Charles Schwab 2010 Annual Report Download - page 63

Download and view the complete annual report

Please find page 63 of the 2010 Charles Schwab annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 135

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135

THE CHARLES SCHWAB CORPORATION
Consolidated Statements of Income
(In Millions, Except Per Share Amounts)
See Notes to Consolidated Financial Statements.
-46 -
Year Ended December 31, 2010 2009 2008
Net Revenues
Asset mana
g
ement and administration fees
$ 1,82
2
$ 1,875
$ 2,355
Interest revenue
1,723
1,428
1,908
Interest ex
p
ense
(199)
(183)
(226)
Net interest revenue
1,524
1,245
1,682
Tradin
g
revenue
83
0
996
1,08
0
Other
135
175
94
Provision for loan losses
(2
7
)
(38)
(17)
Net im
p
airment losses on securities
(36)
(6
0
)
(44)
Total net revenues
4,248
4,193
5,15
0
Expenses Excluding Interest
Com
p
ensation and benefits
1,573
1,544
1,667
Professional services
341
275
334
Occu
p
anc
y
and e
q
ui
p
ment
27
2
318
299
Advertisin
g
and market develo
p
ment
196
191
243
Communications
20
7
206
211
De
p
reciation and amortization
146
159
152
Class action liti
g
ation and re
g
ulator
y
reserve
32
0
—
—
Mone
y
market mutual fund char
g
es
13
2
—
—
Other
28
2
224
216
Total ex
p
enses excludin
g
interest
3,469
2,917
3,122
Income from continuin
g
o
p
erations before taxes on income
779
1,276
2,028
Taxes on income
(325)
(489)
(798)
Income from continuin
g
o
p
erations
454
787
1,23
0
Loss from discontinued o
p
erations, net of tax
—
—
(18)
Net Income
$ 454
$ 787
$ 1,212
Weighted-Average Common Shares Outstanding
—
Diluted
1,194
1,16
0
1,157
Earnings Per Share
—
Basic
Income from continuin
g
o
p
erations
$.38
$.68
$1.07
Loss from discontinued o
p
erations, net of tax
$
—
$
—
$ (.01)
Net income
$.38
$.68
$1.06
Earnings Per Share
—
Diluted
Income from continuin
g
o
p
erations
$.38
$.68
$1.06
Loss from discontinued o
p
erations, net of tax
$
—
$
—
$ (.01)
Net income
$.38
$.68
$1.05
Net impairment losses on securities include total other-than-temporary impairment losses of $41 million, $278 million, and $44
million, net of $5 million, $218 million, and $0 million recognized in other comprehensive income in 2010, 2009, and 2008,
res
p
ectivel
y
.
(1)
(1)