Parent Company Financial Information (Tables)

9 Months Ended

Sep. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Financial Condition

Condensed Statements of Financial Condition

(In thousands)	September 30, 2019		December 31, 2018
Assets
Cash and cash equivalents	$	165,457	$	91,132
Premises and equipment, net	3,883		78
Deferred tax asset	13,485		2,974
Investment in TCF Bank	5,483,484		2,426,329
Accounts receivable from TCF Bank	19,849		23,780
Other assets	25,823		1,201
Total assets	$	5,711,981	$	2,545,494
Liabilities and Equity
Long term borrowings	$	19,005	$	—
Other liabilities	22,872		7,693
Total liabilities	41,877		7,693
Equity	5,670,104		2,537,801
Total liabilities and equity	$	5,711,981	$	2,545,494

Condensed Statements of Income

Condensed Statements of Income

	Three Months Ended September 30,					Nine Months Ended September 30,
(In thousands)	2019			2018		2019			2018
Interest income	$	89		$	48	$	166		160
Interest expense	199			—		199			—
Net interest income	(110		)	48		(33		)	160
Noninterest income
Dividends from TCF Bank	—			32,001		150,001			331,000
Management fees	—			—		—			—
Other	1,979			5,383		8,742			14,352
Total noninterest income	1,979			37,384		158,743			345,352
Noninterest expense
Compensation and employee benefits	4,838			4,739		12,255			15,320
Occupancy and equipment	141			82		296			220
Other	1,675			1,420		3,689			4,186
Total noninterest expense	6,654			6,241		16,240			19,726
Income (loss) before income tax benefit and equity in undistributed earnings (loss) of TCF Bank	(58,744		)	31,191		77,970			325,786
Income tax benefit	11,409			116		14,572			1,633
Income before equity in undistributed earnings (loss) of TCF Bank	(47,335		)	31,307		92,542			327,419
Equity in undistributed earnings (loss) of TCF Bank	69,483			54,892		90,527			(108,713		)
Net income	22,148			86,199		183,069			218,706
Preferred stock dividends	2,494			2,493		7,482			12,574
Impact of preferred stock redemption	—			—		—			—
Net income available to common shareholders	$	19,654		$	83,706	$	175,587		$	206,132

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

	Nine Months Ended September 30,
(In thousands)	2019			2018
Cash flows from operating activities
Net income	$	183,069		$	218,706
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed (earnings) loss of TCF Bank	(90,527		)	108,713
Share-based compensation expense	17,762			14,041
Depreciation and amortization	99			26
Provision (benefit) for deferred income taxes	14			—
Net (losses) gains on sales of assets	(8		)	(387		)
Net change in other assets	(887		)	975
Net change in other liabilities	(13,104		)	(374		)
Other, net	(2,756		)	(100		)
Net cash provided by (used in) operating activities	93,662			341,600
Cash flows from investing activities
Purchases of premises and equipment and lease equipment	(51		)	(3		)
Proceeds from sales of premises and equipment	28			17
Net cash acquired in business combination	155,154			—
Other, net	—			665
Net cash provided by (used in) investing activities	155,131			679
Cash flows from financing activities
Redemption of Series B preferred stock	—			(100,000		)
Repurchases of common stock	(58,805		)	(149,912		)
Common shares sold to TCF employee benefit plans	—			715
Dividends paid on preferred stock	(7,482		)	(9,094		)
Dividends paid on common stock	(102,368		)	(74,916		)
Payments related to tax-withholding upon conversion of share-based awards	(5,813		)	(6,563		)
Exercise of stock options	—			(998		)
Net cash provided by (used in) financing activities	(174,468		)	(340,768		)
Net change in cash and cash equivalents	74,325			1,511
Cash and cash equivalents at beginning of period	91,132			80,471
Cash and cash equivalents at end of period	$	165,457		$	81,982