E*TRADE Financial Corporation ETFC Income Statement

E*trade financial corporation (ETFC)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Sep'09	Jun'09
Revenue:
Interest income
443,000	475,000	521,000	560,000	555,000	538,000	514,000	489,000	468,000	439,000	413,000	378,000	341,000	310,000	309,000	306,000	308,000	292,000	297,000	310,000	316,000	326,000	315,000	319,000	319,000	304,000	301,000	302,000	300,000	320,242	333,977	354,520	362,261	366,519	383,701	394,653	387,466	381,901	376,066	381,780	406,966	440,038	485,518
Interest expense
43,000	60,000	66,000	70,000	63,000	56,000	48,000	36,000	23,000	20,000	22,000	22,000	22,000	22,000	22,000	20,000	21,000	22,000	48,000	58,000	66,000	160,000	50,000	52,000	56,000	60,000	60,000	59,000	59,000	60,076	73,100	75,415	77,409	77,261	78,123	79,232	77,764	76,977	77,131	79,753	86,569	118,660	145,928
Net interest income
400,000	415,000	455,000	490,000	492,000	482,000	466,000	453,000	445,000	419,000	391,000	356,000	319,000	288,000	287,000	286,000	287,000	270,000	249,000	252,000	250,000	166,000	265,000	267,000	263,000	244,000	241,000	243,000	241,000	260,166	260,877	279,105	284,852	289,258	305,578	315,421	309,702	304,924	298,935	302,027	320,397	321,378	339,590
Gains on securities and other, net
20,000	14,000	16,000	-64,000	11,000	11,000	17,000	15,000	10,000	5,000	6,000	7,000	10,000	8,000	14,000	10,000	10,000	9,000	-358,000	10,000	15,000	9,000	8,000	7,000	15,000	12,000	12,000	21,000	16,000	62,432	78,977	24,685	34,906	32,547	24,341	31,011	32,334	41,354	46,904	48,908	29,046	41,979	73,170
Commissions
-	-	-	-	-	-	-	-	-	-	100,000	105,000	127,000	-	107,000	106,000	107,000	99,000	108,000	103,000	114,000	115,000	108,000	105,000	128,000	110,000	103,000	106,000	101,000	86,832	90,424	93,313	107,431	94,553	113,407	103,850	124,433	108,677	89,517	119,554	113,252	144,533	154,063
Fees and service charges
-	-	-	-	-	-	-	-	-	-	92,000	98,000	86,000	-	68,000	62,000	58,000	51,000	52,000	55,000	52,000	52,000	49,000	49,000	50,000	55,000	40,000	41,000	32,000	30,024	30,915	29,063	31,998	27,153	29,446	36,608	37,245	35,364	29,579	35,204	42,230	50,373	47,934
Principal transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	10,000	17,000	13,000	21,000	22,000	25,438	22,177	21,239	24,146	24,682	27,345	23,756	29,576	26,917	21,512	28,706	26,211	24,888	22,693
Other-than-temporary impairment (OTTI)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1,000	3,887	2,052	1,427	12,634	1,251	1,038	2,027	4,874	10,638	1,240	15,108	14,524	9,291	199,764
Less: noncredit portion of OTTI recognized into (out of) other comprehensive income (loss) (before tax)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,000	-1,000	1,000	0	7,917	343	3,842	-9,102	1,514	2,158	857	1,188	-1,079	6,061	-2,950	-5,872	9,938	-170,093
Net impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,000	1,000	1,000	5,804	2,395	5,269	3,532	2,765	3,196	2,884	6,062	9,559	7,301	12,158	8,652	19,229	29,671
Other revenue
13,000	13,000	11,000	12,000	12,000	11,000	12,000	11,000	11,000	11,000	10,000	11,000	11,000	11,000	10,000	10,000	10,000	10,000	10,000	9,000	10,000	9,000	10,000	10,000	9,000	8,000	9,000	9,000	9,000	9,072	9,060	10,272	9,596	9,582	10,354	9,857	9,467	10,272	10,276	11,760	14,019	11,405	13,127
