TCF Financial reported net income for the first quarter of 2011 was $29.7 million, compared with $33.9 million in the first quarter of 2010.

William A. Cooper, TCF chairman and chief executive officer said, “TCF’s 64th consecutive quarter of profitability was highlighted by significant credit quality improvements including decreases in non-performing assets, net charge-offs and delinquencies. In fact, delinquencies, a leading indicator, have fallen to levels not seen in the last couple of years.”

In the news release on first quarter earnings, TCF commented as follows on equipment finance and inventory finance activity:

TCF said that originations of leasing and equipment finance loans and leases for the quarter ended March 31, 2011 increased $43.4 million, or 16.2%, from the quarter ended March 31, 2010. The backlog of approved transactions was $429.6 million at March 31, 2011, compared with $402.6 million at December 31, 2010 and $361.6 million at March 31, 2010.

Leasing and equipment revenues were $26.8 million in the first quarter of 2011, up $6.4 million, or 31.4 percent, from the first quarter of 2010 and up $3.3 million, or 14.3 percent, from the fourth quarter of 2010. The increase from both the first and fourth quarters of 2010 was due to customer initiated lease activity.

TCF said average inventory finance loans in the first quarter of 2011 increased $319.7 million, or 57.8%, from the first quarter of 2010 and increased $69.6 million, or 8.7%, from the fourth quarter of 2010. The increase from the first quarter of 2010 was primarily due to TCF’s entrance into the power sports industry in the third quarter of 2010. The increase from the fourth quarter of 2010 was primarily due to seasonal growth in the lawn and garden programs. As of March 31, 2011, inventory finance loans totaled $1 billion.