Balance Pension Plan (the "Legacy TCF Pension Plan") and the Chemical Financial Corporation Employees' Pension Plan ("Chemical Pension Plan") are both defined as qualified benefit pension plans (collectively, the "Pension Plans"), which previously provided for postretirement pension benefits for plan eligible employees.

The Board of Directors of Legacy TCF approved the termination of the Legacy TCF Pension Plan effective November 1, 2019. The Legacy TCF Pension Plan was fully funded as of March 31, 2020. The weighted-average interest crediting rate was 2.05% as of March 31, 2020. TCF does not consolidate the assets and liabilities associated with the Legacy TCF Pension Plan.

The termination of the Chemical Pension Plan was approved effective August 31, 2019. The discount rate was adjusted to 3.48% based on the remeasurement of the Chemical Pension Plan required due to the Merger and the termination. At the time of the Merger, as a result of the termination, the Corporation recognized a prepaid asset representing the funded status of the Chemical Pension Plan, net of estimated settlement costs, and the balance previously recorded in accumulated other comprehensive income was eliminated. The purchase accounting adjustment, as a result of the Merger, was reported in goodwill. The Chemical Pension Plan was fully funded as of March 31, 2020.

Nonqualified Postretirement Benefit Plans

The Legacy TCF Postretirement Plan provides health care benefits to eligible retired employees who retired prior to December 31, 2009. The provisions for active and retired employees then eligible for these benefits were not changed. The Postretirement Plan is not funded.

The Chemical Postretirement Benefit Plan provides medical and dental benefits, during retirement, to a limited number of active and retired employees. The benefits can be amended, modified or terminated by the Corporation at any time.

401(k) Savings Plans

The TCF 401K Plan (the "TCF 401K"), a qualified postretirement benefit and employee stock ownership plan, and the Chemical Financial Corporation 401K Savings Plan (the "Chemical 401K"), a qualified postretirement benefit plan both provide the option to invest in TCF common stock. Effective December 31, 2019, the Chemical 401K merged with and into the TCF 401K. All participants with an account balance remaining in the Chemical 401K were transferred into the TCF 401K on December 31, 2019.

Nonqualified Supplemental Retirement Plans

The TCF 401K Supplemental Plan (the "Legacy TCF SERP") and the Chemical Financial Corporation Deferred Compensation Plan (the "Chemical Deferred Compensation Plan") are both defined as nonqualified supplemental retirement plans. Effective January 1, 2020, the Legacy TCF SERP no longer receives new contributions from the Corporation or participants. The Legacy TCF SERP's assets which included investments in TCF common stock are held in trust and included in equity in the other line item.

Net Periodic Benefit

The net periodic benefit plan (income) cost included in other noninterest expense for defined benefit pension plans and postretirement benefit plans were as follows:

	Defined Benefit Pension Plans
	Three Months Ended March 31,
(In thousands)	2020			2019
Interest cost	$	946		$	264
Return on plan assets	(957		)	(137		)
Net periodic benefit plan (income) cost	$	(11	)	$	127

	Postretirement Benefit Plans
	Three Months Ended March 31,
(In thousands)	2020			2019
Interest cost	$	36		$	30
Service cost	1			—
Amortization of prior service cost	(12		)	(12		)
Net periodic benefit plan (income) cost	$	25		$	18

TCF made no cash contributions to the defined benefit pension plans during the three months ended March 31, 2020 and 2019. TCF contributed $21 thousand and $107 thousand to the Legacy TCF Postretirement Plan during the three months ended March 31, 2020 and 2019, respectively. TCF made no contributions to the Chemical Postretirement Benefit Plan during both the three months ended March 31, 2020 and 2019.

The TCF 401K allows participants to make contributions of up to 50% of their covered compensation on a tax-deferred and/or after-tax basis, subject to the annual covered compensation limitation imposed by the Internal Revenue Service ("IRS"). TCF matches the contributions of all participants at a rate of $1 per dollar for employees to a maximum company contribution of 5% of the employee's covered compensation per pay period subject to the annual covered compensation limitation imposed by the IRS. Employee contributions vest immediately and matching contributions made subsequent to January 1, 2020 vest immediately. The Corporation match under the TCF 401K was $6.5 million and $4.3 million for the three months ended March 31, 2020 and 2019, respectively. Dividends on TCF's common shares held in the TCF 401K are reinvested in such fund or, at the election of the participant, may be paid in cash to the participant.

Effective January 1, 2020, the TCF Deferred Compensation Plan (previously the Chemical Deferred Compensation Plan), a nonqualified supplemental retirement plan, was amended to allow certain employees to contribute up to 60% of their salary and up to 85% of their bonus. The amounts deferred under this plan are invested in a selection of mutual funds.

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Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Restricted Stock Award Transactions

A summary of the activity for RSUs at and for the three months ended March 31, 2020 is presented below:

	Number of Units		Weighted-average Grant Date Fair Value Per Unit
Outstanding at December 31, 2019	1,511,820		$	44.49
Granted	16,980		39.67
Forfeited/canceled	(3,896	)	49.84
Vested	(215,069	)	44.82
Outstanding at March 31, 2020	1,309,835		$	44.36

The Corporation's restricted stock award transactions were as follows:

	Number of Awards		Weighted-Average Grant Date Fair Value Per Award
Outstanding at December 31, 2019	888,305		$	40.67
Forfeited/canceled	(402	)	39.58
Vested	(104,690	)	43.48
Outstanding at March 31, 2020	783,213		$	40.07

Stock Option Activity

A summary of activity for the Corporation's stock options at and for the three months ended March 31, 2020 is presented below:

	Non-Vested Stock Options Outstanding				Stock Options Outstanding
	Number of Options		Weighted-average Exercise Price		Number of Options		Weighted-average Exercise Price
Outstanding at December 31, 2019	120,809		$	39.63	495,165		$	29.48
Exercised	—		—		(19,274	)	18.18
Forfeited/canceled	(3,173	)	39.00		—		—
Expired	—		—		(34,323	)	34.38
Vested	(55,568	)	38.25		55,568		38.25
Outstanding at March 31, 2020	62,068		$	40.89	497,136		$	30.56
Exercisable/vested at March 31, 2020					497,136		$	30.56

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Regulatory Capital Requirements (Tables)

3 Months Ended

Mar. 31, 2020

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Schedule of Regulatory Capital Information for TCF and TCF Bank

Regulatory capital information for TCF and TCF Bank was as follows:

	TCF						TCF Bank
	At March 31,			At December 31,			At March 31,			At December 31,			Well-capitalized Standard		Minimum Capital Requirement(1)
(Dollars in thousands)	2020			2019			2020			2019
Regulatory Capital:
Common equity Tier 1 capital	$	4,026,304		$	4,050,826		$	4,035,278		$	4,039,191
Tier 1 capital	4,225,755			4,236,648			4,065,427			4,059,417
Total capital	4,744,899			4,681,630			4,565,533			4,524,051
Regulatory Capital Ratios:
Common equity Tier 1 capital ratio	10.44		%	10.99		%	10.48		%	10.97		%	6.50	%	4.50	%
Tier 1 risk-based capital ratio	10.96			11.49			10.56			11.03			8.00		6.00
Total risk-based capital ratio	12.31			12.70			11.86			12.29			10.00		8.00
Tier 1 leverage ratio	9.27			9.49			8.93			9.10			5.00		4.00

(1)

Excludes capital conservation buffer of 2.5% at both March 31, 2020 and December 31, 2019.

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Reportable Segments - Summary of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information
Net interest income (expense)	$ 401,481	$ 254,429
Provision for credit losses	96,943	10,122
Net interest income after provision for credit losses	304,538	244,307
Noninterest income	136,963	103,504
Noninterest expense	374,599	253,075
Income tax expense	13,086	21,287
Income after income tax expense	53,816	73,449
Income attributable to non-controlling interest	1,917	2,955
Preferred stock dividends	2,493	2,493
Net income available to common shareholders	49,406	68,001
Total assets	48,594,383	24,418,715	$ 46,651,553
Consumer Banking
Segment Reporting Information
Net interest income (expense)	193,832	140,702
Provision for credit losses	44,369	7,226
Net interest income after provision for credit losses	149,463	133,476
Noninterest income	81,414	60,503
Noninterest expense	228,859	156,521
Income tax expense	1,982	8,741
Income after income tax expense	36	28,717
Income attributable to non-controlling interest	0	0
Preferred stock dividends	0	0
Net income available to common shareholders	36	28,717
Total assets	14,463,055	8,036,742
Commercial Banking
Segment Reporting Information
Net interest income (expense)	185,986	96,685
Provision for credit losses	52,574	2,896
Net interest income after provision for credit losses	133,412	93,789
Noninterest income	55,773	42,499
Noninterest expense	114,455	83,413
Income tax expense	16,306	11,759
Income after income tax expense	58,424	41,116
Income attributable to non-controlling interest	1,917	2,955
Preferred stock dividends	0	0
Net income available to common shareholders	56,507	38,161
Total assets	24,859,839	12,735,702
Enterprise Services
Segment Reporting Information
Net interest income (expense)	21,663	17,042
Provision for credit losses	0	0
Net interest income after provision for credit losses	21,663	17,042
Noninterest income	(224)	502
Noninterest expense	31,285	13,141
Income tax expense	(5,202)	787
Income after income tax expense	(4,644)	3,616
Income attributable to non-controlling interest	0	0
Preferred stock dividends	2,493	2,493
Net income available to common shareholders	(7,137)	1,123
Total assets	$ 9,271,489	$ 3,646,271

