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70 : TCF Financial Corporation and Subsidiaries
Note 18. Fair Value Measurement
Effective January 1, 2008, TCF adopted FASC 820, Fair Value
Measurements and Disclosures. FASC 820 denes fair value
and establishes a consistent framework for measuring fair
value and expands disclosure requirements for fair value
measurements. Fair values represent the estimated price
that would be received from selling an asset or paid to
transfer a liability, otherwise known as an “exit price”.
The following is a description of valuation methodolo-
gies used for assets recorded at fair value on a recurring
basis at December 31, 2009.
At December 31, 2009,
securities available for sale consisted primarily of U.S.
Government Sponsored Enterprise securities. The fair
value of available for sale securities is recorded using
prices obtained from independent asset pricing services
that are based on observable transactions, but not a
quoted market.
The fair value of other securities for which there is little
or no market activity, is categorized as Level 3. Other
securities classied as Level 3 include equity investments
in other nancial institutions and foreign debt securities.
The fair value of these assets is determined by using quoted
prices, when available and incorporating results of internal
pricing techniques, which consider observable market
information along with security specic information. The
fair value of other securities were written down $2.5 million,
which is included in gains on securities, net, during the year
ended December 31, 2009.
At
December 31, 2009, assets held in trust for deferred
compensation plans included investments in publicly traded
stocks, other than TCF stock, and mutual funds. The fair
value of these assets is based upon prices obtained from
independent asset pricing services based on active markets.
At December 31, 2009, the fair value of assets measured on a recurring basis are:
Readily Observable Company
Available Market Determined Total at
(In thousands) Market Prices(1) Prices(2) Market Prices(3) Fair Value
Securities available for sale:
Mortgage-backed securities:
U.S. Government sponsored enterprises
and federal agencies $ – $1,905,209 $ – $1,905,209
Other securities – – 5,267 5,267
Assets held in trust for deferred compensation plans (4) 7,511 – – 7,511
Total assets $7,511 $1,905,209 $5,267 $1,917,987
(1) Considered Level 1 under FASC 820, Fair Value Measurements and Disclosures.
(2) Considered Level 2 under FASC 820, Fair Value Measurements and Disclosures.
(3) Considered Level 3 under FASC 820, Fair Value Measurements and Disclosures, and is based on valuation models that use signicant assumptions that are not observable
in an active market.
(4) A corresponding liability is recorded in other liabilities for TCF’s obligation to the participants in these plans.