Sign In  |  Register  |  About Daly City  |  Contact Us

Daly City, CA
September 01, 2020 1:20pm
7-Day Forecast | Traffic
  • Search Hotels in Daly City

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Schwab Reports First Quarter Results

March Core Net New Assets Equaled $45 Billion – Annualized Growth Rate of 6%

Total Client Assets Reached A Record $9.1 Trillion, Up 20% Year-Over-Year

Expanded Profitability With GAAP Pre-Tax Margin of 37.9%; 40.9% Adjusted (1)

The Charles Schwab Corporation reported first quarter 2024 net revenues of $4.7 billion, reflecting a quarter-over-quarter increase of 6%. Net income for the quarter totaled $1.4 billion, or $.68 diluted earnings per common share. Excluding $140 million of pre-tax transaction-related and restructuring costs, adjusted (1) net income and diluted common earnings per share equaled $1.5 billion and $.74, respectively.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240415452844/en/

Client Driven

Growth

 

$96 Billion

1Q24 Core

Net New Assets

“Against an improved macroeconomic backdrop, clients entrusted us with $96 billion in core net new assets – including $45 billion in March alone. At the same time, solid investor engagement contributed to over 1 million new brokerage account openings during the quarter.”

Co-Chairman and CEO Walt Bettinger

 

 

 

 

 

 

 

Modern Wealth

Solutions

 

$14 Billion

Net Inflows to Managed

Investing Solutions

“Momentum across our array of wealth solutions continued through the first quarter. Led by record flows into our premier fee-based solution, Schwab Wealth Advisory™, net inflows increased 60% versus the prior year period.”

Co-Chairman and CEO Walt Bettinger

 

 

 

 

 

 

 

Diversified

Operating Model

 

~ 500 basis points

Adjusted Pre-Tax

Margin Expansion (1)

(versus 4Q23)

“Our balanced approach to expense management helped enable pre-tax profit margins to expand sequentially to 37.9% – 40.9% adjusted (1) – while continuing to make investments to support long-term growth.”

CFO Peter Crawford

 

 

 

 

 

 

 

Balance Sheet

Management

 

8.8%

Tier 1 Leverage Ratio

5.3%

Adj. Tier 1

Leverage Ratio (1)

“Organic earnings and a smaller balance sheet bolstered our capital position, as our preliminary consolidated Tier 1 Leverage ratio equaled 8.8% and Adjusted Tier 1 Leverage (1) ratio exceeded 5%.”

CFO Peter Crawford

 

 

 

1Q24 Client and Business Highlights

  • Strong equity markets and organic asset gathering helped total client assets reach a record $9.12 trillion
  • Active brokerage accounts increased 3% year-over-year to end March at 35.3 million
  • Engagement rebounded with trading volume and margin balances up 15% and 9%, respectively, from 4Q23
  • Sentiment improved noticeably as clients were net buyers of securities and increased their exposure to equities
  • Schwab recognized as the Best Investing Platform Overall by U.S. News & World Report in 2024 (2)
  • Ameritrade – now part of Schwab – was voted #1 in the J.D. Power 2024 U.S. Self-Directed Investor Satisfaction StudySM (3), with Schwab ranking #2 to secure the top two spots; Ameritrade earned top marks for the first time as it benefited from enhancements introduced by Schwab such as its Satisfaction Guarantee and leading service experience
  • Schwab selected as a Forbes Best Customer Service 2024 award winner (4)
  • Schwab Retirement Plan Services received the highest number of PLANSPONSOR® Best in Class awards for 7 years in a row and received nearly 2x more awards than the nearest qualifying plan provider (5)

 

Three Months Ended

March 31,

 

%

Financial Highlights (1)

2024

 

2023

 

Change

 

 

 

 

 

 

Net revenues (in millions)

$

4,740

 

 

$

5,116

 

 

(7

)%

Net income (in millions)

 

 

 

 

 

GAAP

$

1,362

 

 

$

1,603

 

 

(15

)%

Adjusted (1)

$

1,469

 

 

$

1,780

 

 

(17

)%

Diluted earnings per common share

 

 

 

 

 

GAAP

$

.68

 

 

$

.83

 

 

(18

)%

Adjusted (1)

$

.74

 

 

$

.93

 

 

(20

)%

Pre-tax profit margin

 

 

 

 

 

GAAP

 

37.9

%

 

 

41.2

%

 

 

Adjusted (1)

 

40.9

%

 

 

45.8

%

 

 

Return on average common stockholders’ equity (annualized)

 

15

%

 

 

23

%

 

 

Return on tangible common equity (annualized) (1)

 

39

%

 

 

83

%

 

 

 

 

 

 

 

 

Note: All per-share results are rounded to the nearest cent, based on weighted-average diluted common shares outstanding.

1Q24 Financial Commentary

  • While total net revenues declined by 7% versus the prior year, rising equity markets and increased client engagement helped drive 6% sequential top-line growth
  • Net interest margin expanded by 13 basis points quarter-over-quarter to 2.02% due to greater margin balance utilization and a decline in outstanding supplemental funding (6)
  • Total supplemental funding (6) decreased by $8.8 billion from the prior year-end to finish the quarter at $70.8 billion
  • Client transactional sweep cash balances ended March at $399.2 billion – with bank sweep deposits and broker-dealer free credit balances above levels observed immediately prior to the late-2023 seasonal build
  • Asset management and administration fees increased by 21% over the prior year to a record $1.3 billion
  • Mix shift in client trading activity compressed the average revenue per trade to $2.25, down 5% versus 4Q23
  • Year-over-year expenses benefited from the impact of the late-2023 incremental cost savings, with total expenses declining by 2% as acquisition and integration-related costs, amortization of acquired intangibles, and restructuring costs came in 40% lower at $140 million. Exclusive of these items, adjusted total expenses (1) grew by 1% relative to the prior year reflecting higher volume-related costs, including elevated client engagement amid higher market valuations
  • Charles Schwab Bank, SSB (CSB) capital ratios continued to build, with preliminary Tier 1 Leverage and adjusted Tier 1 Leverage (1) reaching 10.4% and 5.7%, respectively

(1)

Further details on non-GAAP financial measures and a reconciliation of such measures to GAAP reported results are included on pages 10–12 of this release.