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Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt securities available for sale and interest-only strips
Net unrealized gains (losses) arising during the period, before tax	$ 150,744	$ 48,628
Net unrealized gains (losses) arising during the period, tax effect	(35,607)	(11,836)
Net unrealized gains (losses) arising during the period, net of tax	115,137	36,792
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), before tax	927	761
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), tax effect	(217)	(185)
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), net of tax	710	576
Net unrealized gains (losses) on debt securities available for sale and interest-only strips, before taxes	151,671	49,389
Net unrealized gains (losses) on debt securities available for sale and interest-only strips, tax effect	(35,824)	(12,021)
Net unrealized gains (losses) on debt securities available for sale and interest-only strips, net of tax	115,847	37,368
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract]
Reclassification of amortization of prior service cost to Other non-interest expense, before tax	(12)	(12)
Reclassification of amortization of prior service cost to Other non-interest expense, tax effect	3	4
Reclassification of amortization of prior service cost to Other non-interest expense, net of tax	(9)	(8)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract]
Foreign currency translation adjustment, before tax	(14,426)	3,567
Foreign currency translation adjustment, tax effect	0	0
Foreign currency translation adjustment, net of tax	(14,426)	3,567
Net investment hedges
Net unrealized gains (losses) on net investment hedges, before tax	13,695	(3,050)
Net unrealized gains (losses) on net investment hedges, tax effect	(3,214)	742
Net unrealized gains (losses) on net investment hedges, net of tax	10,481	(2,308)
Total other comprehensive income (loss), before tax	150,928	49,894
Total other comprehensive income (loss), tax effect	(39,035)	(11,275)
Total other comprehensive income (loss), net of tax	111,893	38,619
Total interest income
Debt securities available for sale and interest-only strips
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), before tax	754	1,370
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), tax effect	(177)	(333)
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), net of tax	577	1,037
Gains (losses) on debt securities, net
Debt securities available for sale and interest-only strips
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), before tax	0	(447)
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), tax effect	0	109
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), net of tax	0	(338)
Other noninterest expense
Debt securities available for sale and interest-only strips
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), before tax	173	(162)
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), tax effect	(40)	39
Reclassification of net (gains) losses from accumulated other comprehensive income (loss), net of tax	$ 133	$ (123)

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Federal Home Loan Bank and Federal Reserve Bank Stock - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Federal Home Loan Banks [Abstract]
Other than Temporary Impairment Losses, Investments	$ 0	$ 0

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Investment Securities - Realized Gains (Losses) On Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 0	$ 1,622
Gross realized losses	0	1,175
Recoveries on previously impaired investment securities held-to-maturity	0	4
Net gains (losses) on investment securities	$ 0	$ 451

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Derivative Instruments - Summary of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivatives
Notional Amount
Derivative Assets	306,289	106,642
Derivative Liabilities	27,906	14,312
Derivative asset netting	(11,433)	(540)
Derivative liability netting	(4,731)	(5,109)
Total derivative assets, net	294,856	106,102
Total derivative liabilities, net	23,175	9,203
Other assets
Derivatives
Derivative Assets	306,289	106,642
Derivative asset netting	(11,433)	(540)
Total derivative assets, net	294,856	106,102
Accrued expenses and other liabilities
Derivatives
Derivative Liabilities	27,906	14,312
Derivative liability netting	(4,731)	(5,109)
Total derivative liabilities, net	23,175	9,203
Derivatives designated as hedges
Derivatives
Notional Amount
Derivatives designated as hedges | Other assets
Derivatives
Derivative Assets	5,938	0
Derivatives designated as hedges | Accrued expenses and other liabilities
Derivatives
Derivative Liabilities	3	3,419
Derivatives not designated as hedges
Derivatives
Notional Amount
Derivatives not designated as hedges | Other assets
Derivatives
Derivative Assets	300,351	106,642
Derivatives not designated as hedges | Accrued expenses and other liabilities
Derivatives
Derivative Liabilities	27,903	10,893
Interest rate contracts
Derivatives
Derivative Assets	283,410	102,893
Derivative Liabilities	15,970	6,040
Derivative asset netting	(2,215)	(492)
Derivative liability netting	(2,215)	(491)
Total derivative assets, net	281,195	102,401
Total derivative liabilities, net	13,755	5,549
Interest rate contracts | Derivatives designated as hedges
Derivatives
Notional Amount	150,000	150,000
Interest rate contracts | Derivatives designated as hedges | Other assets
Derivatives
Derivative Assets	0	0
Interest rate contracts | Derivatives designated as hedges | Accrued expenses and other liabilities
Derivatives
Derivative Liabilities	3	168
Interest rate contracts | Derivatives not designated as hedges
Derivatives
Notional Amount	5,875,131	5,095,969
Interest rate contracts | Derivatives not designated as hedges | Other assets
Derivatives
Derivative Assets	283,410	102,893
Interest rate contracts | Derivatives not designated as hedges | Accrued expenses and other liabilities
Derivatives
Derivative Liabilities	15,967	5,872
Risk participation agreements
Derivatives
Derivative Assets	22	202
Derivative Liabilities	118	354
Derivative asset netting	0	0
Derivative liability netting	0	0
Total derivative assets, net	22	202
Total derivative liabilities, net	118	354
Risk participation agreements | Derivatives not designated as hedges
Derivatives
Notional Amount	398,579	316,353
Risk participation agreements | Derivatives not designated as hedges | Other assets
Derivatives
Derivative Assets	22	202
Risk participation agreements | Derivatives not designated as hedges | Accrued expenses and other liabilities
Derivatives
Derivative Liabilities	118	354
Forward foreign exchange contracts
Derivatives
Derivative Assets	9,188	0
Derivative Liabilities	2,200	6,519
Derivative asset netting	(9,188)	0
Derivative liability netting	(2,200)	(4,214)
Total derivative assets, net	0	0
Total derivative liabilities, net	0	2,305
Forward foreign exchange contracts | Derivatives designated as hedges
Derivatives
Notional Amount	167,488	177,593
Forward foreign exchange contracts | Derivatives designated as hedges | Other assets
Derivatives
Derivative Assets	5,938	0
Forward foreign exchange contracts | Derivatives designated as hedges | Accrued expenses and other liabilities
Derivatives
Derivative Liabilities	0	3,251
Forward foreign exchange contracts | Derivatives not designated as hedges
Derivatives
Notional Amount	239,076	262,656
Forward foreign exchange contracts | Derivatives not designated as hedges | Other assets
Derivatives
Derivative Assets	3,250	0
Forward foreign exchange contracts | Derivatives not designated as hedges | Accrued expenses and other liabilities
Derivatives
Derivative Liabilities	2,200	3,268
Interest rate lock commitments
Derivatives
Derivative Assets	13,134	2,772
Derivative Liabilities	4	20
Derivative asset netting	(4)	(7)
Derivative liability netting	(4)	(7)
Total derivative assets, net	13,130	2,765
Total derivative liabilities, net	0	13
Interest rate lock commitments | Derivatives not designated as hedges
Derivatives
Notional Amount	452,544	158,111
Interest rate lock commitments | Derivatives not designated as hedges | Other assets
Derivatives
Derivative Assets	13,134	2,772
Interest rate lock commitments | Derivatives not designated as hedges | Accrued expenses and other liabilities
Derivatives
Derivative Liabilities	4	20
Forward loan sales commitments
Derivatives
Derivative Assets	26	41
Derivative Liabilities	8,819	289
Derivative asset netting	(26)	(41)
Derivative liability netting	(26)	(41)
Total derivative assets, net	0	0
Total derivative liabilities, net	8,793	248
Forward loan sales commitments | Derivatives not designated as hedges
Derivatives
Notional Amount	539,741	174,013
Forward loan sales commitments | Derivatives not designated as hedges | Other assets
Derivatives
Derivative Assets	26	41
Forward loan sales commitments | Derivatives not designated as hedges | Accrued expenses and other liabilities
Derivatives
Derivative Liabilities	8,819	289
Power Equity CDs
Derivatives
Derivative Assets	509	734
Derivative Liabilities	509	734
Derivative asset netting	0	0
Derivative liability netting	0	0
Total derivative assets, net	509	734
Total derivative liabilities, net	509	734
Power Equity CDs | Derivatives not designated as hedges
Derivatives
Notional Amount	27,726	29,009
Power Equity CDs | Derivatives not designated as hedges | Other assets
Derivatives
Derivative Assets	509	734
Power Equity CDs | Derivatives not designated as hedges | Accrued expenses and other liabilities
Derivatives
Derivative Liabilities	509	734
Swap agreement
Derivatives
Derivative Liabilities	286	356
Derivative liability netting	(286)	(356)
Total derivative liabilities, net	0	0
Swap agreement | Derivatives not designated as hedges
Derivatives
Notional Amount	12,652	12,652
Swap agreement | Derivatives not designated as hedges | Other assets
Derivatives
Derivative Assets	0	0
Swap agreement | Derivatives not designated as hedges | Accrued expenses and other liabilities
Derivatives
Derivative Liabilities	$ 286	$ 356

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Derivative Instruments - Narrative (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Interest rate contracts
Derivative [Line Items]
Cash collateral posted	$ 88,900,000
Swap agreement
Derivative [Line Items]
Cash collateral posted	1,300,000
Forward foreign exchange contracts
Derivative [Line Items]
Forward foreign exchange contracts with credit risk-related contingent features, notional value	32,000,000.0	$ 23,100,000
Additional collateral required, if TCF was rated less than BB- by Standard and Poor's	640,000	462,000
Forward foreign exchange contracts with credit risk-related contingent features, net liability amount	0	$ 0
Cash collateral posted	1,700,000
Cash collateral received	$ 10,400,000

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Loans and Leases - Components of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Receivables [Abstract]
Interest income on net investment in direct financing and sales-type leases	$ 34,156	$ 32,384
Lease income from operating lease payments	23,902	25,399
Profit recorded on commencement date on sales-type leases	3,580	7,057
Gains on sales of leased equipment	6,083	5,709
Leasing revenue	33,565	38,165
Total lease income	$ 67,721	$ 70,549

