TCF Bank 2007 Annual Report Download - page 79

2007 Form 10-K | 59
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, 2007.
2007 2006 2005
(Dollars in thousands) Amount Rate Amount Rate Amount Rate
At December 31,
Federal funds purchased $150,000 3.68% $125,000 5.39% $270,000 4.30%
Securities sold under repurchase
agreements 43,297 4.31 86,788 4.95 29,101 3.86
Federal Home Loan Bank advances 100,000 4.33 – – 150,000 4.03
Line of credit 9,500 5.93 – – 16,500 5.15
U.S. Treasury, tax and
loan borrowings 253,273 4.29 2,324 4.99 6,525 3.89
Total $556,070 4.16 $214,112 5.20 $472,126 4.21
Year ended December 31,
Average daily balance
Federal funds purchased $131,551 4.98% $502,200 5.06% $308,062 3.46%
Securities sold under repurchase
agreements 36,768 4.73 53,087 4.63 518,953 3.13
Federal Home Loan Bank advances 17,575 4.48 24,657 4.57 68,630 2.84
Line of credit 8,276 7.29 1,893 5.38 18,075 4.52
U.S. Treasury, tax and
loan borrowings 36,123 4.68 15,015 5.31 3,945 3.06
Total $230,293 4.94 $596,852 5.03 $917,665 3.25
Maximum month-end balance
Federal funds purchased $354,000 N.A. $645,000 N.A. $583,000 N.A.
Securities sold under repurchase
agreements 84,051 N.A. 188,162 N.A. 828,378 N.A.
Federal Home Loan Bank advances 100,000 N.A. 200,000 N.A. 350,000 N.A.
Line of credit 31,000 N.A. 27,000 N.A. 56,000 N.A.
U.S. Treasury, tax and
loan borrowings 253,273 N.A. 145,493 N.A. 10,949 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 substantially the same securities upon the maturities
of the agreements. At December 31, 2007, all of the securi-
ties sold under short-term repurchase agreements provided
for the repurchase of identical securities and were collater-
alized by mortgage-backed securities having a fair value
of $44.6 million.
TCF Financial (parent company) has an $80 million
unsecured line of credit that matures in March 2008, and
contains certain covenants common to such agreements.
As of December 31, 2007, TCF is not in default with respect
to any of its covenants under the line of 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 inter-
est rate index and term for advances on the line of credit.
The line of credit may be used for appropriate corporate
purposes. At December 31, 2007, TCF had $9.5 million out-
standing on its bank line of credit. There were no outstanding
balances under the line of credit at December 31, 2006.