Parent Company Financial Information

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

TCF Financial's condensed statements of financial condition, income and cash flows were as follows:

Condensed Statements of Financial Condition


	At December 31,
(In thousands)	2020		2019
Assets:
Cash and due from banks	$	174,157	$	157,103
Premises and equipment, net	3,407		3,813
Deferred tax asset	8,888		8,536
Investment in TCF Bank	5,492,479		5,526,078
Accounts receivable from TCF Bank	23,202		25,887
Other assets	43,258		40,961
Total assets	$	5,745,391	$	5,762,378
Liabilities and Equity:
Long term borrowings	$	19,090	$	19,021
Accrued expenses and other liabilities	55,488		36,342
Total liabilities	74,578		55,363
Equity	5,670,813		5,707,015
Total liabilities and equity	$	5,745,391	$	5,762,378

Condensed Statements of Income


	Year Ended December 31,
(In thousands)	2020		2019		2018
Interest income:	$	436	$	262	$	200
Interest expense	1,318		484		—
Net interest income	(882)		(222)		200
Noninterest income:
Dividends from TCF Bank	245,000		225,000		431,000
Management fees	53,318		14,001		20,532
Other	2,655		581		426
Total noninterest income	300,973		239,582		451,958
Noninterest expense:
Compensation and employee benefits	45,507		18,677		20,282
Occupancy and equipment	532		470		301
Merger-Related expenses	30,273		69,944		—
Other	4,309		5,040		5,682
Total noninterest expense	80,621		94,131		26,265
Income before income tax benefit and equity in undistributed earnings (loss) of TCF Bank	219,470		145,229		425,893
Income tax benefit	5,961		15,513		952
Income before equity in undistributed earnings (loss) of TCF Bank	225,431		160,742		426,845
Equity in undistributed earnings (loss) of TCF Bank	(2,672)		134,726		(122,487)
Net income	222,759		295,468		304,358
Preferred stock dividends	9,975		9,975		11,588
Impact of preferred stock redemption	—		—		3,481
Net income available to common shareholders	$	212,784	$	285,493	$	289,289

Condensed Statements of Cash Flows


	Year Ended December 31,
(In thousands)	2020		2019		2018
Cash flows from operating activities:
Net income	$	222,759	$	295,468	$	304,358
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed (earnings) loss of TCF Bank	2,672		(134,726)		122,487
Share-based compensation expense	35,439		28,351		17,824
Depreciation and amortization	(99)		(640)		4,986
Provision (benefit) for deferred income taxes	(352)		4,893		(583)
Net gains (losses) on sales of assets	—		6		(402)
Net change in other assets	(10,572)		(1,072)		753
Net change in other liabilities	30,900		(1,154)		(374)
Other, net	(1,332)		(21,719)		(7,958)
Net cash provided by operating activities	279,415		169,407		441,091
Cash flows from investing activities:
Purchases of premises and equipment and lease equipment	(23)		(95)		(3)
Proceeds from sales of premises and equipment	—		17		727
Net cash acquired in business combination	—		155,155		—

Net cash provided by (used in) investing activities	(23)		155,077		724
Cash flows from financing activities:
Redemption of Series B preferred stock	—		—		(100,000)


Repurchases of common stock	(33,098)		(86,309)		(212,929)
Common shares sold to TCF employee benefit plans	—		—		715
Dividends paid on preferred stock	(9,975)		(9,975)		(11,588)
Dividends paid on common stock	(214,687)		(156,060)		(99,490)


Payments related to tax-withholding upon conversion of share-based awards	(4,555)		(6,198)		(6,865)
Exercise of stock options	(23)		29		(997)
Net cash used in financing activities	(262,338)		(258,513)		(431,154)
Net change in cash and due from banks	17,054		65,971		10,661
Cash and due from banks at beginning of period	157,103		91,132		80,471
Cash and due from banks at end of period	$	174,157	$	157,103	$	91,132

TCF Financial's operations are conducted through its banking subsidiary, TCF Bank. As a result, TCF Financial's cash flows and ability to make dividend payments to its preferred and common shareholders depend on the earnings of TCF Bank. The ability of TCF Bank to pay dividends or make other payments to TCF Financial is limited by its obligation to maintain sufficient capital and by other regulatory restrictions on dividends. See "Note 18. Regulatory Capital Requirements" of Notes to Consolidated Financial Statements for further information.