eTrade 2011 Annual Report Download - page 86
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• Ginnie Mae participation certificates, guaranteed by the full faith and credit of the U.S.; and
• Collateralized mortgage obligations.
The majority of our investment securities portfolio is composed of other agency debt securities and agency
debentures which are unsecured senior debt primarily offered by the Small Business Administration, Fannie Mae,
Freddie Mac and the FHLB.
Trading securities are carried at fair value with any realized or unrealized gains and losses reflected in our
consolidated statement of income (loss) as gains on loans and securities, net. Available-for-sale securities are
carried at fair value with the unrealized gains and losses reflected as a component of accumulated other
comprehensive loss. Held-to-maturity securities are carried at amortized cost based on the Company’s positive
intent and ability to hold these securities to maturity.
The following table shows the amortized cost and fair value of our mortgage-backed and investment securities
portfolio that the Company held and classified as available-for-sale and held-to-maturity (dollars in millions):
December 31,
2011 2010 2009
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Available-for-sale securities:
Residential mortgage-backed securities:
Agency mortgage-backed securities
and CMOs $13,772.1 $13,965.7 $13,017.8 $12,898.1 $ 8,945.4 $ 8,966.9
Non-agency CMOs 422.6 341.6 490.3 395.4 590.2 375.1
Total residential mortgage-backed
securities 14,194.7 14,307.3 13,508.1 13,293.5 9,535.6 9,342.0
Investment securities:
Debt securities:
Agency debentures 743.3 731.2 1,324.5 1,269.6 3,928.9 3,920.0
Other agency debt securities 541.0 554.2 187.6 187.5 — —
Municipal bonds 42.3 41.1 42.4 37.3 42.5 39.0
Corporate bonds 25.4 17.7 25.3 17.8 25.4 17.8
Total debt securities 1,352.0 1,344.2 1,579.8 1,512.2 3,996.8 3,976.8
Publicly traded equity securities:
Corporate investments ———— 0.20.9
Total investment securities 1,352.0 1,344.2 1,579.8 1,512.2 3,997.0 3,977.7
Total available-for-sale securities $15,546.7 $15,651.5 $15,087.9 $14,805.7 $13,532.6 $13,319.7
Held-to-maturity securities:
Residential mortgage-backed securities:
Agency mortgage-backed securities
and CMOs $ 5,296.5 $ 5,458.0 $ 1,928.6 $ 1,897.0 $ — $ —
Investment securities:
Debt securities:
Agency debentures 163.4 169.2 219.2 216.2 — —
Other agency debt securities 619.6 655.8 314.9 309.1 — —
Total investment securities 783.0 825.0 534.1 525.3 — —
Total held-to-maturity securities $ 6,079.5 $ 6,283.0 $ 2,462.7 $ 2,422.3 $ — $ —
83