TCF Bank 2004 Annual Report Download - page 22

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20 TCF Financial Corporation and Subsidiaries
Performance Summary TCF reported diluted earnings per com-
mon share of $1.86 for 2004, compared with $1.53 for 2003 and $1.58
for 2002. Net income was $255 million for 2004, compared with $215.9
million for 2003 and $232.9 million for 2002. Return on average assets
was 2.15% in 2004, compared with 1.85% in 2003 and 2.01% in 2002.
Return on average equity was 27.02% in 2004, compared with 23.05%
in 2003 and 25.38% in 2002. During 2003, TCF prepaid $954 million of
high cost FHLB borrowings, incurring early termination fees of $44.3
million ($29.2 million after-tax) which reduced diluted earnings per
share by 21 cents. There were no debt terminations in 2004 or 2002.
RESULTS OF OPERATIONS
Five Year Financial Summary
Consolidated Income:
Year Ended December 31, Compound Annual Growth Rate
1-Year 5-Year
(Dollars in thousands, except per-share data) 2004 2003 2002 2001 2000 2004/2003 2004/1999
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 982,357 $ 900,424 $ 918,987 $ 852,708 $ 774,812 9.1% 5.9%
Net interest income . . . . . . . . . . . . . . . . . . . . . . $ 491,891 $ 481,145 $ 499,225 $ 481,222 $ 438,536 2.2 3.0
Provision for credit losses . . . . . . . . . . . . . . . . . 10,947 12,532 22,006 20,878 14,772 (12.6) (8.3)
Fees & other revenue . . . . . . . . . . . . . . . . . . . . . 467,866 430,792 406,264 367,307 323,463 8.6 11.3
Other non-interest income . . . . . . . . . . . . . . . . . 22,600 (11,513) 13,498 4,179 12,813 N.M. (10.5)
Non-interest expense . . . . . . . . . . . . . . . . . . . . . 586,934 560,109 539,288 501,996 457,202 4.8 5.6
Income before income tax expense . . . . . . . 384,476 327,783 357,693 329,834 302,838 17.3 7.1
Income tax expense . . . . . . . . . . . . . . . . . . . . . . 129,483 111,905 124,762 122,512 116,593 15.7 3.9
Net income . . . . . . . . . . . . . . . . . . . . . . . . . $ 254,993 $ 215,878 $ 232,931 $ 207,322 $ 186,245 18.1 9.0
Per common share:
Basic earnings . . . . . . . . . . . . . . . . . . . . . . . . $ 1.87 $ 1.53 $ 1.58 $ 1.37 $ 1.18 22.2 13.1
Diluted earnings . . . . . . . . . . . . . . . . . . . . . $ 1.86 $ 1.53 $ 1.58 $ 1.35 $ 1.17 21.6 13.2
Dividends declared . . . . . . . . . . . . . . . . . . . $ .75 $ .65 $ .575 $ .50 $ .4125 15.4 15.7
N.M. Not Meaningful.
Consolidated Financial Condition:
At December 31, Compound Annual Growth Rate
1-Year 5-Year
(Dollars in thousands, except per-share data) 2004 2003 2002 2001 2000 2004/2003 2004/1999
Securities available for sale . . . . . . . . . . . . . . . . $ 1,619,941 $ 1,533,288 $ 2,426,794 $ 1,584,661 $ 1,403,888 5.7% 1.3%
Residential real estate loans . . . . . . . . . . . . . . . 1,014,166 1,212,643 1,800,344 2,733,290 3,673,831 (16.4) (23.7)
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,634,107 2,745,931 4,227,138 4,317,951 5,077,719 (4.1) (13.5)
Loans and leases excluding residential
real estate loans . . . . . . . . . . . . . . . . . . . . . 8,372,491 7,135,135 6,320,784 5,510,912 4,872,868 17.3 16.1
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,340,567 11,319,015 12,202,069 11,358,715 11,197,462 9.0 3.0
Checking, savings and money market deposits . . 6,493,545 5,999,626 5,791,233 4,778,714 4,086,219 8.2 11.8
Certificates of deposit . . . . . . . . . . . . . . . . . . . . . 1,468,650 1,612,123 1,918,755 2,320,244 2,805,605 (8.9) (12.6)
Total deposits . . . . . . . . . . . . . . . . . . . . . . . 7,962,195 7,611,749 7,709,988 7,098,958 6,891,824 4.6 3.9
Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,104,603 2,414,825 3,110,295 3,023,025 3,184,245 28.6 0.1
Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . 958,418 920,858 977,020 917,033 910,220 4.1 3.4
Book value per common share . . . . . . . . . . . . . . 6.99 6.53 6.61 5.96 5.67 7.0 7.2
Key Ratios and Other Data:
At or For the Year Ended December 31,
2004 2003 2002 2001 2000
Return on average assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.15% 1.85% 2.01% 1.79% 1.72%
Return on average equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.02 23.05 25.38 23.06 22.64
Average total equity to average assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.94 8.03 7.91 7.78 7.58
Net interest margin(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.54 4.54 4.71 4.51 4.35
Common dividend payout ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.32% 42.48% 36.39% 37.04% 35.26%
Number of banking locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430 401 395 375 352
Number of checking accounts (in thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,535 1,444 1,338 1,249 1,131
(1) Net interest income divided by average interest-earning assets.