EX-99.2 3 exhibit992-3q18earningsrel.htm EXHIBIT 99.2 Exhibit
Exhibit 99.2
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
September 30, 2018
 
Table of Contents
 
 
GAAP-Basis Financial Information:
Page
4-Year Summary of Results
Consolidated Financial Highlights
Consolidated Results of Operations
Consolidated Statement of Condition
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis - Year to Date
Assets Under Custody and Administration
Assets Under Management
 
 
Investment Portfolio:
 
Investment Portfolio Holdings by Asset Class
Investment Portfolio Non-U.S. Investments
 
 
Non-GAAP Financial Information:
 
Reconciliations of Non-GAAP Financial Information
Reconciliation of Pre-Tax Margin
Reconciliations of Constant Currency FX Impacts
 
 
Capital:
 
Reconciliation of Tangible Common Equity Ratio
Regulatory Capital
Reconciliations of Fully Phased-In Capital Ratios
Reconciliations of Supplementary Leverage Ratios
 
 
 
 
This financial information should be read in conjunction with State Street's news release dated October 19, 2018.
 
 





STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
4-YEAR SUMMARY OF RESULTS
 
 
 
(Dollars in millions, except per share amounts, or where otherwise noted)
 
2014
 
2015
 
2016
 
2017
Year ended December 31:
 
 
 
 
 
 
 
 
Total fee revenue
 
$
8,010

 
$
8,278

 
$
8,116

 
$
8,905

Net interest income
 
2,260

 
2,088

 
2,084

 
2,304

Gains (losses) related to investment securities, net
 
4

 
(6
)
 
7

 
(39
)
Total revenue
 
10,274

 
10,360

 
10,207

 
11,170

Provision for loan losses
 
10

 
12

 
10

 
2

Total expenses
 
7,827

 
8,050

 
8,077

 
8,269

Income before income tax expense
 
2,437

 
2,298

 
2,120

 
2,899

Income tax expense (benefit)
 
415

 
318

 
(22
)
 
722

Net income from non-controlling interest
 

 

 
1

 

Net income
 
2,022

 
1,980

 
2,143

 
2,177

Net income available to common shareholders
 
$
1,958

 
$
1,848

 
$
1,968

 
$
1,993

Per Common Share:
 
 
 
 
 
 
 
 
Diluted earnings per common share
 
$
4.53

 
$
4.47

 
$
4.97

 
$
5.24

Average diluted common shares outstanding (in thousands)
 
432,007

 
413,638

 
396,090

 
380,213

Cash dividends declared per common share
 
$
1.16

 
$
1.32

 
$
1.44

 
$
1.60

Closing price per share of common stock (at year end)
 
78.50

 
66.36

 
77.72

 
97.61

Balance Sheet, as of December 31:
 
 
 
 
 
 
 
 
Investment securities
 
$
112,636

 
$
100,022

 
$
97,167

 
$
97,579

Average total interest-earning assets
 
209,054

 
220,456

 
199,184

 
191,235

Total assets
 
274,089

 
245,155

 
242,698

 
238,425

Deposits
 
209,040

 
191,627

 
187,163

 
184,896

Long-term debt
 
10,012

 
11,497

 
11,430

 
11,620

Total shareholders' equity
 
21,328

 
21,103

 
21,219

 
22,317

Ratios and Other Metrics:
 
 
 
 
 
 
 
 
Return on average common equity
 
9.8
%
 
9.8
%
 
10.5
%
 
10.6
%
Pre-tax margin (GAAP-basis)
 
23.7

 
22.2

 
20.8

 
26.0

Pre-tax margin (historical Operating-basis)(1)
 
30.0

 
29.1

 
27.1

 
31.4

Net interest margin, fully taxable-equivalent basis
 
1.16

 
1.03

 
1.13

 
1.29

Common equity tier 1 ratio(2)
 
12.4

 
12.5

 
11.7

 
12.3

Tier 1 capital ratio(2)
 
14.5

 
15.3

 
14.8

 
15.5

Total capital ratio(2)
 
16.4

 
17.4

 
16.0

 
16.5

Tier 1 leverage ratio(2)
 
6.3

 
6.9

 
6.5

 
7.3

Supplementary leverage ratio(2)
 
5.6

 
6.2

 
5.9

 
6.5

Assets under custody and administration (in trillions)
 
$
28.19

 
$
27.51

 
$
28.77

 
$
33.12

Assets under management (in trillions)
 
2.45

 
2.25

 
2.47

 
2.78

 
 
 
 
 
 
 
 
 
(1) Refer to Reconciliations of Non-GAAP Financial Information page for details on non-GAAP metrics.
(2) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. See Reconciliation of Fully Phased-In Capital Ratios for details of reconciliations between these ratios and our fully phased-in ratios. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, Tier 1 and Total capital numbers.