(2)

U.S. News & World Report’s Best Investing Platforms award was given on April 8, 2024 and is for 2024-2025. The criteria, evaluation, and ranking were determined by U.S News & World Report. See https://money.usnews.com/investing/best-brokers/methodology for more information. Schwab paid a licensing fee to U.S News & World Report for use of the award and logos.

(3)

TD Ameritrade, Inc. (Ameritrade) Member SIPC, a subsidiary of The Charles Schwab Corporation, received the highest score in the do-it-yourself segment of the J.D. Power 2024 U.S. Self-Directed Investor Satisfaction Study of investors’ satisfaction with self-directed investment firms. It is independently conducted, and the participating firms do not pay to participate. Use of study results in promotional materials is subject to a license fee. Visit https://www.jdpower.com/business/awards for more details.

(4)

Forbes Best Customer Service 2024 was given on November 16, 2023, and expires January 2, 2025, The criteria, evaluation, and ranking were determined by Forbes partnered with HundredX. See https://www.forbes.com/sites/rachelpeachman/2023/11/09/best-brands-for-customer-service-2024-methodology/ for more information. Schwab paid a licensing fee to Forbes for use of the award and logos.

(5)

PLANSPONSOR award was given on February 15, 2024. The criteria, evaluation, and ranking were determined by PLANSPONSOR. See https://www.plansponsor.com/research/2023-best-class-dc-providers/?pagesec=4# for more information. A licensing fee has been paid to PLANSPONSOR for the use of the award logo, however Schwab did not pay any fees to be considered for the award.

(6)

Supplemental funding includes repurchase agreements, Schwab Bank Retail Certificates of Deposit (CDs), and Federal Home Loan Bank balances.

 

Spring Business Update

The company will host its Spring Business Update for institutional investors this morning from 8:00 a.m. - 9:00 a.m. CT, 9:00 a.m. - 10:00 a.m. ET.

Registration for this Update webcast is accessible at https://www.aboutschwab.com/schwabevents.

Forward-Looking Statements

This press release contains forward-looking statements relating to the company’s momentum, operating model and expense management. These forward-looking statements reflect management’s expectations as of the date hereof. Achievement of these expectations and objectives is subject to risks and uncertainties that could cause actual results to differ materially from the expressed expectations. Important factors that may cause such differences are described in the company’s most recent reports on Form 10-K and Form 10-Q, which have been filed with the Securities and Exchange Commission and are available on the company’s website (https://www.aboutschwab.com/financial-reports) and on the Securities and Exchange Commission’s website (https://www.sec.gov). The company makes no commitment to update any forward-looking statements.

About Charles Schwab

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 35.3 million active brokerage accounts, 5.3 million workplace plan participant accounts, 1.9 million banking accounts, and $9.12 trillion in client assets. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiaries, Charles Schwab & Co., Inc., TD Ameritrade, Inc., and TD Ameritrade Clearing, Inc., (members SIPC, https://www.sipc.org), and their affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent, fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at https://www.aboutschwab.com. TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc. are separate but affiliated companies and subsidiaries of Ameritrade Holding LLC. Ameritrade Holding LLC is a wholly owned subsidiary of The Charles Schwab Corporation.

 

THE CHARLES SCHWAB CORPORATION

Consolidated Statements of Income

(In millions, except per share amounts)

(Unaudited)

 

 

 

 

 

Three Months Ended

March 31,

 

 

2024

 

2023

Net Revenues

 

 

Interest revenue

$

3,941

 

$

4,016

 

Interest expense

 

(1,708

)

 

(1,246

)

Net interest revenue

 

2,233

 

 

2,770

 

Asset management and administration fees

 

1,348

 

 

1,118

 

Trading revenue

 

817

 

 

892

 

Bank deposit account fees

 

183

 

 

151

 

Other

 

159

 

 

185

 

Total net revenues

 

4,740

 

 

5,116

 

Expenses Excluding Interest

 

 

Compensation and benefits

 

1,538

 

 

1,638

 

Professional services

 

241

 

 

258

 

Occupancy and equipment

 

265

 

 

299

 

Advertising and market development

 

88

 

 

88

 

Communications

 

141

 

 

146

 

Depreciation and amortization

 

228

 

 

177

 

Amortization of acquired intangible assets

 

130

 

 

135

 

Regulatory fees and assessments

 

125

 

 

83

 

Other

 

186

 

 

182

 

Total expenses excluding interest

 

2,942

 

 

3,006

 

Income before taxes on income

 

1,798

 

 

2,110

 

Taxes on income

 

436

 

 

507

 

Net Income

 

1,362

 

 

1,603

 

Preferred stock dividends and other

 

111

 

 

70

 

Net Income Available to Common Stockholders

$

1,251

 

$

1,533

 

Weighted-Average Common Shares Outstanding:

 

 

Basic

 

1,825

 

 

1,834

 

Diluted

 

1,831

 

 

1,842

 

Earnings Per Common Shares Outstanding (1):

 

 

Basic

$

.69

 

$

.84

 

Diluted

$

.68

 

$

.83

 

(1)

The Company has voting and nonvoting common stock outstanding. As the participation rights, including dividend and liquidation rights, are identical between the voting and nonvoting stock classes, basic and diluted earnings per share are the same for each class.

 

THE CHARLES SCHWAB CORPORATION

Financial and Operating Highlights

(Unaudited)

 

Q1-24 % change

2024

 

2023

(In millions, except per share amounts and as noted)

vs.

Q1-23

 

vs.

