TCF Bank 2005 Annual Report Download - page 65

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452005 Form 10-K
Year Ended December 31,
(In thousands) 2005 2004 2003
Cash flows from operating activities:
Net income $ 265,132 $ 254,993 $ 215,878
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 47,039 39,996 39,478
Mortgage servicing rights amortization and impairment 9,108 14,591 44,833
Provision for credit losses 5,022 10,947 12,532
Proceeds from sales of loans held for sale 102,491 1,051,276 2,944,298
Principal collected on loans held for sale 13,152 8,090 8,913
Originations and purchases of loans held for sale (191,061) (879,450) (2,816,960)
Net increase in other assets and accrued expenses
and other liabilities (75,573) (31,265) (14,913)
Gains on sales of assets (24,061) (23,306) (32,832)
Losses on termination of debt –– 44,345
Other, net 1,791 (3,299) (8,655)
Total adjustments (112,092) 187,580 221,039
Net cash provided by operating activities 153,040 442,573 436,917
Cash flows from investing activities:
Principal collected on loans and leases 4,438,169 3,833,653 4,343,655
Originations and purchases of loans (4,532,671) (4,183,611) (4,108,727)
Purchases of lease financing receivables –– (58,421)
Purchases of equipment for lease financing (828,304) (703,712) (510,140)
Proceeds from sales of securities available for sale 1,017,711 1,437,066 849,333
Proceeds from maturities and principal collected on
securities available for sale 247,152 347,304 881,885
Purchases of securities available for sale (1,314,638) (1,911,905) (871,559)
Purchases of Federal Home Loan Bank stock (53,876) (53,344) (5,237)
Proceeds from redemptions of Federal Home Loan Bank stock 75,952 23,202 84,544
Proceeds from sales of real estate owned 22,496 40,654 26,186
Acquisitions, net of cash acquired –(4,326) –
Purchases of premises and equipment (86,900) (77,788) (69,782)
Proceeds from sales of premises and equipment 28,250 1,915 4,018
Sales of deposits, net of cash paid (16,542) ––
Other, net 5,292 363 (22,556)
Net cash (used) provided by investing activities (997,909) (1,250,529) 543,199
Cash flows from financing activities:
Net increase (decrease) in deposits 1,166,379 350,446 (98,239)
Net (decrease) increase in short-term borrowings (583,985) (629,510) 36,361
Proceeds from long-term borrowings 1,687,308 2,800,614 425,469
Payments on long-term borrowings (1,203,086) (1,505,847) (1,147,876)
Purchases of common stock (93,499) (116,134) (150,356)
Dividends paid on common stock (114,543) (104,037) (93,029)
Other, net 1,198 2,168 1,211
Net cash provided (used) by financing activities 859,772 797,700 (1,026,459)
Net increase (decrease) in cash and due from banks 14,903 (10,256) (46,343)
Cash and due from banks at beginning of year 359,798 370,054 416,397
Cash and due from banks at end of year $ 374,701 $ 359,798 $ 370,054
Supplemental disclosures of cash flow information:
Cash paid for:
Interest on deposits and borrowings $ 200,246 $ 126,228 $ 157,751
Income taxes $ 151,161 $ 145,716 $ 139,120
Transfer of loans and leases to other assets $ 26,574 $ 23,963 $ 44,292
See accompanying notes to consolidated financial statements.
Consolidated Statements of Cash Flows