Exhibit 99.1
THE PNC FINANCIAL SERVICES GROUP, INC.
REVISED SUPPLEMENTAL QUARTERLY SEGMENT INFORMATION – 2016 QUARTERLY INFORMATION
(Unaudited)
| THE PNC FINANCIAL SERVICES GROUP, INC. | Page 1 |
Business Segment Descriptions (Unaudited)
Retail Banking provides deposit, lending, brokerage, investment management and cash management products and services to consumer and small business customers within our primary geographic markets. Our customers are serviced through our branch network, ATMs, call centers, online banking and mobile channels. The branch network is located primarily in Pennsylvania, Ohio, New Jersey, Michigan, Illinois, Maryland, Indiana, Florida, North Carolina, Kentucky, Washington, D.C., Delaware, Virginia, Georgia, Alabama, Missouri, Wisconsin and South Carolina. Deposit products include checking, savings and money market accounts and certificates of deposit. Lending products include residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans and personal loans and lines of credit. The residential mortgage loans are directly originated within our branch network and nationwide, and are typically underwritten to government agency and/or third-party standards, and either sold, servicing retained, or held on our balance sheet. Our mortgage servicing operation performs all functions related to servicing residential mortgage loans for investors and for loans we own. Brokerage, investment management and cash management products and services include managed accounts, education accounts, retirement accounts and trust and estate services.
Corporate & Institutional Banking provides lending, treasury management, and capital markets-related products and services to mid-sized and large corporations, government and not-for-profit entities. Lending products include secured and unsecured loans, letters of credit and equipment leases. Treasury management services include cash and investment management, receivables management, disbursement services, funds transfer services, information reporting and global trade services. Capital markets-related products and services include foreign exchange, derivatives, securities, loan syndications, mergers and acquisitions advisory and equity capital markets advisory related services. We also provide commercial loan servicing and technology solutions for the commercial real estate finance industry. Products and services are generally provided within our primary geographic markets, with certain products and services offered nationally and internationally.
Asset Management Group includes personal wealth management for high net worth and ultra high net worth clients and institutional asset management. Wealth management products and services include investment and retirement planning, customized investment management, private banking, tailored credit solutions, and trust management and administration for individuals and their families. Our Hawthorn unit provides multi-generational family planning including wealth strategy, investment management, private banking, tax and estate planning guidance, performance reporting and personal administration services to ultra high net worth families. Institutional asset management provides advisory, custody administration and retirement administration services. The business also offers PNC proprietary mutual funds and investment strategies. Institutional clients include corporations, unions, municipalities, non-profits, foundations and endowments, primarily located in our geographic footprint.
BlackRock, in which we hold an equity investment, is a leading publicly traded investment management firm providing a broad range of investment and risk management services to institutional and retail clients worldwide. Using a diverse platform of active and index investment strategies across asset classes, BlackRock develops investment outcomes and asset allocation solutions for clients. Product offerings include single- and multi-asset class portfolios investing in equities, fixed income, alternatives and money market instruments. BlackRock also offers an investment and risk management technology platform, risk analytics and advisory services and solutions to a broad base of institutional investors. Our equity investment in BlackRock provides us with an additional source of noninterest income and increases our overall revenue diversification. BlackRock is a publicly traded company, and additional information regarding its business is available in its filings with the Securities and Exchange Commission (SEC). At December 31, 2016, our economic interest in BlackRock was 22%.