Q4-23

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

Net Revenues

 

 

 

 

 

 

 

Net interest revenue

(19

)%

5

%

$

2,233

 

$

2,130

 

$

2,237

 

$

2,290

 

$

2,770

 

Asset management and administration fees

21

%

9

%

 

1,348

 

 

1,241

 

 

1,224

 

 

1,173

 

 

1,118

 

Trading revenue

(8

)%

7

%

 

817

 

 

767

 

 

768

 

 

803

 

 

892

 

Bank deposit account fees

21

%

5

%

 

183

 

 

174

 

 

205

 

 

175

 

 

151

 

Other

(14

)%

8

%

 

159

 

 

147

 

 

172

 

 

215

 

 

185

 

Total net revenues

(7

)%

6

%

 

4,740

 

 

4,459

 

 

4,606

 

 

4,656

 

 

5,116

 

Expenses Excluding Interest

 

 

 

 

 

 

 

Compensation and benefits (1)

(6

)%

9

%

 

1,538

 

 

1,409

 

 

1,770

 

 

1,498

 

 

1,638

 

Professional services

(7

)%

(5

)%

 

241

 

 

253

 

 

275

 

 

272

 

 

258

 

Occupancy and equipment

(11

)%

(20

)%

 

265

 

 

331

 

 

305

 

 

319

 

 

299

 

Advertising and market development

 

(15

)%

 

88

 

 

104

 

 

102

 

 

103

 

 

88

 

Communications

(3

)%

(2

)%

 

141

 

 

144

 

 

151

 

 

188

 

 

146

 

Depreciation and amortization

29

%

(4

)%

 

228

 

 

238

 

 

198

 

 

191

 

 

177

 

Amortization of acquired intangible assets

(4

)%

 

 

130

 

 

130

 

 

135

 

 

134

 

 

135

 

Regulatory fees and assessments

51

%

(54

)%

 

125

 

 

270

 

 

114

 

 

80

 

 

83

 

Other (2)

2

%

(52

)%

 

186

 

 

386

 

 

173

 

 

180

 

 

182

 

Total expenses excluding interest

(2

)%

(10

)%

 

2,942

 

 

3,265

 

 

3,223

 

 

2,965

 

 

3,006

 

Income before taxes on income

(15

)%

51

%

 

1,798

 

 

1,194

 

 

1,383

 

 

1,691

 

 

2,110

 

Taxes on income

(14

)%

193

%

 

436

 

 

149

 

 

258

 

 

397

 

 

507

 

Net Income

(15

)%

30

%

 

1,362

 

 

1,045

 

 

1,125

 

 

1,294

 

 

1,603

 

Preferred stock dividends and other

59

%

(7

)%

 

111

 

 

119

 

 

108

 

 

121

 

 

70

 

Net Income Available to Common Stockholders

(18

)%

35

%

$

1,251

 

$

926

 

$

1,017

 

$

1,173

 

$

1,533

 

Earnings per common share (3):

 

 

 

 

 

 

 

Basic

(18

)%

35

%

$

.69

 

$

.51

 

$

.56

 

$

.64

 

$

.84

 

Diluted

(18

)%

33

%

$

.68

 

$

.51

 

$

.56

 

$

.64

 

$

.83

 

Dividends declared per common share

 

 

$

.25

 

$

.25

 

$

.25

 

$

.25

 

$

.25

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

 

 

1,825

 

 

1,823

 

 

1,821

 

 

1,820

 

 

1,834

 

Diluted

(1

)%

 

 

1,831

 

 

1,828

 

 

1,827

 

 

1,825

 

 

1,842

 

Performance Measures

 

 

 

 

 

 

 

Pre-tax profit margin

 

 

 

37.9

%

 

26.8

%

 

30.0

%

 

36.3

%

 

41.2

%

Return on average common stockholders’ equity (annualized) (4)

 

 

 

15

%

 

12

%

 

14

%

 

17

%

 

23

%

Financial Condition (at quarter end, in billions)

 

 

 

 

 

 

 

Cash and cash equivalents

(35

)%

(27

)%

$

31.8

 

$

43.3

 

$

33.3

 

$

47.7

 

$

49.2

 

Cash and investments segregated

(16

)%

(19

)%

 

25.9

 

 

31.8

 

 

18.6

 

 

25.1

 

 

31.0

 

Receivables from brokerage clients — net

13

%

4

%

 

71.2

 

 

68.7

 

 

69.1

 

 

65.2

 

 

63.2

 

Available for sale securities

(28

)%

(6

)%

 

101.1

 

 

107.6

 

 

110.3

 

 

125.8

 

 

141.3

 

Held to maturity securities

(8

)%

(2

)%

 

156.4

 

 

159.5

 

 

162.5

 

 

166.3

 

 

169.9

 

Bank loans — net

2

%

1

%

 

40.8

 

 

40.4

 

 

40.3

 

 

40.1

 

 

40.0

 

Total assets

(12

)%

(5

)%

 

468.8

 

 

493.2

 

 

475.2

 

 

511.5

 

 

535.6

 

Bank deposits

(17

)%

(7

)%

 

269.5

 

 

290.0

 

 

284.4

 

 

304.4

 

 

325.7

 

Payables to brokerage clients

(4

)%

(1

)%

 

84.0

 

 

84.8

 

 

72.8

 

 

84.8

 

 

87.6

 

Other short-term borrowings

18

%

27

%

 

8.4

 

 

6.6

 

 

7.6

 

 

7.8

 

 

7.1

 

Federal Home Loan Bank borrowings

(47

)%

(9

)%

 

24.0

 

 

26.4

 

 

31.8

 

 

41.0

 

 

45.6

 

Long-term debt

15

%

(12

)%

 

22.9

 

 

26.1

 

 

24.8

 

 

22.5

 

 

20.0

 

Stockholders’ equity

17

%

3

%

 

42.4

 

 

41.0

 

 

37.8

 

 

37.1

 

 

36.3

 

Other

 

 

 

 

 

 

 

Full-time equivalent employees (at quarter end, in thousands)

(9

)%

(1

)%

 

32.6

 

 

33.0

 

 

35.9

 

 

36.6

 

 

36.0

 

Capital expenditures — purchases of equipment, office facilities, and property,

net (in millions)

(35

)%

(39

)%

$

122

 

$

199

 

$

250

 

$

168

 

$

187

 

Expenses excluding interest as a percentage of average client assets (annualized)

 

 

 

0.14

%

 

0.16

%

 

0.16

%

 

0.15

%

 

0.17

%

Clients’ Daily Average Trades (DATs) (in thousands)

1

%

15

%

 

5,958

 

 

5,192

 

 

5,218

 

 

5,272

 

 

5,895

 

Number of Trading Days

(2

)%

(2

)%

 

61.0

 

 

62.5

 

 

62.5

 

 

62.0

 

 

62.0

 

Revenue Per Trade (5)

(8

)%

(5

)%

$

2.25

 

$

2.36

 

$

2.35

 

$

2.46

 

$

2.44

 

 

 

 

 

 

 

 

 

(1)

Fourth quarter of 2023 includes $16 million in restructuring costs. Third quarter of 2023 includes $276 million in restructuring costs.

