eTrade 2002 Annual Report Download - page 24

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Table of Contents
Index to Financial Statements
The following table shows the Bank’ s scheduled maturities, carrying values, and current yields for our portfolio of mortgage-backed securities,
both available-for-sale and trading, at December 31, 2002 (in thousands):
After One But
Within Five Years
After Five But Within Ten
Years
After Ten Years Totals
Balance Due Weighted
Yield Balance Due Weighted
Yield Balance
Due
Weighted
Yield Balance
Due
Weighted
Yield
Mortgage-backed
securities:
Private issuer and other $ — — %
$ 4,546 4.35 %
$ 21,545 5.41 %
$ 26,091 5.07 %
Collateralized mortgage
obligations
18,322 4.77 2,422 5.29 3,104,071 3.72 3,124,815 3.73
Government national
mortgage association
— — — — 2,203,378 5.50 2,203,378 5.50
Federal Home Loan
Mortgage Corporation
— — 8 7.51 11,350 5.51 11,358 5.51
Fannie Mae — — 325 6.00 1,870,426 5.36 1,870,751 5.36
Total $ 18,322 4.77 %
$ 7,301 4.74 %
$ 7,210,770 4.70 %
$ 7,236,393 4.70 %
Investment Securities
In accordance with SFAS No. 115, we classify our investments in one of three categories: held-to-maturity, available-for-sale or trading. During
fiscal 2002, fiscal 2001, three months ended December 31, 2000 and fiscal 2000, we held no securities classified as held-to-maturity. The
following table shows the cost basis and fair value of our available-for-sale banking-related investment portfolio other than mortgage-backed
securities at the dates indicated. Investments classified as available-for-sale are carried at estimated fair value, with the unrealized gains and
losses reflected as a component of accumulated other comprehensive income. Consolidated information on all investment securities we hold is
presented in Item 8. Consolidated Financial Statements and Supplementary Data. The following table does not include investment securities we
hold arising from our non-banking business segments (in thousands):
December31, 2002 December31, 2001 September 30, 2000
CostBasis FairValue CostBasis FairValue CostBasis FairValue
Available-for-sale investment
securities:
Municipal bonds $ 32,005 $ 32,561 $ 67,104 $ 66,959 $ 15,005 $ 13,946
Corporate bonds 377,731 352,590 884,246 871,510 272,431 265,066
Obligations of U.S.
government agencies
— — 13,297 11,874 13,291 12,898
Asset-backed 750,221 737,582 386 386 23,661 23,660
Preferred stock in Freddie
Mac
135,000 134,538 — — 5,000 4,356
Other corporate stock — — 8,000 7,189 4,438 4,363
Other investments 1,093 939 21,282 21,218 12,318 12,035
Total $ 1,296,050 $ 1,258,210 $ 994,315 $ 979,136 $ 346,144 $ 336,324
In addition to the available-for-sale investment securities listed above, we have an investment in the stock of the Federal Home Loan Bank
2003. EDGAR Online, Inc.