4 unchanged sentences
Changes in internal control over financial reporting :
−Removed: No change in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) was identified during the quarter ended December 31, 2024, that has materially affected, or is reasonable likely to materially affect, the Company’s internal control over financial reporting.
+Added: No change in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) was identified during the quarter ended December 31, 2025, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
Management’s Report on Internal Control Over Financial Reporting and the Report of Independent Registered Public Accounting Firm are included in Item 8.
Other Information
−Removed: During the three months ended December 31, 2024, certain of our directors and officers adopted or terminated trading arrangements for the sale of shares of our common stock as follows:
+Added: During the three months ended December 31, 2025, certain of our officers adopted or terminated trading arrangements for the sale of shares of our common stock as follows:
Action Date Rule 10b5-1 (1)
4 unchanged sentences
Craig , Managing Director and Head of Investor
−Removed: 10/31/2024 x — (4)
+Added: Adoption 11/11/2025 x — (4)
Woolway , Managing Director and Chief Banking Officer
−Removed: 11/15/2024 x — (5)
+Added: Adoption 11/24/2025 x — (5)
Murtagh , Managing Director and Chief Risk Officer
−Removed: 11/23/2024 x — (6)
+Added: Adoption 11/25/2025 x — (6)
(1) Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
4 unchanged sentences
The actual number of shares that will be issued to the officer in connection with the unvested PBRSUs and sold under the trading arrangement will be net of the number of shares withheld to satisfy tax withholding obligations arising from the vesting of such PBRSUs.
−Removed: (5) Securities to be sold under the plan represent the aggregate of (i) up to 26,420 shares of our common stock;
−Removed: (ii) up to 35,970 shares of our common stock to be acquired upon the exercise of stock options;
−Removed: and (iii) the net after-tax number of shares of our common stock to be issued upon the settlement of PBRSUs vesting on March 1, 2025, which is based on the achievement of pre-established performance goals, and is not yet determinable.
+Added: (5) Securities to be sold under the plan represent the aggregate of (i) up to 41,898 shares of our common stock to be acquired upon the exercise of stock options;
+Added: and (ii) the net after-tax number of shares of our common stock to be issued upon the settlement of PBRSUs vesting on March 1, 2026, which is based on the achievement of pre-established performance goals, and is not yet determinable.
The actual number of shares that will be issued to the officer in connection with the unvested PBRSUs and sold under the trading arrangement will be net of the number of shares withheld to satisfy tax withholding obligations arising from the vesting of such PBRSUs.
11 unchanged sentences
Schwab Executive Officers of the Registrant
−Removed: The following table provides certain information about each of the Company’s executive officers as of December 31, 2024.
+Added: The following table provides certain information about each of the Company’s executive officers.
Executive Officers of the Registrant
5 unchanged sentences
Craig 54 Managing Director and Head of Investor Services
+Added: 57 Managing Director, Chief Technology, Operations and Data Officer
Morgan III 61 Managing Director, General Counsel, and Corporate Secretary
18 unchanged sentences
Before joining the company, Mr.
−Removed: Wurster was employed at Wellington Management and at McKinsey & Company where he was a leader of the asset management practice and an Associate Principal.
−Removed: Wurster joined Schwab in 2016.
+Added: Wurster was employed at Wellington Management and at McKinsey &
THE CHARLES SCHWAB CORPORATION
+Added: Company where he was a leader of the asset management practice and an Associate Principal.
+Added: Wurster joined Schwab in 2016.
Beatty has been Managing Director and Head of Advisor Services of CSC and CS&Co since 2024.
3 unchanged sentences
Beatty joined Schwab in 1997.
−Removed: Craig has been Managing Director and Head of Investor Services and Marketing of CSC and CS&Co since 2022.
+Added: Craig has been Managing Director and Head of Investor Services and Marketing of CSC since 2022 and President of CS&Co since 2025.
