eTrade 2004 Annual Report Download - page 104

Download and view the complete annual report

Please find page 104 of the 2004 eTrade annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 150

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150

Table of Contents
Index to Financial Statements
the acceleration of option vesting and tax reimbursements under certain circumstances, in the event of termination of employment under
defined circumstances within 24 months following a change of control in the Company, or in some circumstances, solely in the event of
termination. Base salaries are subject to adjustments by the Company’s Board of Directors.
Through July 2002, SOFTBANK held more than 10% of the Company’s outstanding common stock and had a representative on the
Company’s Board of Directors. SOFTBANK was a majority owner of E*TRADE Japan K.K. before it merged with SBI and is currently a
majority owner of SBI. SOFTBANK is an investor in venture capital funds sponsored by the Company. The Company repurchased stock from
SOFTBANK during 2001 at a discount from market price and repurchased the remainder of SOFTBANK’s interest in 2002, as is more fully
disclosed in Note 20.
The Company also holds a joint interest in Thor Credit Corporation with Thor Industries, Inc. The Company provides certain
management and loan services to Thor Credit Corporation, which are related party transactions.
NOTE 15—DEPOSITS
Deposits are summarized as follows (dollars in thousands):
Deposits, classified by rates are as follows (in thousands):
95
Weighted-
Average
Rate
Amount
Percent
December 31,
December 31,
December 31,
2004
2003
2004
2003
2004
2003
Sweep deposit account
0.40
%
0.15
%
$
6,167,436
$
4,258,770
50.1
%
34.0
%
Money market accounts
1.52
%
1.36
%
3,340,245
4,412,329
27.2
35.3
Certificates of deposit
3.40
%
3.36
%
2,069,674
3,234,139
16.8
25.8
Brokered certificates of deposit
2.51
%
2.78
%
294,587
292,476
2.4
2.4
Passbook savings accounts
1.18
%
1.78
%
691
809
—
—
Checking accounts:
Interest
-
0.66
%
0.80
%
430,043
315,351
3.5
2.5
Non
-
interest
-
—
%
—
%
298
612
—
—
Total
1.27
%
1.48
%
$
12,302,974
$
12,514,486
100.0
%
100.0
%
December 31,
2004
2003
0.00%
–
1.99%
$
10,448,712
$
9,717,635
2.00%
–
3.99%
1,160,915
1,818,458
4.00%
–
5.99%
426,070
588,116
6.00%
–
7.99%
257,468
390,274
8.00%
–
9.99%
9,938
3
Subtotal
12,303,103
12,514,486
Fair value adjustments
(129
)
—
Total deposits
$
12,302,974
$
12,514,486