TCF Bank 2012 Annual Report Download - page 62

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During June 2012, TCF announced that it had submitted
a redemption notice to the property trustee for full
redemption of the $115 million of Trust Preferred Securities.
The determination to redeem the Trust Preferred Securities
followed publication of a proposed rule, which would phase
out the Tier 1 capital treatment of the Trust Preferred
Securities. The Trust Preferred Securities were redeemed
on July 30, 2012 at the redemption price of $25 per Trust
Preferred Security, totaling $115 million plus accumulated
unpaid distributions of $2.6 million. The redemption was
funded with a portion of the net proceeds from TCF’s
offering of depositary shares, each representing
a 1/1,000th interest in a share of TCF’s 7.50% Series A
Non-Cumulative Perpetual Preferred Stock, par value $.01
per share (the “Series A Preferred Stock”), which closed
on June 25, 2012.
Contractual Obligations and Commitments As disclosed in Notes 11 and 12 of Notes to Consolidated Financial
Statements, TCF has certain obligations and commitments to make future payments under contracts. At December 31, 2012,
the aggregate contractual obligations (excluding demand deposits) and commitments were as follows.
(In thousands) Payments Due by Period
Contractual Obligations Total
Less than
1 Year 1-3 Years 3-5 Years
More than
5 Years
Total borrowings $1,933,815 $ 715,945 $ 723,566 $385,268 $ 109,036
Time deposits 2,291,497 1,593,029 587,274 49,906 61,288
Annual rental commitments under non-cancelable
operating leases 192,377 26,027 52,220 43,378 70,752
Contractual interest payments(1) 151,422 50,393 45,120 22,494 33,415
Campus marketing agreements 43,731 2,994 6,786 5,944 28,007
Construction contracts and land purchase
commitments for future branch sites 3,101 3,101 – – –
Total $4,615,943 $2,391,489 $1,414,966 $506,990 $ 302,498
(In thousands) Amount of Commitment — Expiration by Period
Commitments Total
Less than
1 Year 1-3 Years 3-5 Years
More than
5 Years
Commitments to extend credit:
Consumer real estate and other $1,265,092 $ 47,884 $ 83,138 $112,612 $1,021,458
Commercial 419,185 142,317 98,218 113,252 65,398
Leasing and equipment finance 172,148 172,148 – – –
Total commitments to extend credit 1,856,425 362,349 181,356 225,864 1,086,856
Standby letters of credit and guarantees on industrial
revenue bonds 18,287 17,427 775 85 –
Total $1,874,712 $ 379,776 $ 182,131 $225,949 $1,086,856
(1) Includes accrued interest and future contractual interest obligations on borrowings and time deposits.
{ 46 } { TCF Financial Corporation and Subsidiaries }