TCF Bank 2012 Annual Report Download - page 112

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The following tables present the balances of assets and liabilities measured at fair value on a recurring and non-recurring basis.
Fair Value Measurements at December 31, 2012
(In thousands) Level 1(1) Level 2(2) Level 3(3) Total
Recurring Fair Value Measurements:
Securities available for sale:
Mortgage-backed securities:
U.S. Government sponsored enterprises and federal agencies $ – $710,054 $ – $710,054
Other – – 127 127
Other securities 1,910 – – 1,910
Forward foreign exchange contracts – 1,578 – 1,578
Assets held in trust for deferred compensation plans 12,078 – – 12,078
Total assets $13,988 $711,632 $ 127 $725,747
Forward foreign exchange contracts $ – $ 193 $ – $ 193
Swap agreement – – 1,227 1,227
Liabilities held in trust for deferred compensation plans 12,078 – – 12,078
Total liabilities $12,078 $ 193 $ 1,227 $ 13,498
Non-recurring Fair Value Measurements:
Loans:(4)
Commercial $ – $ – $118,767 $118,767
Real estate owned:(5)
Consumer – – 55,162 55,162
Commercial – – 18,077 18,077
Repossessed and returned assets(5) – 2,218 712 2,930
Investments(6) – – 2,557 2,557
Total non-recurring fair value measurements $ – $ 2,218 $195,275 $197,493
Fair Value Measurements at December 31, 2011
(In thousands) Level 1(1) Level 2(2) Level 3(3) Total
Recurring Fair Value Measurements:
Securities available for sale:
Mortgage-backed securities:
U.S. Government sponsored enterprises and federal agencies $ – $2,322,336 $ – $2,322,336
Other – – 152 152
Other securities 252 – 1,298 1,550
Forward foreign exchange contracts – 396 – 396
Assets held in trust for deferred compensation plans(4) 9,833 – – 9,833
Total assets $10,085 $2,322,732 $ 1,450 $2,334,267
Forward foreign exchange contracts $ – $ 665 $ – $ 665
Liabilities held in trust for deferred compensation plans 9,833 – – 9,833
Total liabilities $ 9,833 $ 665 $ – $ 10,498
Non-recurring Fair Value Measurements:
Loans:(4)
Commercial $ – $ – $ 29,003 $ 29,003
Real estate owned:(5)
Consumer – – 77,126 77,126
Commercial – – 45,137 45,137
Repossessed and returned assets(5) – 3,889 270 4,159
Investments(6) – – 4,244 4,244
Total non-recurring fair value measurements $ – $ 3,889 $155,780 $ 159,669
(1) Based on readily available market prices.
(2) Based on observable market prices.
(3) Based on valuation models that use significant assumptions that are not observable in an active market.
(4) Represents the carrying value of loans for which impairment reserves are determined based on the appraisal value of the collateral.
(5) Amounts do not include assets held at cost at December 31, 2012 and 2011.
(6) Represents the carrying value of other investments which were recorded at fair value determined by using quoted prices, when available, and incorporating results
of internal pricing techniques and observable market information.
{ 96 } { TCF Financial Corporation and Subsidiaries }