eTrade 2000 Annual Report Download - page 86

Interest expense on deposits in fiscal 2000, 1999 and 1998 is summarized as follows (in thousands):
September 30,
2000 1999 1998
Money market $ 16,435 $ 12,206 $ 7,961
Passbook savings 12 17 16
Checking 2,501 688 46
Certificates of deposit 178,800 66,477 36,890
Brokered callable certificates of deposit 5,825 4,450 3,638
Total $ 203,573 $ 83,838 $ 48,551
Accrued interest payable on deposits at September 30, 2000 and 1999 was $2.9 million and $2.8 million, respectively. 11.
BORROWINGS BY BANK SUBSIDIARY
Borrowings by bank subsidiary is comprised of FHLB advances and securities sold under agreements to repurchase (“REPO’ s”). The
maturities of borrowings by bank subsidiary at September 30, 2000 are shown below (dollars in thousands):
Due in Fiscal: September 30,
2000
Weighted
Average Interest
Rate
2001 $ 877,000 6.55 %
2002 160,000 6.11 %
2003 300,000 6.33 %
2004 100,000 6.89 %
2005—Thereafter 200,000 6.95 %
Total FHLB advances 1,637,000 6.47 %
Securities sold under REPO agreements 1,894,000 6.71 %
Total borrowings by bank subsidiary $ 3,531,000
All advances are floating rate advances and adjust daily to the Federal Funds Rate or quarterly or semi-annually to the London
InterBank Offering Rate (“LIBOR”) rate. In 2000 and 1999, the advances were collateralized by a specific lien on mortgage loans in
accordance with an “Advances, Specific Collateral Pledge and Security Agreement” with the FHLB of Atlanta, executed September
10, 1980. Under this agreement, the Bank is required to maintain qualified collateral equal to 120 to 160 percent of the Bank’ s FHLB
advances, depending on the collateral type. As of September 30, 2000, and 1999, the Company secured these advances with an
assignment of specific mortgage loan collateral from its loan and mortgage-backed security portfolio. These one- to four-family first
mortgage whole loans and securities pledged as collateral totaled approximately $2.6 billion and $1.2 billion at September 30, 2000
and 1999, respectively. The Company is required to be a member of the FHLB System and to maintain an investment in the stock of
the FHLB of Atlanta at least equal to the greater of one percent of the unpaid
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principal balance of its residential mortgage loans, one percent of 30 percent of its total assets, or one-twentieth of its outstanding
advances from the FHLB.
Information concerning borrowings under fixed- and variable-rate coupon repurchase agreements is summarized as follows (dollars in
thousands):
September 30,
2002. EDGAR Online, Inc.