eTrade 2011 Annual Report Download - page 141
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Assuming no future impairments of these assets or additional acquisitions or dispositions, annual
amortization expense will be as follows (dollars in thousands):
Years ending December 31,
2012 $ 25,183
2013 24,269
2014 23,244
2015 21,764
2016 21,109
Thereafter 170,236
Total future amortization expense $285,805
Amortization of other intangibles was $26.2 million, $28.5 million, and $29.7 million for the years ended
December 31, 2011, 2010, and 2009, respectively.
NOTE 10—OTHER ASSETS
Other assets consist of the following (dollars in thousands):
December 31,
2011 2010
Deferred tax assets, net $1,578,704 $1,473,594
Bank owned life insurance policy (1) 287,129 279,928
Deposits paid for securities borrowed 266,045 306,211
Accrued interest receivable 151,932 169,548
Prepaid FDIC insurance premiums 90,658 192,880
Real estate owned and repossessed assets 87,615 133,501
Brokerage operational related receivables 69,524 13,272
Derivative assets 66,534 248,911
Securities sold collateral not delivered 65,815 —
Third party loan servicing receivable 40,964 50,077
Other investments 40,317 44,854
Other prepaids 33,359 29,080
Loans held-for-sale 11,713 5,471
Other 170,364 136,346
Total other assets $2,960,673 $3,083,673
(1) Represents the cash surrender value.
NOTE 11—DEPOSITS
Deposits are summarized as follows (dollars in thousands):
Amount Weighted-Average Rate
December 31, December 31,
2011 2010 2011 2010
Sweep deposits (1) $18,618,954 $16,139,585 0.08 % 0.08 %
Complete savings deposits 5,720,758 6,683,631 0.15 % 0.30 %
Other money market and savings deposits 1,033,254 1,092,949 0.15 % 0.24 %
Checking deposits 863,310 825,561 0.10 % 0.10 %
Certificates of deposit 190,483 407,091 2.59 % 2.62 %
Brokered certificates of deposit 33,226 91,480 5.42 % 4.52 %
Total deposits $26,459,985 $25,240,297 0.12 % 0.20 %
(1) A sweep product transfers brokerage customer balances to banking subsidiaries, which hold these funds as customer deposits in FDIC
insured demand deposit and money market deposit accounts.
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