TCF Bank 2005 Annual Report Download - page 76

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56 TCF Financial Corporation and Subsidiaries
Note 12. Long-term Borrowings
Long-term borrowings consist of the following:
At December 31,
2005 2004
Weighted- Weighted-
Year of Average Average
(Dollars in thousands) Maturity Amount Rate Amount Rate
Federal Home Loan Bank advances and securities
sold under repurchase agreements 2005 $– –%$1,191,500 3.04%
2006 303,000 5.22 303,000 4.64
2007 200,000 3.65 ––
2009 122,500 5.25 122,500 5.25
2010 100,000 6.02 100,000 6.02
2011 200,000 4.85 200,000 4.85
2015 1,400,000 4.16 ––
Total Federal Home Loan Bank advances and
securities sold under repurchase agreements 2,325,500 4.45 1,917,000 3.78
Subordinated bank notes 2014 74,373 5.27 74,209 5.27
2015 49,305 5.37 ––
Total subordinated bank notes 123,678 5.31 74,209 5.27
Discounted lease rentals 2005 ––27,871 5.63
2006 28,193 6.49 15,080 5.75
2007 18,323 6.79 5,183 5.91
2008 6,569 7.03 305 6.41
2009 1,811 7.02 44 6.59
2010 336 7.18 ––
Total discounted lease rentals 55,232 6.68 48,483 5.70
Other borrowings 2005 ––2,200 4.50
2006 2,200 4.50 2,200 4.50
2007 2,200 4.50 2,200 4.50
2008 2,200 4.50 2,200 4.50
Total other borrowings 6,600 4.50 8,800 4.50
Total long-term borrowings $2,511,010 4.54 $2,048,492 3.88
At December 31, 2005, TCF has pledged residential real estate
loans, consumer loans, commercial real estate loans, mortgage-
backed securities and FHLB stock with an aggregate carrying value
of $3.2 billion as collateral for FHLB advances. Included in FHLB
advances and repurchase agreements at December 31, 2005 are
$425.5 million of fixed-rate FHLB advances, which are callable
quarterly by our counterparties at par until maturity. In addition,
TCF has $200 million of repurchase agreements which are callable
quarterly by our counterparties beginning in 2008, $900 million of
repurchase agreements which can be called by our counterparties
once in 2008 and $300 million of repurchase agreements which
can be called by our counterparties once in 2010. If $330.5 million
of FHLB Des Moines advances are called, replacement funding will
be provided by the FHLB Des Moines at the then-prevailing market
sold under repurchase agreements provided for the repurchase of
identical securities and were collateralized by mortgage-backed
securities having a fair value of $38.6 million.
TCF Financial Corporation (parent company only) has a $105
million line of credit maturing in April 2006 which is unsecured
and contains certain 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.