First Half 2024 (charles schwab net stable funding ratio disclosure H1 2024)
Net Stable Funding Ratio
Disclosure Report
For the quarters ended
Table of Contents |
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2
- About
The Charles Schwab Corporation
- Net Stable Funding Ratio
The Net Stable Funding Ratio (NSFR) rule is a quantitative liquidity metric and requirement that measures the long-term funding stability of a covered institution. The rule intends to limit overreliance on short-term wholesale funding, encourage better assessment of funding risk across all on- and off- balance-sheet items, and promotes funding stability. The NSFR requirements in the rule are consistent with the requirements established by the
The rule requires that a covered institution's Available Stable Funding (ASF) must be greater than or equal to the Required Stable Funding (RSF) amount. ASF is calculated by evaluating the stability of an organization's funding sources, and RSF is calculated by evaluating the characteristics of an organization's assets, derivatives, and off-balance-sheet exposures as prescribed in the rule.
The Company's average NSFR was 130.77% during the first quarter of 2024 and decreased to 127.82% in the second quarter of 2024, primarily due to decrease in free credits at the broker-dealer and deposits at the banking subsidiaries. Schwab's NSFR fluctuates period over period as a result of its liquidity profile, market conditions, client behavior, legal or regulatory developments, liquidity risk management limits, or other factors in the markets in which it operates.
Although not subject to a separate public disclosure requirement, Schwab's depository institution subsidiaries are subject to NSFR requirements, and were in compliance with their respective NSFR requirements during the periods presented.
Average Weighted Amount |
Quarter Ended |
Quarter Ended |
(In Millions) |
2024 |
2024 |
|
|
|
ASF1 |
193,668 |
197,076 |
RSF |
151,514 |
150,708 |
|
|
|
NSFR |
127.82% |
130.77% |
|
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-
- Excludes excess ASF at bank subsidiaries that are not transferable to non-bank affiliates.
- NSFR Quantitative Disclosures
In the following tables, the figures reported in the "Average Weighted Amount" column reflect the prescribed, industry-wide assumptions and factors defined by the NSFR rule to determine a
3
- Q2 2024
|
Quarter ended |
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In millions of |
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Average Unweighted Amount |
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Average Weighted Amount |
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<>6 months |
6 months |
≥ 1 year |
Perpetual |
Open Maturity |
to <>1 year |
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ASF ITEM |
|
|
|
|
|
1 |
|
Capital and securities: |
|
- |
|
- |
|
|
1,786 |
|
20,606 |
|
42,263 |
|
|
63,763 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
2 |
|
NSFR regulatory capital elements |
- |
- |
|
- |
|
- |
|
42,263 |
|
42,263 |
|
|||||
3 |
|
Other capital elements and securities |
- |
- |
|
1,786 |
20,606 |
- |
|
21,500 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
|
4 |
|
Retail funding: |
|
238,346 |
|
21,692 |
|
|
17,624 |
|
252 |
|
- |
|
|
197,825 |
|
5 |
|
Stable deposits |
7,102 |
- |
|
- |
|
- |
|
- |
|
6,747 |
|
|||||
6 |
|
Less stable deposits |
4,618 |
- |
|
- |
|
- |
|
- |
|
4,156 |
|
|||||
7 |
|
Sweep deposits, brokered reciprocal deposits, and |
165,434 |
20,964 |
|
16,903 |
244 |
- |
|
155,598 |
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|||||||
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brokered deposits |
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||||||||||||
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8 |
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Other retail funding |
61,192 |
728 |
721 |
8 |
- |
|
31,324 |
|
||||||||
|
9 |
|
Wholesale funding: |
|
64,854 |
|
25,732 |
|
|
11,807 |
|
2,920 |
|
- |
|
|
46,835 |
|
10 |
|
Operational deposits |
- |
- |
|
- |
|
- |
|
- |
|
- |
|
|||||
11 |
|
Other wholesale funding |
64,854 |
25,732 |
11,807 |
2,920 |
- |
|
46,835 |
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Other liabilities: |
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|
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|
|
|
|
|
|
|
|
|
|
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12 |
|
NSFR derivatives liability amount |
|
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|
|
|
|
|
|
|
|
- |
|
|
|
|
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13 |
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Total derivatives liability amount |
|
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|
|
|
|
|
|
|
|
- |
|
|
|
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14 |
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All other liabilities not included in the above |
1,880 |
1,034 |
- |
- |
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- |
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- |
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categories |
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15 |
TOTAL ASF1 |
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193,668 |
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RSF ITEM |
|
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16 |
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Total high-quality liquid assets (HQLA) |
|
14,527 |
|
14,969 |
|
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6,763 |
|
209,301 |
|
- |
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26,325 |
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17 |
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Level 1 liquid assets |
14,527 |
14,456 |
3,682 |
37,395 |
- |
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- |
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18 |
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Level 2A liquid assets |
- |
513 |
3,081 |
171,906 |
- |
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26,325 |
