SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Reported): October 16, 2003

CHARTER ONE FINANCIAL, INC.
(Exact name of registrant as specified in its charter)

Delaware	001-15495	34-1567092
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

1215 Superior Avenue, Cleveland, Ohio	44114
(Address of principal executive offices)	(Zip Code)

(216) 566-5300
(Registrant’s telephone number, including area code)

NOT APPLICABLE
(Former name or former address, if changed since report)

ITEM 12. Results of Operations and Financial Condition

On October 16, 2003, the Registrant issued the following earnings release for the quarterly period ended September 30, 2003:

[CHARTER ONE LOGO]

News Release

CONTACT: ELLEN BATKIE (800) 262-6301

CHARTER ONE REPORTS 3rd QTR EPS OF $.69, UP 13%

Highlights for the quarter ended 9/30/03:

• Net earnings of $.69 per share, up 13% over 3Q 2002

• Retail banking revenue up 12% over 3Q 2002; deposit-related portion up 14%

• Retail consumer checking accounts up an annualized 18% in 3Q 2003

• Noninterest-bearing deposits (excluding custodial balances) up an annualized 31% in 3Q 2003

• Loan and lease portfolio up 10% in 3Q 2003, including 7% growth in non-single family

• Single-family loans and MBSs down $2 billion in 3Q 2003

• NPAs of .67% of loans and leases; underperforming assets of .85% of loans and leases

CLEVELAND, Ohio, October 16, 2003 — Charter One Financial, Inc. (NYSE:CF), the holding company of Charter One Bank, N.A., today reported net income of $159.1 million for the three months ended September 30, 2003, or $.69 per diluted share. This was up 13.1% from $.61 in diluted earnings per share reported in the year ago quarter.

Net income for the quarter generated annualized returns of 1.46% on average assets, 20.12% on average equity, and 23.59% on average tangible equity. In the year ago quarter, the returns were 1.46% on average assets, 18.89% on average equity and 21.70% on average tangible equity.

“Not only are we reporting solid results for the third quarter, but the period was marked by measurable progress toward goals we previously identified as critical to increasing franchise value and positioning us for consistent long-term earnings growth,” commented Charles John Koch, Charter One’s Chairman and Chief Executive Officer. “Our primary goals include reducing single-family loan exposure and increasing noninterest-bearing deposits. During the three months, we reduced single-family loans and securities by $2 billion and replaced them with $1.2 billion in non-single family loans and leases. The growth in noninterest-bearing deposits was equally impressive. Excluding the benefits of custodial accounts, we posted a 31% annualized growth rate this quarter, adding $147 million in balances. Finally, we were able to use recoveries from the MSR valuation allowance to offset the reduction in earning assets as we work to reduce single-family loan exposure and the margin compression resulting from the rate environment, as well as to continue the support for our retail initiatives. Over the next few quarters, we plan on continuing our efforts to reduce our exposure to single-family loans and securities which will likely limit overall asset growth. As we previously stated, this strategy could constrain the growth in net interest income for the near term.”

Net interest income and net yield - Net interest income was $285.3 million for the three months ended September 30, 2003, down 3.4% from the previous quarter and 1.7% from the year ago quarter. The decline from the previous quarter was attributable to a 1.5% decrease in average earning assets primarily related to the planned reduction in single-family loan exposure. The decline from the year ago quarter resulted from the decrease in net yield over the 12 months. Net yield declined to 2.80% during the third quarter of 2003 from 2.84% during the second quarter of 2003 and 3.17% during the third quarter of 2002.

Retail banking revenue - Retail banking revenue totaled $94.2 million for the three months ended September 30, 2003, up 11.9% from the comparable 2002 quarter. The biggest driver of the increase was deposit-related revenue, which totaled $82.7 million, up 14.4% over the year ago quarter. Deposit-related revenue reflected the benefits of the Company’s strategy to emphasize noninterest-bearing checking account growth. The third quarter of 2003 included the impact of reduced revenue from debit card transactions that resulted from the MasterCard settlement earlier this year. The settlement, which went into effect August 1, 2003, reduced third quarter revenue by approximately $2.3 million. Without that reduction, third quarter 2003 deposit-related revenue would have been up 17.5% over the third quarter of 2002. The other components of retail banking revenue include fees from retail brokerage activities ($7.6 million, down 10.7% from the year ago quarter), and other revenue related to retail operations ($3.9 million, up 15.8%).

Mortgage banking revenue - The mortgage banking category includes revenue associated with Charter One’s mortgage banking operations, adjusted by the amortization and valuation adjustments related to its mortgage servicing rights asset (“MSR”). During the third quarter, MSR-related adjustments added $50 million to revenue as the Company decreased the valuation allowance to $83 million in response to slower projected prepayment speeds in its loan servicing portfolio. The total mortgage banking revenue, excluding MSR-related adjustments, was $15 million in the third quarter of 2003 compared to $19 million in the year ago quarter. The portfolio serviced for others totaled $16.7 billion at September 30, 2003, and carried a weighted average coupon of 6.24%. The portfolio declined from $18.9 billion at June 30, 2003, reflecting prepayments and the lack of securitization activity during the quarter. The related MSR is now 1.01% of the portfolio at $169 million. With an average servicing spread of 35 basis points, that translates into an MSR valuation of 2.9 times the servicing spread.

Net gains - During the third quarter of 2003, the Company reported net gains of $16.1 million. This included $28 million in net gains ($40 million in gains and $12 million in losses) from the sale of $2.4 billion of mortgage-backed securities, as well as $5 million in SFAS 133 gains on interest-rate exchange agreements. Offsetting the gains was $18 million from the termination of a $250 million FHLB advance (with a weighted average cost of 4.99%) scheduled to mature in 2006. As of September 30, 2003, unrealized pretax gains in the mortgage-backed securities portfolio totaled $147 million, compared with $297 million at June 30, 2003. The Company has committed to sell $1.6 billion in mortgage-backed securities for settlement in the fourth quarter, which will result in a realized gain of $42 million.

