E*TRADE Financial Corporation (NASDAQ:ETFC):
First Quarter Results
- Net income of $40 million, or $0.14 per
share
- Net income of $85 million(1), or $0.29
per share(1) excluding a charge related to the early extinguishment
of corporate debt
- Total net revenue of $456 million
- Total operating expenses of $300
million
- Provision for loan losses of $5
million
- Daily Average Revenue Trades (DARTs) of
170,000
- End of period margin receivables of
$8.2 billion
- Net new brokerage accounts of 39,000;
annualized attrition rate of 8.8 percent
- Net new brokerage assets of $3.5
billion; end of period customer assets of $299 billion
E*TRADE Financial Corporation (NASDAQ:ETFC) today announced
results for its first quarter ended March 31, 2015, reporting net
income of $40 million, or $0.14 per share, compared to $41 million,
or $0.14 per share, from the prior quarter. Excluding pre-tax
losses on early extinguishment of corporate debt of $73 million in
the first quarter of 2015 and $59 million in the prior quarter, net
income would have been $85 million(1), or $0.29 per share(1), and
$78 million(1) or $0.26 per share(1). This also compares with net
income of $97 million, or $0.33 per share in the first quarter of
2014. Total net revenue of $456 million decreased from $461 million
in the prior quarter and $475 million in the first quarter of
2014.
“Our year is off to a solid start on several fronts,” said Paul
Idzik, Chief Executive Officer. “Our core business is strong and
growing stronger, demonstrated by healthy trading levels, record
high margin balances and continued growth in accounts and assets.
The key regulatory approvals we announced at the beginning of the
year enabled us to reduce our corporate debt to our target level of
$1 billion. We will ultimately have more than a few options
for further capital deployment as the team’s hard work has led to a
level of capital flexibility this company hasn’t seen in years. As
we move forward I can promise we will never stop focusing on two
things: our customer experience, and on being a good and faithful
steward of capital for our owners.”
E*TRADE reported DARTs of 170,000 during the quarter, an
increase of one percent from the prior quarter and a decrease of 14
percent versus the same quarter a year ago.
The Company ended the quarter with 3.2 million brokerage
accounts, an increase of 39,000 from the prior quarter. This
compared with 17,000 net new brokerage accounts in the prior
quarter and 72,000 in the first quarter of 2014. Brokerage account
attrition for the first quarter was 8.8 percent annualized.
The Company ended the quarter with $299 billion in total
customer assets, compared with $290 billion at the end of the prior
quarter and $269 billion from a year ago.
During the quarter, customers added $3.5 billion in net new
brokerage assets, representing an annualized growth rate of 5.7
percent. Brokerage related cash increased by $0.5 billion to $41.6
billion during the first quarter. Customers were net buyers of
approximately $3.1 billion of securities. Margin receivables
averaged $7.9 billion in the quarter, flat with the prior quarter
and up 14 percent year over year, ending the quarter at $8.2
billion.
Corporate cash ended the quarter at $258 million(2), an increase
of $25 million from the prior quarter, primarily due to a $434
million dividend from E*TRADE Securities and a $75 million dividend
from the bank, offset by the use of $432 million to reduce and
refinance corporate debt.
Net operating interest income(3) for the first quarter was $271
million, down from $279 million in the prior quarter and up from
$263 million a year ago. First quarter results reflected a net
interest spread of 2.62 percent on average interest-earning assets
of $41.1 billion, compared with 2.69 percent on $40.9 billion in
the prior quarter and 2.47 percent on $42.1 billion in the first
quarter of 2014.
Commissions, fees and service charges(3), and other revenue in
the first quarter were $176 million, flat with the prior quarter
and down from $187 million in the first quarter of 2014. Average
commission per trade for the quarter was $10.94, compared with
$10.84 in the prior quarter, and $10.64 in the first quarter of
2014.
Total net revenue in the quarter also included $9 million of net
gains on loans and securities. This compared with $6 million in the
prior quarter and $15 million in the first quarter of 2014.
Total operating expenses in the quarter of $300 million
increased $6 million sequentially, and increased $10 million from
the year ago period.
In March 2015, the Company completed a transaction to reduce and
refinance a portion of its corporate debt. The issuance of $460
million of 4.625% Senior Notes due 2023, along with approximately
$432 million of corporate cash were used to redeem $800 million of
6.375% Senior Notes due 2019. The transaction, which resulted in a
pre-tax loss of $73 million on early extinguishment of debt,
reduced the Company’s debt burden by $340 million and lowered its
annual debt service costs by approximately $30 million on a pre-tax
basis.
The Company’s loan portfolio ended the quarter at $6.1 billion,
contracting approximately $0.3 billion from the prior quarter.
First quarter provision for loan losses of $5 million decreased
from $10 million in the previous quarter.
Net charge-offs in the quarter were $7 million, flat with the
prior quarter. The allowance for loan losses ended the quarter at
$402 million, down $2 million from the previous quarter.
As of March 31, 2015, the Company reported bank and consolidated
Tier 1 leverage ratios under the Basel III Standardized Approach of
9.8 percent(4) and 8.4 percent(5). In the previous quarter the
Company reported bank and consolidated Tier 1 leverage ratios of
10.6 percent(4) and 8.1 percent(5) prior to the implementation of
Basel III and the move of E*TRADE Securities.
Historical metrics and financials can be found on the E*TRADE
Financial corporate website at about.etrade.com.
The Company will host a conference call to discuss the results
beginning at 5:00 p.m. ET today. This conference call will be
available to domestic participants by dialing 800-735-5968 while
international participants should dial +1 212-271-4651. A live
audio webcast and replay of this conference call will also be
available at about.etrade.com.
About E*TRADE Financial
E*TRADE Financial and its subsidiaries provide financial
services including online brokerage and related banking products
and services to retail investors. Specific business segments
include Trading and Investing and Balance Sheet Management.
Securities products and services are offered by E*TRADE Securities
(Member FINRA/SIPC). Bank products and services are offered by
E*TRADE Bank, a Federal savings bank, Member FDIC, or its
subsidiaries and affiliates. More information is available at
www.etrade.com. ETFC-E
Important Notices
E*TRADE Financial, E*TRADE and the E*TRADE logo are trademarks
or registered trademarks of E*TRADE Financial Corporation.
