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: 2022 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 24, 2023) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Net Revenues | |||
| Interest revenue | $ 12,227 | 8,506 | 6,531 |
| Interest expense | (1,545) | (476) | (418) |
| Net interest revenue | 10,682 | 8,030 | 6,113 |
| Other | 782 | 749 | 332 |
| Total net revenues | 20,762 | 18,520 | 11,691 |
| Expenses Excluding Interest | |||
| Compensation and benefits | 5,936 | 5,450 | 3,954 |
| Professional services | 1,032 | 994 | 843 |
| Occupancy and equipment | 1,175 | 976 | 703 |
| Advertising and market development | 419 | 485 | 326 |
| Communications | 588 | 587 | 353 |
| Depreciation and amortization | 652 | 549 | 414 |
| Amortization of acquired intangible assets | 596 | 615 | 190 |
| Regulatory fees and assessments | 262 | 275 | 163 |
| Other | 714 | 876 | 445 |
| Total expenses excluding interest | 11,374 | 10,807 | 7,391 |
| Income before taxes on income | 9,388 | 7,713 | 4,300 |
| Taxes on income | 2,205 | 1,858 | 1,001 |
| Net Income | 7,183 | 5,855 | 3,299 |
| Preferred stock dividends and other | 548 | 495 | 256 |
| Net Income Available to Common Stockholders | 6,635 | 5,360 | 3,043 |
| Weighted-Average Common Shares Outstanding: | |||
| Basic (in shares) | 1,885 | 1,887 | 1,429 |
| Diluted (in shares) | 1,894 | 1,897 | 1,435 |
| Earnings Per Common Shares Outstanding | |||
| Basic (USD per share) | 3.52 | 2.84 | 2.13 |
| Diluted (USD per share) | 3.50 | 2.83 [1] | 2.12 |
| Product and Service | |||
| Asset management and administration fees | |||
| Revenues from contracts with customers | 4,216 | 4,274 | 3,475 |
| Trading revenue | |||
| Revenues from contracts with customers | 3,673 | 4,152 | 1,416 |
| Bank deposit account fees | |||
| Revenues from contracts with customers | 1,409 | 1,315 | 355 |
| [1] he Company has voting and nonvoting common stock outstanding. As the participation rights, including dividend and liquidation rights, are identical between the voting and nonvoting stock classes, basic and diluted earnings per share are the same for each class. See Notes 19 and 25 for additional information. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2022 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 24, 2023) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Net income | $ 7,183 | 5,855 | 3,299 |
| Other comprehensive income (loss), before tax: | |||
| Change in net unrealized gain (loss) on available for sale securities: | |||
| Net unrealized gain (loss) excluding transfers to held to maturity | (29,100) | (8,521) | 6,961 |
| Reclassification of net unrealized loss transferred to held to maturity | 18,228 | 0 | 0 |
| Other reclassifications included in other revenue | 9 | (4) | (4) |
| Change in net unrealized gain (loss) on held to maturity securities: | |||
| Reclassification of net unrealized loss transferred from available for sale | (18,228) | 0 | 0 |
| Amortization of amounts previously recorded upon transfer to held to maturity from available for sale | 707 | 0 | 0 |
| Other | 60 | (11) | 8 |
| Other comprehensive income (loss), before tax | (28,324) | (8,536) | 6,965 |
| Income tax effect | 6,812 | 2,033 | (1,659) |
| Other comprehensive income (loss), net of tax | (21,512) | (6,503) | 5,306 |
| Comprehensive Income (Loss) | (14,329) | (648) | 8,605 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2022 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 24, 2023) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Cash Flows from Operating Activities | |||
| Net income | $ 7,183 | 5,855 | 3,299 |
| Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||
| Share-based compensation | 366 | 254 | 204 |
| Depreciation and amortization | 652 | 549 | 414 |
| Amortization of acquired intangible assets | 596 | 615 | 190 |
| Provision (benefit) for deferred income taxes | (18) | 53 | (138) |
| Premium amortization, net, on available for sale and held to maturity securities | 1,375 | 2,346 | 1,586 |
| Other | 490 | 372 | 349 |
| Net change in: | |||
| Investments segregated and on deposit for regulatory purposes | (874) | (3,398) | (10,208) |
| Receivables from brokerage clients | 23,947 | (26,168) | (14,609) |
| Other assets | 99 | (1,152) | 4 |
| Payables to brokerage clients | (28,233) | 21,470 | 22,909 |
| Accrued expenses and other liabilities | (3,526) | 1,322 | 2,852 |
| Net cash provided by (used for) operating activities | 2,057 | 2,118 | 6,852 |
| Cash Flows from Investing Activities | |||
| Purchases of available for sale securities | (51,009) | (171,732) | (202,171) |
| Proceeds from sales of available for sale securities | 24,704 | 13,306 | 4,801 |
| Principal payments on available for sale securities | 49,944 | 94,912 | 63,247 |
| Principal payments on held to maturity securities | 15,712 | 0 | 0 |
| Net change in bank loans | (5,788) | (10,845) | (5,675) |