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Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue out of scope of ASC 606	$ 77,623	$ (4,802)
Noninterest income	136,963	51,561
Fees and service charges on deposit accounts
Disaggregation of Revenue [Line Items]
Revenue out of scope of ASC 606	2,985	24
Noninterest income	34,597	26,278
Wealth management revenue
Disaggregation of Revenue [Line Items]
Revenue out of scope of ASC 606	5,912	0
Noninterest income	6,151	0
Card and ATM revenue
Disaggregation of Revenue [Line Items]
Revenue out of scope of ASC 606	2,478	12
Noninterest income	21,685	18,659
Other noninterest income
Disaggregation of Revenue [Line Items]
Revenue out of scope of ASC 606	66,248	(4,838)
Noninterest income	74,530	6,624
Consumer Banking
Disaggregation of Revenue [Line Items]
Revenues within the scope of 606	53,459	46,505
Consumer Banking | Fees and service charges on deposit accounts
Disaggregation of Revenue [Line Items]
Revenues within the scope of 606	30,218	25,193
Consumer Banking | Wealth management revenue
Disaggregation of Revenue [Line Items]
Revenues within the scope of 606	239	0
Consumer Banking | Card and ATM revenue
Disaggregation of Revenue [Line Items]
Revenues within the scope of 606	19,181	18,630
Consumer Banking | Other noninterest income
Disaggregation of Revenue [Line Items]
Revenues within the scope of 606	3,821	2,682
Commercial Banking
Disaggregation of Revenue [Line Items]
Revenues within the scope of 606	3,384	5,904
Commercial Banking | Fees and service charges on deposit accounts
Disaggregation of Revenue [Line Items]
Revenues within the scope of 606	1,394	1,061
Commercial Banking | Wealth management revenue
Disaggregation of Revenue [Line Items]
Revenues within the scope of 606	0	0
Commercial Banking | Card and ATM revenue
Disaggregation of Revenue [Line Items]
Revenues within the scope of 606	26	17
Commercial Banking | Other noninterest income
Disaggregation of Revenue [Line Items]
Revenues within the scope of 606	1,964	4,826
Enterprise Services
Disaggregation of Revenue [Line Items]
Revenues within the scope of 606	2,497	3,954
Enterprise Services | Fees and service charges on deposit accounts
Disaggregation of Revenue [Line Items]
Revenues within the scope of 606	0	0
Enterprise Services | Wealth management revenue
Disaggregation of Revenue [Line Items]
Revenues within the scope of 606	0	0
Enterprise Services | Card and ATM revenue
Disaggregation of Revenue [Line Items]
Revenues within the scope of 606	0	0
Enterprise Services | Other noninterest income
Disaggregation of Revenue [Line Items]
Revenues within the scope of 606	$ 2,497	$ 3,954

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Fair Values Measurements - Changes in Level 3 Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest-only Strips
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Asset (liability) balance, beginning of period	$ 12,813	$ 16,835
Total net gains (losses) included in:
Net income	159	712
Other comprehensive income (loss)	(348)	286
Sales		0
Originations		844
Principal paydowns / settlements	(1,673)	(2,514)
Asset (liability) balance, end of period	10,951	16,163
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period	(348)	286
Interest Rate Lock Commitments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Asset (liability) balance, beginning of period	0	624
Total net gains (losses) included in:
Net income	0	493
Other comprehensive income (loss)	0	0
Sales		0
Originations		0
Principal paydowns / settlements	0	0
Asset (liability) balance, end of period	0	1,117
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period	0	0
Swap agreement
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Asset (liability) balance, beginning of period	(356)	(583)
Total net gains (losses) included in:
Net income	(1)	0
Other comprehensive income (loss)	0	0
Sales		0
Originations		0
Principal paydowns / settlements	71	73
Asset (liability) balance, end of period	(286)	(510)
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period	0	0
Forward loan sales commitments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Asset (liability) balance, beginning of period	0	(26)
Total net gains (losses) included in:
Net income	0	(92)
Other comprehensive income (loss)	0	0
Sales		0
Originations		0
Principal paydowns / settlements	0	0
Asset (liability) balance, end of period	0	(118)
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period	0	0
Investment securities available-for-sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Asset balance, beginning of period	433	4
Total net gains (losses) included in:
Net income	1	0
Other comprehensive income (loss)	(31)	0
Sales		0
Originations		0
Principal paydowns / settlements	0	0
Asset balance, end of period	403	4
Total net gains (losses) included in:
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period	(31)	0
Loans Held for Sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Asset balance, beginning of period	0	18,070
Total net gains (losses) included in:
Net income	0	(166)
Other comprehensive income (loss)	0	0
Sales		(73,438)
Originations		65,400
Principal paydowns / settlements	0	(3)
Asset balance, end of period	0	9,863
Total net gains (losses) included in:
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period	$ 0	$ 0

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Merger - Summary of Ownership (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 01, 2019	Jul. 31, 2019
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)	153,500,000
Legacy TCF shareholders
Business Acquisition [Line Items]
Share price (in usd per share)		$ 21.38
Chemical Financial Corporation
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)	153,479,249
Percentage Ownership	100.00%
Market value	$ 6,452,268
Chemical Financial Corporation | Legacy TCF shareholders
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)	81,920,494
Percentage Ownership	53.38%
Market value	$ 3,443,938
Chemical Financial Corporation | Chemical shareholders
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)	71,558,755
Percentage Ownership	46.62%
Market value	$ 3,008,330
Legacy TCF
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)	302,065,045
Percentage Ownership	100.00%
Legacy TCF | Legacy TCF shareholders
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)	161,229,078
Percentage Ownership	53.38%
Legacy TCF | Chemical shareholders
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)	140,835,967
Percentage Ownership	46.62%
Common Stock | Chemical Financial Corporation
Business Acquisition [Line Items]
Share price (in usd per share)	$ 42.04

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Merger - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Combinations [Abstract]
Net interest income and other noninterest income	$ 538,444	$ 554,724
Net income	51,899	149,068
Net income available to common shareholders	$ 49,406	$ 146,575
Earnings per share:
Basic (in usd per share)	$ 0.33	$ 0.95
Diluted (in usd per share)	$ 0.32	$ 0.95

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Allowance for Credit Losses and Credit Quality - Summary of TDR Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total TDR loans	$ 50,547	$ 45,620
Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total TDR loans	19,968	18,342
Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total TDR loans	30,579	27,278
Accruing TDR Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total TDR loans	22,903	25,389
Accruing TDR Loans | Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total TDR loans	9,655	12,986
Accruing TDR Loans | Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total TDR loans	13,248	12,403
Nonaccrual TDR Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total TDR loans	27,644	20,231
Nonaccrual TDR Loans | Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total TDR loans	10,313	5,356
Nonaccrual TDR Loans | Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total TDR loans	$ 17,331	$ 14,875

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Borrowings - Narrative (Details) - USD ($)	May 01, 2020	Mar. 08, 2020	Mar. 31, 2020	Mar. 09, 2020	Dec. 31, 2019
Short-term Debt [Line Items]
Short-term borrowings			$ 3,482,535,000		$ 2,669,145,000
FHLB advances outstanding			1,800,000,000
Revolving Line-of-Credit
Short-term Debt [Line Items]
Maximum borrowing capacity		$ 50,000,000.0
Debt term		364 days
FHLB advances
Short-term Debt [Line Items]
Short-term borrowings			3,200,000,000		2,450,000,000
Loans pledged			11,300,000,000
Federal Reserve Bank Advances
Short-term Debt [Line Items]
Loans pledged			4,000,000,000.0
FHLB advances outstanding			0
Amended TCF Financial Corporation, Line-of-Credit | Revolving Line-of-Credit
Short-term Debt [Line Items]
Maximum borrowing capacity				$ 150,000,000.0
TCF Financial Corporation, Line-of-Credit | Line of Credit
Short-term Debt [Line Items]
Short-term borrowings			$ 80,000,000		$ 0
Subsequent Event
Short-term Debt [Line Items]
Fixed-to-floating rate subordinated notes	$ 150,000,000.0
Interest rate	5.50%
Debt issuance costs	$ 1,600,000
Subsequent Event | London Interbank Offered Rate (LIBOR)
Short-term Debt [Line Items]
Basis points	5.09%

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ 53,816	$ 73,449
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses	96,943	10,122
Share-based compensation expense	5,647	224
Depreciation and amortization	99,541	56,284
Provision (benefit) for deferred income taxes	(3,016)	(1,011)
Net gains on sales of assets	(28,573)	(14,918)
Proceeds from sales of loans and leases held-for-sale	268,133	80,877
Originations of loans and leases held-for-sale, net of repayments	(362,680)	(72,125)
Impairment of loan servicing rights	8,236	0
Net change in other assets	(218,094)	(95,861)
Net change in other liabilities	(405,718)	113,978
Other, net	(14,106)	(11,089)
Net cash provided by (used in) operating activities	(499,871)	139,930
Cash flows from investing activities
Proceeds from sales of investment securities available-for-sale	0	205,862
Proceeds from maturities of and principal collected on investment securities available-for-sale	311,531	50,425
Purchases of investment securities available-for-sale	(412,011)	(597,054)
Proceeds from maturities of and principal collected on investment securities held-to-maturity	4,152	2,469
Purchases of investment securities held-to-maturity	0	(821)
Redemption of Federal Home Loan Bank stock	144,000	26,000
Purchases of Federal Home Loan Bank stock	(186,000)	(38,000)
Proceeds from sales of loans and leases	287,050	194,109
Loan and lease originations and purchases, net of principal collected	(1,717,733)	(521,907)
Proceeds from sales of other assets	16,494	19,644
Purchases of premises and equipment and lease equipment	(23,846)	(41,121)
Other, net	15,177	2,937
Net cash provided by (used in) investing activities	(1,561,186)	(697,457)
Cash flows from financing activities
Net change in deposits	1,143,905	141,885
Net change in short-term borrowings	813,425	355,947
Proceeds from long-term borrowings	4,150,000	621,328
Payments on long-term borrowings	(3,912,310)	(662,097)
Payments on liabilities related to acquisition and portfolio purchase	0	(1,000)
Repurchases of common stock	(33,098)	0
Dividends paid on preferred stock	(2,493)	(2,493)
Dividends paid on common stock	(53,578)	(24,294)
Exercise of stock options	63	0
Payments related to tax-withholding upon conversion of share-based awards	(2,289)	(3,022)
Net investment by non-controlling interest	7,932	8,038
Net cash provided by (used in) financing activities	2,111,557	434,292
Net change in cash and due from banks	50,500	(123,235)
Cash and cash equivalents at beginning of period	1,228,371	587,057
Cash and cash equivalents at end of period	1,278,871	463,822
Cash paid (received) for:
Interest on deposits and borrowings	76,688	48,276
Income taxes, net	1,838	(140)
Noncash activities:
Transfer of loans and leases to other assets	15,983	27,280
Transfer of loans and leases from held-for-investment to held for sale, net	$ 251,855	$ 170,537