Leasing operations - Other income from leasing operations was reflected as a loss of $4.1 million in the third quarter of 2003, compared with income of $404,000 in the third quarter of

2

2002.     The loss in the third quarter of 2003 resulted from $5.5 million in residual adjustments on miscellaneous equipment, none of which was related to aircraft.

Operating expenses — Administrative expenses totaled $194.8 million in the three months ended September 30, 2003, unchanged from the previous quarter and up 13.7% from the year ago quarter. In general, the higher level of expenses reflects a franchise growth of 23%, with 107 banking centers added in the past 12 months. The efficiency ratio was 41.84% for the third quarter of 2003, compared to 41.14% for the second quarter of 2003 and 39.90% for the third quarter of 2002. Excluding net gains and the MSR-related adjustments results in an efficiency ratio of 48.79%, compared to 47.32% for the second quarter of 2003, and 42.67% for the third quarter of 2002.

Lending portfolio growth and production — Loans and leases before reserves totaled $28.4 billion at September 30, 2003, up 10% in the quarter. Only $225 million in loans were securitized during the quarter, making this the first quarter since March 31, 2000 where the portfolio growth rate was not significantly masked by securitizations. Non-single family loans totaled $18.6 billion at September 30, 2003, up 7% in three months. The non-single family growth was led by a three-month increase of 20% in retail consumer loans (principally home equity lines and loans) and 17% in the small business component of corporate banking. Small business loans now total $676 million of the $1.6 billion corporate banking portfolio. The total loan portfolio continues to be primarily consumer based, with 78% in consumer-oriented products and 22% in commercial lending (including multifamily real estate).

Loan and lease originations totaled a record $7.3 billion during the third quarter of 2003, compared to $6.7 billion during the second quarter of 2003 and $5.3 billion in the third quarter of 2002. Non-single family loan originations totaled $3.3 billion, or 46% of the total. The non-single family activity was led by a record $1.4 billion in consumer loans, and $909 million in auto finance loans.

Mortgage-backed securities available for sale — Mortgage-backed securities available for sale totaled $11.1 billion at September 30, 2003, down $3.2 billion during the quarter. At September 30, 2003, the portfolio was comprised of 91% in fixed-rate securities with a duration of approximately 2.7 years, and 9% in floating-rate securities.

Deposits - Deposits totaled $28 billion at September 30, 2003, up $106 million in the third quarter. Core deposits (checking, money market and savings accounts) accounted for $17.3 billion, or 62% of the total. At the beginning of this year, the Company indicated it would emphasize noninterest-bearing checking growth, as opposed to total deposits as in previous years. Excluding custodial balances, noninterest-bearing deposits totaled $2 billion at September 30, 2003, up an annualized 31% in the third quarter and 31% (excluding the Advance acquisition) in the past 12 months. Custodial balances totaled $719 million at September 30, 2003, $761 million at June 30, 2003, and $506 million at September 30, 2002.

The push into small business banking continued to post impressive results during the third quarter. Business deposits, which are included in core deposits, increased to $2 billion at September 30, 2003, up $189 million, or 10% (40% annualized), during the three-month period.

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Finally, the retail sales force has been focusing intensely on net growth in the number of checking accounts in 2003. Charter One ended the third quarter with 1,435,300 checking accounts, up from 1,373,700 accounts at June 30, 2003, for an annualized growth rate of 18%.

Retail expansion update - During 2003, Charter One initiated an aggressive de novo expansion plan. The initiative has led to 92 new banking centers since the end of 2002 (excluding 13 added in the July acquisition of Advance Bancorp), with 44 opened during the third quarter. In-store banking centers represented 82 of the banking centers opened this year and 42 of those opened in the third quarter. Charter One’s in-store franchise now includes 131 banking centers, or 23% of its retail network. Current plans bring the total new banking centers anticipated for 2003 to 125, including 99 in-store locations. The Company expects additional expansion during 2004. The Company is monitoring its de novo success by looking at branches after 30, 60, 90 and 120 days. The median results for banking centers opened through August 31, 2003 were: after being open 30 days (62 banking centers) — $1.6 million in deposits and 268 checking accounts; after 60 days (52 banking centers) — $3.5 million in deposits and 410 checking accounts; after 90 days (40 banking centers) — $4.6 million and 499 checking accounts; after 120 days (27 banking centers) — $6.2 million and 577 checking accounts.

Credit quality and allowance for loan losses - During the third quarter of 2003, the total provision for the quarter exceeded net charge-offs by $13 million, increasing the allowance for loan and lease losses to $389 million at September 30, 2003, which was 1.37% of total loans and leases at September 30, 2003. Net charge-offs during the third quarter of 2003 totaled $24.7 million, or .37% of average loans and leases (annualized).

At September 30, 2003, nonperforming assets totaled $189 million or .67% of loans, leases and collateral owned, down from $206 million or .81% at June 30, 2003. Underperforming assets (including nonperforming assets, troubled debt restructuring and loans delinquent 90 days and still accruing) totaled $240 million or .85% of loans, leases and collateral owned, compared to $251 million or .98% at June 30, 2003.

Stock repurchase update - On April 23, 2002, the Company authorized a new repurchase program that permits the repurchase of 10% of its outstanding shares, or approximately 22 million shares. The Company repurchased 3.9 million shares under the authorization during the third quarter of 2003 at an average cost of $31.49 per share, and 6.6 million shares at an average cost of $31.00 per share during the nine months ended September 30, 2003. As of September 30, 2003, the total repurchased under the current authorization was 14.6 million shares at an average cost of $30.99 per share, leaving approximately 7 million shares remaining under the program.

