TCF Bank 2001 Annual Report Download - page 74

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72
CONDENSED STATEMENTS OF INCOME
Year Ended December 31,
(In thousands) 2001 2000 1999
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 833 $ 1,192 $ 576
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 376 1,726 4,000
Net interest income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 457 (534) (3,424)
Cash dividends received from consolidated bank subsidiaries . . . . . . . . . . . . . . . . . . . . 206,970 212,327 164,791
Other non-interest income:
Affiliate service fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,292 90,553 82,567
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 87 (3)
Total other non-interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,387 90,640 82,564
Non-interest expense:
Compensation and employee benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,785 54,506 49,171
Occupancy and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 784 16,133 14,982
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,690 22,970 20,622
Total non-interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,259 93,609 84,775
Income before income tax benefit and equity in undistributed
earnings of subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205,555 208,824 159,156
Income tax benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 496 1,435 1,852
Income before equity in undistributed earnings of subsidiaries . . . . . . . . . . . . . . . . 206,051 210,259 161,008
Equity in undistributed earnings of subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,271 (24,014) 5,031
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $207,322 $186,245 $166,039
CONDENSED STATEMENTS OF CASH FLOWS
Year Ended December 31,
(In thousands) 2001 2000 1999
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 207,322 $ 186,245 $ 166,039
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries. . . . . . . . . . . . . . . . . . . . . . . . (1,271) 24,014 (5,031)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,381 13,381 15,554
Total adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,110 37,395 10,523
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211,432 223,640 176,562
Cash flows from investing activities:
Net (increase) decrease in interest-bearing deposits with banks . . . . . . . . . . . . . . . 21,339 (21,357) (238)
Investments in subsidiaries, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,000) – (1,000)
Loan to deferred compensation plans, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,646) (416) 1,390
Purchases of premises and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (273) (4,300) (6,624)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –525 579
Net cash provided (used) by investing activities. . . . . . . . . . . . . . . . . . . . . . . . . 10,420 (25,548) (5,893)
Cash flows from financing activities:
Dividends paid on common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (77,473) (66,101) (60,755)
Purchases of common stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (148,043) (73,824) (106,106)
Net increase (decrease) in short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 (64,357) (9,643)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,510 5,708 6,330
Net cash used by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (222,006) (198,574) (170,174)
Net increase (decrease) in cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (154) (482) 495
Cash at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191 673 178
Cash at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 37 $ 191 $ 673