Charles Schwab (SCHW) reported fourth quarter earnings that rose from $319 million a year ago to $350 million this year. That $350 million figure is a record quarterly profit for Schwab. Earnings amounted to 25 cents per share versus 23 cents in the same period a year ago. Analysts were expecting 24 cents per share, so Schwab delivered a bit of an upside surprise. Revenues for the quarter came in at $1.55 billion vs. analysts estimates of $1.53 billion.

Trading revenue from commissions and bond markups grew six percent to $297 million. Trades generating fees in advisory accounts surged 27 percent to $63 million. Interest revenue was reported at $584 million, which was far higher than expected. Pre-tax profit margin was 35.7 percent at Schwab in the fourth quarter. One area of disappointment was expenses. Schwab reported expenses were up by six percent in the quarter to a level of $997 million.

For the full year in 2014, Schwab saw an increase of $214 billion in total client assets. Schwab now has $2.46 trillion in total client assets. The company recorded record net income of $1.3 billion in 2014. That was up 23 percent from the company’s 2013 earnings.

Schwab reported pre-tax profit margin of 34.9 percent for the year in 2014, but on the conference call the company warned that level likely isn’t sustainable. Schwab CFB Joe Martinetto said the company expects to invest in more projects and services moving forward.

What did the results of 2014 show? Martinetto said, “Schwab’s 2014 results reflect our financial ‘formula’ hitting its stride.”

Click here for the full press release from Charles Schwab’s fourth quarter earnings.