Bank of New York Mellon Corp
For the period ended Mar 31, 2026. Filed May 1, 2026.
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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, 2026 · Filed May 1, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Net interest income
| Net interest income · % | ||||
|---|---|---|---|---|
| (dollars in millions) · 1Q26 · 1Q25 · change | ||||
| Net interest income | $1,370 | $1,159 | 18% | |
| Add: Tax equivalent adjustment | — | — | N/M | |
| Net interest income (FTE) – Non-GAAP (a) | $1,370 | $1,159 | 18% | |
| Average interest-earning assets | $396,310 | $354,687 | 12% | |
| Net interest margin | 1.38% | 1.30% | 8 | bps |
| Net interest margin (FTE) – Non-GAAP (a) | 1.38% | 1.30% | 8 | 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 18% compared with the first quarter of 2025, primarily reflecting the continued reinvestment of investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression.
Net interest margin increased 8 basis points compared with the first quarter of 2025, primarily reflecting the factors mentioned above.
Average interest-earning assets increased 12% compared with the first quarter of 2025, primarily
reflecting higher average investment securities, interest-bearing deposits with the Federal Reserve and other central banks and loan balances.
Average non-U.S. dollar deposits comprised approximately 25% of our average total deposits in the first quarter of 2026. Approximately 50% of the average non-U.S. dollar deposits in the first quarter of 2026 were euro-denominated.
8 BNY
| Average balances and interest rates | Quarter ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| March 31, 2026 · March 31, 2025 | |||||||||
| (dollars in millions; average rates are annualized) · Averagebalance · Interest · Averagerates · Average balance · Interest · Average rates | |||||||||
| Assets | |||||||||
| Interest-earning assets: | |||||||||
| Interest-bearing deposits with the Federal Reserve and other central banks | $97,886 | $781 | 3.19% | $86,038 | $826 | 3.84% | |||
| Interest-bearing deposits with banks | 12,049 | 68 | 2.30 | 10,083 | 84 | 3.39 | |||
| Federal funds sold and securities purchased under resale agreements (a) | 42,848 | 2,567 | 24.29 | 41,166 | 2,922 | 28.79 | |||
| Investment securities: | |||||||||
| U.S. government obligations | 34,521 | 299 | 3.50 | 26,614 | 230 | 3.49 | |||
| U.S. government agency obligations | 63,975 | 526 | 3.29 | 63,514 | 519 | 3.27 | |||
| Other securities | 55,405 | 473 | 3.45 | 51,403 | 462 | 3.62 | |||
| Total investment securities | 153,901 | 1,298 | 3.39 | 141,531 | 1,211 | 3.44 | |||
| Trading securities (b) | 8,568 | 90 | 4.26 | 6,199 | 81 | 5.29 | |||
| Loans | 81,058 | 1,020 | 5.09 | 69,670 | 999 | 5.80 | |||
| Total interest-earning assets (b) | $396,310 | $5,824 | 5.94% | $354,687 | $6,123 | 6.97% | |||
| Noninterest-earning assets | 65,618 | 61,157 | |||||||
| Total assets | $461,928 | $415,844 | |||||||
| Liabilities and equity | |||||||||
| Interest-bearing liabilities: | |||||||||
| Interest-bearing deposits | $263,497 | $1,554 | 2.39% | $234,394 | $1,722 | 2.98% | |||
| Federal funds purchased and securities sold under repurchase agreements (a) | 19,457 | 2,298 | 47.90 | 17,566 | 2,610 | 60.25 | |||
| Trading liabilities | 2,565 | 27 | 4.17 | 2,063 | 23 | 4.56 | |||
| Payables to customers and broker-dealers | 17,636 | 151 | 3.47 | 15,142 | 157 | 4.21 | |||
| Commercial paper | 1,945 | 19 | 3.97 | 1,279 | 14 | 4.51 | |||
| Other borrowed funds | 325 | 4 | 5.01 | 288 | 4 | 5.93 | |||
| Long-term debt | 32,542 | 401 | 4.93 | 31,216 | 434 | 5.57 | |||
| Total interest-bearing liabilities | $337,967 | $4,454 | 5.34% | $301,948 | $4,964 | 6.66% | |||
| Total noninterest-bearing deposits | 54,949 | 48,141 | |||||||
| Other noninterest-bearing liabilities | 24,116 | 23,808 | |||||||
| Total liabilities | 417,032 | 373,897 | |||||||
| Total The Bank of New York Mellon Corporation shareholders’ equity | 44,432 | 41,542 | |||||||
| Noncontrolling interests | 464 | 405 | |||||||
| Total liabilities and equity | $461,928 | $415,844 | |||||||
| Net interest income (FTE) – Non-GAAP (b)(c) | $1,370 | $1,159 | |||||||
| Net interest margin (FTE) – Non-GAAP (b)(c) | 1.38% | 1.30% | |||||||
| Less: Tax equivalent adjustment | — | — | |||||||
| Net interest income – GAAP | $1,370 | $1,159 | |||||||
| Net interest margin – GAAP | 1.38% | 1.30% | |||||||
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $233 billion for the first quarter of 2026 and $224 billion for the first quarter of 2025. 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 3.78% for the first quarter of 2026 and 4.46% for the first quarter of 2025. 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 3.70% for the first quarter of 2026 and 4.37% for the first quarter of 2025. 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 8 for the reconciliation of this Non-GAAP measure.
BNY 9
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