TCF Bank 2006 Annual Report Download - page 78

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Note 11. Long-term Borrowings
Long-term borrowings consist of the following.
At December 31,
2006 2005
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 2006 $– –%$ 303,000 5.22%
2007 200,000 3.65 200,000 3.65
2009 117,000 5.26 122,500 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 1,400,000 4.16
2016 1,100,000 4.49 – –
Subtotal 3,117,000 4.58 2,325,500 4.45
Subordinated bank notes 2014 74,545 5.27 74,373 5.27
2015 49,458 5.37 49,305 5.37
2016 74,337 5.63 – –
Subtotal 198,340 5.43 123,678 5.31
Discounted lease rentals 2006 ––28,193 6.49
2007 27,566 7.13 18,323 6.79
2008 16,000 7.30 6,569 7.03
2009 7,390 7.27 1,811 7.02
2010 2,287 7.16 336 7.18
2011 431 7.25 – –
Subtotal 53,674 7.20 55,232 6.68
Other borrowings 2006 – – 2,200 4.50
2007 2,222 4.50 2,200 4.50
2008 2,226 4.51 2,200 4.50
2009 966 5.00 – –
Subtotal 5,414 4.59 6,600 4.50
Total long-term borrowings $3,374,428 4.49 $2,511,010 4.54
58 TCF Financial Corporation and Subsidiaries
At December 31, 2006, TCF has pledged residential real
estate loans, consumer loans, commercial real estate loans
and FHLB stock with an aggregate carrying value of $3.8
billion as collateral for FHLB advances. Included in FHLB
advances and repurchase agreements at December 31, 2006
are $417 million of fixed-rate FHLB advances, which are
callable quarterly by our counterparties at par until maturity.
In addition, TCF has $1.6 billion of repurchase agreements
and $900 million of FHLB advances which are callable dur-
ing various years from 2008 through 2011. If $325 million of
FHLB Des Moines advances are called, replacement funding
will be provided by the FHLB Des Moines at the then-
prevailing market rate of interest for the remaining term-
to-maturity, subject to standard terms and conditions.
The probability that these advances and repurchase agree-
ments will be called depends primarily on the level of related
interest rates during the call period.
The next call year and stated maturity year for the callable
FHLB advances and repurchase agreements outstanding at
December 31, 2006 were as follows.
(Dollars in thousands) Next Weighted- Stated Weighted-
Call Average Maturity Average
Year Date Rate Date Rate
2007 $ 417,000 5.24% – –
2008 1,100,000 4.11 – –
2009 1,000,000 4.45 $ 117,000 5.26%
2010 300,000 4.33 100,000 6.02
2011 100,000 4.82 200,000 4.85
2015 – – 1,400,000 4.16
2016 – – 1,100,000 4.49
Total $2,917,000 4.44 $2,917,000 4.44