TCF Bank 2003 Annual Report Download - page 79

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2003 Annual Report 77
INDEPENDENT AUDITORS’ REPORT
The Board of Directors and Stockholders of
TCF Financial Corporation:
We have audited the accompanying consolidated statements of
financial condition of TCF Financial Corporation and subsidiaries
as of December 31, 2003 and 2002, and the related consolidated
statements of income, stockholders’ equity, and cash flows for
each of the years in the three-year period ended December 31, 2003.
These consolidated 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
assurance about whether the financial statements are free of
material misstatement. 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 princi-
ples 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, 2003
and 2002, and the results of their operations and their cash flows for
each of the years in the three-year period ended December 31, 2003,
in conformity with accounting principles generally accepted in the
United States of America.
As discussed in note 1 to the consolidated financial statements,
the Company adopted the provisions of the Financial Accounting
Standards Board’s Statement of Financial Accounting Standards
No. 142, Goodwill and Other Intangible Assets, as of January 1, 2002.
Minneapolis, Minnesota
February 23, 2004