QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Item 1. | ||||||||||||||
25-26 | ||||||||||||||
27-57 | ||||||||||||||
Item 2. | 1-19 | |||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
Item 1. | ||||||||||||||
Item 1A. | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
Item 5. | ||||||||||||||
Item 6. | ||||||||||||||
Three Months Ended March 31, | Percent Change | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Client Metrics | |||||||||||||||||
Net new client assets (in billions) (1) | $ | 120.5 | $ | 133.8 | (10) | % | |||||||||||
Core net new client assets (in billions) | $ | 120.5 | $ | 148.2 | (19) | % | |||||||||||
Client assets (in billions, at quarter end) | $ | 7,862.1 | $ | 7,069.1 | 11 | % | |||||||||||
Average client assets (in billions) | $ | 7,766.4 | $ | 6,952.2 | 12 | % | |||||||||||
New brokerage accounts (in thousands) | 1,202 | 3,153 | (62) | % | |||||||||||||
Active brokerage accounts (in thousands, at quarter end) | 33,577 | 31,902 | 5 | % | |||||||||||||
Assets receiving ongoing advisory services (in billions, at quarter end) | $ | 3,943.5 | $ | 3,493.1 | 13 | % | |||||||||||
Client cash as a percentage of client assets (at quarter end) | 11.4 | % | 11.5 | % | |||||||||||||
Company Financial Information and Metrics | |||||||||||||||||
Total net revenues | $ | 4,672 | $ | 4,715 | (1) | % | |||||||||||
Total expenses excluding interest | 2,833 | 2,755 | 3 | % | |||||||||||||
Income before taxes on income | 1,839 | 1,960 | (6) | % | |||||||||||||
Taxes on income | 437 | 476 | (8) | % | |||||||||||||
Net income | 1,402 | 1,484 | (6) | % | |||||||||||||
Preferred stock dividends and other | 124 | 96 | 29 | % | |||||||||||||
Net income available to common stockholders | $ | 1,278 | $ | 1,388 | (8) | % | |||||||||||
Earnings per common share — diluted | $ | .67 | $ | .73 | (8) | % | |||||||||||
Net revenue growth from prior year | (1) | % | 80 | % | |||||||||||||
Pre-tax profit margin | 39.4 | % | 41.6 | % | |||||||||||||
Return on average common stockholders’ equity (annualized) | 12 | % | 12 | % | |||||||||||||
Expenses excluding interest as a percentage of average client assets (annualized) | 0.15 | % | 0.16 | % | |||||||||||||
Consolidated Tier 1 Leverage Ratio (at quarter end) | 6.1 | % | 6.4 | % | |||||||||||||
Non-GAAP Financial Measures (2) | |||||||||||||||||
Adjusted total expenses (3) | $ | 2,583 | $ | 2,482 | |||||||||||||
Adjusted diluted EPS | $ | .77 | $ | .84 | |||||||||||||
Return on tangible common equity | 26 | % | 24 | % |
2022 | 2021 | ||||||||||||||||||||||||||||
Three Months Ended March 31, | Percent Change | Amount | % of Total Net Revenues | Amount | % of Total Net Revenues | ||||||||||||||||||||||||
Net interest revenue | |||||||||||||||||||||||||||||
Interest revenue | 15 | % | $ | 2,319 | 50 | % | $ | 2,015 | 43 | % | |||||||||||||||||||
Interest expense | 31 | % | (136) | (3) | % | (104) | (2) | % | |||||||||||||||||||||
Net interest revenue | 14 | % | 2,183 | 47 | % | 1,911 | 41 | % | |||||||||||||||||||||
Asset management and administration fees | |||||||||||||||||||||||||||||
Mutual funds, exchange-traded funds (ETFs), and collective trust funds (CTFs) | 4 | % | 489 | 10 | % | 470 | 10 | % | |||||||||||||||||||||
Advice solutions | 6 | % | 496 | 11 | % | 468 | 10 | % | |||||||||||||||||||||
Other | 6 | % | 83 | 2 | % | 78 | 2 | % | |||||||||||||||||||||
Asset management and administration fees | 5 | % | 1,068 | 23 | % | 1,016 | 22 | % | |||||||||||||||||||||
Trading revenue | |||||||||||||||||||||||||||||
Commissions | (21) | % | 484 | 10 | % | 614 | 13 | % | |||||||||||||||||||||
Order flow revenue | (20) | % | 470 | 10 | % | 591 | 13 | % | |||||||||||||||||||||
Principal transactions | (18) | % | 9 | — | 11 | — | |||||||||||||||||||||||
Trading revenue | (21) | % | 963 | 20 | % | 1,216 | 26 | % | |||||||||||||||||||||
Bank deposit account fees | (16) | % | 294 | 6 | % | 351 | 7 | % | |||||||||||||||||||||
Other | (26) | % | 164 | 4 | % | 221 | 4 | % | |||||||||||||||||||||
Total net revenues | (1) | % | $ | 4,672 | 100 | % | $ | 4,715 | 100 | % |
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Average Balance | Interest Revenue/ Expense | Average Yield/Rate | Average Balance | Interest Revenue/ Expense | Average Yield/Rate | |||||||||||||||||||||||||||||
Interest-earning assets | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 72,465 | $ | 34 | 0.19 | % | $ | 38,898 | $ | 7 | 0.08 | % | |||||||||||||||||||||||
Cash and investments segregated | 51,913 | 15 | 0.11 | % | 48,149 | 10 | 0.08 | % | |||||||||||||||||||||||||||
Receivables from brokerage clients | 84,204 | 626 | 2.97 | % | 67,738 | 563 | 3.32 | % | |||||||||||||||||||||||||||
Available for sale securities (1,2) | 284,526 | 947 | 1.33 | % | 338,245 | 1,091 | 1.29 | % | |||||||||||||||||||||||||||
Held to maturity securities (1,2) | 103,416 | 378 | 1.46 | % | — | — | — | ||||||||||||||||||||||||||||
Bank loans | 35,852 | 187 | 2.10 | % | 24,476 | 139 | 2.27 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 632,376 | 2,187 | 1.38 | % | 517,506 | 1,810 | 1.40 | % | |||||||||||||||||||||||||||
Securities lending revenue | 129 | 204 | |||||||||||||||||||||||||||||||||
Other interest revenue | 3 | 1 | |||||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 632,376 | $ | 2,319 | 1.47 | % | $ | 517,506 | $ | 2,015 | 1.56 | % | |||||||||||||||||||||||
Funding sources | |||||||||||||||||||||||||||||||||||
Bank deposits | $ | 452,692 | $ | 16 | 0.01 | % | $ | 363,099 | $ | 13 | 0.01 | % | |||||||||||||||||||||||
Payables to brokerage clients | 105,929 | 2 | 0.01 | % | 87,339 | 2 | 0.01 | % | |||||||||||||||||||||||||||
Short-term borrowings (3) | 4,717 | 4 | 0.33 | % | 1,093 | — | 0.22 | % | |||||||||||||||||||||||||||
Long-term debt | 19,864 | 108 | 2.18 | % | 14,245 | 85 | 2.37 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 583,202 | 130 | 0.09 | % | 465,776 | 100 | 0.09 | % | |||||||||||||||||||||||||||
Non-interest-bearing funding sources | 49,174 | 51,730 | |||||||||||||||||||||||||||||||||
Securities lending expense | 7 | 5 | |||||||||||||||||||||||||||||||||
Other interest expense | (1) | (1) | |||||||||||||||||||||||||||||||||
Total funding sources | $ | 632,376 | $ | 136 | 0.09 | % | $ | 517,506 | $ | 104 | 0.08 | % | |||||||||||||||||||||||
Net interest revenue | $ | 2,183 | 1.38 | % | $ | 1,911 | 1.48 | % |
Three Months Ended March 31, | 2022 | 2021 | |||||||||||||||||||||||||||||||||
Average Client Assets | Revenue | Average Fee | Average Client Assets | Revenue | Average Fee | ||||||||||||||||||||||||||||||
Schwab money market funds before fee waivers | $ | 144,732 | $ | 102 | 0.29 | % | $ | 169,683 | $ | 122 | 0.29 | % | |||||||||||||||||||||||
Fee waivers | (54) | (78) | |||||||||||||||||||||||||||||||||
Schwab money market funds | $ | 144,732 | 48 | 0.13 | % | $ | 169,683 | 44 | 0.11 | % | |||||||||||||||||||||||||
Schwab equity and bond funds, ETFs, and CTFs | 456,326 | 97 | 0.09 | % | 377,282 | 86 | 0.09 | % | |||||||||||||||||||||||||||
Mutual Fund OneSource® and other non-transaction fee funds | 212,641 | 165 | 0.31 | % | 222,455 | 172 | 0.31 | % | |||||||||||||||||||||||||||
Other third-party mutual funds and ETFs | 872,212 | 179 | 0.08 | % | 849,409 | 168 | 0.08 | % | |||||||||||||||||||||||||||
Total mutual funds, ETFs, and CTFs (1) | $ | 1,685,911 | 489 | 0.12 | % | $ | 1,618,829 | 470 | 0.12 | % | |||||||||||||||||||||||||
Advice solutions (1) | |||||||||||||||||||||||||||||||||||
Fee-based | $ | 469,325 | 496 | 0.43 | % | $ | 424,629 | 468 | 0.45 | % | |||||||||||||||||||||||||
Non-fee-based | 90,335 | — | — | 84,767 | — | — | |||||||||||||||||||||||||||||
Total advice solutions | $ | 559,660 | 496 | 0.36 | % | $ | 509,396 | 468 | 0.37 | % | |||||||||||||||||||||||||
Other balance-based fees (2) | 616,679 | 67 | 0.04 | % | 576,562 | 64 | 0.05 | % | |||||||||||||||||||||||||||
Other (3) | 16 | 14 | |||||||||||||||||||||||||||||||||
Total asset management and administration fees | $ | 1,068 | $ | 1,016 |
Schwab Money Market Funds | Schwab Equity and Bond Funds, ETFs, and CTFs | Mutual Fund OneSource® and Other NTF funds | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 146,509 | $ | 176,089 | $ | 454,864 | $ | 341,689 | $ | 234,940 | $ | 223,857 | |||||||||||||||||||||||
Net inflows (outflows) | (3,420) | (12,522) | 9,461 | 12,805 | (8,556) | (4,688) | |||||||||||||||||||||||||||||
Net market gains (losses) and other | 16 | 14 | (20,048) | 19,323 | 9,081 | 8,120 | |||||||||||||||||||||||||||||
Balance at end of period | $ | 143,105 | $ | 163,581 | $ | 444,277 | $ | 373,817 | $ | 235,465 | $ | 227,289 |
Three Months Ended March 31, | Percent Change | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Trading revenue | $ | 963 | $ | 1,216 | (21) | % | |||||||||||
Clients’ daily average trades (DATs) (in thousands) | 6,578 | 8,414 | (22) | % | |||||||||||||
Number of trading days | 62.0 | 61.0 | 2 | % | |||||||||||||
Revenue per trade (1) | $ | 2.36 | $ | 2.37 | — |
Three Months Ended March 31, | Percent Change | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Bank deposit account fees | $ | 294 | $ | 351 | (16) | % | |||||||||||
Average BDA balances | $ | 155,809 | $ | 166,750 | (7) | % | |||||||||||
Average net yield | 0.75 | % | 0.84 | % | |||||||||||||
Percentage of average BDA balances designated as: | |||||||||||||||||
Fixed-rate balances | 77 | % | 79 | % | |||||||||||||
Floating-rate balances | 23 | % | 21 | % |
Three Months Ended March 31, | Percent Change | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Compensation and benefits | |||||||||||||||||
Salaries and wages | $ | 853 | $ | 776 | 10 | % | |||||||||||
Incentive compensation | 417 | 409 | 2 | % | |||||||||||||
Employee benefits and other | 276 | 245 | 13 | % | |||||||||||||
Total compensation and benefits | $ | 1,546 | $ | 1,430 | 8 | % | |||||||||||
Professional services | 244 | 226 | 8 | % | |||||||||||||
Occupancy and equipment | 269 | 237 | 14 | % | |||||||||||||
Advertising and market development | 102 | 116 | (12) | % | |||||||||||||
Communications | 144 | 147 | (2) | % | |||||||||||||
Depreciation and amortization | 150 | 129 | 16 | % | |||||||||||||
Amortization of acquired intangible assets | 154 | 154 | — | ||||||||||||||
Regulatory fees and assessments | 68 | 78 | (13) | % | |||||||||||||
Other | 156 | 238 | (34) | % | |||||||||||||
Total expenses excluding interest | $ | 2,833 | $ | 2,755 | 3 | % | |||||||||||
Expenses as a percentage of total net revenues | |||||||||||||||||
Compensation and benefits | 33 | % | 30 | % | |||||||||||||
Advertising and market development | 2 | % | 2 | % | |||||||||||||
Full-time equivalent employees (in thousands) | |||||||||||||||||
At quarter end | 34.2 | 32.0 | 7 | % | |||||||||||||
Average | 33.9 | 32.1 | 6 | % |
Investor Services | Advisor Services | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Percent Change | 2022 | 2021 | Percent Change | 2022 | 2021 | Percent Change | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Net Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest revenue | 8 | % | $ | 1,574 | $ | 1,454 | 33 | % | $ | 609 | $ | 457 | 14 | % | $ | 2,183 | $ | 1,911 | |||||||||||||||||||||||||||||||||||
Asset management and administration fees | 5 | % | 781 | 742 | 5 | % | 287 | 274 | 5 | % | 1,068 | 1,016 | |||||||||||||||||||||||||||||||||||||||||
Trading revenue | (23) | % | 844 | 1,097 | — | 119 | 119 | (21) | % | 963 | 1,216 | ||||||||||||||||||||||||||||||||||||||||||
Bank deposit account fees | (21) | % | 200 | 254 | (3) | % | 94 | 97 | (16) | % | 294 | 351 | |||||||||||||||||||||||||||||||||||||||||
Other | (29) | % | 127 | 178 | (14) | % | 37 | 43 | (26) | % | 164 | 221 | |||||||||||||||||||||||||||||||||||||||||
Total net revenues | (5) | % | 3,526 | 3,725 | 16 | % | 1,146 | 990 | (1) | % | 4,672 | 4,715 | |||||||||||||||||||||||||||||||||||||||||
Expenses Excluding Interest | 1 | % | 2,131 | 2,109 | 9 | % | 702 | 646 | 3 | % | 2,833 | 2,755 | |||||||||||||||||||||||||||||||||||||||||
Income before taxes on income | (14) | % | $ | 1,395 | $ | 1,616 | 29 | % | $ | 444 | $ | 344 | (6) | % | $ | 1,839 | $ | 1,960 | |||||||||||||||||||||||||||||||||||
Net New Client Assets (in billions) (1) | (16) | % | $ | 54.6 | $ | 65.1 | (4) | % | $ | 65.9 | $ | 68.7 | (10) | % | $ | 120.5 | $ | 133.8 |
March 31, 2022 | December 31, 2021 | ||||||||||
Increase of 100 basis points | 12.0 | % | 14.1 | % | |||||||
Decrease of 100 basis points | (8.0) | % | (4.5) | % |
Description | Borrower | Outstanding | Available | ||||||||
Federal Home Loan Bank secured credit facilities | Banking subsidiaries | $ | — | $ | 68,208 | ||||||
Federal Reserve discount window | Banking subsidiaries | — | 10,309 | ||||||||
Uncommitted, unsecured lines of credit with various external banks | CSC, CS&Co | — | 1,522 | ||||||||
Unsecured commercial paper | CSC | 2,386 | 2,614 | ||||||||
Committed, unsecured credit facility with various external banks (1) | TDAC | — | 600 | ||||||||
Secured uncommitted lines of credit with various external banks (2) | TDAC | 1,850 | — |
Average for the Three Months Ended March 31, 2022 | |||||
Total eligible HQLA | $ | 129,040 | |||
Net cash outflows | $ | 115,861 | |||
LCR | 111 | % |
March 31, 2022 | Par Outstanding | Maturity | Weighted Average Interest Rate | Moody’s | Standard & Poor’s | Fitch | ||||||||||||||
CSC Senior Notes | $ | 20,768 | 2022 - 2032 | 2.46% | A2 | A | A | |||||||||||||
TDA Holding Senior Notes | $ | 963 | 2022 - 2029 | 3.06% | A2 | A | — | |||||||||||||
Issuance Date | Issuance Amount | Maturity Date | Interest Rate | ||||||||
March 3, 2022 | $ | 500 | 03/03/2027 | SOFR (1) + 1.050% | |||||||
March 3, 2022 | $ | 1,500 | 03/03/2027 | 2.450% | |||||||
March 3, 2022 | $ | 1,000 | 03/03/2032 | 2.900% | |||||||
Date Issued and Sold | Net Proceeds | |||||||
Series K | March 4, 2022 | $ | 740 | |||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
CSC | CSB | CSC | CSB | ||||||||||||||||||||
Total stockholders’ equity | $ | 48,098 | $ | 21,036 | $ | 56,261 | $ | 27,035 | |||||||||||||||
Less: | |||||||||||||||||||||||
Preferred stock | 10,694 | — | 9,954 | — | |||||||||||||||||||
Common Equity Tier 1 Capital before regulatory adjustments | $ | 37,404 | $ | 21,036 | $ | 46,307 | $ | 27,035 | |||||||||||||||
Less: | |||||||||||||||||||||||
Goodwill, net of associated deferred tax liabilities | $ | 11,857 | $ | 13 | $ | 11,857 | $ | 13 | |||||||||||||||
Other intangible assets, net of associated deferred tax liabilities | 7,446 | — | 7,579 | — | |||||||||||||||||||
Deferred tax assets, net of valuation allowances and deferred tax liabilities | 27 | 25 | 13 | 12 | |||||||||||||||||||
AOCI adjustment (1) | (11,045) | (9,674) | (1,109) | (1,004) | |||||||||||||||||||
Common Equity Tier 1 Capital | $ | 29,119 | $ | 30,672 | $ | 27,967 | $ | 28,014 | |||||||||||||||
Tier 1 Capital | $ | 39,813 | $ | 30,672 | $ | 37,921 | $ | 28,014 | |||||||||||||||
Total Capital | 39,850 | 30,701 | 37,950 | 28,033 | |||||||||||||||||||
Risk-Weighted Assets | 154,355 | 113,108 | 141,969 | 104,409 | |||||||||||||||||||
Total Leverage Exposure | 653,783 | 435,882 | 614,466 | 400,532 | |||||||||||||||||||
Common Equity Tier 1 Capital/Risk-Weighted Assets | 18.9 | % | 27.1 | % | 19.7 | % | 26.8 | % | |||||||||||||||
Tier 1 Capital/Risk-Weighted Assets | 25.8 | % | 27.1 | % | 26.7 | % | 26.8 | % | |||||||||||||||
Total Capital/Risk-Weighted Assets | 25.8 | % | 27.1 | % | 26.7 | % | 26.8 | % | |||||||||||||||
Tier 1 Leverage Ratio | 6.1 | % | 7.1 | % | 6.2 | % | 7.1 | % | |||||||||||||||
Supplementary Leverage Ratio | 6.1 | % | 7.0 | % | 6.2 | % | 7.0 | % |
2022 | 2021 | ||||||||||||||||||||||
Three Months Ended March 31, | Cash Paid | Per Share Amount | Cash Paid | Per Share Amount | |||||||||||||||||||
Common and Nonvoting Common Stock | $ | 381 | $ | .20 | $ | 341 | $ | .18 | |||||||||||||||
Series A Preferred Stock (1) | 14 | 35.00 | 14 | 35.00 | |||||||||||||||||||
Series C Preferred Stock (2) | — | — | 9 | 15.00 | |||||||||||||||||||
Series D Preferred Stock (3) | 11 | 14.88 | 11 | 14.88 | |||||||||||||||||||
Series E Preferred Stock (4) | 14 | 2,312.50 | 14 | 2,312.50 | |||||||||||||||||||
Series F Preferred Stock (5) | — | — | — | — | |||||||||||||||||||
Series G Preferred Stock (3) | 34 | 1,343.75 | 34 | 1,343.75 | |||||||||||||||||||
Series H Preferred Stock (6) | 25 | 1,000.00 | 22 | 888.89 | |||||||||||||||||||
Series I Preferred Stock (7) | 23 | 1,000.00 | — | — | |||||||||||||||||||
Series J Preferred Stock (8) | 7 | 11.13 | — | — | |||||||||||||||||||
Series K Preferred Stock (9) | — | — | N/A | N/A |
Non-GAAP Adjustment or Measure | Definition | Usefulness to Investors and Uses by Management | ||||||
Acquisition and integration-related costs and amortization of acquired intangible assets | 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, 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 and amortization of acquired intangible assets 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. Acquisition and integration-related costs fluctuate based on the timing of acquisitions and integration 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. |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Total expenses excluding interest (GAAP) | $ | 2,833 | $ | 2,755 | ||||
Acquisition and integration-related costs (1) | (96) | (119) | ||||||
Amortization of acquired intangible assets | (154) | (154) | ||||||
Adjusted total expenses (non-GAAP) | $ | 2,583 | $ | 2,482 |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Amount | Diluted EPS | Amount | Diluted EPS | |||||||||||
Net income available to common stockholders (GAAP), Earnings per common share — diluted (GAAP) | $ | 1,278 | $ | .67 | $ | 1,388 | $ | .73 | ||||||
Acquisition and integration-related costs | 96 | .05 | 119 | .06 | ||||||||||
Amortization of acquired intangible assets | 154 | .08 | 154 | .08 | ||||||||||
Income tax effects (1) | (61) | (.03) | (67) | (.03) | ||||||||||
Adjusted net income available to common stockholders (non-GAAP), Adjusted diluted EPS (non-GAAP) | $ | 1,467 | $ | .77 | $ | 1,594 | $ | .84 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Return on average common stockholders’ equity (GAAP) | 12 | % | 12 | % | ||||
Average common stockholders’ equity | $ | 41,856 | $ | 46,691 | ||||
Less: Average goodwill | (11,952) | (11,952) | ||||||
Less: Average acquired intangible assets — net | (9,303) | (9,915) | ||||||
Plus: Average deferred tax liabilities related to goodwill and acquired intangible assets — net | 1,886 | 1,935 | ||||||
Average tangible common equity | $ | 22,487 | $ | 26,759 | ||||
Adjusted net income available to common stockholders (1) | $ | 1,467 | $ | 1,594 | ||||
Return on tangible common equity (non-GAAP) | 26 | % | 24 | % |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net Revenues | |||||||||||
Interest revenue | $ | $ | |||||||||
Interest expense | ( | ( | |||||||||
Net interest revenue | |||||||||||
Asset management and administration fees (1) | |||||||||||
Trading revenue | |||||||||||
Bank deposit account fees | |||||||||||
Other | |||||||||||
Total net revenues | |||||||||||
Expenses Excluding Interest | |||||||||||
Compensation and benefits | |||||||||||
Professional services | |||||||||||
Occupancy and equipment | |||||||||||
Advertising and market development | |||||||||||
Communications | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of acquired intangible assets | |||||||||||
Regulatory fees and assessments | |||||||||||
Other | |||||||||||
Total expenses excluding interest | |||||||||||
Income before taxes on income | |||||||||||
Taxes on income | |||||||||||
Net Income | |||||||||||
Preferred stock dividends and other | |||||||||||
Net Income Available to Common Stockholders | $ | $ | |||||||||
Weighted-Average Common Shares Outstanding: | |||||||||||
Basic | |||||||||||
Diluted | |||||||||||
Earnings Per Common Shares Outstanding (2): | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income | $ | $ | |||||||||
Other comprehensive income (loss), before tax: | |||||||||||
Change in net unrealized gain (loss) on available for sale securities: | |||||||||||
Net unrealized gain (loss) excluding transfers to held to maturity | ( | ( | |||||||||
Reclassification of net unrealized loss transferred to held to maturity | |||||||||||
Other reclassifications included in other revenue | ( | ( | |||||||||
Change in net unrealized gain (loss) on held to maturity securities: | |||||||||||
Reclassification of net unrealized loss transferred from available for sale | ( | ||||||||||
Amortization of amounts previously recorded upon transfer to held to maturity from available for sale | |||||||||||
Other comprehensive income (loss), before tax | ( | ( | |||||||||
Income tax effect | |||||||||||
Other comprehensive income (loss), net of tax | ( | ( | |||||||||
Comprehensive Income (Loss) | $ | ( | $ | ( |
March 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $ | |||||||||||
Receivables from brokerage clients — net | |||||||||||
Available for sale securities (amortized cost of $ $ | |||||||||||
Held to maturity securities | |||||||||||
Bank loans — net | |||||||||||
Equipment, office facilities, and property — net | |||||||||||
Goodwill | |||||||||||
Acquired intangible assets — net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Bank deposits | $ | $ | |||||||||
Payables to brokerage clients | |||||||||||
Accrued expenses and other liabilities | |||||||||||
Short-term borrowings | |||||||||||
Long-term debt | |||||||||||
Total liabilities | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock — $ and $ | |||||||||||
Common stock — | |||||||||||
Nonvoting common stock — | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock, at cost — shares at December 31, 2021 | ( | ( | |||||||||
Accumulated other comprehensive income (loss) | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Nonvoting Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at cost | Total | ||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||
Issuance of preferred stock, net | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Dividends declared on preferred stock | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||
Dividends declared on common stock — $ per share | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||
Stock option exercises and other | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||
Issuance of preferred stock, net | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Dividends declared on preferred stock | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||
Dividends declared on common stock — $ per share | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||
Stock option exercises and other | — | — | — | — | — | ( | — | — | ||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||||||
Share-based compensation | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of acquired intangible assets | |||||||||||
Provision (benefit) for deferred income taxes | ( | ( | |||||||||
Premium amortization, net, on available for sale and held to maturity securities | |||||||||||
Other | |||||||||||
Net change in: | |||||||||||
Investments segregated and on deposit for regulatory purposes | ( | ||||||||||
Receivables from brokerage clients | ( | ||||||||||
Other assets | ( | ||||||||||
Payables to brokerage clients | ( | ( | |||||||||
Accrued expenses and other liabilities | ( | ||||||||||
Net cash provided by (used for) operating activities | ( | ||||||||||
Cash Flows from Investing Activities | |||||||||||
Purchases of available for sale securities | ( | ( | |||||||||
Proceeds from sales of available for sale securities | |||||||||||
Principal payments on available for sale securities | |||||||||||
Principal payments on held to maturity securities | |||||||||||
Net change in bank loans | ( | ( | |||||||||
Purchases of equipment, office facilities, and property | ( | ( | |||||||||
Purchases of Federal Reserve stock | ( | ( | |||||||||
Other investing activities | ( | ( | |||||||||
Net cash provided by (used for) investing activities | ( | ( | |||||||||
Cash Flows from Financing Activities | |||||||||||
Net change in bank deposits | |||||||||||
Proceeds from commercial paper and secured lines of credit | |||||||||||
Repayment of commercial paper and secured lines of credit | ( | ( | |||||||||
Issuance of long-term debt | |||||||||||
Net proceeds from preferred stock offerings | |||||||||||
Dividends paid | ( | ( | |||||||||
Proceeds from stock options exercised | |||||||||||
Other financing activities | ( | ( | |||||||||
Net cash provided by (used for) financing activities | |||||||||||
Increase (Decrease) in Cash and Cash Equivalents, including Amounts Restricted | |||||||||||
Cash and Cash Equivalents, including Amounts Restricted at Beginning of Period | |||||||||||
Cash and Cash Equivalents, including Amounts Restricted at End of Period | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Supplemental Cash Flow Information | |||||||||||
Non-cash investing activity: | |||||||||||
Securities transferred from available for sale to held to maturity, at fair value | $ | $ | |||||||||
Securities purchased during the period but settled after period end | $ | $ | |||||||||
Changes in accrued equipment, office facilities, and property purchases | $ | ( | $ | ||||||||
Other Supplemental Cash Flow Information: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes | $ | $ | |||||||||
Amounts included in the measurement of lease liabilities | $ | $ | |||||||||
Leased assets obtained in exchange for new operating lease liabilities | $ | $ | |||||||||
Leased assets obtained in exchange for new finance lease liabilities | $ | $ | |||||||||
March 31, 2022 | March 31, 2021 | ||||||||||