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Loan Servicing Rights - Summary of Loan Servicing Rights (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance, beginning of period	$ 56,313
New servicing assets created	2,451
Impairment (charge) recovery	(8,236)
Amortization	(3,245)
Balance, end of period	47,283
Valuation allowance, end of period	(12,118)
Loans serviced for others that have servicing rights capitalized, end of period	$ 6,444,101

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Allowance for Credit Losses and Credit Quality - Accruing and Non-accrual Loans and Leases (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment, Past Due
Current		$ 35,473,112	$ 34,185,054
30-89 Days Delinquent and Accruing		192,457	112,676
90 Days or More Delinquent and Accruing		5,570	30,076
Total Accruing		35,671,139	34,327,806
Nonaccrual	$ 73,400	250,475	169,658
Total		35,921,614	34,497,464
Portfolios acquired with deteriorated credit quality
Financing Receivable, Recorded Investment, Past Due
Current			217,206
30-89 Days Delinquent and Accruing			3,843
90 Days or More Delinquent and Accruing			25,737
Total Accruing			246,786
Nonaccrual			0
Total			246,786
Consumer
Financing Receivable, Recorded Investment, Past Due
Total		11,398,769	11,221,123
Consumer | Financial Asset Originated
Financing Receivable, Recorded Investment, Past Due
Current		11,235,252	11,028,302
30-89 Days Delinquent and Accruing		56,428	44,105
90 Days or More Delinquent and Accruing		973	667
Total Accruing		11,292,653	11,073,074
Nonaccrual		106,116	75,154
Total		11,398,769	11,148,228
Consumer | Portfolios acquired with deteriorated credit quality
Financing Receivable, Recorded Investment, Past Due
Total			72,895
Consumer | Residential mortgage
Financing Receivable, Recorded Investment, Past Due
Total		6,435,314	6,179,805
Consumer | Residential mortgage | Financial Asset Originated
Financing Receivable, Recorded Investment, Past Due
Current		6,350,832	6,056,817
30-89 Days Delinquent and Accruing		21,949	17,245
90 Days or More Delinquent and Accruing		553	559
Total Accruing		6,373,334	6,074,621
Nonaccrual		61,980	38,577
Total		6,435,314	6,113,198
Consumer | Consumer installment
Financing Receivable, Recorded Investment, Past Due
Total		1,509,953	1,542,411
Consumer | Consumer installment | Financial Asset Originated
Financing Receivable, Recorded Investment, Past Due
Current		1,504,344	1,536,714
30-89 Days Delinquent and Accruing		4,615	4,292
90 Days or More Delinquent and Accruing		5	108
Total Accruing		1,508,964	1,541,114
Nonaccrual		989	714
Total		1,509,953	1,541,828
Consumer | Home equity
Financing Receivable, Recorded Investment, Past Due
Total		3,453,502	3,498,907
Consumer | Home equity | Financial Asset Originated
Financing Receivable, Recorded Investment, Past Due
Current		3,380,076	3,434,771
30-89 Days Delinquent and Accruing		29,864	22,568
90 Days or More Delinquent and Accruing		415	0
Total Accruing		3,410,355	3,457,339
Nonaccrual		43,147	35,863
Total		3,453,502	3,493,202
Commercial
Financing Receivable, Recorded Investment, Past Due
Total		24,522,845	23,276,341
Commercial | Financial Asset Originated
Financing Receivable, Recorded Investment, Past Due
Current		24,237,860	22,939,546
30-89 Days Delinquent and Accruing		136,029	64,728
90 Days or More Delinquent and Accruing		4,597	3,672
Total Accruing		24,378,486	23,007,946
Nonaccrual		144,359	94,504
Total		24,522,845	23,102,450
Commercial | Portfolios acquired with deteriorated credit quality
Financing Receivable, Recorded Investment, Past Due
Total			173,891
Commercial | Commercial and industrial
Financing Receivable, Recorded Investment, Past Due
Total		12,326,943	11,439,602
Commercial | Commercial and industrial | Financial Asset Originated
Financing Receivable, Recorded Investment, Past Due
Current		12,188,493	11,283,832
30-89 Days Delinquent and Accruing		54,183	29,780
90 Days or More Delinquent and Accruing		110	331
Total Accruing		12,242,786	11,313,943
Nonaccrual		84,157	53,812
Total		12,326,943	11,367,755
Commercial | Commercial real estate
Financing Receivable, Recorded Investment, Past Due
Total		9,486,904	9,136,870
Commercial | Commercial real estate | Financial Asset Originated
Financing Receivable, Recorded Investment, Past Due
Current		9,395,692	8,993,360
30-89 Days Delinquent and Accruing		42,738	10,291
90 Days or More Delinquent and Accruing		1,442	1,440
Total Accruing		9,439,872	9,005,091
Nonaccrual		47,032	29,735
Total		9,486,904	9,034,826
Commercial | Lease financing
Financing Receivable, Recorded Investment, Past Due
Total		2,708,998	2,699,869
Commercial | Lease financing | Financial Asset Originated
Financing Receivable, Recorded Investment, Past Due
Current		2,653,675	2,662,354
30-89 Days Delinquent and Accruing		39,108	24,657
90 Days or More Delinquent and Accruing		3,045	1,901
Total Accruing		2,695,828	2,688,912
Nonaccrual		13,170	10,957
Total		$ 2,708,998	$ 2,699,869
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Recorded Investment, Past Due
Nonaccrual	73,400
Reclassification of previous purchased credit impaired loans	$ 73,400

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Loans and Leases - Loan Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Receivables [Abstract]
Sale proceeds, net	$ 555,182	$ 274,986
Recorded investment in loans and leases sold, including accrued interest	537,180	267,109
Other	2,588	340
Net gains on sales of loans and leases	20,590	$ 8,217
Interest-only strips related to loan sales	$ 10,951		$ 12,813

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Allowance for Credit Losses and Credit Quality - Summary of Defaulted TDR Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Financing Receivable, Troubled Debt Restructuring [Line Items]
Defaulted TDR loan balance modified during the period	$ 689	$ 820
Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Defaulted TDR loan balance modified during the period	689	820
Consumer | Residential mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Defaulted TDR loan balance modified during the period	630	190
Consumer | Consumer installment
Financing Receivable, Troubled Debt Restructuring [Line Items]
Defaulted TDR loan balance modified during the period	0	536
Consumer | Home equity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Defaulted TDR loan balance modified during the period	$ 59	$ 94

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Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest income
Interest and fees on loans and leases	$ 443,096	$ 283,238
Interest on investment securities:
Taxable	40,920	16,666
Tax-exempt	4,349	2,684
Interest on loans held-for-sale	1,561	825
Interest on other earning assets	5,466	3,481
Total interest income	495,392	306,894
Interest expense
Interest on deposits	67,419	37,608
Interest on borrowings	26,492	14,857
Total interest expense	93,911	52,465
Net interest income	401,481	254,429
Provision for credit losses	96,943	10,122
Net interest income after provision for credit losses	304,538	244,307
Noninterest income
Noninterest income	136,963	51,561
Net gains on sales of loans and leases	20,590	8,217
Net gains (losses) on investment securities	0	451
Other	13,583	6,624
Total noninterest income	136,963	103,504
Noninterest expense
Compensation and employee benefits	171,528	123,942
Occupancy and equipment	57,288	41,710
Lease financing equipment depreciation	18,450	19,256
Net foreclosed real estate and repossessed assets	1,859	4,630
Merger-related expenses	36,728	9,458
Other	88,746	54,079
Total noninterest expense	374,599	253,075
Income before income tax expense	66,902	94,736
Income tax expense	13,086	21,287
Income after income tax expense	53,816	73,449
Income attributable to non-controlling interest	1,917	2,955
Net income attributable to TCF Financial Corporation	51,899	70,494
Preferred stock dividends	2,493	2,493
Net income available to common shareholders	$ 49,406	$ 68,001
Earnings per common share:
Basic earnings per common share (in usd per share)	$ 0.33	$ 0.83
Diluted earnings per common share (in usd per share)	$ 0.32	$ 0.83
Weighted-average common shares outstanding
Basic (in shares)	151,902,357	82,245,577
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets	$ (17,200)
Diluted (in shares)	152,114,017	82,245,577
Leasing revenue
Noninterest income
Noninterest income	$ 33,565	$ 38,165
Fees and service charges on deposit accounts
Noninterest income
Noninterest income	34,597	26,278
Card and ATM revenue
Noninterest income
Noninterest income	21,685	18,659
Servicing fee revenue
Noninterest income
Noninterest income	6,792	5,110
Wealth management revenue
Noninterest income
Noninterest income	$ 6,151	$ 0

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Accounting policies in effect at December 31, 2019, as previously disclosed in "Note 3. Summary of Significant Accounting Policies" in the Corporation’s Annual Report on Form 10-K at and for the year ended December 31, 2019, remain significantly unchanged and have been followed similarly as in previous periods except for the allowance for credit losses accounting policy, the loans and leases acquired in a business combination accounting policy, the investments securities held-to-maturity accounting policy, and the investments securities available-for-sale accounting policy, resulting from the adoption of Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and related ASUs, as described below.