Company profile — Charter One has $43 billion in total assets, making it one of the 25 largest bank holding companies in the country. The Bank has 566 banking center locations in Ohio, Michigan, New York, Illinois, Massachusetts, Vermont, Indiana, Connecticut and Pennsylvania. The Company’s diverse product set includes: consumer banking, indirect auto finance, commercial leasing, business lending, commercial real estate lending, mortgage banking, and retail investment products. For additional information, including press releases, investor

4

presentations, committee charters, and reports filed with the SEC, investors are directed to Charter One’s web site: www.charterone.com.

The Company has scheduled a conference call to discuss quarterly results for 10:00 a.m. eastern daylight savings time on Friday, October 17, 2003. To participate in the call, dial (888) 428-4479 and ask for the Charter One 3rd quarter earnings call. The call is available on a replay basis until October 24, 2003 by dialing (320) 365-3844, access code 669643. Alternatively, the call will be available through Charter One’s website, both on a live and a replay basis.

Forward-Looking Information

This release contains certain estimates of future operating trends for Charter One Financial, Inc., as well as estimates of financial condition and earnings, operating efficiencies, revenue creation, lending origination, loan sale volumes, charge-offs and loan loss provisions. These estimates constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), which involve significant risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) revenue growth is lower than expected; (2) competitive pressures among depository institutions increase significantly; (3) changes in the interest rate environment reduce interest margins; (4) deterioration in the credit quality of the Company’s loan portfolio requires higher loss provisions; (5) general economic conditions, either nationally or in the states in which the Company does business, are less favorable than expected; (6) legislation or regulatory changes adversely affect the businesses in which the Company is engaged; and (7) ongoing geopolitical conflicts add unexpected stress on the economy or customer base. Other factors that may affect these statements are identified in previous filings with the Securities and Exchange Commission.

####

5

CHARTER ONE FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)

				Three Months Ended
				9/30/03			6/30/03			3/31/03			12/31/02			9/30/02
				(Dollars in thousands, except per share data)
Interest income:
	Loans and leases			$	368,952		$	367,602		$	377,724		$	418,711		$	410,237
	Mortgage-backed securities:
		Available for sale			129,695			154,490			149,311			131,821			135,099
		Held to maturity			5,326			6,858			8,269			9,991			10,695
	Investment securities:
		Available for sale			3,563			3,297			3,043			2,969			2,939
		Held to maturity			51			56			54			60			61
	Other interest-earning assets				7,531			7,856			7,385			8,184			9,729
			Total interest income		515,118			540,159			545,786			571,736			568,760
Interest expense:
	Deposits				115,862			126,734			133,743			154,018			160,821
	Federal Home Loan Bank advances				100,813			104,025			99,799			105,492			103,729
	Other borrowings				13,185			13,969			13,203			13,627			13,943
			Total interest expense		229,860			244,728			246,745			273,137			278,493
			Net interest income		285,258			295,431			299,041			298,599			290,267
Provision for loan and lease losses					37,663			35,360			61,471			60,314			47,695
			Net interest income after provision for loan and lease losses		247,595			260,071			237,570			238,285			242,572
Other income:
	Retail banking				94,183			97,087			84,100			89,261			84,175
	Mortgage banking				65,604			(23,895	)		(27	)		(1,992	)		(36,961	)
	Leasing operations				(4,118	)		(12,230	)		(6,856	)		(4,566	)		404
	Net gains				16,112			108,549			76,653			61,585			83,881
	Bank owned life insurance and other				8,638			8,450			7,956			7,834			7,582
			Total other income		180,419			177,961			161,826			152,122			139,081
Administrative expenses:
	Compensation and employee benefits				92,582			90,790			87,056			81,827			81,443
	Net occupancy and equipment				31,985			30,466			31,186			30,360			30,288
	Marketing expenses				22,411			20,205			13,647			9,843			11,788
	Federal deposit insurance premiums				1,118			1,125			1,142			1,142			1,104
	Other administrative expenses				46,733			52,168			50,261			53,716			46,683
			Total administrative expenses		194,829			194,754			183,292			176,888			171,306
Income before income taxes					233,185			243,278			216,104			213,519			210,347
Income taxes					74,036			77,241			68,613			67,793			66,785
			Net income	$	159,149		$	166,037		$	147,491		$	145,726		$	143,562
Basic earnings per share				$	.71		$	.74		$	.66		$	.65		$	.63
Diluted earnings per share				$	.69		$	.72		$	.64		$	.63		$	.61
Average common shares outstanding:
	Basic				224,399,805			225,501,687			224,997,398			225,561,551			228,765,954
	Diluted				230,661,929			231,095,694			230,460,847			231,502,688			235,615,457
Cash dividends declared per share				$	.26		$	.24		$	.22		$	.22		$	.21

6

CHARTER ONE FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)

