TCF Bank 2001 Annual Report Download - page 7

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5
and consumer lending produced at record levels in
2001, while commercial lending and leasing also had
a good year. We increased our checking account
balances by over $332 million for the year, an increase
of 15 percent. Higher-cost certificates of deposits
decreased by $485.4 million during the year as TCF
declined to pay rates above our institutional borrowing
costs in the falling rate environment.
CREDIT QUALITY Our credit quality remained strong in
2001. Net charge-offs were $12.5 million in 2001,
only .15 percent of average loans and leases. We
provided $20.9 million for credit losses in 2001 and,
as a result, we increased our loan loss reserves by $8.4
million. Delinquency and non-performing assets were
at very low levels. Good credit quality is related not
only to the type of loans on the balance sheet, but also
the type of funding. TCF’s very profitable and growing
deposit function allows us to operate our loan portfolio
with relatively low credit risk.
COMMERCIAL REAL ESTATE
Commercial Real
Estate has been a
long-time strength
of TCF.In 2001 we
had $562 million
in originations
and increased our
portfolio by $251
million. This was
accomplished by
lending to local
developers and
builders on real
estate projects in
our local markets.