eTrade 2002 Annual Report Download - page 147

Table of Contents
Index to Financial Statements
Interest expense on deposits in fiscal 2002, fiscal 2001, the three months ended December 31, 2000, and fiscal 2000 are summarized as follows
(in thousands):
Year Ended December31, ThreeMonths Ended December31,
2000 Year Ended September30, 2000
2002 2001
Money market $ 89,082 $ 65,047 $ 5,388 $ 16,435
Passbook savings 7 12 3 12
Checking 2,501 4,872 1,247 2,501
Certificates of deposit 244,140 351,133 74,933 178,800
Brokered certificates of deposit 5,975 1,810 1,422 5,825
Total $ 341,705 $ 422,874 $ 82,993 $ 203,573
Accrued interest payable on deposits included in accounts payable, accrued and other liabilities is $6.0million at December 31, 2002 and $1.5
million at December 31, 2001.
13.BORROWINGS BY BANK SUBSIDIARY
Borrowings by Bank subsidiary are comprised of FHLB advances and securities sold under agreements to repurchase (“REPOs”) and other
short-term borrowings by our Bank subsidiary. The maturities of borrowings at December 31, 2002 and total borrowings at December 31, 2001
are shown below (dollars in thousands):
FHLB Advances Repurchase Agreementsand Short-Term
Borrowings Total Weighted Average Interest Rate
Due in fiscal:
2003 $ 614,000 $ 5,844,861 $ 6,458,861 1.08 %
2004 396,300 67,000 463,300 1.61 %
2005 150,000 — 150,000 3.23 %
2006 100,000 — 100,000 1.40 %
2007—Thereafter 50,000 — 50,000 6.96 %
Total borrowings at December 31,
2002
$ 1,310,300 $ 5,911,861 $ 7,222,161
Total borrowings at December 31,
2001
$ 906,300 $ 3,264,140 $ 4,170,440
The Bank subsidiary had $1.1 billion floating rate and $200 million fixed rate FHLB advances at December31, 2002. The floating rate
advances adjust daily to the Federal Funds Rate or quarterly based on the London InterBank Offering Rate (“LIBOR”) rate. The Bank is
required to maintain qualified collateral equal to 85 to 90 percent of the Bank’ s FHLB advances, depending on the collateral type. As of
December 31, 2002 and 2001, the Bank secured these advances with an assignment of specific mortgage loan collateral from its loan portfolio
and with mortgage-backed securities. The one- to four-family first- mortgage whole loans and mortgage-backed securities pledged as collateral
totaled approximately $2.6 billion and $3.5 billion at December31, 2002 and 2001, respectively. The Bank is required to be a member of the
FHLB System and to maintain an investment in the stock of the FHLB at least equal to the greater of one percent of the unpaid principal
2003. EDGAR Online, Inc.