Total non-interest income
307,000	264,000	312,000	195,000	263,000	253,000	254,000	257,000	263,000	218,000	208,000	221,000	234,000	221,000	199,000	188,000	185,000	169,000	-188,000	177,000	191,000	185,000	175,000	171,000	212,000	202,000	176,000	197,000	179,000	207,994	229,158	173,303	204,545	185,752	201,697	202,198	226,993	213,025	190,487	231,974	216,106	253,949	281,316
Total net revenue
707,000	679,000	767,000	685,000	755,000	735,000	720,000	710,000	708,000	637,000	599,000	577,000	553,000	509,000	486,000	474,000	472,000	439,000	61,000	429,000	441,000	351,000	440,000	438,000	475,000	446,000	417,000	440,000	420,000	468,160	490,035	452,408	489,397	475,010	507,275	517,619	536,695	517,949	489,422	534,001	536,503	575,327	620,906
Provision (benefit) for credit losses
6,000	-19,000	-12,000	-8,000	-12,000	-12,000	-34,000	-19,000	-21,000	-26,000	-29,000	-99,000	-14,000	-18,000	-62,000	-35,000	-34,000	-23,000	-25,000	3,000	5,000	10,000	10,000	12,000	4,000	17,000	37,000	46,000	43,000	74,773	141,019	67,261	71,947	123,036	98,384	103,136	116,058	193,784	151,983	165,666	267,979	347,222	404,525
Non-interest expense:
Compensation and benefits
168,000	171,000	167,000	168,000	164,000	152,000	157,000	160,000	152,000	138,000	139,000	133,000	136,000	127,000	123,000	125,000	126,000	112,000	123,000	118,000	113,000	107,000	108,000	99,000	98,000	93,000	88,000	86,000	96,000	80,383	94,790	85,549	92,278	88,673	80,452	80,518	84,003	81,110	75,784	80,940	87,210	97,984	90,025
Advertising and market development
56,000	53,000	41,000	48,000	54,000	48,000	45,000	47,000	60,000	43,000	38,000	42,000	43,000	31,000	27,000	30,000	43,000	35,000	23,000	32,000	34,000	32,000	21,000	33,000	34,000	27,000	21,000	23,000	37,000	28,844	26,001	36,567	47,588	36,530	27,258	37,019	44,365	38,648	25,590	29,777	38,135	19,438	24,986
Clearing and servicing
44,000	35,000	36,000	32,000	30,000	32,000	28,000	30,000	36,000	30,000	29,000	33,000	32,000	30,000	26,000	25,000	24,000	23,000	23,000	25,000	24,000	22,000	21,000	23,000	28,000	30,000	31,000	31,000	32,000	30,752	30,856	32,837	34,555	33,957	34,748	39,192	39,155	36,393	33,800	38,141	39,159	43,245	44,072
Professional services
23,000	30,000	27,000	26,000	22,000	26,000	23,000	25,000	22,000	28,000	25,000	24,000	22,000	27,000	26,000	22,000	22,000	26,000	24,000	26,000	27,000	33,000	27,000	28,000	24,000	26,000	23,000	19,000	17,000	25,310	20,421	19,934	20,335	24,940	19,772	21,492	23,468	25,304	16,103	19,480	20,290	20,592	21,474
Occupancy and equipment
36,000	37,000	34,000	32,000	32,000	35,000	29,000	30,000	30,000	32,000	28,000	29,000	27,000	27,000	24,000	24,000	23,000	24,000	21,000	22,000	21,000	20,000	22,000	19,000	18,000	20,000	17,000	18,000	18,000	18,479	19,423	18,244	17,854	17,842	17,021	17,163	16,814	17,238	17,856	17,614	18,207	19,569	19,972
Communications
29,000	29,000	26,000	29,000	15,000	27,000	30,000	28,000	31,000	31,000	29,000	36,000	25,000	22,000	22,000	20,000	23,000	28,000	24,000	19,000	19,000	18,000	17,000	18,000	18,000	16,000	16,000	19,000	18,000	17,962	17,560	18,358	19,120	17,623	16,930	17,227	15,555	16,948	17,523	18,424	20,447	20,502	21,002
Depreciation and amortization
