eTrade 2011 Annual Report Download - page 56

Deposits
Deposits are summarized as follows (dollars in millions):
Variance
December 31, 2011 vs. 2010
2011 2010 Amount %
Sweep deposits $18,619.0 $16,139.6 $2,479.4 15%
Complete savings deposits 5,720.8 6,683.6 (962.8) (14)%
Other money market and savings deposits 1,033.2 1,092.9 (59.7) (5)%
Checking deposits 863.3 825.6 37.7 5%
Certificates of deposit 190.5 407.1 (216.6) (53)%
Brokered certificates of deposit 33.2 91.5 (58.3) (64)%
Total deposits $26,460.0 $25,240.3 $1,219.7 5%
Deposits represented 62% and 60% of total liabilities at December 31, 2011 and 2010, respectively. At
December 31, 2011, 93% of our customer deposits were covered by FDIC insurance. Deposits generally provide the
benefit of lower interest costs compared with wholesale funding alternatives. Deposits increased 5% to $26.5 billion
at December 31, 2011 from $25.2 billion at December 31, 2010. The increase was due primarily to an increase of
$2.5 billion in sweep deposits, partially offset by a decrease of $1.0 billion in complete savings deposits.
The deposits balance is a component of the total customer cash and deposits balance reported as a customer
activity metric of $35.5 billion and $33.5 billion at December 31, 2011 and 2010, respectively. The total
customer cash and deposits balance is summarized as follows (dollars in millions):
Variance
December 31, 2011 vs. 2010
2011 2010 Amount %
Deposits $26,460.0 $25,240.3 $1,219.7 5%
Less: brokered certificates of deposit (33.2) (91.5) 58.3 (64)%
Retail deposits 26,426.8 25,148.8 1,278.0 5%
Customer payables 5,590.9 5,020.1 570.8 11%
Customer cash balances held by third parties and other 3,520.1 3,363.8 156.3 5%
Total customer cash and deposits $35,537.8 $33,532.7 $2,005.1 6%
Wholesale Borrowings
Wholesale borrowings, which consist of securities sold under agreements to repurchase and FHLB advances
and other borrowings, are summarized as follows (dollars in millions):
Variance
December 31, 2011 vs. 2010
2011 2010 Amount %
Securities sold under agreements to repurchase $5,015.5 $5,888.3 $(872.8) (15)%
FHLB advances $2,302.7 $2,284.1 $ 18.6 1%
Subordinated debentures 427.6 427.5 0.1 0%
Other 6.6 20.1 (13.5) (67)%
Total FHLB advances and other borrowings $2,736.9 $2,731.7 $ 5.2 0%
Total wholesale borrowings $7,752.4 $8,620.0 $(867.6) (10)%
Wholesale borrowings represented 18% and 20% of total liabilities at December 31, 2011 and 2010,
respectively. Securities sold under agreements to repurchase and FHLB advances are the primary wholesale
funding sources of the Bank. As a result, we expect these balances to fluctuate over time as deposits and interest-
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