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19 |
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Level 2B liquid assets |
- |
- |
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- |
|
- |
|
- |
|
- |
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20 |
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Zero percent RSF assets that are not level 1 liquid assets |
|
- |
|
- |
|
|
- |
|
- |
|
- |
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- |
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or loans to financial sector entities or their consolidated |
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subsidiaries |
|
|
|
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|
|
|
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|
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|
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|
|
|
|
401 |
|
- |
|
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- |
|
- |
|
- |
|
|
201 |
|
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21 |
|
Operational deposits placed at financial sector entities or |
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their consolidated subsidiaries |
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22 |
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Loans and securities: |
|
85,316 |
|
22,547 |
|
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3,887 |
|
44,601 |
|
- |
|
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84,616 |
|
|
|
|
|
|
|
|
|
|
|
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23 |
|
Loans to financial sector entities secured by level 1 |
- |
8,480 |
- |
|
- |
|
- |
|
- |
|
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liquid assets |
|
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|
|||||||||||
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24 |
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Loans to financial sector entities secured by assets |
2,187 |
12,714 |
- |
|
499 |
- |
|
2,734 |
|
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other than level 1 liquid assets and unsecured loans to |
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financial sector entities |
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|
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25 |
|
Loans to wholesale customers or counterparties that are |
82,511 |
111 |
- |
|
93 |
- |
|
41,388 |
|
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not financial sector entities and loans to retail |
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customers or counterparties |
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26 |
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Of which: With a risk weight no greater than 20 percent |
- |
- |
|
- |
|
4 |
- |
|
2 |
|||||||
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under Regulation Q (12 CFR part 217) |
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|
|
|
|
|
|
|
|
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27 |
|
Retail mortgages |
- |
- |
|
- |
|
26,588 |
- |
|
22,600 |
|
||||||
28 |
|
Of which: With a risk weight of no greater than 50 |
- |
- |
|
- |
|
- |
|
- |
|
- |
|
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percent under Regulation Q (12 CFR part 217) |
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|
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29 |
|
Securities that do not qualify as HQLA |
618 |
1,242 |
3,887 |
17,417 |
- |
|
17,894 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Other assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 |
|
Commodities |
|
|
|
|
|
|
|
|
|
|
- |
|
- |
|
||
|
|
|
Assets provided as initial margin for derivative |
|
|
|
|
|
|
|
|
|
|
207 |
|
|
|
|
31 |
|
transactions and contributions to CCPs' mutualized |
|
|
|
|
|
|
|
|
|
|
|
|
176 |
|||
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|
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loss-sharing arrangements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 |
|
NSFR derivatives asset amount |
|
|
|
|
|
|
|
|
|
|
317 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
317 |
||
33 |
|
Total derivatives asset amount |
|
|
|
|
|
|
|
|
|
|
317 |
|
|
|
||
34 |
|
RSF for potential derivatives portfolio valuation changes |
|
|
|
|
|
|
|
|
|
|
321 |
16 |
||||
35 |
|
All other assets not included in the above categories, |
35,696 |
|
|
|
39 |
6,330 |
- |
|
39,723 |
|
||||||
|
|
|
including nonperforming assets |
|
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|
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|
||||||||||
|
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|
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|||
|
36 |
|
Undrawn commitments |
|
|
|
|
|
|
|
|
|
|
2,804 |
|
|
140 |
|
37 |
TOTAL RSF prior to application of required stable funding |
|
|
|
|
|
|
|
|
|
|
|
|
151,514 |
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adjustment percentage |
|
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|
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38 |
Required stable funding adjustment percentage |
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100% |
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|
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|
|
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|
|
|
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39 |
TOTAL adjusted RSF |
|
|
|
|
|
|
|
|
|
|
|
|
151,514 |
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|
|
|
|
|
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|
|
|
|
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40 |
NET STABLE FUNDING RATIO |
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|
|
|
|
|
|
|
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127.82% |
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1 Amounts reported may not equal the calculation of those amounts reported in rows 1-14 as it excludes excess ASF at bank subsidiaries that are not transferable to non-bank affiliates subject to § 249.109 Rules for consolidation.
