Charles Schwab 2013 Annual Report Download - page 62
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THE CHARLES SCHWAB CORPORATION
- 51 -
Consolidated Statements of Income
(In Millions, Except Per Share Amounts)
Year Ended December 31, 2013
2012 2011
Net Revenues
Asset management and administration fees $ 2,315 $ 2,043 $ 1,928
Interest revenue 2,085 1,914 1,900
Interest expense (105)
(150) (175)
Net interest revenue 1,980 1,764 1,725
Trading revenue 913
868 927
Other — net 236
256 160
Provision for loan losses 1
(16) (18)
Net impairment losses on securities (1) (10)
(32) (31)
Total net revenues 5,435 4,883 4,691
Expenses Excluding Interest
Compensation and benefits 2,027 1,803 1,732
Professional services 415
388 387
Occupancy and equipment 309
311 301
Advertising and market development 257
241 228
Communications 220
220 220
Depreciation and amortization 202
196 155
Class action litigation and regulatory reserve -
- 7
Other 300
274 269
Total expenses excluding interest 3,730 3,433 3,299
Income before taxes on income 1,705 1,450 1,392
Taxes on income 634
522 528
Net Income 1,071 928 864
Preferred stock dividends 61
45 -
Net Income Available to Common Stockholders $ 1,010 $ 883 $ 864
Weighted-Average Common Shares Outstanding — Diluted 1,293 1,275 1,229
Earnings Per Common Share — Basic $ .78 $ .69 $ .70
Earnings Per Common Share — Diluted $ .78 $ .69 $ .70
Dividends Declared Per Common Share $ .24
$ .24 $ .24
(1)
N
et impairment losses on securities include total other-than-temporary impairment losses of $2 million, $15 million, and
$18 million recognized in other comprehensive (loss) income, net of $(8) million, $(17) million, and $(13) million
reclassified from other comprehensive (loss) income in 2013, 2012, and 2011, respectively.
See Notes to Consolidated Financial Statements.