23,000	23,000	23,000	21,000	21,000	22,000	25,000	23,000	22,000	22,000	20,000	20,000	20,000	19,000	20,000	20,000	20,000	20,000	21,000	20,000	20,000	18,000	19,000	20,000	21,000	21,000	22,000	23,000	23,000	22,613	23,044	23,104	22,239	21,939	22,873	22,724	22,047	22,088	23,196	22,001	20,646	21,149	21,215
FDIC insurance premiums
4,000	3,000	3,000	4,000	4,000	4,000	8,000	9,000	9,000	7,000	8,000	8,000	8,000	7,000	6,000	6,000	6,000	5,000	7,000	11,000	18,000	18,000	18,000	19,000	24,000	25,000	25,000	25,000	29,000	30,101	31,342	27,195	28,362	25,154	35,690	24,031	20,567	19,382	19,771	19,260	19,315	19,993	42,129
Amortization of other intangibles
15,000	15,000	16,000	15,000	15,000	14,000	12,000	12,000	10,000	9,000	9,000	9,000	9,000	8,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	6,000	5,000	6,000	5,000	6,000	6,000	6,000	6,000	6,113	6,296	6,295	6,296	6,538	6,538	6,537	6,538	7,076	7,116	7,141	7,142	7,433	7,434
Impairment of goodwill
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	142,000	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-
Restructuring and acquisition-related activities
16,000	21,000	2,000	0	0	-	4,000	2,000	-	3,000	4,000	4,000	4,000	7,000	25,000	1,000	2,000	9,000	2,000	2,000	4,000	2,000	2,000	1,000	3,000	5,000	6,000	10,000	7,000	4,485	2,350	1,589	-424	1,650	458	2,046	3,552	9,872	2,954	-1,853	3,373	2,497	4,447
Income before other income (expense) and income tax expense (benefit)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	153,000	142,000	181,000	134,000	109,000	-20,000	82,000	108,114	59,983	103,692	111,211	47,714	67,179	123,565	122,623	19,479	70,545	92,674	-26,812	-73,609	-112,845
Other income (expense):
Corporate interest income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	21	20	14	13	10	63	616	55	6,053	57	23	192	177
Corporate interest expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	29,000	29,000	28,000	28,000	29,000	28,000	29,000	44,107	45,483	45,285	45,125	44,959	44,769	44,824	43,277	43,069	41,813	41,205	41,043	69,035	86,441
Gains on sales of investments, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	38	0	855	1,691	0	109	0	-1,592
Gain (Loss) on Extinguishment of Debt
-	-	0	-	-	-	-4,000	-	-	-	-58,000	-	-	-	0	-	-	0	-39,000	0	-73,000	-59,000	0	0	-12,000	0	0	0	0	-	-50,608	-	-	-	0	3,091	-	-	0	-	-	-1,005,493	-10,356
Other non-interest expenses
31,000	29,000	24,000	23,000	18,000	21,000	15,000	18,000	23,000	21,000	18,000	21,000	16,000	17,000	19,000	17,000	18,000	18,000	20,000	29,000	15,000	18,000	17,000	18,000	17,000	26,000	16,000	12,000	12,000	20,231	16,950	11,783	18,036	29,414	79,972	22,969	21,950	30,627	27,201	24,736	21,412	29,312	32,470
Total non-interest expense
445,000	446,000	399,000	398,000	375,000	382,000	380,000	384,000	395,000	364,000	405,000	359,000	342,000	322,000	323,000	295,000	312,000	305,000	332,000	309,000	373,000	365,000	277,000	284,000	290,000	295,000	271,000	414,000	295,000	285,273	289,033	281,455	306,239	304,260	341,712	290,918	298,014	304,686	266,894	275,661	295,336	301,714	329,226
Other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,000	-1,000	3,000	-1,000	0	1,000	4,000	-791	-216	2,113	-106	-1,912	520	675	-998	-2,335	-932	733	1,794	-3,404	-439
