eTrade 2005 Annual Report Download - page 61

Table of Contents
expenses from 2003 to 2004 was largely driven by the decline in facility restructuring and other exit activities as we recorded significant
charges in 2003 related to our 2003 Restructuring Plan.
BALANCE SHEET OVERVIEW
The following table sets forth the significant components of our Consolidated Balance Sheets (dollars in thousands):
December31,
Variance
2005
2004
2005vs.2004
Assets:
Cash and equivalents
$
844,188
$
939,906
(10
)
%
Brokerage receivables, net
7,174,175
3,034,548
136
%
Trading securities
146,657
593,245
(75
)
%
Available-for-sale mortgage-backed and investment securities
12,564,738
12,543,818
—
%
Loans receivable, net
19,424,895
11,505,755
69
%
Loans held-for-sale, net
87,371
279,280
(69
)
%
Other assets
4,325,662
2,136,031
103
%
Total assets
$
44,567,686
$
31,032,583
44
%
Liabilities and shareholders’ equity:
Brokerage payables
$
7,315,659
$
3,618,892
102
%
Deposits
15,948,015
12,302,974
30
%
Securities sold under agreements to repurchase
11,101,542
9,897,191
12
%
Other borrowings by Bank subsidiary
4,166,592
1,760,732
137
%
Corporate debt
2,022,701
585,617
245
%
Other liabilities
613,617
638,975
(4
)
%
Total liabilities
41,168,126
28,804,381
43
%
Shareholders’ equity
3,399,560
2,228,202
53
%
Total liabilities and shareholders’ equity
$
44,567,686
$
31,032,583
44
%
Total assets increased 44%, or $13.5 billion during 2005. This increase was driven primarily by loans receivable, net up $7.9 billion and
brokerage receivables up $4.1 billion. Other assets increased due to goodwill and intangibles added as a component of the Harris
direct
and BrownCo acquisitions. Excluding the initial balance of brokerage receivables at acquisition, organically generated brokerage
receivables increased by 33%. Deposits increased $3.6 billion due to higher SDA and money market deposits. Our growth in
borrowings including securities sold under agreements to repurchase relates to the funding of loan growth. Corporate debt increased
due to the funding of our acquisitions in 2005.
37
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2006. EDGAR Online, Inc.