TCF Bank 2012 Annual Report Download - page 120

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Note 25. Parent Company Financial Information
TCF Financial Corporation’s (parent company only) condensed statements of financial condition as of December 31, 2012
and 2011, and the condensed statements of income and cash flows for the years ended December 31, 2012, 2011 and 2010
are as follows.
Condensed Statements of Financial Condition
Year Ended December 31,
(In thousands) 2012 2011
Assets:
Cash and cash equivalents $ 85,337 $ 133,120
Investment in bank subsidiary 1,750,897 1,829,588
Accounts receivable from bank subsidiary 16,534 16,897
Other assets 15,814 15,313
Total assets $1,868,582 $1,994,918
Liabilities and Equity:
Junior subordinated notes (trust preferred) $ – $ 114,236
Other liabilities 5,209 12,549
Total liabilities 5,209 126,785
Equity 1,863,373 1,868,133
Total liabilities and equity $1,868,582 $1,994,918
Condensed Statements of Income
Year Ended December 31,
(In thousands) 2012 2011 2010
Interest income $ 355 $ 432 $ 37
Interest expense 7,952 16,227 14,789
Net interest expense (7,597) (15,795) (14,752)
Dividends from TCF Bank 18,000 29,500 4,000
Other non-interest income (expense):
Affiliate service fees 17,089 14,736 12,712
Other 12,936 (1,006) (1,549)
Total other non-interest income 30,025 13,730 11,163
Non-interest expense:
Compensation and employee benefits 14,703 14,367 13,058
Occupancy and equipment 298 318 298
Other 15,731 4,020 2,182
Total non-interest expense 30,732 18,705 15,538
Income (loss) before income tax benefit and equity in undistributed
earnings of subsidiaries 9,696 8,730 (15,127)
Income tax benefit 2,766 7,118 6,442
Income (loss) before equity in undistributed earnings of subsidiaries 12,462 15,848 (8,685)
(Deficit) equity in undistributed earnings of bank subsidiary (225,346) 93,546 159,632
Net (loss) income, net (212,884) 109,394 150,947
Preferred stock dividend 5,606 – –
Net (loss) income available to common stockholders $(218,490) $109,394 $150,947
{ 104 } { TCF Financial Corporation and Subsidiaries }