TCF Bank 2009 Annual Report Download - page 93
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2009 Form 10-K : 77
Note 24. Parent Company Financial Information
TCF Financial Corporation’s (parent company only) condensed statements of nancial condition as of December 31, 2009 and 2008,
and the condensed statements of income and cash ows for the years ended December 31, 2009, 2008 and 2007 are as follows.
At December 31,
(In thousands) 2008
Assets:
Cash and cash equivalents $ 33,557
Investment in bank subsidiaries 1,541,371
Accounts receivable from afliates 16,272
Other assets 20,442
Total assets $1,611,642
Liabilities and Stockholders’ Equity:
Junior subordinated notes (trust preferred) 110,440
Other liabilities 7,426
Total liabilities 117,866
Equity 1,493,776
Total liabilities and equity $1,611,642
Year Ended December 31,
(In thousands) 2008 2007
Interest income $ – $ –
Interest expense 4,826 603
Net interest expense (4,826) (603)
Dividends from TCF National Bank 122,797 194,558
Other non-interest income:
Afliate service fees 6,922 12,241
Other 85 142
Total other non-interest income 7,007 12,383
Non-interest expense:
Compensation and employee benets 5,833 11,866
Occupancy and equipment 362 440
Other 6,279 1,581
Total non-interest expense 12,474 13,887
Income before income tax benet and equity in undistributed earnings of subsidiaries 112,504 192,451
Income tax benet 2,282 1,502
Income before equity in undistributed earnings of subsidiaries 114,786 193,953
Equity in undistributed earnings of bank subsidiaries 14,172 72,855
Net income 128,958 266,808
Preferred stock dividends 2,540 –
Non-cash deemed preferred stock dividend – –
Net income available to common stockholders $126,418 $226,808