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: 2018 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 22, 2019) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Net Revenues | |||
| Interest revenue | $ 6,680 | 4,624 | 3,493 |
| Interest expense | (857) | (342) | (171) |
| Net interest revenue | 5,823 | 4,282 | 3,322 |
| Other | 317 | 290 | 276 |
| Total net revenues | 10,132 | 8,618 | 7,478 |
| Expenses Excluding Interest | |||
| Compensation and benefits | 3,057 | 2,737 | 2,466 |
| Professional services | 654 | 580 | 506 |
| Occupancy and equipment | 496 | 436 | 398 |
| Advertising and market development | 313 | 268 | 265 |
| Communications | 242 | 231 | 237 |
| Depreciation and amortization | 306 | 269 | 234 |
| Regulatory fees and assessments | 189 | 179 | 144 |
| Other | 313 | 268 | 235 |
| Total expenses excluding interest | 5,570 | 4,968 | 4,485 |
| Income before taxes on income | 4,562 | 3,650 | 2,993 |
| Taxes on income | 1,055 | 1,296 | 1,104 |
| Net Income | 3,507 | 2,354 | 1,889 |
| Preferred stock dividends and other | 178 [1] | 174 | 143 |
| Net Income Available to Common Stockholders | 3,329 | 2,180 | 1,746 |
| Weighted-Average Common Shares Outstanding: | |||
| Basic (in shares) | 1,348 | 1,339 | 1,324 |
| Diluted (in shares) | 1,361 [2] | 1,353 | 1,334 |
| Earnings Per Common Shares Outstanding: | |||
| Basic (USD per share) | 2.47 | 1.63 | 1.32 |
| Diluted (USD per share) | 2.45 | 1.61 | 1.31 |
| Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS (n shares) | 18 | 15 | 26 |
| Product and Service | |||
| Asset Management and administration fees | |||
| Asset management and administration fees and Trading revenue | 3,229 | 3,392 [3] | 3,055 |
| Trading revenue | |||
| Asset management and administration fees and Trading revenue | 763 | 654 | 825 |
| Investment Type | |||
| Money market funds | |||
| Product and Service | |||
| Fee Waivers | |||
| Asset management and administration fees and Trading revenue | 0 | 10 | 224 |
| [1] Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. | |||
| [2] Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 18 million, 15 million, and 26 million shares in 2018, 2017, and 2016, respectively. | |||
| [3] Includes fee waivers of $0, $10 million, and $224 million during the years ended December 31, 2018, 2017, and 2016, 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: 2018 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 22, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Net income | $ 3,507 | 2,354 | 1,889 |
| Other comprehensive income (loss), before tax: | |||
| Change in net unrealized gain (loss) on available for sale securities: | |||
| Net unrealized gain (loss) | (123) | 13 | (44) |
| Reclassification of net unrealized loss transferred to held to maturity | 0 | 227 | 0 |
| Other reclassifications included in other revenue | 0 | (12) | (4) |
| Change in net unrealized gain (loss) on held to maturity securities: | |||
| Reclassification of net unrealized loss transferred from available for sale | 0 | (227) | 0 |
| Amortization of amounts previously recorded upon transfer from available for sale | 35 | 31 | 0 |
| Other | (1) | (11) | 1 |
| Other comprehensive income (loss), before tax | (89) | 21 | (47) |
| Income tax effect | 22 | (10) | 18 |
| Other comprehensive income (loss), net of tax | (67) | 11 | (29) |
| Comprehensive Income | 3,440 | 2,365 | 1,860 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2018 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 22, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Cash Flows from Operating Activities | |||
| Net income | $ 3,507 | 2,354 | 1,889 |
| Adjustments to reconcile net income to net cash (used for) provided by operating activities: | |||
| Share-based compensation | 197 | 153 | 141 |
| Depreciation and amortization | 306 | 269 | 234 |
| Provision (benefit) for deferred income taxes | 49 | 58 | 15 |
| Premium amortization, net, on available for sale and held to maturity securities | 350 | 342 | 266 |
| Other | 137 | 51 | 4 |
| Net change in: | |||
| Investments segregated and on deposit for regulatory purposes | 6,922 | 4,933 | (1,635) |
| Receivables from brokers, dealers, and clearing organizations | 96 | 74 | (147) |
| Receivables from brokerage clients | (1,100) | (3,428) | 150 |
| Other securities owned | 0 | (90) | 84 |
| Other assets | (104) | (177) | (93) |
| Payables to brokers, dealers, and clearing organizations | 573 | (1,148) | (181) |
| Payables to brokerage clients | 1,483 | (4,651) | 2,709 |
| Accrued expenses and other liabilities | 40 | 421 | 167 |