Forward-Looking Statements
The statements contained in this news release that are forward
looking, including statements regarding capital generation at the
Company, dividend requests from the bank, and future capital
deployment by the Company and its subsidiaries are “forward-looking
statements” within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995, and are
subject to a number of uncertainties and risks. Actual results may
differ materially from those indicated in the forward-looking
statements. The uncertainties and risks include, but are not
limited to, macro trends of the economy in general and the
residential real estate market, instability in the consumer credit
markets and credit trends, increased mortgage loan delinquency and
default rates, portfolio growth, portfolio seasoning and resolution
through collections, sales or charge-offs, the uncertainty
surrounding the foreclosure process, and the potential negative
regulatory consequences resulting from the implementation of
financial regulatory reform as well as from actions by or more
restrictive policies or interpretations of the Federal Reserve and
the Office of the Comptroller of the Currency or other regulators.
Further information about these risks and uncertainties can be
found in the annual, quarterly, and current reports on Form 10-K,
Form 10-Q, and Form 8-K previously filed by E*TRADE Financial
Corporation with the Securities and Exchange Commission (including
information in these reports under the caption “Risk Factors”). Any
forward-looking statement included in this release speaks only as
of the date of this communication; the Company disclaims any
obligation to update any information.
© 2015 E*TRADE Financial Corporation. All rights reserved.
Financial Statements
E*TRADE FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statement of Income (In millions, except
share data and per share amounts) (Unaudited)
Three Months Ended March 31, December
31, March 31, 2015 2014
2014 Revenue: Operating interest income $ 316
$ 326 $ 319 Operating interest expense (45 ) (47 )
(56 ) Net operating interest income 271
279 263 Commissions 114 115 128 Fees and
service charges 52 52 50 Principal transactions - - 10 Gains on
loans and securities, net 9 6 15 Other revenues 10
9 9 Total non-interest income
185 182 212 Total net revenue
456 461 475 Provision for
loan losses 5 10 4 Operating expense: Compensation and benefits 113
107 98 Advertising and market development 34 32 34 Clearing and
servicing 24 22 28 FDIC insurance premiums 18 18 24 Professional
services 27 33 24 Occupancy and equipment 21 20 18 Communications
19 18 18 Depreciation and amortization 20 18 21 Amortization of
other intangibles 5 6 5 Facility restructuring and other exit
activities 4 2 3 Other operating expenses 15
18 17 Total operating expense 300
294 290 Income before other
income (expense) and income tax expense 151 157 181 Other income
(expense): Corporate interest expense (21 ) (27 ) (28 ) Losses on
early extinguishment of debt (73 ) (59 ) (12 ) Equity in income of
investments and other 6 - 3
Total other income (expense) (88 ) (86 )
(37 ) Income before income tax expense 63 71 144 Income tax
expense 23 30 47 Net
income $ 40 $ 41 $ 97 Basic earnings
per share $ 0.14 $ 0.14 $ 0.34 Diluted earnings per share $ 0.14 $
0.14 $ 0.33 Shares used in computation of per share data: Basic (in
thousands) 289,741 289,209 288,051 Diluted (in thousands) 294,722
294,364 293,819
E*TRADE FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheet (In millions, except share
data) (Unaudited) March 31,
December 31, March 31, 2015 2014
2014 ASSETS Cash and equivalents $
1,025 $ 1,783 $ 1,585 Cash required to be segregated under federal
or other regulations 849 555 981 Available-for-sale securities
13,841 12,388 12,766 Held-to-maturity securities 12,517 12,248
11,248 Margin receivables 8,220 7,675 7,346 Loans held-for-sale - -
795 Loans receivable, net 5,664 5,979 6,982 Investment in FHLB
stock 86 88 56 Property and equipment, net 241 245 224 Goodwill
1,792 1,792 1,792 Other intangibles, net 189 194 210 Other assets
2,401 2,583 2,453 Total
assets $ 46,825 $ 45,530 $ 46,438
LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities:
Deposits $ 26,272 $ 24,890 $ 25,749 Securities sold under
agreements to repurchase 3,668 3,672 4,345 Customer payables 6,293
6,455 6,260 FHLB advances and other borrowings 1,304 1,299 1,287
Corporate debt 1,025 1,366 1,769 Other liabilities 2,810
2,473 1,996 Total liabilities
41,372 40,155 41,406
Shareholders' equity: Common stock, $0.01 par value,
shares authorized: 400,000,000 at March 31, 2015, December 31, 2014
and March 31, 2014, shares issued and outstanding: 289,897,529 at
March 31, 2015, 289,272,576 at December 31, 2014 and 288,519,125 at
March 31, 2014 3 3 3 Additional paid-in-capital 7,350 7,350 7,333
Accumulated deficit (1,689 ) (1,729 ) (1,925 ) Accumulated other
comprehensive loss (211 ) (249 ) (379 ) Total
shareholders' equity 5,453 5,375
5,032 Total liabilities and shareholders' equity $ 46,825
$ 45,530 $ 46,438
Segment Reporting
Three Months Ended March 31, 2015
Trading and Investing
Balance Sheet Management
Corporate/ Other
Eliminations(6) Total (In
millions) Revenue: Operating interest income $ 169 $ 218 $ - $ (71
) $ 316 Operating interest expense (4 ) (112 )
- 71 (45 ) Net operating interest
income 165 106 - -
271 Commissions 114 - - - 114 Fees and service
charges 52 - - - 52 Gains on loans and securities, net - 9 - - 9
Other revenues 8 2 -
- 10 Total non-interest income
174 11 - -
185 Total net revenue 339 117
- - 456 Provision for
loan losses - 5 - - 5 Operating expense: Compensation and
benefits 78 4 31 - 113 Advertising and market development 34 - - -
34 Clearing and servicing 16 8 - - 24 FDIC insurance premiums - 18
