TCF Bank 2004 Annual Report Download - page 54

Consolidated Statements of Cash Flows
52 TCF Financial Corporation and Subsidiaries
Year Ended December 31,
(In thousands) 2004 2003 2002
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 254,993 $ 215,878 $ 232,931
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,996 39,478 40,772
Mortgage servicing rights amortization and impairment . . . . . . . . . . . . . 14,591 44,833 35,374
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,947 12,532 22,006
Proceeds from sales of loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . 1,051,276 2,944,298 2,703,744
Principal collected on loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,090 8,913 15,814
Originations and purchases of loans held for sale . . . . . . . . . . . . . . . . . . . (879,450) (2,816,960) (2,734,741)
Net (increase) decrease in other assets and accrued
expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31,265) (14,913) 43,091
Gains on sales of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,306) (32,832) (13,900)
Losses on termination of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –44,345 –
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,299) (8,655) (20,141)
Total adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,580 221,039 92,019
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . 442,573 436,917 324,950
Cash flows from investing activities:
Principal collected on loans and leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,833,653 4,343,655 3,434,153
Originations and purchases of loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,183,611) (4,108,727) (2,984,568)
Purchases of lease financing receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –(58,421) –
Purchases of equipment for lease financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (703,712) (510,140) (470,917)
Proceeds from sales of securities available for sale . . . . . . . . . . . . . . . . . . . . . . . 1,437,066 849,333 485,406
Proceeds from maturities of and principal collected
on securities available for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347,304 881,885 718,431
Purchases of securities available for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,911,905) (871,559) (1,973,974)
Net (increase) decrease in Federal Home Loan Bank stock . . . . . . . . . . . . . . . . . (30,142) 79,307 3,126
Proceeds from sales of real estate owned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,654 26,186 21,926
Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,326) ––
Purchases of premises and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (77,788) (69,782) (60,279)
Sales of deposits, net of cash paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –– (15,206)
Repayment of loans to deferred compensation plans . . . . . . . . . . . . . . . . . . . . . –– 9,783
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,278 (18,538) (21,834)
Net cash (used) provided by investing activities . . . . . . . . . . . . . . . . . . . . . . (1,250,529) 543,199 (853,953)
Cash flows from financing activities:
Net increase (decrease) in deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,446 (98,239) 628,142
Net (decrease) increase in short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . (629,510) 36,361 122,192
Proceeds from long-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,800,614 425,469 52,462
Payments on long-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,505,847) (1,147,876) (11,665)
Purchases of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (116,134) (150,356) (148,030)
Dividends paid on common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (104,037) (93,029) (86,430)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,168 1,211 2,029
Net cash provided (used) by financing activities . . . . . . . . . . . . . . . . . . . . . . 797,700 (1,026,459) 558,700
Net (decrease) increase in cash and due from banks . . . . . . . . . . . . . . . . . . . . . . . . . (10,256) (46,343) 29,697
Cash and due from banks at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370,054 416,397 386,700
Cash and due from banks at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 359,798 $ 370,054 $ 416,397
Supplemental disclosures of cash flow information:
Cash paid for:
Interest on deposits and borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 126,228 $ 157,751 $ 234,046
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 145,716 $ 139,120 $ 87,899
Transfer of loans and leases to other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23,963 $ 44,292 $ 51,713
See accompanying notes to consolidated financial statements.