Hockey isn't too popular in much of the U.S., but Minnesota is an exception. And just as strong checking is often a key in winning hockey, strong checking has long been an important underpinning for Minnesota's TCF Financial (NYSE:TCB). Like most banks, TCF has been having a tougher go of it of late -- so much so that I think investors may have lost sight of this bank's solid performance and sound basic business plan.

Of course, businesses don't suddenly get better overnight -- at least, not if the books are being kept honestly. While TCF's revenue rose more than 3% for the first quarter, reported earnings were down more than 8%. But is that really the case?

Now, my regular readers know that I'm not a big fan of the earnings gymnastics that some companies will use to make their results look better -- as in "if you subtract that, multiply this by the average GDP of Ecuador, and look at it while standing on your head...." Still, I think it's important to note that gains on sales and loan recoveries did make a mark on a comparison -- if you adjust out those gains, the year-over-year performance wasn't so bad.

Along those lines, you see that TCF's interest income actually rose a bit (though the net interest margin was lower), and non-interest income was up about 5% as reported and up 10% if you exclude year-ago gains on sales. What's more, average loans grew 9%, deposits grew 13%, and the company's overall cost of funds is still very appealingly low.

Of course, this isn't a free lunch. Larger banks like U.S. Bancorp (NYSE:USB) and WellsFargo (NYSE:WFC) have more diversified loan portfolios, and small banks like Mercantile (NASDAQ:MBWM) target businesses instead of consumers for their lending business. Still, I like TCF's strategy of opening branches in non-traditional locations, expanding into new markets, and trying to attract more affluent customers.

No stock is right for everybody, so it's paramount that you do your own due diligence. That said, I've liked TCF for a while now, and although the stock hasn't done too well, I'm still optimistic about the future. I don't think a soft year or two invalidates what has otherwise shown itself to be a good strategy.

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U.S. Bancorp is a Motley Fool Income Investor recommendation. Want to be paid to invest?Join Mathew Emmertas he digs up stocks that pay good dividends.

Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).