eTrade 2002 Annual Report Download - page 183
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Table of Contents
Index to Financial Statements
Commitments to purchase and originate loans —The fair value is estimated by calculating the net present value of the anticipated cash flows
associated with IRLC’ s.
The fair value of financial instruments whose estimated fair values were different than their carrying values is summarized below (in
thousands):
December 31, 2002 December 31, 2001
Carrying Value Fair Value Carrying Value Fair Value
Assets:
Loans receivable and loans
held-for-sale, net
$ 7,365,720 $ 7,353,175 $ 8,010,457 $ 8,012,591
Equity method and other investments $ 113,196 $ 111,895 $ 82,744 $ 138,760
Liabilities:
Deposits $ 8,400,333 $ 8,539,347 $ 8,082,859 $ 8,178,159
Borrowings by Bank subsidiary $ 7,222,161 $ 7,234,232 $ 4,170,440 $ 4,176,906
Subordinated notes $ 695,330 $ 553,893 $ 760,250 $ 728,617
30. SEGMENT AND GEOGRAPHIC INFORMATION
The Company has separated its financial services into four major categories: (1) Domestic Retail Brokerage, (2) Banking, (3) Global and
Institutional and (4) Wealth Management and Other. The Domestic Retail Brokerage business is primarily comprised of the activities of
E*TRADE Securities, a retail and institutional introducing broker/dealer, its securities clearing firm, E*TRADE Clearing, Dempsey and
E*TRADE Professional Trading. Banking is comprised of the activities of ETFC, the holding company of the Bank, offering a wide range of
FDIC-insured and other banking products, E*TRADE Access which operates a nationwide network of ATMs, and E*TRADE Mortgage,
provider of mortgage lending services. Global and Institutional includes the activities of E*TRADE Institutional, which provides services
primarily to institutional investors and international affiliates which provide services primarily to retail investors. Wealth Management and
Other includes mutual fund operations, BSG and other services focused on retirement and 401(k) rollover programs, college savings plans,
delivery of electronic advice and money management, tiered product offerings and activities generated from corporate operations. As the
Wealth Management and Other operations are not material to the consolidated results and have characteristics comparable to the offerings of
other retail brokerage firms, management has aggregated Wealth Management and Other with Domestic Retail Brokerage to form one of three
reportable segments. Corporate administration costs are included in Domestic Retail Brokerage and Other.
133
2003. EDGAR Online, Inc.