Reconciliation of cash, cash equivalents and amounts reported within the balance sheet (1) | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and cash equivalents amounts included in cash and investments segregated and on deposit for regulatory purposes | |||||||||||
Total cash and cash equivalents, including amounts restricted shown in the statement of cash flows | $ | $ |
Standard | Description | Required Date of Adoption | Effects on the Financial Statements or Other Significant Matters | ||||||||
Accounting Standards Update (ASU) 2022-02, “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” | Troubled Debt Restructurings (TDRs) Eliminates the accounting guidance for TDRs. Rather than applying the specific guidance for TDRs, creditors will apply the recognition and measurement guidance for loan refinancings and restructurings to determine whether a modification results in a new loan or a continuation of an existing loan. The guidance requires enhanced disclosures for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Vintage Disclosures Requires that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. Adoption provides for prospective application, with an option to apply the modified retrospective transition method for the change in recognition and measurement of TDRs. | January 1, 2023 | The Company is evaluating the impact of this guidance on its financial statements. |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net interest revenue | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Cash and investments segregated | |||||||||||
Receivables from brokerage clients | |||||||||||
Available for sale securities | |||||||||||
Held to maturity securities | |||||||||||
Bank loans | |||||||||||
Securities lending revenue | |||||||||||
Other interest revenue | |||||||||||
Interest revenue | |||||||||||
Bank deposits | ( | ( | |||||||||
Payables to brokerage clients | ( | ( | |||||||||
Short-term borrowings | ( | ||||||||||
Long-term debt | ( | ( | |||||||||
Securities lending expense | ( | ( | |||||||||
Other interest expense | |||||||||||
Interest expense | ( | ( | |||||||||
Net interest revenue | |||||||||||
Asset management and administration fees | |||||||||||
Mutual funds, ETFs, and CTFs | |||||||||||
Advice solutions | |||||||||||
Other | |||||||||||
Asset management and administration fees | |||||||||||
Trading revenue | |||||||||||
Commissions | |||||||||||
Order flow revenue | |||||||||||
Principal transactions | |||||||||||
Trading revenue | |||||||||||
Bank deposit account fees | |||||||||||
Other | |||||||||||
Total net revenues | $ | $ |
March 31, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | $ | $ | $ | ||||||||||||||||||||||
U.S. Treasury securities | ||||||||||||||||||||||||||
Asset-backed securities (1) | ||||||||||||||||||||||||||
Corporate debt securities (2) | ||||||||||||||||||||||||||
U.S. state and municipal securities | ||||||||||||||||||||||||||
Non-agency commercial mortgage-backed securities | ||||||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||||
Foreign government agency securities | ||||||||||||||||||||||||||
Commercial paper (3) | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total available for sale securities | $ | $ | $ | $ | ||||||||||||||||||||||
Held to maturity securities | ||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | $ | $ | $ | ||||||||||||||||||||||
Total held to maturity securities | $ | $ | $ | $ |
December 31, 2021 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | $ | $ | $ | ||||||||||||||||||||||
U.S. Treasury securities | ||||||||||||||||||||||||||
Asset-backed securities (1) | ||||||||||||||||||||||||||
Corporate debt securities (2) | ||||||||||||||||||||||||||
U.S. state and municipal securities | ||||||||||||||||||||||||||
Non-agency commercial mortgage-backed securities | ||||||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||||
Foreign government agency securities | ||||||||||||||||||||||||||
Commercial paper (3) | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total available for sale securities | $ | $ | $ | $ | ||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||
March 31, 2022 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
U.S. Treasury securities | |||||||||||||||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||||||||
U.S. state and municipal securities | |||||||||||||||||||||||||||||||||||
Non-agency commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||||||||
Foreign government agency securities | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
U.S. Treasury securities | |||||||||||||||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||||||||
U.S. state and municipal securities | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
March 31, 2022 | Within 1 year | After 1 year through 5 years | After 5 years through 10 years | After 10 years | Total | ||||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
U.S. Treasury securities | |||||||||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||
U.S. state and municipal securities | |||||||||||||||||||||||||||||
Non-agency commercial mortgage-backed securities | |||||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||
Foreign government agency securities | |||||||||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Total fair value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total amortized cost | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Held to maturity securities | |||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total fair value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total amortized cost | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Proceeds | $ | $ | |||||||||
Gross realized gains | |||||||||||
Gross realized losses |
March 31, 2022 | Current | 30-59 days past due | 60-89 days past due | >90 days past due and other nonaccrual loans (3) | Total past due and other nonaccrual loans | Total loans | Allowance for credit losses | Total bank loans – net | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
First Mortgages (1,2) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
HELOCs (1,2) | ||||||||||||||||||||||||||
Total residential real estate | ||||||||||||||||||||||||||
Pledged asset lines | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total bank loans | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
First Mortgages (1,2) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
HELOCs (1,2) | ||||||||||||||||||||||||||
Total residential real estate | ||||||||||||||||||||||||||
Pledged asset lines | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total bank loans | $ | $ | $ | $ | $ | $ | $ | $ |
March 31, 2022 | March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | First Mortgages | HELOCs | Total residential real estate | Other | Total | First Mortgages | HELOCs | Total residential real estate | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Nonaccrual loans (1) | $ | $ | |||||||||
Other real estate owned (2) | |||||||||||
Total nonperforming assets | |||||||||||
Troubled debt restructurings | |||||||||||
Total nonperforming assets and troubled debt restructurings | $ | $ |
First Mortgages Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||
March 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | pre-2018 | Total First Mortgages | Revolving HELOCs amortized cost basis | HELOCs converted to term loans | Total HELOCs | ||||||||||||||||||||||
Origination FICO | ||||||||||||||||||||||||||||||||
<620 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
620 – 679 | ||||||||||||||||||||||||||||||||
680 – 739 | ||||||||||||||||||||||||||||||||
≥740 | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Origination LTV | ||||||||||||||||||||||||||||||||
≤70% | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
>70% – ≤90% | ||||||||||||||||||||||||||||||||
>90% – ≤100% | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Updated FICO | ||||||||||||||||||||||||||||||||
<620 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
620 – 679 | ||||||||||||||||||||||||||||||||
680 – 739 | ||||||||||||||||||||||||||||||||
≥740 | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Estimated Current LTV (1) | ||||||||||||||||||||||||||||||||
≤70% | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
>70% – ≤90% | ||||||||||||||||||||||||||||||||
>90% – ≤100% | ||||||||||||||||||||||||||||||||
>100% | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Percent of Loans on Nonaccrual Status | % | % | % | % | % | % | % | % | % | % |
First Mortgages Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
December 31, 2021 | 2021 | 2020 | 2019 | 2018 | pre-2018 | Total First Mortgages | Revolving HELOCs amortized cost basis | HELOCs converted to term loans | Total HELOCs | ||||||||||||||||||||
Origination FICO | |||||||||||||||||||||||||||||
<620 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
620 – 679 | |||||||||||||||||||||||||||||
680 – 739 | |||||||||||||||||||||||||||||
≥740 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Origination LTV | |||||||||||||||||||||||||||||
≤70% | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
>70% – ≤90% | |||||||||||||||||||||||||||||
>90% – ≤100% | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Updated FICO | |||||||||||||||||||||||||||||
<620 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
620 – 679 | |||||||||||||||||||||||||||||
680 – 739 | |||||||||||||||||||||||||||||
≥740 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Estimated Current LTV (1) | |||||||||||||||||||||||||||||
≤70% | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
>70% – ≤90% | |||||||||||||||||||||||||||||
>90% – ≤100% | |||||||||||||||||||||||||||||
>100% | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Percent of Loans on Nonaccrual Status | % | % | % | % | % | % | % | % | % |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
HELOCs converted to amortizing loans | $ | $ |
March 31, 2022 | Balance | |||||||
Converted to an amortizing loan by period end | $ | |||||||
Within 1 year | ||||||||
> 1 year – 3 years | ||||||||
> 3 years – 5 years | ||||||||
> 5 years | ||||||||
Total | $ |
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Aggregate assets | Aggregate liabilities | Maximum exposure to loss | Aggregate assets | Aggregate liabilities | Maximum exposure to loss | |||||||||||||||||||||||||||||||||
LIHTC investments (1) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Other CRA investments (2) | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
March 31, 2022 | December 31, 2021 | |||||||||||||
Interest-bearing deposits: | ||||||||||||||
Deposits swept from brokerage accounts | $ | $ | ||||||||||||
Checking | ||||||||||||||
Savings and other | ||||||||||||||
Total interest-bearing deposits | ||||||||||||||
Non-interest-bearing deposits | ||||||||||||||
Total bank deposits | $ | $ |
Date of Issuance | Principal Amount Outstanding | ||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
CSC Fixed-rate Senior Notes: | |||||||||||
08/29/12 | $ | $ | |||||||||
12/07/17 | |||||||||||
10/31/18 | |||||||||||
03/18/21 | |||||||||||
09/24/21 | |||||||||||
03/10/15 | |||||||||||
03/24/20 | |||||||||||
09/24/21 | |||||||||||
05/22/18 | |||||||||||
11/13/15 | |||||||||||
12/11/20 | |||||||||||
05/13/21 | |||||||||||
03/02/17 | |||||||||||
03/03/22 | |||||||||||
09/24/21 | |||||||||||
12/07/17 | |||||||||||
03/18/21 | |||||||||||
10/31/18 | |||||||||||
05/22/19 | |||||||||||
09/24/21 | |||||||||||
03/24/20 | |||||||||||
12/11/20 | |||||||||||
05/13/21 | |||||||||||
08/26/21 | |||||||||||
03/03/22 | |||||||||||
CSC Floating-rate Senior Notes: | |||||||||||
SOFR + | 03/18/21 | ||||||||||
SOFR + | 05/13/21 | ||||||||||
SOFR + | 03/03/22 | ||||||||||
Total CSC Senior Notes | |||||||||||
TDA Holding Fixed-rate Senior Notes: | |||||||||||
03/09/15 | |||||||||||
11/01/18 | |||||||||||
10/22/14 | |||||||||||
04/27/17 | |||||||||||
08/16/19 | |||||||||||
Total TDA Holding Senior Notes | |||||||||||
Finance lease liabilities | |||||||||||
Unamortized premium — net | |||||||||||
Debt issuance costs | ( | ( | |||||||||
Total long-term debt | $ | $ |
Maturities | |||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total maturities | |||||
Unamortized premium— net | |||||
Debt issuance costs | ( | ||||
Total long-term debt | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Commitments to extend credit related to unused HELOCs, PALs, and other lines of credit | $ | $ | |||||||||
Commitments to purchase First Mortgage loans | |||||||||||
Total | $ | $ |
Investor Services Employee Compensation and Benefits | Advisor Services Employee Compensation and Benefits | Total | |||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ||||||||||||||
Amounts recognized in expense (1) | |||||||||||||||||
Costs paid or otherwise settled | ( | ( | ( | ||||||||||||||
Balance at March 31, 2022 (2) | $ | $ | $ |
Investor Services Employee Compensation and Benefits | Advisor Services Employee Compensation and Benefits | Total | |||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ||||||||||||||
Amounts recognized in expense (1) | |||||||||||||||||
Costs paid or otherwise settled | ( | ( | ( | ||||||||||||||
Balance at March 31, 2021 (2) | $ | $ | $ |
Investor Services | Advisor Services | ||||||||||||||||||||||||||||||||||||||||
Employee Compensation and Benefits | Facility Exit Costs (1) | Investor Services Total | Employee Compensation and Benefits | Facility Exit Costs (1) | Advisor Services Total | Total | |||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Investor Services | Advisor Services | ||||||||||||||||||||||||||||||||||||||||
Employee Compensation and Benefits | Facility Exit Costs (1) | Investor Services Total | Employee Compensation and Benefits | Facility Exit Costs (1) | Advisor Services Total | Total | |||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||||||||||||||||||||
Professional services | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Investor Services | Advisor Services | ||||||||||||||||||||||||||||||||||||||||
Employee Compensation and Benefits | Facility Exit Costs (1) | Investor Services Total | Employee Compensation and Benefits | Facility Exit Costs (1) | Advisor Services Total | Total | |||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||||||||||||||||||
Professional services | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Gross Assets/ Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts Presented in the Condensed Consolidated Balance Sheets | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | Net Amount | |||||||||||||||||||||||||||||||||||||
Counterparty Offsetting | Collateral | ||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Resale agreements (1) | $ | $ | $ | $ | $ | ( | (2) | $ | |||||||||||||||||||||||||||||||||
Securities borrowed (3) | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Securities loaned (4,5) | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Secured short-term borrowings (6) | ( | ||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Resale agreements (1) | $ | $ | $ | $ | $ | ( | (2) | $ | |||||||||||||||||||||||||||||||||
Securities borrowed (3) | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Securities loaned (4,5) | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Secured short-term borrowings (6) | ( | ||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ( | $ |
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Fair value of client securities available to be pledged | $ | $ | ||||||||||||||||||||||||
Fair value of securities pledged for: | ||||||||||||||||||||||||||
Fulfillment of requirements with the Options Clearing Corporation (1) | $ | $ | ||||||||||||||||||||||||
Fulfillment of client short sales | ||||||||||||||||||||||||||
Securities lending to other broker-dealers | ||||||||||||||||||||||||||
Collateral for short-term borrowings | ||||||||||||||||||||||||||
Total collateral pledged to third parties | $ | $ |
March 31, 2022 | Level 1 | Level 2 | Level 3 | Balance at Fair Value | |||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Total cash equivalents | |||||||||||||||||||||||
Investments segregated and on deposit for regulatory purposes: | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
U.S. Government securities | |||||||||||||||||||||||
Total investments segregated and on deposit for regulatory purposes | |||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||
U.S. agency mortgage-backed securities | |||||||||||||||||||||||
U.S. Treasury securities | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
U.S. state and municipal securities | |||||||||||||||||||||||
Non-agency commercial mortgage-backed securities | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Foreign government agency securities | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total available for sale securities | |||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Equity, corporate debt, and other securities | |||||||||||||||||||||||
Mutual funds and ETFs | |||||||||||||||||||||||
State and municipal debt obligations | |||||||||||||||||||||||
U.S. Government securities | |||||||||||||||||||||||
Total other assets | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Accrued expenses and other liabilities | $ | $ | $ | $ | |||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
December 31, 2021 | Level 1 | Level 2 | Level 3 | Balance at Fair Value | |||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Total cash equivalents | |||||||||||||||||||||||
Investments segregated and on deposit for regulatory purposes: | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
U.S. Government securities | |||||||||||||||||||||||
Total investments segregated and on deposit for regulatory purposes | |||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||
U.S. agency mortgage-backed securities | |||||||||||||||||||||||
U.S. Treasury securities | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
U.S. state and municipal securities | |||||||||||||||||||||||
Non-agency commercial mortgage-backed securities | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Foreign government agency securities | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total available for sale securities | |||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Equity, corporate debt, and other securities | |||||||||||||||||||||||
Mutual funds and ETFs | |||||||||||||||||||||||
State and municipal debt obligations | |||||||||||||||||||||||
U.S. Government securities | |||||||||||||||||||||||
Total other assets | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Accrued expenses and other liabilities | $ | $ | $ | $ | |||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
March 31, 2022 | Carrying Amount | Level 1 | Level 2 | Level 3 | Balance at Fair Value | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Cash and investments segregated and on deposit for regulatory purposes | |||||||||||||||||||||||||||||
Receivables from brokerage clients — net | |||||||||||||||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | |||||||||||||||||||||||||||||
Total held to maturity securities | |||||||||||||||||||||||||||||
Bank loans — net: | |||||||||||||||||||||||||||||
First Mortgages | |||||||||||||||||||||||||||||
HELOCs | |||||||||||||||||||||||||||||
Pledged asset lines | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Total bank loans — net | |||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Bank deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Payables to brokerage clients | |||||||||||||||||||||||||||||
Accrued expenses and other liabilities | |||||||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||
December 31, 2021 | Carrying Amount | Level 1 | Level 2 | Level 3 | Balance at Fair Value | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Cash and investments segregated and on deposit for regulatory purposes | |||||||||||||||||||||||||||||
Receivables from brokerage clients — net | |||||||||||||||||||||||||||||
Bank loans — net: | |||||||||||||||||||||||||||||
First Mortgages | |||||||||||||||||||||||||||||
HELOCs | |||||||||||||||||||||||||||||
Pledged asset lines | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Total bank loans — net | |||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Bank deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Payables to brokerage clients | |||||||||||||||||||||||||||||
Accrued expenses and other liabilities | |||||||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||
Liquidation Preference Per Share | Dividend Rate in Effect at March 31, 2022 | Earliest Redemption Date | Date at Which Dividend Rate Resets or Becomes Floating | Reset / Floating Rate | Margin Over Reset / Floating Rate | ||||||||||||||||||||||||||||||
Shares Issued and Outstanding (in ones) at | Carrying Value at | ||||||||||||||||||||||||||||||||||
March 31, 2022 (1) | December 31, 2021 (1) | March 31, 2022 | December 31, 2021 | Issue Date | |||||||||||||||||||||||||||||||
Fixed-rate: | |||||||||||||||||||||||||||||||||||
Series D | $ | $ | $ | 03/07/16 | % | 06/01/21 | N/A | N/A | N/A | ||||||||||||||||||||||||||
Series J | 03/30/21 | % | 06/01/26 | N/A | N/A | N/A | |||||||||||||||||||||||||||||
Fixed-to-floating-rate/Fixed-rate reset: | |||||||||||||||||||||||||||||||||||
Series A | 01/26/12 | % | 02/01/22 | 02/01/22 | 3M LIBOR | % | |||||||||||||||||||||||||||||
Series E | 10/31/16 | % | 03/01/22 | 03/01/22 | 3M LIBOR | % | |||||||||||||||||||||||||||||
Series F | 10/31/17 | % | 12/01/27 | 12/01/27 | 3M LIBOR | % | |||||||||||||||||||||||||||||
Series G (2) | 04/30/20 | % | 06/01/25 | 06/01/25 | % | ||||||||||||||||||||||||||||||
Series H (3) | 12/11/20 | % | 12/01/30 | 12/01/30 | % | ||||||||||||||||||||||||||||||
Series I (2) | 03/18/21 | % | 06/01/26 | 06/01/26 | % | ||||||||||||||||||||||||||||||
Series K (4) | 03/04/22 | % | 06/01/27 | 06/01/27 | % | ||||||||||||||||||||||||||||||
Total preferred stock | $ | $ |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Total Declared | Per Share Amount | Total Declared | Per Share Amount | |||||||||||||||||||||||
Series A | $ | $ | $ | $ | ||||||||||||||||||||||
Series C (1) | ||||||||||||||||||||||||||
Series D | ||||||||||||||||||||||||||
Series E | ||||||||||||||||||||||||||
Series F | ||||||||||||||||||||||||||
Series G | ||||||||||||||||||||||||||
Series H | ||||||||||||||||||||||||||
Series I (2) | ||||||||||||||||||||||||||
Series J (3) | ||||||||||||||||||||||||||
Series K (4) | ||||||||||||||||||||||||||
Total | $ | $ |
Total AOCI | |||||
Balance at December 31, 2020 | $ | ||||
Available for sale securities: | |||||
Net unrealized gain (loss), net of tax expense (benefit) of $( | ( | ||||
Other reclassifications included in other revenue, net of tax expense (benefit) of $( | ( | ||||
Balance at March 31, 2021 | $ | ||||
Balance at December 31, 2021 | $ | ( | |||
Available for sale securities: | |||||
Net unrealized gain (loss), excluding transfers to held to maturity, net of tax expense (benefit) of $( | ( | ||||
Net unrealized loss on securities transferred to held to maturity, net of tax expense (benefit) of $ | |||||
Other reclassifications included in other revenue, net of tax expense (benefit) of $( | ( | ||||
Held to maturity securities: | |||||
Net unrealized loss on securities transferred from available for sale, net of tax expense (benefit) of $( | ( | ||||
Amortization of amounts previously recorded upon transfer from available for sale, net of tax expense (benefit) of $ | |||||
Balance at March 31, 2022 | $ | ( |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Common Stock | Nonvoting Common Stock | Common Stock | Nonvoting Common Stock | |||||||||||
Basic earnings per share: | ||||||||||||||
Numerator | ||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||
Preferred stock dividends and other (1) | ( | ( | ( | ( | ||||||||||
Net income available to common stockholders | $ | $ | $ | $ | ||||||||||
Denominator | ||||||||||||||
Weighted-average common shares outstanding — basic | ||||||||||||||
Basic earnings per share | $ | $ | $ | $ | ||||||||||
Diluted earnings per share: | ||||||||||||||
Numerator | ||||||||||||||
Net income available to common stockholders | $ | $ | $ | $ | ||||||||||
Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares | ||||||||||||||
Allocation of net income available to common stockholders: | $ | $ | $ | $ | ||||||||||
Denominator | ||||||||||||||
Weighted-average common shares outstanding — basic | ||||||||||||||
Conversion of nonvoting shares to voting shares | ||||||||||||||
Common stock equivalent shares related to stock incentive plans | ||||||||||||||
Weighted-average common shares outstanding — diluted (2) | ||||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
Actual | Minimum to be Well Capitalized | Minimum Capital Requirement | ||||||||||||||||||||||||||||||||||||
March 31, 2022 | Amount | Ratio | Amount | Ratio | Amount | Ratio (1) | ||||||||||||||||||||||||||||||||
CSC | ||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital | $ | % | N/A | $ | % | |||||||||||||||||||||||||||||||||
Tier 1 Risk-Based Capital | % | N/A | % | |||||||||||||||||||||||||||||||||||
Total Risk-Based Capital | % | N/A | % | |||||||||||||||||||||||||||||||||||
Tier 1 Leverage | % | N/A | % | |||||||||||||||||||||||||||||||||||
Supplementary Leverage Ratio | % | N/A | % | |||||||||||||||||||||||||||||||||||
CSB | ||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Tier 1 Risk-Based Capital | % | % | % | |||||||||||||||||||||||||||||||||||
Total Risk-Based Capital | % | % | % | |||||||||||||||||||||||||||||||||||
Tier 1 Leverage | % | % | % | |||||||||||||||||||||||||||||||||||
Supplementary Leverage Ratio | % | N/A | % | |||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
CSC | ||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital | $ | % | N/A | $ | % | |||||||||||||||||||||||||||||||||
