TCF Bank 2012 Annual Report Download - page 32

Part II
Item 5. Market for Registrant’s
Common Equity, Related
Stockholder Matters and Issuer
Purchases of Equity Securities
TCF’s common stock trades on the New York Stock Exchange
under the symbol “TCB”. The following table sets forth
the high and low prices and dividends declared for TCF’s
common stock. The stock prices represent the high and low
sale prices for TCF common stock on the New York Stock
Exchange Composite Tape, as reported by Bloomberg.
As of January 31, 2013, there were 6,619 holders of
record of TCF’s common stock.
High Low
Dividends
Declared
2012
Fourth Quarter $12.49 $10.45 $.05
Third Quarter 12.43 9.59 .05
Second Quarter 12.53 10.43 .05
First Quarter 12.58 10.04 .05
2011
Fourth Quarter $11.68 $ 8.61 $.05
Third Quarter 14.37 8.66 .05
Second Quarter 16.04 13.37 .05
First Quarter 17.37 14.60 .05
The Board of Directors of TCF Financial and TCF Bank have
each adopted a Capital Plan and Dividend Policy. The policies
define how enterprise risk related to capital will be managed,
how the adequacy of capital will be measured and the
process by which capital strategy, capital management and
preferred and common stock dividend recommendations will
be presented to TCF’s Board of Directors. TCF’s management
is charged with ensuring that capital strategy actions,
including the declaration of preferred and common stock
dividends, are prudent, efficient and provide value to TCF’s
stockholders, while ensuring that past and prospective
earnings retention is consistent with TCF’s capital needs,
asset quality, risk profile and overall financial condition. The
Board of Directors intends to continue its practice of paying
quarterly cash dividends on TCF’s common stock as justified
by the financial condition of TCF. The declaration and amount
of future dividends will depend on circumstances existing
at the time, including TCF’s earnings, level of internally
generated common capital excluding earnings, financial
condition and capital requirements, the cash available
to pay such dividends (derived mainly from dividends
and distributions from TCF Bank), as well as regulatory
and contractual limitations and such other factors as the
Board of Directors may deem relevant. Also, dividends
for the current dividend period on all outstanding shares
of preferred stock must be declared and paid or declared
and a sum sufficient for the payment thereof must be set
aside before any dividend may be declared or paid on TCF’s
common stock. In general, TCF Bank may not declare or pay a
dividend to TCF Financial in excess of 100% of its net retained
profits for that year combined with its net retained profits
for the preceding two calendar years without prior approval
of the OCC. Restrictions on the ability of TCF Bank to pay cash
dividends or possible diminished earnings of TCF may limit
the ability of TCF Financial to pay dividends in the future
to holders of its preferred and common stock. In addition,
the ability of TCF Financial and TCF Bank to pay dividends
depends on regulatory policies and capital requirements and
may be subject to regulatory approval. See “Item 1. Business
— Regulation — Regulatory Capital Requirements”, “Item 1.
Business — Regulation — Restrictions on Distributions” and
Note 15 of Notes to Consolidated Financial Statements.
{ 16 } { TCF Financial Corporation and Subsidiaries }