eTrade 2003 Annual Report Download - page 4

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Table of Contents
Index to Financial Statements
E*TRADE FINANCIAL CORPORATION
FORM 10-K ANNUAL REPORT
For the Year ended December 31, 2003
TABLE OF CONTENTS
Page
PART I
1
Item 1.
Business
1
Overview
1
Brokerage
1
Banking
3
Competition
3
Regulation
4
Required Financial Data
5
Item 2.
Properties
17
Item 3.
Legal and Administrative Proceedings
17
Item 4.
Submission of Matters to a Vote of Security Holders
18
PART II
19
Item 5.
Market for Registrant
’
s Common Equity and Related Shareholder Matters
19
Item 6.
Selected Consolidated Financial Data
20
Item 7.
Management
’
s Discussion and Analysis of Financial Condition and Results of Operations
21
Overview
21
Summary of Critical Accounting Policies and Estimates
22
Results of Operations
24
Liquidity and Capital Resources
31
Risk Factors
34
Item 7A.
Quantitative and Qualitative Disclosures about Market Risk
39
Brokerage Operations
39
Banking Operations
40
Item 8.
Consolidated Financial Statements and Supplementary Data
42
Index to Consolidated Financial Statements
42
Independent Auditors
’
Report
43
Consolidated Balance Sheets
44
Consolidated Statements of Operations
45
Consolidated Statements of Comprehensive Income (Loss)
46
Consolidated Statements of Shareholders
’
Equity
47
Consolidated Statements of Cash Flows
49
Notes to Consolidated Financial Statements
51
Note 1
—
Organization and Basis of Presentation
51
Note 2
—
Summary of Significant Accounting Policies
52
Note 3
—
Business Combinations
59
Note 4
—
Brokerage Receivables, Net and Brokerage Payables
62
Note 5
—
Available
-
for
-
Sale Mortgage
-
Backed and Investment Securities
63