| Net cash provided by (used for) operating activities | 12,456 | (839) | 3,603 |
| Cash Flows from Investing Activities | |||
| Purchases of available for sale securities | (32,801) | (15,033) | (29,248) |
| Proceeds from sales of available for sale securities | 115 | 8,617 | 5,537 |
| Principal payments on available for sale securities | 16,016 | 9,095 | 11,903 |
| Purchases of held to maturity securities | (40,873) | (32,925) | (31,162) |
| Principal payments on held to maturity securities | 17,410 | 11,627 | 5,747 |
| Net increase in bank loans | (129) | (1,071) [1] | (1,103) |
| Purchases of equipment, office facilities, and property | (570) | (400) | (346) |
| Purchases of Federal Home Loan Bank stock | (156) | (430) | (152) |
| Proceeds from sales of Federal Home Loan Bank stock | 529 | 106 | 88 |
| Other investing activities | (96) | (59) | (39) |
| Net cash provided by (used for) investing activities | (40,555) | (20,473) | (38,775) |
| Cash Flows from Financing Activities | |||
| Net change in bank deposits | 61,767 | 6,186 [2] | 33,952 |
| Net change in short-term borrowings | (15,000) | 15,000 | 0 |
| Issuance of long-term debt | 3,024 | 2,129 | 0 |
| Repayment of long-term debt | (909) | (257) | (7) |
| Repurchases of common stock | (1,000) | 0 | 0 |
| Net proceeds from preferred stock offerings | 0 | 492 | 1,316 |
| Redemption of preferred stock | 0 | (485) | 0 |
| Dividends paid | (787) | (592) | (486) |
| Proceeds from stock options exercised | 125 | 171 | 144 |
| Other financing activities | (54) | (45) | 44 |
| Net cash provided by (used for) financing activities | 47,166 | 22,599 | 34,963 |
| Increase (Decrease) in Cash and Cash Equivalents, including Amounts Restricted | 19,067 | 1,287 | (209) |
| Cash and Cash Equivalents including Amounts Restricted at Beginning of Year | 19,160 | 17,873 | |
| Cash and Cash Equivalents, including Amounts Restricted at End of Year | 38,227 [3] | 19,160 | 17,873 |
| Supplemental Cash Flow Information | |||
| Cash paid during the year for: | |||
| Interest | 798 | 327 | 160 |
| Income taxes | 927 | 1,212 | 991 |
| Non-cash investing activity: | |||
| Securities purchased during the period but settled after period end | 0 | 29 | 0 |
| [1] Adjusted for the retrospective adoption of ASU 2016-18. See Note 2. | |||
| [2] Includes transfers from other sweep features to bank sweep of $72 billion, $5 billion and $8 billion for the years ended December 31, 2018, 2017 and 2016, respectively. | |||
| [3] Reconciliation of cash, cash equivalents and amounts reported within the balance sheet | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
SCHWAB CHARLES CORP | ||
Ticker: SCHW Fiscal Year: 2018 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 22, 2019) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| Assets | ||
| Cash and cash equivalents | $ 27,938 | 14,217 |
| Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $7,195 and $6,596 at December 31, 2018 and 2017, respectively) | 13,563 | 15,139 |
| Receivables from brokers, dealers, and clearing organizations | 553 | 649 |
| Receivables from brokerage clients net | 21,651 | 20,576 |
| Other securities owned at fair value | 539 | 539 |
| Available for sale securities | 66,578 | 49,995 |
| Held to maturity securities | 144,009 | 120,926 |
| Bank loans net | 16,609 | 16,478 |
| Equipment, office facilities, and property net | 1,769 | 1,471 |
| Goodwill | 1,227 | 1,227 |
| Other assets | 2,046 | 2,057 |
| Total assets | 296,482 | 243,274 |
| Liabilities and Stockholders Equity | ||
| Bank deposits | 231,423 | 169,656 |
| Payables to brokers, dealers, and clearing organizations | 1,831 | 1,287 |
| Payables to brokerage clients | 32,726 | 31,243 |
| Accrued expenses and other liabilities | 2,954 | 2,810 |
| Short-term borrowings | 0 | 15,000 |
| Long-term debt | 6,878 | 4,753 |
| Total liabilities | 275,812 | 224,749 |
| Stockholders equity: | ||
| Preferred stock $.01 par value per share; aggregate liquidation preference of $2,850 | 2,793 | 2,793 |
| Common stock 3 billion shares authorized; $.01 par value per share; 1,487,543,446 shares issued | 15 | 15 |
| Additional paid-in capital | 4,499 | 4,353 |
| Retained earnings | 17,329 | 14,408 |
| Treasury stock, at cost 155,116,695 and 142,210,890 shares at December 31, 2018 and 2017, respectively | (3,714) | (2,892) |
| Accumulated other comprehensive income (loss) | (252) | (152) |
| Total stockholders equity | 20,670 | 18,525 |
| Total liabilities and stockholders equity | 296,482 | 243,274 |
| External Links | |
| SCHWAB CHARLES CORP (SCHW) Fiscal Year 2018 | |
| 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 |