eTrade 2003 Annual Report Download - page 77

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Table of Contents
Index to Financial Statements
Contractual Maturities
The contractual maturities of available-for-sale debt securities, including mortgage-backed securities, at December 31, 2003 are shown
below (in thousands):
The Company pledged $5.7 billion at December 31, 2003 and $6.5 billion at December 31, 2002 of mortgage-backed securities as
collateral for repurchase agreements, short-term borrowings, derivative instruments and FHLB advances.
Realized Gains (Losses)
Amortized
Cost
Estimated
Fair
Values
Due within one year
$
3,074
$
3,071
Due within one to five years
65,928
64,938
Due within five to ten years
175,672
168,121
Due after ten years
9,326,906
9,177,036
Total
$
9,571,580
$
9,413,166
Realized gains and losses from the sales and other-than-temporary impairment of available-for-sale investment securities, including
mortgage-backed securities, are as follows (in thousands):
65
Year Ended December 31,
2003
2002
2001
Mortgage
-
backed securities:
Realized gains
$
138,781
$
90,693
$
57,387
Realized losses
(47,046
)
(24,014
)
(5,030
)
Impairment charges(1)
—
(
16,603
)
(534
)
Net realized gains on mortgage-backed securities included in gain
on sales of loans held
-
for
-
sale and securities, net
$
91,735
$
50,076
$
51,823
Other bank investments:
Realized gains
$
22,951
$
6,586
$
15,706
Realized losses
(6,300
)
(1,827
)
(1,128
)
Impairment charges(2)
(2,198
)
—
(
13,490
)
Net realized gains included in gain on sales of loans held-for-sale
and securities, net
$
14,453
$
4,759
$
1,088
Corporate investments:
Realized gains
$
155,792
$
144
$
1,834
Realized losses
(106
)
(1,874
)
(6,338
)
Impairment charges(3)
(209
)
—
(
10,597
)
Net realized gains (losses) included in gain (loss) on investments
$
155,477
$
(1,730
)
$
(15,101
)
(1) Represents impairment on purchased interest-only securities.
(2) The 2003 amount represents the previously described asset-backed security impairment. The 2001 amount represents impairment on a Bank-held debt security.
(3)
The 2003 and 2001 amounts represent other
-
than
-
temporary declines in the value of certain available
-
for
-
sale corporate investments.