2


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED FINANCIAL HIGHLIGHTS
 
 
 
Quarters
% Change
(Dollars in millions, except per share amounts, or where otherwise noted)
 
1Q17
 
2Q17
 
3Q17
 
4Q17
 
1Q18
 
2Q18
 
3Q18
 
3Q18
vs.
3Q17
 
3Q18
vs.
2Q18
Income Statement
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee revenue(1)
 
$
2,198

 
$
2,235

 
$
2,242

 
$
2,230

 
$
2,378

 
$
2,358

 
$
2,280

 
1.7
 %
 
 
(3.3
)%
 
Net interest income(1)
 
510

 
575

 
603

 
616

 
643

 
659

 
672

 
11.4

 
 
2.0

 
Gains (losses) related to investment securities, net
 
(40
)
 

 
1

 

 
(2
)
 
9

 
(1
)
 
nm

 
 
nm

 
Total revenue
 
2,668

 
2,810

 
2,846

 
2,846

 
3,019

 
3,026

 
2,951

 
3.7

 
 
(2.5
)
 
Provision for loan losses
 
(2
)
 
3

 
3

 
(2
)
 

 
2

 
5

 
66.7

 
 
150.0

 
Total expenses(2)
 
2,086

 
2,031

 
2,021

 
2,131

 
2,256

 
2,159

 
2,079

 
2.9

 
 
(3.7
)
 
Income before income tax expense
 
584

 
776

 
822

 
717

 
763

 
865

 
867

 
5.5

 
 
0.2

 
Income tax expense
 
82

 
156

 
137

 
347

 
102

 
131

 
102

 
(25.5
)
 
 
(22.1
)
 
Net income
 
502

 
620

 
685

 
370

 
661

 
734

 
765

 
11.7

 
 
4.2

 
Net income available to common shareholders
 
$
446

 
$
584

 
$
629

 
$
334

 
$
605

 
$
698

 
$
709

 
12.7

 
 
1.6

 
Per Common Share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per common share
 
$
1.15

 
$
1.53

 
$
1.66

 
$
.89

 
$
1.62

 
$
1.88

 
$
1.87

 
12.7

 
 
(0.5
)
 
Average diluted common shares outstanding (in thousands)
 
386,417

 
380,915

 
378,518

 
375,477

 
372,619

 
370,410

 
379,383

 
0.2

 
 
2.4

 
Cash dividends declared per common share
 
$
.38

 
$
.38

 
$
.42

 
$
.42

 
$
.42

 
$
.42

 
$
.47

 
11.9

 
 
11.9

 
Closing price per share of common stock (as of quarter end)
 
79.61

 
89.73

 
95.54

 
97.61

 
99.73

 
93.09

 
83.78

 
(12.3
)
 
 
(10.0
)
 
At quarter-end:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
 
$
236,802

 
$
238,274

 
$
235,986

 
$
238,425

 
$
250,286

 
$
248,308

 
$
234,007

 
(0.8
)
 
 
(5.8
)
 
Investment securities
 
94,639

 
95,255

 
93,088

 
97,579

 
85,462

 
86,942

 
86,669

 
(6.9
)
 
 
(0.3
)
 
Deposits
 
183,465

 
181,416

 
179,263

 
184,896

 
191,517

 
186,663

 
168,198

 
(6.2
)
 
 
(9.9
)
 
Long-term debt
 
11,394

 
11,737

 
11,716

 
11,620

 
10,944

 
10,387

 
10,335

 
(11.8
)
 
 
(0.5
)
 
Total shareholders' equity
 
21,294

 
22,068

 
22,497

 
22,317

 
22,399

 
22,571

 
24,553

 
9.1

 
 
8.8

 
Securities On Loan (dollars in billions):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average securities on loan
 
$
368

 
$
384

 
$
383

 
$
397

 
$
397

 
$
406

 
$
386

 
0.8

 
 
(4.9
)
 
End-of-period securities on loan
 
378

 
376

 
385

 
389

 
405

 
404

 
386

 
0.3

 
 
(4.5
)
 
