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Good question, I was concerned about that too until
I listened to the analyst conference call and how they explained it oas 80%
similar to what they have done in the past. There are 127M shares
outstanding FYI.
Here is the link.
Not saying I understand it (true of other
banks?)
"If you look at the net income available to common stockholders for the
year of 2008 was a $126.5 million but then we generated internally common
capital of an additional $32 million in 2008 that comes in the form of stock
that we issue for our employees stock purchase plan. The effect of some
amortization of stock compensation; we issued a warrant in connection with the
TARP. In the year we also had some benefits related to
stock comp in total. We generated $32 million of internal generated capital
which we mean, if you look at our total internally generated common capital for
the year is about $158 million against the dividend of $126 million or about 80%
for the year.
And that percentage, by the way is pretty consistent
with our pay-offs. The difference being is the most years TCF has been
buying its stock back. Even though I would like to do it at these prices, the
TARP prohibits us from doing that and plus it isn?t
obviously the most prudent thing to do. But many of those credits to capital are
like income tax that on the generally accepted accounting principle, we got the
income tax. We got the benefit of the generally accepted accounting principles,
forces you to run it through the capital accounts rather than the P&L. But
it does raise our capital, our common capital. And many of those things are
recurring in nature particularly from the 401-K and for the TCF?s stock. But we
remain optimistic on our dividend, you never know what?s gonna happen. And we
also never know what?s gonna happen in this regulatory world relative to that
stuff. But we remained confident the way we are.
The other thing in terms of our confidence on where we are,
because we don?t have a credit card portfolio or an auto portfolio or a bunch of
derivatives or a bunch of securities that need to get written down the market;
and a screwy mark-to-market rules if they run around these days etcetera. We
pretty well got our arms around what we got and where it?s going. There aren?t
snakes crawling around that where things could get significantly worse in
portfolio that haven?t been a problem in the past. So, again we feel pretty good
about that.
William A. Cooper
That?s pretty a much of a long and a short of it. I?ll just
mention that, you know I came back as CEO six months ago. I think we?ve got the
strongest management team here at TCF; motivated people, interested and own a
lot of the stocks etcetera than we?ve had in the last 25 years since I?ve worked
here. They?re motivated. Everybody wants to forget 2008 and go into 2009 because
we think there?s a lot of opportunities for us going forward as a healthy
institution that?s profitable and doesn?t have the same degree of credit
problems than others do."
By the way if you have not heard
Bill Cooper (old CEO) "Coop" talk, he is well worth listening to (kind
of a cowboy), and what he has to say about some of the "other" large banks is
priceless. He "came back" to TCF last year and is working for $1 and some
options. You can listen to conference call here if you don't want to read the
link above http://biz.yahoo.com/cc/0/99710.html
An old fashion conservative bank?
No Derivatives,
No CDO, MBO's ect.
High % of 2nd mortgages where the first mortgage is
held
No credit cards
No auto loans
8%+ dividend, couyld be cut but still
good?
Do your own home work as usual, but there has to be
more out there, worth looking?
Don Ewers
----- Original Message -----
Sent: Friday, March 20, 2009 12:26
PM
Subject: Re: [RT] Bank Loan Performance
Lab
But what about the other peformance stuff like 100.02% payout
ratio
http://finviz.com/quote.ashx?t=tcb&ta=1&p=d
Don
Ewers wrote:
> http://wlmlab.com/main.asp
<http://wlmlab.com/main.asp>
>
> Cool site!
>
> Check out your local bank (Find
Bank) to see how they are doing?
>
> Note the deliquency rate
rating by loan type on a banks main page and
> under the Delinquency to
Allowance tab whether they are out in front
> with reserves or way
behind (more rightdowns coming.
>
> A wealth of information
here.
>
> If you see a particularly good conservative one in your
area, _please_
> post it here.
>
> One I am watching (and
own in the past two weeks) is TCF Financial
> (TCB) http://wlmlab.com/bkHm.asp?inst=HC2389941
> <http://wlmlab.com/bkHm.asp?inst=HC2389941>
>
Don Ewers
>
>
>
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