				Nine Months Ended
				9/30/03			9/30/02
				(Dollars in thousands,
				except per share data)
Interest income:
	Loans and leases			$	1,114,278		$	1,253,132
	Mortgage-backed securities:
		Available for sale			433,496			388,000
		Held to maturity			20,453			37,756
	Investment securities:
		Available for sale			9,903			8,526
		Held to maturity			161			192
	Other interest-earning assets				22,772			27,119
			Total interest income		1,601,063			1,714,725
Interest expense:
	Deposits				376,339			500,798
	Federal Home Loan Bank advances				304,637			311,372
	Other borrowings				40,357			31,324
			Total interest expense		721,333			843,494
			Net interest income		879,730			871,231
Provision for loan and lease losses					134,494			131,689
			Net interest income after provision for loan and lease losses		745,236			739,542
Other income:
	Retail banking				275,370			241,474
	Mortgage banking				41,682			(16,503	)
	Leasing operations				(23,204	)		991
	Net gains				201,314			143,448
	Bank owned life insurance and other				25,044			26,014
			Total other income		520,206			395,424
Administrative expenses:
	Compensation and employee benefits				270,428			239,340
	Net occupancy and equipment				93,637			86,485
	Marketing expenses				56,263			30,629
	Federal deposit insurance premiums				3,385			3,421
	Other administrative expenses				149,162			142,209
			Total administrative expenses		572,875			502,084
Income before income taxes					692,567			632,882
Income taxes					219,890			200,940
			Net income	$	472,677		$	431,942
Basic earnings per share				$	2.11		$	1.87
Diluted earnings per share				$	2.05		$	1.82
Average common shares outstanding:
	Basic				224,966,297			230,549,330
	Diluted				230,739,490			237,653,561
Cash dividends declared per share				$	.72		$	.61

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CHARTER ONE FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(unaudited)

				9/30/03			6/30/03			3/31/03			12/31/02			9/30/02
				(Dollars in thousands, except per share data)
ASSETS
Cash and deposits with banks				$	526,534		$	586,018		$	507,726		$	446,701		$	525,049
Federal funds sold and other					516			10,514			1,350,513			512			1,105,511
		Total cash and cash equivalents			527,050			596,532			1,858,239			447,213			1,630,560
Investments securities:
	Available for sale				270,511			336,126			227,137			210,095			213,684
	Held to maturity				3,952			3,691			4,157			3,973			4,642
Mortgage-backed securities:
	Available for sale				11,078,285			14,313,397			12,799,506			11,536,608			8,805,687
	Held to maturity				292,336			362,768			445,207			540,781			648,153
Loans and leases, net					27,735,087			25,127,882			24,685,258			25,852,846			25,351,352
Loans held for sale					296,078			362,270			291,729			351,892			287,891
Bank owned life insurance					823,676			834,337			837,660			829,043			819,664
Federal Home Loan Bank and Federal Reserve Bank stock					700,170			694,073			679,339			681,923			676,927
Premises and equipment, net					391,615			375,256			355,084			353,730			348,675
Accrued interest receivable					147,254			153,346			149,989			154,962			155,543
Real estate and other collateral owned					48,198			40,220			42,106			42,980			42,988
Mortgage servicing rights					168,697			115,242			139,085			128,564			126,646
Goodwill					415,696			433,014			386,372			386,372			386,372
Other assets					380,647			386,785			347,735			375,090			351,682
		Total assets		$	43,279,252		$	44,134,939		$	43,248,603		$	41,896,072		$	39,850,466
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
	Checking accounts			$	8,571,326		$	9,149,326		$	9,652,845		$	9,650,433		$	8,619,130
	Money market and savings accounts				8,686,491			8,475,706			8,207,576			8,157,534			8,248,750
	Certificates of deposit				10,788,421			10,314,742			9,523,194			9,719,876			10,218,625
			Total deposits		28,046,238			27,939,774			27,383,615			27,527,843			27,086,505
Federal Home Loan Bank advances					9,820,184			10,582,255			10,446,630			9,037,925			7,574,583
Federal funds purchased and repurchase agreements					62,716			51,399			52,496			283,912			54,347
Other borrowings					704,629			706,083			707,591			708,853			710,282
Advance payments by borrowers for taxes and insurance					50,768			58,593			46,706			23,595			47,578
Accrued interest payable					65,075			46,418			72,017			38,372			66,193
Accrued expenses and other liabilities					1,288,801			1,387,835			1,307,416			1,191,747			1,295,185
			Total liabilities		40,038,411			40,772,357			40,016,471			38,812,247			36,834,673
Shareholders’ equity:
	Preferred stock — $.01 par value per share; 20,000,000 shares authorized and unissued				—			—			—			—			—
	Common stock — $.01 par value per share; 360,000,000 shares authorized; 229,944,441, 229,946,762, 227,571,468, 227,571,468 and 227,577,813 shares issued				2,299			2,299			2,276			2,276			2,276
	Additional paid-in capital				2,274,947			2,270,580			2,197,388			2,193,095			2,192,186
	Retained earnings				1,098,042			1,009,784			908,486			824,564			732,731
	Less 6,953,759, 3,851,660, 2,539,076, 2,781,151 and 1,158,700 shares of common stock held in treasury at cost				(215,085	)		(116,652	)		(74,423	)		(82,610	)		(35,087	)
	Accumulated other comprehensive income				80,638			196,571			198,405			146,500			123,687
			Total shareholders’ equity		3,240,841			3,362,582			3,232,132			3,083,825			3,015,793
			Total liabilities and shareholders’ equity	$	43,279,252		$	44,134,939		$	43,248,603		$	41,896,072		$	39,850,466

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CHARTER ONE FINANCIAL, INC.
SELECTED STATISTICAL DATA
(unaudited)

		Three Months Ended
		9/30/03			6/30/03			3/31/03			12/31/02			9/30/02
Annualized returns and ratios based on net income:
	Return on average assets		1.46	%		1.50	%		1.38	%		1.40	%		1.46	%
	Return on average equity		20.12			19.86			18.48			19.11			18.89
	Average equity to average assets		7.25			7.55			7.46			7.35			7.72
	Net interest income to administrative expenses		1.46	x		1.52	x		1.63	x		1.69	x		1.69	x
	Administrative expenses to average assets		1.79	%		1.76	%		1.71	%		1.70	%		1.74	%
	Efficiency ratio(1)		41.84			41.14			39.77			39.25			39.90
Annualized return on average tangible equity(2)			23.59			22.74			21.29			22.18			21.70

(1)	Computed as the ratio of total administrative expenses to net interest income and total other income.
(2)	Computed as the ratio of net income, excluding the amortization of other intangible assets, to average tangible equity.