Total other income (expense)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-28,000	-30,000	-37,000	-29,000	-29,000	-27,000	-25,000	-329,345	-96,286	-43,152	-45,217	-46,896	-44,239	-40,957	-43,659	-44,494	-35,001	-40,415	-39,117	-1,077,740	-98,651
Income before income tax expense
256,000	252,000	380,000	295,000	392,000	365,000	374,000	345,000	334,000	299,000	223,000	317,000	225,000	205,000	225,000	214,000	194,000	157,000	-246,000	117,000	63,000	71,000	125,000	112,000	144,000	105,000	80,000	-47,000	57,000	-221,231	-36,303	60,540	65,994	818	22,940	82,608	78,964	-25,015	35,544	52,259	-65,929	-1,151,349	-211,496
Income tax expense
75,000	80,000	106,000	76,000	102,000	95,000	89,000	95,000	87,000	170,000	76,000	124,000	80,000	78,000	86,000	81,000	41,000	68,000	-93,000	-175,000	23,000	30,000	39,000	43,000	47,000	47,000	33,000	7,000	22,000	-34,755	-7,678	21,030	3,403	7,164	-47,756	35,490	33,731	-900	27,140	17,183	-18,092	-296,658	-68,259
Net Income (Loss) Attributable to Parent, Total
181,000	172,000	274,000	219,000	290,000	270,000	285,000	250,000	247,000	129,000	147,000	193,000	145,000	127,000	139,000	133,000	153,000	89,000	-153,000	292,000	40,000	41,000	86,000	69,000	97,000	58,000	47,000	-54,000	35,000	-186,476	-28,625	39,510	62,591	-6,346	70,696	47,118	45,233	-24,115	8,404	35,076	-47,837	-854,691	-143,237
Preferred stock dividends
20,000	0	20,000	0	20,000	0	24,000	0	12,000	0	12,000	0	13,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income available to common stockholders
161,000	172,000	254,000	219,000	270,000	270,000	261,000	250,000	235,000	129,000	135,000	193,000	132,000	127,000	139,000	133,000	153,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Basic earnings per common share (in dollars per share)
0.73	0.78	1.08	0.90	1.10	1.06	1.01	0.95	0.88	0.49	0.49	0.70	0.48	0.46	0.51	0.48	0.54	0.30	-0.53	1.01	0.14	0.14	0.30	0.24	0.34	0.20	0.17	-0.19	0.12	-0.65	-0.10	0.14	0.22	-0.04	0.25	0.18	0.20	-0.09	0.04	0.17	-0.25	-6.74	-2.16
Diluted earnings per common share (in dollars per share)
0.72	0.78	1.08	0.90	1.09	1.05	1.00	0.95	0.88	0.48	0.49	0.70	0.48	0.46	0.51	0.48	0.53	0.31	-0.53	0.99	0.14	0.14	0.29	0.24	0.33	0.20	0.16	-0.19	0.12	-0.65	-0.10	0.14	0.22	-0.02	0.24	0.16	0.16	-0.03	0.03	0.12	-0.25	-6.74	-2.16
Weighted average common shares outstanding:
Basic (in thousands)
222,300	224,500	235,800	243,000	246,300	252,500	259,500	263,800	266,600	269,073	273,441	275,410	274,876	274,507	274,362	277,013	285,274	292,741	290,480	290,086	289,741	289,221	288,843	288,705	288,051	287,324	287,111	286,903	286,626	286,019	285,850	285,645	285,478	285,937	283,807	269,119	230,301	220,956	220,415	211,642	192,195	126,849	66,207
Diluted (in thousands)
222,700	224,900	236,300	243,500	246,900	253,500	260,700	264,900	267,700	270,457	274,594	276,272	276,277	276,062	275,472	277,978	286,680	299,906	290,480	294,936	294,722	294,648	294,119	293,826	293,819	299,127	292,630	286,903	291,696	277,081	285,850	290,044	290,017	290,262	289,706	289,643	289,677	74,592	289,271	289,150	192,195	126,849	66,207
Commissions [Member]
Revenue
71,000	56,000	122,000	121,000	122,000	123,000	117,000	121,000	137,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Fees and service charges [Member]
Revenue
203,000	181,000	163,000	126,000	118,000	108,000	108,000	110,000	105,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-