- - 18 Professional services 13 2 12 - 27 Occupancy and equipment
17 - 4 - 21 Communications 19 - - - 19 Depreciation and
amortization 16 - 4 - 20 Amortization of other intangibles 5 - - -
5 Facility restructuring and other exit activities - - 4 - 4 Other
operating expenses 5 4 6
- 15 Total operating expense 203
36 61 - 300
Segment income (loss) before other income (expense)
136 76 (61 ) - 151
Other income (expense): Corporate interest expense - - (21 )
- (21 ) Losses on early extinguishment of debt - - (73 ) - (73 )
Equity in income of investments and other - -
6 - 6 Total other
income (expense) - - (88 )
- (88 ) Segment income (loss) $ 136 $
76 $ (149 ) $ - $ 63
Three Months Ended December 31, 2014
Trading and Investing
Balance Sheet Management
Corporate/ Other
Eliminations(6) Total (In
millions) Revenue: Operating interest income $ 172 $ 223 $ 1 $ (70
) $ 326 Operating interest expense (3 ) (114 )
- 70 (47 ) Net operating interest
income 169 109 1 -
279 Commissions 115 - - - 115 Fees and service
charges 52 - - - 52 Gains on loans and securities, net - 6 - - 6
Other revenues 7 2 -
- 9 Total non-interest income
174 8 - -
182 Total net revenue 343 117
1 - 461 Provision for
loan losses - 10 - - 10 Operating expense: Compensation and
benefits 69 3 35 - 107 Advertising and market development 32 - - -
32 Clearing and servicing 14 8 - - 22 FDIC insurance premiums - 18
- - 18 Professional services 15 1 17 - 33 Occupancy and equipment
15 1 4 - 20 Communications 17 - 1 - 18 Depreciation and
amortization 14 - 4 - 18 Amortization of other intangibles 6 - - -
6 Facility restructuring and other exit activities - - 2 - 2 Other
operating expenses 10 4 4
- 18 Total operating expense 192
35 67 - 294
Segment income (loss) before other income (expense)
151 72 (66 ) - 157
Other income (expense): Corporate interest expense - - (27 )
- (27 ) Losses on early extinguishment of debt -
- (59 ) - (59 ) Total
other income (expense) - - (86 )
- (86 ) Segment income (loss) $ 151 $
72 $ (152 ) $ - $ 71
Three Months Ended March 31, 2014
Trading and Investing
Balance Sheet Management
Corporate/ Other
Eliminations(6) Total (In
millions) Revenue: Operating interest income $ 145 $ 240 $ - $ (66
) $ 319 Operating interest expense (5 ) (117 )
- 66 (56 ) Net operating interest
income 140 123 - -
263 Commissions 128 - - - 128 Fees and service
charges 50 - - - 50 Principal transactions 10 - - - 10 Gains on
loans and securities, net - 15 - - 15 Other revenues 8
1 - - 9
Total non-interest income 196 16
- - 212 Total net revenue
336 139 - -
475 Provision for loan losses - 4 - - 4 Operating
expense: Compensation and benefits 71 3 24 - 98 Advertising and
market development 34 - - - 34 Clearing and servicing 18 10 - - 28
FDIC insurance premiums - 24 - - 24 Professional services 12 - 12 -
24 Occupancy and equipment 15 - 3 - 18 Communications 17 1 - - 18
Depreciation and amortization 16 - 5 - 21 Amortization of other
intangibles 5 - - - 5 Facility restructuring and other exit
activities - - 3 - 3 Other operating expenses 7
3 7 - 17
Total operating expense 195 41
54 - 290 Segment income (loss)
before other income (expense) 141 94
(54 ) - 181 Other income
(expense): Corporate interest expense - - (28 ) - (28 ) Losses on
early extinguishment of debt - - (12 ) - (12 ) Equity in income of
investments and other - - 3
- 3 Total other income (expense)
- - (37 ) -
(37 ) Segment income (loss) $ 141 $ 94 $ (91 ) $ -
$ 144
Key Performance
Metrics(7)
Corporate
Metrics
Qtr ended 3/31/15
Qtr ended 12/31/14
Qtr ended
3/31/15vs.12/31/14
Qtr ended 3/31/14
Qtr ended
3/31/15vs.3/31/14
Operating margin
%(8)
Consolidated Trading and Investing 33 % 34 % (1)% 38 % (5)% Balance
Sheet Management 40 % 44 % (4)% 42 % (2)% 65 % 62 % 3 % 68 % (3)%
Employees Consultants and other 3,250 3,221 1 % 3,013 8 % Total
headcount 105 156 (33)% 131 (20)% 3,355 3,377
(1)% 3,144 7 % Book value per share Tangible book value per
share(9) $ 18.81 $ 18.58 1 % $ 17.44 8 % $ 13.38 $ 13.08 2 % $
11.76 14 % Corporate cash ($MM)(2) $ 258 $ 233 11 % $ 525 (51)%
Enterprise net interest spread (basis points)(10) Enterprise
interest-earning assets, average ($MM) 262 269 (3)% 247 6 % $
41,086 $ 40,905 0 % $ 42,114 (2)%
Earnings before
interest, taxes, depreciation & amortization ("EBITDA")
($MM)
Net income Income tax expense $ 40 $ 41 (2)% $ 97 (59)%
Depreciation & amortization 23 30 (23)% 47 (51)% Corporate
interest expense 25 24 4 % 26 (4)% EBITDA 21 27 (22)%
28 (25)% $ 109 $ 122 (11)% $ 198 (45)% Interest coverage(11)
5.2 4.5 N.M. 6.9 N.M. E*TRADE Bank net income ($MM)(12) $ 92 $ 112
(18)% $ 116 (21)%
Trading and
Investing Metrics
Trading days 61.0 63.0 N.M. 61.0 N.M. DARTs 169,951
168,318 1 % 197,944 (14)% Total trades (MM) 10.4 10.6 (2)%
12.1 (14)% Average commission per trade $ 10.94 $ 10.84 1 % $ 10.64
3 % End of period margin receivables ($B) $ 8.2 $ 7.7 6 % $
7.3 12 % Average margin receivables ($B) $ 7.9 $ 7.9 0 % $ 6.9 14 %
Gross new brokerage accounts 107,887 88,689 22 % 125,342
(14)% Gross new stock plan accounts 65,133 55,746 17 % 56,693 15 %
Gross new banking accounts 1,249 1,528 (18)% 2,658 (53)% Closed
accounts (131,040) (138,043) N.M. (112,559)
N.M. Net new accounts 43,229 7,920 N.M. 72,134 N.M. Net new
brokerage accounts 38,716 17,447 N.M. 71,902 N.M. Net new stock
plan accounts 9,684 55 N.M. 8,822 N.M. Net new banking accounts
(5,171) (9,582) N.M. (8,590) N.M. Net new
accounts 43,229 7,920 N.M. 72,134 N.M. End of period
brokerage accounts 3,182,639 3,143,923 1 % 3,069,961 4 % End of
period stock plan accounts 1,273,468 1,263,784 1 % 1,228,395 4 %
End of period banking accounts 356,873 362,044 (1)%
387,548 (8)% End of period total accounts 4,812,980
4,769,751 1 % 4,685,904 3 % Annualized brokerage account
attrition rate(13) 8.8% 9.1% N.M. 7.1% N.M.
