eTrade 2007 Annual Report Download - page 110
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In 2007, the gain on sales of publicly traded equity securities was primarily a result of the sales of the
Company’s holdings in E*TRADE Australia and E*TRADE Korea. In 2006, the gains on sales of publicly traded
equity securities primarily included the sales of the Company’s holdings in International Securities Exchange and
Softbank Investment Corporation of $64.2 million and $7.5 million respectively. In 2005 the gain primarily
included the sale of the Company’s holdings in Softbank Investment Corporation.
NOTE 7—LOANS, NET
Loans, net are summarized as follows (dollars in thousands):
December 31,
2007 2006
Loans held-for-sale $ 100,539 $ 283,496
Loans receivable, net:
One- to four-family 15,506,529 10,870,214
Home equity 11,901,324 11,809,008
Consumer and other loans:
Recreational vehicle 1,910,454 2,292,356
Marine 526,580 651,764
Commercial 272,156 219,008
Credit card 90,764 128,583
Other 23,334 81,239
Total consumer and other loans 2,823,288 3,372,950
Total loans receivable 30,231,141 26,052,172
Unamortized premiums, net 315,866 388,153
Allowance for loan losses (508,164) (67,628)
Total loans receivable, net 30,038,843 26,372,697
Total loans, net $30,139,382 $26,656,193
In addition to these loans, the Company had commitments to originate, buy and sell loans at
December 31, 2007 (see Note 23—Commitments, Contingencies and Other Regulatory Matters).
The following table shows the percentage of adjustable and fixed-rate loans in the Company’s portfolio
(dollars in thousands):
December 31, 2007 December 31, 2006
$ Amount % of Total $ Amount % of Total
Adjustable rate loans:
One- to four-family $11,853,216 39.1% $ 5,425,627 20.6%
Home equity 8,367,860 27.6 8,005,452 30.4
Consumer and other 363,482 1.2 347,591 1.3
Total adjustable rate loans 20,584,558 67.9 13,778,670 52.3
Fixed rate loans 9,747,481 32.1 12,553,307 47.7
Total loans(1) $30,332,039 100.0% $26,331,977 100.0%
(1) Includes the principal of held-for-sale loans of $0.1 billion and $0.3 billion at December 31, 2007 and 2006.
The weighted-average remaining maturity of mortgage loans secured by one- to four-family residences was
337 and 340 months at December 31, 2007 and 2006, respectively. Additionally, all mortgage loans outstanding
at December 31, 2007 and 2006 in the held-for-investment portfolio were serviced by other companies.
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