		Nine Months Ended
		9/30/03			9/30/02
Annualized returns and ratios based on net income:
	Return on average assets		1.45	%		1.50	%
	Return on average equity		19.52			19.47
	Average equity to average assets		7.41			7.68
	Net interest income to administrative expenses		1.54	x		1.74	x
	Administrative expenses to average assets		1.75	%		1.74	%
	Efficiency ratio(1)		40.92			39.64
Annualized return on average tangible equity(2)			22.58			22.38

(1)	Computed as the ratio of total administrative expenses to net interest income and total other income.
(2)	Computed as the ratio of net income, excluding the amortization of other intangible assets, to average tangible equity.

			9/30/03			6/30/03			3/31/03			12/31/02			9/30/02
End of period capitalization:
	Equity to assets		7.49	%		7.62	%		7.47	%		7.36	%		7.57	%
	Tangible equity to assets		6.45			6.56			6.50			6.36			6.52
	Book value per share	$	14.53		$	14.87		$	14.36		$	13.72		$	13.32
	Tangible book value per share		12.52			12.81			12.50			11.86			11.47
Miscellaneous end-of-period data:
	Number of employees (full-time equivalents)		7,765			7,703			7,198			6,997			6,837
	Number of full-service branches		566			522			477			461			459
	Number of loan production offices		27			28			26			26			26
	Number of ATMs		956			953			918			913			920

COMPOSITION OF DEPOSITS
(unaudited)

					9/30/03		6/30/03		3/31/03		12/31/02		9/30/02
							(Dollars in thousands)
Checking accounts:
	Interest-bearing				$	5,810,478	$	6,493,279	$	7,267,602	$	7,460,530	$	6,588,045
	Noninterest-bearing					2,760,848		2,656,047		2,385,243		2,189,903		2,031,085
		Total checking accounts				8,571,326		9,149,326		9,652,845		9,650,433		8,619,130
Money market and savings accounts						8,686,491		8,475,706		8,207,576		8,157,534		8,248,750
			Total transaction accounts			17,257,817		17,625,032		17,860,421		17,807,967		16,867,880
Certificates of deposit:
	Retail					10,788,421		10,314,742		9,523,194		9,719,876		10,198,753
	Brokered					—		—		—		—		19,872
		Total certificates of deposit				10,788,421		10,314,742		9,523,194		9,719,876		10,218,625
				Total deposits	$	28,046,238	$	27,939,774	$	27,383,615	$	27,527,843	$	27,086,505

9

CHARTER ONE FINANCIAL, INC.
AVERAGE BALANCE SHEET, YIELDS AND COSTS
(unaudited)

					Three Months Ended
					9/30/03			6/30/03			3/31/03			12/31/02			9/30/02
								(Dollars in thousands)
Average balance sheet data:
	Interest-earning assets:
		Loans and leases			$	26,993,081		$	26,101,819		$	25,851,471		$	26,690,752		$	25,460,404
		Mortgage-backed securities				12,732,102			14,405,655			13,137,545			11,218,473			10,041,928
		Investment securities				286,497			260,634			210,920			212,698			186,249
		Other interest-earning assets				723,721			839,597			762,760			725,937			979,454
			Total interest-earning assets			40,735,401			41,607,705			39,962,696			38,847,860			36,668,035
	Allowance for loan and lease losses					(379,527	)		(360,448	)		(327,090	)		(292,981	)		(267,486	)
	Noninterest-earning assets(1)					3,272,787			3,044,576			3,150,359			2,946,801			2,968,951
				Total assets	$	43,628,661		$	44,291,833		$	42,785,965		$	41,501,680		$	39,369,500
	Interest-bearing liabilities:
		Checking accounts			$	6,166,100		$	6,951,974		$	7,541,679		$	6,801,571		$	6,283,029
		Money market and savings accounts				8,545,286			8,332,278			7,929,274			8,579,110			8,378,267
		Certificates of deposit				10,708,517			9,733,110			9,562,013			9,898,021			9,831,050
			Total interest-bearing deposits			25,419,903			25,017,362			25,032,966			25,278,702			24,492,346
		Federal Home Loan Bank advances				10,265,634			11,397,410			10,410,188			9,026,637			7,944,811
		Other borrowings				871,430			874,062			866,495			945,945			929,957
			Total interest-bearing liabilities			36,556,967			37,288,834			36,309,649			35,251,284			33,367,114
	Noninterest-bearing liabilities:
		Demand deposit accounts				2,615,262			2,308,993			2,017,036			2,024,854			1,789,713
		Other noninterest-bearing liabilities				1,292,960			1,349,173			1,266,385			1,175,213			1,173,108
			Total noninterest-bearing liabilities			3,908,222			3,658,166			3,283,421			3,200,067			2,962,821
				Total liabilities		40,465,189			40,947,000			39,593,070			38,451,351			36,329,935
	Shareholders’ equity					3,163,472			3,344,833			3,192,895			3,050,329			3,039,565
				Total liabilities and shareholders’ equity	$	43,628,661		$	44,291,833		$	42,785,965		$	41,501,680		$	39,369,500
Yields and costs during period:
	Weighted average yield:
		Loans and leases(2)				5.46	%		5.64	%		5.86	%		6.26	%		6.43	%
		Mortgage-backed securities				4.24			4.48			4.80			5.06			5.81
		Investment securities				5.04			5.15			5.87			5.70			6.44
		Other interest-earning assets				4.07			3.70			3.87			4.41			3.89
			Total interest-earning assets			5.05			5.19			5.48			5.88			6.19
	Weighted average cost(3):
		Checking accounts				.96			1.35			1.65			1.92			2.13
		Money market and savings accounts				1.10			1.50			1.55			1.93			2.12
		Certificates of deposit				2.86			2.97			3.09			3.19			3.32
			Total interest-bearing deposits			1.81			2.03			2.17			2.42			2.61
		Federal Home Loan Bank advances				3.89			3.66			3.88			4.64			5.18
		Other borrowings				6.03			6.38			6.10			5.74			5.97
				Total interest-bearing liabilities		2.49			2.63			2.75			3.07			3.31
	Interest rate spread					2.56			2.56			2.73			2.81			2.88
	Net yield on interest-earning assets					2.80			2.84			2.99			3.07			3.17