Allowance for Credit Losses The Corporation's reserve methodology used to determine the appropriate level of the allowance for credit losses ("ACL") is a critical accounting estimate. The ACL is maintained at a level believed to be appropriate to provide for the current credit losses expected to be incurred by the portfolio over the life of each financial asset as of the balance sheet date, including known or anticipated problem loans and leases, as well as for loans and leases which are not currently known to require specific allowances. The Corporation individually evaluates loans and leases that do not share similar risk characteristics with other financial assets for impairment, generally this means TDR loans, previously removed TDR loans and any other loans and leases that no longer exhibit similar risk characteristics of one of the pools of financial assets used for collective evaluation. All other loans and leases are evaluated collectively for impairment. A reserve for unfunded credit commitments such as letters of credit, financial guarantees and binding unfunded loan commitments is recorded in other liabilities on the Consolidated Statements of Financial Condition.

Individually evaluated loans and leases are a key component of the ACL. Individually evaluated consumer loans are generally measured at the present value of the expected future cash flows discounted at the loan's initial effective interest rate, unless the loans are collateral dependent, in which case loan impairment is based on the fair value of the collateral less estimated selling costs. Individually evaluated commercial loans and leases are generally measured at the present value of the expected future cash flows discounted at the initial effective interest rate of the loan or lease, unless the loan or lease is collateral dependent, in which case impairment is based on the fair value of collateral less estimated selling costs; however, if payment or satisfaction of the loan or lease is dependent on the operation, rather than the sale of the collateral, the impairment does not include estimated selling costs.

The impairment for all other consumer and commercial loans and leases is evaluated collectively by various characteristics. The collective evaluation of expected losses in these portfolios is based on their probability of default multiplied by historical loss rates, as well as adjustments for forward-looking information, including industry and macroeconomic forecasts. Management has elected to use a twenty-four month reasonable and supportable forecast period with a twelve month straight line reversion to historical loss rates. Factors utilized in the determination of the amount of the allowance include historical loss experience, current economic forecasts and measurement date credit risk characteristics such as product type, lien position, delinquency, collateral value, credit bureau scores and financial statement ratios. The unfunded credit commitments depend on all the same factors, as well as estimates of exposure at default. The various quantitative and qualitative factors used in the methodologies are reviewed quarterly.

Loans and leases are charged off to the extent they are deemed to be uncollectible. Net charge-offs are included in historical data utilized for calculating the ACL. Loans that are not collateral dependent are charged off when deemed uncollectible based on specific facts and circumstances. Residential mortgage and home equity loans are charged off to the estimated fair value of the underlying collateral, less estimated selling costs, no later than 150 days past due. Additional review of the fair value, less estimated costs to sell, compared with the recorded value occurs upon foreclosure and additional charge-offs are recorded if necessary. Consumer installment loans will generally be charged off in full no later than 120 days past due, unless repossession is reasonably assured and in process, in which case the loan would be charged off to the fair value of the collateral, less estimated selling costs. Consumer loans in bankruptcy status may be charged down to the fair value of the collateral, less estimated selling costs, within 60 days past due based on specific criteria. Deposit account overdrafts are reported in other loans. Net losses on uncollectible overdrafts are reported as net charge-offs in the ACL within 60 days from the date of overdraft. Commercial loans and leases that are considered collateral dependent are charged off to estimated fair value, less estimated selling costs when it becomes probable, based on current information and events, that all principal and interest amounts will not be collectible in accordance with their contractual terms.

The amount of the ACL significantly depends on management's estimates of key factors and assumptions affecting valuation, appraisals of collateral, evaluations of performance and status, the amounts and timing of future cash flows expected to be received, forecasts of future economic conditions and reversion periods. Such estimates, appraisals, evaluations, cash flows and forecasts may be subject to frequent adjustments due to changing economic prospects of borrowers, lessees, properties or economic conditions. These estimates are reviewed quarterly and adjustments, if necessary, are recorded in the provision for credit losses in the periods in which they become known.

Accrued interest receivable is included in other assets on the Consolidated Statements of Financial Condition, and an ACL is not recorded for these balances. Generally, when a loan or lease is placed on nonaccrual status, typically when the collection of interest or principal is 90 days or more past due, uncollected interest accrued in prior years is charged off against the ACL and interest accrued in the current year is reversed against interest income.

Management maintains a framework of controls over the estimation process for the ACL, including review of collective reserve methodologies for compliance with GAAP. Management has a quarterly process to review the appropriateness of historical observation periods and loss assumptions, risk ratings assigned to commercial loans and leases, and discount rate assumptions used to estimate the fair value of consumer real estate. Management reviews its qualitative framework and the effect on the collective reserve compared with relevant credit risk factors and consistency with credit trends. Management also maintains controls over the information systems, models and spreadsheets used in the quantitative components of the reserve estimate. This includes the quality and accuracy of historical data used to derive loss rates, the probability of default, loss given default, the inputs to industry and macroeconomic forecasts and the reversion periods utilized. The results of this process are summarized and presented to management quarterly for their approval of the recorded allowance.

See "Note 8.  Allowance for Credit Losses and Credit Quality" for further information.

Loans and Leases Acquired in a Business Combination The Corporation records loans and leases acquired in a business combination at fair value at the acquisition date and the fair value discount or premium is recognized as an adjustment to yield over the remaining life of each loan or lease. An ACL is also recorded following the Corporation’s ACL accounting policy. Purchased and acquired loans and leases are evaluated at the acquisition date and classified as either (i) loans and leases purchased without evidence of deteriorated credit quality since origination, or (ii) loans and leases purchased that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, referred to as purchased financial assets with credit deterioration ("PCD") assets. In determining whether an acquired asset should be classified as PCD, the Corporation must make numerous assumptions, interpretations and judgments using internal and third-party credit quality information to determine whether or not the asset has experienced more-than-insignificant credit deterioration since origination. This is a point in time assessment and is inherently subjective due to the nature of the available information and judgment involved. Evidence of credit quality deterioration as of the acquisition date may include statistics such as past due and nonaccrual status, recent borrower credit scores and loan-to-value percentages. The ACL estimated for PCD loans and leases as of the acquisition date is recorded as a gross-up of the loan or lease balance and the ACL. Any remaining discount or premium after the gross-up is then recognized as an adjustment to yield over the remaining life of each PCD loan or lease. After the acquisition date, the accounting for acquired loans and leases, including PCD and non-PCD loans and leases, follows the same accounting guidance as loans and leases originated by the Corporation.

See "Note 8. Allowance for Credit Losses and Credit Quality" for further information.

Investment Securities Held-to-Maturity

Investment securities held-to-maturity are carried at cost and adjusted for amortization of premiums or accretion of discounts using a level yield method; however, transfers of investment securities available-for-sale to investment securities held-to-maturity are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of each transfer is retained in accumulated other comprehensive income (loss) and in the carrying value of the held-to-maturity investment security. Such amounts are then amortized over the remaining life of the transferred investment security as an adjustment of the yield on those securities. The Corporation evaluates investment securities held-to-maturity for credit losses on a quarterly basis, and records any such losses as a component of provision for credit losses in the Consolidated Statements of Income. See "Note 6. Investment Securities" for further information on investment securities held-to-maturity.

Investment Securities Available-for-Sale

Investment securities available-for-sale are carried at fair value with the unrealized gains or losses net of related deferred income taxes reported within accumulated other comprehensive income (loss). The cost of investment securities sold is determined on a specific identification basis and gains or losses on sales of investment securities available-for-sale are recognized on trade dates. Discounts and premiums on investment securities available-for-sale are amortized using a level yield method over the expected life of the security, or to the earliest call date for premiums on investment securities with call features. The Corporation evaluates investment securities available-for-sale for credit losses on a quarterly basis, and records any such losses as a component of provision for credit losses in the Consolidated Statements of Income. See "Note 6. Investment Securities" for further information on investment securities available-for-sale.

