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STATE STREET CORP

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stt-2018630_10q.htm exhibit31articlesofcorpo.htm exhibit101directorcomp.htm exhibit12earningstofixedch.htm exhibit15consent-june302018.htm exhibit311-june302018.htm exhibit312-june302018.htm exhibit32-june302018.htm stt-20180630.xml

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STATE STREET CORP

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Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fee revenue:
Servicing fees	$ 1,381	$ 1,339	$ 2,802	$ 2,635
Management fees	465	397	937	779
Trading services	315	289	619	564
Securities finance	154	179	295	312
Processing fees and other	43	31	83	143
Total fee revenue	2,358	2,235	4,736	4,433
Net interest income:
Interest income	907	700	1,764	1,350
Interest expense	248	125	462	265
Net interest income	659	575	1,302	1,085
Gains (losses) related to investment securities, net:
Gains (losses) from sales of available-for-sale securities, net	9	0	8	(40)
Losses from other-than-temporary impairment	0	0	1	0
Gains (losses) related to investment securities, net	9	0	7	(40)
Total revenue	3,026	2,810	6,045	5,478
Provision for loan losses	2	3	2	1
Expenses:
Compensation and employee benefits	1,125	1,071	2,374	2,237
Information systems and communications	321	283	636	570
Transaction processing services	246	207	488	404
Occupancy	124	116	244	226
Acquisition and restructuring costs	0	71	0	100
Professional services	89	97	168	191
Amortization of other intangible assets	48	54	98	106
Other	206	132	407	283
Total expenses	2,159	2,031	4,415	4,117
Income before income tax expense (benefit)	865	776	1,628	1,360
Income tax expense (benefit)	131	156	233	238
Net income	734	620	1,395	1,122
Net income available to common shareholders	$ 698	$ 584	$ 1,303	$ 1,030
Earnings per common share:
Basic (in USD per share)	$ 1.91	$ 1.56	$ 3.55	$ 2.72
Diluted (in USD per share)	$ 1.88	$ 1.53	$ 3.51	$ 2.69
Average common shares outstanding (in thousands):
Basic (in shares)	365,619	375,395	366,524	378,293
Diluted (in shares)	370,410	380,915	371,415	383,489
Cash dividends declared (in USD per share)	$ 0.42	$ 0.38	$ 0.84	$ 0.76

Consolidated Statement of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating Activities:
Net income	$ 1,395	$ 1,122
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Deferred income tax (benefit)	(93)	(56)
Amortization of other intangible assets	98	106
Other non-cash adjustments for depreciation, amortization and accretion, net	489	415
(Gains) losses related to investment securities, net	(7)	40
Change in trading account assets, net	(67)	128
Change in accrued interest and fees receivable, net	13	(161)
Change in collateral deposits, net	3,159	(1,047)
Change in unrealized losses on foreign exchange derivatives, net	(2,956)	3,578
Change in other assets, net	(276)	(1,787)
Change in accrued expenses and other liabilities, net	1,379	1,354
Other, net	268	307
Net cash provided by operating activities	3,402	3,999
Investing Activities:
Net (increase) decrease in interest-bearing deposits with banks	(9,139)	7,318
Net (increase) in securities purchased under resale agreements	(342)	(1,216)
Proceeds from sales of available-for-sale securities	15,687	4,354
Proceeds from maturities of available-for-sale securities	8,009	15,178
Purchases of available-for-sale securities	(15,459)	(14,880)
Proceeds from maturities of held-to-maturity securities	2,863	1,621
Purchases of held-to-maturity securities	(2,102)	(2,636)
Net (increase) in loans and leases	(819)	(4,587)
Purchases of equity investments and other long-term assets	(173)	(19)
Purchases of premises and equipment, net	(285)	(325)
Proceeds from sale of joint venture investment	0	172
Other, net	28	36
Net cash (used in) provided by investing activities	(1,732)	5,016
Financing Activities:
Net increase (decrease) in time deposits	2,727	(17,067)
Net (decrease) increase in all other deposits	(960)	11,320
Net increase (decrease) in other short-term borrowings	205	(664)
Proceeds from issuance of long-term debt, net of issuance costs	0	747
Payments for long-term debt and obligations under capital leases	(1,024)	(471)
Purchases of common stock	(350)	(592)
Repurchases of common stock for employee tax withholding	(90)	(76)
Payments for cash dividends	(399)	(379)
Other, net	0	9
Net cash provided by (used in) financing activities	109	(7,173)
Net increase	1,779	1,842
Cash and due from banks at beginning of period	2,107	1,314
Cash and due from banks at end of period	$ 3,886	$ 3,156

Commitments and Guarantees - Contractual Amounts of Credit-Related Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Unfunded credit facilities	$ 26,654	$ 26,488
Indemnified securities financing	396,801	381,817
Stable value protection	26,252	26,653
Standby letters of credit	$ 2,955	$ 3,158