eTrade 2011 Annual Report Download - page 55
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Securities
Trading, available-for-sale and held-to-maturity securities are summarized as follows (dollars in millions):
Variance
December 31, 2011 vs. 2010
2011 2010 Amount %
Trading securities $ 54.4 $ 62.2 $ (7.8) (13)%
Available-for-sale securities:
Residential mortgage-backed securities:
Agency mortgage-backed securities and
CMOs $13,965.7 $12,898.1 $1,067.6 8%
Non-agency CMOs 341.6 395.4 (53.8) (14)%
Total residential mortgage-backed
securities 14,307.3 13,293.5 1,013.8 8%
Investment securities 1,344.2 1,512.2 (168.0) (11)%
Total available-for-sale securities $15,651.5 $14,805.7 $ 845.8 6%
Held-to-maturity securities:
Residential mortgage-backed securities:
Agency mortgage-backed securities and
CMOs $ 5,296.5 $ 1,928.6 $3,367.9 175%
Investment securities 783.0 534.1 248.9 47%
Total held-to-maturity securities $ 6,079.5 $ 2,462.7 $3,616.8 147%
Total securities $21,785.4 $17,330.6 $4,454.8 26%
Securities represented 45% and 37% of total assets at December 31, 2011 and 2010, respectively. The
increase in available-for-sale securities was due primarily to an increase of $1.1 billion in agency mortgage-
backed securities and CMOs, partially offset by the sale or call of agency debentures.
Loans Receivable, Net
Loans receivable, net are summarized as follows (dollars in millions):
Variance
December 31, 2011 vs. 2010
2011 2010 Amount %
One- to four-family $ 6,615.8 $ 8,170.3 $(1,554.5) (19)%
Home equity 5,328.7 6,410.3 (1,081.6) (17)%
Consumer and other 1,113.2 1,443.4 (330.2) (23)%
Unamortized premiums, net 97.9 129.1 (31.2) (24)%
Allowance for loan losses (822.8) (1,031.2) 208.4 (20)%
Total loans receivable, net $12,332.8 $15,121.9 $(2,789.1) (18)%
Loans receivable, net decreased 18% to $12.3 billion at December 31, 2011 from $15.1 billion at
December 31, 2010. This decline was due primarily to our strategy of reducing balance sheet risk by allowing the
loan portfolio to pay down, which we plan to do for the foreseeable future.
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