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: 2017 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 22, 2018) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Net Revenues: | |||
| Interest revenue | $ 4,624 | 3,493 | 2,657 |
| Interest expense | (342) | (171) | (132) |
| Net interest revenue | 4,282 | 3,322 | 2,525 |
| Asset management and administration fees | 3,392 | 3,055 | 2,650 [1] |
| Trading revenue | 654 | 825 | 866 |
| Other | 290 | 271 | 328 |
| Provision for loan losses | 0 | 5 | 11 |
| Total net revenues | 8,618 | 7,478 | 6,380 |
| Expenses Excluding Interest | |||
| Compensation and benefits | 2,737 | 2,466 | 2,241 |
| Professional services | 580 | 506 | 459 |
| Occupancy and equipment | 436 | 398 | 353 |
| Advertising and market development | 268 | 265 | 249 |
| Communications | 231 | 237 | 233 |
| Depreciation and amortization | 269 | 234 | 224 |
| Regulatory fees and assessments | 179 | 144 | 107 |
| Other | 268 | 235 | 235 |
| Total expenses excluding interest | 4,968 | 4,485 | 4,101 |
| Income before taxes on income | 3,650 | 2,993 | 2,279 |
| Taxes on income | 1,296 | 1,104 | 832 [2] |
| Net Income | 2,354 | 1,889 | 1,447 |
| Preferred stock dividends and other | 174 | 143 [3] | 83 |
| Net Income Available to Common Stockholders | 2,180 | 1,746 | 1,364 |
| Weighted-Average Common Shares Outstanding: | |||
| Basic (in shares) | 1,339 | 1,324 | 1,315 |
| Diluted (in shares) | 1,353 | 1,334 [4] | 1,327 |
| Earnings Per Common Share: | |||
| Basic (USD per share) | 1.63 | 1.32 | 1.04 |
| Diluted (USD per share) | 1.61 | 1.31 | 1.03 |
| Dividends Declared Per Common Share (USD per share) | 0.32 | 0.27 | 0.24 |
| Fee waivers | (10) | (224) | (672) |
| Remeasurement of net deferred tax assets | 46 | ||
| [2] Includes the prospective adoption of ASU 2016-09 in 2017. See New Accounting Standards in Note 2 for additional information. Taxes on income were increased by approximately $46 million in December 2017 due to the enactment of the Tax Cuts and Jobs Act legislation resulting in the remeasurement of deferred tax assets and other tax adjustments. | |||
| [3] Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. | |||
| [4] Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 15 million, 26 million, and 23 million shares in 2017, 2016, and 2015, respectively. | |||
| [1] Includes fee waivers of $10 million, $224 million, and $672 million during the years ended December 31, 2017, 2016, and 2015, respectively, relating to Schwab-sponsored money market funds. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2017 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 22, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Net income | $ 2,354 | 1,889 | 1,447 |
| Other comprehensive income (loss), before tax: | |||
| Change in net unrealized gain (loss) on available for sale securities: | |||
| Net unrealized gain (loss) | 13 | (44) | (477) |
| Reclassification of net unrealized loss transferred to held to maturity | 227 | 0 | 0 |
| Other reclassifications included in other revenue | (12) | (4) | 0 |
| Change in net unrealized gain (loss) on held to maturity securities: | |||
| Reclassification of net unrealized loss transferred from available for sale | (227) | 0 | 0 |
| Amortization of amounts previously recorded upon transfer from available for sale | 31 | 0 | 0 |
| Other | (11) | 1 | 0 |
| Other comprehensive income (loss), before tax | 21 | (47) | (477) |
| Income tax effect | (10) | 18 | 178 |
| Other comprehensive income (loss), net of tax | 11 | (29) | (299) |
| Comprehensive Income | 2,365 | 1,860 | 1,148 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2017 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 22, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Cash Flows from Operating Activities | |||
| Net income | $ 2,354 | 1,889 | 1,447 |
| Adjustments to reconcile net income to net cash (used for) provided by operating activities: | |||
| Provision for loan losses | 0 | (5) | (11) |
| Share-based compensation | 153 | 141 | 135 |
| Depreciation and amortization | 269 | 234 | 224 |
| Provision (Benefit) for deferred income taxes | 58 | 15 | (7) |
| Premium amortization, net, on available for sale and held to maturity securities | 342 | 266 | 162 |
| Other | 51 | 9 | (4) |
| Net change in: | |||
| Cash and investments segregated and on deposit for regulatory purposes | 7,035 | (2,576) | 1,183 |
| Receivables from brokers, dealers, and clearing organizations | 74 | (147) | (108) |
| Receivables from brokerage clients | (3,428) | 150 | (1,652) |
