TCF Bank 2009 Annual Report Download - page 52
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36 : TCF Financial Corporation and Subsidiaries
Impaired loans include non-accrual commercial real estate and commercial business loans, equipment
nance loans, inventory nance loans and any restructured consumer real estate loans. The non-accrual impaired loans are
included in the previous disclosures of non-performing assets. Impaired loans are summarized in the following table.
At December 31,
(In thousands) 2008 Change
Non-accrual loans:
Consumer real estate $ 9,216 $ 6,200
Commercial real estate 54,615 23,012
Commercial business 14,088 14,481
Leasing and equipment nance 5,552 8,652
Inventory nance – 771
Subtotal 83,471 53,116
Accruing restructured consumer real estate loans 27,423 225,087
Total impaired loans $110,894 $278,203
Impaired loans totaled $389.1 million and $110.9 million at December 31, 2009, and December 31, 2008, respectively. The
increase in impaired loans from December 31, 2008 was primarily due to a $225.1 million increase in consumer real estate
accruing restructured loans resulting from TCF’s expanded consumer modication activity and an increase in commercial
real estate non-accrual loans. Included in impaired loans were $249.6 million and $25.3 million of accruing restructured
consumer real estate loans less than 90 days past due as of December 31, 2009 and 2008, respectively. The related allowance
for credit losses on impaired loans was $40.6 million at December 31, 2009, compared with $24.6 million at December 31,
2008. The average balance of impaired loans was $219.8 million for 2009 compared with $68.3 million for 2008.
The following table sets forth information regarding TCF’s delinquent loan and lease
portfolio, excluding non-accrual loans and leases. Delinquent balances are determined based on the contractual terms
of the loan or lease.
At December 31,
2008
Percentage
Principal of Loans
(Dollars in thousands) Balances and Leases
Excluding acquired portfolios:
(1) (2)
60-89 days $41,851 .32%
90 days or more 37,619 .28
Total $79,470 .60%
Including acquired portfolios:
(1)
60-89 days $41,851 .32%
90 days or more 37,619 .28
Total $79,470 .60%
(1) Excludes non-accrual loans and leases.
(2) Excludes delinquencies and non-accrual loans in acquired portfolios as delinquency and non-accrual migration in these portfolios is not expected to result in losses
exceeding the credit reserves netted against the loan balances.
At December 31,
2009 and December 31, 2008, TCF had $17.4 million and
$10.9 million, respectively, of repossessed and returned
equipment held for sale in its leasing and equipment
nance and inventory nance business. The overall
economic environment inuences the level of repossessed
and returned equipment, the demand for these types of
used equipment in the marketplace and the fair value
or ultimate sales prices at disposition. TCF periodically
determines the fair value of this equipment and, if lower
than its recorded basis, makes adjustments.