TCF Bank 2010 Annual Report Download - page 108

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• 92 • TCF Financial Corporation and Subsidiaries
Note 25. Parent Company Financial Information
TCF Financial Corporation’s (parent company only) condensed statements of financial condition as of December 31, 2010 and 2009,
and the condensed statements of income and cash flows for the years ended December 31, 2010, 2009 and 2008 are as follows.
Condensed Statements of Financial Condition
At December 31,
(In thousands) 2010 2009
Assets:
Cash and cash equivalents $ 17,772 $ 32,062
Investment in bank subsidiaries 1,630,341 1,232,346
Accounts receivable from affiliates 20,571 16,060
Other assets 15,421 12,963
Total assets $1,684,105 $1,293,431
Liabilities and Stockholders’ Equity:
Junior subordinated notes (trust preferred) $ 111,061 $ 110,441
Senior unsecured term note 89,787 –
Other liabilities 11,594 7,628
Total liabilities 212,442 118,069
Equity 1,471,663 1,175,362
Total liabilities and equity $1,684,105 $1,293,431
Condensed Statements of Income
Year Ended December 31,
(In thousands) 2010 2009 2008
Interest income $ 37 $ 44 $ –
Interest expense 14,789 12,369 4,826
Net interest expense (14,752) (12,325) (4,826)
Dividends from TCF National Bank 4,000 32,000 122,797
Other non-interest income:
Affiliate service fees 12,712 9,127 6,922
Other (1,549) (1,984) 85
Total other non-interest income 11,163 7,143 7,007
Non-interest expense:
Compensation and employee benefits 13,058 9,844 5,833
Occupancy and equipment 298 365 362
Other 2,182 1,487 6,279
Total non-interest expense 15,538 11,696 12,474
(Loss) income before income tax benefit and equity in undistributed earnings of subsidiaries (15,127) 15,122 112,504
Income tax benefit 6,442 5,169 2,282
(Loss) income before equity in undistributed earnings of subsidiaries (8,685) 20,291 114,786
Equity in undistributed earnings of bank subsidiaries 155,249 66,806 14,172
Net income 146,564 87,097 128,958
Preferred stock dividends – 6,378 2,540
Non-cash deemed preferred stock dividend – 12,025 –
Net income available to common stockholders $146,564 $ 68,694 $126,418