Customer Assets
($B)
Security holdings $ 213.8 $ 204.7 4 % $ 187.2 14 % Customer
payables (cash) 6.3 6.5 (3)% 6.3 0 % Customer assets held by third
parties(14) 14.8 15.5 (5)% 14.4 3 % Sweep deposits 20.5
19.1 7 % 19.4 6 % Brokerage customer assets
255.4 245.8 4 % 227.3 12 % Unexercised stock plan
customer holdings (vested) 38.2 38.7 (1)% 35.4 8 % Savings,
checking and other banking customer assets 5.8 5.8 0
% 6.3 (8)% Total customer assets $ 299.4 $ 290.3 3 % $ 269.0
11 % Net new brokerage assets ($B)(15) $ 3.5 $ 3.5 N.M. $
4.1 N.M. Net new banking assets ($B)(15) 0.0 (0.1)
N.M. (0.0) N.M. Net new customer assets ($B)(15) $ 3.5 $ 3.4
N.M. $ 4.1 N.M. Brokerage related cash ($B) $ 41.6 $ 41.1 1
% $ 40.1 4 % Other customer cash and deposits ($B) 5.8
5.8 0 % 6.3 (8)% Total customer cash and deposits
($B) $ 47.4 $ 46.9 1 % $ 46.4 2 % Stock plan customer
holdings (unvested) ($B) $ 79.2 $ 79.5 0 % $ 68.9 15 %
Customer net buy activity ($B) $ (3.1) $ (1.2) N.M. $ (3.9) N.M.
Balance Sheet
Management Metrics
Loans receivable
($MM)
Average loans receivable $ 6,203 $ 6,520 $ (317) $ 8,360 $ (2,157)
Ending loans receivable, net $ 5,664 $ 5,979 $ (315) $ 6,982 $
(1,318)
Loan performance
detail (all loans, including TDRs) ($MM)
One- to
Four-Family
Current $ 2,687 $ 2,833 $ (146) $ 3,195 $ (508) 30-89 days
delinquent 107 88 19 123 (16) 90-179 days delinquent 25
28 (3) 27 (2) Total 30-179 days delinquent 132 116 16
150 (18)
180+ days delinquent (net of $47M, $48M
and $64M in charge-offs for Q115,Q414 and Q114, respectively)
129 131 (2) 149 (20) Total delinquent
loans(16) 261 247 14 299 (38) Gross loans
receivable(17) $ 2,948 $ 3,080 (132) $ 3,494 (546)
Home
Equity
Current $ 2,541 $ 2,710 $ (169) $ 3,180 $ (639) 30-89 days
delinquent 77 60 17 62 15 90-179 days delinquent 27
29 (2) 38 (11) Total 30-179 days delinquent 104 89 15 100 4
180+ days delinquent (net of $25M, $25M
and $24M in charge-offs for Q115,Q414 and Q114, respectively)
42 43 (1) 41 1 Total delinquent loans(16)
146 132 14 141 5 Gross loans receivable(17) $
2,687 $ 2,842 (155) $ 3,321 (634)
Consumer and
Other
Current $ 423 $ 453 $ (30) $ 558 $ (135) 30-89 days delinquent 7 7
- 10 (3) 90-179 days delinquent 1 1 - 2 (1)
Total 30-179 days delinquent 8 8 - 12 (4) 180+ days delinquent
- - - - - Total delinquent loans 8
8 - 12 (4) Gross loans receivable(17) $ 431 $ 461
(30) $ 570 (139)
Total Loans
Receivable
Current $ 5,651 $ 5,996 $ (345) $ 6,933 $ (1,282) 30-89 days
delinquent 191 155 36 195 (4) 90-179 days delinquent 53
58 (5) 67 (14) Total 30-179 days delinquent 244 213
31 262 (18) 180+ days delinquent 171 174 (3)
190 (19) Total delinquent loans(16) 415 387 28
452 (37) Gross loans receivable(17) $ 6,066 $ 6,383 (317) $ 7,385
(1,319)
TDR performance
detail ($MM)(18)
One- to Four-Family
TDRs
Current $ 219 $ 232 $ (13) $ 244 $ (25) 30-89 days delinquent 30 24
6 21 9 90-179 days delinquent 10 12 (2) 8 2
Total 30-179 days delinquent 40 36 4 29 11
180+ days delinquent (net of $24M, $23M
and $24M in charge-offs for Q115,Q414 and Q114, respectively)
50 48 2 48 2 Total delinquent TDRs 90
84 6 77 13 TDRs $ 309 $ 316 (7) $ 321 (12)
Home Equity
TDRs
Current $ 184 $ 178 $ 6 $ 189 $ (5) 30-89 days delinquent 17 14 3
15 2 90-179 days delinquent 6 6 - 9 (3) Total
30-179 days delinquent 23 20 3 24 (1)
180+ days delinquent (net of $16M, $15M
and $15M in charge-offs for Q115,Q414 and Q114, respectively)
18 19 (1) 19 (1) Total delinquent TDRs
41 39 2 43 (2) TDRs $ 225 $ 217 8 $ 232 (7)
Total
TDRs
Current $ 403 $ 410 $ (7) $ 433 $ (30) 30-89 days delinquent 47 38
9 36 11 90-179 days delinquent 16 18 (2) 17
(1) Total 30-179 days delinquent 63 56 7 53 10 180+ days delinquent
68 67 1 67 1 Total delinquent TDRs 131
123 8 120 11 TDRs $ 534 $ 533 1 $ 553 (19)
Capital
Metrics(19)
E*TRADE
Bank
Tier 1 leverage ratio(4) 9.8% 10.6 % (0.8)% 9.7 % 0.1% Tier 1
risk-based capital ratio(4) 42.4% 25.7 % 16.7% 22.8 % 19.6% Total
risk-based capital ratio(4) 43.7% 26.9 % 16.8% 24.0 % 19.7% Common
Equity Tier 1 ratio(4) 42.4% N/A N.M. N/A N.M. Tier 1 common
ratio(4) N/A 25.7 % N.M. 22.8 % N.M.
