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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, 2021

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

Commission File No. 001-39009

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)

(866) 258-1807

(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 April 30, 2021, there were 152,648,603 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, 2021 and December 31, 2020 (Unaudited)			1

Consolidated Statements of Income for the Three Months Ended March 31, 2021 and 2020 (Unaudited)			2

Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2021 and 2020 (Unaudited)			3

Consolidated Statements of Equity for the Three Months Ended March 31, 2021 and 2020 (Unaudited)			4

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020 (Unaudited)			5

Notes to Consolidated Financial Statements (Unaudited)			6

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.			43

Item 3. Quantitative and Qualitative Disclosures About Market Risk.			76

Item 4. Controls and Procedures.			77

Part II - Other Information

Item 1. Legal Proceedings.			78

Item 1A. Risk Factors.			79

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.			79

Item 3. Defaults Upon Senior Securities.			79

Item 4. Mine Safety Disclosures.			79

Item 5. Other Information.			79

Item 6. Index to Exhibits.			80

Signatures			81

Table of Contents

Part I - Financial Information

Item 1. Financial Statements.

TCF FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Financial Condition (Unaudited)


(Dollars in thousands, except per share data)	At March 31, 2021		At December 31, 2020
ASSETS
Cash and cash equivalents:
Cash and due from banks	$	585,663	$	531,918
Interest-bearing deposits with other banks	463,641		728,677
Total cash and cash equivalents	1,049,304		1,260,595
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	358,414		320,436
Investment securities:
Available-for-sale, at fair value (amortized cost of $8,396,973 and $8,041,173)	8,403,788		8,284,723
Held-to-maturity, at amortized cost (fair value of $212,411 and $193,554)	209,778		184,359
Total investment securities	8,613,566		8,469,082
Loans and leases held-for-sale (includes $107,417 and $221,784 at fair value)	107,649		222,028
Loans and leases	36,221,019		34,466,408
Allowance for loan and lease losses	(504,645)		(525,868)
Loans and leases, net	35,716,374		33,940,540
Premises and equipment, net	455,032		470,131
Goodwill	1,379,890		1,313,046
Other intangible assets, net	149,438		146,377
Loan servicing rights	44,151		38,303
Other assets	1,585,733		1,621,949
Total assets	$	49,459,551	$	47,802,487
LIABILITIES AND EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	12,394,753	$	11,036,086
Interest-bearing	27,392,061		27,820,233
Total deposits	39,786,814		38,856,319
Short-term borrowings	1,426,083		617,363
Long-term borrowings	1,518,816		1,374,732
Other liabilities	1,136,067		1,264,776
Total liabilities	43,867,780		42,113,190
Equity
Preferred stock, no 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 - 152,696,133 shares at March 31, 2021 and 152,565,504 shares at December 31, 2020	152,696		152,566
Additional paid-in capital	3,466,655		3,457,802
Retained earnings	1,802,340		1,735,201
Accumulated other comprehensive income	2,654		182,673
Other	(29,813)		(26,731)
Total TCF Financial Corporation shareholders' equity	5,563,834		5,670,813
Non-controlling interest	27,937		18,484
Total equity	5,591,771		5,689,297
Total liabilities and equity	$	49,459,551	$	47,802,487

See accompanying notes to consolidated financial statements.

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TCF FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Income (Unaudited)


	Three Months Ended March 31,
(In thousands, except per share data)	2021		2020
Interest income
Interest and fees on loans and leases	$	360,584	$	443,096
Interest on investment securities:
Taxable	38,716		40,920
Tax-exempt	3,700		4,349
Interest on loans held-for-sale	975		1,561
Interest on other earning assets	1,657		5,466
Total interest income	405,632		495,392
Interest expense
Interest on deposits	13,786		67,419
Interest on borrowings	10,019		26,492
Total interest expense	23,805		93,911
Net interest income	381,827		401,481
Provision for credit losses	20,556		96,943
Net interest income after provision for credit losses	361,271		304,538
Noninterest income
Leasing revenue	36,453		33,565
Fees and service charges on deposit accounts	25,895		34,597
Card and ATM revenue	24,661		21,685
Mortgage banking income	20,986		5,665
Wealth management revenue	6,944		6,151
Net gains on sales of loans and leases	6,058		7,573
Net gains on investment securities	8		—
Other	11,055		27,727
Total noninterest income	132,060		136,963
Noninterest expense
Compensation and employee benefits	173,602		171,528
Occupancy and equipment	52,166		57,288
Lease financing equipment depreciation	20,426		18,450
Net foreclosed real estate and repossessed assets	1,029		1,859
Merger-related expenses	16,216		36,728
Other	85,243		88,746
Total noninterest expense	348,682		374,599
Income before income tax expense	144,649		66,902
Income tax expense	19,540		13,086
Income after income tax expense	125,109		53,816
Income attributable to non-controlling interest	1,773		1,917
Net income attributable to TCF Financial Corporation	123,336		51,899
Preferred stock dividends	2,493		2,493

Net income available to common shareholders	$	120,843	$	49,406
Earnings per common share
Basic	$	0.79	$	0.33
Diluted	0.79		0.32
Weighted-average common shares outstanding
Basic	152,159,117		151,902,357
Diluted	152,540,687		152,114,017

See accompanying notes to consolidated financial statements.

