eTrade 2005 Annual Report Download - page 32

Table of Contents
At December31,
Variance
2005
2004
2003
2002
2001
2005vs.2004
Financial Condition (at
year end)
Available-for-sale
mortgage-backed and
investment securities
$
12,564.7
$
12,543.8
$
9,826.9
$
8,193.1
$
4,555.1
0
%
Total loans, net
$
19,512.3
$
11,785.0
$
9,131.4
$
7,365.7
$
8,010.5
66
%
Brokerage receivables, net
$
7,174.2
$
3,034.5
$
2,297.8
$
1,421.8
$
2,139.2
136
%
Total assets
$
44,567.7
$
31,032.6
$
26,049.2
$
21,455.9
$
18,172.4
44
%
Deposits
$
15,948.0
$
12,303.0
$
12,514.5
$
8,400.3
$
8,082.9
30
%
Corporate debt
(1)
$
2,022.7
$
585.6
$
695.3
$
695.3
$
760.3
245
%
Capital lease liability
$
—
$
0.2
$
0.9
$
4.4
$
18.2
Mandatorily redeemable
capital preferred securities
(2)
$
—
$
—
$
—
$
143.4
$
69.5
Shareholders’ equity
$
3,399.6
$
2,228.2
$
1,918.3
$
1,505.8
$
1,570.9
53
%
(1)
Corporate debt represents senior notes, mandatory convertible notes and convertible subordinated notes.
(2)
Mandatorily redeemable capital preferred securities were deconsolidated beginning in 2003 in accordance with SFAS No. 150,
Accounting for Certain Financial Instruments with Characteristics of both
Liabilities and Equity.
These securities are no longer classified as preferred securities; however, they are on the balance under Other Borrowings by Bank Subsidiary.
Year Ended December31,
Variance
2005
2004
2003
2002
2001
2005vs.2004
Key Measures:
Operating margin
38
%
33
%
14
%
21
%
(15
)
%
5
%
Daily Average Revenue
Trades
97,740
83,643
77,052
66,588
89,018
17
%
Average commission per trade
$
13.82
$
15.63
$
16.41
$
17.01
$
17.21
(12
)%
Bank net interest spread
(basis points)
222
207
150
146
100
7
%
Average margin balances
$
2,767
$
2,048
$
1,219
$
1,243
$
2,092
35
%
Average interest-earning
banking assets
$
27,948
$
22,332
$
17,165
$
13,704
$
12,337
25
%
Total employees (period end)
3,439
3,320
3,455
3,478
3,334
4
%
The selected consolidated financial data should be read in conjunction with Item7.Management’s Discussion and Analysis of
Financial Condition and Results of Operations and Item8.Financial Statements and Supplementary Data.
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2006. EDGAR Online, Inc.