(2)

Fourth quarter of 2023 includes $181 million in restructuring costs.

(3)

The Company has voting and nonvoting common stock outstanding. As the participation rights, including dividend and liquidation rights, are identical between the voting and nonvoting stock classes, basic and diluted earnings per share are the same for each class.

(4)

Return on average common stockholders’ equity is calculated using net income available to common stockholders divided by average common stockholders’ equity.

(5)

Revenue per trade is calculated as trading revenue divided by DATs multiplied by the number of trading days.

 

THE CHARLES SCHWAB CORPORATION

Net Interest Revenue Information

(In millions, except ratios or as noted)

(Unaudited)

 

Three Months Ended

March 31,

 

2024

 

 

2023

 

Average

Balance

 

Interest

Revenue/

Expense

 

Average

Yield/

Rate

 

 

Average

Balance

 

Interest

Revenue/

Expense

 

Average

Yield/

Rate

Interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

33,791

 

$

454

 

5.31

%

 

 

$

37,056

 

$

413

 

4.46

%

Cash and investments segregated

 

29,297

 

 

388

 

5.24

%

 

 

 

40,068

 

 

432

 

4.31

%

Receivables from brokerage clients

 

63,804

 

 

1,260

 

7.81

%

 

 

 

60,543

 

 

1,084

 

7.16

%

Available for sale securities (1)

 

111,867

 

 

594

 

2.12

%

 

 

 

155,791

 

 

825

 

2.12

%

Held to maturity securities

 

157,410

 

 

690

 

1.75

%

 

 

 

170,889

 

 

746

 

1.75

%

Bank loans

 

40,529

 

 

440

 

4.36

%

 

 

 

40,248

 

 

391

 

3.92

%

Total interest-earning assets

 

436,698

 

 

3,826

 

3.48

%

 

 

 

504,595

 

 

3,891

 

3.09

%

Securities lending revenue

 

 

 

76

 

 

 

 

 

 

 

112

 

 

Other interest revenue

 

 

 

39

 

 

 

 

 

 

 

13

 

 

Total interest-earning assets

$

436,698

 

$

3,941

 

3.59

%

 

 

$

504,595

 

$

4,016

 

3.19

%

Funding sources

 

 

 

 

 

 

 

 

 

 

 

 

Bank deposits

$

274,368

 

$

921

 

1.35

%

 

 

$

343,105

 

$

618

 

0.73

%

Payables to brokerage clients

 

68,343

 

 

73

 

0.43

%

 

 

 

77,169

 

 

75

 

0.39

%

Other short-term borrowings

 

7,385

 

 

103

 

5.61

%

 

 

 

6,917

 

 

86

 

5.05

%

Federal Home Loan Bank borrowings

 

24,857

 

 

330

 

5.27

%

 

 

 

24,458

 

 

304

 

5.05

%

Long-term debt

 

25,000

 

 

224

 

3.59

%

 

 

 

20,290

 

 

139

 

2.74

%

Total interest-bearing liabilities

 

399,953

 

 

1,651

 

1.65

%

 

 

 

471,939

 

 

1,222

 

1.05

%

Non-interest-bearing funding sources

 

36,745

 

 

 

 

 

 

 

32,656

 

 

 

 

Securities lending expense

 

 

 

55

 

 

 

 

 

 

 

22

 

 

Other interest expense

 

 

 

2

 

 

 

 

 

 

 

2

 

 

Total funding sources

$

436,698

 

$

1,708

 

1.57

%

 

 

$

504,595

 

$

1,246

 

1.00

%

Net interest revenue

 

 

$

2,233

 

2.02

%

 

 

 

 

$

2,770

 

2.19

%

(1)

Amounts have been calculated based on amortized cost.

 

THE CHARLES SCHWAB CORPORATION

Asset Management and Administration Fees Information

(In millions, except ratios or as noted)

(Unaudited)

 

 

 

Three Months Ended

March 31,

 

2024

 

 

2023

 

Average

Client

Assets

 

Revenue

 

Average

Fee

 

 

Average

Client

Assets

 

Revenue

 

Average

Fee

Schwab money market funds

$

499,887

 

$

336

 

0.27

%

 

 

$

316,391

 

$

213

 

0.27

%

Schwab equity and bond funds, exchange-traded funds (ETFs), and collective trust funds (CTFs)

 

539,661

 

 

107

 

0.08

%

 

 

 

450,581

 

 

91

 

0.08

%

Mutual Fund OneSource® and other no-transaction-fee funds

 

314,576

 

 

209

 

0.27

%

 

 

 

222,437

 

 

148

 

0.27

%

Other third-party mutual funds and ETFs

 

605,625

 

 

106

 

0.07

%

 

 

 

676,344

 

 

133

 

0.08

%

Total mutual funds, ETFs, and CTFs (1)

$

1,959,749

 

 

758

 

0.16

%

 

 

$

1,665,753

 

 

585

 

0.14

%

Advice solutions (1)

 

 

 

 

 

 

 

 

 

 

 

 

Fee-based

$

506,133

 

 

503

 

0.40

%

 

 

$

443,027

 

 

453

 

0.41

%

Non-fee-based

 

106,032

 

 

 

 

 

 

 

94,469

 

 

 

 

Total advice solutions

$

612,165

 

 

503

 

0.33

%

 

 

$

537,496

 

 

453

 

0.34

%

Other balance-based fees (2)

 

719,447

 

 

69

 

0.04

%

 

 

 

561,788

 

 

62

 

0.04

%

Other (3)

 

 

 

18

 

 

 

 

 

 

 

18

 

 

Total asset management and administration fees

 

 

$

1,348

 

 

 

 

 

 

$

1,118

 

 

(1)

Advice solutions include managed portfolios, specialized strategies, and customized investment advice such as Schwab Wealth Advisory™, Schwab Managed Portfolios™, Managed Account Select®, Schwab Advisor Network®, Windhaven Strategies®, ThomasPartners® Strategies, Schwab Index Advantage advised retirement plan balances, Schwab Intelligent Portfolios®, Institutional Intelligent Portfolios®, Schwab Intelligent Portfolios Premium®, AdvisorDirect®, Essential Portfolios, Selective Portfolios, and Personalized Portfolios; as well as legacy non-fee advice solutions including Schwab Advisor Source and certain retirement plan balances. Average client assets for advice solutions may also include the asset balances contained in the mutual fund and/or ETF categories listed above. For the total end of period view, please see the Monthly Activity Report.