Ratios and Other Metrics:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average common equity
 
9.9
%
 
12.6
%
 
13.0
%
 
6.9
%
 
12.8
%
 
14.7
%
 
14.0
%
 
100

bps
 
(70
)
bps
Pre-tax margin (GAAP-basis)
 
21.9

 
27.6

 
28.9

 
25.2

 
25.3

 
28.6

 
29.4

 
50

 
 
80

 
Pre-tax margin (historical Operating-basis, excluding repositioning charges)(3)
 
26.1

 
33.3

 
32.9

 
33.1

 
27.4

 
33.0

 
31.4

 
(150
)
 
 
(160
)
 
Net interest margin, fully taxable-equivalent basis
 
1.17

 
1.27

 
1.35

 
1.38

 
1.40

 
1.46

 
1.48

 
13

 
 
2

 
Common equity tier 1 ratio(4)
 
11.2

 
12.0

 
12.6

 
12.3

 
12.1

 
12.4

 
14.0

 
140

 
 
160

 
Tier 1 capital ratio(4)
 
14.4

 
15.1

 
15.8

 
15.5

 
15.4

 
15.7

 
17.8

 
200

 
 
210

 
Total capital ratio(4)
 
15.4

 
16.2

 
16.9

 
16.5

 
16.3

 
16.4

 
18.6

 
170

 
 
220

 
Tier 1 leverage ratio(4)
 
6.8

 
7.0

 
7.4

 
7.3

 
6.9

 
7.1

 
8.1

 
70

 
 
100

 
Supplementary leverage ratio(4)
 
6.1

 
6.2

 
6.5

 
6.5

 
6.0

 
6.2

 
7.1

 
60

 
 
90

 
Assets under custody and administration (in billions)
 
$
29,833

 
$
31,037

 
$
32,110

 
$
33,119

 
$
33,284

 
$
33,867

 
$
33,996

 
5.9
 %
 
 
0.4
 %
 
Assets under management (in billions)
 
2,561

 
2,606

 
2,673

 
2,782

 
2,729

 
2,723

 
2,810

 
5.1

 
 
3.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Approximately $15 million of swap costs in 1Q18 were reclassified from processing fees and other revenue within fee revenue to net interest income to conform to current presentation. No other prior periods were revised.
(2) 2Q18 includes repositioning charges of approximately $77 million, including approximately $61 million within Compensation and employee benefits expense and $16 million within Occupancy expense.
 
 
 
 
(3) Refer to Reconciliations of Non-GAAP Financial Information page for details on non-GAAP metrics.
(4) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. See Reconciliation of Fully Phased-In Capital Ratios for details of reconciliations between these ratios and our fully phased-in ratios. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, Tier 1 and Total capital numbers.
nm Not meaningful

3


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters
 
% Change
 
Year-to-Date
 
% Change
(Dollars in millions, except per share amounts, or where otherwise noted)
 
1Q17
 
2Q17
 
3Q17
 
4Q17
 
1Q18
 
2Q18
 
3Q18
 
3Q18
vs.
3Q17
 
3Q18
vs.
2Q18
 
3Q17
 
3Q18
 
YTD 3Q18
vs.
YTD 3Q17
Reported Results
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Servicing fees
 
$
1,296

 
$
1,339

 
$
1,351

 
$
1,379

 
$
1,421

 
$
1,381

 
$
1,333

 
(1.3
)%
 
(3.5
)%
 
 
$
3,986

 
$
4,135

 
3.7
 %
Management fees
 
382

 
397

 
419

 
418

 
472

 
465

 
474

 
13.1

 
1.9

 
 
1,198

 
1,411

 
17.8

Trading services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total foreign exchange trading
 
164

 
178

 
150

 
149

 
181

 
194

 
169

 
12.7

 
(12.9
)
 
 
492

 
544

 
10.6

Total brokerage and other trading services
 
111

 
111

 
109

 
99

 
123

 
121

 
119

 
9.2

 
(1.7
)
 
 
331

 
363

 
9.7

Total trading services
 
275

 
289

 
259

 
248

 
304

 
315

 
288

 
11.2

 
(8.6
)
 
 
823

 
907

 
10.2

Securities finance
 
133

 
179

 
147

 
147

 
141

 
154

 
128

 
(12.9
)
 
(16.9
)
 
 
459

 
423

 
(7.8
)
Processing fees and other(1)
 
112

 
31

 
66

 
38

 
40

 
43

 
57

 
(13.6
)
 
