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Charles Schwab reported that its first quarter profits declined 29% to $218 million, or 19 cents per share, compared to a year earlier, when it earned $305 million, or 26 cents per share.

The results include a $26 million pre-tax gain relating to the repurchase of certain outstanding company debt, $14 million in pre-tax losses from mortgage- backed securities, and $59 million in pre-tax charges for severance, in order to reduce expenses.

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