Tier 1 Risk-Based Capital | % | N/A | % | |||||||||||||||||||||||||||||||||||
Total Risk-Based Capital | % | N/A | % | |||||||||||||||||||||||||||||||||||
Tier 1 Leverage | % | N/A | % | |||||||||||||||||||||||||||||||||||
Supplementary Leverage Ratio | % | N/A | % | |||||||||||||||||||||||||||||||||||
CSB | ||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Tier 1 Risk-Based Capital | % | % | % | |||||||||||||||||||||||||||||||||||
Total Risk-Based Capital | % | % | % | |||||||||||||||||||||||||||||||||||
Tier 1 Leverage | % | % | % | |||||||||||||||||||||||||||||||||||
Supplementary Leverage Ratio | % | N/A | % | |||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
CS&Co | ||||||||||||||
Net capital | $ | $ | ||||||||||||
Minimum dollar requirement | ||||||||||||||
2% of aggregate debit balances | ||||||||||||||
Net capital in excess of required net capital | $ | $ | ||||||||||||
TDAC | ||||||||||||||
Net capital | $ | $ | ||||||||||||
Minimum dollar requirement | ||||||||||||||
2% of aggregate debit balances | ||||||||||||||
Net capital in excess of required net capital | $ | $ | ||||||||||||
TD Ameritrade, Inc. | ||||||||||||||
Net capital | $ | $ | ||||||||||||
Minimum dollar requirement | ||||||||||||||
2% of aggregate debit balances | ||||||||||||||
Net capital in excess of required net capital | $ | $ |
Investor Services | Advisor Services | Total | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Net Revenues | |||||||||||||||||||||||||||||||||||
Net interest revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Asset management and administration fees | |||||||||||||||||||||||||||||||||||
Trading revenue | |||||||||||||||||||||||||||||||||||
Bank deposit account fees | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total net revenues | |||||||||||||||||||||||||||||||||||
Expenses Excluding Interest | |||||||||||||||||||||||||||||||||||
Income before taxes on income | $ | $ | $ | $ | $ | $ |
Month | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Program | ||||||||||||||||||||||
January: | ||||||||||||||||||||||||||
Share repurchase program | — | $ | — | — | $ | 1,780 | ||||||||||||||||||||
Employee transactions (1) | 84 | $ | 95.08 | N/A | N/A | |||||||||||||||||||||
February: | ||||||||||||||||||||||||||
Share repurchase program | — | $ | — | — | $ | 1,780 | ||||||||||||||||||||
Employee transactions (1) | 3 | $ | 89.40 | N/A | N/A | |||||||||||||||||||||
March: | ||||||||||||||||||||||||||
Share repurchase program | — | $ | — | — | $ | 1,780 | ||||||||||||||||||||
Employee transactions (1) | 436 | $ | 80.16 | N/A | N/A | |||||||||||||||||||||
Total: | ||||||||||||||||||||||||||
Share repurchase program | — | $ | — | — | $ | 1,780 | ||||||||||||||||||||
Employee transactions (1) | 523 | $ | 82.61 | N/A | N/A |
Exhibit Number | Exhibit | |||||||
3.26 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | (1) | |||||||
32.2 | (1) | |||||||
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | (2) | ||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | (2) | ||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation | (2) | ||||||
101.DEF | Inline XBRL Extension Definition | (2) | ||||||
101.LAB | Inline XBRL Taxonomy Extension Label | (2) | ||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation | (2) | ||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
(1) | Furnished as an exhibit to this Quarterly Report on Form 10-Q. | |||||||
(2) | Attached as Exhibit 101 to this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022 are the following materials formatted in Inline XBRL (Extensible Business Reporting Language) (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Stockholders’ Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements. |
THE CHARLES SCHWAB CORPORATION | |||||||||||
(Registrant) | |||||||||||
Date: | May 9, 2022 | /s/ Peter Crawford | |||||||||
Peter Crawford | |||||||||||
Managing Director and Chief Financial Officer |
Date: | May 9, 2022 | /s/ Walter W. Bettinger II | |||||||||
Walter W. Bettinger II | |||||||||||
Chief Executive Officer |
Date: | May 9, 2022 | /s/ Peter Crawford | |||||||||
Peter Crawford | |||||||||||
Managing Director and Chief Financial Officer |
/s/ Walter W. Bettinger II | Date: | May 9, 2022 | |||||||||
Walter W. Bettinger II | |||||||||||
Chief Executive Officer |
/s/ Peter Crawford | Date: | May 9, 2022 | |||||||||
Peter Crawford | |||||||||||
Managing Director and Chief Financial Officer |
Condensed Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Income Statement [Abstract] | ||
Fee waivers | $ 54 | $ 78 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,402 | $ 1,484 |
Change in net unrealized gain (loss) on available for sale securities: | ||
Net unrealized gain (loss) excluding transfers to held to maturity | (13,135) | (5,917) |
Reclassification of net unrealized loss transferred to held to maturity | 2,429 | 0 |
Other reclassifications included in other revenue | (12) | (10) |
Change in net unrealized gain (loss) on held to maturity securities: | ||
Reclassification of net unrealized loss transferred from available for sale | (2,429) | 0 |
Amortization of amounts previously recorded upon transfer to held to maturity from available for sale | 92 | 0 |
Other comprehensive income (loss), before tax | (13,055) | (5,927) |
Income tax effect | 3,119 | 1,411 |
Other comprehensive income (loss), net of tax | (9,936) | (4,516) |
Comprehensive Income (Loss) | $ (8,534) | $ (3,032) |
Condensed Consolidated Balance Sheets - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
|||
---|---|---|---|---|---|
Assets | |||||
Cash and cash equivalents | $ 91,126 | [1] | $ 62,975 | ||
Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $14,011 at March 31, 2022 and $13,096 at December 31, 2021) | 54,445 | 53,949 | |||
Receivables from brokerage clients — net | 84,070 | 90,565 | |||
Available for sale securities (amortized cost of $284,195 at March 31, 2022 and $391,482 at December 31, 2021) | 272,049 | 390,054 | |||
Held to maturity securities | 105,286 | 0 | |||
Bank loans — net | 37,207 | 34,636 | |||
Equipment, office facilities, and property — net | 3,499 | 3,442 | |||
Goodwill | 11,952 | 11,952 | |||
Acquired intangible assets — net | 9,227 | 9,379 | |||
Other assets | 12,089 | 10,318 | |||
Total assets | 680,950 | 667,270 | |||
Liabilities and Stockholders’ Equity | |||||
Bank deposits | 465,827 | 443,778 | |||
Payables to brokerage clients | 125,307 | 125,671 | |||
Accrued expenses and other liabilities | 15,611 | 17,791 | |||
Short-term borrowings | 4,234 | 4,855 | |||
Long-term debt | 21,873 | 18,914 | |||
Total liabilities | 632,852 | 611,009 | |||
Stockholders’ equity: | |||||
Preferred stock — $.01 par value per share; aggregate liquidation preference of $10,850 and $10,100 at March 31, 2022 and December 31, 2021, respectively | 10,694 | 9,954 | |||
Additional paid-in capital | 26,826 | 26,741 | |||
Retained earnings | 26,895 | 25,992 | |||
Treasury stock, at cost — 178,779,573 shares at March 31, 2022 and 180,959,274 shares at December 31, 2021 | (5,293) | (5,338) | |||
Accumulated other comprehensive income (loss) | (11,045) | (1,109) | |||
Total stockholders’ equity | 48,098 | 56,261 | |||
Total liabilities and stockholders’ equity | 680,950 | 667,270 | |||
Common Stock [Member] | |||||
Stockholders’ equity: | |||||
Common stock | 20 | 20 | |||
Nonvoting Common Stock [Member] | |||||
Stockholders’ equity: | |||||
Common stock | $ 1 | $ 1 | |||
|
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Cash and investments segregated and on deposit for regulatory purposes, resale agreements | $ 14,011 | $ 13,096 |
Amortized cost of available for sale securities | 284,195 | $ 391,482 |
Fair Value | $ 99,149 | |
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, aggregate liquidation preference | $ 10,850 | $ 10,100 |
Common stock, shares authorized (in shares) | 3,000,000,000 | 3,000,000,000 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 1,994,895,180 | 1,994,895,180 |
Treasury stock (in shares) | 178,779,573 | 180,959,274 |
Nonvoting Common Stock [Member] | ||
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 79,293,695 | 79,293,695 |
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions |
Total |
Nonvoting Common Stock [Member] |
Preferred Stock [Member] |
Common Stock [Member] |
Common Stock [Member]
Nonvoting Common Stock [Member]
|
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock, at cost [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
---|---|---|---|---|---|---|---|---|---|
Balance at beginning of period at Dec. 31, 2020 | $ 56,060 | $ 7,733 | $ 20 | $ 1 | $ 26,515 | $ 21,975 | $ (5,578) | $ 5,394 | |
Beginning balance (in shares) at Dec. 31, 2020 | 1,995 | 79 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 1,484 | $ 62 | 1,484 | ||||||
Other comprehensive income (loss), net of tax | (4,516) | (4,516) | |||||||
Issuance of preferred stock, net | 2,806 | 2,806 | |||||||
Dividends declared on preferred stock | (90) | (90) | |||||||
Dividends declared on common stock | (340) | (340) | |||||||
Stock option exercises and other | 97 | 8 | 89 | ||||||
Share-based compensation | 98 | 98 | |||||||
Other | (5) | 8 | 0 | (13) | |||||
Ending balance (in shares) at Mar. 31, 2021 | 1,995 | 79 | |||||||
Balance at end of period at Mar. 31, 2021 | 55,594 | 10,539 | $ 20 | $ 1 | 26,629 | 23,029 | (5,502) | 878 | |
Balance at beginning of period at Dec. 31, 2021 | 56,261 | 9,954 | $ 20 | $ 1 | 26,741 | 25,992 | (5,338) | (1,109) | |
Beginning balance (in shares) at Dec. 31, 2021 | 1,995 | 79 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 1,402 | $ 58 | 1,402 | ||||||
Other comprehensive income (loss), net of tax | (9,936) | (9,936) | |||||||
Issuance of preferred stock, net | 740 | 740 | |||||||
Dividends declared on preferred stock | (118) | (118) | |||||||
Dividends declared on common stock | (381) | (381) | |||||||
Stock option exercises and other | 30 | (51) | 81 | ||||||
Share-based compensation | 112 | 112 | |||||||
Other | (12) | 24 | (36) | ||||||
Ending balance (in shares) at Mar. 31, 2022 | 1,995 | 79 | |||||||
Balance at end of period at Mar. 31, 2022 | $ 48,098 | $ 10,694 | $ 20 | $ 1 | $ 26,826 | $ 26,895 | $ (5,293) | $ (11,045) |
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared on common stock (in USD per share) | $ 0.20 | $ 0.18 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||
Cash Flows from Operating Activities | ||||
Net income | $ 1,402 | $ 1,484 | ||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||||
Share-based compensation | 144 | 100 | ||
Depreciation and amortization | 150 | 129 | ||
Amortization of acquired intangible assets | 154 | 154 | ||
Provision (benefit) for deferred income taxes | (19) | (16) | ||
Premium amortization, net, on available for sale and held to maturity securities | 486 | 624 | ||
Other | 98 | 92 | ||
Net change in: | ||||
Investments segregated and on deposit for regulatory purposes | (4,628) | 5,022 | ||
Receivables from brokerage clients | 6,487 | (10,290) | ||
Other assets | (59) | 109 | ||
Payables to brokerage clients | (364) | (2,862) | ||
Accrued expenses and other liabilities | (798) | 712 | ||
Net cash provided by (used for) operating activities | 3,053 | (4,742) | ||
Cash Flows from Investing Activities | ||||
Purchases of available for sale securities | (30,710) | (41,658) | ||
Proceeds from sales of available for sale securities | 9,521 | 6,605 | ||
Principal payments on available for sale securities | 16,892 | 23,909 | ||
Principal payments on held to maturity securities | 3,505 | 0 | ||
Net change in bank loans | (2,493) | (1,780) | ||
Purchases of equipment, office facilities, and property | (296) | (186) | ||
Purchases of Federal Reserve stock | (27) | (10) | ||
Other investing activities | (34) | (38) | ||
Net cash provided by (used for) investing activities | (3,642) | (13,158) | ||
Cash Flows from Financing Activities | ||||
Net change in bank deposits | 22,049 | 11,876 | ||
Proceeds from commercial paper and secured lines of credit | 1,148 | 3,250 | ||
Repayment of commercial paper and secured lines of credit | (1,771) | (750) | ||
Issuance of long-term debt | 2,971 | 3,970 | ||
Net proceeds from preferred stock offerings | 740 | 2,806 | ||
Dividends paid | (509) | (445) | ||
Proceeds from stock options exercised | 30 | 97 | ||
Other financing activities | (49) | (25) | ||
Net cash provided by (used for) financing activities | 24,609 | 20,779 | ||
Increase (Decrease) in Cash and Cash Equivalents, including Amounts Restricted | 24,020 | 2,879 | ||
Cash and Cash Equivalents, including Amounts Restricted at Beginning of Period | 93,338 | 70,560 | ||
Cash and Cash Equivalents, including Amounts Restricted at End of Period | [1] | 117,358 | 73,439 | |
Non-cash investing activity: | ||||
Securities transferred from available for sale to held to maturity, at fair value | 108,805 | 0 | ||
Securities purchased during the period but settled after period end | 15 | 0 | ||
Changes in accrued equipment, office facilities, and property purchases | (87) | 23 | ||
Cash paid during the period for: | ||||
Interest | 153 | 123 | ||
Income taxes | 50 | 37 | ||
Amounts included in the measurement of lease liabilities | 53 | 70 | ||
Leased assets obtained in exchange for new operating lease liabilities | 140 | 9 | ||
Leased assets obtained in exchange for new finance lease liabilities | $ 5 | $ 108 | ||
|
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2022 |
Mar. 31, 2021 |
||
---|---|---|---|---|
Reconciliation of cash, cash equivalents and amounts reported within the balance sheet | ||||
Cash and cash equivalents | [1] | $ 91,126 | $ 48,182 | |
Restricted cash and cash equivalents amounts included in cash and investments segregated and on deposit for regulatory purposes | [1] | 26,232 | 25,257 | |
Total cash and cash equivalents, including amounts restricted shown in the statement of cash flows | [1] | $ 117,358 | $ 73,439 | |
|
Introduction and Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Introduction and Basis of Presentation | Introduction and Basis of Presentation The Charles Schwab Corporation (CSC) is a savings and loan holding company. CSC engages, through its subsidiaries (collectively referred to as Schwab or the Company), in wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. Principal business subsidiaries of CSC include the following: •Charles Schwab & Co., Inc. (CS&Co), incorporated in 1971, a securities broker-dealer; •TD Ameritrade, Inc., an introducing securities broker-dealer; •TD Ameritrade Clearing, Inc. (TDAC), a securities broker-dealer that provides trade execution and clearing services to TD Ameritrade, Inc.; •Charles Schwab Bank, SSB (CSB), our principal banking entity; and •Charles Schwab Investment Management, Inc. (CSIM), the investment advisor for Schwab’s proprietary mutual funds (Schwab Funds®) and for Schwab’s exchange-traded funds (Schwab ETFs™). Unless otherwise indicated, the terms “Schwab,” “the Company,” “we,” “us,” or “our” mean CSC together with its consolidated subsidiaries. These unaudited condensed consolidated financial statements have been prepared in conformity with GAAP, which require management to make certain estimates and assumptions that affect the reported amounts in the accompanying financial statements and in the related disclosures. These estimates are based on information available as of the date of the condensed consolidated financial statements. While management makes its best judgment, actual amounts or results could differ from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in Schwab’s 2021 Form 10-K. The significant accounting policies are included in Note 2 in the 2021 Form 10-K. There have been no significant changes to these accounting policies during the first three months of 2022.
|
New Accounting Standards |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
New Accounting Standards | New Accounting Standards Adoption of New Accounting Standards The Company did not adopt any material new accounting standards during the three months ended March 31, 2022. New Accounting Standards Not Yet Adopted
|
Revenue Recognition |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Disaggregated Revenue Disaggregation of Schwab’s revenue by major source is as follows:
For a summary of revenue provided by our reportable segments, see Note 17. The recognition of revenue is not impacted by the operating segment in which revenue is generated. Contract balances Substantially all receivables from contracts with customers within the scope of ASC 606, Revenue From Contracts With Customers (ASC 606), are included in other assets on the condensed consolidated balance sheets, and totaled $652 million and $637 million at March 31, 2022 and December 31, 2021, respectively. Schwab did not have any other significant contract assets or contract liability balances as of March 31, 2022 or December 31, 2021. Unsatisfied performance obligations We do not have any unsatisfied performance obligations other than those that are subject to an elective practical expedient under ASC 606. The practical expedient applies to and is elected for contracts where we recognize revenue at the amount to which we have the right to invoice for services performed.
|
Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The amortized cost, gross unrealized gains and losses, and fair value of the Company’s AFS and HTM investment securities are as follows:
(1) Approximately 51% and 58% of asset-backed securities held as of March 31, 2022 and December 31, 2021, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 28% and 30% of the asset-backed securities held as of March 31, 2022 and December 31, 2021, respectively. (2) As of March 31, 2022 and December 31, 2021, approximately 37% and 31%, respectively, of the total AFS in corporate debt securities were issued by institutions in the financial services industry. (3) Included in cash and cash equivalents on the condensed consolidated balance sheets, but excluded from this table is $4.6 billion of AFS commercial paper as of March 31, 2022 (none as of December 31, 2021). These holdings have maturities of three months or less and an aggregate market value equal to amortized cost. In January 2022, the Company transferred $108.8 billion of U.S. agency mortgage-backed securities with a total net unrealized loss at the time of transfer of $2.4 billion from the AFS category to the HTM category. HTM securities, which the Company has the intent and ability to hold until maturity, are carried at amortized cost, net of any allowance for credit losses. The allowance for credit losses represents expected credit losses over the remaining expected life of HTM securities. The Company measures credit losses as the difference between the securities amortized cost basis and the net amount expected to be collected. The Company’s accounting policy excludes accrued interest when estimating any allowance for credit losses on HTM securities. HTM securities are placed on nonaccrual status on a timely basis and any accrued interest receivable is reversed through interest income. For certain securities, the Company is not required to estimate an allowance for credit losses because expected nonpayment of the amortized cost basis is zero based on historical credit loss information adjusted for current conditions and reasonable and supportable forecasts. At March 31, 2022, our banking subsidiaries had pledged securities with a fair value of $53.0 billion as collateral to secure borrowing capacity on secured credit facilities with the Federal Home Loan Bank (FHLB) (see Note 8). Our banking subsidiaries also pledge investment securities as collateral to secure borrowing capacity at the Federal Reserve discount window, and had pledged securities with a fair value of $10.3 billion as collateral for this facility at March 31, 2022. The Company also pledges securities issued by federal agencies to secure certain trust deposits. The fair value of these pledged securities was $1.6 billion at March 31, 2022. Securities with unrealized losses, aggregated by category and period of continuous unrealized loss, of AFS investment securities are as follows:
At March 31, 2022, substantially all rated securities in the investment portfolios were investment grade. U.S. agency mortgage-backed securities do not have explicit credit ratings; however, management considers these to be of the highest credit quality and rating given the guarantee of principal and interest by the U.S. government or U.S. government-sponsored enterprises. For a description of management’s quarterly evaluation of AFS securities in unrealized loss positions see Item 8 – Note 2 in the 2021 Form 10-K. No amounts were recognized as credit loss expense and no securities were written down to fair value through earnings for the three months ended March 31, 2022 and the year ended December 31, 2021. None of the Company’s AFS securities held as of March 31, 2022 and December 31, 2021 had an allowance for credit losses. All HTM securities as of March 31, 2022 were U.S. agency mortgage-backed securities and therefore had no allowance for credit losses because expected nonpayment of the amortized cost basis is zero. The Company had $674 million of accrued interest for AFS and HTM securities as of March 31, 2022 and $683 million of accrued interest receivable for AFS securities as of December 31, 2021. These amounts are excluded from the amortized cost basis and fair market value of AFS and HTM securities and included in other assets on the condensed consolidated balance sheets. There were no writeoffs of accrued interest receivable on AFS and HTM securities during the three months ended March 31, 2022, or for AFS securities for the year ended December 31, 2021. In the table below, mortgage-backed securities and other asset-backed securities have been allocated to maturity groupings based on final contractual maturities. As borrowers may have the right to call or prepay certain obligations underlying our investment securities, actual maturities may differ from the scheduled contractual maturities presented below. The maturities of AFS and HTM investment securities are as follows:
Proceeds and gross realized gains and losses from sales of AFS investment securities are as follows:
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Bank Loans and Related Allowance for Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans and Related Allowance for Credit Losses | Bank Loans and Related Allowance for Credit Losses The composition of bank loans and delinquency analysis by portfolio segment and class of financing receivable is as follows:
(1) First Mortgages and HELOCs include unamortized premiums and discounts and direct origination costs of $94 million and $91 million at March 31, 2022 and December 31, 2021, respectively. (2) First Mortgage and HELOC portfolios concentrated in California as of March 31, 2022 and December 31, 2021 were 45% and 46%, respectively. These loans have performed in a manner consistent with the portfolio as a whole. (3) There were no loans accruing interest that were contractually 90 days or more past due at March 31, 2022 or December 31, 2021. At March 31, 2022, CSB had pledged the full balance of First Mortgages and HELOCs pursuant to a blanket lien status collateral arrangement to secure borrowing capacity on a secured credit facility with the FHLB (see Note 8). Changes in the allowance for credit losses on bank loans were as follows:
PALs are subject to the collateral maintenance practical expedient under ASC 326 Financial Instruments – Credit Losses. All PALs were fully collateralized by securities with fair values in excess of borrowings as of March 31, 2022 and December 31, 2021. Therefore, no allowance for credit losses for PALs as of those dates was required. For further details on Schwab’s application of ASC 326 see Item 8 – Note 2 in the 2021 Form 10-K. Indicators of economic activity and employment continue to strengthen despite the recent Omicron wave, which dampened growth in some COVID-sensitive sectors of the economy. Management’s macroeconomic outlook reflects continued moderate growth in home prices and lower unemployment anticipated over the near term, however recent increases in treasury yields and mortgage rates may reduce borrower affordability and extend the expected life of the portfolio. These changes in the macroeconomic outlook resulted in higher modeled projections of loss rates at March 31, 2022 compared to December 31, 2021, even as credit quality metrics continue to be strong in the Company’s bank loans portfolio. A summary of bank loan-related nonperforming assets and troubled debt restructurings is as follows:
(1) Nonaccrual loans include nonaccrual troubled debt restructurings. (2) Included in other assets on the condensed consolidated balance sheets. Credit Quality In addition to monitoring delinquency, Schwab monitors the credit quality of First Mortgages and HELOCs by stratifying the portfolios by the following: •Year of origination; •Borrower FICO scores at origination (Origination FICO); •Updated borrower FICO scores (Updated FICO); •Loan-to-value (LTV) ratios at origination (Origination LTV); and •Estimated Current LTV ratios (Estimated Current LTV). Borrowers’ FICO scores are provided by an independent third-party credit reporting service and generally updated quarterly. The Origination LTV and Estimated Current LTV for a HELOC include any first lien mortgage outstanding on the same property at the time of the HELOC’s origination. The Estimated Current LTV for each loan is updated on a monthly basis by reference to a home price appreciation index. The credit quality indicators of the Company’s bank loan portfolio are detailed below:
(1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs.
