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Table of Contents
Index to Financial Statements
E*TRADE FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
See accompanying notes to consolidated financial statements
58
December 31,
2004
2003
ASSETS
Cash and equivalents
$
939,906
$
921,364
Cash and investments required to be segregated under Federal or other regulations (includes repurchase agreements of $0 at December 31, 2004 and
$875,800 at December 31, 2003)
724,026
1,644,605
Brokerage receivables, net
3,034,548
2,297,778
Trading securities
593,245
832,889
Available-for-sale mortgage-backed and investment securities (includes securities pledged to creditors with the right to sell or repledge of $10,113,049
at December 31, 2004 and $5,706,325 at December 31, 2003)
12,543,818
9,826,940
Other investments
46,269
49,272
Loans receivable (net of allowance for loan losses of $47,681 at December 31, 2004 and $37,847 at
December 31, 2003)
11,505,755
8,130,906
Loans held
-
for
-
sale, net
279,280
1,000,487
Property and equipment, net
302,291
287,097
Derivative assets
115,867
59,990
Accrued interest receivable
117,131
92,565
Investment in Federal Home Loan Bank Stock
92,005
79,236
Goodwill
395,043
392,845
Other intangibles, net
134,121
126,032
Other assets
209,278
307,210
Total assets
$
31,032,583
$
26,049,216
LIABILITIES AND SHAREHOLDERS’ EQUITY
Brokerage payables
$
3,618,892
$
3,696,225
Deposits
12,302,974
12,514,486
Securities sold under agreements to repurchase
9,896,872
5,283,609
Other borrowings by Bank subsidiary
1,760,732
1,203,554
Derivative liabilities
52,208
79,303
Senior notes
400,452
—
Convertible subordinated notes
185,165
695,330
Accounts payable, accrued and other liabilities
587,086
658,415
Total liabilities
28,804,381
24,130,922
Commitments and contingencies
—
—
Shareholders’ equity:
Preferred stock, shares authorized: 1,000,000; issued and outstanding: none at December 31, 2004 and 2003
—
—
Shares exchangeable into common stock, $0.01 par value, shares authorized: 10,644,223; issued and outstanding: 1,302,801 at December 31,
2004 and 1,386,125 at December 31 2003
13
14
Common stock, $0.01 par value, shares authorized: 600,000,000; issued and outstanding: 369,623,604 at December 31, 2004 and 366,636,406
at December 31, 2003
3,696
3,666
Additional paid-in capital
2,234,093
2,247,930
Deferred stock compensation
(18,419
)
(12,874
)
Retained earnings (deficit)
150,018
(230,465
)
Accumulated other comprehensive loss
(141,199
)
(89,977
)
Total shareholders
’
equity
2,228,202
1,918,294
Total liabilities and shareholders’ equity
$
31,032,583
$
26,049,216