4
- Q1 2024
Quarter ended |
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Average Unweighted Amount |
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Average Weighted Amount |
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In millions of |
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Open |
|
<>6 months |
|
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6 months |
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≥ 1 year |
|
Perpetual |
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Maturity |
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to <>1 year |
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ASF ITEM |
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||
1 |
|
Capital and securities: |
|
|
- |
|
2,494 |
|
|
139 |
|
22,255 |
|
41,081 |
|
|
63,406 |
|
|
2 |
|
NSFR regulatory capital elements |
- |
- |
- |
|
- |
|
41,081 |
|
41,081 |
|
|||||||
3 |
|
Other capital elements and securities |
- |
2,494 |
139 |
|
22,255 |
|
- |
|
22,325 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
4 |
|
Retail funding: |
|
|
247,526 |
|
22,305 |
|
|
22,153 |
|
1,668 |
|
- |
|
|
208,708 |
|
|
5 |
|
Stable deposits |
7,151 |
- |
- |
|
- |
|
- |
|
6,793 |
|
|||||||
6 |
|
Less stable deposits |
4,754 |
- |
- |
|
- |
|
- |
|
4,279 |
|
|||||||
7 |
|
Sweep deposits, brokered reciprocal deposits, and brokered |
171,846 |
21,283 |
21,125 |
1,628 |
|
- |
|
164,703 |
|
||||||||
|
|
deposits |
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
8 |
|
Other retail funding |
63,775 |
1,022 |
1,028 |
40 |
- |
|
32,933 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
9 |
|
Wholesale funding: |
|
|
69,453 |
|
22,237 |
|
|
12,779 |
|
3,386 |
|
- |
|
|
48,093 |
|
|
10 |
|
Operational deposits |
- |
- |
- |
|
- |
|
- |
|
- |
|
|||||||
11 |
|
Other wholesale funding |
69,453 |
22,237 |
12,779 |
|
3,386 |
|
- |
|
48,093 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Other liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
|
NSFR derivatives liability amount |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
13 |
|
Total derivatives liability amount |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
14 |
|
All other liabilities not included in the above |
1,689 |
1,222 |
- |
|
- |
|
- |
|
- |
|
|||||||
|
|
categories |
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
15 |
TOTAL ASF1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
197,076 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
RSF ITEM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
16 |
|
Total high-quality liquid assets (HQLA) |
|
|
17,551 |
|
23,360 |
|
|
4,465 |
|
220,853 |
|
- |
|
|
27,370 |
|
|
17 |
|
Level 1 liquid assets |
17,551 |
22,987 |
2,862 |
|
40,364 |
|
- |
|
- |
|
|||||||
18 |
|
Level 2A liquid assets |
- |
373 |
1,603 |
|
180,489 |
|
- |
|
27,370 |
|
|||||||
19 |
|
Level 2B liquid assets |
- |
- |
- |
|
- |
|
- |
|
- |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
20 |
|
Zero percent RSF assets that are not level 1 liquid assets or |
|
|
- |
|
- |
|
|
- |
|
- |
|
- |
|
|
- |
|
|
|
|
loans to financial sector entities or their consolidated |
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21 |
|
Operational deposits placed at financial sector entities or their |
|
|
321 |
|
- |
|
|
- |
|
- |
|
- |
|
|
160 |
|
|
|
|
consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22 |
|
Loans and securities: |
|
|
79,554 |
|
25,279 |
|
|
2,872 |
|
46,723 |
|
- |
|
|
83,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23 |
|
Loans to financial sector entities secured by level 1 liquid |
- |
9,150 |
- |
|
- |
|
- |
|
- |
|
|||||||
|
|
assets |
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
24 |
|
Loans to financial sector entities secured by assets other |
2,331 |
14,538 |
- |
|
456 |
|
- |
|
2,987 |
|
|||||||
|
|
than level 1 liquid assets and unsecured loans to financial |
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
sector entities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25 |
|
Loans to wholesale customers or counterparties that are not |
76,590 |
135 |
71 |
|
95 |
|
- |
|
38,478 |
|
|||||||
|
|
financial sector entities and loans to retail customers or |
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
counterparties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 |
|
Of which: With a risk weight no greater than 20 percent |
- |
- |
- |
|
4 |
- |
|
2 |
|||||||||
|
|
under Regulation Q (12 CFR part 217) |
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
27 |
|
Retail mortgages |
- |
- |
- |
|
26,440 |
|
- |
|
22,474 |
|
|||||||
28 |
|
Of which: With a risk weight of no greater than 50 percent |
- |
- |
- |
|
- |
|
- |
|
- |
|
|||||||
|
|
under Regulation Q (12 CFR part 217) |
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
29 |
|
Securities that do not qualify as HQLA |
633 |
1,456 |
2,801 |
|
19,732 |
|
- |
|
19,438 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Other assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 |
|
Commodities |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
31 |
|
Assets provided as initial margin for derivative transactions |
|
|
|
|
|
|
|
|
|
|
|
211 |
|
180 |
|
||
|
|
and contributions to CCPs' mutualized loss-sharing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
