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: 2014 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 23, 2015) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Net Revenues | |||
| Asset management and administration fees | $ 2,533 | 2,315 | 2,043 |
| Interest revenue | 2,374 | 2,085 | 1,914 |
| Interest expense | (102) | (105) | (150) |
| Net interest revenue | 2,272 | 1,980 | 1,764 |
| Trading revenue | 907 | 913 | 868 |
| Other net | 343 | 236 | 256 [1] |
| Provision for loan losses | 4 | 1 | (16) |
| Net impairment losses on securities | (1) | (10) | (32) [2] |
| Total net revenues | 6,058 | 5,435 | 4,883 |
| Expenses Excluding Interest | |||
| Compensation and benefits | 2,184 | 2,027 | 1,803 |
| Professional services | 457 | 415 | 388 |
| Occupancy and equipment | 324 | 309 | 311 |
| Advertising and market development | 245 | 257 | 241 |
| Communications | 223 | 220 | 220 |
| Depreciation and amortization | 199 | 202 | 196 |
| Other | 311 | 300 | 274 |
| Total expenses excluding interest | 3,943 | 3,730 | 3,433 [3] |
| Income before taxes on income | 2,115 | 1,705 | 1,450 |
| Taxes on income | 794 | 634 | 522 |
| Net Income | 1,321 | 1,071 | 928 |
| Preferred stock dividends | 60 | 61 | 45 |
| Net Income Available to Common Stockholders | 1,261 | 1,010 | 883 |
| Weighted-Average Common Shares Outstanding - Diluted | 1,315 | 1,293 | 1,275 [4] |
| Earnings Per Common Share - Basic | 0.96 | 0.78 | 0.69 |
| Earnings Per Common Share - Diluted | 0.95 | 0.78 | 0.69 |
| Dividends Declared Per Common Share | 0.24 | 0.24 | 0.24 |
| [1] Unallocated amount includes a net insurance settlement of $45 million in 2014 and 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 $1 million, $2 million, and $15 million recognized in other comprehensive income, net of less than $1 million, $(8) million, and $(17) million reclassified from other comprehensive income in 2014, 2013, and 2012, respectively. | |||
| [3] Unallocated amount includes a charge of $68 million for estimated future severance benefits resulting from changes in the Companys geographic footprint in 2014. | |||
| [4] Antidilutive stock options and restricted stock awards excluded from the calculation of diluted EPS totaled 24 million, 34 million, and 74 million shares in 2014, 2013, and 2012, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2014 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 23, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Net Income | $ 1,321 | 1,071 | 928 |
| Other comprehensive (loss) income, before tax: | |||
| Change in net unrealized gain on securities available for sale: | |||
| Net unrealized gain (loss) | 255 | (468) | 470 |
| Reclassification of impairment charges included in net impairment losses on securities | 1 | 10 | 32 |
| Other reclassifications included in other revenue | (7) | (7) | (38) |
| Other | 1 | 1 | |
| Other comprehensive income (loss), before tax | 249 | (464) | 465 |
| Income tax effect | (93) | 175 | (175) |
| Other comprehensive income (loss), net of tax | 156 | (289) | 290 |
| Comprehensive Income | 1,477 | 782 | 1,218 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2014 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 23, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Cash Flows from Operating Activities | |||
| Net income | $ 1,321 | 1,071 | 928 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for loan losses | (4) | (1) | 16 |
| Net impairment losses on securities | 1 | 10 | 32 [1] |
| Stock-based compensation | 115 | 116 | 105 |
| Depreciation and amortization | 199 | 202 | 196 |
| (Benefit) Provision for deferred income taxes | (25) | (21) | 5 |
| Premium amortization, net, on securities available for sale and securities held to maturity | 125 | 162 | 222 |
| Other | (7) | 15 | 26 |
| Originations of loans held for sale | (441) | ||
| Proceeds from sales of loans held for sale | 513 | ||
| Net change in: | |||
| Cash and investments segregated and on deposit for regulatory purposes | 2,772 | 4,916 | (2,549) |
| Receivables from brokers, dealers, and clearing organizations | 44 | (175) | (104) |
| Receivables from brokerage clients | (1,725) | (496) | (2,391) |
| Other securities owned | 1 | 119 | (43) |
| Other assets | (30) | 17 | 10 |
| Payables to brokers, dealers, and clearing organizations | 393 | 318 | 28 |
| Payables to brokerage clients | (1,028) | (4,997) | 4,950 |
| Accrued expenses and other liabilities | 196 | 400 | (237) |
| Net cash provided by operating activities | 2,348 | 1,656 | 1,266 |