32.6

 
 
209

 
140

 
(33.0
)
Total fee revenue(1)
 
2,198

 
2,235

 
2,242

 
2,230

 
2,378

 
2,358

 
2,280

 
1.7

 
(3.3
)
 
 
6,675

 
7,016

 
5.1

Net interest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
650

 
700

 
761

 
797

 
857

 
907

 
916

 
20.4

 
1.0

 
 
2,111

 
2,680

 
27.0

Interest expense(1)
 
140

 
125

 
158

 
181

 
214

 
248

 
244

 
54.4

 
(1.6
)
 
 
423

 
706

 
66.9

Net interest income(1)
 
510

 
575

 
603

 
616

 
643

 
659

 
672

 
11.4

 
2.0

 
 
1,688

 
1,974

 
16.9

Gains (losses) related to investment securities, net
 
(40
)
 

 
1

 

 
(2
)
 
9

 
(1
)
 
nm

 
nm

 
 
(39
)
 
6

 
nm

Total revenue
 
2,668

 
2,810

 
2,846

 
2,846

 
3,019

 
3,026

 
2,951

 
3.7

 
(2.5
)
 
 
8,324

 
8,996

 
8.1

Provision for loan losses
 
(2
)
 
3

 
3

 
(2
)
 

 
2

 
5

 
66.7

 
150.0

 
 
4

 
7

 
75.0

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Compensation and employee benefits(2)
 
1,166

 
1,071

 
1,090

 
1,067

 
1,249

 
1,125

 
1,103

 
1.2

 
(2.0
)
 
 
3,327

 
3,477

 
4.5

Information systems and communications
 
287

 
283

 
296

 
301

 
315

 
321

 
332

 
12.2

 
3.4

 
 
866

 
968

 
11.8

Transaction processing services
 
197

 
207

 
215

 
219

 
242

 
246

 
236

 
9.8

 
(4.1
)
 
 
619

 
724

 
17.0

Occupancy(2)
 
110

 
116

 
118

 
117

 
120

 
124

 
110

 
(6.8
)
 
(11.3
)
 
 
344

 
354

 
2.9

Acquisition and restructuring costs
 
29

 
71

 
33

 
133

 

 

 

 
(100.0
)
 

 
 
133

 

 
(100.0
)
Other
 
297

 
283

 
269

 
294

 
330

 
343

 
298

 
10.8

 
(13.1
)
 
 
849

 
971

 
14.4

Total expenses(3)
 
2,086

 
2,031

 
2,021

 
2,131

 
2,256

 
2,159

 
2,079

 
2.9

 
(3.7
)
 
 
6,138

 
6,494

 
5.8

Income before income tax expense
 
584

 
776

 
822

 
717

 
763

 
865

 
867

 
5.5

 
0.2

 
 
2,182

 
2,495

 
14.3

Income tax expense
 
82

 
156

 
137

 
347

 
102

 
131

 
102

 
(25.5
)
 
(22.1
)
 
 
375

 
335

 
(10.7
)
Net income
 
$
502

 
$
620

 
$
685

 
$
370

 
$
661

 
$
734

 
$
765

 
11.7

 
4.2

 
 
$
1,807

 
$
2,160

 
19.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 












4


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)
 
 
 
 
Quarters
 
% Change
 
Year-to-Date
 
% Change
(Dollars in millions, except per share amounts, or where otherwise noted)
 
1Q17
 
2Q17
 
3Q17
 
4Q17
 
1Q18
 
2Q18
 
3Q18
 
3Q18
vs.
3Q17
 
3Q18
vs.
2Q18
 
3Q17
 
3Q18
 
YTD 3Q18
vs.
YTD 3Q17
Adjustments to net income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends on preferred stock
 
$
(55
)
 
$
(36
)
 
$
(55
)
 
$
(36
)
 
$
(55
)
 
$
(36
)
 
$
(55
)
 
 %
 
 
52.8
 %
 
 
$
(146
)
 
$
(146
)
 
 %
 
Earnings allocated to participating securities
 
(1
)
 

 
(1
)
 

 
(1
)
 

 
(1
)
 

 
 
nm

 
 
(2
)
 
(2
)
 

 
Net income available to common shareholders
 
$
446

 
$
584

 
$
629

 
$
334

 
$
605

 
$
698

 
$
709

 
12.7

 
 
1.6

 
 
$
1,659

 
$
2,012

 
21.3

 
Earnings per common share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
1.17

