TCF Bank 2006 Annual Report Download - page 92

Download and view the complete annual report

Please find page 92 of the 2006 TCF Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 112

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112

Note 23. Parent Company Financial Information
TCF Financial Corporation’s (parent company only) condensed statements of financial condition as of December 31, 2006
and 2005, and the condensed statements of income and cash flows for the years ended December 31, 2006, 2005 and 2004
are as follows.
Condensed Statements of Financial Condition
At December 31,
(In thousands) 2006 2005
Assets:
Cash $ 17,652 $ 2,670
Investment in bank subsidiaries 975,466 969,638
Dividends receivable from bank subsidiaries 4,691 12,000
Accounts receivable from affiliates 22,237 20,152
Other assets 21,994 22,026
Total assets $1,042,040 $1,026,486
Liabilities and Stockholders’ Equity:
Short-term borrowings $–$ 16,500
Other liabilities 8,666 11,514
Total liabilities 8,666 28,014
Stockholders’ equity 1,033,374 998,472
Total liabilities and stockholders’ equity $1,042,040 $1,026,486
Condensed Statements of Income
Year Ended December 31,
(In thousands) 2006 2005 2004
Interest income $– $ 38 $ 87
Interest expense 232 818 426
Net interest expense (232) (780) (339)
Dividends from TCF National Bank 203,908 165,025 154,146
Other non-interest income:
Affiliate service fees 7,921 10,067 11,859
Other 1,901 746 69
Total other non-interest income 9,822 10,813 11,928
Non-interest expense:
Compensation and employee benefits 7,255 8,618 10,742
Occupancy and equipment 414 403 1,137
Other 2,982 2,386 1,578
Total non-interest expense 10,651 11,407 13,457
Income before income tax benefit and equity in undistributed earnings of subsidiaries 202,847 163,651 152,278
Income tax benefit 1,558 1,342 3,382
Income before equity in undistributed earnings of subsidiaries 204,405 164,993 155,660
Equity in undistributed earnings of bank subsidiaries 40,538 100,139 99,333
Net income $244,943 $265,132 $254,993
72 TCF Financial Corporation and Subsidiaries