eTrade 2005 Annual Report Download - page 107

Table of Contents
E*TRADE FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
YearEnded December31,
2005
2004
2003
Revenues:
Commissions
$
458,834
$
431,638
$
422,709
Principal transactions
99,336
126,893
107,601
Gain on sales of loans and securities, net
98,858
140,718
247,654
Service charges and fees
135,314
97,575
110,058
Other revenues
94,419
89,077
86,514
Interest income
1,650,264
1,145,597
892,832
Interest expense
(779,164
)
(510,455
)
(486,129
)
Net interest income
871,100
635,142
406,703
Provision for loan losses
(54,016
)
(38,121
)
(38,523
)
Net interest income after provision for loan losses
817,084
597,021
368,180
Total net revenues
1,703,845
1,482,922
1,342,716
Expenses excluding interest:
Compensation and benefits
380,803
350,440
364,598
Occupancy and equipment
69,089
69,572
78,381
Communications
82,485
69,674
73,650
Professional services
75,237
67,747
55,716
Commissions, clearance and floor brokerage
140,806
129,696
124,868
Advertising and market development
105,935
62,155
57,887
Servicing and other banking expenses
52,326
35,971
37,575
Fair value adjustments of financial derivatives
4,892
(2,299
)
15,338
Depreciation and amortization
74,981
77,892
85,615
Amortization of other intangibles
43,765
19,443
24,758
Facility restructuring and other exit activities
(30,017
)
15,688
134,187
Other
53,751
91,144
101,042
Total expenses excluding interest
1,054,053
987,123
1,153,615
Income before other income, income taxes, minority interest, discontinued operations and cumulative effect of accounting
change
649,792
495,799
189,101
Other income:
Corporate interest income
11,043
6,692
6,550
Corporate interest expense
(73,956
)
(47,525
)
(45,596
)
Gain on sale and impairment of investments
83,144
128,111
147,874
Loss on early extinguishment of debt
—
(22,972
)
—
Equity in income of investments and venture funds
6,103
4,382
9,132
Total other income
26,334
68,688
117,960
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