eTrade 2009 Annual Report Download - page 132
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Within the securities portfolio, the highest concentration of credit risk is the non-agency CMO portfolio.
The Company recognized $89.1 million in net impairment for non-agency CMO securities for year ended
December 31, 2009. The Company concluded during 2009 that approximately $394.7 million of non-agency
CMO securities were other-than-temporarily impaired as a result of deterioration in the expected credit
performance of the underlying loans in the securities. For the year ended December 31, 2009, these securities
were written down to their fair value by recording gross OTTI of $232.1 million, of which $143.0 million was
recorded as the noncredit portion of OTTI through other comprehensive income (loss) (before tax). For the years
ended December 31, 2008 and 2007, the Company recognized net impairment of $95.0 million on non-agency
CMO securities and $168.7 million on asset-backed securities.
The detailed components of the gains (losses) on loans and securities, net and gains (losses) on sales of
investment, net line items on the consolidated statement of loss is shown below.
Gains (Losses) on Loans and Securities, Net
Gains (losses) on loans and securities, net are as follows (dollars in thousands):
Year Ended December 31,
2009 2008 2007
Losses on sales of loans, net $ (12,496) $ (783) $ (14,343)
Gains (losses) on securities, net:
Gains on available-for-sale securities and other
investments 203,619 49,397 23,399
Losses on available-for-sale securities and other
investments (30,441) (17,007) (26,310)
Losses on sale of asset-backed securities — — (2,241,031)
Gains (losses) on trading securities, net 7,845 (134,297) (33,441)
Hedge ineffectiveness 579 2,217 (5,009)
Gains (losses) on securities, net 181,602 (99,690) (2,282,392)
Gains (losses) on loans and securities, net $169,106 $(100,473) $(2,296,735)
Gains (losses) on Sales of Investments, Net
Gains (losses) on sales of investments, net are as follows (dollars in thousands):
Year Ended December 31,
2009 2008 2007
Realized gains (losses) on sales of publicly traded equity securities $ (317) $ 254 $36,053
Losses on impairment (1,636) (4,425) —
Other 239 (59) (73)
Gains (losses) on sales of investments, net $(1,714) $(4,230) $35,980
129