SCHWAB CHARLES CORP

For the period ended Dec 31, 2023. Filed Feb 23, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 23, 2024

SCHW$93.03+0.3%Stored close · as of Nov 10, 2026

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Contents

Fair Values of Assets and Liabilities

Fair Values of Assets and Liabilities

For a description of the fair value hierarchy and Schwab’s fair value methodologies, including the use of independent third-party pricing services, see Note 2. The Company did not adjust prices received from the primary independent third-party pricing service at December 31, 2023 or 2022.

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:

December 31, 2023	Level 1	Level 2	Level 3	Balance atFair Value
Cash equivalents:
Money market funds	$14,573	$—	$—	$14,573
Total cash equivalents	14,573	—	—	14,573
Investments segregated and on deposit for regulatory purposes:
U.S. Government securities	—	20,358	—	20,358
Total investments segregated and on deposit for regulatory purposes	—	20,358	—	20,358
Available for sale securities:
U.S. agency mortgage-backed securities	—	62,795	—	62,795
U.S. Treasury securities	—	21,471	—	21,471
Corporate debt securities	—	12,484	—	12,484
Asset-backed securities	—	9,087	—	9,087
Foreign government agency securities	—	1,002	—	1,002
U.S. state and municipal securities	—	579	—	579
Non-agency commercial mortgage-backed securities	—	109	—	109
Certificates of deposit	—	100	—	100
Other	—	19	—	19
Total available for sale securities	—	107,646	—	107,646
Other assets:
Other securities owned:
Equity, corporate debt, and other securities	992	73	—	1,065
Mutual funds and ETFs	795	—	—	795
State and municipal debt obligations	—	27	—	27
U.S. Government securities	—	26	—	26
Total other securities owned	1,787	126	—	1,913
Total other assets	1,787	126	—	1,913
Total assets	$16,360	$128,130	$—	$144,490
Accrued expenses and other liabilities:
Other	$1,644	$89	$—	$1,733
Total accrued expenses and other liabilities	1,644	89	—	1,733
Total liabilities	$1,644	$89	$—	$1,733

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December 31, 2022	Level 1	Level 2	Level 3	Balance atFair Value
Cash equivalents:
Money market funds	$14,007	$—	$—	$14,007
Commercial paper	—	48	—	48
Total cash equivalents	14,007	48	—	14,055
Investments segregated and on deposit for regulatory purposes:
U.S. Government securities	—	23,645	—	23,645
Certificates of deposit	—	1,000	—	1,000
Total investments segregated and on deposit for regulatory purposes	—	24,645	—	24,645
Available for sale securities:
U.S. agency mortgage-backed securities	—	77,688	—	77,688
U.S. Treasury securities	—	40,002	—	40,002
Asset-backed securities	—	13,023	—	13,023
Corporate debt securities	—	12,555	—	12,555
Certificates of deposit	—	2,231	—	2,231
Foreign government agency securities	—	969	—	969
U.S. state and municipal securities	—	638	—	638
Non-agency commercial mortgage-backed securities	—	450	—	450
Other	—	315	—	315
Total available for sale securities	—	147,871	—	147,871
Other assets:
Other securities owned:
Equity, corporate debt, and other securities	755	55	—	810
Mutual funds and ETFs	596	—	—	596
State and municipal debt obligations	—	25	—	25
U.S. Government securities	—	1	—	1
Total other securities owned	1,351	81	—	1,432
Total other assets	1,351	81	—	1,432
Total assets	$15,358	$172,645	$—	$188,003
Accrued expenses and other liabilities:
Other	$1,218	$43	$—	$1,261
Total accrued expenses and other liabilities	1,218	43	—	1,261
Total liabilities	$1,218	$43	$—	$1,261

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Fair Value of Other Financial Instruments

The following tables present the fair value hierarchy for other financial instruments:

December 31, 2023	CarryingAmount	Level 1	Level 2	Level 3	Balance atFair Value
Assets
Cash and cash equivalents	$28,764	$28,764	$—	$—	$28,764
Cash and investments segregated and on deposit for regulatory purposes	11,438	2,628	8,810	—	11,438
Receivables from brokerage clients — net	68,629	—	68,629	—	68,629
Held to maturity securities:
U.S. agency mortgage-backed securities	159,452	—	147,091	—	147,091
Total held to maturity securities	159,452	—	147,091	—	147,091
Bank loans — net:
First Mortgages	26,121	—	23,226	—	23,226
HELOCs	477	—	508	—	508
Pledged asset lines	13,548	—	13,548	—	13,548
Other	293	—	293	—	293
Total bank loans — net	40,439	—	37,575	—	37,575
Other assets	4,960	—	4,960	—	4,960
Liabilities
Bank deposits	$289,953	$—	$289,953	$—	$289,953
Payables to brokerage clients	84,786	—	84,786	—	84,786
Accrued expenses and other liabilities	7,609	—	7,609	—	7,609
Other short-term borrowings	6,553	—	6,553	—	6,553
Federal Home Loan Bank borrowings	26,400	—	26,400	—	26,400
Long-term debt	26,043	—	25,000	—	25,000

December 31, 2022 · CarryingAmount · Level 1 · Level 2 · Level 3 · Balance atFair Value
Assets
Cash and cash equivalents	$26,140	$26,140	$—	$—		$26,140
Cash and investments segregated and on deposit for regulatory purposes	18,288	6,156	12,132	—		18,288
Receivables from brokerage clients — net	66,573	—	66,573	—		66,573
Held to maturity securities:
U.S. agency mortgage-backed securities	173,074	—	158,936	—		158,936
Total held to maturity securities	173,074	—	158,936	—		158,936
Bank loans — net:
First Mortgages	25,132	—	22,201	—		22,201
HELOCs	593	—	657	—		657
Pledged asset lines	14,592	—	14,592	—		14,592
Other	188	—	188	—		188
Total bank loans — net	40,505	—	37,638	—		37,638
Other assets	3,788	—	3,788	—		3,788
Liabilities
Bank deposits	$366,724	$—	$366,724	$—		$366,724
Payables to brokerage clients	97,438	—	97,438	—		97,438
Accrued expenses and other liabilities	5,584	—	5,584	—		5,584
Other short-term borrowings	4,650	—	4,650	—		4,650
Federal Home Loan Bank borrowings	12,400	—	12,400		12,400
Long-term debt	20,760	—	19,108	—		19,108

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