E*TRADE Financial Corporation Announces Third Quarter 2012 Results
(3) The Tier 1 common ratio at E*TRADE Financial is a Q312 estimate and is a non-GAAP measure. Management believes this ratio is an important measure of the Company's capital strength. The Tier 1 common ratio is calculated as follows (dollars in thousands):
| Q3 2012 | Q2 2012 | Q3 2011 | |||||||||||||
| Shareholders' equity | $ | 5,093,854 | $ | 5,079,609 | $ | 4,946,215 | |||||||||
| DEDUCT: | |||||||||||||||
| Losses in OCI on AFS debt securities and cash flow hedges, net of tax | (307,587 | ) | (343,238 | ) | (378,676 | ) | |||||||||
| Goodwill and other intangible assets, net of deferred tax liabilities | 1,897,547 | 1,914,018 | 1,975,293 | ||||||||||||
| Subtotal | 3,503,894 | 3,508,829 | 3,349,598 | ||||||||||||
| DEDUCT: | |||||||||||||||
| Disallowed servicing assets and deferred tax assets | 1,267,471 | 1,304,810 | 1,312,423 | ||||||||||||
| Tier 1 common | $ | 2,236,423 | $ | 2,204,019 | $ | 2,037,175 | |||||||||
| Total risk-weighted assets | $ | 20,606,671 | $ | 21,696,165 | $ | 21,998,899 | |||||||||
| Tier 1 common ratio (Tier 1 common / Total risk-weighted assets) | 10.9 | % | 10.2 | % | 9.3 | % | |||||||||
(4) In Q112, the Company transitioned from reporting under the OTS reporting requirements to reporting under the OCC reporting requirements. The Tier 1 leverage ratio in this release is the OCC Tier 1 leverage ratio for Q312 and Q212 and the OTS Tier 1 capital ratio previously reported for Q311. The OTS Tier 1 capital ratio and OCC Tier 1 leverage ratio are both calculated using total adjusted assets.
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