eTrade 2000 Annual Report Download - page 80

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similar liquid securities and adjusting the price to reflect differences between the two securities, such as credit risk, liquidity, term,
coupon, payment characteristics and other information.
The amortized cost basis and estimated fair values of available-for-sale mortgage-backed securities at September 30, 2000 and 1999
are shown as follows (in thousands):
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Values
September 30, 2000:
Private issuer $ 49,590 $ 138 $ (2,356 ) $ 47,372
US Government obligations 780,684 2,299 (5,299 ) 777,684
Collateralized mortgage
obligations
3,396,622 8,529 (41,654 ) 3,363,497
Total $ 4,226,896 $ 10,966 $ (49,309 ) $ 4,188,553
September 30, 1999:
Private issuer $ 76,167 $ 267 $ (1,882 ) $ 74,552
US Government obligations 30,891 52 (489 ) 30,454
Collateralized mortgage
obligations
1,326,400 273 (5,626 ) 1,321,047
Total $ 1,433,458 $ 592 $ (7,997 ) $ 1,426,053
The contractual maturities of available-for-sale mortgage-backed securities at September 30, 2000 are shown as follows (in
thousands):
Amortized
Cost
Estimated
Fair Values
Due within one to five years $ 141 $ 135
Due within five to ten years 15,053 14,725
Due after ten years 4,211,702 4,173,693
Total $ 4,226,896 $ 4,188,553
The Company pledged $1.9 billion and $832.0 million of private issuer mortgage-backed securities as collateral for repurchase
agreements at September 30, 2000 and 1999, respectively. Gross realized gains and losses on available-for-sale mortgage-backed
securities that were sold as of September 30, 2000 were $3.9 million and $403,000, respectively. The gross realized gains and losses
on available-for-sale mortgage-backed securities that were sold as of September 30, 1999 were $3.7 million and $605,000,
respectively. The gross realized gains and losses on available-for-sale mortgage-backed securities that were sold as of September 30,
1998 were $2.4 million and $113,000, respectively.
87
6. LOANS RECEIVABLE—NET
Loans receivable—net are summarized as follows (in thousands):
September 30,
2000 1999
First mortgage loans (principally conventional):
Secured by one- to four-family residences $ 4,219,084 $ 2,177,075
Secured by commercial real estate 2,717 3,050
Secured by mixed-use property 503 945
Secured by five or more dwelling units 203 1,330
Secured by land — 279
Total first mortgage loans 4,222,507 2,182,679
Other loans:
Home equity and second mortgage loans 4,042 1,024
Other 306 685
Total loans 4,226,855 2,184,388
Less unamortized discounts, net (43,171 ) (22,718 )
2002. EDGAR Online, Inc.