At March 31, 2022, First Mortgage loans of $18.3 billion had adjustable interest rates. Substantially all of these mortgages have initial fixed interest rates for to ten years and interest rates that adjust annually thereafter. Approximately 28% of the balance of these mortgages consisted of loans with interest-only payment terms. The interest rates on approximately 90% of the balance of these interest-only loans are not scheduled to reset for or more years. Schwab’s mortgage loans do not include interest terms described as temporary introductory rates below current market rates. At March 31, 2022 and December 31, 2021, Schwab had $64 million and $57 million, respectively, of accrued interest on bank loans, which is excluded from the amortized cost basis of bank loans and included in other assets on the condensed consolidated balance sheets. The HELOC product has a 30-year loan term with an initial draw period of ten years from the date of origination. After the initial draw period, the balance outstanding at such time is converted to a 20-year amortizing loan. The interest rate during the initial draw period and the 20-year amortizing period is a floating rate based on the prime rate plus a margin. The following table presents HELOCs converted to amortizing loans during each period presented:
The following table presents when current outstanding HELOCs will convert to amortizing loans:
At March 31, 2022, $469 million of the HELOC portfolio was secured by second liens on the associated properties. Second lien mortgage loans typically possess a higher degree of credit risk given the subordination to the first lien holder in the event of default. In addition to the credit monitoring activities described previously, Schwab also monitors credit risk by reviewing the delinquency status of the first lien loan on the associated property. At March 31, 2022, the borrowers on approximately 53% of HELOC loan balances outstanding only paid the minimum amount due.
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Variable Interest Entities |
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Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities As of March 31, 2022 and December 31, 2021, all of Schwab’s involvement with variable interest entities (VIEs) is through CSB’s Community Reinvestment Act (CRA)-related investments and most of these are related to LIHTC investments. As part of CSB’s community reinvestment initiatives, CSB invests in funds that make equity investments in multifamily affordable housing properties and receives tax credits and other tax benefits for these investments. Aggregate assets, liabilities, and maximum exposure to loss The aggregate assets, liabilities, and maximum exposure to loss from those VIEs in which Schwab holds a variable interest, but is not the primary beneficiary, are summarized in the table below:
(1) Aggregate assets and aggregate liabilities are included in other assets and accrued expenses and other liabilities, respectively, on the condensed consolidated balance sheets. (2) Other CRA investments are accounted for as loans at amortized cost, equity method investments, AFS securities, or using the adjusted cost method. Aggregate assets are included in AFS securities, bank loans – net, or other assets on the condensed consolidated balance sheets. Schwab’s maximum exposure to loss would result from the loss of the investments, including any committed amounts. CSB’s funding of these remaining commitments is dependent upon the occurrence of certain conditions, and CSB expects to pay substantially all of these commitments between 2022 and 2025. During the three months ended March 31, 2022 and year ended December 31, 2021, Schwab did not provide or intend to provide financial or other support to the VIEs that it was not contractually required to provide.
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Bank Deposits |
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Deposit Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Deposits | Bank Deposits Bank deposits consist of interest-bearing and non-interest-bearing deposits as follows:
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Borrowings |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings CSC Senior Notes CSC’s Senior Notes are unsecured obligations. CSC may redeem some or all of the Senior Notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances. Interest is payable semi-annually for the fixed-rate Senior Notes and quarterly for the floating-rate Senior Notes. TDA Holding Senior Notes TDA Holding’s Senior Notes are unsecured obligations. TDA Holding may redeem some or all of the Senior Notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances. Interest is payable semi-annually for the fixed-rate Senior Notes. The following table lists long-term debt by instrument outstanding as of March 31, 2022 and December 31, 2021.
Annual maturities on all long-term debt outstanding at March 31, 2022 are as follows:
Short-term borrowings: CSC has the ability to issue up to $5.0 billion of commercial paper notes with maturities up to 270 days; and had $2.4 billion outstanding at March 31, 2022 and $3.0 billion at December 31, 2021. CSC and CS&Co also have access to uncommitted lines of credit with external banks with total borrowing capacity of $1.5 billion; no amounts were outstanding as of March 31, 2022 or December 31, 2021. Our banking subsidiaries maintain secured credit facilities with the FHLB. Amounts available under these facilities are dependent on the amount of our First Mortgages, HELOCs, and the fair value of certain of their investment securities that are pledged as collateral. As of March 31, 2022 and December 31, 2021, the collateral pledged provided a total borrowing capacity of $68.2 billion and $63.5 billion, respectively, of which no amounts were outstanding at the end of either period. Our banking subsidiaries have access to funding through the Federal Reserve discount window. Amounts available are dependent upon the fair value of certain investment securities that are pledged as collateral. As of March 31, 2022 and December 31, 2021, our collateral pledged provided total borrowing capacity of $10.3 billion and $12.0 billion, respectively, of which no amounts were outstanding at the end of either period. Our banking subsidiaries may engage with external banks in repurchase agreements collateralized by investment securities as another source of short-term liquidity. The Company had no borrowings outstanding pursuant to such repurchase agreements at March 31, 2022 or December 31, 2021. TDAC maintains secured uncommitted lines of credit, under which TDAC borrows on either a demand or short-term basis and pledges client margin securities as collateral. There was $1.9 billion outstanding under the secured uncommitted lines of credit as of March 31, 2022 and December 31, 2021. See Note 11 for additional information. TDAC maintained one senior unsecured committed revolving credit facility as of March 31, 2022 with an aggregate borrowing capacity of $600 million which matured in April 2022 and was not renewed. There were no borrowings outstanding under the TDAC senior revolving facilities as of March 31, 2022 or December 31, 2021.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Loan Portfolio: CSB provides a co-branded loan origination program for CSB clients (the Program) with Rocket Mortgage, LLC (Rocket Mortgage®), formerly known as Quicken Loans, LLC. Pursuant to the Program, Rocket Mortgage originates and services First Mortgages and HELOCs for CSB clients. Under the Program, CSB purchases certain First Mortgages and HELOCs that are originated by Rocket Mortgage. CSB purchased First Mortgages of $2.7 billion and $2.8 billion during the first quarters of 2022 and 2021, respectively. CSB purchased HELOCs with commitments of $90 million and $99 million during the first quarters of 2022 and 2021, respectively. The Company’s commitments to extend credit on bank lines of credit and to purchase First Mortgages are as follows:
Guarantees and indemnifications: Schwab has clients that sell (i.e., write) listed option contracts that are cleared by the Options Clearing Corporation – a clearing house that establishes margin requirements on these transactions. We partially satisfy the margin requirements by arranging unsecured standby letter of credit agreements (LOCs), in favor of the Options Clearing Corporation, which are issued by several banks. At March 31, 2022, the aggregate face amount of these LOCs totaled $15 million. There were no funds drawn under any of these LOCs at March 31, 2022. In connection with its securities lending activities, Schwab is required to provide collateral to certain brokerage clients. The Company satisfies the collateral requirements by providing cash as collateral. The Company also provides guarantees to securities clearing houses and exchanges under standard membership agreements, which require members to guarantee the performance of other members. Under the agreements, if another member becomes unable to satisfy its obligations to the clearing houses and exchanges, other members would be required to meet shortfalls. The Company’s liability under these arrangements is not quantifiable and may exceed the amounts it has posted as collateral. The Company also engages third-party firms to clear clients’ futures and options on futures transactions and to facilitate clients’ foreign exchange trading, and has agreed to indemnify these firms for any losses that they may incur from the client transactions introduced to them by the Company. The potential requirement for the Company to make payments under these arrangements is remote. Accordingly, no liability has been recognized for these guarantees. IDA agreement: The Company’s IDA agreement with the TD Depository Institutions became effective on October 6, 2020. The IDA agreement creates responsibilities of the Company and certain contingent obligations. Pursuant to the IDA agreement, uninvested cash within eligible brokerage client accounts is swept off-balance sheet to deposit accounts at the TD Depository Institutions. Schwab provides recordkeeping and support services to the TD Depository Institutions with respect to the deposit accounts for which Schwab receives an aggregate monthly fee. Though unlikely, in the event the sweep arrangement fee computation were to result in a negative amount in any given month, Schwab would be required to pay the TD Depository Institutions. The IDA agreement provides that, as of July 1, 2021, Schwab has the option to migrate up to $10 billion of IDA balances every 12 months to Schwab’s balance sheet, subject to certain limitations and adjustments. The Company’s ability to migrate these balances to its balance sheet is dependent upon multiple factors including having sufficient capital levels to sustain these incremental deposits and certain binding limitations specified in the IDA agreement, including the requirement that Schwab can only move IDA balances designated as floating-rate obligations. In addition, Schwab also must maintain a minimum $50 billion IDA balance through June 2031, and at least 80% of the IDA balances must be designated as fixed-rate obligations through June 2026. The total ending IDA balance was $143.5 billion as of March 31, 2022 and $147.2 billion as of December 31, 2021. If IDA balances were to decline below the required IDA balance minimum, Schwab could be required to direct additional sweep cash from its balance sheet to the IDA program. During the first quarter of 2022, Schwab moved $12.7 billion of IDA balances to its balance sheet. Legal contingencies: Schwab is subject to claims and lawsuits in the ordinary course of business, including arbitrations, class actions and other litigation, some of which include claims for substantial or unspecified damages. The Company is also the subject of inquiries, investigations, and proceedings by regulatory and other governmental agencies. Predicting the outcome of a litigation or regulatory matter is inherently difficult, requiring significant judgment and evaluation of various factors, including the procedural status of the matter and any recent developments; prior experience and the experience of others in similar cases; available defenses, including potential opportunities to dispose of a case on the merits or procedural grounds before trial (e.g., motions to dismiss or for summary judgment); the progress of fact discovery; the opinions of counsel and experts regarding potential damages; and potential opportunities for settlement and the status of any settlement discussions. It may not be reasonably possible to estimate a range of potential liability until the matter is closer to resolution – pending, for example, further proceedings, the outcome of key motions or appeals, or discussions among the parties. Numerous issues may have to be developed, such as discovery of important factual matters and determination of threshold legal issues, which may include novel or unsettled questions of law. Reserves are established or adjusted or further disclosure and estimates of potential loss are provided as the matter progresses and more information becomes available. Schwab believes it has strong defenses in all significant matters currently pending and is contesting liability and any damages claimed. Nevertheless, some of these matters may result in adverse judgments or awards, including penalties, injunctions or other relief, and the Company may also determine to settle a matter because of the uncertainty and risks of litigation. Described below are matters in which there is a reasonable possibility that a material loss could be incurred or where the matter may otherwise be of significant interest to stockholders. Unless otherwise noted, the Company is unable to provide a reasonable estimate of any potential liability given the stage of proceedings in the matter. With respect to all other pending matters, based on current information and consultation with counsel, it does not appear reasonably possible that the outcome of any such matter would be material to the financial condition, operating results, or cash flows of the Company. Schwab Intelligent Portfolios® SEC Investigation: As disclosed on July 1, 2021, the Company has been responding to an enforcement investigation by the SEC arising from a compliance examination and concerning historic disclosures related to the Schwab Intelligent Portfolios digital advisory solution. In connection with a tentative agreement reached with SEC staff to resolve the matter, financial results for 2021 included a liability and related non-deductible charge of approximately $200 million. Completion of any settlement is always contingent on a vote of the Commission. The Company continues to cooperate with SEC staff with the goal of fully resolving the matter. TD Ameritrade Acquisition Litigation: As disclosed previously, on May 12, 2020, a putative class action lawsuit related to the acquisition was filed in the Delaware Court of Chancery (Hawkes v. Bettino et al.) on behalf of a proposed class of TD Ameritrade’s stockholders, excluding, among others, TD Bank. On February 5, 2021, plaintiff filed an amended complaint naming an officer and certain directors of TD Ameritrade at the time the acquisition was approved, as well as TD Bank, certain TD Bank related entities, and Schwab. The amended complaint asserts separate claims for breach of fiduciary duty by the TD Ameritrade officer, certain members of the TD Ameritrade board and TD Bank, and against Schwab for aiding and abetting such breaches, the allegation being that the amendment of the Insured Deposit Account Agreement TD Bank negotiated directly with Schwab allowed TD Bank to divert merger consideration from TD Ameritrade’s minority public stockholders. Plaintiff seeks to recover monetary damages, costs and attorneys’ fees. Schwab and the other defendants consider the allegations to be entirely without merit and on April 29, 2021, the defendants filed motions to dismiss the amended complaint. On March 25, 2022, the parties filed a joint stipulation proposing a settlement of the lawsuit on a class basis. A settlement hearing is scheduled for July 11, 2022. If the settlement is approved, Schwab will pay an immaterial amount on behalf of the former TD Ameritrade officer and director defendants pursuant to indemnification obligations. Crago Order Routing Litigation: On July 13, 2016, a securities class action lawsuit was filed in the U.S. District Court for the Northern District of California on behalf of a putative class of customers executing equity orders through CS&Co. The lawsuit names CS&Co and CSC as defendants and alleges that an agreement under which CS&Co routed orders to UBS Securities LLC between July 13, 2011 and December 31, 2014 violated CS&Co’s duty to seek best execution. Plaintiffs seek unspecified damages, interest, injunctive and equitable relief, and attorneys’ fees and costs. Defendants consider the allegations to be entirely without merit and have been vigorously contesting the lawsuit. After a first amended complaint was dismissed with leave to amend, plaintiffs filed a second amended complaint on August 14, 2017. Defendants again moved to dismiss, and in a decision issued December 5, 2017, the court denied the motion. Plaintiffs filed a motion for class certification on April 30, 2021, and in a decision on October 27, 2021, the court denied the motion and held that certification of a class action is inappropriate. Plaintiffs sought review of the order denying class certification by the Ninth Circuit Court of Appeals, which was denied, and on February 3, 2022, plaintiffs filed a motion for reconsideration of that denial, which is pending. Ford Order Routing Litigation: On September 15, 2014, TDA Holding, TD Ameritrade, Inc. and its former CEO, Frederick J. Tomczyk, were sued in the U.S. District Court for the District of Nebraska on behalf of a putative class of TD Ameritrade, Inc. clients alleging that defendants failed to seek best execution and made misrepresentations and omissions regarding its order routing practices. Plaintiffs seek unspecified damages and injunctive and other relief. Defendants consider the allegations to be entirely without merit and have been vigorously contesting the lawsuit. On September 14, 2018, the District Court granted plaintiffs’ motion for class certification, and defendants petitioned for an immediate appeal of the District Court’s class certification decision. On April 23, 2021, the U.S. Court of Appeals, 8th Circuit, issued a decision reversing the District Court’s certification of a class and remanding the case back to the District Court for further proceedings. Plaintiff has renewed his motion for class certification with the District Court, and a motion by defendants to compel the case to arbitration is pending with the District Court as premature.
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Exit and Other Related Liabilities |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exit and Other Related Liabilities | Exit and Other Related Liabilities The Company completed its acquisition of TD Ameritrade effective October 6, 2020 and integration work continued during the first quarter of 2022. Based on our current integration plans and expanded scope of technology work, the Company continues to expect to complete client conversions across multiple groups within approximately 30 to 36 months from the October 6, 2020 acquisition date, ending in the fourth quarter of 2023. To achieve our integration objectives, the Company expects to recognize significant additional acquisition and integration-related costs and capital expenditures throughout the integration process. Such acquisition and integration-related costs have included, and are expected to continue to include professional fees, such as legal, advisory, and accounting fees, compensation and benefits expenses for employees and contractors involved in the integration work, and costs for technology enhancements. The Company’s acquisition and integration-related spending also includes exit and other related costs, which are primarily comprised of employee compensation and benefits such as severance pay, other termination benefits, and retention costs, as well as costs related to facility closures, such as accelerated amortization and depreciation or impairments of assets in those locations. Exit and other related costs are a component of the Company’s overall acquisition and integration-related spending, and support the Company’s ability to achieve integration objectives including expected synergies. Our estimates of the nature, amounts, and timing of recognition of acquisition and integration-related costs remain subject to change based on a number of factors, including the expected duration and complexity of the integration process and the continued uncertainty of the current economic environment. More specifically, factors that could cause variability in our expected acquisition and integration-related costs include the level of employee attrition, workforce redeployment from eliminated positions into open roles, changes in the levels of client activity, as well as increased real estate-related exit cost variability due to the effects of the COVID-19 pandemic including changes in remote working trends. Inclusive of costs recognized through March 31, 2022, Schwab currently expects to incur total exit and other related costs for the integration of TD Ameritrade ranging from $650 million to $1 billion, consisting of employee compensation and benefits, facility exit costs, and certain other costs. During the three months ended March 31, 2022 and 2021, the Company recognized $12 million and $43 million of acquisition-related exit costs, respectively. The Company expects the remaining exit and other related costs will be incurred and charged to expense over the next 18 to 30 months; some costs are expected to be incurred after client conversion. In addition to ASC 420 Exit or Disposal Cost Obligations, certain of the costs associated with these activities are accounted for in accordance with ASC 360 Property, Plant and Equipment, ASC 712 Compensation – Nonretirement Post Employment Benefits, ASC 718 Compensation – Stock Compensation, and ASC 842 Leases. The following is a summary of the activity in the Company’s exit and other related liabilities for the three months ended March 31, 2022:
(1) Amounts recognized in expense for severance pay and other termination benefits, as well as retention costs, are primarily included in compensation and benefits on the condensed consolidated statements of income. (2) Included in accrued expenses and other liabilities on the condensed consolidated balance sheets. The following is a summary of the activity in the Company’s exit and other related liabilities for the three months ended March 31, 2021:
(1) Amounts recognized in expense for severance pay and other termination benefits, as well as retention costs, are primarily included in compensation and benefits on the condensed consolidated statements of income. (2) Included in accrued expenses and other liabilities on the condensed consolidated balance sheets. The following table summarizes the exit and other related costs recognized in expense for the three months ended March 31, 2022:
(1) Costs related to facility closures. These costs, which are comprised of accelerated amortization of right-of-use (ROU) assets, relate to the impact of abandoning leased properties. The following table summarizes the exit and other related costs recognized in expense for the three months ended March 31, 2021:
(1) Costs related to facility closures. These costs, which are primarily comprised of accelerated amortization of ROU assets, relate to the impact of abandoning leased and other properties. The following table summarizes the exit and other related costs incurred from October 6, 2020 through March 31, 2022:
(1) Costs related to facility closures. These costs, which are primarily comprised of accelerated amortization of ROU assets and accelerated depreciation of fixed assets, relate to the impact of abandoning leased and other properties.
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Financial Instruments Subject to Off-Balance Sheet Credit Risk |
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Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments Subject to Off-Balance Sheet Credit Risk | Financial Instruments Subject to Off-Balance Sheet Credit Risk Resale agreements: Schwab enters into collateralized resale agreements principally with other broker-dealers, which could result in losses in the event the counterparty fails to purchase the securities held as collateral for the cash advanced and the fair value of the securities declines. To mitigate this risk, Schwab requires that the counterparty deliver securities to a custodian, to be held as collateral, with a fair value at or in excess of the resale price. Schwab also sets standards for the credit quality of the counterparty, monitors the fair value of the underlying securities as compared to the related receivable, including accrued interest, and requires additional collateral where deemed appropriate. The collateral provided under these resale agreements is utilized to meet obligations under broker-dealer client protection rules, which place limitations on our ability to access such segregated securities. For Schwab to repledge or sell this collateral, we would be required to deposit cash and/or securities of an equal amount into our segregated reserve bank accounts in order to meet our segregated cash and investment requirement. Schwab’s resale agreements as of March 31, 2022 and December 31, 2021 were not subject to master netting arrangements. Securities lending: Schwab loans brokerage client securities temporarily to other brokers and clearing houses in connection with its securities lending activities and receives cash as collateral for the securities loaned. Increases in security prices may cause the fair value of the securities loaned to exceed the amount of cash received as collateral. In the event the counterparty to these transactions does not return the loaned securities or provide additional cash collateral, we may be exposed to the risk of acquiring the securities at prevailing market prices in order to satisfy our client obligations. Schwab mitigates this risk by requiring credit approvals for counterparties, monitoring the fair value of securities loaned, and requiring additional cash as collateral when necessary. In addition, most of our securities lending transactions are through a program with a clearing organization, which guarantees the return of cash to us. We also borrow securities from other broker-dealers to fulfill short sales by brokerage clients and deliver cash to the lender in exchange for the securities. The fair value of these borrowed securities was $549 million and $566 million at March 31, 2022 and December 31, 2021, respectively. Our securities lending transactions are subject to enforceable master netting arrangements with other broker-dealers; however, we do not net securities lending transactions. Therefore, the securities loaned and securities borrowed are presented gross in the condensed consolidated balance sheets. The following table presents information about our resale agreements, securities lending, and other activity depicting the potential effect of rights of setoff between these recognized assets and recognized liabilities.
(1) Included in cash and investments segregated and on deposit for regulatory purposes in the condensed consolidated balance sheets. (2) Actual collateral was greater than or equal to the value of the related assets. At March 31, 2022 and December 31, 2021, the fair value of collateral received in connection with resale agreements that are available to be repledged or sold was $14.4 billion and $13.4 billion, respectively. (3) Included in other assets in the condensed consolidated balance sheets. (4) Included in accrued expenses and other liabilities in the condensed consolidated balance sheets. The cash collateral received from counterparties under securities lending transactions was equal to or greater than the market value of the securities loaned at March 31, 2022 and December 31, 2021. (5) Securities loaned are predominantly comprised of equity securities held in client brokerage accounts with overnight and continuous remaining contractual maturities. (6) Included in short-term borrowings in the condensed consolidated balance sheets. See below for collateral pledged and Note 8 for additional information. Margin lending: Clients with margin loans have agreed to allow Schwab to pledge collateralized securities in their brokerage accounts in accordance with federal regulations. The following table summarizes the fair value of client securities that were available, under such regulations, that could have been used as collateral, as well as the fair value of securities that we had pledged to third parties under such regulations and from securities borrowed transactions:
Note: Excludes amounts available and pledged for securities lending from fully-paid client securities. The fair value of fully-paid client securities available and pledged was $242 million as of March 31, 2022 and $118 million as of December 31, 2021. (1) Securities pledged to fulfill client margin requirements for open option contracts established with the Options Clearing Corporation.