(2)

Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees.

(3)

Includes miscellaneous service and transaction fees relating to mutual funds and ETFs that are not balance-based.

 

THE CHARLES SCHWAB CORPORATION

Growth in Client Assets and Accounts

(Unaudited)

 

 

 

 

 

 

 

Q1-24 % Change

2024

 

2023

(In billions, at quarter end, except as noted)

vs.

Q1-23

 

vs.

Q4-23

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

Assets in client accounts

 

 

 

 

 

 

 

Schwab One®, certain cash equivalents and bank deposits

(15

)%

(5

)%

$

348.2

 

$

368.3

 

$

353.1

 

$

384.4

 

$

408.5

 

Bank deposit account balances

(15

)%

(7

)%

 

90.2

 

 

97.4

 

 

99.5

 

 

102.7

 

 

106.5

 

Proprietary mutual funds (Schwab Funds® and Laudus Funds®) and CTFs

 

 

 

 

 

 

 

Money market funds (1)

44

%

8

%

 

515.7

 

 

476.4

 

 

436.3

 

 

392.9

 

 

357.8

 

Equity and bond funds and CTFs (2)

26

%

10

%

 

206.0

 

 

186.7

 

 

167.9

 

 

172.6

 

 

163.1

 

Total proprietary mutual funds and CTFs

39

%

9

%

 

721.7

 

 

663.1

 

 

604.2

 

 

565.5

 

 

520.9

 

Mutual Fund Marketplace® (3)

 

 

 

 

 

 

 

Mutual Fund OneSource® and other no-transaction-fee funds

35

%

8

%

 

329.2

 

 

306.2

 

 

288.0

 

 

254.6

 

 

244.3

 

Mutual fund clearing services

23

%

6

%

 

248.1

 

 

233.4

 

 

216.9

 

 

220.7

 

 

201.7

 

Other third-party mutual funds (4)

5

%

5

%

 

1,182.9

 

 

1,126.5

 

 

1,055.3

 

 

1,150.8

 

 

1,123.6

 

Total Mutual Fund Marketplace

12

%

6

%

 

1,760.2

 

 

1,666.1

 

 

1,560.2

 

 

1,626.1

 

 

1,569.6

 

Total mutual fund assets

19

%

7

%

 

2,481.9

 

 

2,329.2

 

 

2,164.4

 

 

2,191.6

 

 

2,090.5

 

Exchange-traded funds

 

 

 

 

 

 

 

Proprietary ETFs (2)

22

%

7

%

 

342.9

 

 

319.4

 

 

286.2

 

 

293.2

 

 

280.6

 

Other third-party ETFs

29

%

10

%

 

1,676.6

 

 

1,521.7

 

 

1,352.6

 

 

1,381.4

 

 

1,297.5

 

Total ETF assets

28

%

10

%

 

2,019.5

 

 

1,841.1

 

 

1,638.8

 

 

1,674.6

 

 

1,578.1

 

Equity and other securities

25

%

10

%

 

3,467.7

 

 

3,163.5

 

 

2,886.4

 

 

3,002.7

 

 

2,772.2

 

Fixed income securities

14

%

 

 

779.0

 

 

779.7

 

 

747.4

 

 

722.6

 

 

684.7

 

Margin loans outstanding

13

%

9

%

 

(68.1

)

 

(62.6

)

 

(65.1

)

 

(62.8

)

 

(60.5

)

Total client assets

20

%

7

%

$

9,118.4

 

$

8,516.6

 

$

7,824.5

 

$

8,015.8

 

$

7,580.0

 

Client assets by business

 

 

 

 

 

 

 

Investor Services

21

%

7

%

$

4,852.2

 

$

4,519.1

 

$

4,157.7

 

$

4,267.9

 

$

4,001.9

 

Advisor Services

19

%

7

%

 

4,266.2

 

 

3,997.5

 

 

3,666.8

 

 

3,747.9

 

 

3,578.1

 

Total client assets

20

%

7

%

$

9,118.4

 

$

8,516.6

 

$

7,824.5

 

$

8,015.8

 

$

7,580.0

 

Net growth in assets in client accounts (for the quarter ended)

 

 

 

 

 

 

 

Net new assets by business

 

 

 

 

 

 

 

Investor Services (5)

(56

)%

40

%

$

34.9

 

$

25.0

 

$

28.6

 

$

36.0

 

$

79.4

 

Advisor Services (6)

(25

)%

29

%

 

53.3

 

 

41.3

 

 

19.6

 

 

36.0

 

 

71.3

 

Total net new assets

(41

)%

33

%

$

88.2

 

$

66.3

 

$

48.2

 

$

72.0

 

$

150.7

 

Net market gains (losses)

 

 

 

513.6

 

 

625.8

 

 

(239.5

)

 

363.8

 

 

379.5

 

Net growth (decline)

 

 

$

601.8

 

$

692.1

 

$

(191.3

)

$

435.8

 

$

530.2

 

New brokerage accounts (in thousands, for the quarter ended)

5

%

20

%

 

1,094

 

 

910

 

 

894

 

 

960

 

 

1,042

 

Client accounts (in thousands)

 

 

 

 

 

 

 

Active brokerage accounts

3

%

1

%

 

35,301

 

 

34,838

 

 

34,540

 

 

34,382

 

 

34,120

 

Banking accounts

8

%

3

%

 

1,885

 

 

1,838

 

 

1,799

 

 

1,781

 

 

1,746

 

Workplace Plan Participant Accounts (7)

9

%

1

%

 

5,277

 

 

5,221

 

 

5,141

 

 

5,003

 

 

4,845

 

 

 

 

 

 

 

 

 

(1)

Total client assets in purchased money market funds are located at: https://www.aboutschwab.com/investor-relations.

