TCF Bank 2012 Annual Report Download - page 115

Download and view the complete annual report

Please find page 115 of the 2012 TCF Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 142

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142

At December 31,
(In thousands)
Level in
Fair Value
Measurement
Hierarchy
2012 2011
Carrying
Amount
Estimated
Fair Value
Carrying
Amount
Estimated
Fair Value
Financial instrument assets:
Cash and due from banks Level 1 $ 1,100,347 $ 1,100,347 $ 1,389,704 $ 1,389,704
Investments Level 2 115,210 115,210 150,797 150,797
Investments Level 3 5,657 5,657 6,983 6,983
Securities available for sale Level 1 1,910 1,910 252 252
Securities available for sale Level 2 710,054 710,054 2,322,336 2,322,336
Securities available for sale Level 3 127 127 1,450 1,450
Forward foreign exchange contracts(1) Level 2 737 1,578 – 396
Loans and leases held for sale Level 3 10,289 11,361 14,321 14,524
Interest-only strips(2) Level 3 47,824 48,024 22,436 22,436
Loans:
Consumer real estate Level 3 6,674,501 6,420,704 6,895,291 6,549,277
Commercial real estate Level 3 3,080,942 3,025,599 3,198,698 3,154,724
Commercial business Level 3 324,293 320,245 250,794 242,331
Equipment finance loans Level 3 1,306,423 1,312,089 1,110,803 1,118,271
Inventory finance loans Level 3 1,567,214 1,556,372 624,700 623,651
Auto finance Level 3 552,833 564,844 3,628 3,628
Other Level 3 27,924 24,558 34,885 30,665
Total financial instrument assets $15,526,285 $15,218,679 $16,027,078 $15,631,425
Financial instrument liabilities:
Checking, savings and money market deposits Level 1 $11,759,289 $11,759,289 $11,136,389 $11,136,389
Certificates of deposit Level 2 2,291,497 2,310,601 1,065,615 1,068,793
Short-term borrowings Level 1 2,619 2,618 6,416 6,416
Long-term borrowings Level 2 1,931,196 1,952,804 4,381,664 4,913,637
Forward foreign exchange contracts(1) Level 2 – 193 284 665
Swap agreement(1) Level 3 – 1,227 – –
Total financial instrument liabilities $15,984,601 $16,026,732 $16,590,368 $17,125,900
Financial instruments with off-balance sheet risk:(3)
Commitments to extend credit(2) Level 2 $ 29,709 $ 29,709 $ 31,210 $ 31,210
Standby letters of credit(4) Level 2 (60) (60) (71) (71)
Total financial instruments with
off-balance sheet risk $ 29,649 $ 29,649 $ 31,139 $ 31,139
(1) Contracts are carried at fair value, net of the related cash collateral received and paid when a legally enforceable master netting agreement exists.
(2) Carrying amounts are included in other assets.
(3) Positive amounts represent assets, negative amounts represent liabilities.
(4) Carrying amounts are included in accrued expenses and other liabilities.
The carrying amounts of cash and due from banks and
accrued interest payable and receivable approximate
their fair values due to the short period of time until their
expected realization. Securities available for sale, forward
foreign exchange contracts and assets held in trust for
deferred compensation plans are carried at fair value
(see Note 20 — Fair Value Measurement). Certain financial
instruments, including lease financings, discounted lease
rentals and all non-financial instruments are excluded from
fair value of financial instrument disclosure requirements.
The following methods and assumptions are used by
TCF in estimating fair value for its remaining financial
instruments, all of which are issued or held for purposes
other than trading.
{ 2012 Form 10K } { 99 }