TCF Bank 2000 Annual Report Download - page 5

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shares of stock at an average cost of $22.76 per share
in 2000). The stock price appreciation we experi-
enced in 2000 can be attributed to our superior
performance, in addition to the market's accep-
tance of our unique strategy of convenience bank-
ing and de novo expansion. Our price-to-earnings
ratio moved from 12.4x at year-end 1999 to 19x at
year-end 2000, lifting TCF from a discount price-
to-earnings ratio (as compared with our peers) to
a premium ratio. We now rank ninth in the top 50
banks in price-to-earnings ratio.
Year 2000's financial results were highlighted
by solid top-line revenue growth, improved credit
quality, increased POWER ASSETS
commercial and leasing credits), increased POWER
LIABILITIES®(core deposits) and flat non-interest
expenses. I believe that TCF's philosophy of conve-
nient banking for customers from all economic lev-
els, along with de novo expansion, new product
development, and our focus on core banking activ-
ities, is a proven strategy that has worked well for
us in the past and will work well for us in the future.
TCF is one of the few banks that
has shown consistent top-line revenue growth. Top-
line revenue, which consists of net interest income
and fee income, was up $63.9 million for 2000, an
increase of 9 percent. This is an important number
3
TCF
®(consumer,
Top-Line Revenue
1
SUPERMARKET
BRANCH
DEPOSITS
billion dollars
Our 213 supermarket branches topped $1 billion in retail
deposits in 2000. The bulk of these deposits are in low-
cost checking accounts, contributing directly to our Power
Liabilities and top-line revenue growth. We will continue
to grow this high performance deposit base as we add to our
supermarket branch network in 2001.