 
$
1.56

 
$
1.69

 
$
.91

 
$
1.65

 
$
1.91

 
$
1.89

 
11.8

 
 
(1.0
)
 
 
$
4.41

 
$
5.45

 
23.6

 
Diluted
 
1.15

 
1.53

 
1.66

 
.89

 
1.62

 
1.88

 
1.87

 
12.7

 
 
(0.5
)
 
 
4.35

 
5.38

 
23.7

 
Average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
381,224

 
375,395

 
372,765

 
369,934

 
367,439

 
365,619

 
374,963

 
0.6

 
 
2.6

 
 
376,430

 
369,368

 
(1.9
)
 
Diluted
 
386,417

 
380,915

 
378,518

 
375,477

 
372,619

 
370,410

 
379,383

 
0.2

 
 
2.4

 
 
381,779

 
374,064

 
(2.0
)
 
Cash dividends declared per common share
 
$
.38

 
$
.38

 
$
.42

 
$
.42

 
$
.42

 
$
.42

 
$
.47

 
11.9

 
 
11.9

 
 
$
1.18

 
$
1.31

 
11.0

 
Closing price per share of common stock (as of quarter end)
 
79.61

 
89.73

 
95.54

 
97.61

 
99.73

 
93.09

 
83.78

 
(12.3
)
 
 
(10.0
)
 
 
95.54

 
83.78

 
(12.3
)
 
Financial ratios:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average common equity
 
9.9
%
 
12.6
%
 
13.0
%
 
6.9
%
 
12.8
%
 
14.7
%
 
14.0
%
 
100

bps
 
(70
)
bps
 
11.9
%
 
13.8
%
 
190

bps
Return on tangible common equity(4)
 
16.0

 
17.3

 
18.0

 
16.7

 
20.1

 
21.1

 
19.4

 
140

 
 
(170
)
 
 
18.0

 
19.4

 
140

 
Pre-tax margin (GAAP-basis)
 
21.9

 
27.6

 
28.9

 
25.2

 
25.3

 
28.6

 
29.4

 
50

 
 
80

 
 
26.2

 
27.7

 
150

 
Pre-tax margin (historical Operating-basis, excluding repositioning charges)(5)
 
26.1

 
33.3

 
32.9

 
33.1

 
27.4

 
33.0

 
31.4

 
(150
)
 
 
(160
)
 
 
30.8

 
30.6

 
(20
)
 
Effective tax rate(6)
14.0

 
20.1

 
16.7

 
48.4

 
13.5

 
15.1

 
11.8

 
(490
)
 
 
(330
)
 
 
17.2

 
13.4

 
(380
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Approximately $15 million of swap costs in 1Q18 were reclassified from processing fees and other revenue within fee revenue to net interest income to conform to current presentation. No other prior periods were revised.
(2) 2Q18 includes repositioning charges of approximately $77 million, including approximately $61 million within Compensation and employee benefits expense and $16 million within Occupancy expense.
(3)Excluding the impact of $33 million of restructuring costs in 3Q17, and of the new revenue recognition accounting standard of approximately $70 million in 3Q18, 3Q18 Total expenses increased 1% compared to 3Q17.  Excluding the impact of the $77 million repositioning charge in 2Q18, 3Q18 Total expenses were flat compared to 2Q18.
(4) Return on tangible common equity is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by tangible common equity.
(5) Refer to Reconciliations of Non-GAAP Financial Information pages for details on non-GAAP basis metrics.
(6) As a result of the enactment of the Tax Cuts and Jobs Act, the fourth quarter of 2017 included a one-time estimated net cost of $250 million. The GAAP-basis effective tax rate for the fourth quarter of 2017 excluding this one-time cost was 13.2%.
nm  Not meaningful




5


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION
 
 
 
 
 
 
 
 
 
Quarters
 
% Change
(Dollars in millions, except per share amounts)
 
1Q17
 
2Q17
 
3Q17
 
4Q17
 
1Q18
 
2Q18
 
3Q18
 
3Q18
vs.
3Q17
 
3Q18
vs.
2Q18
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
 
$
2,909

 
$
3,156

 
$
3,939

 
$
2,107

 
$
2,546

 
$
3,886

 
$
4,145

 
5.2
 %
 
6.7
 %
Interest-bearing deposits with banks
 
66,789

 
63,617

 
60,956

 
67,227

 
79,418

 
76,366

 
63,618

 
4.4

 
(16.7
)
Securities purchased under resale agreements
 
2,181

 
3,172

 
3,465

 
3,241

 
5,136

 
3,583

 
4,195

 
21.1

 
17.1

Trading account assets
 
945

 
896

 
1,135

 
1,093

 
1,178

 
1,160

 
1,001

 
(11.8
)
 
