TCF Financial reported a net loss for the first quarter 2012 of $282.9 inclusive of a net, after-tax charge of $295.8 million related to repositioning certain investments and borrowings of TCF’s balance sheet. TCF reported net income of $30.3 million in the first quarter 2011.

William A. Cooper, chairman and chief executive, said, “TCF’s first quarter results were highlighted by significant loan and lease growth from our specialty finance businesses, along with the successful completion of the repositioning of our balance sheet. While the balance sheet repositioning resulted in TCF’s first quarterly loss in 17 years, it was absolutely the right thing to do.”

TCF said leasing and equipment finance revenues were $22.9 million in the first quarter, down $3.9 million, or 14.5% from the first quarter of 2011 and up $4.4 million, or 23% sequentially.

To read the full TCF news release click here.