eTrade 2007 Annual Report Download - page 68
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Interest Rates and Operating Interest Differential
Increases and decreases in operating interest income and operating interest expense result from changes in
average balances (volume) of interest-earning banking assets and liabilities, as well as changes in average interest
rates (rate). The following table shows the effect that these factors had on the interest earned on our interest-
earning banking assets and the interest incurred on our interest-bearing banking liabilities. The effect of changes
in volume is determined by multiplying the change in volume by the previous year’s average yield/cost.
Similarly, the effect of rate changes is calculated by multiplying the change in average yield/cost by the previous
year’s volume. Changes applicable to both volume and rate have been allocated proportionately (dollars in
thousands):
2007 Compared to 2006
Increase (Decrease) Due To
2006 Compared to 2005
Increase (Decrease) Due To
Volume Rate Total Volume Rate Total
Interest-earning banking assets:
Loans, net(1) $556,446 $ 64,715 $621,161 $398,605 $137,551 $ 536,156
Margin receivables 42,688 1,911 44,599 291,489 23,569 315,058
Mortgage-backed and related
available-for-sale securities 45,934 14,445 60,379 100,043 88,687 188,730
Available-for-sale investment
securities 69,977 7,091 77,068 19,350 30,791 50,141
Trading securities (2,029) 2,148 119 (8,241) 7,287 (954)
Cash and cash equivalents 5,023 869 5,892 (9,826) 17,987 8,161
Stock borrow and other 21,547 3,328 24,875 5,176 14,063 19,239
Total interest-earning banking
assets(2) 739,586 94,507 834,093 796,596 319,935 1,116,531
Interest-bearing banking liabilities:
Retail deposits 170,150 119,912 290,062 157,493 132,366 289,859
Brokered certificates of deposit (1,107) 1,783 676 3,329 5,717 9,046
Customer payables 2,562 13,223 15,785 24,480 28,385 52,865
Repurchase agreements and other
borrowings 66,280 28,017 94,297 34,185 140,563 174,748
FHLB advances 183,552 15,345 198,897 9,301 29,749 39,050
Stock loan and other 7,122 (1,700) 5,422 15,617 10,862 26,479
Total interest-bearing banking
liabilities 428,559 176,580 605,139 244,405 347,642 592,047
Change in net operating
interest income $311,027 $ (82,073) $228,954 $552,191 $ (27,707) $ 524,484
(1) Nonaccrual loans are included in the respective average loan balances. Income on such nonaccrual loans is recognized on a cash basis.
(2) Amount includes a taxable equivalent increase in operating interest income of $30.9 million and $19.3 million for 2007 and 2006,
respectively.
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