eTrade 2003 Annual Report Download - page 22

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Table of Contents
Index to Financial Statements
2002 and $70.9 million at December 31, 2001. The Bank recognized a loss from the sale of trading assets of $21.5 million for 2003, realized
gains of $3.9 million for 2002 and $20.3 million for 2001. In addition, we had unrealized trading assets appreciation of $4.8 million for 2003
and depreciation of $0.9 million for 2002 and $11.0 million for 2001.
Our investments classified as available-for-sale are carried at estimated fair value with the unrealized gains and losses reflected as a
component of accumulated other comprehensive income.
The following table shows the cost basis and fair value of our mortgage-
backed securities and investment portfolio that the Bank held and
classified as available-for-sale (in thousands):
In addition to the available-for-sale investment securities listed in the preceding table, we had an investment in Federal Home Loan Bank
(“FHLB”) stock, as required of members of the FHLB System. The stock is recorded at cost, which approximates fair value. The balance of
FHLB stock was $79.2 million at December 31, 2003, $80.7 million at December 31, 2002 and $56.5 million at December 31, 2001.
14
December 31,
2003
2002
2001
Cost Basis
Fair Value
Cost Basis
Fair Value
Cost Basis
Fair Value
Mortgage
-
backed securities
$
7,313,908
$
7,157,389
$
6,940,380
$
6,932,394
$
3,620,656
$
3,556,619
Investment securities:
Asset
-
backed securities
2,000,239
2,010,729
750,221
737,582
386
386
Publicly traded equity securities
161,000
160,892
135,000
134,538
—
—
Corporate bonds
122,583
116,030
377,731
352,590
884,246
871,510
Municipal bonds
44,906
45,646
32,005
32,561
67,104
66,959
Obligations of U.S. government agencies
—
—
—
—
13,297
11,874
Other investments
86,217
79,637
1,093
939
29,282
28,407
Total investment securities
2,414,945
2,412,934
1,296,050
1,258,210
994,315
979,136
Total available
-
for
-
sale securities
$
9,728,853
$
9,570,323
$
8,236,430
$
8,190,604
$
4,614,971
$
4,535,755