| THE PNC FINANCIAL SERVICES GROUP, INC. | Page 2 |
Summary of Business Segment Income and Revenue (Unaudited) (a)
| Three months ended | ||||||||||||||||
| In millions | December 31 | September 30 | June 30 | March 31 | ||||||||||||
| Income (Loss) |
2016 | 2016 | 2016 | 2016 | ||||||||||||
| Retail Banking |
$ | 228 | $ | 224 | $ | 328 | $ | 243 | ||||||||
| Corporate & Institutional Banking |
545 | 509 | 457 | 398 | ||||||||||||
| Asset Management Group |
55 | 58 | 48 | 49 | ||||||||||||
| BlackRock |
142 | 144 | 132 | 114 | ||||||||||||
| Other (b) |
77 | 71 | 24 | 139 | ||||||||||||
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| Net income |
$ | 1,047 | $ | 1,006 | $ | 989 | $ | 943 | ||||||||
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| Revenue |
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| Retail Banking |
$ | 1,775 | $ | 1,816 | $ | 1,858 | $ | 1,755 | ||||||||
| Corporate & Institutional Banking |
1,393 | 1,352 | 1,344 | 1,258 | ||||||||||||
| Asset Management Group |
288 | 294 | 289 | 280 | ||||||||||||
| BlackRock |
185 | 189 | 170 | 141 | ||||||||||||
| Other (b) |
233 | 178 | 133 | 231 | ||||||||||||
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| Total revenue |
$ | 3,874 | $ | 3,829 | $ | 3,794 | $ | 3,665 | ||||||||
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| (a) | Our business information is presented based on our internal management reporting practices. Net interest income in business segment results reflects PNC’s internal funds transfer pricing methodology. Assets receive a funding charge and liabilities and capital receive a funding credit based on a transfer pricing methodology that incorporates product repricing characteristics, tenor and other factors. We periodically refine our internal methodologies as management reporting practices are enhanced. In the first quarter of 2017, we made certain adjustments to our internal funds transfer pricing methodology primarily relating to weighted average lives of certain non-maturity deposits. This change in methodology affected business segment results, primarily adversely impacting net interest income for Corporate & Institutional Banking and Retail Banking, offset by increased net interest income in Other. |
| (b) | Other includes residual activities that do not meet the criteria for disclosure as a separate reportable business, such as gains or losses related to BlackRock transactions, integration costs, asset and liability management activities including net securities gains or losses, other-than-temporary impairment of investment securities and certain trading activities, exited businesses, non-strategic consumer loan portfolios, private equity investments, intercompany eliminations, most corporate overhead, tax adjustments that are not allocated to business segments and differences between business segment performance reporting and financial statement reporting (GAAP), including the presentation of net income attributable to noncontrolling interests as the segments’ results exclude their portion of net income attributable to noncontrolling interests. |
| THE PNC FINANCIAL SERVICES GROUP, INC. | Page 3 |
Retail Banking (Unaudited) (a)
| Three months ended | ||||||||||||||||
| December 31 | September 30 | June 30 | March 31 | |||||||||||||
| Dollars in millions |
2016 | 2016 | 2016 | 2016 | ||||||||||||
| Income Statement |
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| Net interest income |
$ | 1,120 | $ | 1,136 | $ | 1,133 | $ | 1,122 | ||||||||
| Noninterest income |
655 | 680 | 725 | 633 | ||||||||||||
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| Total revenue |
1,775 | 1,816 | 1,858 | 1,755 | ||||||||||||
| Provision for credit losses |
87 | 102 | 36 | 72 | ||||||||||||
| Noninterest expense |
1,328 | 1,359 | 1,305 | 1,299 | ||||||||||||
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| Pretax earnings |
360 | 355 | 517 | 384 | ||||||||||||
| Income taxes |
132 | 131 | 189 | 141 | ||||||||||||
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| Earnings |
$ | 228 | $ | 224 | $ | 328 | $ | 243 | ||||||||
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| Average Balance Sheet |
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| Loans held for sale |
$ | 1,060 | $ | 1,050 | $ | 855 | $ | 801 | ||||||||
| Loans |
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| Consumer |
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| Home equity |
$ | 25,768 | $ | 26,005 | $ | 26,308 | $ | 26,743 | ||||||||
| Automobile |
11,868 | 11,353 | 10,978 | 10,787 | ||||||||||||
| Education |
5,289 | 5,454 | 5,642 | 5,865 | ||||||||||||
| Credit cards |
5,099 | 4,943 | 4,788 | 4,722 | ||||||||||||
| Other |