E*TRADE
Financial
Tier 1 leverage ratio(5) 8.4% 8.1 % 0.3% 7.0 % 1.4% Tier 1
risk-based capital ratio(5) 35.0% 19.6 % 15.4% 16.7 % 18.3% Total
risk-based capital ratio(5) 39.4% 20.8 % 18.6% 18.0 % 21.4% Common
Equity Tier 1 ratio(5) 35.0% N/A N.M. N/A N.M. Tier 1 common
ratio(5) N/A 17.1 % N.M. 14.3 % N.M.
Activity in Allowance for
Loan Losses Three Months Ended March 31, 2015
One- to Four- Family
Home Equity
Consumer and Other
Total (In millions) Allowance for loan losses, ending
12/31/14 $ 27 $ 367 $ 10 $ 404 Provision for loan losses 5 (2 ) 2 5
Charge-offs, net (1 ) (5 ) (1 ) (7 )
Allowance for loan losses, ending 3/31/15 $ 31 $ 360
$ 11 $ 402
Three Months Ended
December 31, 2014
One- to Four- Family
Home Equity
Consumer and Other
Total (In millions) Allowance for loan losses, ending
9/30/14 $ 27 $ 360 $ 14 $ 401 Provision for loan losses - 12 (2 )
10 Charge-offs, net - (5 ) (2 )
(7 ) Allowance for loan losses, ending 12/31/14 $ 27 $ 367
$ 10 $ 404
Three Months Ended
March 31, 2014
One- to Four- Family
Home Equity
Consumer and Other
Total (In millions) Allowance for loan losses, ending
12/31/13 $ 102 $ 326 $ 25 $ 453 Provision for loan losses (18 ) 20
2 4 Charge-offs, net (32 ) (19 ) (3 )
(54 ) Allowance for loan losses, ending 3/31/14 $ 52 $ 327
$ 24 $ 403
Specific Valuation Allowance
Activity(20)
As of March 31,
2015
Recorded Investment in
Modifications before charge-offs
Charge-offs
Recorded Investment in
Modifications
Specific Valuation
Allowance
Net Investment in
Modifications
Specific Valuation
Allowance as a % of Modifications
Total Expected
Losses(21)
(Dollars in millions) One- to four-family $ 225 $ (45 ) $ 180 $ (11
) $ 169 6 % 24 % Home equity 312 (132 ) 180
(62 ) 118 35 % 62 % Total $ 537 $ (177 ) $ 360 $ (73
) $ 287 20 % 46 %
As of December 31, 2014
Recorded Investment in
Modifications before charge-offs
Charge-offs
Recorded Investment in
Modifications
Specific Valuation
Allowance
Net Investment in
Modifications
Specific Valuation
Allowance as a % of Modifications
Total Expected
Losses(21)
(Dollars in millions) One- to four-family $ 231 $ (46 ) $ 185 $ (9
) $ 176 5 % 24 % Home equity 305 (136 ) 169
(57 ) 112 34 % 63 % Total $ 536 $ (182 ) $ 354 $ (66
) $ 288 19 % 46 %
As of March 31, 2014
Recorded Investment in
Modifications before charge-offs
Charge-offs
Recorded Investment in
Modifications
Specific Valuation
Allowance
Net Investment in
Modifications
Specific Valuation
Allowance as a % of Modifications
Total Expected
Losses(21)
(Dollars in millions) One- to four-family $ 229 $ (44 ) $ 185 $ (15
) $ 170 8 % 26 % Home equity 330 (148 ) 182
(60 ) 122 33 % 63 % Total $ 559 $ (192 ) $ 367 $ (75
) $ 292 20 % 48 %
Average Enterprise Balance Sheet
Data
Three Months Ended March 31, 2015
Average
Operating Interest
Average Balance Inc./Exp. Yield/Cost
Enterprise interest-earning assets: (In millions) Loans(22)
$ 6,204 $ 62 4.00 % Available-for-sale securities 12,341 66 2.15 %
Held-to-maturity securities 12,279 88 2.86 % Margin receivables
7,888 68 3.49 % Cash and equivalents 1,408 1 0.18 % Segregated cash
309 - 0.08 % Securities borrowed and other 657 31
19.13 % Total enterprise interest-earning assets $ 41,086
316 3.09 %
Enterprise interest-bearing liabilities: Deposits
$ 25,051 $ 2 0.03 % Customer payables 6,388 1 0.08 % Securities
sold under agreements to repurchase(23) 3,729 26 2.77 % FHLB
advances and other borrowings(23) 1,301 15 4.65 % Securities loaned
and other 1,759 1 0.13 % Total enterprise
interest-bearing liabilities $ 38,228 45 0.47 %
Enterprise net interest income/spread(10) $ 271 2.62 %
Three Months Ended December 31, 2014
Average
Operating Interest
Average Balance Inc./Exp. Yield/Cost
Enterprise interest-earning assets: (In millions) Loans(22)
$ 6,532 $ 66 4.07 % Available-for-sale securities 12,231 68 2.20 %
Held-to-maturity securities 11,921 88 2.96 % Margin receivables
7,859 70 3.53 % Cash and equivalents 1,341 1 0.13 % Segregated cash
406 - 0.15 % Securities borrowed and other 615 32
21.27 % Total enterprise interest-earning assets $ 40,905
325 3.17 %
Enterprise interest-bearing liabilities: Deposits
$ 24,694 $ 2 0.03 % Customer payables 6,420 1 0.08 % Securities
sold under agreements to repurchase(23) 3,761 28 2.91 % FHLB
advances and other borrowings(23) 1,295 15 4.68 % Securities loaned
and other 1,701 - 0.04 % Total enterprise
interest-bearing liabilities $ 37,871 46 0.48 %
Enterprise net interest income/spread(10) $ 279 2.69 %
Three Months Ended March 31, 2014
Average
Operating Interest
Average Balance Inc./Exp. Yield/Cost
Enterprise interest-earning assets: (In millions) Loans(22)
$ 8,397 $ 84 3.99 % Available-for-sale securities 13,492 79 2.33 %
Held-to-maturity securities 10,551 77 2.90 % Margin receivables
6,937 62 3.64 % Cash and equivalents 1,148 - 0.15 % Segregated cash
837 - 0.11 % Securities borrowed and other 752 17
9.42 % Total enterprise interest-earning assets $ 42,114 319
3.05 %
Enterprise interest-bearing liabilities: Deposits $
25,693 $ 2 0.03 % Customer payables 6,371 2 0.15 % Securities sold
under agreements to repurchase(23) 4,457 35 3.14 % FHLB advances
and other borrowings(23) 1,281 17 5.28 % Securities loaned and
other 1,226 - 0.05 % Total enterprise
interest-bearing liabilities $ 39,028 56 0.58 %
Enterprise net interest income/spread(10) $ 263 2.47 %
Explanation of Non-GAAP Measures and Certain Metrics
Management believes that net income and EPS excluding the loss
on the early extinguishment of corporate debt, corporate cash,
tangible book value per share, EBITDA, interest coverage, E*TRADE
Bank Tier 1 common ratio and E*TRADE Financial capital ratios
calculated prior to Basel III becoming effective for the Company on
January 1, 2015 are appropriate measures for evaluating the
operating and liquidity performance of the Company. Management
believes that adjusting GAAP measures by excluding or including
certain items is helpful to investors and analysts who may wish to
use some or all of this information to analyze the Company’s
current performance, prospects and valuation. Management uses
non-GAAP information internally to evaluate operating performance
and in formulating the budget for future periods.
