Bank of New York Mellon Corp
For the period ended Mar 31, 2025. Filed May 2, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 2, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Net interest income
| Net interest income | |||||||
|---|---|---|---|---|---|---|---|
| 1Q25 vs. | |||||||
| (dollars in millions) · 1Q25 · 4Q24 · 1Q24 · 4Q24 · 1Q24 | |||||||
| Net interest income | $1,159 | $1,194 | $1,040 | (3)% | 11% | ||
| Add: Tax equivalent adjustment | — | 1 | — | N/M | N/M | ||
| Net interest income (FTE) – Non-GAAP (a) | $1,159 | $1,195 | $1,040 | (3)% | 11% | ||
| Average interest-earning assets | $354,687 | $357,768 | $346,133 | (1)% | 2% | ||
| Net interest margin | 1.30% | 1.32% | 1.19% | (2) | bps | 11 | bps |
| Net interest margin (FTE) – Non-GAAP (a) | 1.30% | 1.32% | 1.19% | (2) | bps | 11 | bps |
(a) Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP include the tax equivalent adjustments on tax-exempt income, which allows for comparisons of amounts arising from both taxable and tax-exempt sources and is consistent with industry practice. The adjustment to an FTE basis has no impact on net income.
bps – basis points.
Net interest income increased 11% compared with the first quarter of 2024 and decreased 3% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects the reinvestment of maturing investment securities at higher yields, partially offset by changes in deposit mix. The decrease compared with the fourth quarter of 2024 primarily reflects changes in balance sheet size and mix, partially offset by the continued reinvestment of maturing investment securities at higher yields.
Net interest margin increased 11 basis points compared with the first quarter of 2024 and decreased 2 basis points compared with the fourth quarter of 2024. The changes compared with the first quarter of 2024 and the fourth quarter of 2024 primarily reflect the factors mentioned above.
Average interest-earning assets increased 2% compared with the first quarter of 2024 and decreased 1% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects higher federal funds sold and securities purchased under resale agreements and higher securities balances, partially offset by lower interest-bearing deposits with the Federal Reserve and other central banks. The decrease compared with the fourth quarter of 2024 primarily reflects lower interest-bearing deposits with the Federal Reserve and other central banks, partially offset by higher federal funds sold and securities purchased under resale agreements and higher securities balances.
Average non-U.S. dollar deposits comprised approximately 25% of our average total deposits in the first quarter of 2025. Approximately 50% of the average non-U.S. dollar deposits in the first quarter of 2025 were euro-denominated.
BNY 9
| Average balances and interest rates | Quarter ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| March 31, 2025 · Dec. 31, 2024 · March 31, 2024 | ||||||||||||||
| (dollars in millions; average rates are annualized) · Averagebalance · Interest · Averagerates · Averagebalance · Interest · Averagerates · Average balance · Interest · Average rates | ||||||||||||||
| Assets | ||||||||||||||
| Interest-earning assets: | ||||||||||||||
| Interest-bearing deposits with the Federal Reserve and other central banks | $86,038 | $826 | 3.84% | $94,337 | $1,007 | 4.18% | $102,795 | $1,219 | 4.69% | |||||
| Interest-bearing deposits with banks | 10,083 | 84 | 3.39 | 10,479 | 94 | 3.54 | 11,724 | 121 | 4.16 | |||||
| Federal funds sold and securities purchased under resale agreements (a) | 41,166 | 2,922 | 28.79 | 37,939 | 2,977 | 31.22 | 27,019 | 2,433 | 36.22 | |||||
| Loans | 69,670 | 999 | 5.80 | 69,211 | 1,072 | 6.17 | 65,844 | 1,061 | 6.48 | |||||
| Securities: | ||||||||||||||
