TCF Bank 2005 Annual Report Download - page 89

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692005 Form 10-K
Note 25. Parent Company Financial Information
TCF Financial Corporation’s (parent company only) condensed statements of financial condition as of December 31, 2005 and 2004, and
the condensed statements of income and cash flows for the years ended December 31, 2005, 2004 and 2003 are as follows:
Condensed Statements of Financial Condition
At December 31,
(In thousands) 2005 2004
Assets:
Cash $ 2,670 $ 2,957
Investment in TCF Bank 969,638 929,648
Dividends receivable from TCF Bank 12,000 4,591
Accounts receivable from affiliates 20,152 26,923
Other assets 22,026 22,197
Total assets $1,026,486 $986,316
Liabilities and Stockholders’ Equity:
Short-term borrowings $ 16,500 $ 14,000
Other liabilities 11,514 13,898
Total liabilities 28,014 27,898
Stockholders’ equity 998,472 958,418
Total liabilities and stockholders’ equity $1,026,486 $986,316
Condensed Statements of Income
Year Ended December 31,
(In thousands) 2005 2004 2003
Interest income $38 $ 87 $ 40
Interest expense 818 426 438
Net interest expense (780) (339) (398)
Dividends from TCF Bank 157,616 160,955 219,653
Other non-interest income:
Affiliate service fees 10,067 11,859 8,643
Other 746 69 1,338
Total other non-interest income 10,813 11,928 9,981
Non-interest expense:
Compensation and employee benefits 8,618 10,742 7,184
Occupancy and equipment 403 1,137 631
Other 2,386 1,578 2,158
Total non-interest expense 11,407 13,457 9,973
Income before income tax benefit and equity in undistributed earnings of subsidiary 156,242 159,087 219,263
Income tax benefit 1,342 3,382 907
Income before equity in undistributed earnings of subsidiary 157,584 162,469 220,170
Equity in undistributed earnings of subsidiary 107,548 92,524 (4,292)
Net income $265,132 $254,993 $215,878