Net Income and EPS Excluding the Loss on Early Extinguishment
of Corporate Debt
Management believes that excluding the loss on the early
extinguishment of corporate debt from net income and EPS provides
useful additional measures of the Company’s ongoing operating
performance because the charge is not directly related to our
performance. See endnote (1) for a reconciliation of this non-GAAP
measure to the comparable GAAP measure.
Corporate Cash
Corporate cash represents cash held at the parent company as
well as cash held in certain subsidiaries that can distribute cash
to the parent company without any regulatory approval. The Company
believes that corporate cash is a useful measure of the parent
company’s liquidity as it is the primary source of capital above
and beyond the capital deployed in regulated subsidiaries. See
endnote (2) for a reconciliation of this non-GAAP measure to the
comparable GAAP measure.
Tangible Book Value per Share
Tangible book value per share represents shareholders’ equity
less goodwill (net of related deferred tax liability) and other
intangible assets divided by common stock outstanding. The Company
believes that tangible book value per share is a measure of the
Company’s capital strength. See endnote (9) for a reconciliation of
this non-GAAP measure to the comparable GAAP measure.
EBITDA
EBITDA represents net income (loss) before taxes, depreciation
and amortization and corporate interest expense. Management
believes that EBITDA provides a useful additional measure of the
Company’s performance by excluding certain non-cash charges and
expenses that are not directly related to the performance of the
business. See the table entitled “Key Performance Metrics” for a
reconciliation of this non-GAAP measure to the comparable GAAP
measure.
Interest Coverage
Interest coverage represents EBITDA divided by corporate
interest expense. Management believes that by excluding the charges
and expenses that are excluded from EBITDA, interest coverage
provides a useful additional measure of the Company’s ability to
continue to meet interest obligations and liquidity needs. See
endnote (11) for a calculation of this non-GAAP measure on a GAAP
basis.
E*TRADE Bank Tier 1 Common Ratio and E*TRADE Financial
Capital Ratios
Prior to Basel III becoming effective for the Company on January
1, 2015, E*TRADE Financial capital ratios, including Tier 1
leverage, Tier 1 risk-based capital and total risk-based capital
ratios, were based on the Federal Reserve regulatory minimum
well-capitalized threshold. E*TRADE Bank’s and E*TRADE Financial’s
Tier 1 common ratios were defined as the Tier 1 capital less
elements of Tier 1 capital that are not in the form of common
equity, such as trust preferred securities, divided by total
risk-weighted assets. Management believes these capital ratios are
an important measure of E*TRADE Bank’s and the Company’s capital
strength. See endnotes (4) and (5) for reconciliations of these
non-GAAP measures to the comparable GAAP measures.
It is important to note these metrics and other non-GAAP
measures may involve judgment by management and should be
considered in addition to, not as substitutes for, or superior to,
net income, consolidated statements of cash flows, or other
measures of financial performance prepared in accordance with GAAP.
For additional information on the adjustments to these non-GAAP
measures, please see the Company’s financial statements and
“Management’s Discussion and Analysis of Results of Operations and
Financial Condition” that will be included in the periodic report
the Company expects to file with the SEC with respect to the
financial periods discussed herein.
ENDNOTES
(1) The following table provides a reconciliation of net income
and EPS after adjusting for the loss on early extinguishment of
corporate debt to GAAP net income and EPS (dollars in millions,
except for per share amounts):
Q1 2015 Q4 2014
Amount Diluted EPS Amount
Diluted EPS Net income $ 40 $ 0.14 $ 41 $ 0.14 Add
back impact of corporate debt reduction and refinance: Loss on
early extinguishment of corporate debt 73 0.25 59 0.20 Income tax
related to loss on early extinguishment of corporate debt
(28 ) (0.10 ) (22 ) (0.08 ) Net of tax
45 0.15 37 0.12
Adjusted net income $ 85 $ 0.29 $ 78 $ 0.26
(2) The following table provides a reconciliation of corporate
cash to GAAP consolidated cash and equivalents at period end
(dollars in millions):
Q1
2015 Q4 2014 Q1 2014
Corporate cash $ 258 $ 233 $ 525 Bank cash 606 1,523 1,036
E*TRADE Securities cash(a)
134 N/A N/A International brokerage and other cash 27
27 24 Total consolidated cash
and equivalents $ 1,025 $ 1,783 $ 1,585
(a)
Prior to the E*TRADE Securities move out
from under E*TRADE Bank in February 2015, E*TRADE Securities' cash
was included in the "Bank cash" line item.
(3) Beginning in the first quarter of 2015, the Company
reclassified the revenue earned on customer assets held by third
parties from operating interest income to fees and service charges.
Prior periods have been reclassified to conform to the current
period presentation.
