TCF Bank 2005 Annual Report Download - page 33

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132005 Form 10-K
Item 5. Market for Registrant’s
Common Equity, Related
Stockholder Matters and Issuer
Purchases of Equity Securities
TCF’s common stock trades on the New York Stock Exchange under
the symbol “TCB.” The following table sets forth the high and low
prices and dividends declared for TCF’s common stock. The stock
prices represent the high and low sale prices for the common
stock on the New York Stock Exchange Composite Tape, as
reported by Bloomberg.
Dividends
High Low Declared
2005
First Quarter $32.03 $26.42 $.2125
Second Quarter 28.56 24.55 .2125
Third Quarter 28.82 25.81 .2125
Fourth Quarter 28.78 25.02 .2125
2004
First Quarter $26.37 $23.92 $.1875
Second Quarter 29.03 24.35 .1875
Third Quarter 32.62 28.01 .1875
Fourth Quarter 32.36 29.46 .1875
As of January 31, 2006, there were approximately 9,571 record
holders of TCF’s common stock.
The Board of Directors of TCF Financial has not adopted a for-
mal dividend policy. The Board of Directors intends to continue
its present practice of paying quarterly cash dividends on TCF’s
common stock as justified by the financial condition of TCF.
The declaration and amount of future dividends will depend on
circumstances existing at the time, including TCF’s earnings,
financial condition and capital requirements, the cash available
to pay such dividends (derived mainly from dividends and distri-
butions from TCF Bank), as well as regulatory and contractual
limitations and such other factors as the Board of Directors may
deem relevant. In general, TCF Bank may not declare or pay a
dividend to TCF in excess of 100% of its net profits for that year
combined with its retained net profits for the preceding two cal-
endar years without prior approval of the OCC. Restrictions on the
ability of TCF Bank to pay cash dividends or possible diminished
earnings of the indirect subsidiaries of TCF Financial may limit
the ability of TCF Financial to pay dividends in the future to holders
of its common stock. See “Regulation — Regulatory Capital
Requirements,” “Regulation — Restrictions on Distributions” and
Note 15 of Notes to Consolidated Financial Statements.
Part II
For the quarter ended December 31, 2005, there was no share repurchase activity, as summarized in the following table:
Share
Shares Repurchase
Repurchased Authorizations(1)
Average Price July 21, May 21,
(Dollars in thousands) Number Per Share 2003 2005
Balance, September 30, 2005 2,820 6,725,487
October 1-31, 2005 – $ – – –
November 1-30, 2005 ––––
December 1-31, 2005 – – – –
Balance, December 31, 2005 – $ – 2,820 6,725,487
(1) The current share repurchase authorizations were approved by the Board of Directors on July 21, 2003 and May 21, 2005. Each authorization was for a repurchase of up to
an additional 5% of TCF’s common stock outstanding at the time of the authorization, or 7.1 million shares and 6.7 million shares, respectively. These authorizations do
not have expiration dates.