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TCF FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended March 31,
(In thousands)	2021		2020
Net income attributable to TCF Financial Corporation	$	123,336	$	51,899
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on available-for-sale investment securities and interest-only strips	(180,612)		115,847

Net unrealized gains (losses) on net investment hedges	(1,559)		10,481
Foreign currency translation adjustment	2,170		(14,426)
Recognized postretirement prior service cost	(18)		(9)
Total other comprehensive income (loss), net of tax	(180,019)		111,893
Comprehensive (loss) income	$	(56,683)	$	163,792

See accompanying notes to consolidated financial statements.

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TCF FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Equity (Unaudited)

At or For the Three Months Ended March 31, 2021 and 2020


	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, 2020	7,000	152,565,504	$	169,302	$	152,566	$	3,457,802	$	1,735,201	$	182,673	$	(26,731)	$	5,670,813	$	18,484	$	5,689,297


Net income	—	—	—		—		—		123,336		—		—		123,336		1,773		125,109
Other comprehensive income (loss), net of tax	—	—	—		—		—		—		(180,019)		—		(180,019)		—		(180,019)
Net investment by (distribution to) non-controlling interest	—	—	—		—		—		—		—		—		—		7,680		7,680

Dividends on 5.70% Series C Preferred Stock	—	—	—		—		—		(2,493)		—		—		(2,493)		—		(2,493)
Dividends on common stock of $0.35 per common share	—	—	—		—		—		(53,704)		—		—		(53,704)		—		(53,704)

Stock compensation plans, net of tax	—	130,629	—		130		5,771		—		—		—		5,901		—		5,901
Change in shares held in trust for deferred compensation plans, at cost	—	—	—		—		3,082		—		—		(3,082)		—		—		—
Balance, March 31, 2021	7,000	152,696,133	$	169,302	$	152,696	$	3,466,655	$	1,802,340	$	2,654	$	(29,813)	$	5,563,834	$	27,937	$	5,591,771

See accompanying notes to consolidated financial statements.


	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 2. Summary of Significant Accounting Policies" in our Annual Report on Form 10-K for the year ended December 31, 2020 for further information.

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TCF FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows (Unaudited)


	Quarter Ended March 31,
(In thousands)	2021		2020
Cash flows from operating activities
Income after income tax expense	$	125,109	$	53,816
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses	20,556		96,943
Share-based compensation expense	7,277		5,647
Depreciation and amortization	106,381		99,541
Provision (benefit) for deferred income taxes	46,452		(3,016)


Net gains on sales of assets	(24,365)		(28,573)
Proceeds from sales of loans and leases held-for-sale	525,556		268,133
Originations of loans and leases held-for-sale, net of repayments	(399,628)		(362,680)
Loan servicing rights (recovery) impairment	(7,637)		8,236
Net change in other assets	(138,828)		(218,094)
Net change in other liabilities	(143,062)		(405,718)
Other, net	(1,073)		(14,106)
Net cash provided by (used in) operating activities	116,738		(499,871)
Cash flows from investing activities

Proceeds from maturities of and principal collected on investment securities available-for-sale	704,304		311,531
Purchases of investment securities available-for-sale	(858,934)		(412,011)
Proceeds from maturities of and principal collected on investment securities held-to-maturity	9,865		4,152
Purchases of investment securities held-to-maturity	(20,051)		—

Redemption of Federal Home Loan Bank stock	136,002		144,000
Purchases of Federal Home Loan Bank stock	(174,000)		(186,000)
Proceeds from sales of loans and leases	67,791		287,050
Loan and lease originations and purchases, net of principal collected	(961,317)		(1,717,733)
Proceeds from sales of other assets	28,114		16,494
Purchases of premises and equipment and lease equipment	(25,304)		(23,846)
Net cash paid in business combination	(1,069,830)		—
Other, net	(1,732)		15,177
Net cash used in investing activities	(2,165,092)		(1,561,186)
Cash flows from financing activities
Net change in deposits	930,495		1,143,905
Net change in short-term borrowings	808,720		813,425
Proceeds from long-term borrowings	2,857,651		4,150,000
Payments on long-term borrowings	(2,710,221)		(3,912,310)


Repurchases of common stock	—		(33,098)