(1)	Includes mark-to-market adjustments on securities available for sale.
(2)	Excludes impact of related tax benefits.
(3)	Includes the annualized effect of interest rate risk management instruments.

10

CHARTER ONE FINANCIAL, INC.
AVERAGE BALANCE SHEET, YIELDS AND COSTS
(unaudited)

					Nine Months Ended
					9/30/03			9/30/02
					(Dollars in thousands)
Average balance sheet data:
	Interest-earning assets:
		Loans and leases			$	26,321,364		$	25,296,320
		Mortgage-backed securities				13,423,616			9,481,939
		Investment securities				252,960			165,659
		Other interest-earning assets				775,216			952,088
			Total interest-earning assets			40,773,156			35,896,006
	Allowance for loan and lease losses					(355,880	)		(260,458	)
	Noninterest-earning assets(1)					3,156,356			2,863,644
				Total assets	$	43,573,632		$	38,499,192
	Interest-bearing liabilities:
		Checking accounts			$	6,881,546		$	6,102,712
		Money market and savings accounts				8,271,203			7,915,705
		Certificates of deposit				10,005,413			10,107,847
			Total interest-bearing deposits			25,158,162			24,126,264
		Federal Home Loan Bank advances				10,690,548			7,966,061
		Other borrowings				870,680			598,769
			Total interest-bearing liabilities			36,719,390			32,691,094
	Noninterest-bearing liabilities:
		Demand deposit accounts				2,315,988			1,745,700
		Other noninterest-bearing liabilities				1,309,737			1,104,913
			Total noninterest-bearing liabilities			3,625,725			2,850,613
				Total liabilities		40,345,115			35,541,707
	Shareholders’ equity					3,228,517			2,957,485
				Total liabilities and shareholders’ equity	$	43,573,632		$	38,499,192
Yields and costs during period:
	Weighted average yield:
		Loans and leases(2)				5.65	%		6.61	%
		Mortgage-backed securities				4.51			5.99
		Investment securities				5.30			7.02
		Other interest-earning assets				3.87			3.76
			Total interest-earning assets			5.24			6.37
	Weighted average cost(3):
		Checking accounts				1.34			2.20
		Money market and savings accounts				1.38			2.23
		Certificates of deposit				2.97			3.54
			Total interest-bearing deposits			2.00			2.78
		Federal Home Loan Bank advances				3.81			5.22
		Other borrowings				6.17			6.96
				Total interest-bearing liabilities		2.62			3.45
	Interest rate spread					2.62			2.92
	Net yield on interest-earning assets					2.88			3.24

(1)	Includes mark-to-market adjustments on securities available for sale.
(2)	Excludes impact of related tax benefits.
(3)	Includes the annualized effect of interest rate risk management instruments.

11

CHARTER ONE FINANCIAL, INC.
LOAN AND LEASE ACTIVITY
(unaudited)

					Three Months Ended
					9/30/03		6/30/03		3/31/03			12/31/02		9/30/02
							(Dollars in thousands)
Originations:
Real estate:
	Permanent:
		One-to-four family			$	3,896,869	$	3,555,968	$	3,095,718		$	3,440,287	$	2,481,022
		Multifamily				75,185		57,451		51,440			48,281		49,187
		Commercial				124,806		60,226		90,213			62,335		48,601
			Total permanent loans			4,096,860		3,673,645		3,237,371			3,550,903		2,578,810
	Construction:
		One-to-four family				62,180		53,537		35,556			40,674		54,377
		Multifamily				30,371		7,613		19,283			40,408		13,950
		Commercial				16,656		30,246		10,830			53,469		29,385
			Total construction loans			109,207		91,396		65,669			134,551		97,712
				Total real estate loans originated		4,206,067		3,765,041		3,303,040			3,685,454		2,676,522
Retail consumer						1,431,291		1,209,221		1,079,290			1,205,611		948,632
Automobile						909,477		1,026,245		981,114			916,539		1,012,926
Consumer finance						128,536		122,839		101,927			100,568		73,931
Leases						152,279		73,946		101,571			200,083		110,428
Corporate banking						443,732		473,677		448,326			451,915		512,600
			Total loans and leases originated			7,271,382		6,670,969		6,015,268			6,560,170		5,335,039
Acquired through business combinations and purchases						2,737		403,324		3,765			4,316		2,637
Sales and principal reductions:
	Loans sold					1,067,083		885,179		763,051			742,255		527,011
	Loans exchanged for mortgage-backed securities					225,498		2,346,609		3,419,116			1,600,962		809,167
	Principal reductions					3,447,925		3,260,094		3,025,830			3,587,423		2,943,422
			Total sales and principal reductions			4,740,506		6,491,882		7,207,997			5,930,640		4,279,600
				Increase (decrease) before net items	$	2,533,613	$	582,411	$	(1,188,964	)	$	633,846	$	1,058,076

