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STT » Topics » Note 11. Net Interest Revenue

This excerpt taken from the STT 10-Q filed May 4, 2009.

Note 12.    Net Interest Revenue

 

     Three Months Ended
March 31,
(In millions)        2009            2008    

Interest revenue:

      

Deposits with banks

    $ 53    $ 179

Investment securities:

      

U.S. Treasury and federal agencies

      211      276

State and political subdivisions

      58      58

Other investments

      311      502

Securities purchased under resale agreements and federal funds sold

      8      143

Loans and leases

      43      117

Trading account assets

      17      13

Interest revenue associated with AMLF

      24      —

Other interest-earning assets

      13      —
             

Total interest revenue

      738      1,288

Interest expense:

      

Deposits

      65      464

Short-term borrowings

      32      139

Long-term debt

      60      60

Interest expense associated with AMLF

      17      —
             

Total interest expense

      174      663
             

Net interest revenue

    $ 564    $ 625
             

 

67

Table of Contents

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(UNAUDITED)

 

68

 

This excerpt taken from the STT 10-K filed Feb 27, 2009.

Note 18.    Net Interest Revenue

 

(In millions)    2008    2007    2006

Interest revenue:

         

Deposits with banks

    $ 760    $ 416    $ 414

Investment securities:

         

U.S. Treasury and federal agencies

      889      1,106      1,011

State and political subdivisions

      246      205      88

Other investments

      1,931      2,292      1,830

Securities purchased under resale agreements and federal funds sold

      339      756      663

Loans and leases(1)

      269      382      270

Trading account assets

      78      55      48

Interest revenue associated with AMLF

      367      —      —
                    

Total interest revenue

      4,879      5,212      4,324

Interest expense:

         

Deposits

      1,326      2,298      1,891

Short-term borrowings

      375      959      1,145

Long-term debt

      229      225      178

Interest expense associated with AMLF

      299      —      —
                    

Total interest expense

      2,229      3,482      3,214
                    

Net interest revenue

    $ 2,650    $ 1,730    $ 1,110
                    

 

(1) Interest revenue for loans and leases for the year ended December 31, 2008 reflects a cumulative reduction of $98 million recorded in connection with our SILO lease transactions. Additional information about our SILO lease transactions is provided in note 11.
This excerpt taken from the STT 10-Q filed May 9, 2008.

Note 11.    Net Interest Revenue

        Net interest revenue consisted of the following for the periods indicated:

 
   Three Months Ended
March 31,
(In millions)
   2008
   2007
Interest revenue:            
Deposits with banks   $ 179   $ 73
Investment securities:            
  U.S. Treasury and federal agencies     276     257
  State and political subdivisions     58     40
  Other investments     502     520
Securities purchased under resale agreements and federal funds sold     143     196
Loans and leases     117     75
Trading account assets     13     11
   
 
Total interest revenue     1,288     1,172

Interest expense:
 
 
 
 
 
 
Deposits     464     511
Other borrowings     139     291
Long-term debt     60     45
   
 
Total interest expense     663     847
   
 
Net interest revenue   $ 625   $ 325
   
 

56

STATE STREET CORPORATION

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(UNAUDITED)

This excerpt taken from the STT 10-K filed Feb 15, 2008.

Note 16.    Net Interest Revenue

(In millions)
   2007
   2006
   2005
Interest revenue:                  
Deposits with banks   $ 416   $ 414   $ 529
Investment securities:                  
  U.S. Treasury and federal agencies     1,106     1,011     866
  State and political subdivisions     205     88     58
  Other investments     2,292     1,830     873
Securities purchased under resale agreements and federal funds sold     756     663     412
Loans and leases     382     270     171
Trading account assets     55     48     21
   
 
 
Total interest revenue     5,212     4,324     2,930

Interest expense:
 
 
 
 
 
 
 
 
 
Deposits     2,298     1,891     1,132
Other short-term borrowings     959     1,145     753
Long-term debt     225     178     138
   
 
 
Total interest expense     3,482     3,214     2,023
   
 
 
Net interest revenue   $ 1,730   $ 1,110   $ 907
   
 
 
This excerpt taken from the STT 10-Q filed Nov 2, 2007.

Note 11.    Net Interest Revenue

        Net interest revenue consisted of the following for the periods indicated:

 
   Three Months Ended
September 30,
   Nine Months Ended
September 30,
(In millions)

   2007
   2006
   2007
   2006
Interest Revenue:                        
Deposits with banks   $ 115   $ 102   $ 252   $ 325
Investment securities:                        
  U.S. Treasury and federal agencies     301     251     797     747
  State and political subdivisions     59     18     147     54
  Other investments     609     491     1,697     1,306
Securities purchased under resale agreements and federal funds sold     195     161     574     437
Loans and leases     87     66     251     191
Trading account assets     17     14     40     38
   
 
 
 
Total interest revenue     1,383     1,103     3,758     3,098

Interest Expense:
 
 
 
 
 
 
 
 
 
 
 
 
Deposits     638     513     1,654     1,354
Other borrowings     219     279     762     818
Long-term debt     62     45     168     132
   
 
 
 
Total interest expense     919     837     2,584     2,304
   
 
 
 
Net interest revenue   $ 464   $ 266   $ 1,174   $ 794
   
 
 
 
This excerpt taken from the STT 10-K filed Feb 20, 2007.

Net Interest Revenue

In servicing sophisticated global investors, we provide short-term funds management, deposit services and repurchase agreements for cash positions associated with our customers’ investing activities.

This excerpt taken from the STT 10-Q filed May 6, 2005.

Net Interest Revenue

Net interest revenue for the first quarter of 2005 was $212 million, up $9 million, or 4%, from the first quarter of 2004. Net interest revenue in the first quarter of 2004 included a $19 million reduction in interest revenue due to a change in the applicable state tax rate for leveraged lease transactions. Excluding this reduction from 2004 results, net interest income would have declined by $10 million. The decline was principally due to the rising interest-rate environment driven by the seven federal funds rate increases over the past fifteen months, offset partially by an increase in the size and changes in the composition of the investment securities portfolio. At March 31, 2005, State Street's investment securities portfolio included a higher percentage of mortgage-backed and floating rate, asset-backed securities than a year earlier, and a lower percentage of U.S. Treasuries and direct obligations of federal agencies. The shift in the portfolio was designed to better position the Corporation in a rising interest rate environment.

 
   Three Months Ended March 31,
  
 
   2005
   2004
  
(Dollars in millions)
   Average
Balance
   Rate(1)
   Average
Balance
   Rate(1)
  
Interest-earning assets   $ 86,551   2.87 % $ 81,748   1.95 %
Interest-bearing liabilities     76,896   2.06     72,948   1.00  
         
       
 
Excess of rates earned over rates paid         .81 %       .95 %
         
       
 
Net interest margin         1.04 %       1.06 %
(1)
Rates were calculated on a taxable-equivalent basis where the tax savings generated by tax-exempt investments was recorded as net interest revenue, with a corresponding charge to income tax expense. Tax savings were computed using a federal income tax rate of 35%, adjusted for applicable state income taxes, net of the related federal tax benefit.

EXCERPTS ON THIS PAGE:

10-Q
May 4, 2009
10-K
Feb 27, 2009
10-Q
May 9, 2008
10-K
Feb 15, 2008
10-Q
Nov 2, 2007
10-K
Feb 20, 2007
10-Q
May 6, 2005

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