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Fair Values of Assets and Liabilities |
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Fair Values of Assets and Liabilities | Fair Values of Assets and Liabilities Assets and liabilities measured at fair value on a recurring basis Schwab’s assets and liabilities measured at fair value on a recurring basis include: certain cash equivalents, certain investments segregated and on deposit for regulatory purposes, AFS securities, and certain other assets and accrued expenses and other liabilities. The Company uses the market approach to determine the fair value of assets and liabilities. When available, the Company uses quoted prices in active markets to measure the fair value of assets and liabilities. Quoted prices for investments in exchange-traded securities represent end-of-day close prices published by exchanges. Quoted prices for money market funds and other mutual funds represent reported net asset values. When utilizing market data and bid-ask spread, the Company uses the price within the bid-ask spread that best represents fair value. When quoted prices in active markets do not exist, the Company uses prices obtained from independent third-party pricing services to measure the fair value of investment assets. We generally obtain prices from three independent third-party pricing sources for assets recorded at fair value. Our primary independent pricing service provides prices for our fixed income investments such as commercial paper; certificates of deposit; U.S. government and agency securities; state and municipal securities; corporate debt securities; asset-backed securities; foreign government agency securities; and non-agency commercial mortgage-backed securities. Such prices are based on observable trades, broker/dealer quotes, and discounted cash flows that incorporate observable information such as yields for similar types of securities (a benchmark interest rate plus observable spreads) and weighted-average maturity for the same or similar “to-be-issued” securities. We compare the prices obtained from the primary independent pricing service to the prices obtained from the additional independent pricing services to determine if the price obtained from the primary independent pricing service is reasonable. Schwab does not adjust the prices received from independent third-party pricing services unless such prices are inconsistent with the definition of fair value and result in material differences in the amounts recorded. Liabilities measured at fair value on a recurring basis include repurchase liabilities related to client-held fractional shares of equities, ETFs, and other securities, which are included in other assets on the condensed consolidated balance sheets. The Company has elected the fair value option pursuant to ASC 825 Financial Instruments for the repurchase liabilities to match the measurement and accounting of the related client-held fractional shares. The fair values of the repurchase liabilities are based on quoted market prices or other observable market data consistent with the related client-held fractional shares. Unrealized gains and losses on client-held fractional shares offset the unrealized gains and losses on the corresponding repurchase liabilities, resulting in no impact to the consolidated statements of income. The Company’s liabilities to repurchase client-held fractional shares do not have credit risk, and, as a result, the Company has not recognized any gains or losses in the condensed consolidated statements of income or comprehensive income attributable to instrument-specific credit risk for these repurchase liabilities. The repurchase liabilities are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. For a description of the fair value hierarchy and Schwab’s fair value methodologies, see Item 8 – Note 2 in the 2021 Form 10-K. The Company did not adjust prices received from the primary independent third-party pricing service at March 31, 2022 or December 31, 2021. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis:
Fair Value of Other Financial Instruments The following tables present the fair value hierarchy for other financial instruments:
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Stockholders' Equity |
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Stockholders' Equity | Stockholders’ Equity On March 4, 2022, the Company issued and sold 750,000 depositary shares, each representing a 1/100th ownership interest in a share of 5.000% fixed-rate reset non-cumulative perpetual preferred stock, Series K, $.01 par value, with a liquidation preference of $100,000 per share (equivalent of $1,000 per depositary share). The net proceeds of the offering were $740 million, after deducting the underwriting discount and offering expenses On January 30, 2019, CSC publicly announced that its Board of Directors authorized a share repurchase program to repurchase up to $4.0 billion of common stock. The share repurchase authorization does not have an expiration date. There were no repurchases of CSC’s common stock under this authorization during the three months ended March 31, 2022 and 2021. As of March 31, 2022, $1.8 billion remained on the authorization. The Company’s preferred stock issued and outstanding is as follows:
(1) Represented by depositary shares, except for Series A. (2) The dividend rate for Series G and I resets on each five-year anniversary from the first reset date. (3) The dividend rate for Series H resets on each ten-year anniversary from the first reset date. (4) The Series K dividend rate resets on each five-year anniversary beginning on June 1, 2027 based on a five-year treasury rate, representing the average of the yields on actively traded U.S. treasury securities adjusted to constant maturity for five-year maturities. Series K is only redeemable on dividend payment dates on or after the first reset date. N/A Not applicable. Dividends declared on the Company’s preferred stock are as follows:
(1) Series C Preferred Stock was redeemed on June 1, 2021. Prior to redemption, dividends were paid quarterly and the final dividend was paid on June 1, 2021. (2) Series I Preferred Stock was issued on March 18, 2021. Dividends are paid quarterly, and the first dividend was paid on June 1, 2021. (3) Series J Preferred Stock was issued on March 30, 2021. Dividends are paid quarterly, and the first dividend was paid on June 1, 2021. (4) Series K Preferred Stock was issued on March 4, 2022. Dividends are paid quarterly, and the first dividend will be paid on June 1, 2022.
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Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income AOCI represents cumulative gains and losses that are not reflected in earnings. AOCI balances and the components of other comprehensive income (loss) are as follows:
(1) In January 2022, the Company transferred a portion of its AFS securities to the HTM category. The transfer resulted in no net impact to AOCI. See Note 4 for additional discussion on the transfer of AFS securities to HTM.
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Earnings Per Common Share |
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Earnings Per Common Share | Earnings Per Common Share For the three months ended March 31, 2022 and 2021, the Company had voting and nonvoting common stock outstanding. Since the rights of the voting and nonvoting common stock are identical, except with respect to voting, the net income of the Company has been allocated on a proportionate basis to the two classes. Diluted earnings per share is calculated using the treasury stock method for outstanding stock options and non-vested restricted stock units and the if-converted method for nonvoting common stock. For further details surrounding the EPS computation, see Note 25 in the 2021 Form 10-K. EPS under the basic and diluted computations for both common stock and nonvoting common stock are as follows:
(1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. (2) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 14 million and 15 million for the three months ended March 31, 2022 and 2021, respectively.
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Requirements | Regulatory Requirements At March 31, 2022, CSC and CSB met all of their respective capital requirements. The regulatory capital and ratios for CSC (consolidated) and CSB are as follows:
(1) Under risk-based capital rules, CSC and CSB are also required to maintain additional capital buffers above the regulatory minimum risk-based capital ratios. Beginning in 2022, CSC will become subject to a stress capital buffer requirement once the Federal Reserve provides CSC with its final stress capital buffer requirement and it becomes effective on October 1, 2022. A firm that has not yet received a stress capital buffer but that is subject to capital planning requirements, such as CSC, is subject to a stress capital buffer requirement of 2.5% under regulatory requirements. CSB is required to maintain a capital conservation buffer of 2.5%. CSC and CSB are also required to maintain a countercyclical capital buffer above the regulatory minimum risk-based capital ratios, which was zero for both periods presented. If a buffer falls below the minimum requirement, CSC and CSB would be subject to increasingly strict limits on capital distributions and discretionary bonus payments to executive officers. At March 31, 2022, the minimum capital ratio requirements for both CSC and CSB, inclusive of their respective buffers, were 7.0%, 8.5%, and 10.5% for Common Equity Tier 1 Risk-Based Capital, Tier 1 Risk-Based Capital, and Total Risk-Based Capital, respectively. N/A Not applicable. Based on its regulatory capital ratios at March 31, 2022, CSB is considered well capitalized (the highest category) under its respective regulatory capital rules. There are no conditions or events since March 31, 2022 that management believes have changed CSB’s capital category. At March 31, 2022, the balance sheets of Charles Schwab Premier Bank, SSB (CSPB) and Charles Schwab Trust Bank (Trust Bank) consisted primarily of investment securities, and the entities held total assets of $40.7 billion and $15.6 billion, respectively. Based on their regulatory capital ratios, at March 31, 2022, CSPB and Trust Bank are considered well capitalized under their respective regulatory capital rules. Net capital and net capital requirements for CS&Co, TDAC, and TD Ameritrade, Inc., are as follows:
Pursuant to the SEC’s Customer Protection Rule and other applicable regulations, Schwab had cash and investments segregated for the exclusive benefit of clients at March 31, 2022. The SEC’s Customer Protection Rule requires broker-dealers to segregate client fully-paid securities and cash balances not collateralizing margin positions and not swept to money market funds or bank deposit accounts. Amounts included in cash and investments segregated and on deposit for regulatory purposes represent actual balances on deposit. Cash and cash equivalents included in cash and investments segregated and on deposit for regulatory purposes are presented as part of Schwab’s cash balances in the condensed consolidated statements of cash flows.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information Schwab’s two reportable segments are Investor Services and Advisor Services. Schwab structures the operating segments according to its clients and the services provided to those clients. The Investor Services segment provides retail brokerage, investment advisory, and banking and trust services to individual investors, and retirement plan services, as well as other corporate brokerage services, to businesses and their employees. The Advisor Services segment provides custodial, trading, banking and trust, and support services, as well as retirement business services, to independent RIAs, independent retirement advisors, and recordkeepers. Revenues and expenses are attributed to the two segments based on which segment services the client. Management evaluates the performance of the segments on a pre-tax basis. Segment assets and liabilities are not used for evaluating segment performance or in deciding how to allocate resources to segments. There are no revenues from transactions between the segments. Financial information for the segments is presented in the following table:
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New Accounting Standards (Policy) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | These unaudited condensed consolidated financial statements have been prepared in conformity with GAAP, which require management to make certain estimates and assumptions that affect the reported amounts in the accompanying financial statements and in the related disclosures. These estimates are based on information available as of the date of the condensed consolidated financial statements. While management makes its best judgment, actual amounts or results could differ from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in Schwab’s 2021 Form 10-K.
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New Accounting Standards | The Company did not adopt any material new accounting standards during the three months ended March 31, 2022. New Accounting Standards Not Yet Adopted
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Assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis Schwab’s assets and liabilities measured at fair value on a recurring basis include: certain cash equivalents, certain investments segregated and on deposit for regulatory purposes, AFS securities, and certain other assets and accrued expenses and other liabilities. The Company uses the market approach to determine the fair value of assets and liabilities. When available, the Company uses quoted prices in active markets to measure the fair value of assets and liabilities. Quoted prices for investments in exchange-traded securities represent end-of-day close prices published by exchanges. Quoted prices for money market funds and other mutual funds represent reported net asset values. When utilizing market data and bid-ask spread, the Company uses the price within the bid-ask spread that best represents fair value. When quoted prices in active markets do not exist, the Company uses prices obtained from independent third-party pricing services to measure the fair value of investment assets. We generally obtain prices from three independent third-party pricing sources for assets recorded at fair value. Our primary independent pricing service provides prices for our fixed income investments such as commercial paper; certificates of deposit; U.S. government and agency securities; state and municipal securities; corporate debt securities; asset-backed securities; foreign government agency securities; and non-agency commercial mortgage-backed securities. Such prices are based on observable trades, broker/dealer quotes, and discounted cash flows that incorporate observable information such as yields for similar types of securities (a benchmark interest rate plus observable spreads) and weighted-average maturity for the same or similar “to-be-issued” securities. We compare the prices obtained from the primary independent pricing service to the prices obtained from the additional independent pricing services to determine if the price obtained from the primary independent pricing service is reasonable. Schwab does not adjust the prices received from independent third-party pricing services unless such prices are inconsistent with the definition of fair value and result in material differences in the amounts recorded. Liabilities measured at fair value on a recurring basis include repurchase liabilities related to client-held fractional shares of equities, ETFs, and other securities, which are included in other assets on the condensed consolidated balance sheets. The Company has elected the fair value option pursuant to ASC 825 Financial Instruments for the repurchase liabilities to match the measurement and accounting of the related client-held fractional shares. The fair values of the repurchase liabilities are based on quoted market prices or other observable market data consistent with the related client-held fractional shares. Unrealized gains and losses on client-held fractional shares offset the unrealized gains and losses on the corresponding repurchase liabilities, resulting in no impact to the consolidated statements of income. The Company’s liabilities to repurchase client-held fractional shares do not have credit risk, and, as a result, the Company has not recognized any gains or losses in the condensed consolidated statements of income or comprehensive income attributable to instrument-specific credit risk for these repurchase liabilities. The repurchase liabilities are included in accrued expenses and other liabilities on the condensed consolidated balance sheets.
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New Accounting Standards (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule Of New Accounting Pronouncements | New Accounting Standards Not Yet Adopted
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Schwab's Revenue | Disaggregation of Schwab’s revenue by major source is as follows:
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities Available for Sale and Held to Maturity | The amortized cost, gross unrealized gains and losses, and fair value of the Company’s AFS and HTM investment securities are as follows:
(1) Approximately 51% and 58% of asset-backed securities held as of March 31, 2022 and December 31, 2021, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 28% and 30% of the asset-backed securities held as of March 31, 2022 and December 31, 2021, respectively. (2) As of March 31, 2022 and December 31, 2021, approximately 37% and 31%, respectively, of the total AFS in corporate debt securities were issued by institutions in the financial services industry. (3) Included in cash and cash equivalents on the condensed consolidated balance sheets, but excluded from this table is $4.6 billion of AFS commercial paper as of March 31, 2022 (none as of December 31, 2021). These holdings have maturities of three months or less and an aggregate market value equal to amortized cost.
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Securities with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss | Securities with unrealized losses, aggregated by category and period of continuous unrealized loss, of AFS investment securities are as follows:
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Securities with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss | Securities with unrealized losses, aggregated by category and period of continuous unrealized loss, of AFS investment securities are as follows:
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Maturities of Securities Available for Sale and Held to Maturity | The maturities of AFS and HTM investment securities are as follows:
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Proceeds and Gross Realized Gains And Losses from Sales of Securities Available for Sale | Proceeds and gross realized gains and losses from sales of AFS investment securities are as follows:
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Bank Loans and Related Allowance for Credit Losses (Tables) |
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Bank Loans and Delinquency Analysis by Loan Segment | The composition of bank loans and delinquency analysis by portfolio segment and class of financing receivable is as follows:
(1) First Mortgages and HELOCs include unamortized premiums and discounts and direct origination costs of $94 million and $91 million at March 31, 2022 and December 31, 2021, respectively. (2) First Mortgage and HELOC portfolios concentrated in California as of March 31, 2022 and December 31, 2021 were 45% and 46%, respectively. These loans have performed in a manner consistent with the portfolio as a whole. (3) There were no loans accruing interest that were contractually 90 days or more past due at March 31, 2022 or December 31, 2021.
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Changes in Allowance for Credit Losses on Bank Loans | Changes in the allowance for credit losses on bank loans were as follows:
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Bank Loan-related Nonperforming Assets and Troubled Debt Restructurings | A summary of bank loan-related nonperforming assets and troubled debt restructurings is as follows:
(1) Nonaccrual loans include nonaccrual troubled debt restructurings. (2) Included in other assets on the condensed consolidated balance sheets.
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Credit Quality Indicators of Bank Loan Portfolio | The credit quality indicators of the Company’s bank loan portfolio are detailed below:
(1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs.
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Converting to Amortizing Loans | The following table presents HELOCs converted to amortizing loans during each period presented:
The following table presents when current outstanding HELOCs will convert to amortizing loans:
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Variable Interest Entities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Aggregate Assets, Liabilities and Maximum Exposure to Loss | The aggregate assets, liabilities, and maximum exposure to loss from those VIEs in which Schwab holds a variable interest, but is not the primary beneficiary, are summarized in the table below:
(1) Aggregate assets and aggregate liabilities are included in other assets and accrued expenses and other liabilities, respectively, on the condensed consolidated balance sheets. (2) Other CRA investments are accounted for as loans at amortized cost, equity method investments, AFS securities, or using the adjusted cost method. Aggregate assets are included in AFS securities, bank loans – net, or other assets on the condensed consolidated balance sheets.
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Bank Deposits (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deposits from Banking Clients Consisting of Interest Bearing and Noninterest Bearing Deposits | Bank deposits consist of interest-bearing and non-interest-bearing deposits as follows:
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Borrowings (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Including Unamortized Debt Discounts and Premiums | The following table lists long-term debt by instrument outstanding as of March 31, 2022 and December 31, 2021.
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Schedule of Annual Maturities on Long-term Debt Outstanding | Annual maturities on all long-term debt outstanding at March 31, 2022 are as follows:
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Commitments to Purchase or Sell | The Company’s commitments to extend credit on bank lines of credit and to purchase First Mortgages are as follows:
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Exit and Other Related Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Activity in Exit Liabilities | The following is a summary of the activity in the Company’s exit and other related liabilities for the three months ended March 31, 2022:
(1) Amounts recognized in expense for severance pay and other termination benefits, as well as retention costs, are primarily included in compensation and benefits on the condensed consolidated statements of income. (2) Included in accrued expenses and other liabilities on the condensed consolidated balance sheets. The following is a summary of the activity in the Company’s exit and other related liabilities for the three months ended March 31, 2021:
(1) Amounts recognized in expense for severance pay and other termination benefits, as well as retention costs, are primarily included in compensation and benefits on the condensed consolidated statements of income. (2) Included in accrued expenses and other liabilities on the condensed consolidated balance sheets.
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Schedule of the Cumulative Amount of Acquisition-Related Exit Costs | The following table summarizes the exit and other related costs recognized in expense for the three months ended March 31, 2022:
(1) Costs related to facility closures. These costs, which are comprised of accelerated amortization of right-of-use (ROU) assets, relate to the impact of abandoning leased properties. The following table summarizes the exit and other related costs recognized in expense for the three months ended March 31, 2021:
(1) Costs related to facility closures. These costs, which are primarily comprised of accelerated amortization of ROU assets, relate to the impact of abandoning leased and other properties. The following table summarizes the exit and other related costs incurred from October 6, 2020 through March 31, 2022:
(1) Costs related to facility closures. These costs, which are primarily comprised of accelerated amortization of ROU assets and accelerated depreciation of fixed assets, relate to the impact of abandoning leased and other properties.
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Financial Instruments Subject to Off-Balance Sheet Credit Risk (Tables) |
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Offsetting Assets and Liabilities | The following table presents information about our resale agreements, securities lending, and other activity depicting the potential effect of rights of setoff between these recognized assets and recognized liabilities.
(1) Included in cash and investments segregated and on deposit for regulatory purposes in the condensed consolidated balance sheets. (2) Actual collateral was greater than or equal to the value of the related assets. At March 31, 2022 and December 31, 2021, the fair value of collateral received in connection with resale agreements that are available to be repledged or sold was $14.4 billion and $13.4 billion, respectively. (3) Included in other assets in the condensed consolidated balance sheets. (4) Included in accrued expenses and other liabilities in the condensed consolidated balance sheets. The cash collateral received from counterparties under securities lending transactions was equal to or greater than the market value of the securities loaned at March 31, 2022 and December 31, 2021. (5) Securities loaned are predominantly comprised of equity securities held in client brokerage accounts with overnight and continuous remaining contractual maturities. (6) Included in short-term borrowings in the condensed consolidated balance sheets. See below for collateral pledged and Note 8 for additional information.
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Summary of the Fair Value of Client Securities Available to Utilize as Collateral and Amounts Pledged | The following table summarizes the fair value of client securities that were available, under such regulations, that could have been used as collateral, as well as the fair value of securities that we had pledged to third parties under such regulations and from securities borrowed transactions:
Note: Excludes amounts available and pledged for securities lending from fully-paid client securities. The fair value of fully-paid client securities available and pledged was $242 million as of March 31, 2022 and $118 million as of December 31, 2021. (1) Securities pledged to fulfill client margin requirements for open option contracts established with the Options Clearing Corporation.
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Fair Values of Assets and Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis:
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Schedule of Fair Value of Other Financial Instruments | The following tables present the fair value hierarchy for other financial instruments:
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Stockholders' Equity (Tables) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Preferred Stock Issued and Outstanding | The Company’s preferred stock issued and outstanding is as follows:
(1) Represented by depositary shares, except for Series A. (2) The dividend rate for Series G and I resets on each five-year anniversary from the first reset date. (3) The dividend rate for Series H resets on each ten-year anniversary from the first reset date. (4) The Series K dividend rate resets on each five-year anniversary beginning on June 1, 2027 based on a five-year treasury rate, representing the average of the yields on actively traded U.S. treasury securities adjusted to constant maturity for five-year maturities. Series K is only redeemable on dividend payment dates on or after the first reset date. N/A Not applicable.
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Schedule of Dividends Declared | Dividends declared on the Company’s preferred stock are as follows:
(1) Series C Preferred Stock was redeemed on June 1, 2021. Prior to redemption, dividends were paid quarterly and the final dividend was paid on June 1, 2021. (2) Series I Preferred Stock was issued on March 18, 2021. Dividends are paid quarterly, and the first dividend was paid on June 1, 2021. (3) Series J Preferred Stock was issued on March 30, 2021. Dividends are paid quarterly, and the first dividend was paid on June 1, 2021. (4) Series K Preferred Stock was issued on March 4, 2022. Dividends are paid quarterly, and the first dividend will be paid on June 1, 2022.
|
Accumulated Other Comprehensive Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | AOCI represents cumulative gains and losses that are not reflected in earnings. AOCI balances and the components of other comprehensive income (loss) are as follows:
(1) In January 2022, the Company transferred a portion of its AFS securities to the HTM category. The transfer resulted in no net impact to AOCI. See Note 4 for additional discussion on the transfer of AFS securities to HTM.
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Earnings Per Common Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of EPS Under Basic and Diluted Computations | EPS under the basic and diluted computations for both common stock and nonvoting common stock are as follows:
(1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. (2) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 14 million and 15 million for the three months ended March 31, 2022 and 2021, respectively.
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Regulatory Requirements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Capital and Ratios | The regulatory capital and ratios for CSC (consolidated) and CSB are as follows:
(1) Under risk-based capital rules, CSC and CSB are also required to maintain additional capital buffers above the regulatory minimum risk-based capital ratios. Beginning in 2022, CSC will become subject to a stress capital buffer requirement once the Federal Reserve provides CSC with its final stress capital buffer requirement and it becomes effective on October 1, 2022. A firm that has not yet received a stress capital buffer but that is subject to capital planning requirements, such as CSC, is subject to a stress capital buffer requirement of 2.5% under regulatory requirements. CSB is required to maintain a capital conservation buffer of 2.5%. CSC and CSB are also required to maintain a countercyclical capital buffer above the regulatory minimum risk-based capital ratios, which was zero for both periods presented. If a buffer falls below the minimum requirement, CSC and CSB would be subject to increasingly strict limits on capital distributions and discretionary bonus payments to executive officers. At March 31, 2022, the minimum capital ratio requirements for both CSC and CSB, inclusive of their respective buffers, were 7.0%, 8.5%, and 10.5% for Common Equity Tier 1 Risk-Based Capital, Tier 1 Risk-Based Capital, and Total Risk-Based Capital, respectively. N/A Not applicable.
