eTrade 2010 Annual Report Download - page 53
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BALANCE SHEET OVERVIEW
The following table sets forth the significant components of our consolidated balance sheet (dollars in
millions):
Variance
December 31, 2010 vs. 2009
2010 2009 Amount %
Assets:
Cash and equivalents $ 2,374.3 $ 3,483.2 $(1,108.9) (32)%
Cash and investments required to be segregated under federal or
other regulations 609.5 1,545.3 (935.8) (61)%
Securities(1) 17,330.6 13,358.0 3,972.6 30%
Margin receivables 5,120.6 3,827.2 1,293.4 34%
Loans, net 15,127.4 19,174.9 (4,047.5) (21)%
Investment in FHLB stock 164.4 183.9 (19.5) (11)%
Other(2) 5,646.2 5,794.0 (147.8) (3)%
Total assets $ 46,373.0 $47,366.5 $ (993.5) (2)%
Liabilities and shareholders’ equity:
Deposits $ 25,240.3 $25,597.7 $ (357.4) (1)%
Wholesale borrowings(3) 8,620.0 9,188.8 (568.8) (6)%
Customer payables 5,020.1 5,234.2 (214.1) (4)%
Corporate debt 2,145.9 2,458.7 (312.8) (13)%
Other liabilities 1,294.3 1,137.5 156.8 14%
Total liabilities 42,320.6 43,616.9 (1,296.3) (3)%
Shareholders’ equity 4,052.4 3,749.6 302.8 8%
Total liabilities and shareholders’ equity $ 46,373.0 $47,366.5 $ (993.5) (2)%
(1) Includes balance sheet line items trading, available-for-sale and held-to-maturity securities.
(2) Includes balance sheet line items property and equipment, net, goodwill, other intangibles, net and other assets.
(3) Includes balance sheet line items securities sold under agreements to repurchase and FHLB advances and other borrowings.
Cash and Investments Required to be Segregated Under Federal or Other Regulations
The level of cash and investments required to be segregated under federal or other regulations, or segregated
cash, is driven largely by the amount of customer payables we hold as a liability in excess of the amount of
margin receivables we hold as an asset. This difference represents excess customer cash that we are required by
our regulators to segregate in a cash account for the exclusive benefit of our brokerage customers. Segregated
cash declined by $0.9 billion during the year ended December 31, 2010. This decline was driven primarily by an
increase in margin receivables of $1.3 billion due to organic growth during the year ended December 31, 2010.
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