eTrade 2002 Annual Report Download - page 21
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Table of Contents
Index to Financial Statements
The following table shows the activity in our allowance for loan losses during the periods indicated (in thousands):
Year Ended December31, Three Months Ended
December31, 2000 Year Ended September30,
2002 2001 2000 1999 1998
Allowance for loan losses, beginning of
period (1)
$ 19,874 $ 12,565 $ 10,930 $ 7,161 $ 4,715 $ 3,594
Charge-offs:
Real estate loans (460 ) (94 ) (12 ) (240 ) (400 ) (463 )
Other consumer loans — (79 ) — (13 ) (56 ) (76 )
Automobiles loans (28,046 ) (5,395 ) — — — —
RV loans (3,456 ) — — — — —
Other loans — — — — (2 ) (17 )
Total charge-offs (31,962 ) (5,568 ) (12 ) (253 ) (458 ) (556 )
Recoveries:
Real estate loans 30 29 — 19 38 13
Other consumer loans — 4 — — 79 81
Automobiles loans 10,632 669 — — — —
Other loans — — — — 4 5
Total recoveries 10,662 702 — 19 121 99
Net charge-offs (21,300 ) (4,866 ) (12 ) (234 ) (337 ) (457 )
Allowance acquired through acquisitions
(2)
14,428 4,699 — — — 724
Provision for loan losses 14,664 7,476 1,647 4,003 2,783 905
Allowance for loan losses, end of period $ 27,666 $ 19,874 $ 12,565 $ 10,930 $ 7,161 $ 4,766
Net charge-offs to average loans
outstanding
0.28 %
0.07 %
0.00 %
0.01 %
0.03 %
0.07 %
(1) The information for fiscal 1998 includes the results of the Bank for the twelve months ended December 31, 1998. As a result, the
reconciliation of activities for the year ended September 30, 1999 begins with the October 1, 1998 balance, whereas the September 30,
1998 reconciliation covers the Bank’ s operating period from January 1, 1998 through December 31, 1998. This reconciliation causes
certain amounts to be included in both fiscal 1999 and 1998.
(2) Acquisition of Ganis consumer loan portfolio in fiscal 2002, automobile portfolio in fiscal 2001 and acquisition of Direct Financial
Corporation in fiscal 1998.
Mortgage-Backed Securities
We maintain a significant portfolio of mortgage-backed securities, primarily in the following forms:
•
privately insured mortgage pass-through securities;
2003. EDGAR Online, Inc.