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E*TRADE Financial Corporation Announces Fourth Quarter And Full Year 2012 Results

(3) 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 Q412 and Q312 and the OTS Tier 1 capital ratio previously reported for Q411. The OTS Tier 1 capital ratio and OCC Tier 1 leverage ratio are both calculated using total adjusted assets.

(4) Reflects elimination of transactions between Trading and Investing and Balance Sheet Management segments, which includes deposit and intercompany transfer pricing arrangements.

(5) Amounts and percentages may not calculate due to rounding.

(6) Operating margin is the percentage of net revenue that results in income (loss) before other income (expense) and income taxes. The percentage is calculated by dividing income (loss) before other income (expense) and income taxes by total net revenue.

(7) 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 (dollars in thousands, except per share amounts):

           
Q4 2012     Q3 2012     Q4 2011
Book value $ 4,904,470 $ 5,093,854 $ 4,927,950
Less: Goodwill and other intangibles, net (2,194,854 ) (2,201,150 ) (2,220,037 )
Less: Deferred tax liability related to goodwill   295,489         303,603         272,549  
Tangible book value $ 3,005,105       $ 3,196,307       $ 2,980,462  
 
 
    Q4 2012     Q3 2012     Q4 2011
Book value per share $ 17.14     $ 17.81     $ 17.27
Less: Goodwill and other intangibles, net per share (7.67 ) (7.70 ) (7.78 )
Less: Deferred tax liability related to goodwill per share   1.03         1.06         0.95  
Tangible book value per share $ 10.50       $ 11.17       $ 10.44  
 
 

(8) 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 cash held by third parties.

Stock quotes in this article: ETFC 

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