TCF Bank 2000 Annual Report Download - page 41

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CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31,
(In thousands, except per-share data) 2000 1999 1998
Interest income:
Loans and leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $700,325 $618,291 $631,342
Securities available for sale . . . . . . . . . . . . . . . . . . . . . 99,185 111,032 93,124
Loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,130 13,367 14,072
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,041 9,411 10,356
Total interest income . . . . . . . . . . . . . . . . . . . . . . . 826,681 752,101 748,894
Interest expense:
Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197,094 175,495 212,492
Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191,051 152,393 110,668
Total interest expense . . . . . . . . . . . . . . . . . . . . . . 388,145 327,888 323,160
Net interest income . . . . . . . . . . . . . . . . . . . . . 438,536 424,213 425,734
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . . . 14,772 16,923 23,280
Net interest income after provision for
credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . 423,764 407,290 402,454
Non-interest income:
Fees and service charges . . . . . . . . . . . . . . . . . . . . . . . 179,563 151,972 127,952
Electronic funds transfer revenues . . . . . . . . . . . . . . . . 78,101 67,144 50,556
Leasing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,442 28,505 31,344
Investments and insurance . . . . . . . . . . . . . . . . . . . . . 12,266 14,849 13,926
Gain on sales of loans held for sale . . . . . . . . . . . . . . . 4,012 4,747 7,575
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,405 12,009 11,156
Fees and other revenues . . . . . . . . . . . . . . . . . . . . . 328,789 279,226 242,509
Gain on sales of securities available for sale . . . . . . . . . . –3,194 2,246
Gain on sales of loan servicing . . . . . . . . . . . . . . . . . . . –3,076 2,414
Gain on sales of branches . . . . . . . . . . . . . . . . . . . . . . 12,813 12,160 18,585
Gain on sale of subsidiaries . . . . . . . . . . . . . . . . . . . . . –5,522 –
Gain on sale of joint venture interest . . . . . . . . . . . . . . –– 5,580
Title insurance revenues . . . . . . . . . . . . . . . . . . . . . . . –15,421 20,161
Other non-interest income . . . . . . . . . . . . . . . . . . 12,813 39,373 48,986
Total non-interest income . . . . . . . . . . . . . . . . 341,602 318,599 291,495
Non-interest expense:
Compensation and employee benefits . . . . . . . . . . . . . 239,544 239,053 217,401
Occupancy and equipment . . . . . . . . . . . . . . . . . . . . . 74,938 73,613 71,323
Advertising and promotions . . . . . . . . . . . . . . . . . . . . 19,181 16,981 19,544
Amortization of goodwill and other intangibles . . . . . . 10,001 10,689 11,399
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,864 112,462 109,033
Total non-interest expense . . . . . . . . . . . . . . . . . . . 462,528 452,798 428,700
Income before income tax expense . . . . . . . . . . . 302,838 273,091 265,249
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,593 107,052 109,070
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . $186,245 $166,039 $156,179
Net income per common share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.37 $ 2.01 $ 1.77
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.35 $ 2.00 $ 1.76
Dividends declared per common share . . . . . . $ .825 $ .725 $ .6125
See accompanying notes to consolidated financial statements.
39
TCF