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: 2019 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 26, 2020) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Net Revenues | |||
| Interest revenue | $ 7,580 | 6,680 | 4,624 |
| Interest expense | (1,064) | (857) | (342) |
| Net interest revenue | 6,516 | 5,823 | 4,282 |
| Other | 377 | 317 | 290 |
| Total net revenues | 10,721 | 10,132 | 8,618 |
| Expenses Excluding Interest | |||
| Compensation and benefits | 3,320 | 3,057 | 2,737 |
| Professional services | 702 | 654 | 580 |
| Occupancy and equipment | 559 | 496 | 436 |
| Advertising and market development | 307 | 313 | 268 |
| Communications | 253 | 242 | 231 |
| Depreciation and amortization | 349 | 306 | 269 |
| Regulatory fees and assessments | 122 | 189 | 179 |
| Other | 261 | 313 | 268 |
| Total expenses excluding interest | 5,873 | 5,570 | 4,968 |
| Income before taxes on income | 4,848 | 4,562 | 3,650 |
| Taxes on income | 1,144 | 1,055 | 1,296 |
| Net Income | 3,704 | 3,507 | 2,354 |
| Preferred stock dividends and other | 178 | 178 [1] | 174 |
| Net Income Available to Common Stockholders | 3,526 | 3,329 | 2,180 |
| Weighted-Average Common Shares Outstanding: | |||
| Basic (in shares) | 1,311 | 1,348 | 1,339 |
| Diluted (in shares) | 1,320 [2] | 1,361 | 1,353 |
| Earnings Per Common Shares Outstanding: | |||
| Basic (USD per share) | 2.69 | 2.47 | 1.63 |
| Diluted (USD per share) | 2.67 | 2.45 | 1.61 |
| Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS (in shares) | 21 | 18 | 15 |
| Product and Service | |||
| Asset Management and administration fees | |||
| Asset management and administration fees and Trading revenue | 3,211 | 3,229 | 3,392 |
| Trading revenue | |||
| Asset management and administration fees and Trading revenue | 617 | 763 | 654 |
| [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 21 million, 18 million, and 15 million shares in 2019, 2018, and 2017, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2019 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 26, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Net income | $ 3,704 | 3,507 | 2,354 |
| Other comprehensive income (loss), before tax: | |||
| Change in net unrealized gain (loss) on available for sale securities: | |||
| Net unrealized gain (loss) | 430 | (123) | 13 |
| Reclassification of net unrealized loss transferred to held to maturity | 0 | 0 | 227 |
| Other reclassifications included in other revenue | (6) | 0 | (12) |
| Change in net unrealized gain (loss) on held to maturity securities: | |||
| Reclassification of net unrealized loss transferred from available for sale | 0 | 0 | (227) |
| Amortization of amounts previously recorded upon transfer to held to maturity from available for sale | 36 | 35 | 31 |
| Other | (14) | (1) | (11) |
| Other comprehensive income (loss), before tax | 446 | (89) | 21 |
| Income tax effect | (106) | 22 | (10) |
| Other comprehensive income (loss), net of tax | 340 | (67) | 11 |
| Comprehensive Income | 4,044 | 3,440 | 2,365 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2019 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 26, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Cash Flows from Operating Activities | |||
| Net income | $ 3,704 | 3,507 | 2,354 |
| Adjustments to reconcile net income to net cash (used for) provided by operating activities: | |||
| Share-based compensation | 183 | 197 | 153 |
| Depreciation and amortization | 349 | 306 | 269 |
| Provision (benefit) for deferred income taxes | 2 | 49 | 58 |
| Premium amortization, net, on available for sale and held to maturity securities | 446 | 350 | 342 |
| Other | 199 | 137 | 51 |
| Net change in: | |||
| Investments segregated and on deposit for regulatory purposes | (977) | 6,922 | 4,933 |
| Receivables from brokerage clients | (125) | (1,100) | (3,428) |
| Other assets | (709) | (8) | (193) |
| Payables to brokerage clients | 6,494 | 1,483 | (4,651) |
| Accrued expenses and other liabilities | (241) | 613 | (727) |
| Net cash provided by (used for) operating activities | 9,325 | 12,456 | (839) |
| Cash Flows from Investing Activities | |||
| Purchases of available for sale securities | (31,815) | (32,801) | (15,033) |
| Proceeds from sales of available for sale securities | 24,495 | 115 | 8,617 |
| Principal payments on available for sale securities | 21,616 | 16,016 | 9,095 |
| Purchases of held to maturity securities | (19,441) | (40,873) | (32,925) |
