FINANCIAL HIGHLIGHTS

DOWNLOAD FINANCIAL HIGHLIGHTS (PDF)
DOWNLOAD FINANCIAL HIGHLIGHTS (PDF)
20222021percent change¹
FOR THE YEAR ENDED DECEMBER 31 ($ IN MILLIONS)
Revenues (Fully Taxable Equivalent Basis²)$ 6,806.8$ 6,500.15 %
Net Income1,336.01,545.3(14)%
Dividends Declared on Common Stock613.0593.93 %
Dividends Declared on Preferred Stock41.841.8— %
PER COMMON SHARE
Net Income - Basic$ 6.16$ 7.16(14)%
Net Income - Diluted6.147.14(14)%
Cash Dividends Declared per Common Share2.902.804 %
Book Value - End of Period49.7853.58(7)%
Market Price - End of Period88.49119.61(26)%
At Year-end ($ in millions)
Earning Assets$ 142,484.7$ 172,276.0(17)%
Total Assets155,036.7183,889.8(16)%
Deposits123,932.1159,928.4(23)%
Stockholders’ Equity11,259.512,016.8(6)%
Average Balances ($ in millions)
Earning Assets$ 138,839.0$ 143,873.0(3)%
Total Assets152,551.9156,363.2(2)%
Deposits125,592.4130,083.1(3)%
Stockholders’ Equity11,081.411,697.0(5)%
Client Assets at Year-End ($ in billions)
Assets Under Custody/Administration$ 13,604.0$ 16,248.8(16)%
Assets Under Custody10,604.612,612.3(16)%
Assets Under Management1,249.51,607.1(22)%
Financial Ratios and Metrics
Return on Average Common Equity12.7 %13.9 %
Return on Average Assets0.88 %0.99 %
Dividend Payout Ratio47.2 %39.2 %
Net Interest Margin (Fully Taxable Equivalent Basis²)1.39 %0.99 %
For the year ended December 31 ($ in Millions)
Revenues (Fully Taxable Equivalent Basis²)
20226,806.8
20216,500.1
PERCENT CHANGE¹5
Net income
20221,336.0
20211,545.3
PERCENT CHANGE¹(14)
Dividends Declared on Common Stock
2022613.0
2021593.9
PERCENT CHANGE¹3
Dividends Declared on Preferred Stock
202241.8
202141.8
PERCENT CHANGE¹—
PER COMMON SHARE
Net Income - Basic
20226.16
20217.16
PERCENT CHANGE¹(14)
Net Income - Diluted
20226.14
20217.14
PERCENT CHANGE¹(14)
Cash Dividends Declared per Common Share
20222.90
20212.80
PERCENT CHANGE¹4
Book Value - End of Period
202249.78
202153.58
PERCENT CHANGE¹(7)
Market Price - End of Period
202288.49
2021119.61
PERCENT CHANGE¹(26)
AT YEAR-END ($ IN MILLIONS)
Earning Assets
2022142,484.7
2021172,276.0
PERCENT CHANGE¹(17)
Total Assets
2022155,036.7
2021183,889.8
PERCENT CHANGE¹(16)
Deposits
2022123,932.1
2021159,928.4
PERCENT CHANGE¹(23)
Stockholders’ Equity
202211,259.5
202112,016.8
PERCENT CHANGE¹(6)
AVERAGE BALANCES ($ IN MILLIONS)
Earning Assets
2022138,839.0
2021143,873.0
PERCENT CHANGE¹(3)
Total Assets
2022152,551.9
2021156,363.2
PERCENT CHANGE¹(2)
Deposits
2022125,592.4
2021130,083.1
PERCENT CHANGE¹(3)
Stockholders’ Equity
202211,081.4
202111,697.0
PERCENT CHANGE¹(5)
CLIENT ASSETS AT YEAR-END ($ IN BILLIONS)
Assets Under Custody/Administration
202213,604.0
202116,248.8
PERCENT CHANGE¹(16)
Assets Under Custody
202210,604.6
202112,612.3
PERCENT CHANGE¹(16)
Assets Under Management
20221,249.5
20211,607.1
PERCENT CHANGE¹(22)
FINANCIAL RATIOS AND METRICS
Return on Average Common Equity
202212.7
202113.9
PERCENT CHANGE¹
Return on Average Assets
20220.88
20210.99
PERCENT CHANGE¹
Dividend Payout Ratio
202247.2
202139.2
PERCENT CHANGE¹
Net Interest Margin (Fully Taxable Equivalent Basis²)
20221.39
20210.99
PERCENT CHANGE¹
Capital Ratios
Common Equity Tier 1 Capital
December 31, 2022
Standardized Approach10.8
Advanced Approach11.5
December 31, 2021
Standardized Approach11.9
Advanced Approach13.2
Tier 1 Capital
December 31, 2022
Standardized Approach11.8
Advanced Approach12.5
December 21, 2021
Standardized Approach12.9
Advanced Approach14.3
Total Capital
December 31, 2022
Standardized Approach13.9
Advanced Approach14.5
December 21, 2021
Standardized Approach14.1
Advanced Approach15.3
Tier 1 Leverage
December 31, 2022
Standardized Approach7.1
Advanced Approach7.1
December 21, 2021
Standardized Approach6.9
Advanced Approach6.9
Supplementary Leverage
December 31, 2022
Standardized ApproachN/A
Advanced Approach7.9
December 21, 2021
Standardized ApproachN/A
Advanced Approach8.2
December 31, 2022December 31, 2021
Capital RatiosStandardized ApproachAdvanced ApproachStandardized ApproachAdvanced Approach
Common Equity Tier 1 Capital10.8 %11.5 %11.9 %13.2 %
Tier 1 Capital11.8 %12.5 %12.9 %14.3 %
Total Capital13.9 %14.5 %14.1 %15.3 %
Tier 1 Leverage7.1 %7.1 %6.9 %6.9 %
Supplementary LeverageN/A7.9 %N/A8.2 %

Percentage change calculations are based on actual balances rather than the rounded amounts presented.

Revenues and Net Interest Margin are presented on a fully taxable equivalent basis, a non-generally accepted accounting principle financial measure that facilitates the analysis of asset yields. A reconciliation of revenues and net interest margin on a GAAP basis to revenue and net interest margin on an FTE basis is provided here.

Note:

FY 2022 revenue includes $213.0 million of pre-tax investment securities losses recorded in Investment Security Gains (Losses), net, related to the intent to sell certain available-for-sale debt securities which were sold in January 2023. FY 2022 expenses include $44.1 million of pre-tax pension settlement charges, $32.0 million of pre-tax severance-related charges and $14.0 million of pre-tax occupancy charges.

FY 2021 revenue includes $13.0 million of pre-tax gains relating to property sales recorded in Other Operating Income. FY 2021 expenses include $27.9 million of pre-tax pension settlement charges and $8.5 million of pre-tax severance-related charges.