TCF Bank 2012 Annual Report Download - page 60

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Other Real Estate Owned and Repossessed and Returned Assets Other real estate owned and repossessed and
returned assets are summarized in the following table.
Year Ended December 31,
(In thousands) 2012 2011 2010 2009 2008
Other real estate owned:(1)
Residential real estate $ 69,599 $ 87,792 $ 90,115 $ 66,956 $38,632
Commercial real estate 27,379 47,106 50,950 38,812 23,033
Total other real estate owned 96,978 134,898 141,065 105,768 61,665
Repossessed and returned assets 3,510 4,758 8,325 17,166 10,927
Total other real estate owned and
repossessed and returned assets $100,488 $139,656 $149,390 $122,934 $72,592
(1) Includes properties owned and foreclosed properties subject to redemption.
Other real estate owned is recorded at the lower of cost or fair value less estimated costs to sell the property. At December
31, 2012, TCF owned 418 consumer real estate properties, a decrease of 47 from December 31, 2011, due to sales of 1,041
properties exceeding additions of 994 properties. The average length of time to sell consumer real estate properties during
2012 was 6.1 months from the date the properties were listed for sale. The consumer real estate portfolio is secured by a total
of 82,041 properties of which 639, or .78%, were owned or foreclosed properties subject to redemption and included within
other real estate owned as of December 31, 2012. This compares with 723, or .86%, owned or in the process of foreclosure and
included within other real estate owned as of December 31, 2011.
The changes in the amount of other real estate owned for the years ended December 31, 2012 and 2011 are summarized in the
following tables.
At or For the Year Ended December 31, 2012
(In thousands) Consumer Commercial Total
Balance, beginning of year $ 87,792 $ 47,106 $ 134,898
Transferred in, net of charge-offs 90,044 13,860 103,904
Sales (100,493) (25,563) (126,056)
Write-downs (10,752) (8,859) (19,611)
Other, net 3,008 835 3,843
Balance, end of year $ 69,599 $ 27,379 $ 96,978
At or For the Year Ended December 31, 2011
(In thousands) Consumer Commercial Total
Balance, beginning of year $ 90,115 $ 50,950 $ 141,065
Transferred in, net of charge-offs 99,639 22,293 121,932
Sales (97,021) (15,070) (112,091)
Write-downs (13,033) (12,030) (25,063)
Other, net 8,092 963 9,055
Balance, end of year $ 87,792 $ 47,106 $ 134,898
Transfers into other real estate owned increased by $18 million in 2012, compared with 2011. Sales of other real estate owned
decreased by $14 million in 2012, compared with 2011. Write-downs of consumer other real estate owned decreased by $2.3
million as a result of stabilization in home values in most of TCF’s markets and a decrease in the number of properties owned.
{ 44 } { TCF Financial Corporation and Subsidiaries }