| Other securities owned | (90) | 84 | (17) |
| Other assets | (177) | (93) | (98) |
| Payables to brokers, dealers, and clearing organizations | (1,148) | (181) | 808 |
| Payables to brokerage clients | (4,651) | 2,709 | (1,120) |
| Accrued expenses and other liabilities | 421 | 167 | 304 |
| Net cash provided by operating activities | 1,263 | 2,662 | 1,246 |
| Cash Flows from Investing Activities | |||
| Purchases of available for sale securities | (15,033) | (29,248) | (21,351) |
| Proceeds from sales of available for sale securities | 8,617 | 5,537 | 2,424 |
| Principal payments on available for sale securities | 9,095 | 11,903 | 7,340 |
| Purchases of held to maturity securities | (32,925) | (31,162) | (19,303) |
| Principal payments on held to maturity securities | 11,627 | 5,747 | 3,540 |
| Net increase in bank loans | (1,071) | (1,103) | (980) |
| Purchase of equipment, office facilities, and property | (400) | (346) | (266) |
| Purchases of Federal Home Loan Bank stock | (430) | (152) | 0 |
| Proceeds from sales of Federal Home Loan Bank stock | 106 | 88 | 8 |
| Other investing activities | (59) | (39) | (35) |
| Net cash used for investing activities | (20,473) | (38,775) | (28,623) |
| Cash Flows from Financing Activities | |||
| Net change in bank deposits | 6,186 | 33,952 | 26,687 |
| Net proceeds from short-term borrowings | 15,000 | 0 | 0 |
| Issuance of long-term debt | 2,129 | 0 | 1,346 |
| Repayment of long-term debt | (257) | (7) | (357) |
| Net proceeds from preferred stock offerings | 492 | 1,316 | 581 |
| Redemption of preferred stock | (485) | 0 | 0 |
| Dividends paid | (592) | (486) | (387) |
| Proceeds from stock options exercised and other | 171 | 144 | 90 |
| Other financing activities | (45) | 44 | 32 |
| Net cash provided by financing activities | 22,599 | 34,963 | 27,992 |
| Increase (Decrease) in Cash and Cash Equivalents | 3,389 | (1,150) | 615 |
| Cash and Cash Equivalents at Beginning of Year | 10,828 | 11,978 | |
| Cash and Cash Equivalents at End of Year | 14,217 | 10,828 | 11,978 |
| Supplemental Cash Flow Information | |||
| Cash paid during the year for: | |||
| Interest | 327 | 160 | 121 |
| Income taxes | 1,212 | 991 | 810 |
| Non-cash investing activity: | |||
| Securities purchased during the year but settled after year end | 29 | 0 | 0 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
SCHWAB CHARLES CORP | ||
Ticker: SCHW Fiscal Year: 2017 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2017 10-K (Filed: Feb 22, 2018) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2017 | Dec 31, 2016 | |
| Assets | ||
| Cash and cash equivalents | $ 14,217 | 10,828 |
| Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $6,596 and $9,547 at December 31, 2017 and 2016, respectively) | 15,139 | 22,174 |
| Receivables from brokers, dealers, and clearing organizations | 649 | 728 |
| Receivables from brokerage clients net | 20,576 | 17,155 |
| Other securities owned at fair value | 539 | 449 |
| Available for sale securities | 49,995 | 77,365 |
| Held to maturity securities (fair value $120,373 and $74,444 at December 31, 2017 and 2016, respectively) | 120,926 | 75,203 |
| Bank loans net | 16,478 | 15,403 |
| Equipment, office facilities, and property net | 1,471 | 1,299 |
| Goodwill | 1,227 | 1,227 |
| Intangible assets net | 108 | 144 |
| Other assets | 1,949 | 1,408 |
| Total assets | 243,274 | 223,383 |
| Liabilities and Stockholders Equity | ||
| Bank deposits | 169,656 | 163,454 |
| Payables to brokers, dealers, and clearing organizations | 1,287 | 2,407 |
| Payables to brokerage clients | 31,243 | 35,894 |
| Accrued expenses and other liabilities | 2,810 | 2,331 |
| Short-term borrowings | 15,000 | 0 |
| Long-term debt | 4,753 | 2,876 |
| Total liabilities | 224,749 | 206,962 |
| Stockholders equity: | ||
| Preferred stock $.01 par value per share; aggregate liquidation preference of $2,850 and $2,835 at December 31, 2017 and 2016, respectively | 2,793 | 2,783 |
| Common stock 3 billion shares authorized; $.01 par value per share; 1,487,543,446 shares issued | 15 | 15 |
| Additional paid-in capital | 4,353 | 4,267 |
| Retained earnings | 14,408 | 12,649 |
| Treasury stock, at cost 142,210,890 and 154,793,560 shares at December 31, 2017 and 2016, respectively | (2,892) | (3,130) |
| Accumulated other comprehensive income | (152) | (163) |
| Total stockholders equity | 18,525 | 16,421 |
| Total liabilities and stockholders equity | 243,274 | 223,383 |
| External Links | |
| SCHWAB CHARLES CORP (SCHW) Fiscal Year 2017 | |
| 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 |