TCF Bank 2006 Annual Report Download - page 77

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572006 Form10-K
Note 10. 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, 2006.
2006 2005 2004
(Dollars in thousands) Amount Rate Amount Rate Amount Rate
At December 31,
Federal funds purchased $125,000 5.39% $270,000 4.30% $ 219,000 2.29%
Securities sold under
repurchase agreements 86,788 4.95 29,101 3.86 568,319 2.38
Federal Home Loan Bank advances ––150,000 4.03 250,000 2.41
Line of credit ––16,500 5.15 14,000 3.18
U.S. Treasury, tax and
loan borrowings 2,324 4.99 6,525 3.89 4,792 1.92
Total $214,112 5.20 $472,126 4.21 $1,056,111 2.37
Year ended December 31,
Average daily balance
Federal funds purchased $502,200 5.06% $308,062 3.46% $ 203,216 1.45%
Securities sold under
repurchase agreements 53,087 4.63 518,953 3.13 528,942 1.53
Federal Home Loan Bank advances 24,657 4.57 68,630 2.84 57,513 2.02
Line of credit 1,893 5.38 18,075 4.52 15,316 2.78
U.S. Treasury, tax and
loan borrowings 15,015 5.31 3,945 3.06 4,119 1.02
Total $596,852 5.03 $917,665 3.25 $ 809,106 1.57
Maximum month-end balance
Federal funds purchased $645,000 N.A. $583,000 N.A. $ 336,000 N.A.
Securities sold under
repurchase agreements 188,162 N.A. 828,378 N.A. 614,641 N.A.
Federal Home Loan Bank advances 200,000 N.A. 350,000 N.A. 300,000 N.A.
Line of credit 27,000 N.A. 56,000 N.A. 43,000 N.A.
U.S. Treasury, tax and
loan borrowings 145,493 N.A. 10,949 N.A. 30,438 N.A.
N.A. Not Applicable.
The securities underlying the repurchase agreements
are book entry securities. During the borrowing period,
book entry securities were delivered by 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 sub-
stantially the same securities upon the maturities of the
agreements. At December 31, 2006, 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 $98.7 million.
TCF Financial Corporation (parent company only) has a
$105 million line of credit maturing in April 2007, 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 at December 31,
2006. 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. There was no balance outstanding under the line of
credit at December 31, 2006.