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: 2016 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 23, 2017) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Net Revenues | |||
| Asset management and administration fees | $ 3,055 | 2,650 | 2,533 [1] |
| Interest revenue | 3,493 | 2,657 | 2,374 |
| Interest expense | (171) | (132) | (102) |
| Net interest revenue | 3,322 | 2,525 | 2,272 |
| Trading revenue | 825 | 866 | 907 |
| Other | 271 | 328 | 343 |
| Provision for loan losses | 5 | 11 | 4 |
| Net impairment losses on securities | (1) | ||
| Total net revenues | 7,478 | 6,380 | 6,058 |
| Expenses Excluding Interest | |||
| Compensation and benefits | 2,466 | 2,241 | 2,184 |
| Professional services | 506 | 459 | 457 |
| Occupancy and equipment | 398 | 353 | 324 |
| Advertising and market development | 265 | 249 | 245 |
| Communications | 237 | 233 | 223 |
| Depreciation and amortization | 234 | 224 | 199 |
| Other | 379 | 342 | 311 |
| Total expenses excluding interest | 4,485 | 4,101 | 3,943 |
| Income before taxes on income | 2,993 | 2,279 | 2,115 |
| Taxes on income | 1,104 | 832 | 794 |
| Net Income | 1,889 | 1,447 | 1,321 |
| Preferred stock dividends and other | 143 | 83 | 60 [2] |
| Net Income Available to Common Stockholders | 1,746 | 1,364 | 1,261 |
| Weighted-Average Common Shares Outstanding: | |||
| Basic | 1,324 | 1,315 | 1,303 |
| Diluted | 1,334 | 1,327 | 1,315 |
| Earnings Per Common Share: | |||
| Basic | 1.32 | 1.04 | 0.96 |
| Diluted | 1.31 | 1.03 | 0.95 |
| Dividends Declared Per Common Share | 0.27 | 0.24 | 0.24 |
| [1] Includes fee waivers of $224, $672, and $751 during the years ended December 31, 2016, 2015, and 2014, respectively,relating to Schwab-sponsored money market funds. | |||
| [2] Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2016 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 23, 2017) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Net income | $ 1,889 | 1,447 | 1,321 |
| Other comprehensive income (loss), before tax: | |||
| Change in net unrealized gain (loss) on available for sale securities: | |||
| Net unrealized gain (loss) | (44) | (477) | 255 |
| Reclassification of impairment charges included in net impairment losses on securities | 1 | ||
| Other reclassifications included in other revenue | (4) | (7) | |
| Other | 1 | ||
| Other comprehensive income (loss), before tax | (47) | (477) | 249 |
| Income tax effect | 18 | 178 | (93) |
| Other comprehensive income (loss), net of tax | (29) | (299) | 156 |
| Comprehensive Income | 1,860 | 1,148 | 1,477 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2016 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 23, 2017) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Cash Flows from Operating Activities | |||
| Net income | $ 1,889 | 1,447 | 1,321 |
| Adjustments to reconcile net income to net cash (used for) provided by operating activities: | |||
| Provision for loan losses | (5) | (11) | (4) |
| Net impairment losses on securities | 1 | ||
| Share-based compensation | 141 | 135 | 115 |
| Depreciation and amortization | 234 | 224 | 199 |
| (Benefit) provision for deferred income taxes | 15 | (7) | (25) |
| Premium amortization, net, on securities available for sale and securities held to maturity | 266 | 162 | 125 |
| Other | 9 | (4) | (7) |
| Net change in: | |||
| Cash and investments segregated and on deposit for regulatory purposes | (2,576) | 1,183 | 2,772 |
| Receivables from brokers, dealers, and clearing organizations | (147) | (108) | 44 |
| Receivables from brokerage clients | 150 | (1,652) | (1,725) |
| Other securities owned | 84 | (17) | 1 |
| Other assets | (93) | (98) | (30) |
| Payables to brokers, dealers, and clearing organizations | (181) | 808 | 393 |
| Payables to brokerage clients | 2,709 | (1,120) | (1,028) |
| Accrued expenses and other liabilities | 167 | 304 | 196 |
| Net cash provided by operating activities | 2,662 | 1,246 | 2,348 |
| Cash Flows from Investing Activities | |||
| Purchases of securities available for sale | (29,248) | (21,351) | (15,134) |
| Proceeds from sales of available for sale securities | 5,537 | 2,424 | 6,556 |