(4) E*TRADE Bank’s Tier 1 leverage, Tier 1 risk-based capital,
total risk-based capital and Common Equity Tier 1 ratios are
preliminary for the current period. Prior to Basel III becoming
effective for E*TRADE Bank on January 1, 2015, E*TRADE Bank’s Tier
1 common ratio was a non-GAAP measure that management believes is
an important measure of capital strength. Common Equity Tier 1
capital under Basel III replaced Tier 1 common capital. E*TRADE
Bank’s capital ratios are calculated as follows (dollars in
millions):
Q1 2015
Q4 2014 Q1 2014
E*TRADE Bank shareholder's equity(a)
$ 4,165 $ 6,102 $ 5,857 DEDUCT: Losses in OCI on AFS debt
securities and cash flow hedges, net of tax (216 ) (255 ) (384 )
Goodwill & other intangible assets, net of deferred tax
liabilities 38 1,467 1,513 Disallowed servicing assets and deferred
tax assets 66 342
532
E*TRADE Bank Tier 1 capital/Common Equity
Tier 1 capital(b)
4,277 N/A
N/A
E*TRADE Bank Tier 1 capital/Tier 1 common
capital(b)
N/A 4,548
4,196 ADD: Allowable allowance for loan losses
130 224 233
E*TRADE Bank total capital $ 4,407 $
4,772 $ 4,429
E*TRADE Bank average/total
assets(a)(c)
$ 43,622 $ 44,672 $ 45,323 DEDUCT: Losses in OCI on AFS debt
securities and cash flow asset hedges, net of tax - (13 ) (102 )
Goodwill & other intangible assets, net of deferred tax
liabilities 38 1,467 1,513 Disallowed servicing assets and deferred
tax assets 66 342
532 E*TRADE Bank adjusted total assets for
leverage capital purposes $ 43,518 $ 42,876
$ 43,380
E*TRADE Bank total risk-weighted
assets(a)(d)
$ 10,094 $ 17,717 $ 18,439
E*TRADE Bank Tier 1 leverage ratio (Tier 1
capital / Adjusted total assets forleverage capital purposes)
9.8 % 10.6 % 9.7 % E*TRADE Bank Tier 1 capital / Total
risk-weighted assets 42.4 % 25.7 % 22.8 % E*TRADE Bank total
capital / Total risk-weighted assets 43.7 % 26.9 % 24.0 % E*TRADE
Bank Common Equity Tier 1 capital / Total risk-weighted assets 42.4
% N/A N/A E*TRADE Bank Tier 1 common capital / Total risk-weighted
assets N/A 25.7 % 22.8 % (a) Amounts presented for
E*TRADE Bank exclude E*TRADE Securities as of February 1, 2015. We
recently received regulatory approval to move both E*TRADE Clearing
and E*TRADE Securities out from under E*TRADE Bank. E*TRADE
Securities was moved from under E*TRADE Bank effective February 1,
2015 and we plan to move E*TRADE Clearing later in 2015. (b) Common
Equity Tier 1 capital under Basel III replaced Tier 1 common
capital. (c) As of March 31, 2015, E*TRADE Bank’s Tier 1 Leverage
ratio was calculated using average total assets. Prior to Basel III
becoming effective for E*TRADE Bank, E*TRADE Bank’s Tier 1 Leverage
ratio was calculated using end of period total assets. (d) Under
the regulatory guidelines for risk-based capital, on-balance sheet
assets and credit equivalent amounts of derivatives and off-balance
sheet items are assigned to one of several broad risk categories
according to the obligor or, if relevant, the guarantor or the
nature of any collateral. The aggregate dollar amount in each risk
category is then multiplied by the risk weight associated with that
category. The resulting weighted values from each of the risk
categories are aggregated for determining total risk-weighted
assets.
(5) E*TRADE Financial’s Tier 1 leverage, Tier 1 risk-based
capital, total risk-based capital and Common Equity Tier 1 ratios
are preliminary for the current period. Prior to Basel III becoming
effective for E*TRADE Financial on January 1, 2015, E*TRADE
Financial’s capital ratios were based on the Federal Reserve’s
well-capitalized requirements as management believes these ratios
are an important measure of the Company's capital strength and
managed capital against ratios then applicable to bank holding
companies in preparation for the application of these requirements.
Common Equity Tier 1 capital under Basel III replaced Tier 1 common
capital. E*TRADE Financial’s capital ratios are calculated as
follows (dollars in millions):
Q1 2015
Q4 2014 Q1 2014 E*TRADE
Financial shareholders' equity $ 5,453 $ 5,375 $ 5,032 DEDUCT:
Losses in OCI on AFS debt securities and cash flow hedges, net of
tax (216 ) (255 ) (384 ) Goodwill & other intangible assets,
net of deferred tax liabilities 1,451 1,592 1,638 Disallowed
servicing assets and deferred tax assets 645 1,008 1,138
Other(a)
(108 ) - -
E*TRADE Financial Common Equity Tier 1
capital(b)
3,681 N/A
N/A
E*TRADE Financial Tier 1 common
capital(b)
N/A 3,030
2,640 ADD:
Qualifying restricted core capital
elements (TRUPs)(a)
- 433
433 E*TRADE Financial Tier 1 capital 3,681
3,463 3,073
ADD: Allowable allowance for loan losses 140 223 232
Non-qualifying capital instruments subject
to phase-out (TRUPs)(a)
325 -
- E*TRADE Financial total capital $ 4,146
$ 3,686 $ 3,305
E*TRADE Financial average total assets $ 45,931 $ 45,445 $ 46,382
DEDUCT: Goodwill & other intangible assets, net of deferred tax
liabilities 1,451 1,592 1,638 Disallowed servicing assets and
deferred tax assets 645 1,008 1,138
Other(a)
(108 ) - -
Adjusted average total assets for leverage capital purposes
$ 43,943 $ 42,845 $
43,606
E*TRADE Financial total risk-weighted
assets(c)
$ 10,522 $ 17,683 $ 18,403
E*TRADE Financial Tier 1 leverage ratio
(Tier 1 capital / Adjusted average totalassets for leverage capital
purposes)
8.4 % 8.1 % 7.0 % E*TRADE Financial Tier 1 capital / Total
risk-weighted assets 35.0 % 19.6 % 16.7 % E*TRADE Financial total
capital / Total risk-weighted assets 39.4 % 20.8 % 18.0 % E*TRADE
Financial Common Equity Tier 1 capital / Total risk-weighted assets
35.0 % N/A N/A E*TRADE Financial Tier 1 common / Total
risk-weighted assets N/A 17.1 % 14.3 % (a) As a
result of applying the transition provisions under Basel III, the
Company included 25% of the TRUPs in the calculation of E*TRADE
Financial’s Tier 1 capital and 75% of the TRUPs in the calculation
of E*TRADE Financial’s total capital. Prior to Basel III becoming
effective for E*TRADE Financial, the Company included 100% of the
TRUPs in E*TRADE Financial’s Tier 1 capital due to the regulatory
agencies’ delay in the implementation of the TRUPs phase-out until
January 1, 2015. (b) Common Equity Tier 1 capital under Basel III
replaced Tier 1 common capital. (c) Under the regulatory guidelines
for risk-based capital, on-balance sheet assets and credit
equivalent amounts of derivatives and off-balance sheet items are
assigned to one of several broad risk categories according to the
obligor or, if relevant, the guarantor or the nature of any
collateral. The aggregate dollar amount in each risk category is
then multiplied by the risk weight associated with that category.
