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TheStreet Open House

E*TRADE Financial Corporation Reports Monthly Activity For May 2013; Provides Updates To Its Loan Delinquencies

E*TRADE Financial Corporation (NASDAQ: ETFC) today released its Monthly Activity Report for May 2013.

Daily Average Revenue Trades (“DARTs”) for May were 162,940, a 15 percent increase from April and an 11 percent increase from the year-ago period. The Company added 32,157 gross new brokerage accounts in May, ending the month with approximately 3.0 million brokerage accounts – an increase of 15,648 from April. Total accounts ended the month at approximately 4.6 million.

Net new brokerage assets were positive $1.0 billion in the month. During the month, customer security holdings increased by two percent, or $2.5 billion, and brokerage-related cash increased by $1.7 billion to $36.1 billion. Bank-related cash and deposits ended the month unchanged, at $6.7 billion. Customers were net sellers of approximately $0.8 billion in securities during the month.

The Company also updated delinquency statistics in its loan portfolio. For the Company’s entire loan portfolio, total special mention delinquencies (30 to 89 days delinquent) decreased 13 percent from March 31, 2013 to May 31, 2013 and decreased eight percent from April 30, 2013 to May 31, 2013, while total “at risk” delinquencies (30 to 179 days delinquent) decreased 14 percent from March 31, 2013 to May 31, 2013 and decreased six percent from April 30, 2013 to May 31, 2013. Additional loan delinquency data is provided in the second table of this release.

Monthly Activity Data

      May-13     Apr-13     May-12     % Chg. M/M     % Chg. Y/Y
 
 
Trading days 22.0 22.0 22.0 N.M. N.M.
 
DARTs 162,940 141,255 146,254 15.4% 11.4%
 
Gross new brokerage accounts 32,157 33,090 43,040 (2.8)% (25.3)%
Gross new stock plan accounts 20,270 17,056 14,050 18.8% 44.3%
Gross new banking accounts   871     904     1,449   (3.7)% (39.9)%
Total gross new accounts 53,298 51,050 58,539 4.4% (9.0)%
 
Net new brokerage accounts 15,648 6,534 28,140 N.M. N.M.
Net new stock plan accounts 8,858 4,828 4,633 N.M. N.M.
Net new banking accounts   (2,084 )   (3,161 )   (3,623 ) N.M. N.M.
Net new accounts 22,422 8,201 29,150 N.M. N.M.
 
End of period brokerage accounts 2,955,407 2,939,759 2,866,451 0.5% 3.1%
End of period stock plan accounts 1,181,453 1,172,595 1,090,700 0.8% 8.3%
End of period banking accounts   416,747     418,831     449,231   (0.5)% (7.2)%
End of period total accounts 4,553,607 4,531,185 4,406,382 0.5% 3.3%
 

Customer Assets ($B)

Security holdings $ 154.2 $ 151.7 $ 130.3 1.6% 18.3%
Customer payables (cash) 5.5 5.1 5.1 7.8% 7.8%
Customer cash balances held by third parties (1) 11.5 10.9 3.6 5.5% 219.4%
Unexercised stock plan customer options (vested)   28.4     27.9     20.7   1.8% 37.2%
Customer assets in brokerage and stock plan accounts   199.6     195.6     159.7   2.0% 25.0%
Sweep deposits 19.1 18.4 20.6 3.8% (7.3)%
Savings, transaction and other   6.7     6.7     7.5   0.0% (10.7)%
Customer assets in banking accounts   25.8     25.1     28.1   2.8% (8.2)%
Total customer assets $ 225.4 $ 220.7 $ 187.8 2.1% 20.0%
 
Net new brokerage assets ($B) (2) $ 1.0 $ 0.0 $ 1.3 N.M. N.M.
Net new banking assets ($B) (2)   (0.0 )   (0.3 )   (0.2 ) N.M. N.M.
Net new customer assets ($B) (2) $ 1.0 $ (0.3 ) $ 1.1 N.M. N.M.
 
Brokerage related cash ($B) $ 36.1 $ 34.4 $ 29.3 4.9% 23.2%
Other customer cash and deposits ($B)   6.7     6.7     7.5   0.0% (10.7)%
Total customer cash and deposits ($B) $ 42.8 $ 41.1 $ 36.8 4.1% 16.3%

 

Customer net (purchase) / sell activity ($B) $ 0.8 $ 0.0 $ (1.9 ) N.M. N.M.
 

(1) Customer cash balances held by third parties are held outside E*TRADE Financial and include money market funds and sweep deposit accounts at unaffiliated financial institutions.(2) 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.

 

Loan Delinquency Data

      May-13     Apr-13     Mar-13    

% Chg. May 13 - Apr 13

   

% Chg. Apr 13 - Mar 13

   

% Chg. May 13 - Mar 13

One- to Four-Family ($MM)

   
 
Current $ 4,542 $ 4,600 $ 4,657 (1)% (1)% (2)%
30-89 days delinquent 191 211 220 (9)% (4)% (13)%
90-179 days delinquent   83   85   100 (2)% (15)% (17)%
Total 30-179 days delinquent 274 296 320 (7)% (8)% (14)%
180+ days delinquent   266   266   262 0 % 2 % 2 %
Total delinquent loans (1)   540   562   582 (4)% (3)% (7)%
Gross loans receivable (2) $ 5,082 $ 5,162 $ 5,239 (2)% (1)% (3)%
 

Home Equity ($MM)

 
Current $ 3,761 $ 3,829 $ 3,883 (2)% (1)% (3)%
30-89 days delinquent 66 68 76 (3)% (11)% (13)%
90-179 days delinquent   46   47   52 (2)% (10)% (12)%
Total 30-179 days delinquent 112 115 128 (3)% (10)% (13)%
180+ days delinquent   41   41   42 0 % (2)% (2)%
Total delinquent loans (1)   153   156   170 (2)% (8)% (10)%
Gross loans receivable (2) $ 3,914 $ 3,985 $ 4,053 (2)% (2)% (3)%
 

Consumer and Other ($MM)

 
Current $ 694 $ 711 $ 730 (2)% (3)% (5)%
30-89 days delinquent 14 16 16 (13)% 0 % (13)%
90-179 days delinquent   3   3   2 0 % 50 % 50 %
Total 30-179 days delinquent 17 19 18 (11)% 6 % (6)%
180+ days delinquent   -   -   - N.M. N.M. N.M.
Total delinquent loans   17   19   18 (11)% 6 % (6)%
Gross loans receivable (2) $ 711 $ 730 $ 748 (3)% (2)% (5)%
 

Total Loans Receivable ($MM)

 
Current $ 8,997 $ 9,140 $ 9,270 (2)% (1)% (3)%
30-89 days delinquent 271 295 312 (8)% (5)% (13)%
90-179 days delinquent   132   135   154 (2)% (12)% (14)%
Total 30-179 days delinquent 403 430 466 (6)% (8)% (14)%
180+ days delinquent   307   307   304 0 % 1 % 1 %
Total delinquent loans (1)   710   737   770 (4)% (4)% (8)%
Total gross loans receivable (2) $ 9,707 $ 9,877 $ 10,040 (2)% (2)% (3)%
 

(1) 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.(2) Includes unpaid principal balances and premiums (discounts).

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