					Nine Months Ended
					9/30/03		9/30/02
					(Dollars in thousands)
Originations:
Real estate:
	Permanent:
		One-to-four family			$	10,548,555		$	7,113,855
		Multifamily				184,076			108,885
		Commercial				275,245			175,375
			Total permanent loans			11,007,876			7,398,115
	Construction:
		One-to-four family				151,273			27,720
		Multifamily				57,267			38,938
		Commercial				57,732			111,108
			Total construction loans			266,272			177,766
				Total real estate loans originated		11,274,148			7,575,881
Retail consumer						3,719,802			2,885,687
Automobile						2,916,836			2,478,734
Consumer finance						353,302			185,352
Leases						327,796			321,013
Corporate banking						1,365,735			1,265,413
			Total loans and leases originated			19,957,619			14,712,080
Acquired through business combinations and purchases						409,826			213,992
Sales and principal reductions:
	Loans sold					2,715,313			1,652,269
	Loans exchanged for mortgage-backed securities					5,991,223			5,066,120
	Principal reductions					9,733,849			8,262,966
			Total sales and principal reductions			18,440,385			14,981,355
				Increase (decrease) before net items	$	1,927,060		$	(55,283	)

12

CHARTER ONE FINANCIAL, INC.
ALLOWANCE FOR LOAN AND LEASE LOSSES
(unaudited)

					Three Months Ended
					9/30/03			6/30/03			3/31/03			12/31/02			9/30/02
											(Dollars in thousands)
Allowance for loan and lease losses:
	Balance, beginning of period				$	376,393		$	355,926		$	328,017		$	292,800		$	267,155
	Provision for loan and lease losses					37,663			35,360			61,471			60,314			47,695
	Acquired through business combination					—			4,969			—			—			—
	Loans and leases charged off:
		One-to-four family				(655	)		(1,036	)		(670	)		(1,127	)		(643	)
		Commercial real estate				(474	)		(253	)		(500	)		(144	)		(290	)
		Retail consumer				(2,819	)		(2,596	)		(3,478	)		(3,004	)		(2,308	)
		Automobile				(15,869	)		(13,628	)		(16,450	)		(15,941	)		(16,429	)
		Consumer finance				(4,396	)		(3,975	)		(4,537	)		(5,785	)		(5,160	)
		Leases				—			(2,095	)		(6,061	)		(88	)		(519	)
		Corporate banking				(6,610	)		(2,652	)		(7,245	)		(5,799	)		(4,776	)
			Total charge-offs			(30,823	)		(26,235	)		(38,941	)		(31,888	)		(30,125	)
	Recoveries:
		One-to-four family				31			41			17			42			881
		Commercial real estate				68			61			148			41			488
		Retail consumer				1,044			548			433			588			484
		Automobile				4,279			4,561			4,115			3,582			3,574
		Consumer finance				329			235			105			191			238
		Leases				228			606			393			1,897			430
		Corporate banking				143			321			168			450			1,980
			Total recoveries			6,122			6,373			5,379			6,791			8,075
				Net loan and lease charge-offs		(24,701	)		(19,862	)		(33,562	)		(25,097	)		(22,050	)
	Balance, end of period				$	389,355		$	376,393		$	355,926		$	328,017		$	292,800
	Net charge-offs to average loans and leases (annualized)					.37	%		.30	%		.52	%		.38	%		.35	%

					Nine Months Ended
					9/30/03			9/30/02
					(Dollars in thousands)
Allowance for loan and lease losses:
	Balance, beginning of period				$	328,017		$	255,478
	Provision for loan and lease losses					134,494			131,689
	Acquired through business combination					4,969			3,184
	Loans and leases charged off:
		One-to-four family				(2,361	)		(4,675	)
		Commercial real estate				(1,227	)		(1,208	)
		Retail consumer				(8,893	)		(10,096	)
		Automobile				(45,947	)		(63,024	)
		Consumer finance				(12,908	)		(20,610	)
		Leases				(8,156	)		(2,780	)
		Corporate banking				(16,507	)		(10,813	)
			Total charge-offs			(95,999	)		(113,206	)
	Recoveries:
		One-to-four family				89			915
		Commercial real estate				277			618
		Retail consumer				2,025			1,246
		Automobile				12,955			9,105
		Consumer finance				669			333
		Leases				1,227			430
		Corporate banking				632			3,008
			Total recoveries			17,874			15,655
				Net loan and lease charge-offs		(78,125	)		(97,551	)
	Balance, end of period				$	389,355		$	292,800
	Net charge-offs to average loans and leases (annualized)					.40	%		.51	%

13

CHARTER ONE FINANCIAL, INC.
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES
(unaudited)

			Three Months Ended
			9/30/03			6/30/03			3/31/03			12/31/02			9/30/02
						(Dollars in thousands)
Average loans and leases:
	Mortgage		$	11,481,071		$	11,126,226		$	11,083,170		$	11,659,164		$	11,265,962
	Retail consumer			4,535,869			4,329,896			4,510,460			5,264,728			4,969,219
	Automobile			6,317,768			6,088,204			5,763,289			5,447,392			5,035,920
	Consumer finance			1,055,588			1,023,295			995,653			980,524			972,843
	Leases			2,116,646			2,127,384			2,145,022			2,085,474			2,029,779
	Corporate banking			1,486,139			1,406,814			1,353,877			1,253,470			1,186,681
		Total average loans and leases	$	26,993,081		$	26,101,819		$	25,851,471		$	26,690,752		$	25,460,404
Net charge-offs (recoveries) to average loans and leases (annualized):
	Mortgage			.04	%		.04	%		.04	%		.04	%		(.02	)%
	Retail consumer			.16			.19			.27			.18			.15
	Automobile			.73			.60			.86			.91			1.02
	Consumer finance			1.54			1.46			1.78			2.28			2.02
	Leases			(.04	)		.28			1.06			(.35	)		.02
	Corporate banking			1.74			.66			2.09			1.71			.94
		Total		.37			.30			.52			.38			.35