| Cash Flows from Investing Activities | |||
| Purchases of securities available for sale | (15,134) | (22,942) | (29,035) |
| Proceeds from sales of securities available for sale | 6,556 | 6,167 | 3,336 |
| Principal payments on securities available for sale | 5,843 | 10,772 | 13,867 |
| Purchases of securities held to maturity | (6,920) | (16,061) | (8,678) |
| Principal payments on securities held to maturity | 2,687 | 3,895 | 5,453 |
| Net increase in loans to banking clients | (1,016) | (1,634) | (978) |
| Purchase of equipment, office facilities, and property | (400) | (249) | (148) |
| Cash (paid) acquired in business acquisitions - net | (80) | ||
| Other investing activities | (11) | 2 | 3 |
| Net cash used for investing activities | (8,395) | (20,050) | (16,260) |
| Cash Flows from Financing Activities | |||
| Net change in deposits from banking clients | 9,843 | 13,595 | 18,523 |
| Issuance of commercial paper | 300 | ||
| Repayment of commercial paper | (300) | ||
| Issuance of long-term debt | 275 | 350 | |
| Repayment of long-term debt | (6) | (6) | (732) |
| Premium paid on debt exchange | (19) | ||
| Net proceeds from preferred stock offerings | 863 | ||
| Dividends paid | (373) | (368) | (337) |
| Proceeds from stock options exercised and other | 189 | 258 | 35 |
| Other financing activities | 29 | 5 | (5) |
| Net cash provided by financing activities | 9,682 | 13,459 | 18,978 |
| Increase (Decrease) in Cash and Cash Equivalents | 3,635 | (4,935) | 3,984 |
| Cash and Cash Equivalents at Beginning of Year | 7,728 | 12,663 | |
| Cash and Cash Equivalents at End of Year | 11,363 | 7,728 | 12,663 |
| Supplemental Cash Flow Information | |||
| Cash paid during the period for: | |||
| Interest | 103 | 99 | 143 |
| Income taxes | 778 | 624 | 508 |
| Non-cash investing activity: | |||
| Securities purchased during the year but settled after year end | 143 | 81 | |
| Non-cash financing activity: | |||
| Exchange of Senior Notes | 256 | ||
| [1] Net impairment losses on securities include total other-than-temporary impairment losses of $1 million, $2 million, and $15 million recognized in other comprehensive income, net of less than $1 million, $(8) million, and $(17) million reclassified from other comprehensive income in 2014, 2013, and 2012, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
SCHWAB CHARLES CORP | ||
Ticker: SCHW Fiscal Year: 2014 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2014 10-K (Filed: Feb 23, 2015) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2014 | Dec 31, 2013 | |
| Assets | ||
| Cash and cash equivalents | $ 11,363 | 7,728 |
| Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $10,186 and $14,016 at December 31, 2014 and 2013, respectively) | 20,781 | 23,553 |
| Receivables from brokers, dealers, and clearing organizations | 469 | 509 |
| Receivables from brokerage clients net | 15,669 | 13,951 |
| Other securities owned at fair value | 516 | 517 |
| Securities available for sale | 54,783 | 51,618 |
| Securities held to maturity (fair value $34,743 and $29,490 at December 31, 2014 and 2013, respectively) | 34,389 | 30,318 |
| Loans to banking clients net | 13,399 | 12,419 |
| Equipment, office facilities, and property net | 1,039 | 790 |
| Goodwill | 1,227 | 1,227 |
| Intangible assets net | 227 | 266 |
| Other assets | 780 | 746 |
| Total assets | 154,642 | 143,642 |
| Liabilities and Stockholders' Equity | ||
| Deposits from banking clients | 102,815 | 92,972 |
| Payables to brokers, dealers, and clearing organizations | 2,004 | 1,467 |
| Payables to brokerage clients | 34,305 | 35,333 |
| Accrued expenses and other liabilities | 1,816 | 1,586 |
| Long-term debt | 1,899 | 1,903 |
| Total liabilities | 142,839 | 133,261 |
| Stockholders' equity: | ||
| Preferred stock $.01 par value per share; aggregate liquidation preference of $885 | 872 | 869 |
| Common stock 3 billion shares authorized; $.01 par value per share; 1,487,543,446 shares issued | 15 | 15 |
| Additional paid-in capital | 4,050 | 3,951 |
| Retained earnings | 10,198 | 9,253 |
| Treasury stock, at cost 176,821,202 shares and 190,657,263 shares at December 31, 2014 and 2013, respectively | (3,497) | (3,716) |
| Accumulated other comprehensive income | 165 | 9 |
| Total stockholders' equity | 11,803 | 10,381 |
| Total liabilities and stockholders' equity | 154,642 | 143,642 |
| External Links | |
| SCHWAB CHARLES CORP (SCHW) Fiscal Year 2014 | |
| 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 |