Prior to that he served as Senior Executive Vice President of CSC and CS&Co from 2018 to 2022, Executive Vice President – Client and Marketing Solutions of CSC and CS&Co from 2017 until 2018 and Executive Vice President and Chief Marketing Officer of CSC and CS&Co from 2012 until 2018.
Craig joined Schwab in 2000.
+Added: Howard has been Managing Director, Chief Technology, Operations and Data Officer of CSC and CS&Co since January 2026.
+Added: Prior to that, he served as Managing Director and Chief Information Officer for CSC and CS&Co from 2022 to 2026, Executive Vice President and Chief Information Officer of CSC and CS&Co from 2016 to 2022, and Senior Vice President-Core Technology Solutions for CSC and CS&Co from 2014 to 2016.
+Added: Before joining the company, Mr.
+Added: Howard spent 12 years at Visa Inc.
+Added: serving in various information technology roles across a number of disciplines, including as Senior Vice President and Chief Information Officer.
+Added: Howard joined Schwab in 2014.
Morgan has been Managing Director of CSC and CS&Co since 2022, Executive Vice President of CSC from 2019 to 2022, and General Counsel and Corporate Secretary of CSC since 2019.
20 unchanged sentences
The information required to be furnished pursuant to this item is incorporated by reference from portions of the Proxy Statement captioned “Securities Authorized for Issuance Under Equity Compensation Plans” and “Security Ownership of Certain Beneficial Owners and Management.”
+Added: THE CHARLES SCHWAB CORPORATION
Certain Relationships and Related Transactions, and Director Independence
3 unchanged sentences
Ratification of the Selection of Independent Auditors.”
−Removed: THE CHARLES SCHWAB CORPORATION
Exhibits and Financial Statement Schedules
18 unchanged sentences
3.20 Certificate of Designations of 5.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, of The Charles Schwab Corporation, filed as Exhibit 3.1 to the Registrant’s Form 8-K dated October 31, 2017, and incorporated herein by reference.
−Removed: 3.21 Certificate of Designations of 5.375% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, of The Charles Schwab Corporation, filed as Exhibit 3.1 to the Registrant’s Form 8-K dated April 30, 2020, and incorporated herein by reference.
3.22 Certificate of Designations of 4.000% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series H, of The Charles Schwab Corporation, filed as Exhibit 3.1 to the Registrant’s Form 8-K dated December 8, 2020, and incorporated herein by reference.
5 unchanged sentences
3.30 Amended and Restated Bylaws of The Charles Schwab Corporation, effective January 26, 2023, filed as Exhibit 3.1 to the Registrant’s Form 8-K dated January 26, 2023, and incorporated herein by reference.
+Added: 3.31 Certificate of Elimination of the 5.375% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, of The Charles Schwab Corporation, filed as Exhibit 3.1 to the Registrant’s Form 8-K dated June 2, 2025, and incorporated herein by reference .
4.3 Deposit Agreement, dated March 7, 2016, between the Company and Wells Fargo Bank, N.A., as Depositary (including the form of Depositary Share Receipt attached as Exhibit A thereto), filed as Exhibit 4.1 to the Registrant’s Form 8-K dated March 7, 2016, and incorporated herein by reference.
12 unchanged sentences
4.14 Twenty-Second Supplemental Indenture, dated as of May 19, 2023, by and between The Charles Schwab Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee, filed as Exhibit 4.79 to the Registrant’s Form 8-K dated May 19, 2023, and incorporated herein by reference.
−Removed: 4.15 Twenty-Third Supplemental Indenture, dated as of August 24, 2023, by and between The Charles Schwab Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee, filed as Exhibit 4.82 to the Registrant’s F orm 8-K dated August 24, 2023, and incorporated herein by reference.
+Added: 4.15 Twenty-Third Supplemental Indenture, dated as of August 24, 2023, by and between The Charles Schwab Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee, filed as Exhibit 4.82 to the Registrant’s Form 8-K dated August 24, 2023, and incorporated herein by reference.