| Principal payments on available for sale securities | 11,903 | 7,340 | 5,843 |
| Purchases of securities held to maturity | (31,162) | (19,303) | (6,920) |
| Principal payments on held to maturity securities | 5,747 | 3,540 | 2,687 |
| Net increase in bank loans | (1,103) | (980) | (1,016) |
| Purchase of equipment, office facilities, and property | (346) | (266) | (400) |
| Purchases of Federal Home Loan Bank stock | (152) | ||
| Proceeds from sales of Federal Home Loan Bank stock | 88 | 8 | |
| Other investing activities | (39) | (35) | (11) |
| Net cash used for investing activities | (38,775) | (28,623) | (8,395) |
| Cash Flows from Financing Activities | |||
| Net change in bank deposits | 33,952 | 26,687 | 9,843 |
| Proceeds from short-term Federal Home Loan Bank borrowings | 8,504 | ||
| Repayment of short-term Federal Home Loan Bank borrowings | (8,504) | ||
| Issuance of long-term debt | 1,346 | ||
| Repayment of long-term debt | (7) | (357) | (6) |
| Net proceeds from preferred stock offerings | 1,316 | 581 | |
| Dividends paid | (486) | (387) | (373) |
| Proceeds from stock options exercised and other | 144 | 90 | 189 |
| Other financing activities | 44 | 32 | 29 |
| Net cash provided by financing activities | 34,963 | 27,992 | 9,682 |
| Increase (Decrease) in Cash and Cash Equivalents | (1,150) | 615 | 3,635 |
| Cash and Cash Equivalents at Beginning of Year | 11,978 | 11,363 | |
| Cash and Cash Equivalents at End of Year | 10,828 | 11,978 | 11,363 |
| Supplemental Cash Flow Information | |||
| Cash paid during the period for: | |||
| Interest | 160 | 121 | 103 |
| Income taxes | 991 | 810 | 778 |
| Non-cash investing activity: | |||
| Securities purchased during the year but settled after year end | 143 | ||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
SCHWAB CHARLES CORP | ||
Ticker: SCHW Fiscal Year: 2016 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2016 10-K (Filed: Feb 23, 2017) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2016 | Dec 31, 2015 | |
| Assets | ||
| Cash and cash equivalents | $ 10,828 | 11,978 |
| Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $9,547 and $8,088 at December 31, 2016 and 2015, respectively) | 22,174 | 19,598 |
| Receivables from brokers, dealers, and clearing organizations | 728 | 582 |
| Receivables from brokerage clients net | 17,155 | 17,313 |
| Other securities owned at fair value | 449 | 533 |
| Available for sale securities | 77,365 | 65,646 |
| Held to maturity securities (fair value $74,444 and $50,088 at December 31, 2016 and 2015, respectively) | 75,203 | 50,007 |
| Bank loans net | 15,403 | 14,334 |
| Equipment, office facilities, and property net | 1,299 | 1,145 |
| Goodwill | 1,227 | 1,227 |
| Intangible assets net | 144 | 181 |
| Other assets | 1,408 | 1,161 |
| Total assets | 223,383 | 183,705 |
| Liabilities and Stockholders' Equity | ||
| Bank deposits | 163,454 | 129,502 |
| Payables to brokers, dealers, and clearing organizations | 2,407 | 2,588 |
| Payables to brokerage clients | 35,894 | 33,185 |
| Accrued expenses and other liabilities | 2,331 | 2,151 [1] |
| Long-term debt | 2,876 | 2,877 |
| Total liabilities | 206,962 | 170,303 |
| Stockholders' equity: | ||
| Preferred stock $.01 par value per share; aggregate liquidation preference of $2,835 and $1,485 at December 31, 2016 and 2015, respectively | 2,783 | 1,459 |
| Common stock 3 billion shares authorized; $.01 par value per share; 1,487,543,446 shares issued | 15 | 15 |
| Additional paid-in capital | 4,267 | 4,152 |
| Retained earnings | 12,649 | 11,253 |
| Treasury stock, at cost 154,793,560 and 167,205,881 shares at December 31, 2016 and 2015, respectively | (3,130) | (3,343) |
| Accumulated other comprehensive income | (163) | (134) |
| Total stockholders' equity | 16,421 | 13,402 |
| Total liabilities and stockholders' equity | 223,383 | 183,705 |
| [1] Adjusted for the retrospective adoption of ASU 2015-03. See New Accounting Standards in Note 2 for additional information. | ||
| External Links | |
| SCHWAB CHARLES CORP (SCHW) Fiscal Year 2016 | |
| 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 |