(2)

Includes balances held on and off the Schwab platform. As of March 31, 2024, off-platform equity and bond funds, CTFs, and ETFs were $30.5 billion, $3.5 billion, and $113.4 billion, respectively.

(3)

Excludes all proprietary mutual funds and ETFs.

(4)

As of March 31, 2024, third-party money funds were $1.1 billion.

(5)

First quarter of 2024 includes net outflows of $7.4 billion from off-platform Schwab Bank Retail CDs. Fourth quarter of 2023 includes net inflows of $2.4 billion from off-platform Schwab Bank Retail CDs and outflows of $5.8 billion from an international relationship. Third quarter of 2023 includes net inflows of $3.3 billion from off-platform Schwab Bank Retail CDs. Second quarter of 2023 includes an inflow of $12.0 billion from a mutual fund clearing services client and inflows of $7.8 billion from off-platform Schwab Bank Retail CDs. First quarter of 2023 includes inflows of $19.0 billion from off-platform Schwab Bank Retail CDs.

(6)

Fourth quarter of 2023 includes outflows of $6.4 billion from an international relationship. Third quarter of 2023 includes an outflow of $0.8 billion from an international relationship.

(7)

Beginning in the fourth quarter 2023, Retirement Plan Participants was expanded to include accounts in Stock Plan Services, Designated Brokerage Services, and Retirement Business Services. Participants may be enrolled in services in more than one Workplace business. Prior periods have been recast to reflect this change.

 

The Charles Schwab Corporation Monthly Activity Report For March 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

 

 

 

Change

 

 

Mar

 

Apr

 

May

 

Jun

 

Jul

 

Aug

 

Sep

 

Oct

 

Nov

 

Dec

 

Jan

 

Feb

 

Mar

 

Mo.

 

Yr.

Market Indices (at month end)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dow Jones Industrial Average®

33,274

 

34,098

 

32,908

 

34,408

 

35,560

 

34,722

 

33,508

 

33,053

 

35,951

 

37,690

 

38,150

 

38,996

 

39,807

 

2

%

20

%

Nasdaq Composite®

12,222

 

12,227

 

12,935

 

13,788

 

14,346

 

14,035

 

13,219

 

12,851

 

14,226

 

15,011

 

15,164

 

16,092

 

16,379

 

2

%

34

%

Standard & Poor’s® 500

4,109

 

4,169

 

4,180

 

4,450

 

4,589

 

4,508

 

4,288

 

4,194

 

4,568

 

4,770

 

4,846

 

5,096

 

5,254

 

3

%

28

%

Client Assets (in billions of dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Client Assets

7,380.2

 

7,580.0

 

7,631.5

 

7,650.2

 

8,015.8

 

8,241.0

 

8,094.7

 

7,824.5

 

7,653.4

 

8,180.6

 

8,516.6

 

8,558.1

 

8,879.5

 

 

 

Net New Assets (1)

72.9

 

13.6

 

24.6

 

33.8

 

12.9

 

8.1

 

27.2

 

5.0

 

19.2

 

42.1

 

14.8

 

31.7

 

41.7

 

32

%

(43

)%

Net Market Gains (Losses)

126.9

 

37.9

 

(5.9

)

331.8

 

212.3

 

(154.4

)

(297.4

)

(176.1

)

508.0

 

293.9

 

26.7

 

289.7

 

197.2

 

 

 

Total Client Assets (at month end)

7,580.0

 

7,631.5

 

7,650.2

 

8,015.8

 

8,241.0

 

8,094.7

 

7,824.5

 

7,653.4

 

8,180.6

 

8,516.6

 

8,558.1

 

8,879.5

 

9,118.4

 

3

%

20

%

Core Net New Assets (1,2)

53.9

 

(2.3

)

20.7

 

33.8

 

13.7

 

4.9

 

27.1

 

11.3

 

21.7

 

43.1

 

17.2

 

33.4

 

45.0

 

35

%

(17

)%

Receiving Ongoing Advisory Services (at month end)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor Services

526.2

 

530.7

 

526.3

 

547.5

 

560.6

 

552.2

 

533.0

 

522.2

 

557.0

 

581.4

 

584.1

 

601.8

 

618.5

 

3

%

18

%

Advisor Services (3)

3,369.3

 

3,394.9

 

3,377.8

 

3,527.8

 

3,619.8

 

3,554.2

 

3,448.0

 

3,380.3

 

3,604.4

 

3,757.4

 

3,780.4

 

3,902.5

 

4,009.5

 

3

%

19

%

Client Accounts (at month end, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active Brokerage Accounts

34,120

 

34,248

 

34,311

 

34,382

 

34,434

 

34,440

 

34,540

 

34,571

 

34,672

 

34,838

 

35,017

 

35,127

 

35,301

 

 

3

%

Banking Accounts

1,746

 

1,757

 

1,768

 

1,781

 

1,792

 

1,798

 

1,799

 

1,812

 

1,825

 

1,838

 

1,856

 

1,871

 

1,885

 

1

%

8

%

Workplace Plan Participant Accounts (4)

4,845

 

4,869

 

4,962

 

5,003

 

5,030

 

5,037

 

5,141

 

5,212

 

5,212

 

5,221

 

5,226

 

5,268

 

5,277

 

 

9

%

Client Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Brokerage Accounts (in thousands)

378

 

331

 

314

 

315

 

303

 

311

 

280

 

284

 

286

 

340

 

366

 

345

 

383

 

11

%

1

%

Client Cash as a Percentage of Client Assets (5,6)

11.2

%

10.8

%

10.9

%

10.5

%

10.2

%

10.4

%

10.8

%

11.2

%

10.7

%

10.5

%

10.5

%

10.2

%

10.0

%

(20) bp

(120) bp

Derivative Trades as a Percentage of Total Trades

22.8

%

23.4

%

23.5

%

23.9

%

23.0

%

24.4

%

24.2

%

23.2

%

23.1

%

21.8

%

21.8

%

22.2

%

21.9

%

(30) bp

(90) bp

Selected Average Balances (in millions of dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Interest-Earning Assets (7)

497,627

 

493,215

 

483,438

 

479,752

 

466,659

 

449,483

 

444,864

 

