Charles Schwab 2015 Annual Report Download - page 108
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THE CHARLES SCHWAB CORPORATION
Notes to Consolidated Financial Statements
(Tabular Amounts in Millions, Except Per Share Data, Option Price Amounts, Ratios, or as Noted)
- 88 -
Quoted Prices
in Active Markets Significant Significant
for Identical Other Observable Unobservable
Carrying Assets Inputs Inputs Balance at
December 31, 2014 Amount (Level 1) (Level 2) (Level 3) Fair Value
Assets:
Cash and cash equivalents $ 9,189 $- $ 9,189 $ - $ 9,189
Cash and investments segregated and
on deposit for regulatory purposes 14,466 - 14,466 - 14,466
Receivables from brokers, dealers, and
clearing organizations 469 - 469 - 469
Receivables from brokerage clients – net 15,666 - 15,666 - 15,666
Securities held to maturity:
U.S. agency mortgage-backed securities 33,388 - 33,745 - 33,745
Non-agency commercial mortgage-backed
securities 1,001 - 998 - 998
Total securities held to maturity 34,389 - 34,743 - 34,743
Bank loans: (1)
Residential real estate mortgages 8,127 - 8,158 - 8,158
Home equity loans and lines of credit 2,955 - 3,026 - 3,026
Pledged asset lines 2,320 - 2,320 - 2,320
Other 39 - 38 - 38
Total bank loans 13,441 - 13,542 - 13,542
Other assets 76 - 76 - 76
Total $ 87,696 $ - $ 88,151 $ - $ 88,151
Liabilities:
Bank deposits $ 102,815 $ - $ 102,815 $ - $ 102,815
Payables to brokers, dealers, and clearing
organizations 2,004 - 2,004 - 2,004
Payables to brokerage clients 34,305 - 34,305 - 34,305
Accrued expenses and other liabilities 687 - 687 - 687
Long-term debt 1,899 - 2,010 - 2,010
Total $ 141,710 $- $ 141,821 $ - $ 141,821
(1) The carrying value of bank loans excludes the allowance for loan losses of $42 million at December 31, 2014.
18. Stockholders’ Equity
The Company did not issue any shares of common stock during 2015, 2014, or 2013, respectively.
The Company was authorized to issue 9,940,000 shares of preferred stock, $0.01 par value, at December 31, 2015 and 2014.
The Company’s preferred stock issued and outstanding is as follows:
December 31, 2015 2014
Shares Shares
Issued and Liquidation Issued and Liquidatio
n
Outstanding Preference Liquidation Carrying Outstanding Preference Liquidation Carrying
(In thousands) Per Share Preference Value (In thousands) Per Share Preference Value
Series A 400 $ 1,000 $ 400 $ 396 400 $ 1,000 $ 400 $ 395
Series B 485 1,000 485 480 485 1,000 485 477
Series C 600 1,000 600 583 - - - -
Total Preferred Stock 1,485 $ 1,485 $ 1,459 885 $ 885 $ 872
The Series A Preferred Stock has no stated maturity and has a fixed dividend rate of 7.000% until February 2022 and a
floating rate equal to three-month LIBOR plus 4.820% thereafter. During the fixed rate period, dividends, if declared, will be