LOAN AND LEASE PORTFOLIO
(unaudited)

					9/30/03			6/30/03			3/31/03			12/31/02			9/30/02
								(Dollars in thousands)
Loan and lease portfolio, net(1):
	One-to-four family:
			Permanent:
				Fixed rate	$	6,737,463		$	5,411,639		$	5,506,314		$	5,869,554		$	5,942,919
				Adjustable rate		2,600,507			2,577,778			2,546,426			2,437,166			2,694,956
			Construction			451,093			418,485			412,973			427,729			427,871
						9,789,063			8,407,902			8,465,713			8,734,449			9,065,746
	Commercial real estate:
		Multifamily				752,006			739,464			705,851			730,263			776,382
		Commercial				1,181,362			1,148,073			1,058,610			1,024,840			1,055,564
		Construction				528,628			536,330			496,106			506,178			498,690
						2,461,996			2,423,867			2,260,567			2,261,281			2,330,636
	Consumer:
		Retail				4,999,488			4,180,702			4,173,080			5,494,453			5,008,393
		Automobile				6,376,830			6,247,964			5,934,502			5,606,329			5,281,731
		Consumer finance				1,073,054			1,038,517			1,005,077			984,772			973,981
						12,449,372			11,467,183			11,112,659			12,085,554			11,264,105
	Business:
		Leases				2,166,350			2,104,713			2,125,905			2,133,468			2,028,687
		Corporate banking				1,553,739			1,462,880			1,368,069			1,318,003			1,242,869
						3,720,089			3,567,593			3,493,974			3,451,471			3,271,556
	Loans and leases before allowance for loan and lease losses					28,420,520			25,866,545			25,332,913			26,532,755			25,932,043
	Allowance for loan and lease losses					(389,355	)		(376,393	)		(355,926	)		(328,017	)		(292,800	)
		Loans and leases, net(1)			$	28,031,165		$	25,490,152		$	24,976,987		$	26,204,738		$	25,639,243
Portfolio of loans serviced for others					$	16,700,490		$	18,948,077		$	18,713,649		$	16,893,609		$	16,840,025

(1) Includes loans held for sale.

14

CHARTER ONE FINANCIAL, INC.
NONPERFORMING AND UNDERPERFORMING ASSETS

(unaudited)

					9/30/03			6/30/03			3/31/03			12/31/02			9/30/02
								(Dollars in thousands)
Nonperforming assets:
	Nonaccrual loans and leases:
		Real estate mortgage loans:
			One-to-four family		$	22,784		$	25,723		$	27,867		$	27,904		$	31,528
			Multifamily and commercial			11,333			16,764			5,591			5,369			6,621
			Construction and land			22,974			27,483			8,015			9,885			10,598
				Total real estate mortgage loans		57,091			69,970			41,473			43,158			48,747
		Retail consumer				10,405			10,652			12,046			13,937			14,128
		Automobile				—			—			—			—			—
		Consumer finance				42,589			43,175			42,562			40,227			38,403
		Leases				6,569			6,877			15,264			6,211			7,964
		Corporate banking				25,078			35,595			42,068			39,098			37,230
				Total nonaccrual loans and leases		141,732			166,269			153,413			142,631			146,472
	Restructured real estate mortgage loans					481			488			494			501			1,149
				Total nonperforming loans and leases		142,213			166,757			153,907			143,132			147,621
	Real estate and other collateral owned					47,249			39,278			40,020			40,776			40,270
				Total nonperforming assets	$	189,462		$	206,035		$	193,927		$	183,908		$	187,891
Ratio of:
	Nonperforming loans and leases to total loans and leases					.51	%		.65	%		.62	%		.55	%		.58	%
	Nonperforming assets to total assets					.44			.47			.45			.44			.47
	Nonperforming assets to total loans, leases and real estate and other collateral owned					.67			.81			.78			.70			.73
	Allowance for loan and lease losses to:
		Nonperforming loans and leases				273.78			225.71			231.26			229.17			198.35
		Total loans and leases before allowance				1.37			1.46			1.40			1.24			1.13
Accruing loans and leases delinquent more than 90 days:
	Real estate mortgage loans:
		One-to-four family			$	21,239		$	18,056		$	23,507		$	25,643		$	24,854
		Multifamily and commercial				—			396			—			—			—
		Construction and land				—			—			—			—			—
			Total real estate mortgage loans			21,239			18,452			23,507			25,643			24,854
	Retail consumer					2,654			3,056			3,229			4,758			5,630
	Automobile					2,680			2,254			3,579			3,621			2,595
	Consumer finance					23,298			21,172			27,395			26,739			25,269
	Leases					—			—			181			19			—
	Corporate banking					311			117			471			1,536			1,955
			Total accruing loans and leases delinquent more than 90 days		$	50,182		$	45,051		$	58,362		$	62,316		$	60,303
Total underperforming assets					$	239,644		$	251,086		$	252,289		$	246,224		$	248,194
Ratio of:
	Underperforming assets to total assets					.55	%		.57	%		.58	%		.59	%		.62	%
	Underperforming assets to total loans, leases and real estate and other collateral owned					.85			.98			1.01			.94			.97

15

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.

	CHARTER ONE FINANCIAL, INC.
Date: October 16, 2003	By: /s/ Robert J. Vana Robert J. Vana Senior Vice President, Chief Corporate Counsel and Corporate Secretary