eTrade 2009 Annual Report Download - page 167
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The Company evaluates the performance of its segments based on segment contribution (net revenue less
provision for loan losses and operating expense). All corporate overhead, administrative and technology charges
are allocated to segments either in proportion to their respective direct costs or based upon specific operating
criteria.
Financial information for the Company’s reportable segments is presented in the following tables (dollars in
thousands):
Year Ended December 31, 2009
Trading and
Investing
Balance Sheet
Management Eliminations(1) Total
Revenue:
Operating interest income $1,007,319 $ 1,623,566 $(798,327) $1,832,558
Operating interest expense (213,953) (1,156,330) 798,327 (571,956)
Net operating interest income 793,366 467,236 — 1,260,602
Commissions 547,993 — — 547,993
Fees and service charges 185,652 6,864 — 192,516
Principal transactions 88,053 — — 88,053
Gains (losses) on loans and securities, net (81) 169,187 — 169,106
Other-than-temporary impairment — (232,139) — (232,139)
Less: noncredit portion of OTTI recognized in
other comprehensive loss (before tax) — 143,044 — 143,044
Net impairment — (89,095) — (89,095)
Other revenues 35,555 12,286 — 47,841
Total non-interest income 857,172 99,242 — 956,414
Total net revenue 1,650,538 566,478 — 2,217,016
Provision for loan losses — 1,498,112 — 1,498,112
Operating expense:
Compensation and benefits 295,955 70,277 — 366,232
Clearing and servicing 86,984 83,727 — 170,711
Advertising and market development 114,391 8 — 114,399
FDIC insurance premiums 93,750 508 — 94,258
Communications 83,991 390 — 84,381
Professional services 49,694 29,024 — 78,718
Occupancy and equipment 76,075 2,285 — 78,360
Depreciation and amortization 72,867 10,470 — 83,337
Amortization of other intangibles 29,737 — — 29,737
Facility restructuring and other exit activities 20,093 559 — 20,652
Other operating expenses 67,865 54,679 — 122,544
Total operating expense 991,402 251,927 — 1,243,329
Segment income (loss) $ 659,136 $(1,183,561) $ — $ (524,425)
(1) Reflects elimination of transactions between trading and investing and balance sheet management segments, which includes deposits and
intercompany transfer pricing arrangements.
164