| Cash acquired in acquisitions, net of cash paid | 0 | 0 | 14,748 |
| Purchases of equipment, office facilities, and property | (971) | (916) | (631) |
| Purchases of Federal Home Loan Bank stock | (518) | 0 | (26) |
| Proceeds from sales of Federal Home Loan Bank stock | 19 | 0 | 32 |
| Purchases of Federal Reserve stock | (106) | (245) | (191) |
| Proceeds from sales of Federal Reserve stock | 197 | 0 | 0 |
| Other investing activities | (136) | (143) | 15 |
| Net cash provided by (used for) investing activities | 32,048 | (75,663) | (125,851) |
| Cash Flows from Financing Activities | |||
| Net change in bank deposits | (77,054) | 85,756 | 137,928 |
| Proceeds from commercial paper and secured lines of credit | 1,900 | 11,107 | 1,234 |
| Repayments of commercial paper and secured lines of credit | (6,511) | (6,255) | (1,234) |
| Net change in other short-term borrowings | 16,802 | 0 | 0 |
| Issuances of long-term debt | 2,971 | 7,036 | 3,070 |
| Repayments of long-term debt | (1,036) | (1,822) | (700) |
| Repurchases of common stock and nonvoting common stock | (3,395) | 0 | 0 |
| Net proceeds from preferred stock offerings | 740 | 2,806 | 4,940 |
| Redemption of preferred stock | (1,000) | (600) | 0 |
| Dividends paid | (2,110) | (1,822) | (1,280) |
| Proceeds from stock options exercised | 64 | 221 | 79 |
| Other financing activities | (94) | (104) | (55) |
| Net cash provided by (used for) financing activities | (68,723) | 96,323 | 143,982 |
| Increase (Decrease) in Cash and Cash Equivalents, including Amounts Restricted | (34,618) | 22,778 | 24,983 |
| Cash and Cash Equivalents, including Amounts Restricted at Beginning of Year | 93,338 | 70,560 | |
| Cash and Cash Equivalents, including Amounts Restricted at End of Year | 58,720 | 93,338 | 70,560 |
| Supplemental Cash Flow Information | |||
| Non-cash investing activity: | |||
| Securities transferred from held to maturity to available for sale, at fair value | 0 | 0 | 136,099 |
| Securities transferred from available for sale to held to maturity, at fair value | 188,555 | 0 | 0 |
| Changes in accrued equipment, office facilities, and property purchases | (19) | 125 | 110 |
| Acquisition of TD Ameritrade | 0 | 0 | 21,758 |
| Non-cash financing activity: | |||
| Common stock repurchased during the period but settled after period end | 40 | 0 | 0 |
| Cash paid during the period for: | |||
| Interest | 1,355 | 501 | 434 |
| Income taxes | 2,130 | 2,053 | 803 |
| Amounts included in the measurement of lease liabilities | 228 | 212 | 163 |
| Leased assets obtained in exchange for new operating lease liabilities | 274 | 89 | 160 |
| Leased assets obtained in exchange for new finance lease liabilities | 4 | 109 | 0 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
SCHWAB CHARLES CORP | ||
Ticker: SCHW Fiscal Year: 2022 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2022 10-K (Filed: Feb 24, 2023) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2022 | Dec 31, 2021 | |
| Assets | ||
| Cash and cash equivalents | $ 40,195 [1] | 62,975 |
| Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $12,159 and $13,096 at December 31, 2022 and 2021, respectively) | 42,983 | 53,949 |
| Receivables from brokerage clients net | 66,591 | 90,565 |
| Available for sale securities | 147,871 | 390,054 |
| Held to maturity securities (including assets pledged of $4,522 at December 31, 2022) | 173,074 | 0 |
| Bank loans net | 40,505 | 34,636 |
| Equipment, office facilities, and property net | 3,714 | 3,442 |
| Goodwill | 11,951 | 11,952 |
| Acquired intangible assets net | 8,789 | 9,379 |
| Other assets | 16,099 | 10,318 |
| Total assets | 551,772 | 667,270 |
| Liabilities and Stockholders Equity | ||
| Bank deposits | 366,724 | 443,778 |
| Payables to brokerage clients | 97,438 | 125,671 |
| Accrued expenses and other liabilities | 13,124 | 17,791 |
| Short-term borrowings | 17,050 | 4,855 |
| Long-term debt | 20,828 | 18,914 |
| Total liabilities | 515,164 | 611,009 |
| Stockholders equity: | ||
| Preferred stock $.01 par value per share; aggregate liquidation preference of $9,850 and $10,100 at December 31, 2022 and 2021, respectively | 9,706 | 9,954 |
| Additional paid-in capital | 27,075 | 26,741 |
| Retained earnings | 31,066 | 25,992 |
| Treasury stock, at cost 221,033,042 and 180,959,274 shares at December 31, 2022 and 2021, respectively | (8,639) | (5,338) |
| Accumulated other comprehensive income (loss) | 22,621 | 1,109 |
| Total stockholders equity | 36,608 | 56,261 |
| Total liabilities and stockholders equity | 551,772 | 667,270 |
| Class of Stock | ||
| Common Stock | ||
| Common stock | 20 | 20 |
| Nonvoting Common Stock | ||
| Common stock | 1 | 1 |
| [1] For more information on the nature of restrictions on restricted cash and cash equivalents, see Note 23. | ||
| External Links | |
| SCHWAB CHARLES CORP (SCHW) Fiscal Year 2022 | |
| 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 |