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STATE STREET CORP

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stt-20161231_10k.htm exhibit31restatedarticleso.htm exhibit102executivesupplem.htm exhibit1010managementsuppl.htm exhibit1013directorcompens.htm exhibit1014dojprosecutio.htm exhibit1019seniorexecutive.htm exhibit12earningstofixedch.htm exhibit21subsidiaries.htm exhibit23consent.htm stt-20161231.xml

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STATE STREET CORP

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Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fee revenue:
Servicing fees	$ 5,073	$ 5,153	$ 5,108
Management fees	1,292	1,174	1,207
Trading services	1,099	1,146	1,084
Securities finance	562	496	437
Processing fees and other	90	309	174
Total fee revenue	8,116	8,278	8,010
Net interest revenue:
Interest revenue	2,512	2,488	2,652
Interest expense	428	400	392
Net interest revenue	2,084	2,088	2,260
Gains (losses) related to investment securities, net:
Gains (losses) from sales of available-for-sale securities, net	10	(5)	15
Losses from other-than-temporary impairment	(2)	(1)	(1)
Losses reclassified (from) to other comprehensive income	(1)	0	(10)
Gains (losses) related to investment securities, net	7	(6)	4
Total revenue	10,207	10,360	10,274
Provision for loan losses	10	12	10
Expenses:
Compensation and employee benefits	4,353	4,061	4,060
Information systems and communications	1,105	1,022	976
Transaction processing services	800	793	784
Occupancy	440	444	461
Acquisition and restructuring costs	209	25	133
Professional services	379	490	440
Amortization of other intangible assets	207	197	222
Other	584	1,018	751
Total expenses	8,077	8,050	7,827
Income before income tax expense	2,120	2,298	2,437
Income tax expense (benefit)	(22)	318	415
Net income from non-controlling interest	1	0	0
Net income	2,143	1,980	2,022
Net income available to common shareholders	$ 1,968	$ 1,848	$ 1,958
Earnings per common share:
Basic (in USD per share)	$ 5.03	$ 4.53	$ 4.62
Diluted (in USD per share)	$ 4.97	$ 4.47	$ 4.53
Average common shares outstanding (in thousands):
Basic (in shares)	391,485	407,856	424,223
Diluted (in shares)	396,090	413,638	432,007
Cash dividends declared (in USD per share)	$ 1.44	$ 1.32	$ 1.16

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Activities:
Net income	$ 2,143	$ 1,980	$ 2,022
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Deferred income tax (benefit) expense	(358)	(168)	60
Amortization of other intangible assets	207	197	222
Other non-cash adjustments for depreciation, amortization and accretion, net	722	604	477
(Gains) losses related to investment securities, net	(7)	6	(4)
Change in trading account assets, net	(175)	75	(81)
Change in accrued interest and fees receivable, net	(298)	(104)	(119)
Change in collateral deposits, net	(18)	(6,662)	(4,362)
Change in unrealized (gains) losses on foreign exchange derivatives, net	(1,057)	982	(2,042)
Change in other assets, net	1,772	1,156	3,612
Change in accrued expenses and other liabilities, net	(1,147)	(48)	(635)
Other, net	506	579	289
Net cash provided by (used in) operating activities	2,290	(1,403)	(561)
Investing Activities:
Net (increase) decrease in interest-bearing deposits with banks	4,403	18,185	(29,266)
Net (increase) decrease in securities purchased under resale agreements	1,448	(1,014)	3,840
Proceeds from sales of available-for-sale securities	1,401	12,309	9,766
Proceeds from maturities of available-for-sale securities	30,070	28,025	36,120
Purchases of available-for-sale securities	(30,162)	(25,397)	(43,146)
Proceeds from maturities of available-for-sale securities	7,942	3,842	3,217
Purchases of held-to-maturity securities	(8,425)	(9,398)	(3,778)
Net increase in loans and leases	(924)	(561)	(4,785)
Business acquisitions	(437)	0	0
Purchases of equity investments and other long-term assets	(643)	(366)	(182)
Purchases of premises and equipment, net	(613)	(703)	(427)
Other, net	170	73	149
Net cash provided by (used in) investing activities	4,230	24,995	(28,492)
Financing Activities:
Net increase (decrease) in time deposits	8,488	(9,878)	54,404
Net decrease in all other deposits	(12,952)	(7,535)	(27,632)
Net increase (decrease) in other short-term borrowings	(268)	(7,074)	1,575
Proceeds from issuance of long-term debt, net of issuance costs	1,492	2,983	994
Payments for long-term debt and obligations under capital leases	(1,441)	(1,155)	(788)
Proceeds from issuance of preferred stock, net	493	742	1,470
Proceeds from exercises of common stock options	0	4	14
Purchases of common stock	(1,365)	(1,520)	(1,650)
Excess tax benefit related to stock-based compensation	13	70	72
Repurchases of common stock for employee tax withholding	(122)	(222)	(232)
Payments for cash dividends	(723)	(655)	(539)
Other, net	(28)	0	0
Net cash (used in) provided by financing activities	(6,413)	(24,240)	27,688
Net increase (decrease)	107	(648)	(1,365)
Cash and due from banks at beginning of period	1,207	1,855	3,220
Cash and due from banks at end of period	1,314	1,207	1,855
Supplemental disclosure:
Interest paid	441	385	398
Income taxes paid, net	$ 371	$ 211	$ 358

Commitments and Guarantees - Contractual Amounts of Credit-Related Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments to extend credit	$ 28,154	$ 26,570
Indemnified securities financing	360,452	320,436
Stable value protection	27,182	24,583
Standby letters of credit	$ 3,459	$ 4,700