| Principal payments on held to maturity securities | 19,606 | 17,410 | 11,627 |
| Net change in bank loans | (1,730) | (129) | (1,071) |
| Purchases of equipment, office facilities, and property | (708) | (570) | (400) |
| Purchases of Federal Home Loan Bank stock | (27) | (156) | (430) |
| Proceeds from sales of Federal Home Loan Bank stock | 24 | 529 | 106 |
| Other investing activities | (56) | (96) | (59) |
| Net cash provided by (used for) investing activities | 11,964 | (40,555) | (20,473) |
| Cash Flows from Financing Activities | |||
| Net change in bank deposits | (11,329) | 61,767 | 6,186 [1] |
| Net change in short-term borrowings | 0 | (15,000) | |
| Net change in short-term borrowings | 15,000 | ||
| Issuance of long-term debt | 593 | 3,024 | 2,129 |
| Repayment of long-term debt | 0 | (909) | (257) |
| Repurchases of common stock | (2,220) | (1,000) | 0 |
| Net proceeds from preferred stock offerings | 0 | 0 | 492 |
| Redemption of preferred stock | 0 | 0 | (485) |
| Dividends paid | (1,060) | (787) | (592) |
| Proceeds from stock options exercised | 118 | 125 | 171 |
| Other financing activities | (41) | (54) | (45) |
| Net cash provided by (used for) financing activities | (13,939) | 47,166 | 22,599 |
| Increase (Decrease) in Cash and Cash Equivalents, including Amounts Restricted | 7,350 | 19,067 | 1,287 |
| Cash and Cash Equivalents, including Amounts Restricted at Beginning of Year | 38,227 | 19,160 | |
| Cash and Cash Equivalents, including Amounts Restricted at End of Year | 45,577 | 38,227 | 19,160 |
| Supplemental Cash Flow Information | |||
| Non-cash investing activity: | |||
| Securities transferred from held to maturity to available for sale, at fair value | 8,771 | 0 | 0 |
| Securities transferred from available for sale to held to maturity, at fair value | 0 | 0 | 24,696 |
| Securities purchased during the period but settled after period end | 0 | 0 | 29 |
| Non-cash financing activity: | |||
| Extinguishment of finance lease obligation through an assignment agreement | 52 | 0 | 0 |
| Cash paid during the period for: | |||
| Interest | 1,075 | 798 | 327 |
| Income taxes | 1,199 | 927 | 1,212 |
| Amounts included in the measurement of lease liabilities | 133 [2] | ||
| Leased assets obtained in exchange for new operating lease liabilities (2) | 97 | ||
| Transfers from other sweep features to bank sweep | 10,300 | 71,900 | 4,900 |
| [1] Includes transfers from other sweep features to bank sweep of $10.3 billion, $71.9 billion and $4.9 billion for the years ended December 31, 2019, 2018 and 2017, respectively. | |||
| [2] These amounts are presented beginning in 2019 as part of the adoption of ASU 2016-02. See Notes 2 and 13 for additional information related to this adoption. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
SCHWAB CHARLES CORP | ||
Ticker: SCHW Fiscal Year: 2019 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2019 10-K (Filed: Feb 26, 2020) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2019 | Dec 31, 2018 | |
| Assets | ||
| Cash and cash equivalents | $ 29,345 | 27,938 |
| Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $9,028 and $7,195 at December 31, 2019 and 2018, respectively) | 20,483 | 13,563 |
| Receivables from brokerage clients net | 21,767 | 21,651 |
| Available for sale securities | 61,422 | 66,578 |
| Held to maturity securities | 134,706 | 144,009 |
| Bank loans net | 18,212 | 16,609 |
| Equipment, office facilities, and property net | 2,128 | 1,769 |
| Goodwill | 1,227 | 1,227 |
| Other assets | 4,715 | 3,138 |
| Total assets | 294,005 | 296,482 |
| Liabilities and Stockholders Equity | ||
| Bank deposits | 220,094 | 231,423 |
| Payables to brokerage clients | 39,220 | 32,726 |
| Accrued expenses and other liabilities | 5,516 | 4,785 |
| Long-term debt | 7,430 | |
| Long-term debt | 6,878 | |
| Total liabilities | 272,260 | 275,812 |
| 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 | 4,656 | 4,499 |
| Retained earnings | 19,960 | 17,329 |
| Treasury stock, at cost 201,818,100 and 155,116,695 shares at December 31, 2019 and 2018, respectively | (5,767) | (3,714) |
| Accumulated other comprehensive income (loss) | 88 | (252) |
| Total stockholders equity | 21,745 | 20,670 |
| Total liabilities and stockholders equity | 294,005 | 296,482 |
| External Links | |
| SCHWAB CHARLES CORP (SCHW) Fiscal Year 2019 | |
| 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 |