eTrade 2005 Annual Report Download - page 197

Table of Contents
Year Ended December31, 2004
Retail
Institutional
Eliminations
(1)
Total
Revenues:
Commissions
$
328,889
$
102,749
$
—
$
431,638
Principal transactions
—
126,893
—
126,893
Gain on sales of loans and securities, net
93,694
47,024
—
140,718
Service charges and fees
84,445
13,130
—
97,575
Other revenues
106,457
16,684
(34,064
)
89,077
Interest income
492,233
956,972
(303,608
)
1,145,597
Interest expense
(169,955
)
(644,108
)
303,608
(510,455
)
Net interest income
322,278
312,864
—
635,142
Provision for loan losses
—
(38,121
)
—
(38,121
)
Net interest income after provision for loan
losses
322,278
274,743
—
597,021
Total revenues
935,763
581,223
(34,064
)
1,482,922
Expense excluding interest:
Compensation and benefits
227,867
122,573
—
350,440
Occupancy and equipment
57,437
12,135
—
69,572
Communications
61,112
8,562
—
69,674
Professional services
43,470
24,277
—
67,747
Commissions, clearance and floor brokerage
42,227
100,205
(12,736
)
129,696
Advertising and market development
57,193
4,962
—
62,155
Servicing and other banking expenses
7,754
49,545
(21,328
)
35,971
Fair value adjustments of financial derivatives
—
(2,299
)
—
(2,299
)
Depreciation and amortization
65,599
12,293
—
77,892
Amortization of other intangibles
11,863
7,580
—
19,443
Facility restructuring and other exit activities
4,784
10,904
—
15,688
Other
48,840
42,304
—
91,144
Total expenses excluding interest
628,146
393,041
(34,064
)
987,123
Segment income
$
307,617
$
188,182
$
—
$
495,799
(1)
Reflects elimination of transactions between retail and institutional segments, which includes deposit transfer pricing, servicing and order flow rebates.
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