TCF Bank 2009 Annual Report Download - page 76

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60 : TCF Financial Corporation and Subsidiaries
Note 11. Long-term Borrowings
Long-term borrowings consist of the following.
At December 31,
 2008
 Weighted-
Year of   Average
(Dollars in thousands) Maturity   Amount Rate
Federal Home Loan Bank advances and securities
sold under repurchase agreements 2009   $ 117,000 5.26%
2010   100,000 6.02
2011   300,000 4.64
2015   900,000 4.18
2016   1,100,000 4.49
2017   1,250,000 4.60
2018   300,000 3.51
Subtotal   4,067,000 4.45
Subordinated bank notes 2014   74,917 5.27
2015   49,790 5.37
2016   74,457 5.63
Subtotal   199,164 5.43
Junior subordinated notes (trust preferred) 2068   110,440 11.20
Discounted lease rentals 2009 25,104 6.38
2010   17,077 6.29
2011   8,976 6.34
2012   4,059 6.47
2013   1,118 6.94
2014   9 7.73
2015   – –
2016   – –
Subtotal   56,343 6.36
Other borrowings 2009 966 5.00
Total long-term borrowings   $4,433,913 4.69
At December 31, 2009, TCF has pledged loans secured by
residential real estate, commercial real estate loans and
FHLB stock with an aggregate carrying value of $5.2 billion
as collateral for FHLB advances. TCF has $1.6 billion of FHLB
advances and $900 million of repurchase agreements which
contain one-time call provisions for various years from
2010 through 2011.
The probability that the advances and repurchase
agreements will be called by counterparties depends pri-
marily on the level of related interest rates during the call
period. If FHLB advances are called, replacement funding
will be available from the FHLB at the then-prevailing market
rate of interest for the term selected by TCF, subject to
standard terms and conditions.
The next call year and stated maturity year for the call-
able FHLB advances and repurchase agreements outstanding
at December 31, 2009 were as follows.
(Dollars in thousands)
Weighted- Weighted-
Next Average Stated Average
Year Call Rate Maturity Rate
2010 $2,050,000 4.58% $ 100,000 6.02%
2011 400,000 3.84 200,000 4.85
2015 – – 500,000 4.15
2016 – – 100,000 4.82
2017 – – 1,250,000 4.60
2018 – – 300,000 3.51
Total $2,450,000 4.46 $2,450,000 4.46