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STATE STREET CORP

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stt-2018930_10q.htm exhibit31articlesofcorpo.htm exhibit41depositagreemen.htm exhibit12earningstofixedch.htm exhibit15consent-september.htm stt-20180930.xml

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STATE STREET CORP

Statements

Exhibits

stt-2018930_10q.htm exhibit31articlesofcorpo.htm exhibit41depositagreemen.htm exhibit12earningstofixedch.htm exhibit15consent-september.htm stt-20180930.xml

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Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Fee revenue:
Servicing fees	$ 1,333	$ 1,351	$ 4,135	$ 3,986
Management fees	474	419	1,411	1,198
Trading services	288	259	907	823
Securities finance	128	147	423	459
Processing fees and other	57	66	140	209
Total fee revenue	2,280	2,242	7,016	6,675
Net interest income:
Interest income	916	761	2,680	2,111
Interest expense	244	158	706	423
Net interest income	672	603	1,974	1,688
Gains (losses) related to investment securities, net:
Gains (losses) from sales of available-for-sale securities, net	0	1	8	(39)
Losses from other-than-temporary impairment	1	0	2	0
Gains (losses) related to investment securities, net	(1)	1	6	(39)
Total revenue	2,951	2,846	8,996	8,324
Provision for loan losses	5	3	7	4
Expenses:
Compensation and employee benefits	1,103	1,090	3,477	3,327
Information systems and communications	332	296	968	866
Transaction processing services	236	215	724	619
Occupancy	110	118	354	344
Acquisition and restructuring costs	0	33	0	133
Professional services	79	71	247	262
Amortization of other intangible assets	47	54	145	160
Other	172	144	579	427
Total expenses	2,079	2,021	6,494	6,138
Income before income tax expense	867	822	2,495	2,182
Income tax expense	102	137	335	375
Net income	765	685	2,160	1,807
Net income available to common shareholders	$ 709	$ 629	$ 2,012	$ 1,659
Earnings per common share:
Basic (in USD per share)	$ 1.89	$ 1.69	$ 5.45	$ 4.41
Diluted (in USD per share)	$ 1.87	$ 1.66	$ 5.38	$ 4.35
Average common shares outstanding (in thousands):
Basic (in shares)	374,963	372,765	369,368	376,430
Diluted (in shares)	379,383	378,518	374,064	381,779
Cash dividends declared (in USD per share)	$ 0.47	$ 0.42	$ 1.31	$ 1.18

Consolidated Statement of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating Activities:
Net income	$ 2,160	$ 1,807
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Deferred income tax (benefit)	(98)	(217)
Amortization of other intangible assets	145	160
Other non-cash adjustments for depreciation, amortization and accretion, net	729	636
(Gains) losses related to investment securities, net	(6)	39
Change in trading account assets, net	92	(111)
Change in accrued interest and fees receivable, net	(97)	(399)
Change in collateral deposits, net	7,236	(1,232)
Change in unrealized losses on foreign exchange derivatives, net	(2,118)	1,136
Change in other assets, net	(64)	(2,063)
Change in accrued expenses and other liabilities, net	750	1,733
Other, net	95	368
Net cash provided by operating activities	8,824	1,857
Investing Activities:
Net decrease in interest-bearing deposits with banks	3,609	9,979
Net (increase) in securities purchased under resale agreements	(954)	(1,509)
Proceeds from sales of available-for-sale securities	15,712	7,122
Proceeds from maturities of available-for-sale securities	11,156	21,619
Purchases of available-for-sale securities	(17,949)	(20,891)
Proceeds from maturities of held-to-maturity securities	5,003	2,647
Purchases of held-to-maturity securities	(4,390)	(3,961)
Net (increase) in loans and leases	(53)	(3,859)
Business acquisitions, net of cash acquired	(63)	0
Purchases of equity investments and other long-term assets	(243)	(32)
Purchases of premises and equipment, net	(436)	(485)
Proceeds from sale of joint venture investment	0	172
Other, net	39	77
Net cash provided by investing activities	11,431	10,879
Financing Activities:
Net increase (decrease) in time deposits	1,606	(16,790)
Net (decrease) increase in all other deposits	(18,304)	8,890
Net increase (decrease) in other short-term borrowings	(1,287)	(865)
Proceeds from issuance of long-term debt, net of issuance costs	0	747
Payments for long-term debt and obligations under capital leases	(1,032)	(482)
Proceeds from issuance of preferred stock	495	0
Proceeds from issuance of common stock	1,150	0
Purchases of common stock	(350)	(942)
Repurchases of common stock for employee tax withholding	113	(101)
Payments for cash dividends	(608)	(577)
Other, net	0	9
Net cash (used in) financing activities	(18,217)	(10,111)
Net increase	2,038	2,625
Cash and due from banks at beginning of period	2,107	1,314
Cash and due from banks at end of period	$ 4,145	$ 3,939

Commitments and Guarantees - Contractual Amounts of Credit-Related Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Unfunded credit facilities	$ 27,782	$ 26,488
Indemnified securities financing	380,389	381,817
Stable value protection	26,313	26,653
Standby letters of credit	$ 3,006	$ 3,158