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January 2023
January 2023
December 2022
November 2022
October 2022
October 2022
October 2022
August 2022
July 2022
July 2022
EXHIBIT 99.1 | ||||||||
News Release Contacts: | ![]() | |||||||
MEDIA: Mayura Hooper Charles Schwab Phone: 415-667-1525 | INVESTORS/ANALYSTS: Jeff Edwards Charles Schwab Phone: 415-667-1524 |
Three Months Ended December 31, | % | Twelve Months Ended December 31, | % | ||||||||||||||||||||||||||||||||
Financial Highlights (1) | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||
Net revenues (in millions) | $ | 5,497 | $ | 4,708 | 17% | $ | 20,762 | $ | 18,520 | 12% | |||||||||||||||||||||||||
Net income (in millions) | |||||||||||||||||||||||||||||||||||
GAAP | $ | 1,968 | $ | 1,580 | 25% | $ | 7,183 | $ | 5,855 | 23% | |||||||||||||||||||||||||
Adjusted (1) | $ | 2,151 | $ | 1,775 | 21% | $ | 7,934 | $ | 6,670 | 19% | |||||||||||||||||||||||||
Diluted earnings per common share (2) | |||||||||||||||||||||||||||||||||||
GAAP | $ | .97 | $ | .76 | 28% | $ | 3.50 | $ | 2.83 | 24% | |||||||||||||||||||||||||
Adjusted (1) | $ | 1.07 | $ | .86 | 24% | $ | 3.90 | $ | 3.25 | 20% | |||||||||||||||||||||||||
Pre-tax profit margin | |||||||||||||||||||||||||||||||||||
GAAP | 47.3 | % | 43.0 | % | 45.2 | % | 41.6 | % | |||||||||||||||||||||||||||
Adjusted (1) | 51.6 | % | 48.4 | % | 50.0 | % | 47.5 | % | |||||||||||||||||||||||||||
Return on average common | |||||||||||||||||||||||||||||||||||
stockholders’ equity (annualized) | 27 | % | 12 | % | 18 | % | 11 | % | |||||||||||||||||||||||||||
Return on tangible | |||||||||||||||||||||||||||||||||||
common equity (annualized) (1) | 102 | % | 24 | % | 42 | % | 22 | % | |||||||||||||||||||||||||||
(1) Further details on non-GAAP financial measures and a reconciliation of such measures to GAAP reported results are included on pages 11-12 of this release. | |||||||||||||||||||||||||||||||||||
(2) All per-share results are rounded to the nearest cent, based on weighted-average diluted common shares outstanding. |
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Schwab Charles Corp.
Schwab Charles Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
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"Regulation Best Execution" would establish an SEC-level best execution standard (in addition to the existing FINRA and MSRB best execution rules) for broker-dealers and require them to establish, maintain, and enforce written policies and procedures addressing how the broker-dealer will comply with the best execution standard and make routing or execution decisions for customer orders.
Balances declined primarily due to equity market weakness during 2022, which negatively impacted client asset valuations.
Our banking subsidiaries' failure to remain well capitalized could result in certain mandatory and possibly additional discretionary actions by the regulators that could have a direct material effect on the banks.
Asset management and administration fees were essentially flat for Advisor Services, while declining slightly for Investor Services as equity market weakness during 2022 weighed on client asset valuations, partially offset by the elimination of money market fund fee waivers.
Legal and Regulatory Reserves Reserves for legal and regulatory claims and proceedings reflect an estimate of probable losses for each matter, after considering, among other factors, the progress of the case, prior experience and the experience of others in similar cases, available defenses, and the opinions and views of legal counsel.