4.16 Twenty-Fourth Supplemental Indenture, dated as of November 17, 2023, by and between CSC and The Bank of New York Mellon Trust Company, N.A., as Trustee, filed as Exhibit 4.85 to the Registrant’s Form 8-K dated November 17, 2023, and incorporated herein by reference.
21 unchanged sentences
10.387 Form of Notice and Nonqualified Stock Option Agreement under The Charles Schwab Corporation 2013 Stock Incentive Plan and successor plans, filed as Exhibit 10.387 to the Registrant’s Form 10-K for the year ended December 31, 2017, and incorporated herein by reference.
−Removed: 10.389 The Charles Schwab Corporation Corporate Executive Bonus Plan, restated to include amendments approved at the Annual Meeting of Stockholders on May 13, 2015, as amended and restated as of December 13, 2017, filed as Exhibit 10.389 to the Registrant’s Form 10-K for the year ended December 31, 2017, and incorporated herein by reference.
10.393 Form of Notice and Nonqualified Stock Option Agreement under The Charles Schwab Corporation 2013 Stock Incentive Plan and successor plans, filed as Exhibit 10.393 to the Registrant’s Form 10-K for the year ended December 31, 2018, and incorporated herein by reference.
−Removed: 10.394 Form of Notice and Restricted Stock Unit Agreement under The Charles Schwab Corporation 2013 Stock Incentive Plan and successor plans, filed as Exhibit 10.394 to the Registrant’s Form 10-K for the year ended December 31, 2018, and incorporated herein by reference.
−Removed: 10.396 Form of Notice and Restricted Stock Unit Agreement (no accelerating vesting for retirement) under The Charles Schwab Corporation 2013 Stock Incentive Plan and successor plans, filed as Exhibit 10.396 to the Registrants’ Form 10-Q for the quarter ended June 30, 2019, and incorporated herein by reference.
−Removed: THE CHARLES SCHWAB CORPORATION
−Removed: Number Exhibit
10.397 Form of Notice and Retainer Stock Option Agreement for Non-Employee Directors under The Charles Schwab Corporation 2013 Stock Incentive Plan and successor plans, filed as Exhibit 10.397 to the Registrant’s Form 10-Q for the quarter ended September 30, 2019, and incorporated herein by reference.
−Removed: 10.398 Form of Notice and Retainer Restricted Stock Unit Agreement for Non-Employee Directors under The Charles Schwab Corporation 2013 Stock Incentive Plan and successor plans, filed as Exhibit 10.398 to the Registrant’s Form 10-Q for the quarter ended September 30, 2019, and incorporated herein by reference .
10.399 Form of Notice and Stock Option Agreement for Non-Employee Directors under The Charles Schwab Corporation Directors’ Deferred Compensation Plan II and successor plans, filed as Exhibit 10.399 to the Registrant’s Form 10-Q for the quarter ended September 30, 2019, and incorporated herein by reference.
10.401 Form of Notice and Restricted Stock Unit Agreement for Non-Employee Directors under The Charles Schwab Corporation Directors’ Deferred Compensation Plan II and successor plans, filed as Exhibit 10.401 to the Registrant’s Form 10-Q for the quarter ended September 30, 2019, and incorporated herein by reference.
+Added: THE CHARLES SCHWAB CORPORATION
+Added: Number Exhibit
10.402 Form of Notice and Nonqualified Stock Option Agreement under The Charles Schwab Corporation 2013 Stock Incentive Plan and successor plans, filed as Exhibit 10.402 to the Registrant’s Form 10-Q for the quarter ended September 30, 2019, and incorporated herein by reference.
−Removed: 10.403 Form of Notice and Restricted Stock Unit Agreement under The Charles Schwab Corporation 2013 Stock Incentive Plan and successor plans, filed as Exhibit 10.403 to the Registrant’s Form 10-Q for the quarter ended September 30, 2019, and incorporated herein by reference.