Dividends paid on preferred stock	(2,493)		(2,493)
Dividends paid on common stock	(53,704)		(53,578)
Exercise of stock options	(327)		63
Payments related to tax-withholding upon conversion of share-based awards	(738)		(2,289)
Net investment by (distribution to) non-controlling interest	7,680		7,932
Net cash provided by financing activities	1,837,063		2,111,557
Net change in cash and due from banks	(211,291)		50,500
Cash and cash equivalents at beginning of period	1,260,595		1,228,371
Cash and cash equivalents at end of period	$	1,049,304	$	1,278,871
Supplemental disclosures of cash flow information
Cash paid for:
Interest on deposits and borrowings	$	34,454	$	76,688
Income taxes, net	4,971		1,838
Noncash activities:
Transfer of loans and leases to other assets	8,143		15,983
Transfer of loans and leases from held-for-investment to held for sale, net	48,210		251,855

See accompanying notes to consolidated financial statements.

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TCF FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Note 1. Basis of Presentation

TCF Financial Corporation, a Michigan 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 National Bank ("TCF Bank"), TCF's wholly owned bank subsidiary, a national banking association, has its main office in Sioux Falls, South Dakota. References herein to "TCF Financial" refer to TCF Financial Corporation on an unconsolidated basis.

TCF Bank operates banking centers primarily located in Michigan, Illinois and Minnesota with additional locations in Colorado, Ohio, Wisconsin and South Dakota (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, 2020.

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.

Note 2. Business Combinations

Proposed Merger with Huntington Bancshares Incorporated

On December 13, 2020, TCF and Huntington Bancshares Incorporated ("Huntington") jointly announced the signing of a definitive merger agreement (the "TCF/Huntington Merger Agreement"). Under the terms of the agreement, the combined company will have dual headquarters for banking operations in Detroit, Michigan and Columbus, Ohio. Huntington is headquartered in Columbus, Ohio with reported assets of $125.8 billion as of March 31, 2021. Under the terms of the TCF/Huntington Merger Agreement, TCF shareholders will receive 3.0028 shares of Huntington common stock for each share of TCF common stock. Holders of TCF common stock will receive cash in lieu of fractional shares. Each outstanding share of 5.70% Series C Non-Cumulative Perpetual Preferred Stock of TCF will be converted into the right to receive one share of a newly created series of preferred stock of Huntington and Huntington will assume the obligations of TCF under the applicable deposit agreement related to the depositary shares. On March 25, 2021, shareholders of both TCF and Huntington have approved the merger. Subject to receipt of regulatory approvals and satisfaction of other customary closing conditions, the transaction is anticipated to close in the second quarter of 2021.

Note 3. Summary of Significant Accounting Policies

Accounting policies in effect at December 31, 2020, as previously disclosed in "Note 2. Summary of Significant Accounting Policies" in the Corporation’s Annual Report on Form 10-K at and for the year ended December 31, 2020, remain significantly unchanged and have been followed similarly as in previous periods.

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Recently Adopted Accounting Pronouncements

Effective January 1, 2021, the Corporation adopted Accounting Standards Update ("ASU") No. 2020-10, Codification Improvements, which is intended to clarify or correct the unintended application of the Codification of accounting guidance for a wide variety of topics. The adoption of this guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2021, the Corporation adopted ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs, which clarifies the intent of certain updates that were included in ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The adoption of this guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2021, the Corporation adopted 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 guidance did not have a material impact on the consolidated financial statements.

Effective January 1, 2021, the Corporation adopted 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 guidance did not have a material impact on the consolidated financial statements.

Recently Issued but Not Yet Adopted Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which reduces the complexity of accounting for certain financial instruments with characteristics of both debt and equity. 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, 2022. Early adoption is allowed. Management is currently evaluating the impact of this guidance on the consolidated financial statements.

In March 2020, 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. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope, which clarifies that the scope of Topic 848 includes derivative instruments that do not reference a rate that is expected to be discontinued but that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. 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.

Note 4. Cash and Cash Equivalents

Cash and cash equivalents include cash and due from banks and interest-bearing deposits in other banks. Total cash and cash equivalents were $1.0 billion and $1.3 billion at March 31, 2021 and December 31, 2020, respectively.

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 $95.5 million and $95.1 million at March 31, 2021 and December 31, 2020, respectively.

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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, 2021		At December 31, 2020
FHLB stock, at cost	$	234,455	$	196,457
FRB stock, at cost	123,959		123,979
Total investments	$	358,414	$	320,436

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, 2021 and December 31, 2020.