Recently Adopted Accounting Pronouncements

Effective January 1, 2020, the Corporation adopted ASU No. 2020-03, Codification Improvements to Financial Instruments, which is comprised of amendments intended to clarify or improve the accounting guidance for various financial instruments, including fair value measurement and disclosure, disclosures for depository and lending institutions, and the interaction between Topic 326 - Financial Instruments - Credit losses and other Topics. Each of the clarifying amendments are either not relevant to the Corporation's consolidated financial statements or further confirmed the Corporation's existing interpretation of the accounting guidance. As such, the adoption of this guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2019-08, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements-Share-Based Consideration Payable to a Customer, which requires entities to measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. The adoption of this guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which makes targeted improvements to the accounting for collaborative arrangements in response to questions raised as a result of the issuance of ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The adoption of this guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. In addition to providing variable interest entities ("VIE") guidance to private companies, this ASU contains an amendment applicable to all entities which amends how a decision maker or service provider determines whether its fee is a variable interest in a VIE when a related party under common control also has an interest in the VIE. The adoption of this guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. While the adoption of this guidance required adjustments to our fair value disclosures, it did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Under the new guidance, the Corporation will compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for any amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance largely remains unchanged. The adoption of this guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets (including off-balance sheet exposures), including trade and other receivables, debt securities held-to-maturity, loans, net investments in leases and purchased financial assets with credit deterioration. The ASU requires the use of a current expected credit loss ("CECL") methodology to determine the allowance for credit losses for loans and debt securities held-to-maturity. CECL requires loss estimates for the remaining estimated life of the asset to be measured using historical loss data as well as adjustments for current conditions and reasonable and supportable forecasts of future economic conditions. Effective January 1, 2020, the Corporation also adopted the following ASUs, which further amend the original CECL guidance in Topic 326: (i) ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20 and should be accounted for in accordance with Topic 842; (ii) ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which clarifies and corrects certain unintended applications of the guidance contained in each of the amended Topics; (iii) ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief, which provides an option to irrevocably elect the fair value option in Subtopic 825-10 to certain instruments within the scope of Subtopic 326-20 upon adoption of Topic 326; (iv) ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which clarifies that expected recoveries of amounts previously written off or expected to be written off should be included in the estimate of allowance for credit losses for purchased financial assets with credit deterioration, provides certain transition relief for TDR accounting when the discounted cash flow method is used to estimate credit losses, allows entities to elect to disclose separately the total amount of accrued interest included in the amortized cost basis as a single balance to meet certain disclosure requirements, and clarifies that an entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing financial assets when electing a practical expedient to measure the estimate of expected credit losses by comparing the amortized cost basis of the financial asset and the fair value of collateral securing the financial asset as of the reporting date. These ASUs were adopted on a modified retrospective basis.

CECL represents a significant change in GAAP and is expected to result in a significant change to industry practice, which the Corporation expects will continue to evolve over time. Our adoption resulted in an ACL as of January 1, 2020 that is larger than the allowance for loan and lease losses ("ALLL") that would have been recorded under the legacy guidance on the same date by $206.0 million in total for all portfolios. Approximately 20% of the increase from ALLL to ACL relates to originated loans and leases, with the largest impact on the consumer segment given the longer duration of the portfolios. A significant portion of the increase from ALLL to ACL is a result of new requirements to record ACL related to acquired loans and leases, regardless of any credit mark recorded. Approximately 80% of the increase from ALLL to ACL relates to acquired loans and leases, which were recorded at estimated fair value at their respective acquisition date, the majority of which relate to loans and leases acquired in the Merger. Under legacy GAAP, credit marks were included in the determination of the fair value adjustments reflected as a discount to the carrying value of the loans, and an ALLL was not recorded on acquired loans and leases until evidence of credit deterioration existed post acquisition. However, upon adoption of CECL an ACL is recorded for all acquired loans and leases based on the lifetime loss concept. Further, for acquired loans and leases that do not meet the definition of PCD, the credit and interest marks which existed from acquisition accounting as of December 31, 2019 will continue to accrete over the life of loan. For acquired loans that met the definition of PCI under legacy GAAP and converted to PCD at CECL adoption, the ACL recorded is recognized through a gross-up that increases the amortized cost basis of loans with a corresponding ACL, and therefore results in little to no impact to the cumulative effect adjustment to retained earnings. Prior to the adoption of CECL, PCI loans were not classified as nonaccrual loans because they were recorded at their net realizable value based on the principal and interest expected to be collected on the loans. At January 1, 2020, $73.4 million of previous purchased credit impaired loans were reclassified to nonaccrual loans as a result of the adoption of CECL. The adoption of CECL also resulted in an increase in the liability for unfunded commitments of $14.7 million. For other assets within the scope of the standard such as held-to-maturity investment securities, trade and other receivables, the impact from the standard was inconsequential. The cumulative tax effected adjustment to record ACL and to increase the unfunded commitment liability resulted in a reduction to retained earnings of $159.3 million. Post-adoption, as loans and leases are added to the portfolio, the Corporation expects higher levels of ACL determined by CECL assumptions, resulting in accelerated recognition of provision for credit losses, as compared to historical results. In response to the COVID-19 pandemic, the regulatory agencies published an interim final rule on March 31, 2020 that provides the option to delay the cumulative effect of the day 1 impact of CECL adoption on regulatory capital, along with 25% of the change in the adjusted allowance for credit losses (as computed for regulatory capital purposes which excludes PCD loans), for 2 years, followed by a three-year phase-in period. Management elected the 5-year transition period consistent with the March 31, 2020 interim final rule. Additional and modified disclosure requirements under CECL are included in "Note 6. Investment Securities" and "Note 8. Allowance for Credit Losses and Credit Quality."

Recently Issued but Not Yet Adopted Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides a number of optional expedients to general accounting guidance intended to ease the burden of the accounting impacts of reference rate reform related to contract modifications and hedge accounting elections. Adoption of the expedients is allowed after March 12, 2020 and no later than December 31, 2022. Management is currently evaluating the impact of this guidance on the consolidated financial statements.

In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force), which clarifies the interactions between Topic 321, Topic 323 and Topic 815, including accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The adoption of this ASU will be required beginning with the Corporation's Quarterly Report on Form 10-Q for the quarter ending March 31, 2021. Early adoption is allowed. Management is currently evaluating the impact of this guidance on the consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify the accounting for income taxes by removing certain exceptions to the general rules found in Topic 740 - Income Taxes. The adoption of this ASU will be required beginning with the Corporation's Quarterly Report on Form 10-Q for the quarter ending March 31, 2021. Early adoption is allowed. Management is currently evaluating the impact of this guidance on the consolidated financial statements.

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Loans and Leases

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Loans and Leases

Loans and Leases

Loans and leases were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
Commercial loan and lease portfolio:
Commercial and industrial	$	12,326,943	$	11,439,602
Commercial real estate	9,486,904		9,136,870
Lease financing	2,708,998		2,699,869
Total commercial loan and lease portfolio	24,522,845		23,276,341
Consumer loan portfolio:
Residential mortgage	6,435,314		6,179,805
Consumer installment	1,509,953		1,542,411
Home equity	3,453,502		3,498,907
Total consumer loan portfolio	11,398,769		11,221,123
Total loans and leases(1)	$	35,921,614	$	34,497,464

(1) Loans and leases are reported at historical cost including net direct fees and costs associated with originating and acquiring loans and leases, lease residuals, unearned income and unamortized purchase premiums and discounts. The aggregate amount of these loan and lease adjustments was $(177.8) million and $(201.5) million at March 31, 2020 and December 31, 2019, respectively.

Accrued interest receivable for loans and leases was $109.4 million and $106.5 million at March 31, 2020 and December 31, 2019, respectively, and is included in other assets on the Consolidated Statements of Financial Condition.

Acquired Loans and Leases The Corporation acquires loans and leases through business combinations and purchases of loan and lease portfolios. These loans and leases are recorded at fair value at acquisition and the fair value discount or premium is recognized as an adjustment to yield over the remaining life of each loan or lease. The Corporation purchased jumbo residential mortgage loans at fair value of $423.0 million during the three months ended March 31, 2020, none of which qualified as PCD loans.

See "Note 3. Summary of Significant Accounting Policies" for further acquired loans and leases policy information.

Lease Income The components of total lease income were as follows:

	Three Months Ended March 31,
(In thousands)	2020		2019
Interest income - loans and leases:
Interest income on net investment in direct financing and sales-type leases	$	34,156	$	32,384
Leasing revenue (noninterest income):
Lease income from operating lease payments	23,902		25,399
Profit recorded on commencement date on sales-type leases	3,580		7,057
Gains on sales of leased equipment	6,083		5,709
Leasing revenue	33,565		38,165
Total lease income	$	67,721	$	70,549

Loan Sales The following table summarizes the net gains on sales of loans and leases. We retain servicing on a majority of loans sold. See "Note 10. Loan Servicing Rights" for further information.

	Three Months Ended March 31,
(In millions)	2020		2019
Sale proceeds, net	$	555,182	$	274,986
Recorded investment in loans and leases sold, including accrued interest	537,180		267,109
Other	2,588		340
Net gains on sales of loans and leases	$	20,590	$	8,217

The interest-only strips on the balance sheet related to loan sales were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
Interest-only strips	$	10,951	$	12,813

We recorded $224 thousand of impairment charges on interest-only strips during the three months ended March 31, 2020 and no impairment charges during the three months ended March 31, 2019.

The Corporation's agreements to sell consumer loans typically contain certain representations, warranties and covenants regarding the loans sold or securitized. These representations, warranties and covenants generally relate to, among other things, the ownership of the loan, the validity, priority and perfection of the lien securing the loan, accuracy of information supplied to the buyer or investor, the loan's compliance with the criteria set forth in the agreement, the manner in which the loans will be serviced, payment delinquency and compliance with applicable laws and regulations. These agreements generally require the repurchase of loans or indemnification in the event we breach these representations, warranties or covenants and such breaches are not cured. In addition, some agreements contain a requirement to repurchase loans as a result of early payoffs by the borrower, early payment default of the borrower or the failure to obtain valid title. Losses related to repurchases pursuant to such representations, warranties and covenants were immaterial for the three months ended March 31, 2020 and 2019.

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Investments in Qualified Affordable Housing Projects, Federal Historic Projects and New Market Tax Credits

3 Months Ended

Mar. 31, 2020

Schedule of Investments [Abstract]

Investments in Qualified Affordable Housing Projects, Federal Historic Projects and New Market Tax Credits

Investments in Qualified Affordable Housing Projects, Federal Historic Projects and New Market Tax Credits

The Corporation invests in qualified affordable housing projects, federal historic projects, and new market tax credits for the purposes of community reinvestment and to obtain tax credits. Return on the Corporation's investment in these projects comes in the form of pass-through tax credits and tax losses. The carrying value of the investments is included in other assets. The Corporation primarily utilizes the proportional amortization method to account for investments in qualified affordable housing projects and the equity method to account for investments in other tax credit projects.