(13.7
)
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities available-for-sale
 
58,810

 
59,025

 
56,238

 
57,121

 
44,304

 
47,348

 
46,102

 
(18.0
)
 
(2.6
)
Investment securities held-to-maturity(1)
 
35,829

 
36,230

 
36,850

 
40,458

 
41,158

 
39,594

 
40,567

 
10.1

 
2.5

Total investment securities
 
94,639

 
95,255

 
93,088

 
97,579

 
85,462

 
86,942

 
86,669

 
(6.9
)
 
(0.3
)
Loans and leases, net(2)
 
22,486

 
24,307

 
23,581

 
23,240

 
29,528

 
24,069

 
23,312

 
(1.1
)
 
(3.1
)
Premises and equipment, net(3)
 
2,101

 
2,137

 
2,167

 
2,186

 
2,194

 
2,189

 
2,193

 
1.2

 
0.2

Accrued interest and fees receivable
 
2,690

 
2,805

 
3,043

 
3,099

 
3,183

 
3,086

 
3,196

 
5.0

 
3.6

Goodwill
 
5,855

 
5,945

 
5,997

 
6,022

 
6,068

 
5,973

 
6,016

 
0.3

 
0.7

Other intangible assets
 
1,710

 
1,693

 
1,658

 
1,613

 
1,578

 
1,500

 
1,461

 
(11.9
)
 
(2.6
)
Other assets
 
34,497

 
35,291

 
36,957

 
31,018

 
33,995

 
39,554

 
38,201

 
3.4

 
(3.4
)
Total assets
 
$
236,802

 
$
238,274

 
$
235,986

 
$
238,425

 
$
250,286

 
$
248,308

 
$
234,007

 
(0.8
)
 
(5.8
)
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Non-interest-bearing
 
$
56,786

 
$
50,957

 
$
49,850

 
$
47,175

 
$
57,025

 
$
52,316

 
$
41,893

 
(16.0
)
 
(19.9
)
   Interest-bearing -- U.S.
 
26,746

 
24,438

 
49,394

 
50,139

 
55,094

 
57,407

 
63,661

 
28.9

 
10.9

   Interest-bearing -- Non-U.S.
 
99,933

 
106,021

 
80,019

 
87,582

 
79,398

 
76,940

 
62,644

 
(21.7
)
 
(18.6
)
Total deposits
 
183,465

 
181,416

 
179,263

 
184,896

 
191,517

 
186,663

 
168,198

 
(6.2
)
 
(9.9
)
Securities sold under repurchase agreements
 
4,003

 
3,856

 
3,867

 
2,842

 
2,020

 
3,088

 
1,690

 
(56.3
)
 
(45.3
)
Other short-term borrowings
 
1,177

 
1,465

 
1,253

 
1,144

 
1,066

 
1,103

 
1,009

 
(19.5
)
 
(8.5
)
Accrued expenses and other liabilities
 
15,469

 
17,732

 
17,390

 
15,606

 
22,340

 
24,496

 
28,222

 
62.3

 
15.2

Long-term debt
 
11,394

 
11,737

 
11,716

 
11,620

 
10,944

 
10,387

 
10,335

 
(11.8
)
 
(0.5
)
Total liabilities
 
215,508

 
216,206

 
213,489

 
216,108

 
227,887

 
225,737

 
209,454

 
(1.9
)
 
(7.2
)
Shareholders' equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock, no par, 3,500,000 shares authorized:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series C, 5,000 shares issued and outstanding
 
491

 
491

 
491

 
491

 
491

 
491

 
491

 

 

Series D, 7,500 shares issued and outstanding
 
742

 
742

 
742

 
742

 
742

 
742

 
742

 

 

Series E, 7,500 shares issued and outstanding
 
728

 
728

 
728

 
728

 
728

 
728

 
728

 

 

Series F, 7,500 shares issued and outstanding
 
742

 
742

 
742

 
742

 
742

 
742

 
742

 

 

Series G, 5,000 shares issued and outstanding
 
493

 
493

 
493

 
493

 
493

 
493

 
493

 

 

Series H, 5,000 shares issued and outstanding