438,522

 

439,118

 

446,305

 

443,694

 

434,822

 

431,456

 

(1

)%

(13

)%

Average Margin Balances

60,848

 

60,338

 

60,250

 

61,543

 

63,040

 

64,226

 

64,014

 

63,946

 

61,502

 

62,309

 

61,368

 

63,600

 

66,425

 

4

%

9

%

Average Bank Deposit Account Balances (8)

109,392

 

104,775

 

103,149

 

102,917

 

102,566

 

101,928

 

100,404

 

97,893

 

94,991

 

95,518

 

95,553

 

92,075

 

90,774

 

(1

)%

(17

)%

Mutual Fund and Exchange-Traded Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Buys (Sells) (9,10) (in millions of dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities

(3,234

)

1,126

 

(1,366

)

9,190

 

7,423

 

(278

)

675

 

(3,039

)

6,099

 

7,903

 

8,182

 

7,624

 

10,379

 

 

 

Hybrid

(1,641

)

(462

)

(889

)

(903

)

(407

)

(1,037

)

(828

)

(1,457

)

(1,466

)

(1,596

)

(501

)

(1,330

)

(439

)

 

 

Bonds

6,158

 

2,575

 

2,029

 

3,302

 

2,515

 

4,696

 

2,723

 

1,094

 

255

 

6,104

 

7,510

 

9,883

 

7,561

 

 

 

Net Buy (Sell) Activity (in millions of dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual Funds (9)

(7,423

)

(4,904

)

(7,157

)

(4,485

)

(3,333

)

(6,476

)

(5,853

)

(12,245

)

(9,267

)

(7,406

)

(966

)

(1,348

)

(1,607

)

 

 

Exchange-Traded Funds (10)

8,706

 

8,143

 

6,931

 

16,074

 

12,864

 

9,857

 

8,423

 

8,843

 

14,155

 

19,817

 

16,157

 

17,525

 

19,108

 

 

 

Money Market Funds

27,106

 

6,291

 

15,256

 

9,112

 

7,911

 

16,869

 

13,388

 

16,976

 

11,670

 

7,745

 

11,717

 

10,129

 

9,085

 

 

 

Note: Certain supplemental details related to the information above can be found at: https://www.aboutschwab.com/financial-reports.

(1)

Unless otherwise noted, differences between net new assets and core net new assets are net flows from off-platform Schwab Bank Retail CDs – including March 2023 which reflects inflows of $19.0 billion from off-platform Schwab Bank Retail CDs issued year-to-date through March 31, 2023. Additionally, 2023 includes outflows from a large international relationship of $0.8 billion in September, $6.2 billion in October, $5.4 billion in November, and $0.6 billion in December, and an inflow of $12.0 billion from a mutual fund clearing services client in April.

(2)

Net new assets before significant one-time inflows or outflows, such as acquisitions/divestitures or extraordinary flows (generally greater than $10 billion) relating to a specific client, and activity from off-platform Schwab Bank Retail CDs. These flows may span multiple reporting periods.

(3)

Excludes Retirement Business Services.

(4)

Beginning October 2023, Retirement Plan Participants was expanded to include accounts in Stock Plan Services, Designated Brokerage Services, and Retirement Business Services. Participants may be enrolled in services in more than one Workplace business. Prior periods have been recast to reflect this change.

(5)

Schwab One®, certain cash equivalents, bank deposits, third-party bank deposit accounts, and money market fund balances as a percentage of total client assets.

(6)

Beginning July 2023, client cash as a percentage of client assets excludes brokered CDs issued by Charles Schwab Bank. Prior periods have been recast to reflect this change.

(7)

Represents average total interest-earning assets on the Company’s balance sheet.

(8)

Represents average clients’ uninvested cash sweep account balances held in deposit accounts at third-party financial institutions.

(9)

Represents the principal value of client mutual fund transactions handled by Schwab, including transactions in proprietary funds. Includes institutional funds available only to Investment Managers. Excludes money market fund transactions.

(10)

Represents the principal value of client ETF transactions handled by Schwab, including transactions in proprietary ETFs.

 

THE CHARLES SCHWAB CORPORATION

Non-GAAP Financial Measures

(In millions, except ratios and per share amounts)

(Unaudited)

In addition to disclosing financial results in accordance with generally accepted accounting principles in the U.S. (GAAP), Schwab’s first quarter earnings release contains references to the non-GAAP financial measures described below. We believe these non-GAAP financial measures provide useful supplemental information about the financial performance of the Company, and facilitate meaningful comparison of Schwab’s results in the current period to both historic and future results. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may not be comparable to non-GAAP financial measures presented by other companies.

Schwab’s use of non-GAAP measures is reflective of certain adjustments made to GAAP financial measures as described below. Beginning in the third quarter of 2023, these adjustments also include restructuring costs, which the Company began incurring in connection with its previously announced plans to streamline its operations to prepare for post-integration of Ameritrade. See Part II – Item 8 – Note 15 of our Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.

Non-GAAP Adjustment or Measure

Definition

Usefulness to Investors and Uses by Management

Acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs

Schwab adjusts certain GAAP financial measures to exclude the impact of acquisition and integration-related costs incurred as a result of the Company’s acquisitions, amortization of acquired intangible assets, restructuring costs, and, where applicable, the income tax effect of these expenses.

 

Adjustments made to exclude amortization of acquired intangible assets are reflective of all acquired intangible assets, which were recorded as part of purchase accounting. These acquired intangible assets contribute to the Company’s revenue generation. Amortization of acquired intangible assets will continue in future periods over their remaining useful lives.

We exclude acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs for the purpose of calculating certain non-GAAP measures because we believe doing so provides additional transparency of Schwab’s ongoing operations, and is useful in both evaluating the operating performance of the business and facilitating comparison of results with prior and future periods.

 

Costs related to acquisition and integration or restructuring fluctuate based on the timing of acquisitions, integration and restructuring activities, thereby limiting comparability of results among periods, and are not representative of the costs of running the Company’s ongoing business. Amortization of acquired intangible assets is excluded because management does not believe it is indicative of the Company’s underlying operating performance.

