eTrade 2010 Annual Report Download - page 55
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Deposits
Deposits are summarized as follows (dollars in millions):
Variance
December 31, 2010 vs. 2009
2010 2009 Amount %
Sweep deposits $16,139.6 $12,551.5 $ 3,588.1 29%
Complete savings deposits 6,683.6 9,704.0 (3,020.4) (31)%
Other money market and savings deposits 1,092.9 1,183.4 (90.5) (8)%
Checking deposits 825.6 813.7 11.9 1%
Certificates of deposit 407.1 1,215.8 (808.7) (67)%
Brokered certificates of deposit 91.5 129.3 (37.8) (29)%
Total deposits $25,240.3 $25,597.7 $ (357.4) (1)%
Deposits represented 60% and 59% of total liabilities at December 31, 2010 and 2009, respectively. At
December 31, 2010, 94% of our customer deposits were covered by FDIC insurance. Deposits generally provide
us the benefit of lower interest costs compared with wholesale funding alternatives. The decrease in deposits of
$0.4 billion during the year ended December 31, 2010 was driven primarily by a decrease of $3.0 billion in
complete savings deposits and a decrease of $0.8 billion in certificates of deposit, partially offset by an increase
of $3.6 billion in sweep deposits. The decrease in complete savings deposits included the impact of the sale of
approximately $1 billion of savings accounts to Discover Financial Services, which occurred in March 2010. The
savings accounts sold were predominantly with customers not affiliated with an active brokerage account.
The deposits balance is a component of the total customer cash and deposits balance reported as a customer
activity metric of $33.5 billion and $33.8 billion at December 31, 2010 and 2009, respectively. The total
customer cash and deposits balance is summarized as follows (dollars in millions):
Variance
December 31, 2010 vs. 2009
2010 2009 Amount %
Deposits $25,240.3 $25,597.7 $(357.4) (1)%
Less: brokered certificates of deposit (91.5) (129.3) 37.8 (29)%
Retail deposits 25,148.8 25,468.4 (319.6) (1)%
Customer payables 5,020.1 5,234.2 (214.1) (4)%
Customer cash balances held by third parties and other 3,363.8 3,132.8 231.0 7%
Total customer cash and deposits $33,532.7 $33,835.4 $(302.7) (1)%
Wholesale Borrowings
Wholesale borrowings, which consist of securities sold under agreements to repurchase and FHLB advances
and other borrowings are summarized as follows (dollars in millions):
Variance
December 31, 2010 vs. 2009
2010 2009 Amount %
Securities sold under agreements to repurchase $5,888.3 $6,441.9 $(553.6) (9)%
FHLB advances $2,284.1 $2,303.6 $ (19.5) (1)%
Subordinated debentures 427.5 427.4 0.1 0%
Other 20.1 15.9 4.2 26%
Total FHLB advances and other borrowings $2,731.7 $2,746.9 $ (15.2) (1)%
Total wholesale borrowings $8,620.0 $9,188.8 $(568.8) (6)%
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