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, 2021
Debt securities:
Obligations of states and political subdivisions	$	824,061	$	30,772	$	8,041	$	846,792
Government and government-sponsored enterprises	186,541		506		649		186,398
Mortgage-backed securities:
Residential agency	6,545,644		93,014		123,937		6,514,721
Residential non-agency	119,284		1,882		3		121,163
Commercial agency	681,641		23,146		10,557		694,230
Commercial non-agency	39,348		671		—		40,019
Total mortgage-backed debt securities	7,385,917		118,713		134,497		7,370,133
Corporate debt and trust preferred securities	454		11		—		465

Total investment securities available-for-sale	$	8,396,973	$	150,002	$	143,187	$	8,403,788
At December 31, 2020
Debt securities:
Obligations of states and political subdivisions	$	827,191	$	44,077	$	1,087	$	870,181
Government and government-sponsored enterprises	196,560		153		813		195,900
Mortgage-backed securities:
Residential agency	6,151,511		157,955		1,388		6,308,078
Residential non-agency	156,865		2,819		2		159,682
Commercial agency	669,235		39,715		999		707,951
Commercial non-agency	39,358		3,072		—		42,430
Total mortgage-backed debt securities	7,016,969		203,561		2,389		7,218,141
Corporate debt and trust preferred securities	453		48		—		501

Total investment securities available-for-sale	$	8,041,173	$	247,839	$	4,289	$	8,284,723

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	Investment Securities Held-to-Maturity
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
At March 31, 2021


Residential agency mortgage-backed securities	$	206,151	$	6,615	$	3,982	$	208,784
Corporate debt and trust preferred securities	3,627		—		—		3,627
Total investment securities held-to-maturity (1)	$	209,778	$	6,615	$	3,982	$	212,411
At December 31, 2020


Residential agency mortgage-backed securities	$	180,946	$	9,267	$	72	$	190,141
Corporate debt and trust preferred securities	3,413		—		—		3,413
Total investment securities held-to-maturity (1)	$	184,359	$	9,267	$	72	$	193,554

(1)At both March 31, 2021 and December 31, 2020 there was no ACL for investment securities held-to-maturity.

Accrued interest receivable for investment securities was $23.1 million and $20.6 million at March 31, 2021 and December 31, 2020, respectively, and is included in other assets on the Consolidated Statements of Financial Condition.

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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, 2021
	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:
Obligations of states and political subdivisions	$	130,928	$	8,041	$	—	$	—	$	130,928	$	8,041
Government and government sponsored enterprises	93,950		649		—		—		93,950		649
Mortgage-backed securities:
Residential agency	3,848,667		123,937		—		—		3,848,667		123,937
Residential non-agency	3,001		3		—		—		3,001		3
Commercial agency	175,579		10,557		—		—		175,579		10,557
Commercial non-agency	—		—		—		—		—		—
Total mortgage-backed debt securities	4,027,247		134,497		—		—		4,027,247		134,497



Total investment securities available-for-sale	$	4,252,125	$	143,187	$	—	$	—	$	4,252,125	$	143,187
Investment securities held-to-maturity

Residential agency mortgage-backed securities	108,682		3,982		—		—		108,682		3,982

Total investment securities held-to-maturity	$	108,682	$	3,982	$	—	$	—	$	108,682	$	3,982


	At December 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:
Obligations of states and political subdivisions	$	78,241	$	1,087	$	—	$	—	$	78,241	$	1,087
Government and government sponsored enterprises	139,940		813		—		—		139,940		813
Mortgage-backed securities:
Residential agency	426,171		1,388		—		—		426,171		1,388
Residential non-agency	1,529		2		—		—		1,529		2
Commercial agency	96,667		999		—		—		96,667		999
Commercial non-agency	—		—		—		—		—		—
Total mortgage-backed debt securities	524,367		2,389		—		—		524,367		2,389


Total investment securities available-for-sale	$	742,548	$	4,289	$	—	$	—	$	742,548	$	4,289

At March 31, 2021 there was no ACL for investment securities available-for-sale. At March 31, 2021 there were 582 available-for-sale investment securities in an unrealized loss position. Management assessed each investment security with unrealized losses for credit impairment. Substantially all unrealized losses on investment securities available-for-sale were due to credit spreads and interest rates rather than credit impairment. As part of that assessment, management 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.

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


	Three Months Ended March 31,
(In thousands)	2021		2020
Gross realized gains	$	—	$	—
Gross realized losses	—		—
Recoveries on previously impaired investment securities held-to-maturity	8		—
Net gains on investment securities	$	8	$	—

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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, 2021				At December 31, 2020
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Investment Securities Available-for-Sale
Due in one year or less	$	45,902	$	46,020	$	45,912	$	46,163
Due in 1-5 years	160,915		163,885		163,346		168,125
Due in 5-10 years	770,039		788,800		681,135		720,239
Due after 10 years	7,420,117		7,405,083		7,150,780		7,350,196
Total investment securities available-for-sale	$	8,396,973	$	8,403,788	$	8,041,173	$	8,284,723

Investment Securities Held-to-Maturity
Due in one year or less	$	400	$	400	$	400	$	400
Due in 1-5 years	2,150		2,150		2,150		2,150
Due in 5-10 years	43		48		46		51
Due after 10 years	207,185		209,813		181,763		190,953
Total investment securities held-to-maturity	$	209,778	$	212,411	$	184,359	$	193,554

