eTrade 2010 Annual Report Download - page 171
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Year Ended December 31, 2008
Trading and
Investing
Balance Sheet
Management
Corporate/
Other Eliminations Total
Revenue:
Operating interest income $1,503,262 $ 2,116,277 $ 134 $(1,149,733) $ 2,469,940
Operating interest expense (702,946) (1,648,721) — 1,149,733 (1,201,934)
Net operating interest income 800,316 467,556 134 — 1,268,006
Commissions 514,736 815 — — 515,551
Fees and service charges 191,534 8,422 — — 199,956
Principal transactions 84,798 84 — — 84,882
Losses on loans and securities, net (75) (100,388) (10) — (100,473)
Other-than-temporary impairment
(“OTTI”) — (95,010) — — (95,010)
Less: noncredit portion of OTTI
recognized into other
comprehensive income (loss)
(before tax) — — — — —
Net impairment — (95,010) — — (95,010)
Other revenues 38,565 14,169 — (50) 52,684
Total non-interest income 829,558 (171,908) (10) (50) 657,590
Total net revenue 1,629,874 295,648 124 (50) 1,925,596
Provision for loan losses — 1,583,666 — — 1,583,666
Operating expense:
Compensation and benefits 274,202 17,607 91,576 — 383,385
Clearing and servicing 89,220 95,912 — (50) 185,082
Advertising and market development 175,262 (12) — — 175,250
Professional services 41,537 8,086 44,447 — 94,070
FDIC insurance premiums — 31,258 — — 31,258
Communications 93,007 1,566 2,219 — 96,792
Occupancy and equipment 80,330 5,134 302 — 85,766
Depreciation and amortization 59,739 2,254 20,490 — 82,483
Amortization of other intangibles 35,746 — — — 35,746
Facility restructuring and other exit
activities — — 29,502 — 29,502
Other operating expenses 77,547 24,571 (11,237) — 90,881
Total operating expense 926,590 186,376 177,299 (50) 1,290,215
Segment income (loss) before other income
(expense) 703,284 (1,474,394) (177,175) — (948,285)
Other income (expense):
Corporate interest income — — 7,210 — 7,210
Corporate interest expense — — (362,160) — (362,160)
Losses on sales of investments, net — — (4,230) — (4,230)
Gains (losses) on early
extinguishment of debt — (10,868) 20,952 — 10,084
Equity in income of investments and
venture funds — — 18,462 — 18,462
Total other income (expense) — (10,868) (319,766) — (330,634)
Segment income (loss) $ 703,284 $(1,485,262) $(496,941) $ — $(1,278,919)
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