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 | ||
| [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. | |||
| [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. | |||
| 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 |