At March 31, 2021 and December 31, 2020, investment securities with a carrying value of $581.0 million and $1.0 billion, 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, 2021		At December 31, 2020
Commercial loan and lease portfolio:
Commercial and industrial(1)	$	12,856,701	$	11,422,383
Commercial real estate	9,881,341		9,702,587
Lease financing	2,956,626		2,817,231
Total commercial loan and lease portfolio	25,694,668		23,942,201
Consumer loan portfolio:
Residential mortgage	6,510,981		6,182,045
Home equity	2,864,142		3,108,736
Consumer installment	1,151,228		1,233,426
Total consumer loan portfolio	10,526,351		10,524,207
Total loans and leases(2)	$	36,221,019	$	34,466,408

(1)Includes $1.9 billion and $1.6 billion of PPP loans at March 31, 2021 and December 31, 2020, respectively.

(2)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 $(85.4) million and $(118.6) million at March 31, 2021 and December 31, 2020, respectively.

Accrued interest receivable for loans and leases was $94.2 million and $93.6 million at March 31, 2021 and December 31, 2020, 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. On January 29, 2021, TCF acquired BB&T Commercial Equipment Capital, Corp. ("CEC") through a business combination, which included a portfolio of $1.0 billion of commercial loans and leases. During the three months ended March 31, 2021, the Corporation acquired total loans and leases with a fair value of $1.8 billion, which primarily included the CEC commercial loans and leases and jumbo residential mortgage loans.

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


	Three Months Ended March 31,
(In thousands)	2021		2020
Interest and fees on loans and leases (Interest income):
Interest income on net investment in direct financing and sales-type leases	$	34,189	$	34,156

Leasing revenue (Noninterest income):
Lease income from operating lease payments	25,550		23,902
Profit recorded on commencement date on sales-type leases	6,541		3,580
Gains on sales of leased equipment	4,362		6,083
Leasing revenue	36,453		33,565
Total lease income	$	70,642	$	67,721

Loan and Lease Sales The following table summarizes the net gains on sales of loans and leases related to all loan and lease sales. The Corporation retains servicing on a majority of loans sold. See "Note 10. Loan Servicing Rights" for further information.


	Three Months Ended March 31,
(In thousands)	2021		2020
Sale proceeds, net	$	593,347	$	555,182
Recorded investment in loans and leases sold, including accrued interest	563,489		537,180
Other	(8,135)		2,588
Net gains on sales of loans and leases related to all loan and lease sales(1)	$	21,723	$	20,590

(1)Three months ended March 31, 2021 amount included within net gain on sales of loans and leases ($6.1 million) and mortgage banking income ($15.7 million). Three months ended March 31, 2020 amounts included within net gain on sales of loans and leases ($7.6 million) and mortgage banking income ($13.0 million).

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


(In thousands)	At March 31, 2021		At December 31, 2020
Interest-only strips	$	6,737	$	7,823

The Corporation recorded $262 thousand of impairment charges related to interest-only strips during the three months ended March 31, 2021 and $224 thousand of impairment charges for the three months ended March 31, 2020.

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 of the purchaser in the event these representations are breached, 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, 2021 and 2020.

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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.

Allowance for Credit Losses The rollforwards of the allowance for credit losses ("ACL") were as follows:


(In thousands)	Consumer Loan Portfolio		Commercial Loan and Lease Portfolio		Total Allowance for Loan and Lease Losses		Reserve for Unfunded Lending Commitments(1)		Total Allowance for Credit Losses
Three months ended March 31, 2021
Balance, beginning of period	$	136,894	$	388,974	$	525,868	$	23,313	$	549,181


Charge-offs	(8,340)		(47,278)		(55,618)		—		(55,618)
Recoveries	7,879		4,477		12,356		—		12,356
Net (charge-offs) recoveries	(461)		(42,801)		(43,262)		—		(43,262)
Provision for credit losses	9,276		12,684		21,960		(1,404)		20,556

Other(2)	(2,230)		2,309		79		—		79
Balance, end of period	$	143,479	$	361,166	$	504,645	$	21,909	$	526,554
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	(5,848)		(8,881)		(14,729)		—		(14,729)
Recoveries	4,708		4,544		9,252		—		9,252
Net (charge-offs) recoveries	(1,140)		(4,337)		(5,477)		—		(5,477)
Provision for credit losses	40,288		52,702		92,990		3,953		96,943

Other(2)	—		(174)		(174)		—		(174)

Balance, end of period	$	175,057	$	231,326	$	406,383	$	22,188	$	428,571

(1)Reserve for unfunded lending commitments ("RULC") is recognized within other liabilities.

(2)Primarily includes the allowance for purchased financial assets with credit deterioration ("PCD") and the transfer of the allowance to loans and leases held-for-sale.