| U.S. government obligations | 26,614 | 230 | 3.49 | 27,223 | 237 | 3.47 | 27,242 | 250 | 3.70 | |||||
| U.S. government agency obligations | 63,514 | 519 | 3.27 | 63,166 | 524 | 3.31 | 63,135 | 508 | 3.22 | |||||
| Other securities | 51,403 | 462 | 3.62 | 49,675 | 468 | 3.76 | 43,528 | 435 | 4.01 | |||||
| Total investment securities | 141,531 | 1,211 | 3.44 | 140,064 | 1,229 | 3.50 | 133,905 | 1,193 | 3.57 | |||||
| Trading securities (b) | 6,199 | 81 | 5.29 | 5,738 | 89 | 6.13 | 4,846 | 69 | 5.75 | |||||
| Total securities (b) | 147,730 | 1,292 | 3.52 | 145,802 | 1,318 | 3.61 | 138,751 | 1,262 | 3.65 | |||||
| Total interest-earning assets (b) | $354,687 | $6,123 | 6.97% | $357,768 | $6,468 | 7.18% | $346,133 | $6,096 | 7.06% | |||||
| Noninterest-earning assets | 61,157 | 62,576 | 57,852 | |||||||||||
| Total assets | $415,844 | $420,344 | $403,985 | |||||||||||
| Liabilities and equity | ||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||
| Interest-bearing deposits | $234,394 | $1,722 | 2.98% | $235,281 | $1,934 | 3.27% | $228,897 | $2,187 | 3.84% | |||||
| Federal funds purchased and securities sold under repurchase agreements (a) | 17,566 | 2,610 | 60.25 | 17,599 | 2,678 | 60.52 | 16,133 | 2,243 | 55.91 | |||||
| Trading liabilities | 2,063 | 23 | 4.56 | 1,887 | 22 | 4.61 | 1,649 | 21 | 5.11 | |||||
| Other borrowed funds | 288 | 4 | 5.93 | 484 | 3 | 2.32 | 502 | 4 | 3.47 | |||||
| Commercial paper | 1,279 | 14 | 4.51 | 2,336 | 28 | 4.83 | 8 | — | 5.42 | |||||
| Payables to customers and broker-dealers | 15,142 | 157 | 4.21 | 13,672 | 163 | 4.77 | 12,420 | 146 | 4.74 | |||||
| Long-term debt | 31,216 | 434 | 5.57 | 31,506 | 445 | 5.58 | 31,087 | 455 | 5.82 | |||||
| Total interest-bearing liabilities | $301,948 | $4,964 | 6.66% | $302,765 | $5,273 | 6.92% | $290,696 | $5,056 | 6.99% | |||||
| Total noninterest-bearing deposits | 48,141 | 51,207 | 49,949 | |||||||||||
| Other noninterest-bearing liabilities | 23,808 | 24,790 | 23,005 | |||||||||||
| Total liabilities | 373,897 | 378,762 | 363,650 | |||||||||||
| Total The Bank of New York Mellon Corporation shareholders’ equity | 41,542 | 41,266 | 40,248 | |||||||||||
| Noncontrolling interests | 405 | 316 | 87 | |||||||||||
| Total liabilities and equity | $415,844 | $420,344 | $403,985 | |||||||||||
| Net interest income (FTE) – Non-GAAP (b)(c) | $1,159 | $1,195 | $1,040 | |||||||||||
| Net interest margin (FTE) – Non-GAAP (b)(c) | 1.30% | 1.32% | 1.19% | |||||||||||
| Less: Tax equivalent adjustment | — | 1 | — | |||||||||||
| Net interest income – GAAP | $1,159 | $1,194 | $1,040 | |||||||||||
| Net interest margin – GAAP | 1.30% | 1.32% | 1.19% | |||||||||||
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $224 billion for the first quarter of 2025, $208 billion for the fourth quarter of 2024 and $151 billion for the first quarter of 2024. On a Non-GAAP basis, excluding the impact of offsetting, the yield on federal funds sold and securities purchased under resale agreements would have been 4.46% for the first quarter of 2025, 4.82% for the fourth quarter of 2024 and 5.49% for the first quarter of 2024. On a Non-GAAP basis, excluding the impact of offsetting, the rate on federal funds purchased and securities sold under repurchase agreements would have been 4.37% for the first quarter of 2025, 4.73% for the fourth quarter of 2024 and 5.38% for the first quarter of 2024. We believe providing rates excluding the impact of netting is useful to investors as it is more reflective of the actual rates earned and paid.
(b) Average rates were calculated on an FTE basis, at tax rates of approximately 21%.
(c) See “Net interest income” on page 9 for the reconciliation of this Non-GAAP measure.
10 BNY
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