Return on tangible common equity

Return on tangible common equity represents annualized adjusted net income available to common stockholders as a percentage of average tangible common equity. Tangible common equity represents common equity less goodwill, acquired intangible assets — net, and related deferred tax liabilities.

Acquisitions typically result in the recognition of significant amounts of goodwill and acquired intangible assets. We believe return on tangible common equity may be useful to investors as a supplemental measure to facilitate assessing capital efficiency and returns relative to the composition of Schwab’s balance sheet.

Adjusted Tier 1 Leverage Ratio

Adjusted Tier 1 Leverage Ratio represents the Tier 1 Leverage Ratio as prescribed by bank regulatory guidance for the consolidated company and for CSB, adjusted to reflect the inclusion of accumulated other comprehensive income (AOCI) in the ratio.

Inclusion of the impacts of AOCI in the Company’s Tier 1 Leverage Ratio provides additional information regarding the Company’s current capital position. We believe Adjusted Tier 1 Leverage Ratio may be useful to investors as a supplemental measure of the Company’s capital levels.

The Company also uses adjusted diluted EPS and return on tangible common equity as components of performance criteria for employee bonus and certain executive management incentive compensation arrangements. The Compensation Committee of CSC’s Board of Directors maintains discretion in evaluating performance against these criteria.

The tables below present reconciliations of GAAP measures to non-GAAP measures:

 

Three Months Ended March 31,

 

2024

 

2023

 

Total

Expenses Excluding Interest

 

Net

Income

 

Total

Expenses Excluding Interest

 

Net

Income

Total expenses excluding interest (GAAP), Net income (GAAP)

$

2,942

 

$

1,362

 

$

3,006

 

$

1,603

 

Acquisition and integration-related costs (1)

 

(38

)

 

38

 

 

(98

)

 

98

 

Amortization of acquired intangible assets

 

(130

)

 

130

 

 

(135

)

 

135

 

Restructuring costs (2)

 

28

 

 

(28

)

 

 

 

 

Income tax effects (3)

 

N/A

 

 

(33

)

 

N/A

 

 

(56

)

Adjusted total expenses (non-GAAP), Adjusted net income (non-GAAP)

$

2,802

 

$

1,469

 

$

2,773

 

$

1,780

 

(1)

Acquisition and integration-related costs for the three months ended March 31, 2024 primarily consist of $17 million of compensation and benefits, and $17 million of professional services. Acquisition and integration-related costs for the three months ended March 31, 2023 primarily consist of $58 million of compensation and benefits, $33 million of professional services, and $4 million of occupancy and equipment.

(2)

Restructuring costs for the three months ended March 31, 2024 reflect a change in estimate of $31 million in compensation and benefits, partially offset by $2 million of occupancy and equipment expense and $1 million of other expense for the period. There were no restructuring costs for the three months ended March 31, 2023.

(3)

The income tax effects of the non-GAAP adjustments are determined using an effective tax rate reflecting the exclusion of non-deductible acquisition costs and are used to present the acquisition and integration-related costs, amortization of acquired intangible assets and restructuring costs on an after-tax basis.

N/A Not applicable.

 

Three Months Ended March 31,

 

2024

 

2023

 

Amount

 

% of

Total Net Revenues

 

Amount

 

% of

Total Net Revenues

Income before taxes on income (GAAP), Pre-tax profit margin (GAAP)

$

1,798

 

37.9

%

$

2,110

41.2

%

Acquisition and integration-related costs

 

38

 

0.8

%

 

98

 

1.9

%

Amortization of acquired intangible assets

 

130

 

2.7

%

 

135

 

2.7

%

Restructuring costs

 

(28

)

(0.5

%)

 

 

 

Adjusted income before taxes on income (non-GAAP), Adjusted pre-tax profit margin (non-GAAP)

$

1,938

 

40.9

%

$

2,343

 

45.8

%

 

 

Three Months Ended March 31,

 

2024

 

2023

 

Amount

 

Diluted

EPS

 

Amount

 

Diluted

EPS

Net income available to common stockholders (GAAP), Earnings per common share — diluted (GAAP)

$

1,251

 

$

.68

 

$

1,533

 

$

.83

 

Acquisition and integration-related costs

 

38

 

 

.02

 

 

98

 

 

.05

 

Amortization of acquired intangible assets

 

130

 

 

.07

 

 

135

 

 

.07

 

Restructuring costs

 

(28

)

 

(.01

)

 

 

 

 

Income tax effects

 

(33

)

 

(.02

)

 

(56

)

 

(.02

)

Adjusted net income available to common stockholders (non-GAAP), Adjusted diluted EPS (non-GAAP)

$

1,358

 

$

.74

 

$

1,710

 

$

.93

 

 

 

Three Months Ended March 31,

 

2024

 

2023

Return on average common stockholders’ equity (GAAP)

 

15

%

 

23

%

Average common stockholders’ equity

$

32,493

 

$

27,028

 

Less: Average goodwill

 

(11,951

)

 

(11,951

)

Less: Average acquired intangible assets — net

 

(8,196

)

 

(8,724

)

Plus: Average deferred tax liabilities related to goodwill and acquired intangible assets — net

 

1,759

 

 

1,842

 

Average tangible common equity

$

14,105

 

$

8,195

 

Adjusted net income available to common stockholders (1)

$

1,358

 

$

1,710

 

Return on tangible common equity (non-GAAP)

 

39

%

 

83

%

(1)

See table above for the reconciliation of net income available to common stockholders to adjusted net income available to common stockholders (non-GAAP).

 

 

(Preliminary)

 

March 31, 2024

 

CSC

CSB

Tier 1 Leverage Ratio (GAAP)

 

8.8

%

 

10.4

%

Tier 1 Capital

$

41,598

 

$

31,944

 

Plus: AOCI adjustment

 

(17,568

)

 

(15,297

)

Adjusted Tier 1 Capital

 

24,030

 

 

16,647

 

Average assets with regulatory adjustments

 

471,116

 

 

306,869

 

Plus: AOCI adjustment

 

(17,817

)

 

(15,664

)

Adjusted average assets with regulatory adjustments

$

453,299

 

$

291,205

 

Adjusted Tier 1 Leverage Ratio (non-GAAP)

 

5.3

%

 

5.7

%

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 DalyCity.com & California Media Partners, LLC. All rights reserved.