TCF Bank 2015 Annual Report Download - page 111

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96
Financial Instruments with Off-Balance Sheet Risk The fair value of TCF's commitments to extend credit and
standby letters of credit, categorized as Level 2, is estimated using fees currently charged to enter into similar
agreements. Substantially all commitments to extend credit and standby letters of credit have floating interest rates
and do not expose TCF to interest rate risk; therefore fair value is approximately equal to carrying value.
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, 2015
(In thousands) Level 1 Level 2 Level 3 Total
Recurring Fair Value Measurements:
Securities available for sale:
Mortgage-backed securities:
U.S. Government sponsored enterprises and federal agencies $ — $ 621,930 $ — $ 621,930
Other — — 34 34
Obligations of states and political subdivisions — 266,921 — 266,921
Loans and leases held for sale — — 10,568 10,568
Forward foreign exchange contracts(1) —5,915 —5,915
Interest rate contracts(1) —2,093 —2,093
Interest rate lock commitments(1) — — 729 729
Forward loan sales commitments — — 284 284
Assets held in trust for deferred compensation plans 19,731 — — 19,731
Total assets $ 19,731 $ 896,859 $ 11,615 $928,205
Forward foreign exchange contracts(1) $ — $ 1,192 $ — $ 1,192
Interest rate contracts(1) —2,317 —2,317
Interest rate lock commitments(1) — — 13 13
Forward loan sales commitments — — 19 19
Liabilities held in trust for deferred compensation plans 19,731 — — 19,731
Other contracts(1) — — 305 305
Total liabilities $ 19,731 $3,509 $337 $23,577
Non-recurring Fair Value Measurements:
Securities held to maturity $ — $ — $ 1,110 $1,110
Loans — — 130,797 130,797
Interest-only strips — — 7,122 7,122
Other real estate owned:
Consumer — — 37,619 37,619
Commercial — — 5,249 5,249
Repossessed and returned assets — 2,673 2,197 4,870
Total non-recurring fair value measurements $ — $ 2,673 $184,094 $186,767
(1) As permitted under GAAP, TCF has elected to net derivative receivables and derivative payables when a legally enforceable master netting agreement exists as
well as the related cash collateral received and paid. For purposes of this table, the derivative receivable and derivative payable balances are presented gross of
this netting adjustment.