TCF Bank 2001 Annual Report Download - page 6

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growing our core businesses, not just cutting expenses
as many of our competitors are doing. Growing busi-
nesses generate premium price-to-earnings ratios.
Growth in top-line revenue results from the increase
of Power Assets and Power Liabilities. Net interest
income growth is driven by a changed balance sheet.
Expanding the number of fee income producing
products and services while growing the overall cus-
tomer base fuels fee income growth. TCF added
117,900 new checking accounts in 2001, bringing
our total to over 1,249,000 accounts. We have a 78
percent debit card penetration rate, one of the highest
in the country, and we are now the 13th largest VISA®
debit card issuer in the United States with 1.2 million
debit cards outstanding.
TCF relies on attracting a large number of customers
from varied economic levels. Each of these customers
contributes incrementally to our profitability. We do
not believe in the old 80/20 rule, which suggests that
banks earn 80 percent of their profits from the wealth-
iest 20 percent of the customer base.
POWER ASSETS AND POWER LIABILITIES Despite a year of economic
uncertainty, economic slowdown and rate reductions,
TCF enjoyed substantial growth in our Power Assets,
up $638 million for the year, a 13 percent increase
from year-end 2000. Commercial real estate lending
2001 ANNUAL GROWTH RATE OF +14%
(Millions of Dollars)
2001 ANNUAL GROWTH RATE OF +10%
(Millions of Dollars)
$184
$236
$274
$323
$367
97 98 99 00 01
$394
$426 $424 $439
$481
97 98 99 00 01
Fees and Other Revenues
Net Interest Income
4