TCF Bank 2007 Annual Report Download - page 94

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74 | TCF Financial Corporation and Subsidiaries
Note 23. Parent Company Financial Information
TCF Financial Corporation’s (parent company only) condensed statements of financial condition as of December 31, 2007
and 2006, and the condensed statements of income and cash flows for the years ended December 31, 2007, 2006 and 2005
are as follows.
Condensed Statements of Financial Condition
At December 31,
(In thousands) 2007 2006
Assets:
Cash $ 2,883 $ 17,652
Investment in bank subsidiaries 1,069,373 975,466
Dividends receivable from bank subsidiaries –4,691
Accounts receivable from affiliates 24,320 22,237
Other assets 24,848 21,994
Total assets $1,121,424 $1,042,040
Liabilities and Stockholders’ Equity:
Short-term borrowings $ 9,500 $–
Other liabilities 12,912 8,666
Total liabilities 22,412 8,666
Stockholders’ equity 1,099,012 1,033,374
Total liabilities and stockholders’ equity $1,121,424 $1,042,040
Condensed Statements of Income
Year Ended December 31,
(In thousands) 2007 2006 2005
Interest income $– $ – $ 38
Interest expense 603 232 818
Net interest expense (603) (232) (780)
Dividends from TCF National Bank 194,558 203,908 165,025
Other non-interest income:
Affiliate service fees 12,241 7,921 10,067
Other 142 1,901 746
Total other non-interest income 12,383 9,822 10,813
Non-interest expense:
Compensation and employee benefits 11,866 7,255 8,618
Occupancy and equipment 440 414 403
Other 1,581 2,982 2,386
Total non-interest expense 13,887 10,651 11,407
Income before income tax benefit and equity in undistributed earnings of subsidiaries 192,451 202,847 163,651
Income tax benefit 1,502 1,558 1,342
Income before equity in undistributed earnings of subsidiaries 193,953 204,405 164,993
Equity in undistributed earnings of bank subsidiaries 72,855 40,538 100,139
Net income $266,808 $244,943 $265,132
In December 2006, TCF contributed $35 million in initial capital to TCF National Bank Arizona to meet regulatory
requirements and to fund its operations.