−Removed: 10.404 Form of Notice and Restricted Stock Unit Agreement (no accelerating vesting for retirement) under The Charles Schwab Corporation 2013 Stock Incentive Plan and successor plans, filed as Exhibit 10.404 to the Registrants’ Form 10-Q for the quarter ended September 30, 2019, and incorporated herein by reference.
10.406 Registration Rights Agreement by and among the Registrant, Charles R.
6 unchanged sentences
10.414 Form of Notice and Stock Option Agreement for Non-Employee Directors under The Charles Schwab Corporation Directors’ Deferred Compensation Plan II and successor plans, filed as Exhibit 10.414 to the Registrant’s Form 10-Q for the quarter ended September, 30, 2020, and incorporated herein by reference.
−Removed: THE CHARLES SCHWAB CORPORATION
−Removed: Number Exhibit
10.415 Form of Notice and Restricted Stock Unit Agreement for Non-Employee Directors under The Charles Schwab Corporation Directors’ Deferred Compensation Plan II and successor plans, filed as Exhibit 10.415 to the Registrant’s Form 10-Q for the quarter ended September, 30, 2020, and incorporated herein by reference.
10.423 The Charles Schwab Corporation Deferred Compensation Plan II, as amended and restated as of December 8, 2020, filed as Exhibit 10.423 to the Registrant’s Form 10-K for the year ended December 31, 2020, and incorporated herein by reference.
−Removed: 10.424 The Charles Schwab Severance Pay Plan, as Amended and Restated Effective June 21, 2021, filed as Exhibit 10.424 to the Registrant’s Form 10-Q for the quarter ended June 30, 2021, and incorporated herein by reference.
10.426 Form of Notice and Restricted Stock Unit Agreement under The Charles Schwab Corporation 2013 Stock Incentive Plan and successor plans, filed as Exhibit 10.426 to the Registrant’s Form 10-K for the year ended December 31, 2021, and incorporated by reference.
10.427 Form of Notice and Restricted Stock Unit Agreement (no accelerating vesting for retirement) under The Charles Schwab Corporation 2013 Stock Incentive Plan and successor plans, filed as Exhibit 10.427 to the Registrant’s Form 10-K for the year ended December 31, 2021, and incorporated by reference.
−Removed: 10.428 Summary of Non-Employee Director Compensation, filed as Exhibit 10.428 to the Registrant’s Form 10-K for the year ended December 31, 2021, and incorporated herein by reference.
10.429 The Charles Schwab Corporation 2022 Stock Incentive Plan, filed as Exhibit 10.1 to the Registrant’s Form 8-K, dated May 17, 2022, and incorporated herein by reference.
−Removed: 10.431 Form of Notice and Nonqualified Stock Option Agreement under The Charles Schwab Corporation 2022 Stock Incentive Plan and successor plans , filed as Exhibit 10.431 to the R egistrant ’ s Form 10-K for the year ended December 31, 2023, and incorporated by reference .
+Added: 10.431 Form of Notice and Nonqualified Stock Option Agreement under The Charles Schwab Corporation 2022 Stock Incentive Plan and successor plans, filed as Exhibit 10.431 to the Registrant’s Form 10-K for the year ended December 31, 2023, and incorporated by reference.
10.432 Form of Notice and Performance-Based Restricted Stock Unit Agreement under The Charles Schwab Corporation 2022 Stock Incentive Plan and successor plans, filed as Exhibit 10.432 to the Registrant’s Form 10-K for the year ended December 31, 2023, and incorporated by reference.
10.433 Form of Notice and Restricted Stock Unit Agreement under The Charles Schwab Corporation 2022 Stock Incentive Plan and successor plans, filed as Exhibit 10.433 to the Registrant’s Form 10-K for the year ended December 31, 2023, and incorporated by reference.
