NEW YORK ( TheStreet) -- TD Ameritrade ( AMTD) reported a net income of $145 million, or 25 cents per diluted share, and net revenues of $656 million in its fiscal first quarter earnings.

The report was in line with analysts expectations of 25 cents per share on sales of $648 million.

The firm's stock closed down 24 cents at $20.65 Friday.

TD Ameritrade also reported net new client assets of $9.7 billion, up 11 percent from last year. However, average client trades per day were down two percent at 372,000.

During the first quarter the brokerage repurchased 3.2 million in shares at $15.94 for $50 million. In addition the company announed a dividend of 5 cents a share will be paid out to shareholders on February 15, 2011.

"Our strong cash position enabled us to effectively return 55 percent of our net income to shareholders through a share buyback and recently announced quarterly dividend," said TD Ameritrade CFO Bill Gerber in a press release.

--Written by Maria Woehr in New York.

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