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Schedule of Net Capital and Net Capital Requirements | Net capital and net capital requirements for CS&Co, TDAC, and TD Ameritrade, Inc., are as follows:
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Information for Reportable Segments | Financial information for the segments is presented in the following table:
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Revenue Recognition (Schedule of Disaggregated Revenue) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||
Disaggregation of Revenue [Line Items] | ||||
Cash and cash equivalents | $ 34 | $ 7 | ||
Cash and investments segregated | 15 | 10 | ||
Receivables from brokerage clients | 626 | 563 | ||
Available for sale securities | 947 | 1,091 | ||
Held to maturity securities | 378 | 0 | ||
Bank loans | 187 | 139 | ||
Securities lending revenue | 129 | 204 | ||
Other interest revenue | 3 | 1 | ||
Interest revenue | 2,319 | 2,015 | ||
Bank deposits | (16) | (13) | ||
Payables to brokerage clients | (2) | (2) | ||
Short-term borrowings | (4) | 0 | ||
Long-term debt | (108) | (85) | ||
Securities lending expense | (7) | (5) | ||
Other interest expense | 1 | 1 | ||
Interest expense | (136) | (104) | ||
Net interest revenue | 2,183 | 1,911 | ||
Other | 164 | 221 | ||
Total net revenues | 4,672 | 4,715 | ||
Asset management and administration fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | [1] | 1,068 | 1,016 | |
Asset Management and administration fees, Mutual funds, ETFs, and CTFs [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 489 | 470 | ||
Asset Management and administration fees, Advice solutions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 496 | 468 | ||
Asset Management and administration fees, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 83 | 78 | ||
Trading revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 963 | 1,216 | ||
Trading revenue, Commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 484 | 614 | ||
Trading revenue, Order Flow Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 470 | 591 | ||
Trading revenue, Principal Transactions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 9 | 11 | ||
Bank deposit account fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ 294 | $ 351 | ||
|
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Receivables from contracts with customers | $ 652 | $ 637 |
Investment Securities (Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities Available for Sale and Held to Maturity) (Details) - USD ($) |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Available for sale securities | ||
Amortized Cost | $ 284,195,000,000 | $ 391,482,000,000 |
Gross Unrealized Gains | 328,000,000 | 3,481,000,000 |
Gross Unrealized Losses | 12,474,000,000 | 4,909,000,000 |
Fair Value | 272,049,000,000 | 390,054,000,000 |
Held to maturity securities | ||
Amortized Cost | 105,286,000,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 6,137,000,000 | |
Fair Value | 99,149,000,000 | |
U.S. agency mortgage-backed securities [Member] | ||
Available for sale securities | ||
Amortized Cost | 211,648,000,000 | 335,803,000,000 |
Gross Unrealized Gains | 279,000,000 | 3,141,000,000 |
Gross Unrealized Losses | 10,393,000,000 | 4,589,000,000 |
Fair Value | 201,534,000,000 | 334,355,000,000 |
Held to maturity securities | ||
Amortized Cost | 105,286,000,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 6,137,000,000 | |
Fair Value | 99,149,000,000 | |
U.S. Treasury securities [Member] | ||
Available for sale securities | ||
Amortized Cost | 32,839,000,000 | 21,394,000,000 |
Gross Unrealized Gains | 1,000,000 | 13,000,000 |
Gross Unrealized Losses | 1,007,000,000 | 125,000,000 |
Fair Value | 31,833,000,000 | 21,282,000,000 |
Asset-backed securities [Member] | ||
Available for sale securities | ||
Amortized Cost | 18,742,000,000 | 17,547,000,000 |
Gross Unrealized Gains | 20,000,000 | 79,000,000 |
Gross Unrealized Losses | 339,000,000 | 80,000,000 |
Fair Value | 18,423,000,000 | 17,546,000,000 |
Corporate debt securities [Member] | ||
Available for sale securities | ||
Amortized Cost | 15,241,000,000 | 12,310,000,000 |
Gross Unrealized Gains | 15,000,000 | 143,000,000 |
Gross Unrealized Losses | 648,000,000 | 109,000,000 |
Fair Value | 14,608,000,000 | 12,344,000,000 |
U.S. state and municipal securities [Member] | ||
Available for sale securities | ||
Amortized Cost | 1,604,000,000 | 1,611,000,000 |
Gross Unrealized Gains | 10,000,000 | 81,000,000 |
Gross Unrealized Losses | 38,000,000 | 5,000,000 |
Fair Value | 1,576,000,000 | 1,687,000,000 |
Non-agency commercial mortgage-backed securities [Member] | ||
Available for sale securities | ||
Amortized Cost | 1,166,000,000 | 1,170,000,000 |
Gross Unrealized Gains | 3,000,000 | 20,000,000 |
Gross Unrealized Losses | 8,000,000 | 0 |
Fair Value | 1,161,000,000 | 1,190,000,000 |
Certificates of deposit [Member] | ||
Available for sale securities | ||
Amortized Cost | 1,300,000,000 | 1,000,000,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 4,000,000 | 1,000,000 |
Fair Value | 1,296,000,000 | 999,000,000 |
Foreign government agency securities [Member] | ||
Available for sale securities | ||
Amortized Cost | 1,132,000,000 | 425,000,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 36,000,000 | 0 |
Fair Value | 1,096,000,000 | 425,000,000 |
Commercial paper [Member] | ||
Available for sale securities | ||
Amortized Cost | 200,000,000 | 200,000,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 200,000,000 | 200,000,000 |
Commercial paper [Member] | Cash and Cash Equivalents | ||
Available for sale securities | ||
Fair Value | 4,600,000,000 | 0 |
Other [Member] | ||
Available for sale securities | ||
Amortized Cost | 323,000,000 | 22,000,000 |
Gross Unrealized Gains | 0 | 4,000,000 |
Gross Unrealized Losses | 1,000,000 | 0 |
Fair Value | $ 322,000,000 | $ 26,000,000 |
Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | ||
Held to maturity securities | ||
Asset-backed securities percentage | 51.00% | 58.00% |
Collateralized Credit Card Securities [Member] | ||
Held to maturity securities | ||
Asset-backed securities percentage | 28.00% | 30.00% |
Corporate debt securities issued by financial services industry [Member] | ||
Held to maturity securities | ||
AFS securities percentage | 37.00% | 31.00% |
Investment Securities (Narrative) (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 12 Months Ended |
---|---|---|---|
Jan. 31, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale, written down to fair value | $ 0 | $ 0 | |
Writedown to fair value | 0 | 0 | |
Available-for-sale, allowance for credit loss | 0 | 0 | |
Held-to-maturity securities, allowance for credit loss | 0 | ||
Accrued interest receivable | 674,000,000 | ||
Accrued interest receivable for AFS | 683,000,000 | ||
Write-off of accrued interest receivable | 0 | $ 0 | |
U.S. agency mortgage-backed securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair value of securities transferred from available for sale | $ 108,800,000,000 | ||
Unrealized loss from from transfers to held to maturity | $ 2,400,000,000 | ||
Deposits [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair value of pledged securities | 1,600,000,000 | ||
Federal Home Loan Bank Advances [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair value of pledged securities | 53,000,000,000 | ||
Federal Reserve Bank Advances [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair value of pledged securities | $ 10,300,000,000 |
Investment Securities (Available For Sale with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Available for sale securities | ||
Less than 12 months Fair Value | $ 178,611 | $ 215,409 |
Less than 12 months Unrealized Losses | 7,387 | 3,503 |
12 months or longer Fair Value | 57,582 | 40,938 |
12 months or longer Unrealized Losses | 5,087 | 1,406 |
Total Fair Value | 236,193 | 256,347 |
Total Unrealized Losses | 12,474 | 4,909 |
U.S. agency mortgage-backed securities [Member] | ||
Available for sale securities | ||
Less than 12 months Fair Value | 122,317 | 186,955 |
Less than 12 months Unrealized Losses | 5,606 | 3,216 |
12 months or longer Fair Value | 52,554 | 38,007 |
12 months or longer Unrealized Losses | 4,787 | 1,373 |
Total Fair Value | 174,871 | 224,962 |
Total Unrealized Losses | 10,393 | 4,589 |
U.S. Treasury securities [Member] | ||
Available for sale securities | ||
Less than 12 months Fair Value | 30,157 | 16,658 |
Less than 12 months Unrealized Losses | 988 | 125 |
12 months or longer Fair Value | 202 | 21 |
12 months or longer Unrealized Losses | 19 | 0 |
Total Fair Value | 30,359 | 16,679 |
Total Unrealized Losses | 1,007 | 125 |
Asset-backed securities [Member] | ||
Available for sale securities | ||
Less than 12 months Fair Value | 11,869 | 6,093 |
Less than 12 months Unrealized Losses | 282 | 58 |
12 months or longer Fair Value | 2,984 | 2,708 |
12 months or longer Unrealized Losses | 57 | 22 |
Total Fair Value | 14,853 | 8,801 |
Total Unrealized Losses | 339 | 80 |
Corporate debt securities [Member] | ||
Available for sale securities | ||
Less than 12 months Fair Value | 10,535 | 4,713 |
Less than 12 months Unrealized Losses | 429 | 99 |
12 months or longer Fair Value | 1,804 | 197 |
12 months or longer Unrealized Losses | 219 | 10 |
Total Fair Value | 12,339 | 4,910 |
Total Unrealized Losses | 648 | 109 |
U.S. state and municipal securities [Member] | ||
Available for sale securities | ||
Less than 12 months Fair Value | 761 | 191 |
Less than 12 months Unrealized Losses | 33 | 4 |
12 months or longer Fair Value | 38 | 5 |
12 months or longer Unrealized Losses | 5 | 1 |
Total Fair Value | 799 | 196 |
Total Unrealized Losses | 38 | 5 |
Non-agency commercial mortgage-backed securities [Member] | ||
Available for sale securities | ||
Less than 12 months Fair Value | 281 | |
Less than 12 months Unrealized Losses | 8 | |
12 months or longer Fair Value | 0 | |
12 months or longer Unrealized Losses | 0 | |
Total Fair Value | 281 | |
Total Unrealized Losses | 8 | |
Certificates of deposit [Member] | ||
Available for sale securities | ||
Less than 12 months Fair Value | 1,296 | 799 |
Less than 12 months Unrealized Losses | 4 | 1 |
12 months or longer Fair Value | 0 | 0 |
12 months or longer Unrealized Losses | 0 | 0 |
Total Fair Value | 1,296 | 799 |
Total Unrealized Losses | 4 | $ 1 |
Foreign government agency securities [Member] | ||
Available for sale securities | ||
Less than 12 months Fair Value | 1,096 | |
Less than 12 months Unrealized Losses | 36 | |
12 months or longer Fair Value | 0 | |
12 months or longer Unrealized Losses | 0 | |
Total Fair Value | 1,096 | |
Total Unrealized Losses | 36 | |
Other [Member] | ||
Available for sale securities | ||
Less than 12 months Fair Value | 299 | |
Less than 12 months Unrealized Losses | 1 | |
12 months or longer Fair Value | 0 | |
12 months or longer Unrealized Losses | 0 | |
Total Fair Value | 299 | |
Total Unrealized Losses | $ 1 |
Investment Securities (Maturities of Securities Available for Sale and Held to Maturity) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Available for sale securities, fair value | ||
Within 1 year | $ 10,089 | |
After 1 year through 5 years | 57,799 | |
After 5 years through 10 years | 50,543 | |
After 10 years | 153,618 | |
Total | 272,049 | $ 390,054 |
Available for sale securities, amortized cost | ||
Within 1 year | 10,094 | |
After 1 year through 5 years | 59,019 | |
After 5 years through 10 years | 53,598 | |
After 10 years | 161,484 | |
Amortized Cost | 284,195 | 391,482 |
Held to maturity securities, fair value | ||
Within 1 year | 653 | |
After 1 year through 5 years | 5,099 | |
After 5 years through 10 years | 20,215 | |
After 10 years | 73,182 | |
Total | 99,149 | |
Held to maturity securities, amortized cost | ||
Within 1 year | 655 | |
After 1 year through 5 years | 5,282 | |
After 5 years through 10 years | 21,473 | |
After 10 years | 77,876 | |
Amortized Cost | 105,286 | |
U.S. agency mortgage-backed securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 2,728 | |
After 1 year through 5 years | 15,269 | |
After 5 years through 10 years | 40,423 | |
After 10 years | 143,114 | |
Total | 201,534 | 334,355 |
Available for sale securities, amortized cost | ||
Amortized Cost | 211,648 | 335,803 |
Held to maturity securities, fair value | ||
Within 1 year | 653 | |
After 1 year through 5 years | 5,099 | |
After 5 years through 10 years | 20,215 | |
After 10 years | 73,182 | |
Total | 99,149 | |
Held to maturity securities, amortized cost | ||
Amortized Cost | 105,286 | |
U.S. Treasury securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 5,250 | |
After 1 year through 5 years | 24,070 | |
After 5 years through 10 years | 2,513 | |
After 10 years | 0 | |
Total | 31,833 | 21,282 |
Available for sale securities, amortized cost | ||
Amortized Cost | 32,839 | 21,394 |
Asset-backed securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 6,647 | |
After 5 years through 10 years | 2,906 | |
After 10 years | 8,870 | |
Total | 18,423 | 17,546 |
Available for sale securities, amortized cost | ||
Amortized Cost | 18,742 | 17,547 |
Corporate debt securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 1,157 | |
After 1 year through 5 years | 9,705 | |
After 5 years through 10 years | 3,746 | |
After 10 years | 0 | |
Total | 14,608 | 12,344 |
Available for sale securities, amortized cost | ||
Amortized Cost | 15,241 | 12,310 |
U.S. state and municipal securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 54 | |
After 1 year through 5 years | 117 | |
After 5 years through 10 years | 955 | |
After 10 years | 450 | |
Total | 1,576 | 1,687 |
Available for sale securities, amortized cost | ||
Amortized Cost | 1,604 | 1,611 |
Non-agency commercial mortgage-backed securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 0 | |
After 10 years | 1,161 | |
Total | 1,161 | 1,190 |
Available for sale securities, amortized cost | ||
Amortized Cost | 1,166 | 1,170 |
Certificates of deposit [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 500 | |
After 1 year through 5 years | 796 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Total | 1,296 | 999 |
Available for sale securities, amortized cost | ||
Amortized Cost | 1,300 | 1,000 |
Foreign government agency securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 100 | |
After 1 year through 5 years | 996 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Total | 1,096 | 425 |
Available for sale securities, amortized cost | ||
Amortized Cost | 1,132 | 425 |
Commercial paper [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 200 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Total | 200 | 200 |
Available for sale securities, amortized cost | ||
Amortized Cost | 200 | 200 |
Other [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 100 | |
After 1 year through 5 years | 199 | |
After 5 years through 10 years | 0 | |
After 10 years | 23 | |
Total | 322 | 26 |
Available for sale securities, amortized cost | ||
Amortized Cost | $ 323 | $ 22 |
Investment Securities (Proceeds and Gross Realized Gains And Losses from Sales of Securities Available for Sale) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds | $ 9,521 | $ 6,605 |
Gross realized gains | 115 | 20 |
Gross realized losses | $ 103 | $ 10 |
Bank Loans and Related Allowance for Credit Losses (Composition of Bank Loans and Delinquency Analysis by Loan Segment) (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | $ 37,235,000,000 | $ 34,654,000,000 | ||
Allowance for credit losses | 28,000,000 | 18,000,000 | $ 18,000,000 | $ 30,000,000 |
Total bank loans – net | 37,207,000,000 | 34,636,000,000 | ||
Loans accruing interest contractually 90 days or more past due | 0 | 0 | ||
Current [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 37,168,000,000 | 34,564,000,000 | ||
Total Past Due And Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 67,000,000 | 90,000,000 | ||
30-59 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 29,000,000 | 46,000,000 | ||
60-89 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 8,000,000 | 9,000,000 | ||
More Than 90 Days Past Due and Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 30,000,000 | 35,000,000 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 23,307,000,000 | 21,738,000,000 | ||
Allowance for credit losses | 25,000,000 | 15,000,000 | 15,000,000 | 27,000,000 |
Total bank loans – net | 23,282,000,000 | 21,723,000,000 | ||
Residential Real Estate [Member] | Current [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 23,260,000,000 | 21,659,000,000 | ||
Residential Real Estate [Member] | Total Past Due And Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 47,000,000 | 79,000,000 | ||
Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 17,000,000 | 43,000,000 | ||
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 0 | 1,000,000 | ||
Residential Real Estate [Member] | More Than 90 Days Past Due and Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 30,000,000 | 35,000,000 | ||
First Mortgage [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 22,691,000,000 | 21,090,000,000 | ||
First Mortgage [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 22,691,000,000 | 21,090,000,000 | ||
Allowance for credit losses | 23,000,000 | 13,000,000 | 12,000,000 | 22,000,000 |
Total bank loans – net | 22,668,000,000 | 21,077,000,000 | ||
First Mortgage [Member] | Residential Real Estate [Member] | Current [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 22,653,000,000 | 21,022,000,000 | ||
First Mortgage [Member] | Residential Real Estate [Member] | Total Past Due And Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 38,000,000 | 68,000,000 | ||
First Mortgage [Member] | Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 15,000,000 | 41,000,000 | ||
First Mortgage [Member] | Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 0 | 1,000,000 | ||
First Mortgage [Member] | Residential Real Estate [Member] | More Than 90 Days Past Due and Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 23,000,000 | 26,000,000 | ||
HELOCs [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 616,000,000 | 648,000,000 | ||
HELOCs [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 616,000,000 | 648,000,000 | ||
Allowance for credit losses | 2,000,000 | 2,000,000 | 3,000,000 | 5,000,000 |
Total bank loans – net | 614,000,000 | 646,000,000 | ||
HELOCs [Member] | Residential Real Estate [Member] | Current [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 607,000,000 | 637,000,000 | ||
HELOCs [Member] | Residential Real Estate [Member] | Total Past Due And Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 9,000,000 | 11,000,000 | ||
HELOCs [Member] | Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 2,000,000 | 2,000,000 | ||
HELOCs [Member] | Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 0 | 0 | ||
HELOCs [Member] | Residential Real Estate [Member] | More Than 90 Days Past Due and Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 7,000,000 | 9,000,000 | ||
Pledged asset lines [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 13,716,000,000 | 12,709,000,000 | ||
Allowance for credit losses | 0 | 0 | ||
Total bank loans – net | 13,716,000,000 | 12,709,000,000 | ||
Pledged asset lines [Member] | Current [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 13,696,000,000 | 12,698,000,000 | ||
Pledged asset lines [Member] | Total Past Due And Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 20,000,000 | 11,000,000 | ||
Pledged asset lines [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 12,000,000 | 3,000,000 | ||
Pledged asset lines [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 8,000,000 | 8,000,000 | ||
Pledged asset lines [Member] | More Than 90 Days Past Due and Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 0 | 0 | ||
Other [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 212,000,000 | 207,000,000 | ||
Allowance for credit losses | 3,000,000 | 3,000,000 | $ 3,000,000 | $ 3,000,000 |
Total bank loans – net | 209,000,000 | 204,000,000 | ||
Other [Member] | Current [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 212,000,000 | 207,000,000 | ||
Other [Member] | Total Past Due And Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 0 | 0 | ||
Other [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 0 | 0 | ||
Other [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 0 | 0 | ||
Other [Member] | More Than 90 Days Past Due and Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total nonperforming assets | 0 | 0 | ||
First Mortgage and HELOC [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Unamortized premiums and discounts and direct origination costs | $ 94,000,000 | $ 91,000,000 | ||
First Mortgage and HELOC [Member] | Loans Geographic Area [Member] | California [Member] | Geographic Concentration Risk [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Concentration risk percentage | 45.00% | 46.00% |
Bank Loans and Related Allowance for Credit Losses (Changes in Allowance for Credit Losses) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 18 | $ 30 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for credit losses | 10 | (12) |
Balance at end of period | 28 | 18 |
Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 15 | 27 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for credit losses | 10 | (12) |
Balance at end of period | 25 | 15 |
First Mortgage [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 13 | 22 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for credit losses | 10 | (10) |
Balance at end of period | 23 | 12 |
HELOCs [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 2 | 5 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for credit losses | 0 | (2) |
Balance at end of period | 2 | 3 |
Other [Member] | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 3 | 3 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for credit losses | 0 | 0 |
Balance at end of period | $ 3 | $ 3 |
Bank Loans and Related Allowance for Credit Losses (Nonperforming Assets and Troubled Debt Restructuring) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonperforming assets | $ 37,235 | $ 34,654 |
Troubled debt restructurings | 0 | 0 |
Total nonperforming assets and troubled debt restructurings | 30 | 36 |
Nonperforming Financial Instruments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonperforming assets | 30 | 36 |
Nonperforming Financial Instruments [Member] | Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 30 | 35 |
Nonperforming Financial Instruments [Member] | Other Real Estate Owned [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonperforming assets | $ 0 | $ 1 |
Bank Loans and Related Allowance for Credit Losses (Credit Quality Indicators of Bank Loan Portfolio) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 37,235 | $ 34,654 |
First Mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 2,380 | |
2021 | 12,944 | 12,990 |
2020 | 4,648 | 5,004 |
2019 | 1,054 | 1,200 |
2018 | 178 | 207 |
pre-2018 | 1,487 | 1,689 |
Total loans | $ 22,691 | $ 21,090 |
Percent of Loans on Nonaccrual Status | ||
2022 | 0.02% | |
2021 | 0.02% | 0.03% |
2020 | 0.10% | 0.10% |
2019 | 0.01% | 0.03% |
2018 | 0.02% | 0.03% |
pre-2018 | 1.03% | 1.03% |
Total loans | 0.10% | 0.12% |
First Mortgage [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | $ 2,380 | |
2021 | 12,944 | $ 12,990 |
2020 | 4,648 | 5,004 |
2019 | 1,054 | 1,200 |
2018 | 178 | 207 |
pre-2018 | 1,487 | 1,689 |
Total loans | 22,691 | 21,090 |
First Mortgage [Member] | Origination Loan to Value Ratio 70% and Below [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,939 | |
2021 | 11,193 | 11,234 |
2020 | 3,860 | 4,159 |
2019 | 847 | 948 |
2018 | 140 | 160 |
pre-2018 | 1,110 | 1,260 |
Total loans | 19,089 | 17,761 |
First Mortgage [Member] | Origination Loan to Value Ratio Greater Than 70% Through 90% [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 441 | |
2021 | 1,751 | 1,756 |
2020 | 788 | 845 |
2019 | 207 | 252 |
2018 | 38 | 47 |
pre-2018 | 374 | 426 |
Total loans | 3,599 | 3,326 |
First Mortgage [Member] | Origination Loan to Value Ratio Greater Than 90% Through 100% [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
pre-2018 | 3 | 3 |
Total loans | 3 | 3 |
First Mortgage [Member] | Estimated Current Loan To Value Ratio 70% and Below [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,953 | |
2021 | 12,107 | 11,707 |
2020 | 4,624 | 4,961 |
2019 | 1,050 | 1,196 |
2018 | 178 | 206 |
pre-2018 | 1,483 | 1,684 |
Total loans | 21,395 | 19,754 |
First Mortgage [Member] | Estimated Current Loan To Value Ratio Greater Than 70% Through 90% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 427 | |
2021 | 837 | 1,283 |
2020 | 24 | 43 |
2019 | 4 | 4 |
2018 | 0 | 1 |
pre-2018 | 4 | 5 |
Total loans | 1,296 | 1,336 |
First Mortgage [Member] | Estimated Current LTV Greater Than 90% Through 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
pre-2018 | 0 | 0 |
Total loans | 0 | 0 |
First Mortgage [Member] | Estimated Current LTV Greater Than 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
pre-2018 | 0 | 0 |
Total loans | 0 | 0 |
First Mortgage [Member] | Origination FICO Score Below 620 [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 1 | 1 |
2020 | 1 | 1 |
2019 | 0 | 0 |
2018 | 0 | 0 |
pre-2018 | 1 | 1 |
Total loans | 3 | 3 |
First Mortgage [Member] | Origination FICO Score 620 Through 679 [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 13 | |
2021 | 32 | 34 |
2020 | 23 | 25 |
2019 | 3 | 5 |
2018 | 1 | 1 |
pre-2018 | 21 | 25 |
Total loans | 93 | 90 |
First Mortgage [Member] | Origination FICO Score 680 Through 739 [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 303 | |
2021 | 1,297 | 1,306 |
2020 | 466 | 524 |
2019 | 132 | 146 |
2018 | 37 | 41 |
pre-2018 | 266 | 313 |
Total loans | 2,501 | 2,330 |
First Mortgage [Member] | Origination FICO Score 740 and Above [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 2,064 | |
2021 | 11,614 | 11,649 |
2020 | 4,158 | 4,454 |
2019 | 919 | 1,049 |
2018 | 140 | 165 |
pre-2018 | 1,199 | 1,350 |
Total loans | 20,094 | 18,667 |
First Mortgage [Member] | Updated FICO Score Below 620 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 11 | 5 |
2020 | 11 | 2 |
2019 | 1 | 1 |
2018 | 1 | 0 |
pre-2018 | 13 | 14 |
Total loans | 37 | 22 |
First Mortgage [Member] | Updated FICO Score 620 Through 679 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 27 | |
2021 | 114 | 96 |
2020 | 46 | 69 |
2019 | 10 | 19 |
2018 | 8 | 7 |
pre-2018 | 49 | 38 |
Total loans | 254 | 229 |
First Mortgage [Member] | Updated FICO Score 680 Through 739 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 302 | |
2021 | 1,118 | 1,265 |
2020 | 373 | 421 |
2019 | 110 | 115 |
2018 | 23 | 24 |
pre-2018 | 166 | 202 |
Total loans | 2,092 | 2,027 |
First Mortgage [Member] | Updated FICO Score 740 and Above [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 2,051 | |
2021 | 11,701 | 11,624 |
2020 | 4,218 | 4,512 |
2019 | 933 | 1,065 |
2018 | 146 | 176 |
pre-2018 | 1,259 | 1,435 |
Total loans | 20,308 | 18,812 |
HELOCs [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 356 | 369 |
HELOCs converted to term loans | 260 | 279 |
Total loans | $ 616 | $ 648 |
Percent of Loans on Nonaccrual Status | ||
Revolving HELOCs amortized cost basis | 0.51% | 0.64% |
HELOCs converted to term loans | 1.89% | 2.33% |
Total loans | 1.14% | 1.39% |
HELOCs [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | $ 356 | $ 369 |
HELOCs converted to term loans | 260 | 279 |
Total loans | 616 | 648 |
HELOCs [Member] | Origination Loan to Value Ratio 70% and Below [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 298 | 305 |
HELOCs converted to term loans | 185 | 199 |
Total loans | 483 | 504 |
HELOCs [Member] | Origination Loan to Value Ratio Greater Than 70% Through 90% [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 58 | 64 |
HELOCs converted to term loans | 73 | 78 |
Total loans | 131 | 142 |
HELOCs [Member] | Origination Loan to Value Ratio Greater Than 90% Through 100% [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 0 | 0 |