+Added: THE CHARLES SCHWAB CORPORATION
+Added: Number Exhibit
10.434 Form of Notice and Restricted Stock Unit Agreement under The Charles Schwab Corporation 2022 Stock Incentive Plan and successor plans, filed as Exhibit 10.434 to the Registrant’s Form 10-K for the year ended December 31, 2023, and incorporated by reference.
−Removed: 19.1 The Cha rles Schwab Co rporation Insider Trading Policy .
+Added: 10.435 The Charles Schwab Corporation Corporate Executive Bonus Plan, as amended and restated effective January 1, 2026.
+Added: 10.436 The Charles Schwab Severance Pay Plan, as amended and restated effective January 1, 2026.
+Added: 10.437 Summary of Non-Employee Director Compensation.
+Added: 10.438 Form of Notice and Nonqualified Stock Option Grant Agreement under The Charles Schwab Corporation 2022 Stock Incentive Plan and successor plans.
+Added: 10.439 Form of Notice and Performance-Based Restricted Stock Unit Grant Agreement under The Charles Schwab Corporation 2022 Stock Incentive Plan and successor plans.
+Added: 10.440 Form of Notice and Restricted Stock Unit Agreement under The Charles Schwab Corporation 2022 Stock Incentive Plan and successor plans.
+Added: 10.441 Form of Notice and Restricted Stock Unit Agreement (no accelerated vesting for retirement) under The Charles Schwab Corporation 2022 Stock Incentive Plan and successor plans.
+Added: 10.442 Form of Notice and Restricted Stock Unit Agreement under The Charles Schwab Corporation 2022 Stock Incentive Plan and successor plans.
+Added: 19.1 The Charles Schwab Corporation Insider Trading Policy.
21.1 Subsidiaries of the Registrant.
6 unchanged sentences
Section 1350, As Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002.
−Removed: 97.1 The Charles Schwab Corporation Section 16 Officer Incentive Compensation Recovery Policy , filed as Exhibit 97 .1 to the Re gistrant ’ s Form 10 -K for the year ended Dece mber 31, 2023, and in corporated by reference.
+Added: 97.1 The Charles Schwab Corporation Section 16 Officer Incentive Compensation Recovery Policy, filed as Exhibit 97.1 to the Registrant’s Form 10-K for the year ended December 31, 2023, and incorporated by reference.
101.INS Inline XBRL Instance Document (3)
1 unchanged sentence
101.CAL Inline XBRL Taxonomy Extension Calculation (3)
−Removed: THE CHARLES SCHWAB CORPORATION
−Removed: Number Exhibit
101.DEF Inline XBRL Extension Definition (3)
3 unchanged sentences
(2) Management contract or compensatory plan.
−Removed: (3) Attached as Exhibit 101 to this Annual Report on Form 10-K for the annual period ended December 31, 2024, are the following materials formatted in XBRL (Extensible Business Reporting Language) (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Stockholders’ Equity, and (vi) Notes to Consolidated Financial Statements.
−Removed: * Certain confidential information contained in this agreement has been omitted because it is not material and would be competitively harmful if publicly disclosed.
+Added: (3) Attached as Exhibit 101 to this Annual Report on Form 10-K for the annual period ended December 31, 2025, are the following materials formatted in XBRL (Extensible Business Reporting Language) (i) Part 1 – Item 1C, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Balance Sheets, (v) the Consolidated Statements of Stockholders’ Equity, (vi) the Consolidated Statements of Cash Flows, (vii) Notes to Consolidated Financial Statements, and (viii) Part II – Item 9B.
+Added: * Portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K.
Form 10-K Summary
7 unchanged sentences
/s/ Richard A.
−Removed: /s/ Michael D.
+Added: /s/ Michael Verdeschi
+Added: Michael Verdeschi,
President and Chief Executive Officer and Director
16 unchanged sentences
Herringer, Director
−Removed: Martin-Flickinger /s/ Todd M.