Management considers our ACL of $526.6 million, or 1.45% of total loans and leases, appropriate to cover current credit losses expected to be incurred in the loan and lease portfolios over the remaining expected life of each financial asset at March 31, 2021, including loans and leases which are not currently known to require specific allowances. The ACL was $549.2 million, or 1.59% of total loans and leases, at December 31, 2020. The decrease in the ACL as a percentage of total loans and leases from December 31, 2020 was primarily due to continued improvement in both current and forecasted macro-economic conditions and benefit from nonaccrual loan sale recoveries. The provision for credit losses related to loans and leases for the three months ended March 31, 2021 was primarily due to loan and lease growth, which included the purchase of commercial loans and leases as a part of the CEC business combination. PPP loans totaling $1.9 billion at March 31, 2021, are individually guaranteed by the Small Business Administration and therefore the accounting under CECL does not require reserves to be recorded on such loans.

PCD Loan Activity

For PCD loans and leases, the initial estimate of expected credit losses is recognized in the allowance for loan and lease losses ("ALLL") on the date of acquisition using the same methodology as other loans and leases held-for-investment. The following table provides a summary of loans and leases purchased as part of the CEC business combination with credit deterioration at acquisition:


(In thousands)
Three months ended March 31, 2021
Par value	$	70,263
ALLL at acquisition	(2,383)
Non-credit premium (discount)	(1,020)
Purchase price	$	66,860

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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. In addition, loans and leases that have requested payment deferral under the Coronavirus Aid, Relief and Economic Security ("CARES") Act of greater than 180 days 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		Total
At March 31, 2021
Commercial loan and lease portfolio:
Commercial and industrial	$	12,588,529	$	25,413	$	2,772	$	12,616,714	$	239,987	$	12,856,701




Commercial real estate	9,662,431		30,490		—		9,692,921		188,420		9,881,341
Lease financing	2,824,770		33,164		4,734		2,862,668		93,958		2,956,626
Total commercial loan and lease portfolio	25,075,730		89,067		7,506		25,172,303		522,365		25,694,668
Consumer loan portfolio:
Residential mortgage	6,421,403		11,171		1,874		6,434,448		76,533		6,510,981
Home equity	2,781,347		9,798		56		2,791,201		72,941		2,864,142
Consumer installment	1,142,579		2,587		—		1,145,166		6,062		1,151,228
Total consumer loan portfolio	10,345,329		23,556		1,930		10,370,815		155,536		10,526,351
Total	$	35,421,059	$	112,623	$	9,436	$	35,543,118	$	677,901	$	36,221,019
At December 31, 2020
Commercial loan and lease portfolio:
Commercial and industrial	$	11,119,453	$	42,033	$	1,458	$	11,162,944	$	259,439	$	11,422,383




Commercial real estate	9,453,743		94,383		22		9,548,148		154,439		9,702,587
Lease financing	2,695,356		27,118		3,935		2,726,409		90,822		2,817,231
Total commercial loan and lease portfolio	23,268,552		163,534		5,415		23,437,501		504,700		23,942,201
Consumer loan portfolio:
Residential mortgage	6,065,379		17,048		1,965		6,084,392		97,653		6,182,045
Home equity	3,008,450		30,840		63		3,039,353		69,383		3,108,736
Consumer installment	1,224,059		3,801		—		1,227,860		5,566		1,233,426
Total consumer loan portfolio	10,297,888		51,689		2,028		10,351,605		172,602		10,524,207

Total	$	33,566,440	$	215,223	$	7,443	$	33,789,106	$	677,302	$	34,466,408

Further details of the Corporation's nonaccrual loans and leases were as follows:


	At March 31, 2021				At December 31, 2020
(In thousands)	Total nonaccrual		Nonaccrual with no ACL		Total nonaccrual		Nonaccrual with no ACL
Commercial loan and lease portfolio:
Commercial and industrial	$	239,987	$	45,371	$	259,439	$	55,773
Commercial real estate	188,420		150,882		154,439		79,203
Lease financing	93,958		—		90,822		—
Total commercial loan and lease portfolio	522,365		196,253		504,700		134,976
Consumer loan portfolio:
Residential mortgage	76,533		—		97,653		49
Home equity	72,941		358		69,383		23
Consumer installment	6,062		3,505		5,566		3,531
Total consumer loan portfolio	155,536		3,863		172,602		3,603
Total	$	677,901	$	200,116	$	677,302	$	138,579

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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, 2021	2021		2020		2019		2018		2017		2016 and Prior						Total















