eTrade 2005 Annual Report Download - page 171

Table of Contents
During 2005, ETBH formed two trusts, ETBH Capital Trust XXI and ETBH Capital Trust XXII. These two trusts issued 20,000 shares
and 30,000 shares, respectively, of Floating Rate Cumulative Preferred Securities for a total of $20 million and $30 million, respectively.
Net proceeds from these issuances were invested in Floating Rate Junior Subordinated Debentures that mature in 2035 and have
variable rates of 2.40% and 2.20%, respectively, above the three-month LIBOR, payable quarterly.
The face values of outstanding trusts at December31, 2005 are shown below (dollars in thousands):
Trusts
Face
Value
Maturity
Date
Annual Interest Rate
Telebank Capital Trust I
$
9,000
2027
11.00%
ETBH Capital Trust II
$
5,000
2031
10.25%
ETBH Capital Trust I, III
$
35,000
2031
3.75% above 6-month LIBOR
ETBH Capital Trust V—VIII
$
66,000
2032
3.25%-3.65% above 3-month LIBOR
ETBH Capital Trust IV
$
10,000
2032
3.70% above 6-month LIBOR
ETBH Capital Trust IX—XII
$
50,000
2033
3%-3.25% above 3-month LIBOR
ETBH Capital Trust XIII—XVIII, XX
$
77,000
2034
2.45%-2.90% above 3-month LIBOR
ETBH Capital Trust XIX, XXI, XXII
$
60,000
2035
2.20%-2.4% above 3-month LIBOR
Other borrowings also includes $5.4 million of overnight and other short-term borrowings from the Federal Reserve Bank in connection
with the Federal Reserve Bank’s special direct investment and treasury, tax and loan programs. The Company pledged $0.5 billion of
securities and RV loans to secure these borrowings.
Below is additional information regarding borrowings (in thousands):
December31,
2005
2004
Weighted-average balance during the year (calculated on a daily basis)
$
10,115,764
$
8,139,736
Weighted-average interest rate:
During the year (calculated on a daily basis)
3.70
%
3.18
%
At year-end
4.15
%
2.15
%
Maximum month-end balance during the year
$
11,412,028
$
10,285,738
Balance at year-end
$
11,412,028
$
10,170,082
Securities and loans underlying the repurchase agreements at the end of the
year:
Carrying value, including accrued interest
$
11,665,421
$
10,001,607
Estimated market value
$
11,325,412
$
9,958,744
NOTE 16—CORPORATE DEBT
The Company’s long-term debt by type is shown below (in thousands):
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