eTrade 2001 Annual Report Download - page 62

cost of the borrowings. The increase in banking interest expense in fiscal 2000 reflects an increase in the average interest-bearing
banking liabilities coupled with an increase in the average cost of the borrowings. Average interest-bearing banking liabilities
increased 93% from fiscal 2000 to fiscal 2001 and 140% from fiscal 1999 to fiscal 2000. The average cost decreased to 5.97% in
fiscal 2001 from 6.29% in fiscal 2000, which increased from 5.69% in fiscal 1999.
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Table of Contents
The following table presents average balance data and income and expense data for our Banking operations and the related interest
yields and rates for the fiscal year ended December 31, 2001, September30, 2000 and September 30, 1999. The table also presents
information with respect to net interest margin, an indicator of profitability. Another indicator of profitability is net interest spread,
which is the difference between the weighted average yield earned on interest-earning banking assets and the weighted average rate
paid on interest-bearing banking liabilities.
Year Ended December 31, 2001 Year Ended September 30, 2000 Year Ended September 30, 1999
Average Balance Interest Inc./Exp. Average
Yield/Cost
Average Balance Interest Inc./Exp. Average
Yield/Cost
Average Balance Interest Inc./Exp. Average
Yield/Cost
(dollars in thousands)
Interest-earning banking assets:
Loans receivable, net $ 6,701,905 $ 492,620 7.35 % $ 3,165,908 $ 252,982 7.99 % $ 1,288,221 $ 97,427 7.56 %
Interest bearingdeposits 145,077 4,263 2.94 % 59,708 3,466 5.81 % 27,624 1,307 4.73 %
Mortgage-backed and related
available for sale securities
4,164,081 272,086 6.53 % 2,884,474 217,448 7.54 % 1,184,003 77,493 6.55 %
Available-for-sale investment
securities
1,175,669 77,116 6.60 % 228,007 16,125 7.15 % 211,342 13,233 6.43 %
Investment in FHLB 65,988 4,224 6.40 % 62,511 4,847 7.75 % 25,001 1,876 7.50 %
Trading securities 84,759 3,981 4.70 % 26,210 1,900 7.25 % 15,001 1,104 7.36 %
Total interest-earning banking assets 12,337,479 $ 854,290 6.93 % 6,426,818 $ 496,768 7.73 % 2,751,192 $ 192,440 7.01 %
Non-interest-earning banking assets 529,233 206,554 107,025
Total banking assets $ 12,866,712 $ 6,633,372 $ 2,858,217
Interest-bearing banking liabilities:
Retail deposits 7,166,789 $ 421,064 5.88 % $ 3,228,692 $ 197,748 6.12 % $ 1,390,957 $ 79,404 5.71 %
Brokered callable certificates of
deposit
29,236 1,810 6.19 % 88,601 5,825 6.56 % 67,071 4,449 6.63 %
FHLB advances 1,223,724 78,439 6.32 % 1,225,783 78,171 6.27 % 473,849 25,809 5.37 %
Other borrowings 3,180,272 191,473 5.94 % 1,471,435 96,566 6.46 % 549,090 30,184 5.42 %
Subordinated debt, net — — — — — — 19,911 2,359 11.85 %
Total interest-bearing banking
liabilities
11,600,021 $ 692,786 5.97 % 6,014,511 $ 378,310 6.29 % 2,500,878 $ 142,205 5.69 %
Non-interest-bearing banking
liabilities
552,513 115,280 28,256
Total banking liabilities 12,152,534 6,129,791 2,529,134
Total banking securities — — 33,847
Total banking shareowners’ equity 714,178 503,581 295,236
Total banking liabilities and
shareowner’s equity
$ 12,866,712 $ 6,633,372 $ 2,858,217
Excess of interest-earning banking
assets over interest-bearing banking
liabilities/net interest income
$ 737,458 $ 161,504 $ 412,307 $ 118,458 $ 250,314 $ 50,235
2002. EDGAR Online, Inc.