eTrade 2002 Annual Report Download - page 10

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Table of Contents
Index to Financial Statements
REQUIRED FINANCIAL DATA
The data presented below is provided in compliance with the SEC’ s Industry Guide 3, “Statistical Disclosure by Bank Holding Companies.”
Prior to its January 2000 acquisition by E*TRADE, the Bank reported its results of operations on a calendar year basis. Prior to 2001,
E*TRADE reported on a fiscal year ending September 30. The financial information below for fiscal 1998 includes the results of the Bank for
the twelve-month period ended December 31.
Lending Activities
General .We offer first- and second-lien residential mortgage loans, home equity loans and HELOCs through E*TRADE Mortgage; RV,
marine and other consumer loans through Ganis; and we purchase pools of mortgage, automobile and RV loans in the secondary market.
Loan Portfolio Composition .At December 31, 2002, our net loans receivable, including loans held-for-sale, totaled $7.4 billion or 43% of total
bank assets, of which approximately $3.4 billion, or 47% consisted of one- to four-family residential mortgage loans. Automobiles, RV and
marine loans amounted to $3.3 billion or 46% of our total gross loan portfolio. Multi-family, commercial, mixed-use real estate, home equity
lines of credit, second mortgage loans and other loans amounted to $521 million, or 7%, of our total gross loan portfolio. During the third
quarter of fiscal 2002, the Bank reclassified a portion of its held-for-investment loans to held-for-sale to reposition the portfolio for the future
sale of these loans, consistent with our plan to achieve a more diversified loan portfolio through the future purchase and acquisition of
consumer loans. During the fourth quarter of fiscal 2002, the Bank acquired $1.9 billion of consumer loans as a result of the purchase of Ganis.
4
2003. EDGAR Online, Inc.