10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2013 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 24, 2014) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Net Revenues: | |||
| Asset management and administration fees | $ 2,315 | 2,043 | 1,928 |
| Interest revenue | 2,085 | 1,914 | 1,900 |
| Interest expense | (105) | (150) | (175) |
| Net interest revenue | 1,980 | 1,764 | 1,725 |
| Trading revenue | 913 | 868 | 927 |
| Other net | 236 | 256 | 160 [1] |
| Provision for loan losses | 1 | (16) | (18) |
| Net impairment losses on securities | (10) | (32) | (31) [2] |
| Total net revenues | 5,435 | 4,883 | 4,691 |
| Expenses Excluding Interest | |||
| Compensation and benefits | 2,027 | 1,803 | 1,732 |
| Professional services | 415 | 388 | 387 |
| Occupancy and equipment | 309 | 311 | 301 |
| Advertising and market development | 257 | 241 | 228 |
| Communications | 220 | 220 | 220 |
| Depreciation and amortization | 202 | 196 | 155 |
| Class action litigation and regulatory reserve | 7 | ||
| Other | 300 | 274 | 269 |
| Total expenses excluding interest | 3,730 | 3,433 | 3,299 |
| Income before taxes on income | 1,705 | 1,450 | 1,392 |
| Taxes on income | 634 | 522 | 528 |
| Net Income | 1,071 | 928 | 864 |
| Preferred stock dividends | 61 | 45 | |
| Net Income Available to Common Stockholders | 1,010 | 883 | 864 |
| Weighted-Average Common Shares Outstanding - Diluted | 1,293 | 1,275 | 1,229 [3] |
| Earnings Per Common Share - Basic | 0.78 | 0.69 | 0.70 |
| Earnings Per Common Share - Diluted | 0.78 | 0.69 | 0.70 |
| Dividends Declared Per Common Share | 0.24 | 0.24 | 0.24 |
| [1] Unallocated amount includes a non-recurring gain of $70 million relating to a confidential resolution of a vendor dispute in 2012. | |||
| [2] Net impairment losses on securities include total other-than-temporary impairment losses of $2 million, $15 million, and $18 million recognized in other comprehensive (loss) income, net of $(8) million, $(17) million, and $(13) million reclassified from other comprehensive (loss) income in 2013, 2012, and 2011, respectively. | |||
| [3] Antidilutive stock options and restricted stock awards excluded from the calculation of diluted EPS totaled 34 million, 74 million, and 63 million shares in 2013, 2012, and 2011, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2013 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 24, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Net income | $ 1,071 | 928 | 864 |
| Other comprehensive (loss) income, before tax: | |||
| Change in net unrealized gain on securities available for sale: | |||
| Net unrealized (loss) gain | (468) | 470 | (43) |
| Reclassification of impairment charges included in net impairment losses on securities | 10 | 32 | 31 |
| Other reclassifications included in other revenue | (7) | (38) | 1 |
| Other | 1 | 1 | (1) |
| Other comprehensive (loss) income, before tax | (464) | 465 | (12) |
| Income tax effect | 175 | (175) | 4 |
| Other comprehensive (loss) income, net of tax | (289) | 290 | (8) |
| Comprehensive Income | 782 | 1,218 | 856 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2013 | |||
Consolidated Statement of Cash Flows | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 24, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Cash Flows from Operating Activities | |||
| Net income | $ 1,071 | 928 | 864 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for loan losses | (1) | 16 | 18 |
| Net impairment losses on securities | 10 | 32 | 31 [1] |
| Stock-based compensation | 116 | 105 | 99 |
| Depreciation and amortization | 202 | 196 | 155 |
| (Benefit) provision for deferred income taxes | (21) | 5 | 52 |
| Premium amortization, net, on securities available for sale and securities held to maturity | 162 | 222 | 136 |
| Other | 15 | 26 | 9 |
| Originations of loans held for sale | (441) | (1,574) | |
| Proceeds from sales of loans held for sale | 513 | 1,703 | |
| Net change in: | |||
| Cash and investments segregated and on deposit for regulatory purposes | 4,916 | (2,549) | (2,211) |
| Receivables from brokers, dealers, and clearing organizations | (175) | (104) | 220 |
| Receivables from brokerage clients | (496) | (2,391) | 341 |
| Other securities owned | 119 | (43) | (231) |
| Other assets | 17 | 10 | (15) |
| Payables to brokers, dealers, and clearing organizations | 318 | 28 | (357) |
| Payables to brokerage clients | (4,997) | 4,950 | 3,407 |
| Accrued expenses and other liabilities | 400 | (237) | (183) |
| Net cash provided by operating activities | 1,656 | 1,266 | 2,464 |
| Cash Flows from Investing Activities | |||
