TCF Bank 2001 Annual Report Download - page 76

Download and view the complete annual report

Please find page 76 of the 2001 TCF Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 82

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82

The Board of Directors and Stockholders of
TCF Financial Corporation:
We have audited the accompanying consolidated statements of finan-
cial condition of TCF Financial Corporation and subsidiaries as of
December 31, 2001 and 2000, and the related consolidated state-
ments of income, stockholders’ equity, and cash flows for each of the
years in the three-year period ended December 31, 2001. These con-
solidated financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these
consolidated financial statements based on our audits.
We conducted our audits in accordance with auditing standards
generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements are free of material mis-
statement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to
above present fairly, in all material respects, the financial position of
TCF Financial Corporation and subsidiaries as of December 31, 2001
and 2000, and the results of their operations and their cash flows for
each of the years in the three-year period ended December 31, 2001,
in conformity with accounting principles generally accepted in the
United States of America.
As discussed in note 16 to the consolidated financial statements,
the Company adopted the provisions of the Financial Accounting
Standards Board’s Statement of Financial Accounting Standards
No. 123, Accounting for Stock-Based Compensation, as of January 1, 2000.
Minneapolis, Minnesota
January 16, 2002
Independent Auditors’ Report
74