The resulting weighted values from each of the risk categories are
aggregated for determining total risk-weighted assets.
(6) Reflects elimination of transactions between Trading and
Investing and Balance Sheet Management segments, which includes
deposit and intercompany transfer pricing arrangements.
(7) Amounts and percentages may not calculate due to
rounding.
(8) Operating margin is the percentage of net revenue that
results in income before other income (expense) and income taxes.
The percentage is calculated by dividing income before other income
(expense) and income taxes by total net revenue.
(9) The following tables provide a reconciliation of GAAP book
value and book value per share to non-GAAP tangible book value and
tangible book value per share at period end (dollars in millions,
except per share amounts):
Q1
2015 Q4 2014 Q1 2014
Book value $ 5,453 $ 5,375 $ 5,032 Less: Goodwill and other
intangibles, net (1,981 ) (1,986 ) (2,002 ) Less: Deferred tax
liability related to goodwill 407
394 364 Tangible book
value $ 3,879 $ 3,783 $
3,394
Q1 2015 Q4
2014 Q1 2014 Book value per share $ 18.81
$ 18.58 $ 17.44 Less: Goodwill and other intangibles, net per share
(6.83 ) (6.86 ) (6.94 ) Less: Deferred tax liability related to
goodwill per share 1.40 1.36
1.26 Tangible book value per
share $ 13.38 $ 13.08 $
11.76
(10) Enterprise net interest spread is the taxable equivalent
rate earned on average enterprise interest-earning assets less the
rate paid on average enterprise interest-bearing liabilities,
excluding corporate interest-earning assets and liabilities and
customer assets held by third parties.
(11) Interest coverage represents the ratio of the Company’s
EBITDA to its corporate interest expense. The interest coverage
ratio calculated based on the Company’s net income to its corporate
interest expense was 1.9, 1.5, and 3.4 for the three months ended
March 31, 2015, December 31, 2014, and March 31, 2014,
respectively.
(12) E*TRADE Bank net income is calculated as follows (dollars
in millions):
Q1
2015 Q4 2014 Q1 2014
Total net revenue $ 296 $ 448 $ 456 Provision for loan losses 5 10
4 Total operating expenses 138 254 253 Other income (expense)
(1 ) (2 ) (12 )
Income before income taxes 152 182 187 Income tax expense 60
70 71
Net income $ 92 $ 112
$ 116
(13) The brokerage account attrition rate is calculated by
dividing attriting brokerage accounts, which are gross new
brokerage accounts less net new brokerage accounts, by total
brokerage accounts at the previous period end. This rate is
presented on an annualized basis.
(14) Customer assets held by third parties are held outside
E*TRADE Financial and include money market funds and sweep deposit
accounts at unaffiliated financial institutions. Customer assets
held by third parties are not reflected in the Company’s
consolidated balance sheet and are not immediately available for
liquidity purposes. However, we maintain the ability to bring the
majority of these customer assets back on-balance sheet with
appropriate notification to the third party financial institutions
and customer consent, as appropriate. The following table provides
details of customer assets held by third parties (dollars in
billions):
Q1
2015 Q4 2014 Q1 2014
Money market fund
$ 7.6 $ 7.2 $ 6.3 Sweep deposits at unaffiliated financial
institutions 3.6 4.7
4.5 Subtotal 11.2 11.9
10.8
Municipal funds and other
3.6 3.6 3.6 Total
customer assets held by third parties $ 14.8 $ 15.5
$ 14.4
(15) Net new customer assets are total inflows to all new and
existing customer accounts less total outflows from all closed and
existing customer accounts. The net new banking assets and net new
brokerage assets metrics treat asset flows between E*TRADE entities
in the same manner as unrelated third party accounts.
(16) Delinquent loans include charge-offs for loans that are in
bankruptcy or are 180 days past due which have been written down to
their expected recovery value. The following table shows the total
amount of charge-offs on loans that are still held by the Company
at the end of the periods presented (dollars in millions):
Q1
2015 Q4 2014 Q1 2014
One- to four-family $ 123 $ 127 $ 142 Home equity 250
258 280 Total charge-offs $ 373
$ 385 $ 422
(17) Includes unpaid principal balances and premiums
(discounts).
(18) The TDR loan performance detail is a subset of the
Company’s total loan performance. TDRs include loan modifications
performed under the Company’s modification programs. Beginning in
Q412, loans that had been charged-off due to bankruptcy
notification were also considered TDRs.
(19) Beginning on January 1, 2015, regulatory capital for
E*TRADE Bank and E*TRADE Financial was calculated under the Basel
III Standardized Approach, subject to transition provisions.
(20) Modifications are a subset of TDRs, and represent loan
modifications performed under the Company’s modification programs.
They do not include loans that have been charged-off due to the
Company receiving notification of bankruptcy if the loan has not
been modified previously by the Company. The following table shows
the reconciliation of total TDRs that had a modification and those
which the Company received a notification of bankruptcy (dollars in
millions):
Q1
2015 Q4 2014 Q1 2014
Modified loans $ 360 $ 354 $ 367 Bankruptcy loans 174
179 186 Total TDRs $ 534
$ 533 $ 553
(21) The total expected losses on modifications includes both
the previously recorded charge-offs and the specific valuation
allowance.
(22) Includes loans held-for-sale and excludes loans to
customers on margin.
(23) Scheduled balances for FHLB advances and securities sold
under agreements to repurchase are shown below (dollars in
millions):
Date
Balance 12/31/2015 $ 4,205 12/31/2016 $ 3,510 12/31/2017 $
2,655 12/31/2018 $ 1,940 12/31/2019 $ 1,445 12/31/2020 $ 1,150
12/31/2021 $ 1,050 12/31/2022 $ -
E*TRADE Media
RelationsThayer Fox,
646-521-4418thayer.fox@etrade.comorE*TRADE
Investor RelationsBrett Goodman,
646-521-4406brett.goodman@etrade.com
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