arrangements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 |
|
NSFR derivatives asset amount |
|
|
|
|
|
|
|
|
|
|
|
197 |
|
197 |
|
||
33 |
|
Total derivatives asset amount |
|
|
|
|
|
|
|
|
|
|
|
197 |
|
|
|
|
|
34 |
|
RSF for potential derivatives portfolio valuation changes |
|
|
|
|
|
|
|
|
|
|
|
196 |
10 |
|
|||
35 |
|
All other assets not included in the above categories, |
35,837 |
10 |
7 |
5,112 |
|
- |
|
39,260 |
|
||||||||
|
|
including nonperforming assets |
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
36 |
|
Undrawn commitments |
|
|
|
|
|
|
|
|
|
|
|
|
3,090 |
|
|
155 |
|
37 |
TOTAL RSF prior to application of required stable funding |
|
|
|
|
|
|
|
|
|
|
|
|
|
150,708 |
|
|||
|
adjustment percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
38 |
Required stable funding adjustment percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
100% |
||||
39 |
TOTAL adjusted RSF |
|
|
|
|
|
|
|
|
|
|
|
|
|
150,708 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
40 |
NET STABLE FUNDING RATIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
130.77% |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Amounts reported may not equal the calculation of those amounts reported in rows 1-14 as it excludes excess ASF at bank subsidiaries that are not transferable to non-bank affiliates subject to § 249.109 Rules for consolidation.
5
IV. Components and Drivers of the Net Stable Funding Ratio
- Available Stable Funding
The Company's total ASF was concentrated in retail funding which includes sweep deposits and brokered deposits from retail customers. These accounted for 51% and 50% of the Company's weighted ASF2 for the first and second quarters of 2024, respectively. The Company's ASF also includes other unsecured funding from retail customers at Schwab's broker-dealer and banking subsidiaries such as free credits, long term senior notes,
ASF that is held at the banking subsidiaries in excess of the subsidiaries' total RSF, and are not transferable to non-bank affiliates, are excluded by rule from the Company's ASF.
- Required Stable Funding
The Company's total RSF includes loans to retail customers or counterparties, which is concentrated in Schwab's broker-dealer business representing customer margin loans. These accounted for 26% and 27% of the Company's weighted RSF in the first and second quarters of 2024.
In addition, Company's RSF included loans to retail customers or counterparties at banking subsidiaries, level 2A assets, non HQLA and other assets. Together these account for 72% and 70% of the Company's RSF for the first and second quarters of 2024.
- Funding Sources
- Primary Sources
Schwab's primary source of funds is cash generated by client activity which includes bank deposits and cash balances in client brokerage accounts. These funds are used to purchase investment securities and extend loans to clients. Other sources of funds may include cash flows from operations, maturities and sales of investment securities, repayments on loans, securities lending of assets held in client brokerage accounts, and cash provided by other external financing including securities issuances by CSC in the capital markets.
To meet daily funding needs, we maintain liquidity in the form of overnight cash deposits and short- term investments. For unanticipated liquidity needs, we also maintain a buffer of highly liquid investments, including
- Supplemental Sources
In addition, Schwab has access to external funding. Schwab's need for borrowings from external debt facilities arises primarily from timing differences between cash flow requirements, including the event the outflow of client cash from the balance sheet is greater than cash flows from operations and investment securities and bank loans; payment on interest-earning investments; movements of cash to meet regulatory brokerage client cash segregation requirements; and general corporate purposes. We maintain policies and procedures necessary to access funding and test borrowing procedures on a periodic basis.
2 Weighted ASF is prior to the exclusion of the non-transferrable subsidiary excess stable funding.
6
The Company has a commercial paper program as well as a universal automatic shelf registration statement on file with the
The Company's banking subsidiaries have access to external financial institutions through repurchase agreements collateralized by investment securities and secured borrowing facilities with the FHLB. Amounts available under secured credit facilities with the FHLB are dependent on the value of our First Mortgages, home equity lines of credit (HELOCs), and the fair value of certain of our investment securities that are pledged as collateral.
The banking subsidiaries also have access to short-term secured funding through the Federal Reserve Discount Window and are counterparties to the Standing Repo Facility with the
The Company's banking subsidiaries were eligible to obtain advances under the
In the first and second quarters of 2024, Retail Brokered Certificates of Deposit were used as a supplemental funding source.
The broker dealer subsidiary maintains uncommitted, unsecured, and secured bank credit lines with a group of banks as a source of short-term liquidity.
7
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