eTrade 2005 Annual Report Download - page 198

Table of Contents
Year Ended December31, 2003
Retail
Institutional
Eliminations
(1)
Total
Revenues:
Commissions
$
316,092
$
106,617
$
—
$
422,709
Principal transactions
—
107,601
—
107,601
Gain on sales of loans and securities, net
235,064
12,590
—
247,654
Service charges and fees
104,531
5,527
—
110,058
Other revenues
104,157
24,737
(42,380
)
86,514
Interest income
353,483
748,819
(209,470
)
892,832
Interest expense
(219,513
)
(476,086
)
209,470
(486,129
)
Net interest income
133,970
272,733
—
406,703
Provision for loan losses
—
(38,523
)
—
(38,523
)
Net interest income after provision for loan
losses
133,970
234,210
—
368,180
Total revenues
893,814
491,282
(42,380
)
1,342,716
Expense excluding interest:
Compensation and benefits
256,982
107,616
—
364,598
Occupancy and equipment
63,502
14,879
—
78,381
Communications
63,645
10,005
—
73,650
Professional services
38,827
16,889
—
55,716
Commissions, clearance and floor brokerage
33,100
104,689
(12,921
)
124,868
Advertising and market development
55,011
2,876
—
57,887
Servicing and other banking expenses
29,518
37,516
(29,459
)
37,575
Fair value adjustments of financial derivatives
—
15,338
—
15,338
Depreciation and amortization
72,531
13,084
—
85,615
Amortization of other intangibles
16,530
8,228
—
24,758
Facility restructuring and other exit activities
83,864
50,323
—
134,187
Other
55,808
45,234
—
101,042
Total expenses excluding interest
769,318
426,677
(42,380
)
1153,615
Segment income
$
124,496
$
64,605
$
—
$
189,101
(1)
Reflects elimination of transactions between retail and institutional segments, which includes deposit transfer pricing, servicing and order flow rebates.
Total assets for each segment are shown below (in thousands):
Retail
Institutional
Total
At December31, 2005
$
12,901,008
$
31,666,678
$
44,567,686
At December31, 2004
$
5,294,487
$
25,738,096
$
31,032,583
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