Dividends Since the initial dividend...Read more
More specifically, factors that could...Read more
The Board of Directors of...Read more
Schwab's use of non-GAAP measures...Read more
Asset management and administration fees...Read more
Schwab produced strong financial performance...Read more
Securities and Instrument-Based Lending Portfolios...Read more
The decrease in the effective...Read more
The "Order Competition Rule" would...Read more
While the majority of the...Read more
To the extent Schwab experiences...Read more
As market rates rose from...Read more
Compliance Risk Schwab faces compliance...Read more
Anti-money laundering/Sanctions risk is the...Read more
Adjusted total expenses, which excludes...Read more
Swing pricing would require funds...Read more
These increases were partially offset...Read more
Total Expenses Excluding Interest The...Read more
- 31 - THE CHARLES...Read more
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Non-GAAP Adjustment or Measure Definition...Read more
This more than offset the...Read more
Share Repurchases On July 27,...Read more
Amortization of acquired intangible assets...Read more
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Equity Issuances and Redemptions CSC's...Read more
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Total net revenue growth, pre-tax...Read more
Partially offsetting the decreases in...Read more
The following table describes external...Read more
While operational risk is inherent...Read more
Occupancy and equipment expenses increased...Read more
The risk metrics, with risk...Read more
To implement the swing pricing...Read more
As Schwab builds its client...Read more
For Investor Services, total expenses...Read more
We have implemented risk management...Read more
Additionally, for margin loans, PALs,...Read more
Net interest revenue increased to...Read more
Amendments to Rule 605 of...Read more
A decline in short-term interest...Read more
Trading revenue was also helped...Read more
We also use our best...Read more
The FDIC implemented a 2-basis-point...Read more
These non-GAAP measures should not...Read more
At the same time, client...Read more
Certain of these factors, as...Read more
Amortization of acquired intangible assets...Read more
The purchase price paid by...Read more
Return on average common stockholders'...Read more
The increases in both return...Read more
Advertising and market development expense...Read more
To ensure that Schwab has...Read more
Order flow revenue is comprised...Read more
Order flow revenue: Payments received...Read more
- 41 - THE CHARLES...Read more
The increase in 2021 from...Read more
Trading revenue declined by 12%...Read more
In addition, the FDIC implemented...Read more
We may return excess capital...Read more
Tangible common equity represents common...Read more
Net interest margin increased to...Read more
The following table provides information...Read more
Investor Services and Advisor Services...Read more
As a result of the...Read more
The Company was in compliance...Read more
CSC's banking subsidiaries must each...Read more
Return on tangible common equity...Read more
Segment Net Revenues Investor Services...Read more
Occupancy and equipment expense increased...Read more
Our net interest margin declined...Read more
Advisor Services growth was primarily...Read more
Subsequent to year-end 2022, the...Read more
These decreases offset the benefit...Read more
Regulation Best Execution would apply...Read more
Return on average common stockholders'...Read more
Exclusive of these items, adjusted...Read more
Schwab continued to see strength...Read more
Segment Expenses Excluding Interest Investor...Read more
Total client assets were $7.05...Read more
Financial instruments are also subject...Read more
Acquisition and integration-related costs for...Read more
Business and Asset Acquisitions TD...Read more
Trading revenue increased $2.7 billion,...Read more
Trading revenue was $4.2 billion...Read more
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Dependent on average asset levels,...Read more
Capital expenditures in 2022 and...Read more
Capital expenditures increased in 2021...Read more
Schwab conducts regular capital stress...Read more
This increased trading activity and...Read more
In 2023, we will continue...Read more
Total net revenues rose 12%...Read more
Average interest-earning assets for 2022...Read more
Average interest-earning assets for 2021...Read more
(1) The income tax effects...Read more
This increase was largely due...Read more
The Capital Contingency Plan is...Read more
To manage interest rate risk,...Read more
Due to its role as...Read more
(1) See table above for...Read more
The Board Risk Committee in...Read more
CAPITAL MANAGEMENT Schwab seeks to...Read more
- 27 - THE CHARLES...Read more
Growth in asset management and...Read more
DATs in 2022 were 5.9...Read more
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Other revenue increased $417 million,...Read more
For further discussion, see Item...Read more
We believe that metrics relating...Read more
Total expenses excluding interest amounted...Read more
Schwab saw consistent strength in...Read more
Net interest revenue increased $2.7...Read more
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Investor Services and Advisor Services...Read more
As we actively manage the...Read more
Total net revenues increased 58%...Read more
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Asset management and administration fees...Read more
In support of - 42...Read more
Occupancy and equipment included acquisition...Read more
These benefits were partially offset...Read more
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Compensation and benefits included acquisition...Read more
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- 49 - THE CHARLES...Read more
Net income totaled $7.2 billion...Read more
- 34 - THE CHARLES...Read more
Tangible common equity represents common...Read more
Short-term rates were near zero...Read more
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Core net new assets in...Read more
Tangible capital pursuant to the...Read more
Asset gathering was strong throughout...Read more
We exclude acquisition and integration-related...Read more
Amortization of acquired intangible assets...Read more
This includes limiting the number...Read more
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- 30 - THE CHARLES...Read more
The Company's estimates of the...Read more
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BDA balances totaled $126.6 billion...Read more
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Interest Rate Risk Simulations Net...Read more
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The following table provides information...Read more
Despite our efforts to identify...Read more
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Both segments saw higher compensation...Read more
Schwab does not originate or...Read more
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Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Schwab Charles Corp provided additional information to their SEC Filing as exhibits
Ticker: SCHW
CIK: 316709
Form Type: 10-K Annual Report
Accession Number: 0000316709-23-000009
Submitted to the SEC: Fri Feb 24 2023 4:18:16 PM EST
Accepted by the SEC: Fri Feb 24 2023
Period: Saturday, December 31, 2022
Industry: Security Brokers Dealers And Flotation Companies