TCF Bank 2004 Annual Report Download - page 64

62 TCF Financial Corporation and Subsidiaries
Certificates of deposit had the following remaining maturities at December 31, 2004:
(In thousands) $100,000
Maturity Minimum Other Total
0-3 months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 101,399 $ 340,345 $ 441,744
4-6 months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,633 258,289 307,922
7-12 months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,327 272,040 313,367
13-24 months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,964 230,450 265,414
25-36 months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,496 65,848 78,344
37-48 months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,784 16,730 18,514
49-60 months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,211 27,168 37,379
Over 60 months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 888 5,078 5,966
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 252,702 $1,215,948 $1,468,650
Note 12. Short-term Borrowings
The following table sets forth selected information for short-term borrowings (borrowings with an original maturity of less than one year)
for each of the years in the three year period ended December 31, 2004:
2004 2003 2002
(Dollars in thousands) Amount Rate Amount Rate Amount Rate
At December 31,
Federal funds purchased . . . . . . . . . . . . . . . . . . . . . . . . $ 219,000 2.29% $219,000 .95% $265,000 1.20%
Securities sold under repurchase agreements . . . . . . . . 568,319 2.38 607,631 1.30 547,743 1.37
Treasury, tax and loan note payable . . . . . . . . . . . . . . . . 4,792 1.92 14,781 .73 15,808 1.12
Federal Home Loan Bank advances . . . . . . . . . . . . . . . . . 250,000 2.41 – – – –
Line of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,000 3.18 37,000 1.95 13,500 2.20
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,056,111 2.37 $878,412 1.23 $842,051 1.32
Year ended December 31,
Average daily balance
Federal funds purchased . . . . . . . . . . . . . . . . . . . . . . . . $ 203,216 1.45% $231,060 1.12% $188,559 1.67%
Securities sold under repurchase agreements . . . . . . . . 528,942 1.53 504,328 1.26 340,311 1.70
Treasury, tax and loan note payable . . . . . . . . . . . . . . . . 4,119 1.02 5,103 .86 29,348 1.50
Federal Home Loan Bank advances . . . . . . . . . . . . . . . . . 57,513 2.02 – – – –
Line of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,316 2.78 16,637 2.63 15,717 3.23
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 809,106 1.57 $757,128 1.25 $573,935 1.72
Maximum month-end balance
Federal funds purchased . . . . . . . . . . . . . . . . . . . . . . . . $ 336,000 N.A. $321,000 N.A. $271,000 N.A.
Securities sold under repurchase agreements . . . . . . . . 614,641 N.A. 896,752 N.A. 766,511 N.A.
Treasury, tax and loan note payable . . . . . . . . . . . . . . . . 30,438 N.A. 31,903 N.A. 200,000 N.A.
Federal Home Loan Bank advances . . . . . . . . . . . . . . . . . 300,000 N.A. – N.A. – N.A.
Line of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,000 N.A. 47,000 N.A. 42,500 N.A.
N.A. Not Applicable.
The securities underlying the repurchase agreements are book entry securities. During the borrowing period, book entry securities were deliv-
ered by appropriate entry into the counterparties’ accounts through the Federal Reserve System. The dealers may sell, loan or otherwise dispose
of such securities to other parties in the normal course of their operations, but have agreed to resell to TCF identical or substantially the same
securities upon the maturities of the agreements. At December 31, 2004, all of the securities sold under repurchase agreements provided for the
repurchase of identical securities and were collateralized by mortgage-backed securities having a fair value of $584.8 million.
TCF Financial Corporation (parent company only) has a $105 million line of credit maturing in April 2005 which is unsecured and contains cer-
tain covenants common to such agreements. TCF is not in default with respect to any of its covenants under the credit agreement. The interest
rate on the line of credit is based on either the prime rate or LIBOR. TCF has the option to select the interest rate index and term for advances on
the line of credit. The line of credit may be used for appropriate corporate purposes.