eTrade 2010 Annual Report Download - page 144

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NOTE 12—DEPOSITS
Deposits are summarized as follows (dollars in thousands):
Weighted-Average
Rate Amount
Percentage
to Total
December 31, December 31, December 31,
2010 2009 2010 2009 2010 2009
Sweep deposits(1) 0.08% 0.07% $16,139,585 $12,551,497 63.9% 49.0%
Complete savings deposits 0.30% 0.50% 6,683,631 9,704,045 26.5 37.9
Other money market and savings deposits 0.24% 0.29% 1,092,949 1,183,392 4.3 4.6
Checking deposits 0.10% 0.19% 825,561 813,663 3.3 3.2
Certificates of deposit 2.62% 1.69% 407,091 1,215,780 1.6 4.8
Brokered certificates of deposit 4.52% 4.51% 91,480 129,344 0.4 0.5
Total deposits 0.20% 0.35% $25,240,297 $25,597,721 100.0% 100.0%
(1) A sweep product transfers brokerage customer balances to banking subsidiaries, which hold these funds as customer deposits in FDIC
insured demand deposits and money market deposit accounts.
The Company sold approximately $1 billion of savings accounts to Discover Financial Services during the
year ended December 31, 2010.
Deposits classified by rates are as follows (dollars in thousands):
December 31,
2010 2009
Less than 2.00% $24,938,726 $25,108,277
2.00%–3.99% 72,129 123,831
4.00%–5.99% 229,419 365,508
6.00% and above 23 105
Total deposits $25,240,297 $25,597,721
At December 31, 2010, scheduled maturities of certificates of deposit and brokered certificates of deposit
were as follows (dollars in thousands):
< 1 Year 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years Total
Less than 2.00% $152,879 $23,025 $ 3,004 $10,312 $ 8,416 $ 174 $197,810
2.00%–3.99% 57,839 959 13,383 36 — 6 72,223
4.00%–5.99% 116,559 70,110 11,440 725 9,682 21,340 229,856
6.00% and above 35 ————— 35
Subtotal $327,312 $94,094 $27,827 $11,073 $18,098 $21,520 499,924
Unamortized discount, net (1,353)
Total certificates of deposit and brokered certificates of deposit $498,571
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