TCF Bank 2014 Annual Report Download - page 27

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Part II
Item 5. Market for Registrant’s Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities
TCF’s common stock trades on the New York Stock Exchange under the symbol ‘‘TCB.’’ The following table sets forth the high
and low prices and dividends declared for TCF’s common stock. The stock prices represent the high and low sale prices for TCF
common stock on the New York Stock Exchange Composite Tape, as reported by Bloomberg.
As of February 17, 2015, there were 5,913 holders of record of TCF’s common stock.
Dividends
High Low Declared
2014:
Fourth Quarter $16.12 $13.95 $0.05
Third Quarter 16.95 15.12 0.05
Second Quarter 17.30 15.01 0.05
First Quarter 17.39 15.31 0.05
2013:
Fourth Quarter $16.46 $14.29 $0.05
Third Quarter 16.68 13.69 0.05
Second Quarter 15.32 13.49 0.05
First Quarter 15.04 12.39 0.05
The Board of Directors of TCF Financial and TCF Bank have each adopted a Capital Planning Policy and Dividend Policy. The
policies define how enterprise risk related to capital will be managed, how the adequacy of capital will be measured and the
process by which capital strategy, capital management and preferred and common stock dividend recommendations will be
presented to TCF’s Board of Directors. TCF’s management is charged with ensuring that capital strategy actions, including the
declaration of preferred and common stock dividends, are prudent, efficient and provide value to TCF’s stockholders, while
ensuring that past and prospective earnings retention is consistent with TCF’s capital needs, asset quality, risk profile and overall
financial condition. The Board of Directors intends to continue its practice of paying quarterly cash dividends on TCF’s common
stock as justified by the financial condition of TCF. The declaration and amount of future dividends will depend on circumstances
existing at the time, including TCF’s earnings, level of internally generated common capital excluding earnings, financial condition
and capital requirements, the cash available to pay such dividends (derived mainly from dividends and distributions from TCF
Bank), as well as regulatory and contractual limitations and such other factors as the Board of Directors may deem relevant. Also,
dividends for the current dividend period on all outstanding shares of preferred stock must be declared and paid or declared and a
sum sufficient for the payment thereof must be set aside before any dividend may be declared or paid on TCF’s common stock.
In general, TCF Bank may not declare or pay a dividend to TCF Financial in excess of 100% of its net retained profits for that year
combined with its net retained profits for the preceding two calendar years without prior approval of the OCC. Restrictions on the
ability of TCF Bank to pay cash dividends or possible diminished earnings of TCF may limit the ability of TCF Financial to pay
dividends in the future to holders of its preferred and common stock. In addition, the ability of TCF Financial and TCF Bank to pay
dividends depends on regulatory policies and capital requirements and may be subject to regulatory approval. See
‘‘Item 1. Business – Regulation – Regulatory Capital Requirements’’, ‘‘Item 1. Business – Regulation – Restrictions on
Distributions’’ and Note 14 of Notes to Consolidated Financial Statements, Regulatory Capital Requirements.
14