TCF Bank 2011 Annual Report Download - page 118

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Note 26. Parent Company Financial Information
TCF Financial Corporation’s (parent company only) condensed statements of financial condition as of December 31, 2011
and 2010, and the condensed statements of income and cash flows for the years ended December 31, 2011, 2010 and 2009
are as follows.
Condensed Statements of Financial Condition
Year Ended December 31,
(In thousands) 2011 2010
Assets:
Cash and cash equivalents $ 133,120 $ 17,772
Investment in bank subsidiaries 1,829,588 1,630,341
Accounts receivable from bank subsidiary 16,897 20,571
Other assets 15,313 15,421
Total assets $1,994,918 $1,684,105
Liabilities and Stockholders' Equity:
Junior subordinated notes (trust preferred) $114,236 $111,061
Senior unsecured term note – 89,787
Other liabilities 12,549 11,594
Total liabilities 126,785 212,442
Equity 1,868,133 1,471,663
Total liabilities and equity $1,994,918 $1,684,105
Condensed Statements of Income
Year Ended December 31,
(In thousands) 2011 2010 2009
Interest income $ 432 $ 37 $ 44
Interest expense 16,227 14,789 12,369
Net interest expense (15,795) (14,752) (12,325)
Dividends from TCF Bank 29,500 4,000 32,000
Other non-interest income:
Affiliate service fees 14,736 12,712 9,127
Other (1,006) (1,549) (1,984)
Total other non-interest income 13,730 11,163 7,143
Non-interest expense:
Compensation and employee benefits 14,367 13,058 9,844
Occupancy and equipment 318 298 365
Other 4,020 2,182 1,487
Total non-interest expense 18,705 15,538 11,696
Income (loss) before income tax benefit and equity in undistributed
earnings of subsidiaries 8,730 (15,127) 15,122
Income tax benefit 7,118 6,442 5,170
Income (loss) before equity in undistributed earnings of subsidiaries 15,848 (8,685) 20,292
Equity in undistributed earnings of bank subsidiaries 93,546 159,632 73,977
Net income 109,394 150,947 94,269
Preferred stock dividend – – 6,378
Non-cash deemed preferred stock dividend – – 12,025
Net income available to common stockholders $109,394 $150,947 $ 75,866
100 TCF Financial Corporation and Subsidiaries