Commercial loan and lease portfolio:
Commercial and industrial	$	—	$	420	$	163	$	—	$	4	$	262	$	1,923	$	—	$	2,772
Commercial real estate	—		—		—		—		—		—		—		—		—
Lease financing	—		1,693		1,085		1,022		674		260		—		—		4,734
Total commercial loan and lease portfolio	—		2,113		1,248		1,022		678		522		1,923		—		7,506
Consumer loan portfolio:
Residential mortgage	—		85		312		—		202		1,275		—		—		1,874
Home equity	—		—		—		—		56		—		—		—		56
Consumer installment	—		—		—		—		—		—		—		—		—
Total consumer loan portfolio	—		85		312		—		258		1,275		—		—		1,930
Total 90 days or more delinquent and accruing	$	—	$	2,198	$	1,560	$	1,022	$	936	$	1,797	$	1,923	$	—	$	9,436


			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 December 31, 2020	2020		2019		2018		2017		2016		2015 and Prior						Total















Commercial loan and lease portfolio:
Commercial and industrial	$	874	$	50	$	94	$	13	$	—	$	52	$	375	$	—	$	1,458
Commercial real estate	—		—		—		—		—		22		—		—		22
Lease financing	1,286		975		680		463		392		139		—		—		3,935
Total commercial loan and lease portfolio	2,160		1,025		774		476		392		213		375		—		5,415
Consumer loan portfolio:
Residential mortgage	85		134		—		—		—		1,746		—		—		1,965
Home equity	—		—		—		—		—		27		36		—		63
Consumer installment	—		—		—		—		—		—		—		—		—
Total consumer loan portfolio	85		134		—		—		—		1,773		36		—		2,028
Total 90 days or more delinquent and accruing	$	2,245	$	1,159	$	774	$	476	$	392	$	1,986	$	411	$	—	$	7,443

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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, 2021	2021		2020		2019		2018		2017		2016 and Prior						Total
Commercial loan and lease portfolio:
Commercial and industrial	$	121	$	27,464	$	58,160	$	51,542	$	25,885	$	39,613	$	37,191	$	11	$	239,987
Commercial real estate	—		4,309		25,233		13,738		57,547		87,593		—		—		188,420
Lease financing	—		3,606		29,189		26,513		16,047		16,758		—		1,845		93,958
Total commercial loan and lease portfolio	121		35,379		112,582		91,793		99,479		143,964		37,191		1,856		522,365
Consumer loan portfolio:
Residential mortgage	—		3,253		7,744		11,920		2,996		50,620		—		—		76,533
Home equity	22		847		934		445		432		5,594		63,920		747		72,941
Consumer installment	—		87		238		340		514		4,690		193		—		6,062
Total consumer loan portfolio	22		4,187		8,916		12,705		3,942		60,904		64,113		747		155,536
Total nonaccrual loans and leases	$	143	$	39,566	$	121,498	$	104,498	$	103,421	$	204,868	$	101,304	$	2,603	$	677,901


			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 December 31, 2020	2020		2019		2018		2017		2016		2015 and Prior						Total
Commercial loan and lease portfolio:
Commercial and industrial	$	26,109	$	61,595	$	60,686	$	29,360	$	17,669	$	23,644	$	40,364	$	12	$	259,439
Commercial real estate	5,194		4,835		14,452		53,934		21,667		54,357		—		—		154,439
Lease financing	3,190		27,412		26,348		15,184		8,601		8,145		—		1,942		90,822
Total commercial loan and lease portfolio	34,493		93,842		101,486		98,478		47,937		86,146		40,364		1,954		504,700
Consumer loan portfolio:
Residential mortgage	2,631		9,177		16,391		4,172		2,812		62,470		—		—		97,653
Home equity	889		1,449		530		379		223		5,149		59,826		938		69,383
Consumer installment	33		267		181		281		575		4,060		169		—		5,566
Total consumer loan portfolio	3,553		10,893		17,102		4,832		3,610		71,679		59,995		938		172,602
Total nonaccrual loans and leases	$	38,046	$	104,735	$	118,588	$	103,310	$	51,547	$	157,825	$	100,359	$	2,892	$	677,302

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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,
	2021				2020
(In thousands)	Average Loan and Lease Balance		Interest Income Recognized		Average Loan and Lease Balance		Interest Income Recognized
Commercial loan and lease portfolio:
Commercial and industrial	$	249,713	$	2,116	$	68,985	$	1,709




Commercial real estate	171,429		3,040		38,383		1,784
Lease financing	92,390		19		12,063		51
Total commercial loan and lease portfolio	513,532		5,175		119,431		3,544
Consumer loan portfolio:
Residential mortgage	87,093		1,304		50,278		638
Home equity	71,162		1,387		39,505		156
Consumer installment	5,814		66		852		25
Total consumer loan portfolio	164,069		2,757		90,635		819
Total nonaccrual loans and leases	$	677,601	$	7,932	$	210,066	$	4,363

In addition to the receivable's payment performance status, credit quality is also analyzed using credit risk classifications, 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 credit risk classifications also measure the quality of the borrower's management group and the repayment support offered by any guarantors. Loan and lease credit risk 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.