Under the proportional amortization method, the Corporation amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits. The Corporation recognized amortization expense of investments in qualified affordable housing projects of $5.3 million and $2.5 million for the three months ended March 31, 2020 and 2019, respectively. Amortization expense was offset by tax credits and other benefits of $6.6 million and $3.0 million for the three months ended March 31, 2020 and 2019, respectively. The Corporation's remaining investment in qualified affordable housing projects totaled $203.4 million and $195.8 million at March 31, 2020 and December 31, 2019, respectively.

Under the equity method, the Corporation's share of the earnings or losses is included in other noninterest expense. The Corporation's remaining investment in the federal historic projects, and Ohio historic preservation tax credits totaled $46.0 million and $43.6 million at March 31, 2020 and December 31, 2019, respectively. During the three months ended March 31, 2020, $0.3 million of income tax benefit was recognized due to the federal historic tax credits, which was partially offset by amortization expense, inclusive of impairment, of $0.2 million. During the three months ended March 31, 2020, state tax credits, inclusive of impairment, totaled $0.4 million.

The Corporation's unfunded equity contributions relating to investments in qualified affordable housing projects, federal historic projects and new market tax credits are included in other liabilities. The Corporation's remaining unfunded equity contributions totaled $143.8 million and $131.3 million at March 31, 2020 and December 31, 2019, respectively.

Management analyzes these investments for potential impairment when events or changes in circumstances indicate that it is more-likely-than-not that the carrying amount of the investment will not be realized. An impairment loss is measured as the amount by which the carrying amount of an investment exceeds its fair value.

Investments in qualified affordable housing projects, federal historic projects and new market tax credits are considered VIEs because TCF, as a limited partner, lacks the power to direct the activities that most significantly impact the entities' economic performance. TCF has concluded it is not the primary beneficiary and therefore, they are not consolidated. The maximum exposure to loss on the VIE investments is limited to the carrying amount of the investments and the potential recapture of any recognized tax credits. TCF believes the likelihood of the tax credits being recaptured is remote, as a loss would only take place if the managing entity failed to meet certain government compliance requirements. Further, certain of TCF's investments in affordable housing limited liability entities include guaranteed minimum returns which are backed by an investment grade credit-rated company, which reduces the risk of loss.

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Loans and Leases (Tables)

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Schedule of Loans and Leases

Loans and leases were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
Commercial loan and lease portfolio:
Commercial and industrial	$	12,326,943	$	11,439,602
Commercial real estate	9,486,904		9,136,870
Lease financing	2,708,998		2,699,869
Total commercial loan and lease portfolio	24,522,845		23,276,341
Consumer loan portfolio:
Residential mortgage	6,435,314		6,179,805
Consumer installment	1,509,953		1,542,411
Home equity	3,453,502		3,498,907
Total consumer loan portfolio	11,398,769		11,221,123
Total loans and leases(1)	$	35,921,614	$	34,497,464

(1)

Loans and leases are reported at historical cost including net direct fees and costs associated with originating and acquiring loans and leases, lease residuals, unearned income and unamortized purchase premiums and discounts. The aggregate amount of these loan and lease adjustments was $(177.8) million and $(201.5) million at March 31, 2020 and December 31, 2019, respectively.

Schedule of Components of Total Lease Income

The components of total lease income were as follows:

	Three Months Ended March 31,
(In thousands)	2020		2019
Interest income - loans and leases:
Interest income on net investment in direct financing and sales-type leases	$	34,156	$	32,384
Leasing revenue (noninterest income):
Lease income from operating lease payments	23,902		25,399
Profit recorded on commencement date on sales-type leases	3,580		7,057
Gains on sales of leased equipment	6,083		5,709
Leasing revenue	33,565		38,165
Total lease income	$	67,721	$	70,549

Schedule of Components of Total Lease Income

The components of total lease income were as follows:

	Three Months Ended March 31,
(In thousands)	2020		2019
Interest income - loans and leases:
Interest income on net investment in direct financing and sales-type leases	$	34,156	$	32,384
Leasing revenue (noninterest income):
Lease income from operating lease payments	23,902		25,399
Profit recorded on commencement date on sales-type leases	3,580		7,057
Gains on sales of leased equipment	6,083		5,709
Leasing revenue	33,565		38,165
Total lease income	$	67,721	$	70,549

Summary of Net Gains On Sales of Loans

The following table summarizes the net gains on sales of loans and leases. We retain servicing on a majority of loans sold. See "Note 10. Loan Servicing Rights" for further information.

	Three Months Ended March 31,
(In millions)	2020		2019
Sale proceeds, net	$	555,182	$	274,986
Recorded investment in loans and leases sold, including accrued interest	537,180		267,109
Other	2,588		340
Net gains on sales of loans and leases	$	20,590	$	8,217

Interest-only Strips

The interest-only strips on the balance sheet related to loan sales were as follows:

(In thousands)	At March 31, 2020		At December 31, 2019
Interest-only strips	$	10,951	$	12,813

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Allowance for Credit Losses

Allowance for Credit Losses The Corporation's reserve methodology used to determine the appropriate level of the allowance for credit losses ("ACL") is a critical accounting estimate. The ACL is maintained at a level believed to be appropriate to provide for the current credit losses expected to be incurred by the portfolio over the life of each financial asset as of the balance sheet date, including known or anticipated problem loans and leases, as well as for loans and leases which are not currently known to require specific allowances. The Corporation individually evaluates loans and leases that do not share similar risk characteristics with other financial assets for impairment, generally this means TDR loans, previously removed TDR loans and any other loans and leases that no longer exhibit similar risk characteristics of one of the pools of financial assets used for collective evaluation. All other loans and leases are evaluated collectively for impairment. A reserve for unfunded credit commitments such as letters of credit, financial guarantees and binding unfunded loan commitments is recorded in other liabilities on the Consolidated Statements of Financial Condition.

Individually evaluated loans and leases are a key component of the ACL. Individually evaluated consumer loans are generally measured at the present value of the expected future cash flows discounted at the loan's initial effective interest rate, unless the loans are collateral dependent, in which case loan impairment is based on the fair value of the collateral less estimated selling costs. Individually evaluated commercial loans and leases are generally measured at the present value of the expected future cash flows discounted at the initial effective interest rate of the loan or lease, unless the loan or lease is collateral dependent, in which case impairment is based on the fair value of collateral less estimated selling costs; however, if payment or satisfaction of the loan or lease is dependent on the operation, rather than the sale of the collateral, the impairment does not include estimated selling costs.

The impairment for all other consumer and commercial loans and leases is evaluated collectively by various characteristics. The collective evaluation of expected losses in these portfolios is based on their probability of default multiplied by historical loss rates, as well as adjustments for forward-looking information, including industry and macroeconomic forecasts. Management has elected to use a twenty-four month reasonable and supportable forecast period with a twelve month straight line reversion to historical loss rates. Factors utilized in the determination of the amount of the allowance include historical loss experience, current economic forecasts and measurement date credit risk characteristics such as product type, lien position, delinquency, collateral value, credit bureau scores and financial statement ratios. The unfunded credit commitments depend on all the same factors, as well as estimates of exposure at default. The various quantitative and qualitative factors used in the methodologies are reviewed quarterly.

Loans and leases are charged off to the extent they are deemed to be uncollectible. Net charge-offs are included in historical data utilized for calculating the ACL. Loans that are not collateral dependent are charged off when deemed uncollectible based on specific facts and circumstances. Residential mortgage and home equity loans are charged off to the estimated fair value of the underlying collateral, less estimated selling costs, no later than 150 days past due. Additional review of the fair value, less estimated costs to sell, compared with the recorded value occurs upon foreclosure and additional charge-offs are recorded if necessary. Consumer installment loans will generally be charged off in full no later than 120 days past due, unless repossession is reasonably assured and in process, in which case the loan would be charged off to the fair value of the collateral, less estimated selling costs. Consumer loans in bankruptcy status may be charged down to the fair value of the collateral, less estimated selling costs, within 60 days past due based on specific criteria. Deposit account overdrafts are reported in other loans. Net losses on uncollectible overdrafts are reported as net charge-offs in the ACL within 60 days from the date of overdraft. Commercial loans and leases that are considered collateral dependent are charged off to estimated fair value, less estimated selling costs when it becomes probable, based on current information and events, that all principal and interest amounts will not be collectible in accordance with their contractual terms.

The amount of the ACL significantly depends on management's estimates of key factors and assumptions affecting valuation, appraisals of collateral, evaluations of performance and status, the amounts and timing of future cash flows expected to be received, forecasts of future economic conditions and reversion periods. Such estimates, appraisals, evaluations, cash flows and forecasts may be subject to frequent adjustments due to changing economic prospects of borrowers, lessees, properties or economic conditions. These estimates are reviewed quarterly and adjustments, if necessary, are recorded in the provision for credit losses in the periods in which they become known.

Accrued interest receivable is included in other assets on the Consolidated Statements of Financial Condition, and an ACL is not recorded for these balances. Generally, when a loan or lease is placed on nonaccrual status, typically when the collection of interest or principal is 90 days or more past due, uncollected interest accrued in prior years is charged off against the ACL and interest accrued in the current year is reversed against interest income.

Management maintains a framework of controls over the estimation process for the ACL, including review of collective reserve methodologies for compliance with GAAP. Management has a quarterly process to review the appropriateness of historical observation periods and loss assumptions, risk ratings assigned to commercial loans and leases, and discount rate assumptions used to estimate the fair value of consumer real estate. Management reviews its qualitative framework and the effect on the collective reserve compared with relevant credit risk factors and consistency with credit trends. Management also maintains controls over the information systems, models and spreadsheets used in the quantitative components of the reserve estimate. This includes the quality and accuracy of historical data used to derive loss rates, the probability of default, loss given default, the inputs to industry and macroeconomic forecasts and the reversion periods utilized. The results of this process are summarized and presented to management quarterly for their approval of the recorded allowance.

