eTrade 2006 Annual Report Download - page 122

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NOTE 16—SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER
BORROWINGS
The maturities of borrowings at December 31, 2006 and total borrowings at December 31, 2005 are shown
below (dollars in thousands):
Repurchase
Agreements
Other Borrowings
Total
Weighted
Average
Interest Rate
FHLB
Advances Other
Years Ending December 31,
2007 $ 8,284,587 $2,869,000 $ 37,856 $11,191,443 5.28%
2008 — 1,000,000 1,591 1,001,591 5.29%
2009 — 100,000 21,669 121,669 4.18%
2010 — 100,000 903 100,903 4.39%
2011 — — 903 903 5.43%
Thereafter 1,507,835 800,000 395,574 2,703,409 4.72%
Subtotal 9,792,422 4,869,000 458,496 15,119,918 5.16%
Fair value adjustments — (3,534) — (3,534)
Total borrowings at
December 31, 2006 $ 9,792,422 $4,865,466 $458,496 $15,116,384 5.16%
Total borrowings at
December 31, 2005 $11,101,542 $3,856,106 $350,890 $15,308,538 4.13%
Securities Sold Under Agreements to Repurchase
The Company sells repurchase agreements which are collateralized by fixed- and variable-rate mortgage-
backed securities or investment grade securities. Repurchase agreements are treated as financings for financial
statement purposes and obligations to repurchase securities sold are reflected as borrowings in the consolidated
balance sheet. The brokers retain possession of the securities collateralizing the repurchase agreements until
maturity. At December 31, 2006, there were no counterparties with whom the Company’s amount at risk
exceeded 10% of its shareholders’ equity.
Below is a summary of repurchase agreements and collateral associated with the repurchase agreements at
December 31, 2006 (dollars in thousands):
Collateral
Repurchase Agreements
U.S. Government Sponsored
Enterprise Obligations
Collateralized Mortgage
Obligations and Other
Contractual Maturity
Weighted
Average
Interest Rate Amount Amortized Cost Fair Value Amortized Cost Fair Value
Up to 30 days 5.17% $5,060,918 $4,895,226 $4,738,420 $ 44 $ 43
30 to 90 days 5.34% 1,006,632 810,363 782,968 282,477 277,690
Over 90 days 4.81% 3,724,872 2,647,185 2,557,695 1,412,387 1,388,450
Total 5.05% $9,792,422 $8,352,774 $8,079,083 $1,694,908 $1,666,183
Other Borrowings
FHLB Advances—The Company had $2.4 billion floating-rate and $2.5 billion fixed-rate FHLB advances at
December 31, 2006. The floating-rate advances adjust quarterly based on the LIBOR. The Company is required
to be a member of the FHLB System and maintain a FHLB investment at least equal to the greater of: one
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