−Removed: Martin-Flickinger, Director Todd M.
−Removed: Ricketts, Director
−Removed: /s/ Charles A.
−Removed: /s/ Arun Sarin
+Added: Martin-Flickinger /s/ Charles A.
+Added: Martin-Flickinger, Director Charles A.
Ruffel, Director
+Added: /s/ Arun Sarin
+Added: /s/ Carrie Schwab-Pomerantz
Arun Sarin, Director
−Removed: /s/ Carrie Schwab-Pomerantz /s/ Paula A.
−Removed: Carrie Schwab-Pomerantz, Director Paula A.
+Added: Carrie Schwab-Pomerantz, Director
Sneed, Director
19 unchanged sentences
Receivables from brokerage clients (1)
+Added: 87,300 5,700 6.44 % 70,811 5,420 7.53 % 61,914 4,793 7.64 %
Available for sale securities (2)
17 unchanged sentences
Payables to brokerage clients (1)
+Added: 94,884 244 0.26 % 72,776 272 0.37 % 66,842 271 0.41 %
Other short-term borrowings
15 unchanged sentences
Net yield on interest-earning assets 2.74 % 2.12 % 1.98 %
+Added: (1) Beginning in the fourth quarter of 2025, average balances of client margin loans and short credits related to certain client long/short strategies from which the Company earns a fixed net yield are excluded from interest-earning assets and funding sources.
+Added: Average margin loans and average short credits related to these client strategies totaled $2.8 billion for the year ended December 31, 2025.
+Added: Interest revenue and expense related to these client strategies are presented in other interest revenue and other interest expense, respectively.
+Added: The amounts and average yields for 2025 have been reclassified and recalculated to reflect this change.
+Added: Prior-year amounts were not impacted by this change.
(2) Amounts have been calculated based on amortized cost.
1 unchanged sentence
(4) Average balance calculation based on month end balances.
−Removed: (4) Non-interest-earning assets include equipment, office facilities, and property – net, goodwill, acquired intangible assets – net, and other assets that do not generate interest income.
−Removed: (5) Beginning in 2024, payables to brokers, dealers, and clearing organizations is presented separately from non-interest-bearing liabilities and included in total interest-bearing liabilities.
−Removed: This line item includes securities loaned and related interest expense.
−Removed: Prior period amounts have been reclassified to reflect this change.
−Removed: (6) Non-interest-bearing liabilities consist of other liabilities that do not generate interest expense.
(5) Average rate calculation based on total funding sources.
16 unchanged sentences
Receivables from brokerage clients (2)
+Added: 1,242 (962) 280 680 (53) 627
Available for sale securities (3)
6 unchanged sentences
Other interest revenue (2)
+Added: — 88 88 — 9 9
Total interest-earning assets $ 1,520 $ (1,553) $ (33) $ (628) $ 54 $ (574)
2 unchanged sentences
Payables to brokers, dealers, and clearing organizations 418 (89) 329 131 94 225
−Removed: 131 94 225 (11) 110 99
Payables to brokerage clients (2)
−Removed: Other short-term borrowings
82 (110) (28) 24 (23) 1
+Added: Other short-term borrowings (117) (63) (180) 105 24 129
Federal Home Loan Bank borrowings (820) (69) (889) (602) 37 (565)
−Removed: (602) 37 (565) 1,494 210 1,704
Long-term debt (73) 63 (10) 14 117 131
Other interest expense (2)
−Removed: Total sources on which interest is paid (4)
— 106 106 — (1) (1)
+Added: Total sources on which interest is paid (733) (1,906) (2,639) (881) 590 (291)
Change in net interest revenue $ 2,253 $ 353 $ 2,606 $ 253 $ (536) $ (283)
−Removed: $ 253 $ (536) $ (283) $ (3,629) $ 2,374 $ (1,255)
Changes that are not due solely to volume or rate have been allocated to rate.