Loans and Leases Acquired in a Business Combination

Loans and Leases Acquired in a Business Combination The Corporation records loans and leases acquired in a business combination at fair value at the acquisition date and the fair value discount or premium is recognized as an adjustment to yield over the remaining life of each loan or lease. An ACL is also recorded following the Corporation’s ACL accounting policy. Purchased and acquired loans and leases are evaluated at the acquisition date and classified as either (i) loans and leases purchased without evidence of deteriorated credit quality since origination, or (ii) loans and leases purchased that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, referred to as purchased financial assets with credit deterioration ("PCD") assets. In determining whether an acquired asset should be classified as PCD, the Corporation must make numerous assumptions, interpretations and judgments using internal and third-party credit quality information to determine whether or not the asset has experienced more-than-insignificant credit deterioration since origination. This is a point in time assessment and is inherently subjective due to the nature of the available information and judgment involved. Evidence of credit quality deterioration as of the acquisition date may include statistics such as past due and nonaccrual status, recent borrower credit scores and loan-to-value percentages. The ACL estimated for PCD loans and leases as of the acquisition date is recorded as a gross-up of the loan or lease balance and the ACL. Any remaining discount or premium after the gross-up is then recognized as an adjustment to yield over the remaining life of each PCD loan or lease. After the acquisition date, the accounting for acquired loans and leases, including PCD and non-PCD loans and leases, follows the same accounting guidance as loans and leases originated by the Corporation.

Investment Securities Held-to-Maturity and Investment Securities Available-for-Sale

Investment Securities Held-to-Maturity

Investment securities held-to-maturity are carried at cost and adjusted for amortization of premiums or accretion of discounts using a level yield method; however, transfers of investment securities available-for-sale to investment securities held-to-maturity are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of each transfer is retained in accumulated other comprehensive income (loss) and in the carrying value of the held-to-maturity investment security. Such amounts are then amortized over the remaining life of the transferred investment security as an adjustment of the yield on those securities. The Corporation evaluates investment securities held-to-maturity for credit losses on a quarterly basis, and records any such losses as a component of provision for credit losses in the Consolidated Statements of Income. See "Note 6. Investment Securities" for further information on investment securities held-to-maturity.

Investment Securities Available-for-Sale

Investment securities available-for-sale are carried at fair value with the unrealized gains or losses net of related deferred income taxes reported within accumulated other comprehensive income (loss). The cost of investment securities sold is determined on a specific identification basis and gains or losses on sales of investment securities available-for-sale are recognized on trade dates. Discounts and premiums on investment securities available-for-sale are amortized using a level yield method over the expected life of the security, or to the earliest call date for premiums on investment securities with call features. The Corporation evaluates investment securities available-for-sale for credit losses on a quarterly basis, and records any such losses as a component of provision for credit losses in the Consolidated Statements of Income. See "Note 6. Investment Securities" for further information on investment securities available-for-sale.

Recently Adopted Accounting Pronouncements and Recently Issued but Not Yet Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Effective January 1, 2020, the Corporation adopted ASU No. 2020-03, Codification Improvements to Financial Instruments, which is comprised of amendments intended to clarify or improve the accounting guidance for various financial instruments, including fair value measurement and disclosure, disclosures for depository and lending institutions, and the interaction between Topic 326 - Financial Instruments - Credit losses and other Topics. Each of the clarifying amendments are either not relevant to the Corporation's consolidated financial statements or further confirmed the Corporation's existing interpretation of the accounting guidance. As such, the adoption of this guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2019-08, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements-Share-Based Consideration Payable to a Customer, which requires entities to measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. The adoption of this guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which makes targeted improvements to the accounting for collaborative arrangements in response to questions raised as a result of the issuance of ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The adoption of this guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. In addition to providing variable interest entities ("VIE") guidance to private companies, this ASU contains an amendment applicable to all entities which amends how a decision maker or service provider determines whether its fee is a variable interest in a VIE when a related party under common control also has an interest in the VIE. The adoption of this guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. While the adoption of this guidance required adjustments to our fair value disclosures, it did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Under the new guidance, the Corporation will compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for any amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance largely remains unchanged. The adoption of this guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2020, the Corporation adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets (including off-balance sheet exposures), including trade and other receivables, debt securities held-to-maturity, loans, net investments in leases and purchased financial assets with credit deterioration. The ASU requires the use of a current expected credit loss ("CECL") methodology to determine the allowance for credit losses for loans and debt securities held-to-maturity. CECL requires loss estimates for the remaining estimated life of the asset to be measured using historical loss data as well as adjustments for current conditions and reasonable and supportable forecasts of future economic conditions. Effective January 1, 2020, the Corporation also adopted the following ASUs, which further amend the original CECL guidance in Topic 326: (i) ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20 and should be accounted for in accordance with Topic 842; (ii) ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which clarifies and corrects certain unintended applications of the guidance contained in each of the amended Topics; (iii) ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief, which provides an option to irrevocably elect the fair value option in Subtopic 825-10 to certain instruments within the scope of Subtopic 326-20 upon adoption of Topic 326; (iv) ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which clarifies that expected recoveries of amounts previously written off or expected to be written off should be included in the estimate of allowance for credit losses for purchased financial assets with credit deterioration, provides certain transition relief for TDR accounting when the discounted cash flow method is used to estimate credit losses, allows entities to elect to disclose separately the total amount of accrued interest included in the amortized cost basis as a single balance to meet certain disclosure requirements, and clarifies that an entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing financial assets when electing a practical expedient to measure the estimate of expected credit losses by comparing the amortized cost basis of the financial asset and the fair value of collateral securing the financial asset as of the reporting date. These ASUs were adopted on a modified retrospective basis.

CECL represents a significant change in GAAP and is expected to result in a significant change to industry practice, which the Corporation expects will continue to evolve over time. Our adoption resulted in an ACL as of January 1, 2020 that is larger than the allowance for loan and lease losses ("ALLL") that would have been recorded under the legacy guidance on the same date by $206.0 million in total for all portfolios. Approximately 20% of the increase from ALLL to ACL relates to originated loans and leases, with the largest impact on the consumer segment given the longer duration of the portfolios. A significant portion of the increase from ALLL to ACL is a result of new requirements to record ACL related to acquired loans and leases, regardless of any credit mark recorded. Approximately 80% of the increase from ALLL to ACL relates to acquired loans and leases, which were recorded at estimated fair value at their respective acquisition date, the majority of which relate to loans and leases acquired in the Merger. Under legacy GAAP, credit marks were included in the determination of the fair value adjustments reflected as a discount to the carrying value of the loans, and an ALLL was not recorded on acquired loans and leases until evidence of credit deterioration existed post acquisition. However, upon adoption of CECL an ACL is recorded for all acquired loans and leases based on the lifetime loss concept. Further, for acquired loans and leases that do not meet the definition of PCD, the credit and interest marks which existed from acquisition accounting as of December 31, 2019 will continue to accrete over the life of loan. For acquired loans that met the definition of PCI under legacy GAAP and converted to PCD at CECL adoption, the ACL recorded is recognized through a gross-up that increases the amortized cost basis of loans with a corresponding ACL, and therefore results in little to no impact to the cumulative effect adjustment to retained earnings. Prior to the adoption of CECL, PCI loans were not classified as nonaccrual loans because they were recorded at their net realizable value based on the principal and interest expected to be collected on the loans. At January 1, 2020, $73.4 million of previous purchased credit impaired loans were reclassified to nonaccrual loans as a result of the adoption of CECL. The adoption of CECL also resulted in an increase in the liability for unfunded commitments of $14.7 million. For other assets within the scope of the standard such as held-to-maturity investment securities, trade and other receivables, the impact from the standard was inconsequential. The cumulative tax effected adjustment to record ACL and to increase the unfunded commitment liability resulted in a reduction to retained earnings of $159.3 million. Post-adoption, as loans and leases are added to the portfolio, the Corporation expects higher levels of ACL determined by CECL assumptions, resulting in accelerated recognition of provision for credit losses, as compared to historical results. In response to the COVID-19 pandemic, the regulatory agencies published an interim final rule on March 31, 2020 that provides the option to delay the cumulative effect of the day 1 impact of CECL adoption on regulatory capital, along with 25% of the change in the adjusted allowance for credit losses (as computed for regulatory capital purposes which excludes PCD loans), for 2 years, followed by a three-year phase-in period. Management elected the 5-year transition period consistent with the March 31, 2020 interim final rule. Additional and modified disclosure requirements under CECL are included in "Note 6. Investment Securities" and "Note 8. Allowance for Credit Losses and Credit Quality."

Recently Issued but Not Yet Adopted Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides a number of optional expedients to general accounting guidance intended to ease the burden of the accounting impacts of reference rate reform related to contract modifications and hedge accounting elections. Adoption of the expedients is allowed after March 12, 2020 and no later than December 31, 2022. Management is currently evaluating the impact of this guidance on the consolidated financial statements.

In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force), which clarifies the interactions between Topic 321, Topic 323 and Topic 815, including accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The adoption of this ASU will be required beginning with the Corporation's Quarterly Report on Form 10-Q for the quarter ending March 31, 2021. Early adoption is allowed. Management is currently evaluating the impact of this guidance on the consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify the accounting for income taxes by removing certain exceptions to the general rules found in Topic 740 - Income Taxes. The adoption of this ASU will be required beginning with the Corporation's Quarterly Report on Form 10-Q for the quarter ending March 31, 2021. Early adoption is allowed. Management is currently evaluating the impact of this guidance on the consolidated financial statements.