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The amortized cost basis of loans and leases by credit risk classifications 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, 2021	2021		2020		2019		2018		2017		2016 and Prior						Total
Commercial loan and lease portfolio:
Commercial and industrial
Pass	$	1,289,456	$	3,069,589	$	1,924,724	$	1,033,717	$	527,205	$	618,661	$	3,541,892	$	51,531	$	12,056,775
Special mention	6,898		16,592		87,857		75,921		42,692		10,888		147,237		754		388,839
Substandard	2,501		36,312		98,860		61,460		33,431		76,814		101,429		280		411,087

Total commercial and industrial	1,298,855		3,122,493		2,111,441		1,171,098		603,328		706,363		3,790,558		52,565		12,856,701
Commercial real estate
Pass	304,562		1,373,808		2,274,851		1,767,581		1,169,172		2,021,114		—		—		8,911,088
Special mention	81		17,878		88,125		83,486		214,000		175,698		—		—		579,268
Substandard	1,739		60,777		43,251		86,540		82,812		115,866		—		—		390,985

Total commercial real estate	306,382		1,452,463		2,406,227		1,937,607		1,465,984		2,312,678		—		—		9,881,341
Lease financing
Pass	247,246		970,143		686,909		389,597		205,845		115,862		32,369		148,755		2,796,726
Special mention	848		14,307		8,802		5,459		4,670		2,461		—		4,586		41,133
Substandard	1,023		10,122		35,382		30,848		18,302		18,751		—		4,339		118,767

Total lease financing	249,117		994,572		731,093		425,904		228,817		137,074		32,369		157,680		2,956,626
Total commercial	1,854,354		5,569,528		5,248,761		3,534,609		2,298,129		3,156,115		3,822,927		210,245		25,694,668
Consumer loan portfolio:
Residential mortgage
Pass	710,828		2,207,173		860,827		510,015		361,669		1,780,396		—		—		6,430,908

Substandard	—		3,338		8,056		11,920		3,198		53,561		—		—		80,073

Total residential mortgage	710,828		2,210,511		868,883		521,935		364,867		1,833,957		—		—		6,510,981
Home equity
Pass	1,362		20,638		44,156		42,176		34,373		135,924		2,503,856		7,331		2,789,816

Substandard	22		847		934		445		488		6,923		63,920		747		74,326

Total home equity	1,384		21,485		45,090		42,621		34,861		142,847		2,567,776		8,078		2,864,142
Consumer installment
Pass	65,000		183,103		335,641		171,972		155,700		212,480		20,871		62		1,144,829

Substandard	—		134		403		340		514		4,815		193		—		6,399

Total consumer installment	65,000		183,237		336,044		172,312		156,214		217,295		21,064		62		1,151,228
Total consumer	777,212		2,415,233		1,250,017		736,868		555,942		2,194,099		2,588,840		8,140		10,526,351
Total loans and leases	$	2,631,566	$	7,984,761	$	6,498,778	$	4,271,477	$	2,854,071	$	5,350,214	$	6,411,767	$	218,385	$	36,221,019

(1)This balance includes $32.4 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 $210.2 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.

Table of Contents


	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)
December 31, 2020	2020		2019		2018		2017		2016		2015 and Prior						Total
Commercial loan and lease portfolio:
Commercial and industrial
Pass	$	3,282,275	$	1,877,468	$	994,081	$	547,940	$	357,567	$	316,557	$	3,286,687	$	48,079	$	10,710,654
Special mention	13,377		66,485		46,174		34,959		4,661		6,733		94,338		858		267,585
Substandard	28,908		69,510		94,227		48,246		52,944		29,295		120,738		276		444,144

Total commercial and industrial	3,324,560		2,013,463		1,134,482		631,145		415,172		352,585		3,501,763		49,213		11,422,383
Commercial real estate
Pass	1,361,117		2,193,489		1,877,374		1,211,426		683,612		1,480,027		—		—		8,807,045
Special mention	17,745		78,236		53,087		197,935		79,540		104,473		—		—		531,016
Substandard	6,995		53,079		31,930		124,728		57,221		90,573		—		—		364,526

Total commercial real estate	1,385,857		2,324,804		1,962,391		1,534,089		820,373		1,675,073		—		—		9,702,587
Lease financing
Pass	1,013,374		715,327		393,644		226,818		109,992		30,620		23,806		167,726		2,681,307
Special mention	4,050		9,871		3,897		4,870		1,484		1,001		—		8,911		34,084
Substandard	6,440		29,040		27,579		16,150		9,360		8,635		7		4,629		101,840

Total lease financing	1,023,864		754,238		425,120		247,838		120,836		40,256		23,813		181,266		2,817,231
Total commercial	5,734,281		5,092,505		3,521,993

TCF FINANCIAL CORP 10-Q