HELOCs converted to term loans | 2 | 2 |
Total loans | 2 | 2 |
HELOCs [Member] | Estimated Current Loan To Value Ratio 70% and Below [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 356 | 368 |
HELOCs converted to term loans | 258 | 277 |
Total loans | 614 | 645 |
HELOCs [Member] | Estimated Current Loan To Value Ratio Greater Than 70% Through 90% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 0 | 1 |
HELOCs converted to term loans | 1 | 2 |
Total loans | 1 | 3 |
HELOCs [Member] | Estimated Current LTV Greater Than 90% Through 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 0 | 0 |
HELOCs converted to term loans | 1 | 0 |
Total loans | 1 | 0 |
HELOCs [Member] | Estimated Current LTV Greater Than 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 0 | 0 |
HELOCs converted to term loans | 0 | 0 |
Total loans | 0 | 0 |
HELOCs [Member] | Origination FICO Score Below 620 [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 0 | 0 |
HELOCs converted to term loans | 0 | 0 |
Total loans | 0 | 0 |
HELOCs [Member] | Origination FICO Score 620 Through 679 [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 0 | 0 |
HELOCs converted to term loans | 2 | 2 |
Total loans | 2 | 2 |
HELOCs [Member] | Origination FICO Score 680 Through 739 [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 58 | 61 |
HELOCs converted to term loans | 56 | 60 |
Total loans | 114 | 121 |
HELOCs [Member] | Origination FICO Score 740 and Above [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 298 | 308 |
HELOCs converted to term loans | 202 | 217 |
Total loans | 500 | 525 |
HELOCs [Member] | Updated FICO Score Below 620 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 1 | 2 |
HELOCs converted to term loans | 6 | 6 |
Total loans | 7 | 8 |
HELOCs [Member] | Updated FICO Score 620 Through 679 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 8 | 6 |
HELOCs converted to term loans | 13 | 14 |
Total loans | 21 | 20 |
HELOCs [Member] | Updated FICO Score 680 Through 739 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 46 | 51 |
HELOCs converted to term loans | 38 | 39 |
Total loans | 84 | 90 |
HELOCs [Member] | Updated FICO Score 740 and Above [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 301 | 310 |
HELOCs converted to term loans | 203 | 220 |
Total loans | $ 504 | $ 530 |
Bank Loans and Related Allowance for Credit Losses (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest | $ 64 | $ 57 |
Total bank loans | 37,235 | 34,654 |
Adjustable Rate First Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Bank loans | $ 18,300 | |
Percent of loans with interest-only payments | 28.00% | |
Percent of interest only adjustable rate | 90.00% | |
Adjustable Rate First Mortgage [Member] | Minimum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed rate interest rate period | 3 years | |
Interest-only reset period | 3 years | |
Adjustable Rate First Mortgage [Member] | Maximum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed rate interest rate period | 10 years | |
HELOCs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan term | 30 years | |
Initial draw period | 10 years | |
Converting to amortizing loans period | 20 years | |
Total bank loans | $ 616 | $ 648 |
Percent of loan balance outstanding, borrowers paid only minimum due | 53.00% | |
Home Equity Secured By Second Liens [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total bank loans | $ 469 |
Bank Loans and Related Allowance for Credit Losses (Convert to Amortizing Loans) (Details) - HELOCs [Member] - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
HELOCs converted to amortizing loans | $ 2 | $ 9 |
Converted to an amortizing loan by period end | 260 | |
Within 1 year | 22 | |
> 1 year – 3 years | 60 | |
> 3 years – 5 years | 62 | |
> 5 years | 212 | |
Total | $ 616 |
Variable Interest Entities (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Aggregate assets | $ 680,950 | $ 667,270 |
Aggregate liabilities | 632,852 | 611,009 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 1,095 | 1,076 |
Aggregate liabilities | 516 | 530 |
Maximum exposure to loss | 1,121 | 1,126 |
Variable Interest Entity, Not Primary Beneficiary [Member] | LIHTC Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 914 | 915 |
Aggregate liabilities | 516 | 530 |
Maximum exposure to loss | 914 | 915 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Other CRA Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 181 | 161 |
Aggregate liabilities | 0 | 0 |
Maximum exposure to loss | $ 207 | $ 211 |
Bank Deposits (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Interest-bearing deposits: | ||
Deposits swept from brokerage accounts | $ 434,008 | $ 412,287 |
Checking | 23,343 | 22,786 |
Savings and other | 7,347 | 7,234 |
Total interest-bearing deposits | 464,698 | 442,307 |
Non-interest-bearing deposits | 1,129 | 1,471 |
Total bank deposits | $ 465,827 | $ 443,778 |
Borrowings (Long-term Debt Including Unamortized Debt Discounts and Premiums) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Debt Instrument [Line Items] | ||
Finance lease liabilities | $ 91 | $ 94 |
Unamortized premium — net | 162 | 180 |
Debt issuance costs | (111) | (91) |
Total long-term debt | 21,873 | 18,914 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 20,768 | 17,768 |
Senior Notes [Member] | TD Ameritrade Holding [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 963 | 963 |
Senior Notes [Member] | Senior Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.225% | |
Senior notes | $ 256 | 256 |
Senior Notes [Member] | Senior Notes Due 2022 [Member] | TD Ameritrade Holding [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 2.95% | |
Senior notes | $ 750 | 750 |
Senior Notes [Member] | Senior Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 2.65% | |
Senior notes | $ 800 | 800 |
Senior Notes [Member] | Senior Notes Due February 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.55% | |
Senior notes | $ 500 | 500 |
Senior Notes [Member] | Senior Notes Due March 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 0.75% | |
Senior notes | $ 1,500 | 1,500 |
Senior Notes [Member] | Senior Notes Due April 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.75% | |
Senior notes | $ 350 | 350 |
Senior Notes [Member] | Senior Notes Due April 2024 [Member] | TD Ameritrade Holding [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.75% | |
Senior notes | $ 50 | 50 |
Senior Notes [Member] | Senior Notes Due March 10, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.00% | |
Senior notes | $ 375 | 375 |
Senior Notes [Member] | Senior Notes Due March 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 4.20% | |
Senior notes | $ 600 | 600 |
Senior Notes [Member] | Senior Notes Due April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.625% | |
Senior notes | $ 418 | 418 |
Senior Notes [Member] | Senior Notes Due April 2025 [Member] | TD Ameritrade Holding [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.625% | |
Senior notes | $ 82 | 82 |
Senior Notes [Member] | Senior Notes Due May 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.85% | |
Senior notes | $ 750 | 750 |
Senior Notes [Member] | Senior Notes Due February 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.45% | |
Senior notes | $ 350 | 350 |
Senior Notes [Member] | Senior Notes Due March 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 0.90% | |
Senior notes | $ 1,250 | 1,250 |
Senior Notes [Member] | Senior Notes Due May 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 1.15% | |
Senior notes | $ 1,000 | 1,000 |
Senior Notes [Member] | Senior Notes Due March 2, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.20% | |
Senior notes | $ 650 | 650 |
Senior Notes [Member] | Senior Notes Due March 3, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 2.45% | |
Senior notes | $ 1,500 | 0 |
Senior Notes [Member] | Senior Notes Due April, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.30% | |
Senior notes | $ 744 | 744 |
Senior Notes [Member] | Senior Notes Due April, 2027 [Member] | TD Ameritrade Holding [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.30% | |
Senior notes | $ 56 | 56 |
Senior Notes [Member] | Senior Notes Due January 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.20% | |
Senior notes | $ 700 | 700 |
Senior Notes [Member] | Senior Notes Due March 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 2.00% | |
Senior notes | $ 1,250 | 1,250 |
Senior Notes [Member] | Senior Notes Due February 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 4.00% | |
Senior notes | $ 600 | 600 |
Senior Notes [Member] | Senior Notes Due May 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.25% | |
Senior notes | $ 600 | 600 |
Senior Notes [Member] | Senior Notes Due October 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 2.75% | |
Senior notes | $ 475 | 475 |
Senior Notes [Member] | Senior Notes Due October 2029 [Member] | TD Ameritrade Holding [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 2.75% | |
Senior notes | $ 25 | 25 |
Senior Notes [Member] | Senior Notes Due 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 4.625% | |
Senior notes | $ 500 | 500 |
Senior Notes [Member] | Senior Notes Due March 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 1.65% | |
Senior notes | $ 750 | 750 |
Senior Notes [Member] | Senior Notes Due May 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 2.30% | |
Senior notes | $ 750 | 750 |
Senior Notes [Member] | Senior Notes Due December 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 1.95% | |
Senior notes | $ 850 | 850 |
Senior Notes [Member] | Senior Notes Due 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 2.90% | |
Senior notes | $ 1,000 | 0 |
Senior Notes [Member] | Floating Rate Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 1,250 | 1,250 |
Senior Notes [Member] | Floating Rate Senior Notes Due 2024 [Member] | SOFR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread rate | 0.50% | |
Senior Notes [Member] | Floating Rate Senior Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 500 | 500 |
Senior Notes [Member] | Floating Rate Senior Notes Due 2026 [Member] | SOFR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread rate | 0.52% | |
Senior Notes [Member] | Floating Rate Senior Notes Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 500 | $ 0 |
Senior Notes [Member] | Floating Rate Senior Notes Due 2027 [Member] | SOFR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread rate | 1.05% |
Borrowings (Annual Maturities on Long-term Debt Outstanding) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Disclosure [Abstract] | ||
2022 | $ 1,028 | |
2023 | 832 | |
2024 | 3,675 | |
2025 | 2,237 | |
2026 | 3,100 | |
Thereafter | 10,950 | |
Total maturities | 21,822 | |
Unamortized premium— net | 162 | $ 180 |
Debt issuance costs | (111) | (91) |
Total long-term debt | $ 21,873 | $ 18,914 |
Borrowings (Narrative) (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2022
USD ($)
loanFacility
|
Dec. 31, 2021
USD ($)
|
|
Line of Credit Facility [Line Items] | ||
Capacity of allowable commercial paper note issuance | $ 5,000,000,000 | |
Commercial paper | 2,400,000,000 | $ 3,000,000,000 |
TDAC [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowings outstanding | 1,900,000,000 | 1,900,000,000 |
Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Total borrowing capacity | 1,500,000,000 | |
Amounts outstanding | 0 | 0 |
Unsecured Debt [Member] | TDAC [Member] | ||
Line of Credit Facility [Line Items] | ||
Total borrowing capacity | 600,000,000 | |
Amounts outstanding | $ 0 | 0 |
Number of credit facilities | loanFacility | 1 | |
Commercial paper [Member] | ||
Line of Credit Facility [Line Items] | ||
Maturity term | 270 days | |
Federal Home Loan Bank Advances [Member] | ||
Line of Credit Facility [Line Items] | ||
Total borrowing capacity | $ 10,300,000,000 | 12,000,000,000 |
Amounts outstanding | 0 | 0 |
Federal Home Loan Bank Advances [Member] | Secured Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Amounts outstanding | 0 | 0 |
Line of credit facility, current borrowing capacity | 68,200,000,000 | 63,500,000,000 |
Repurchase Agreements | ||
Line of Credit Facility [Line Items] | ||
Amounts outstanding | $ 0 | $ 0 |
Commitments and Contingencies (Narrative) (Details) - USD ($) |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
Jul. 01, 2021 |
Oct. 06, 2020 |
|
Loss Contingencies [Line Items] | |||||
Aggregate face amount of letter of credit agreements | $ 15,000,000 | ||||
Reduction in deposit balance over 12 month period | $ 10,000,000,000 | ||||
Floor amount | $ 50,000,000,000 | ||||
Percentage of fixed rate investments | 80.00% | ||||
Additions (reductions) in depots balance | 12,700,000,000 | ||||
SEC investigation liability and non-deductible charge | $ 200,000,000 | ||||
Performance Guarantee [Member] | |||||
Loss Contingencies [Line Items] | |||||
Liability for guarantees | 0 | ||||
Ending IDA balance | 143,500,000,000 | $ 147,200,000,000 | |||
Margin Requirements [Member] | |||||
Loss Contingencies [Line Items] | |||||
Funds drawn under LOC's | 0 | ||||
First Mortgage [Member] | |||||
Loss Contingencies [Line Items] | |||||
Purchased during period | 2,700,000,000 | $ 2,800,000,000 | |||
HELOCs [Member] | |||||
Loss Contingencies [Line Items] | |||||
Purchased during period | $ 90,000,000 | $ 99,000,000 |
Commitments and Contingencies (Commitments to Extend/Purchase) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commitments to purchase | $ 7,475 | $ 8,017 |
Home Equity Loans and Lines of Credit Pledged Asset Lines and Other Lines of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commitments to extend credit related to unused HELOCs, PALs, and other lines of credit | 5,898 | 6,193 |
First Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commitments to purchase | $ 1,577 | $ 1,824 |
Exit and Other Related Liabilities (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 18 Months Ended | ||
---|---|---|---|---|
Oct. 06, 2020 |
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2022 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition-related exit costs incurred | $ 43 | $ 306 | ||
Acquisition-related Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition-related exit costs incurred | $ 12 | $ 43 | ||
Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Client conversion period | 30 months | |||
Expected integration exit and other related costs | $ 650 | 650 | ||
Expected period of remaining costs to be incurred | 18 months | |||
Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Client conversion period | 36 months | |||
Expected integration exit and other related costs | $ 1,000 | $ 1,000 | ||
Expected period of remaining costs to be incurred | 30 months |
Exit and Other Related Liabilities (Activity in Exit Liabilities) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | $ 35 | $ 110 |
Amounts recognized in expense | 10 | 28 |
Costs paid or otherwise settled | (5) | (67) |
Balance at end of period | 40 | 71 |
Investor Services [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | 28 | 86 |
Amounts recognized in expense | 8 | 22 |
Costs paid or otherwise settled | (4) | (52) |
Balance at end of period | 32 | 56 |
Advisor Services [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | 7 | 24 |
Amounts recognized in expense | 2 | 6 |
Costs paid or otherwise settled | (1) | (15) |
Balance at end of period | $ 8 | $ 15 |
Exit and Other Related Liabilities (Cumulative Acquisition-Related Exit Costs) (Details) - USD ($) $ in Millions |
3 Months Ended | 18 Months Ended | |
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2022 |
|
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | $ 43 | $ 306 | |
Compensation and benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | $ 10 | 28 | 269 |
Occupancy and equipment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 2 | 13 | 31 |
Depreciation and amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 3 | ||
Professional services [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 1 | 1 | |
Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 1 | 2 | |
Investor Services [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 9 | 34 | 242 |
Investor Services [Member] | Compensation and benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 8 | 22 | 212 |
Investor Services [Member] | Occupancy and equipment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 1 | 10 | 25 |
Investor Services [Member] | Depreciation and amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 2 | ||
Investor Services [Member] | Professional services [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 1 | 1 | |
Investor Services [Member] | Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 1 | 2 | |
Investor Services [Member] | Employee Compensation and Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 8 | 22 | 212 |
Investor Services [Member] | Employee Compensation and Benefits [Member] | Compensation and benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 8 | 22 | 212 |
Investor Services [Member] | Employee Compensation and Benefits [Member] | Occupancy and equipment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 0 | 0 | 0 |
Investor Services [Member] | Employee Compensation and Benefits [Member] | Depreciation and amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 0 | ||
Investor Services [Member] | Employee Compensation and Benefits [Member] | Professional services [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 0 | 0 | |
Investor Services [Member] | Employee Compensation and Benefits [Member] | Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 0 | 0 | |
Investor Services [Member] | Facility Exit Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 1 | 12 | 30 |
Investor Services [Member] | Facility Exit Costs [Member] | Compensation and benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 0 | 0 | 0 |
Investor Services [Member] | Facility Exit Costs [Member] | Occupancy and equipment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 1 | 10 | 25 |
Investor Services [Member] | Facility Exit Costs [Member] | Depreciation and amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 2 | ||
Investor Services [Member] | Facility Exit Costs [Member] | Professional services [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 1 | 1 | |
Investor Services [Member] | Facility Exit Costs [Member] | Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 1 | 2 | |
Advisor Services [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 3 | 9 | 64 |
Advisor Services [Member] | Compensation and benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 2 | 6 | 57 |
Advisor Services [Member] | Occupancy and equipment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 1 | 3 | 6 |
Advisor Services [Member] | Depreciation and amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 1 | ||
Advisor Services [Member] | Professional services [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 0 | 0 | |
Advisor Services [Member] | Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 0 | 0 | |
Advisor Services [Member] | Employee Compensation and Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 2 | 6 | 57 |
Advisor Services [Member] | Employee Compensation and Benefits [Member] | Compensation and benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 2 | 6 | 57 |
Advisor Services [Member] | Employee Compensation and Benefits [Member] | Occupancy and equipment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 0 | 0 | 0 |
Advisor Services [Member] | Employee Compensation and Benefits [Member] | Depreciation and amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 0 | ||
Advisor Services [Member] | Employee Compensation and Benefits [Member] | Professional services [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 0 | 0 | |
Advisor Services [Member] | Employee Compensation and Benefits [Member] | Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 0 | 0 | |
Advisor Services [Member] | Facility Exit Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 1 | 3 | 7 |
Advisor Services [Member] | Facility Exit Costs [Member] | Compensation and benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 0 | 0 | 0 |
Advisor Services [Member] | Facility Exit Costs [Member] | Occupancy and equipment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | $ 1 | 3 | 6 |
Advisor Services [Member] | Facility Exit Costs [Member] | Depreciation and amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 1 | ||
Advisor Services [Member] | Facility Exit Costs [Member] | Professional services [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | 0 | 0 | |
Advisor Services [Member] | Facility Exit Costs [Member] | Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and other related costs incurred in period | $ 0 | $ 0 |
Financial Instruments Subject to Off-Balance Sheet Credit Risk (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Securities Financing Transaction, Fair Value [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair value of borrowed securities from other broker-dealers to fulfill short sales by clients | $ 549 | $ 566 |
Financial Instruments Subject to Off-Balance Sheet Credit Risk (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Resale agreements | ||
Gross Assets | $ 14,011 | $ 13,096 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 14,011 | 13,096 |
Counterparty Offsetting | 0 | 0 |
Collateral | (14,011) | (13,096) |
Net Amount | 0 | 0 |
Securities borrowed | ||
Gross Assets | 570 | 582 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 570 | 582 |
Counterparty Offsetting | (361) | (383) |
Collateral | (202) | (195) |
Net Amount | 7 | 4 |
Total Gross Assets | 14,581 | 13,678 |
Total Assets, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Total Assets, Net Amounts Presented in the Condensed Consolidated Balance Sheets | 14,581 | 13,678 |
Total Assets, Gross Amounts Not Offset in the Consolidated Balance Sheet, Counterparty Offsetting | (361) | (383) |
Total Assets, Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral | (14,213) | (13,291) |
Total Assets, Net Amount | 7 | 4 |
Securities loaned | ||
Gross Liabilities | 7,221 | 7,158 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 7,221 | 7,158 |
Counterparty Offsetting | (361) | (383) |
Collateral | (6,040) | (6,015) |
Net Amount | 820 | 760 |
Secured short-term borrowings | ||
Gross Liabilities | 1,850 | 1,850 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 1,850 | 1,850 |
Counterparty Offsetting | 0 | 0 |
Collateral | (1,850) | (1,850) |
Net Amount | 0 | 0 |
Total Gross Liabilities | 9,071 | 9,008 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Total Liabilities, Net Amounts Presented in the Consolidated Balance Sheet | 9,071 | 9,008 |
Total Liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheet, Counterparty Offsetting | (361) | (383) |
Total Liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral | (7,890) | (7,865) |
Total Liabilities, Net Amount | 820 | 760 |
Fair value of client securities available to be pledged | 111,343 | 120,306 |
Resale And Repurchase Agreements [Member] | ||
Secured short-term borrowings | ||
Fair value of client securities available to be pledged | $ 14,400 | $ 13,400 |
Financial Instruments Subject to Off-Balance Sheet Credit Risk (Summary of the Fair Value of Client Securities Available to Utilize as Collateral and Amounts Pledged) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Securities Financing Transaction [Line Items] | ||
Fair value of client securities available to be pledged | $ 111,343 | $ 120,306 |
Total collateral pledged to third parties | 31,159 | 31,422 |
Fulfillment of Requirements with the Options Clearing Corporation [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged to third parties | 16,442 | 16,829 |
Fulfillment of Client Short Sales [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged to third parties | 6,320 | 5,934 |
Securities Lending to Other Broker-Dealers [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged to third parties | 6,144 | 6,269 |
Collateral For Short-Term Borrowings [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged to third parties | 2,253 | 2,390 |
Fully Paid Client Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged to third parties | $ 242 | $ 118 |
Fair Values of Assets and Liabilities (Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 272,049 | $ 390,054 |
Commercial paper [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 200 | 200 |
Certificates of deposit [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,296 | 999 |
U.S. agency mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 201,534 | 334,355 |
U.S. Treasury securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 31,833 | 21,282 |
Asset-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 18,423 | 17,546 |
Corporate debt securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 14,608 | 12,344 |
U.S. state and municipal securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,576 | 1,687 |
Non-agency commercial mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,161 | 1,190 |
Foreign government agency securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,096 | 425 |
Other [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 322 | 26 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 19,699 | 11,719 |
Investments segregated and on deposit for regulatory purposes: | 36,056 | 36,699 |
Fair Value | 272,049 | 390,054 |
Other assets: | 1,538 | 1,584 |
Total assets | 329,342 | 440,056 |
Accrued expenses and other liabilities | 1,379 | 1,399 |
Total liabilities | 1,379 | 1,399 |
Fair Value, Recurring [Member] | Money market funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 15,112 | 11,719 |
Fair Value, Recurring [Member] | Commercial paper [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 4,587 | |
Fair Value | 200 | 200 |
Fair Value, Recurring [Member] | Certificates of deposit [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes: | 349 | 350 |
Fair Value | 1,296 | 999 |
Fair Value, Recurring [Member] | U.S. Government securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes: | 35,707 | 36,349 |
Other assets: | 4 | 3 |
Fair Value, Recurring [Member] | U.S. agency mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 201,534 | 334,355 |
Fair Value, Recurring [Member] | U.S. Treasury securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 31,833 | 21,282 |
Fair Value, Recurring [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 18,423 | 17,546 |
Fair Value, Recurring [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 14,608 | 12,344 |
Fair Value, Recurring [Member] | U.S. state and municipal securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,576 | 1,687 |
Fair Value, Recurring [Member] | Non-agency commercial mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,161 | 1,190 |
Fair Value, Recurring [Member] | Foreign government agency securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,096 | 425 |
Fair Value, Recurring [Member] | Other [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 322 | 26 |
Fair Value, Recurring [Member] | Equity, corporate debt, and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 924 | 913 |
Fair Value, Recurring [Member] | Mutual Funds And Exchange Traded Funds (ETFs) [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 603 | 636 |
Fair Value, Recurring [Member] | State and municipal debt obligations [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 7 | 32 |
Fair Value, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 15,112 | 11,719 |
Investments segregated and on deposit for regulatory purposes: | 0 | 0 |
Fair Value | 0 | 0 |
Other assets: | 1,468 | 1,490 |
Total assets | 16,580 | 13,209 |
Accrued expenses and other liabilities | 1,331 | 1,354 |
Total liabilities | 1,331 | 1,354 |
Fair Value, Recurring [Member] | Level 1 [Member] | Money market funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 15,112 | 11,719 |
