eTrade 2004 Annual Report Download - page 3

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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, 2004
PART I
1
Business
1
Overview
1
Brokerage
3
Banking
5
Competition
7
International Operations
7
Regulation
7
Required Financial Data
9
Properties
20
Legal Proceedings
20
Submission of Matters to a Vote of Security Holders
22
PART II
23
Market for Registrant
’
s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
23
Selected Consolidated Financial Data
25
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
26
Overview
26
Results of Operations
27
Liquidity and Capital Resources
38
Summary of Critical Accounting Policies and Estimates
42
Risk Factors
45
Item 7A.
Quantitative and Qualitative Disclosures about Market Risk
51
Corporate Operations
51
Brokerage Operations
51
Banking Operations
52
Item 8.
Financial Statements and Supplementary Data
54
Management Report on Internal Control Over Financial Reporting
55
Reports of Independent Registered Public Accounting Firm
56
Consolidated Balance Sheets
58
Consolidated Statements of Operations
59
Consolidated Statements of Comprehensive Income (Loss)
60
Consolidated Statements of Shareholders
’
Equity
61
Consolidated Statements of Cash Flows
63
Notes to Consolidated Financial Statements
65
Note 1
—
Organization and Basis of Presentation
65
Note 2
—
Summary of Significant Accounting Policies
67
Note 3
—
Discontinued Operations
74
Note 4
—
Business Combinations
76
Note 5
—
Brokerage Receivables, Net and Brokerage Payables
78
Note 6
—
Available
-
for
-
Sale Mortgage
-
Backed and Investment Securities
79
Note 7
—
Other Investments
82
Note 8
—
Loans Receivable, Net
84