| Purchases of securities available for sale | (22,942) | (29,035) | (18,434) |
| Proceeds from sales of securities available for sale | 6,167 | 3,336 | 500 |
| Principal payments on securities available for sale | 10,772 | 13,867 | 7,978 |
| Purchases of securities held to maturity | (16,061) | (8,678) | (2,253) |
| Principal payments on securities held to maturity | 3,895 | 5,453 | 4,786 |
| Net increase in loans to banking clients | (1,634) | (978) | (1,125) |
| Purchase of equipment, office facilities, and property | (249) | (148) | (180) |
| Cash (paid) acquired in business acquisitions - net | (80) | 54 | |
| Other investing activities | 2 | 3 | 7 |
| Net cash used for investing activities | (20,050) | (16,260) | (8,667) |
| Cash Flows from Financing Activities | |||
| Net change in deposits from banking clients | 13,595 | 18,523 | 10,264 |
| Issuance of commercial paper | 300 | ||
| Repayment of commercial paper | (300) | ||
| Issuance of long-term debt | 275 | 350 | |
| Repayment of long-term debt | (6) | (732) | (116) |
| Premium paid on debt exchange | (19) | ||
| Net proceeds from preferred stock offerings | 863 | ||
| Dividends paid | (368) | (337) | (295) |
| Proceeds from stock options exercised and other | 258 | 35 | 96 |
| Other financing activities | 5 | (5) | 2 |
| Net cash provided by financing activities | 13,459 | 18,978 | 9,951 |
| (Decrease) Increase in Cash and Cash Equivalents | (4,935) | 3,984 | 3,748 |
| Cash and Cash Equivalents at Beginning of Year | 12,663 | 8,679 | |
| Cash and Cash Equivalents at End of Year | 7,728 | 12,663 | 8,679 |
| Supplemental Cash Flow Information | |||
| Cash paid during the year for: | |||
| Interest | 99 | 143 | 168 |
| Income taxes | 624 | 508 | 517 |
| Non-cash investing activity: | |||
| Common stock issued and equity awards assumed for business acquisitions (See note "24 - Business Acquisitions") | 714 | ||
| Securities purchased during the period but settled after period end | 81 | 58 | |
| Non-cash financing activity: | |||
| Exchange of Senior Notes (See note 13 Borrowings) | 256 | ||
| [1] Net impairment losses on securities include total other-than-temporary impairment losses of $2 million, $15 million, and $18 million recognized in other comprehensive (loss) income, net of $(8) million, $(17) million, and $(13) million reclassified from other comprehensive (loss) income in 2013, 2012, and 2011, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
SCHWAB CHARLES CORP | ||
Ticker: SCHW Fiscal Year: 2013 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2013 10-K (Filed: Feb 24, 2014) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2013 | Dec 31, 2012 | |
| Assets | ||
| Cash and cash equivalents | $ 7,728 | 12,663 |
| Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $14,016 and $19,325 at December 31, 2013 and 2012, respectively) | 23,553 | 28,469 |
| Receivables from brokers, dealers, and clearing organizations | 509 | 333 |
| Receivables from brokerage clients net | 13,951 | 13,458 |
| Other securities owned at fair value | 517 | 636 |
| Securities available for sale | 51,618 | 46,123 |
| Securities held to maturity (fair value $29,490 and $18,732 at December 31, 2013 and 2012, respectively) | 30,318 | 18,194 |
| Loans to banking clients net | 12,419 | 10,726 |
| Equipment, office facilities, and property net | 790 | 675 |
| Goodwill | 1,227 | 1,228 |
| Intangible assets net | 266 | 319 |
| Other assets | 746 | 813 |
| Total assets | 143,642 | 133,637 |
| Liabilities and Stockholders' Equity | ||
| Deposits from banking clients | 92,972 | 79,377 |
| Payables to brokers, dealers, and clearing organizations | 1,467 | 1,068 |
| Payables to brokerage clients | 35,333 | 40,330 |
| Accrued expenses and other liabilities | 1,586 | 1,641 |
| Long-term debt | 1,903 | 1,632 |
| Total liabilities | 133,261 | 124,048 |
| Stockholders' equity: | ||
| Preferred stock $.01 par value per share; aggregated liquidation preference of $885 | 869 | 865 |
| Common stock 3 billion shares authorized; $.01 par value per share; 1,487,543,446 shares issued | 15 | 15 |
| Additional paid-in capital | 3,951 | 3,881 |
| Retained earnings | 9,253 | 8,554 |
| Treasury stock, at cost 190,657,263 shares and 210,014,305 shares at December 31, 2013 and 2012, respectively | (3,716) | (4,024) |
| Accumulated other comprehensive income | 9 | 298 |
| Total stockholders' equity | 10,381 | 9,589 |
| Total liabilities and stockholders' equity | 143,642 | 133,637 |
| External Links | |
| SCHWAB CHARLES CORP (SCHW) Fiscal Year 2013 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |