This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

E*TRADE Financial Corporation Announces First Quarter 2014 Results

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‚Äôs 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.

1 of 14

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs