TCF Bank 2015 Annual Report Download - page 112
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97
Fair Value Measurements at December 31, 2014
(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 $ — $ 463,239 $ — $ 463,239
Other — — 55 55
Loans and leases held for sale — — 3,308 3,308
Forward foreign exchange contracts(1) —3,211 —3,211
Interest rate contracts(1) —1,798 —1,798
Interest rate lock commitments(1) — — 285 285
Forward loan sales commitments — — 19 19
Assets held in trust for deferred compensation plans 18,703 — — 18,703
Total assets $ 18,703 $ 468,248 $ 3,667 $490,618
Forward foreign exchange contracts(1) $ — $ 177 $ — $ 177
Interest rate contracts(1) —1,877 —1,877
Forward loan sales commitments — — 42 42
Liabilities held in trust for deferred compensation plans 18,703 — — 18,703
Other contracts(1) — — 621 621
Total liabilities $ 18,703 $2,054 $663 $21,420
Non-recurring Fair Value Measurements:
Securities held to maturity $ — $ — $ 1,516 $1,516
Loans — — 164,897 164,897
Interest-only strips — — 41,204 41,204
Other real estate owned:
Consumer — — 40,502 40,502
Commercial — 4,839 8,866 13,705
Repossessed and returned assets — 1,563 1,425 2,988
Total non-recurring fair value measurements $ — $ 6,402 $258,410 $264,812
(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.
Management assesses the appropriate classification of financial assets and liabilities within the fair value hierarchy
by monitoring the level of availability of observable market information. Changes in markets or economic conditions,
as well as changes to Company valuation models may require the transfer of financial instruments from one fair value
level to another. Such transfers, if any, are recorded at the fair values as of the beginning of the quarter in which the
transfer occurred. TCF had no transfers in 2015, 2014 and 2013.