(1) Includes deposits with banks and short-term investments.
+Added: (2) Beginning in the fourth quarter of 2025, average balances of client margin loans and short credits related to certain client long/short strategies from which the Company earns a fixed net yield are excluded from interest-earning assets and funding sources.
+Added: Interest revenue and expense related to these client strategies are presented in other interest revenue and other interest expense, respectively.
+Added: The amounts and average yields for 2025 have been reclassified and recalculated to reflect his change.
+Added: Prior-year amounts were not impacted by this change.
(3) Amounts have been calculated based on amortized cost.
(4) Includes average principal balances of nonaccrual loans.
−Removed: (4) Beginning in 2024, payables to brokers, dealers, and clearing organizations is presented separately within total sources on which interest is paid.
−Removed: This line item includes securities loaned and related interest expense.
−Removed: Prior period amounts have been reclassified to reflect this change.
THE CHARLES SCHWAB CORPORATION
15 unchanged sentences
Maturities in the above table are based upon the contractual terms of the loans.
+Added: Substantially all pledged asset lines are payable on demand.
The maturities for HELOCs are based on 30-year loan terms, with an initial draw period of ten years, followed by a 20-year amortizing period.
19 unchanged sentences
Maturities in the above table are based upon the contractual terms of the loans.
+Added: Substantially all pledged asset lines are payable on demand.
The maturities for HELOCs are based on 30-year loan terms, with an initial draw period of ten years, followed by a 20-year amortizing period.
19 unchanged sentences
Total $ 50,595 — $ 42,255 — $ 40,234 —
−Removed: The increase in the Company’s average loan portfolio in the periods presented has been driven by growth in First Mortgages and PALs, with a slight decrease in PALs in 2023.
−Removed: Growth in these loan types is due in large part to overall growth in Schwab’s client base and net new client assets during the periods presented.
−Removed: Although nonaccrual First Mortgages outstanding increased in 2024 compared to 2023, the ratios of the allowance for credit losses to year-end loans and nonaccrual loans decreased primarily due to the decrease in the allowance for credit losses resulting from a decrease in projected loss rates and improved credit quality metrics in the Company’s bank loans portfolio in recent years as discussed in Part II – Item 8 – Note 7.
−Removed: The following table presents the allocation of the allowance for credit losses for bank loans and loans by category as a percentage of total bank loans:
+Added: The increase in the Company’s average loan portfolio in the years presented was driven by growth in First Mortgages and PALs.
+Added: Growth in these loan types was due in large part to overall growth in Schwab’s client base and net new client assets, as well as an increase in the average loan amount, during the years presented.
+Added: The ratio of nonaccrual loans to total year-end loans decreased due to the growth in total year-end loans exceeding the change in nonaccrual loans.
+Added: The ratios of the allowance for credit losses to year-end loans and nonaccrual loans increased primarily due to the increase in the allowance for credit losses resulting from an increase in projected loss rates in the Company’s bank loans portfolio as discussed in Part II – Item 8 – Note 7.
+Added: The following table presents the allocation of the allowance for credit losses on bank loans and loans by category as a percentage of total bank loans.
+Added: See Part II – Item 8 – Note 7 for loan balances by category and in total.
December 31, 2025 2024
18 unchanged sentences
— — 37,390 5.22 %
−Removed: Interest-bearing demand deposits (1)
−Removed: — — 37,386 0.41 %
Total $ 203,770 $ 237,464
−Removed: (1) Interest-bearing demand deposits did not exceed ten percent of average total bank deposits for the year ended December 31, 2024.
+Added: (1) Time certificates of deposit did not exceed ten percent of average total bank deposits for the year ended December 31, 2025.
As of December 31, 2025 and 2024, uninsured bank deposits totaled approximately $35.2 billion and $32.7 billion, respectively.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.