TCF Bank 2003 Annual Report Download - page 54

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52 TCF Financial Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
(In thousands) 2003 2002 2001
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 215,878 $ 232,931 $ 207,322
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,478 40,772 46,599
Mortgage servicing rights amortization and impairment . . . . . . . . . . . . . 44,833 35,374 20,964
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,532 22,006 20,878
Proceeds from sales of loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . 2,944,298 2,703,744 2,135,218
Principal collected on loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . 8,913 15,814 12,469
Originations of loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,816,960) (2,734,741) (2,375,396)
Net (increase) decrease in other assets and accrued
expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14,913) 43,091 91,612
Gains on sales of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32,832) (13,900) (4,393)
Losses on termination of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,345 ––
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,655) (20,141) (9,885)
Total adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221,039 92,019 (61,934)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . 436,917 324,950 145,388
Cash flows from investing activities:
Principal collected on loans and leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,343,655 3,434,153 3,352,341
Originations and purchases of loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,108,727) (2,984,568) (2,719,682)
Purchases of lease financing receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (58,421) – –
Purchases of equipment for lease financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . (510,140) (470,917) (449,231)
Proceeds from sales of securities available for sale . . . . . . . . . . . . . . . . . . . . . . 849,333 485,406 33,645
Proceeds from maturities of and principal collected
on securities available for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 881,885 718,431 398,316
Purchases of securities available for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (871,559) (1,973,974) (587,324)
Net (increase) decrease in Federal Home Loan Bank stock . . . . . . . . . . . . . . . . . 79,307 3,126 (18,927)
Purchases of premises and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (69,782) (60,279) (44,682)
Sales of deposits, net of cash paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –(15,206) (26,958)
Repayment of loans to deferred compensation plans . . . . . . . . . . . . . . . . . . . . . –9,783 (4,646)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,648 92 (15,544)
Net cash provided (used) by investing activities . . . . . . . . . . . . . . . . . . . . . 543,199 (853,953) (82,692)
Cash flows from financing activities:
Net increase (decrease) in deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (98,239) 628,142 237,180
Net increase (decrease) in short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . 36,361 122,192 (178,836)
Proceeds from long-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425,469 52,462 677,334
Payments on long-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,147,876) (11,665) (579,529)
Purchases of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (150,356) (148,030) (148,043)
Dividends paid on common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (93,029) (86,430) (77,473)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,211 2,029 1,364
Net cash provided (used) by financing activities . . . . . . . . . . . . . . . . . . . . . (1,026,459) 558,700 (68,003)
Net increase (decrease) in cash and due from banks . . . . . . . . . . . . . . . . . . . . . . . . . (46,343) 29,697 (5,307)
Cash and due from banks at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 416,397 386,700 392,007
Cash and due from banks at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 370,054 $ 416,397 $ 386,700
Supplemental disclosures of cash flow information:
Cash paid for:
Interest on deposits and borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 157,751 $ 234,046 $ 352,903
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 139,120 $ 87,899 $ 24,128
Transfer of loans and leases to other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 44,292 $ 51,713 $ 33,447
See accompanying notes to consolidated financial statements.