eTrade 2003 Annual Report Download - page 11

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Table of Contents
Index to Financial Statements
REQUIRED FINANCIAL DATA
This section presents information required by the SEC’s Industry Guide 3, “ Statistical Disclosure by Bank Holding Companies .”
Prior to
its acquisition by E*TRADE FINANCIAL in January 2000, the Bank reported its results of operations on a calendar year basis. Prior to 2001,
E*TRADE FINANCIAL reported on a year ending September 30. The financial information that follows for 1999 includes the results of the
Bank for the twelve-month period ended December 31.
Distribution of Assets, Liabilities and Shareholder’s Equity; Interest Rates and Interest Differential
The following table presents average balance data and income and expense data for our banking operations, as well as the related interest
yields and rates and interest spread (dollars in thousands):
Year Ended December 31,
2003
2002
2001
Average
Balance
Interest
Inc./Exp.
Average
Yield/Cost
Average
Balance
Interest
Inc./Exp.
Average
Yield/Cost
Average
Balance
Interest
Inc./Exp.
Average
Yield/Cost
Interest-earning banking assets:
Loans receivable, net(1)
$
7,659,793
$
384,005
5.01
%
$
7,520,665
$
477,955
6.36
%
$
6,701,905
$
495,768
7.40
%
Interest
-
bearing deposits
203,356
4,560
2.24
%
196,419
5,042
2.57
%
145,077
4,263
2.94
%
Mortgage-backed and related available-for-
sale
securities
6,707,070
255,802
3.81
%
4,730,552
226,785
4.79
%
4,164,081
273,690
6.57
%
Available
-
for
-
sale investment securities
2,026,646
87,340
4.31
%
951,789
46,639
4.90
%
1,175,669
77,116
6.60
%
Investment in FHLB stock
79,642
3,047
3.83
%
75,713
4,304
5.69
%
65,988
4,224
6.40
%
Trading securities
488,372
16,159
3.31
%
228,848
7,128
3.11
%
84,759
3,981
4.70
%
Total interest
-
earning banking assets(2)
17,164,879
$
750,913
4.37
%
13,703,986
$
767,853
5.60
%
12,337,479
$
859,042
6.96
%
Non
-interest-earning banking assets
833,296
629,341
529,233
Total banking assets
$
17,998,175
$
14,333,327
$
12,866,712
Interest
-
bearing banking liabilities:
Retail deposits
$
9,263,881
$
263,017
2.84
%
$
8,243,543
$
335,730
4.07
%
$
7,166,789
$
421,064
5.88
%
Brokered certificates of deposit
365,162
10,147
2.78
%
205,239
5,975
2.91
%
29,236
1,810
6.19
%
FHLB advances
935,043
42,579
4.55
%
970,226
56,952
5.87
%
1,223,724
78,439
6.41
%
Other borrowings
5,976,730
160,081
2.68
%
3,835,442
150,002
3.91
%
3,180,272
190,493
5.99
%
Total interest
-
bearing banking liabilities
16,540,816
$
475,824
2.87
%
13,254,450
$
548,659
4.14
%
11,600,021
$
691,806
5.96
%
Non
-interest-bearing banking liabilities
562,357
310,086
552,513
Total banking liabilities
17,103,173
13,564,536
12,152,534
Total banking shareholder’s equity
895,002
768,791
714,178
Total banking liabilities and shareholder’s
equity
$
17,998,175
$
14,333,327
$
12,866,712
Excess of interest-earning banking assets over
interest-bearing banking liabilities/net interest
income
$
624,063
$
275,089
$
449,536
$
219,194
$
737,458
$
167,236
Net interest:
Spread
1.50
%
1.46
%
1.00
%
Margin (net yield on interest-earning banking
assets)
1.60
%
1.60
%
1.36
%
Ratio of interest-earning banking assets to interest-
bearing banking liabilities
103.77
%
103.39
%
106.36
%
Return by Bank on average:
Total banking assets
0.74
%
0.79
%
0.43
%
Total banking assets, as adjusted(3)
0.74
%
0.79
%
0.53
%
Equity
14.93
%
14.77
%
7.82
%