E*TRADE Financial Corporation (NASDAQ: ETFC):
First Quarter Results
- Net income of $97 million, or $0.33 per share
- Total net revenue of $475 million
- Gain on securities revenue of $15 million, including gains related to the sale of the non-agency CMO portfolio
- Loss on early extinguishment of debt of $12 million, resulting from the decision to terminate $100 million in wholesale funding
- Total operating expenses of $290 million, including restructuring charges of $3 million
- Provision for loan losses of $4 million, net of an $11 million benefit from a settlement with a third party mortgage originator
- End-of-period legacy loans of $7.4 billion, including the impact of the decision to sell $0.8 billion of 1-4 family modified loans
- Corporate cash of $525 million (1) , including a dividend from the Bank of $75 million and proceeds from the sale of the Company’s market making business of $76 million
- Daily Average Revenue Trades (DARTs) of 198,000
- End of period margin receivables of $7.3 billion
- Net new brokerage accounts of 72,000; record-low annualized attrition rate of 7.1 percent
- Record net new brokerage assets of $4.1 billion; end of period customer assets of $269 billion
E*TRADE Financial Corporation (NASDAQ: ETFC) today announced results for its first quarter ended March 31, 2014, reporting net income of $97 million, or $0.33 per share. This compares with net income of $58 million, or $0.20 per share in the prior quarter, and net income of $35 million, or $0.12 per share in the first quarter of 2013. Total net revenue of $475 million improved from $446 million in the prior quarter, and $420 million in the first quarter of 2013.
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