TCF Bank 2000 Annual Report Download - page 55

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53
TCF
The following table sets forth TCF’s maximum and average borrowing levels for each of the years in the three-year period ended
December 31, 2000:
Securities Sold
Under Repurchase
Agreements and Discounted
Federal Funds FHLB Lease Other
(Dollars in thousands) Purchased Advances Rentals Borrowings
Year ended December 31, 2000:
Average balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 925,004 $1,888,892 $163,758 $121,048
Maximum month-end balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,151,913 2,016,040 172,348 296,750
Average rate for period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.34% 5.79% 8.55% 7.44%
Year ended December 31, 1999:
Average balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 529,359 $ 1,821,172 $ 171,997 $ 151,430
Maximum month-end balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,010,000 1,997,346 182,456 367,177
Average rate for period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.40% 5.52% 8.04% 6.27%
Year ended December 31, 1998:
Average balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 140,414 $ 1,367,104 $ 205,393 $ 92,467
Maximum month-end balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367,280 1,804,208 222,018 214,087
Average rate for period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.60% 5.80% 8.15% 7.38%
11 >INCOME TAXES
Income tax expense (benefit) consists of:
(In thousands) Current Deferred Total
Year ended December 31, 2000:
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $88,746 $18,862 $107,608
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,457 2,528 8,985
$95,203 $21,390 $116,593
Year ended December 31, 1999:
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 91,647 $ 2,981 $ 94,628
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,747 677 12,424
$ 103,394 $ 3,658 $ 107,052
Year ended December 31, 1998:
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 91,102 $ (994) $ 90,108
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,325 (363) 18,962
$ 110,427 $ (1,357) $ 109,070
Income tax expense differs from the amounts computed by applying the federal income tax rate of 35% to income before income tax
expense as a result of the following:
Year Ended December 31,
(In thousands) 2000 1999 1998
Computed income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $105,993 $ 95,582 $ 92,837
Increase in income tax expense resulting from:
Amortization of goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,544 2,724 3,741
State income tax, net of federal income tax benefit . . . . . . . . . . . . . . . . . . . . . . . . . 5,840 8,076 12,325
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,216 670 167
$116,593 $107,052 $109,070
The tax benefit recorded in additional paid-in capital for compensation expense for tax purposes in excess of amounts recognized
for financial reporting purposes totaled $1.5 million, $4.1 million and $2.4 million for the years ended December 31, 2000, 1999 and,
1998, respectively.