Fair Value, Recurring [Member] | Level 1 [Member] | Commercial paper [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | |
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | Certificates of deposit [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes: | 0 | 0 |
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | U.S. Government securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes: | 0 | 0 |
Other assets: | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | U.S. agency mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | U.S. Treasury securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | U.S. state and municipal securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | Non-agency commercial mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | Foreign government agency securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | Other [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | Equity, corporate debt, and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 865 | 854 |
Fair Value, Recurring [Member] | Level 1 [Member] | Mutual Funds And Exchange Traded Funds (ETFs) [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 603 | 636 |
Fair Value, Recurring [Member] | Level 1 [Member] | State and municipal debt obligations [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 0 | 0 |
Fair Value, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 4,587 | 0 |
Investments segregated and on deposit for regulatory purposes: | 36,056 | 36,699 |
Fair Value | 272,049 | 390,054 |
Other assets: | 70 | 94 |
Total assets | 312,762 | 426,847 |
Accrued expenses and other liabilities | 48 | 45 |
Total liabilities | 48 | 45 |
Fair Value, Recurring [Member] | Level 2 [Member] | Money market funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Fair Value, Recurring [Member] | Level 2 [Member] | Commercial paper [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 4,587 | |
Fair Value | 200 | 200 |
Fair Value, Recurring [Member] | Level 2 [Member] | Certificates of deposit [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes: | 349 | 350 |
Fair Value | 1,296 | 999 |
Fair Value, Recurring [Member] | Level 2 [Member] | U.S. Government securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes: | 35,707 | 36,349 |
Other assets: | 4 | 3 |
Fair Value, Recurring [Member] | Level 2 [Member] | U.S. agency mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 201,534 | 334,355 |
Fair Value, Recurring [Member] | Level 2 [Member] | U.S. Treasury securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 31,833 | 21,282 |
Fair Value, Recurring [Member] | Level 2 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 18,423 | 17,546 |
Fair Value, Recurring [Member] | Level 2 [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 14,608 | 12,344 |
Fair Value, Recurring [Member] | Level 2 [Member] | U.S. state and municipal securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,576 | 1,687 |
Fair Value, Recurring [Member] | Level 2 [Member] | Non-agency commercial mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,161 | 1,190 |
Fair Value, Recurring [Member] | Level 2 [Member] | Foreign government agency securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,096 | 425 |
Fair Value, Recurring [Member] | Level 2 [Member] | Other [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 322 | 26 |
Fair Value, Recurring [Member] | Level 2 [Member] | Equity, corporate debt, and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 59 | 59 |
Fair Value, Recurring [Member] | Level 2 [Member] | Mutual Funds And Exchange Traded Funds (ETFs) [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 0 | 0 |
Fair Value, Recurring [Member] | Level 2 [Member] | State and municipal debt obligations [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 7 | 32 |
Fair Value, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Investments segregated and on deposit for regulatory purposes: | 0 | 0 |
Fair Value | 0 | 0 |
Other assets: | 0 | 0 |
Total assets | 0 | 0 |
Accrued expenses and other liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Money market funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Commercial paper [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | |
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Certificates of deposit [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes: | 0 | 0 |
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | U.S. Government securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes: | 0 | 0 |
Other assets: | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | U.S. agency mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | U.S. Treasury securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | U.S. state and municipal securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Non-agency commercial mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Foreign government agency securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Other [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Equity, corporate debt, and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Mutual Funds And Exchange Traded Funds (ETFs) [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | State and municipal debt obligations [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets: | $ 0 | $ 0 |
Fair Values of Assets and Liabilities (Fair Value of Other Financial Instruments) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Assets | ||
Held to maturity securities: | $ 105,286 | $ 0 |
Carrying Amount [Member] | ||
Assets | ||
Cash and cash equivalents | 71,427 | 51,256 |
Cash and investments segregated and on deposit for regulatory purposes | 18,385 | 17,246 |
Receivables from brokerage clients — net | 84,065 | 90,560 |
Held to maturity securities: | 105,286 | |
Bank loans – net | 37,207 | 34,636 |
Other assets: | 3,828 | 3,561 |
Liabilities | ||
Bank deposits | 465,827 | 443,778 |
Payables to brokerage clients | 125,307 | 125,671 |
Accrued expenses and other liabilities | 8,492 | 8,327 |
Short-term borrowings | 4,234 | 4,855 |
Long-term debt | 21,782 | 18,820 |
Carrying Amount [Member] | First Mortgage [Member] | ||
Assets | ||
Bank loans – net | 22,668 | 21,077 |
Carrying Amount [Member] | HELOCs [Member] | ||
Assets | ||
Bank loans – net | 614 | 646 |
Carrying Amount [Member] | Pledged asset lines [Member] | ||
Assets | ||
Bank loans – net | 13,716 | 12,709 |
Carrying Amount [Member] | Other [Member] | ||
Assets | ||
Bank loans – net | 209 | 204 |
Carrying Amount [Member] | U.S. agency mortgage-backed securities [Member] | ||
Assets | ||
Held to maturity securities: | 105,286 | |
Portion at Other than Fair Value Measurement [Member] | ||
Assets | ||
Cash and cash equivalents | 71,427 | 51,256 |
Cash and investments segregated and on deposit for regulatory purposes | 18,385 | 17,246 |
Receivables from brokerage clients — net | 84,065 | 90,560 |
Held to maturity securities: | 99,149 | |
Bank loans – net | 35,983 | 34,608 |
Other assets: | 3,828 | 3,561 |
Liabilities | ||
Bank deposits | 465,827 | 443,778 |
Payables to brokerage clients | 125,307 | 125,671 |
Accrued expenses and other liabilities | 8,492 | 8,327 |
Short-term borrowings | 4,234 | 4,855 |
Long-term debt | 21,257 | 19,383 |
Portion at Other than Fair Value Measurement [Member] | First Mortgage [Member] | ||
Assets | ||
Bank loans – net | 21,421 | 21,027 |
Portion at Other than Fair Value Measurement [Member] | HELOCs [Member] | ||
Assets | ||
Bank loans – net | 637 | 668 |
Portion at Other than Fair Value Measurement [Member] | Pledged asset lines [Member] | ||
Assets | ||
Bank loans – net | 13,716 | 12,709 |
Portion at Other than Fair Value Measurement [Member] | Other [Member] | ||
Assets | ||
Bank loans – net | 209 | 204 |
Portion at Other than Fair Value Measurement [Member] | U.S. agency mortgage-backed securities [Member] | ||
Assets | ||
Held to maturity securities: | 99,149 | |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 71,427 | 51,256 |
Cash and investments segregated and on deposit for regulatory purposes | 4,376 | 4,151 |
Receivables from brokerage clients — net | 0 | 0 |
Held to maturity securities: | 0 | |
Bank loans – net | 0 | 0 |
Other assets: | 0 | 0 |
Liabilities | ||
Bank deposits | 0 | 0 |
Payables to brokerage clients | 0 | 0 |
Accrued expenses and other liabilities | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | First Mortgage [Member] | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | HELOCs [Member] | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | Pledged asset lines [Member] | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | Other [Member] | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | U.S. agency mortgage-backed securities [Member] | ||
Assets | ||
Held to maturity securities: | 0 | |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Cash and investments segregated and on deposit for regulatory purposes | 14,009 | 13,095 |
Receivables from brokerage clients — net | 84,065 | 90,560 |
Held to maturity securities: | 99,149 | |
Bank loans – net | 35,983 | 34,608 |
Other assets: | 3,828 | 3,561 |
Liabilities | ||
Bank deposits | 465,827 | 443,778 |
Payables to brokerage clients | 125,307 | 125,671 |
Accrued expenses and other liabilities | 8,492 | 8,327 |
Short-term borrowings | 4,234 | 4,855 |
Long-term debt | 21,257 | 19,383 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | First Mortgage [Member] | ||
Assets | ||
Bank loans – net | 21,421 | 21,027 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | HELOCs [Member] | ||
Assets | ||
Bank loans – net | 637 | 668 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | Pledged asset lines [Member] | ||
Assets | ||
Bank loans – net | 13,716 | 12,709 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | Other [Member] | ||
Assets | ||
Bank loans – net | 209 | 204 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | U.S. agency mortgage-backed securities [Member] | ||
Assets | ||
Held to maturity securities: | 99,149 | |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Cash and investments segregated and on deposit for regulatory purposes | 0 | 0 |
Receivables from brokerage clients — net | 0 | 0 |
Held to maturity securities: | 0 | |
Bank loans – net | 0 | 0 |
Other assets: | 0 | 0 |
Liabilities | ||
Bank deposits | 0 | 0 |
Payables to brokerage clients | 0 | 0 |
Accrued expenses and other liabilities | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | First Mortgage [Member] | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | HELOCs [Member] | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | Pledged asset lines [Member] | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | Other [Member] | ||
Assets | ||
Bank loans – net | 0 | $ 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | U.S. agency mortgage-backed securities [Member] | ||
Assets | ||
Held to maturity securities: | $ 0 |
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 04, 2022 |
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
Jan. 30, 2019 |
|
Class of Stock [Line Items] | |||||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 | |||
Depositary Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Number of shares issued (in shares) | 750,000 | ||||
Liquidation preference per share (in USD per share) | $ 1,000 | ||||
Ownership interest in shares | 1.00% | ||||
Series K Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Fixed rate | 5.00% | 5.00% | |||
Preferred stock, par value (in USD per share) | $ 0.01 | ||||
Liquidation preference per share (in USD per share) | $ 100,000 | $ 100,000 | |||
Proceeds from offering | $ 740 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Share repurchase, authorized amount | $ 4,000 | ||||
Shares repurchased (in shares) | 0 | 0 | |||
Remaining amount authorized for share repurchase | $ 1,800 |
Stockholders' Equity (Preferred Stock Issued and Outstanding) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 04, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Class of Stock [Line Items] | |||
Shares issued (in shares) | 1,841,000 | 1,833,500 | |
Shares outstanding (in shares) | 1,841,000 | 1,833,500 | |
Carrying value | $ 10,694 | $ 9,954 | |
Series D Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares issued (in shares) | 750,000 | 750,000 | |
Shares outstanding (in shares) | 750,000 | 750,000 | |
Liquidation preference per share (in USD per share) | $ 1,000 | ||
Carrying value | $ 728 | $ 728 | |
Dividend rate in effect | 5.95% | ||
Series J Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares issued (in shares) | 600,000 | 600,000 | |
Shares outstanding (in shares) | 600,000 | 600,000 | |
Liquidation preference per share (in USD per share) | $ 1,000 | ||
Carrying value | $ 584 | $ 584 | |
Dividend rate in effect | 4.45% | ||
Series A Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares issued (in shares) | 400,000 | 400,000 | |
Shares outstanding (in shares) | 400,000 | 400,000 | |
Liquidation preference per share (in USD per share) | $ 1,000 | ||
Carrying value | $ 397 | $ 397 | |
Dividend rate in effect | 5.137% | ||
Series A Preferred Stock [Member] | LIBOR [Member] | |||
Class of Stock [Line Items] | |||
Floating annual rate | 4.82% | ||
Series E Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares issued (in shares) | 6,000 | 6,000 | |
Shares outstanding (in shares) | 6,000 | 6,000 | |
Liquidation preference per share (in USD per share) | $ 100,000 | ||
Carrying value | $ 591 | $ 591 | |
Dividend rate in effect | 3.838% | ||
Series E Preferred Stock [Member] | LIBOR [Member] | |||
Class of Stock [Line Items] | |||
Floating annual rate | 3.315% | ||
Series F Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares issued (in shares) | 5,000 | 5,000 | |
Shares outstanding (in shares) | 5,000 | 5,000 | |
Liquidation preference per share (in USD per share) | $ 100,000 | ||
Carrying value | $ 492 | $ 492 | |
Dividend rate in effect | 5.00% | ||
Series F Preferred Stock [Member] | LIBOR [Member] | |||
Class of Stock [Line Items] | |||
Floating annual rate | 2.575% | ||
Series G Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares issued (in shares) | 25,000 | 25,000 | |
Shares outstanding (in shares) | 25,000 | 25,000 | |
Liquidation preference per share (in USD per share) | $ 100,000 | ||
Carrying value | $ 2,470 | $ 2,470 | |
Dividend rate in effect | 5.375% | ||
Dividend term | 5 years | ||
Series G Preferred Stock [Member] | Treasury Rate [Member] | |||
Class of Stock [Line Items] | |||
Dividend term | 5 years | ||
Floating annual rate | 4.971% | ||
Series H Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares issued (in shares) | 25,000 | 25,000 | |
Shares outstanding (in shares) | 25,000 | 25,000 | |
Liquidation preference per share (in USD per share) | $ 100,000 | ||
Carrying value | $ 2,470 | $ 2,470 | |
Dividend rate in effect | 4.00% | ||
Dividend term | 10 years | ||
Series H Preferred Stock [Member] | Treasury Rate [Member] | |||
Class of Stock [Line Items] | |||
Dividend term | 10 years | ||
Floating annual rate | 3.079% | ||
Series I Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares issued (in shares) | 22,500 | 22,500 | |
Shares outstanding (in shares) | 22,500 | 22,500 | |
Liquidation preference per share (in USD per share) | $ 100,000 | ||
Carrying value | $ 2,222 | $ 2,222 | |
Dividend rate in effect | 4.00% | ||
Series I Preferred Stock [Member] | Treasury Rate [Member] | |||
Class of Stock [Line Items] | |||
Dividend term | 5 years | ||
Floating annual rate | 3.168% | ||
Series K Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares issued (in shares) | 7,500 | 0 | |
Shares outstanding (in shares) | 7,500 | 0 | |
Liquidation preference per share (in USD per share) | $ 100,000 | $ 100,000 | |
Carrying value | $ 740 | $ 0 | |
Dividend rate in effect | 5.00% | 5.00% | |
Dividend term | 5 years | ||
Series K Preferred Stock [Member] | Treasury Rate [Member] | |||
Class of Stock [Line Items] | |||
Dividend term | 5 years | ||
Floating annual rate | 3.256% | ||
Maturity period | 5 years |
Stockholders' Equity (Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Class of Stock [Line Items] | ||
Dividends declared | $ 117.9 | $ 89.9 |
Series A Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 5.0 | $ 0.0 |
Dividends declared, per share amount (in USD per share) | $ 12.70 | $ 0 |
Series C Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 0.0 | $ 9.0 |
Dividends declared, per share amount (in USD per share) | $ 0 | $ 15.00 |
Series D Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 11.2 | $ 11.2 |
Dividends declared, per share amount (in USD per share) | $ 14.88 | $ 14.88 |
Series E Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 13.9 | $ 13.9 |
Dividends declared, per share amount (in USD per share) | $ 2,312.5 | $ 2,312.5 |
Series F Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 0.0 | $ 0.0 |
Dividends declared, per share amount (in USD per share) | $ 0 | $ 0 |
Series G Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 33.6 | $ 33.6 |
Dividends declared, per share amount (in USD per share) | $ 1,343.75 | $ 1,343.75 |
Series H Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 25.0 | $ 22.2 |
Dividends declared, per share amount (in USD per share) | $ 1,000 | $ 888.89 |
Series I Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 22.5 | $ 0.0 |
Dividends declared, per share amount (in USD per share) | $ 1,000 | $ 0 |
Series J Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 6.7 | $ 0.0 |
Dividends declared, per share amount (in USD per share) | $ 11.13 | $ 0 |
Series K Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 0.0 | $ 0.0 |
Dividends declared, per share amount (in USD per share) | $ 0 | $ 0 |
Accumulated Other Comprehensive Income (Accumulated Other Comprehensive Income Balances) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 56,261 | $ 56,060 |
Other net changes | (9,936) | (4,516) |
Balance at end of period | 48,098 | 55,594 |
Accumulated other comprehensive income, tax expense (benefit) | (3,119) | (1,411) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (1,109) | 5,394 |
Other net changes | (9,936) | (4,516) |
Balance at end of period | (11,045) | 878 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other net changes | (9,998) | (4,508) |
Accumulated other comprehensive income, tax expense (benefit) | (3,137) | (1,409) |
Net Unrealized Gain (Loss) On Securities Transferred To Held To Maturity From Available For Sale [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other net changes | 1,850 | |
Accumulated other comprehensive income, tax expense (benefit) | 579 | |
Other Reclassifications Included In Other Revenue [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other net changes | (9) | (8) |
Accumulated other comprehensive income, tax expense (benefit) | (3) | $ (2) |
AOCI, Accumulated Gain (Loss), Debt Securities, Held-To-Maturity, Parent [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other net changes | (1,850) | |
Accumulated other comprehensive income, tax expense (benefit) | (579) | |
Amortization of Held To Maturity Securities Transferred From Available For Sale Attributable To Parent [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other net changes | 71 | |
Accumulated other comprehensive income, tax expense (benefit) | $ 21 |
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income | $ 1,402 | $ 1,484 | ||
Preferred stock dividends and other | (124) | (96) | ||
Net Income Available to Common Stockholders | $ 1,278 | $ 1,388 | ||
Weighted-average common shares outstanding - basic (in shares) | 1,894 | 1,882 | ||
Basic earnings per share (in USD per share) | [1] | $ 0.67 | $ 0.74 | |
Weighted-average common shares outstanding - diluted (in shares) | 1,905 | 1,892 | ||
Diluted earnings per share (in USD per share) | [1] | $ 0.67 | $ 0.73 | |
Antidilutive stock options and restricted stock awards excluded from the calculation of diluted EPS (in shares) | 14 | 15 | ||
Common Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income | $ 1,344 | $ 1,422 | ||
Preferred stock dividends and other | (119) | (92) | ||
Net Income Available to Common Stockholders | $ 1,225 | $ 1,330 | ||
Weighted-average common shares outstanding - basic (in shares) | 1,815 | 1,803 | ||
Basic earnings per share (in USD per share) | $ 0.67 | $ 0.74 | ||
Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares | $ 53 | $ 58 | ||
Allocation of net income available to common stockholders: | $ 1,278 | $ 1,388 | ||
Conversion of nonvoting shares to voting shares (in shares) | 79 | 79 | ||
Common stock equivalent shares related to stock incentive plans (in shares) | 11 | 10 | ||
Weighted-average common shares outstanding - diluted (in shares) | 1,905 | 1,892 | ||
Diluted earnings per share (in USD per share) | $ 0.67 | $ 0.73 | ||
Nonvoting Common Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income | $ 58 | $ 62 | ||
Preferred stock dividends and other | (5) | (4) | ||
Net Income Available to Common Stockholders | $ 53 | $ 58 | ||
Weighted-average common shares outstanding - basic (in shares) | 79 | 79 | ||
Basic earnings per share (in USD per share) | $ 0.67 | $ 0.74 | ||
Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares | $ 0 | $ 0 | ||
Allocation of net income available to common stockholders: | $ 53 | $ 58 | ||
Conversion of nonvoting shares to voting shares (in shares) | 0 | 0 | ||
Common stock equivalent shares related to stock incentive plans (in shares) | 0 | 0 | ||
Weighted-average common shares outstanding - diluted (in shares) | 79 | 79 | ||
Diluted earnings per share (in USD per share) | $ 0.67 | $ 0.73 | ||
|
Regulatory Requirements (Regulatory Capital and Ratios) (Details) $ in Millions |
Mar. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
---|---|---|
CSC [Member] | ||
Common Equity Tier 1 Risk-Based Capital | ||
Actual Amount | $ 29,119 | $ 27,967 |
Actual Ratio | 0.189 | 0.197 |
Minimum Capital Requirement Amount | $ 6,946 | $ 6,389 |
Minimum Capital Requirement Ratio | 0.045 | 0.045 |
Tier 1 Risk-Based Capital | ||
Actual Amount | $ 39,813 | $ 37,921 |
Actual Ratio | 0.258 | 0.267 |
Minimum Capital Requirement Amount | $ 9,261 | $ 8,518 |
Minimum Capital Requirement Ratio | 0.060 | 0.060 |
Total Risk-Based Capital | ||
Actual Amount | $ 39,850 | $ 37,950 |
Actual Ratio | 0.258 | 0.267 |
Minimum Capital Requirement Amount | $ 12,348 | $ 11,358 |
Minimum Capital Requirement Ratio | 0.080 | 0.080 |
Tier 1 Leverage | ||
Actual Amount | $ 39,813 | $ 37,921 |
Actual Ratio | 0.061 | 0.062 |
Minimum Capital Requirement Amount | $ 25,937 | $ 24,346 |
Minimum Capital Requirement Ratio | 0.040 | 0.040 |
Supplementary Leverage Ratio | ||
Actual Amount | $ 39,813 | $ 37,921 |
Actual Ratio | 0.061 | 0.062 |
Minimum Capital Requirement Amount | $ 19,613 | $ 18,434 |
Minimum Capital Requirement Ratio | 0.030 | 0.030 |
CSB [Member] | ||
Common Equity Tier 1 Risk-Based Capital | ||
Actual Amount | $ 30,672 | $ 28,014 |
Actual Ratio | 0.271 | 0.268 |
Minimum to be Well Capitalized Amount | $ 7,352 | $ 6,787 |
Minimum to be Well Capitalized Ratio | 0.065 | 0.065 |
Minimum Capital Requirement Amount | $ 5,090 | $ 4,698 |
Minimum Capital Requirement Ratio | 0.045 | 0.045 |
Tier 1 Risk-Based Capital | ||
Actual Amount | $ 30,672 | $ 28,014 |
Actual Ratio | 0.271 | 0.268 |
Minimum to be Well Capitalized Amount | $ 9,049 | $ 8,353 |
Minimum to be Well Capitalized Ratio | 0.080 | 0.080 |
Minimum Capital Requirement Amount | $ 6,786 | $ 6,265 |
Minimum Capital Requirement Ratio | 0.060 | 0.060 |
Total Risk-Based Capital | ||
Actual Amount | $ 30,701 | $ 28,033 |
Actual Ratio | 0.271 | 0.268 |
Minimum to be Well Capitalized Amount | $ 11,311 | $ 10,441 |
Minimum to be Well Capitalized Ratio | 0.100 | 0.100 |
Minimum Capital Requirement Amount | $ 9,049 | $ 8,353 |
Minimum Capital Requirement Ratio | 0.080 | 0.080 |
Tier 1 Leverage | ||
Actual Amount | $ 30,672 | $ 28,014 |
Actual Ratio | 0.071 | 0.071 |
Minimum to be Well Capitalized Amount | $ 21,581 | $ 19,790 |
Minimum to be Well Capitalized Ratio | 0.050 | 0.050 |
Minimum Capital Requirement Amount | $ 17,265 | $ 15,832 |
Minimum Capital Requirement Ratio | 0.040 | 0.040 |
Supplementary Leverage Ratio | ||
Actual Amount | $ 30,672 | $ 28,014 |
Actual Ratio | 0.070 | 0.070 |
Minimum Capital Requirement Amount | $ 13,076 | $ 12,016 |
Minimum Capital Requirement Ratio | 0.030 | 0.030 |
Regulatory Requirements (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total assets | $ 680,950 | $ 667,270 |
Charles Schwab Premier Bank, SSB [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total assets | 40,700 | |
Charles Schwab Trust Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total assets | $ 15,600 |
Regulatory Requirements (Net Capital and Net Capital Requirements for CS&Co) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
CS&Co [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Net capital | $ 5,156,000 | $ 5,231,000 |
Minimum dollar requirement | 250 | 250 |
2% of aggregate debit balances | 918,000 | 941,000 |
Net capital in excess of required net capital | 4,238,000 | 4,290,000 |
TDAC [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Net capital | 5,325,000 | 5,337,000 |
Minimum dollar requirement | 1,500 | 1,500 |
2% of aggregate debit balances | 903,000 | 1,007,000 |
Net capital in excess of required net capital | 4,422,000 | 4,330,000 |
TD Ameritrade, Inc. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Net capital | 679,000 | 711,000 |
Minimum dollar requirement | 250 | 250 |
2% of aggregate debit balances | 0 | 0 |
Net capital in excess of required net capital | $ 679,000 | $ 711,000 |
Segment Information (Narrative) (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2022
USD ($)
segment
|
Mar. 31, 2021
USD ($)
segment
|
|
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 2 | 2 |
Revenues | $ 4,672,000,000 | $ 4,715,000,000 |
Intersegment, Nonoperating | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 0 | $ 0 |
Segment Information (Financial Information for Reportable Segments) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||
Net Revenues | ||||
Net interest revenue | $ 2,183 | $ 1,911 | ||
Other | 164 | 221 | ||
Total net revenues | 4,672 | 4,715 | ||
Expenses Excluding Interest | 2,833 | 2,755 | ||
Income before taxes on income | 1,839 | 1,960 | ||
Asset management and administration fees [Member] | ||||
Net Revenues | ||||
Revenues from contracts with customers | [1] | 1,068 | 1,016 | |
Trading revenue [Member] | ||||
Net Revenues | ||||
Revenues from contracts with customers | 963 | 1,216 | ||
Bank deposit account fees [Member] | ||||
Net Revenues | ||||
Revenues from contracts with customers | 294 | 351 | ||
Investor Services [Member] | ||||
Net Revenues | ||||
Net interest revenue | 1,574 | 1,454 | ||
Other | 127 | 178 | ||
Total net revenues | 3,526 | 3,725 | ||
Expenses Excluding Interest | 2,131 | 2,109 | ||
Income before taxes on income | 1,395 | 1,616 | ||
Investor Services [Member] | Asset management and administration fees [Member] | ||||
Net Revenues | ||||
Revenues from contracts with customers | 781 | 742 | ||
Investor Services [Member] | Trading revenue [Member] | ||||
Net Revenues | ||||
Revenues from contracts with customers | 844 | 1,097 | ||
Investor Services [Member] | Bank deposit account fees [Member] | ||||
Net Revenues | ||||
Revenues from contracts with customers | 200 | 254 | ||
Advisor Services [Member] | ||||
Net Revenues | ||||
Net interest revenue | 609 | 457 | ||
Other | 37 | 43 | ||
Total net revenues | 1,146 | 990 | ||
Expenses Excluding Interest | 702 | 646 | ||
Income before taxes on income | 444 | 344 | ||
Advisor Services [Member] | Asset management and administration fees [Member] | ||||
Net Revenues | ||||
Revenues from contracts with customers | 287 | 274 | ||
Advisor Services [Member] | Trading revenue [Member] | ||||
Net Revenues | ||||
Revenues from contracts with customers | 119 | 119 | ||
Advisor Services [Member] | Bank deposit account fees [Member] | ||||
Net Revenues | ||||
Revenues from contracts with customers | $ 94 | $ 97 | ||
|
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