eTrade 2004 Annual Report Download - page 93

Download and view the complete annual report

Please find page 93 of the 2004 eTrade annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 150

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150

Table of Contents
Index to Financial Statements
Other Investments
The Company has also made investments in non-public, venture capital-
backed, high technology companies. These investments represent
less than 20% of the outstanding shares of these companies and are accounted for under the cost method. The Company does not have the
ability to exercise significant influence over these companies. The Company recorded no other-than-temporary impairments for 2004, $8.0
million for 2003 and $12.5 million for 2002, associated with these privately held equity investments. These impairments are recorded in gain
(loss) on sale and impairment of investments in the consolidated statements of operations. Each quarter, the Company evaluates its privately
held investments using factors that aid in the identification of possible other-than-temporary impairments. These factors include evaluating, as
available, the cash flows and profitability of the investee, general economic conditions, trends in the investee’s industry and trends in publicly
traded peers of the investee.
NOTE 8—LOANS RECEIVABLE, NET
Loans receivable, net are summarized as follows (in thousands):
84
December 31, 2004
Held-for-
Investment
Held-for-
Sale
Total
Loans
Real estate loans:
One
-
to four
-
family
$
3,669,594
$
244,593
$
3,914,187
Home equity lines of credit and second mortgage
3,617,074
3,009
3,620,083
Other
1,666
86
1,752
Total real estate loans
7,288,334
247,688
7,536,022
Consumer and other loans:
Recreational vehicle
2,542,645
23,284
2,565,929
Marine
720,513
3,612
724,125
Automobile
583,354
35
583,389
Credit card
203,169
—
203,169
Other
19,493
1,962
21,455
Total consumer and other loans
4,069,174
28,893
4,098,067
Total loans
11,357,508
276,581
11,634,089
Unamortized premiums, net
195,928
2,699
198,627
Allowance for loan losses
(47,681
)
—
(
47,681
)
Total
$
11,505,755
$
279,280
$
11,785,035