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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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