1,762 | 1,781 | 1,792 | 1,823 | ||||||||||||
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| Total consumer |
49,786 | 49,536 | 49,508 | 49,940 | ||||||||||||
| Commercial and commercial real estate |
11,082 | 11,201 | 11,562 | 11,801 | ||||||||||||
| Residential mortgage |
11,169 | 10,798 | 10,486 | 10,268 | ||||||||||||
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| Total loans |
$ | 72,037 | $ | 71,535 | $ | 71,556 | $ | 72,009 | ||||||||
| Total assets |
$ | 86,133 | $ | 85,789 | $ | 85,348 | $ | 86,213 | ||||||||
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| Deposits |
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| Noninterest-bearing demand |
$ | 29,422 | $ | 28,871 | $ | 28,165 | $ | 26,980 | ||||||||
| Interest-bearing demand |
39,170 | 38,494 | 38,850 | 37,815 | ||||||||||||
| Money market |
41,009 | 43,155 | 45,983 | 49,336 | ||||||||||||
| Savings |
32,111 | 29,268 | 26,128 | 21,780 | ||||||||||||
| Certificates of deposit |
14,150 | 14,601 | 15,018 | 15,320 | ||||||||||||
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| Total deposits |
$ | 155,862 | $ | 154,389 | $ | 154,144 | $ | 151,231 | ||||||||
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| Performance Ratios |
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| Return on average assets |
1.05 | % | 1.04 | % | 1.54 | % | 1.14 | % | ||||||||
| Noninterest income to total revenue |
37 | % | 37 | % | 39 | % | 36 | % | ||||||||
| Efficiency |
75 | % | 75 | % | 70 | % | 74 | % | ||||||||
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| (a) | See note (a) on page 2. |
| THE PNC FINANCIAL SERVICES GROUP, INC. | Page 4 |
Retail Banking (Unaudited) (Continued)
| Three months ended | ||||||||||||||||
| December 31 | September 30 | June 30 | March 31 | |||||||||||||
| Dollars in millions, except as noted |
2016 | 2016 | 2016 | 2016 | ||||||||||||
| Supplemental Noninterest Income Information |
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| Consumer services |
$ | 269 | $ | 267 | $ | 271 | $ | 254 | ||||||||
| Brokerage |
$ | 73 | $ | 73 | $ | 74 | $ | 75 | ||||||||
| Residential mortgage |
$ | 142 | $ | 160 | $ | 165 | $ | 100 | ||||||||
| Service charges on deposits |
$ | 165 | $ | 168 | $ | 155 | $ | 151 | ||||||||
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| Residential Mortgage Information |
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| Residential mortgage servicing statistics (in billions, except as noted) (a) |
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| Serviced portfolio balance (b) |
$ | 125 | $ | 126 | $ | 126 | $ | 125 | ||||||||
| Serviced portfolio acquisitions |
$ | 3 | $ | 5 | $ | 6 | $ | 5 | ||||||||
| MSR asset value (b) |
$ | 1.2 | $ | .8 | $ | .8 | $ | .9 | ||||||||
| MSR capitalization value (in basis points) (b) |
94 | 65 | 61 | 69 | ||||||||||||
| Servicing income: (in millions) |
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| Servicing fees, net (c) |
$ | 42 | $ | 45 | $ | 50 | $ | 55 | ||||||||
| Mortgage servicing rights valuation, net of economic hedge |
$ | 35 | $ | 30 | $ | 35 | $ | (8 | ) | |||||||
| Residential mortgage loan statistics |
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| Loan origination volume (in billions) |
$ | 3.0 | $ | 3.1 | $ | 2.6 | $ | 1.9 | ||||||||
| Loan sale margin percentage |
2.79 | % | 3.33 | % | 3.42 | % | 3.21 | % | ||||||||
| Percentage of originations represented by: |
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| Purchase volume (d) |
33 | % | 41 | % | 48 | % | 40 | % | ||||||||
| Refinance volume |
67 | % | 59 | % | 52 | % | 60 | % | ||||||||
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| Other Information (b) |
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| Customer-related statistics (average) |
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| Non-teller deposit transactions (e) |
51 | % | 50 | % | 48 | % | 47 | % | ||||||||
| Digital consumer customers (f) |
60 | % | 59 | % | 57 | % | 56 | % | ||||||||
| Credit-related statistics |
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| Nonperforming assets |
$ | 1,257 | $ | 1,220 | $ | 1,255 | $ | 1,298 | ||||||||
| Net charge-offs |
$ | 90 | $ | 89 | $ | 74 | $ | 97 | ||||||||
| Other statistics |
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| ATMs |
9,024 | 9,045 | 8,993 | 8,940 | ||||||||||||
| Branches (g) |
2,520 | 2,600 | 2,601 | 2,613 | ||||||||||||
| Universal branches (h) |
526 | 475 | 467 | 362 | ||||||||||||
| Brokerage account client assets (in billions) (i) |
$ | 44 | $ | 44 | $ | 44 | $ | 43 | ||||||||
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| (a) | Represents mortgage loan servicing balances for third parties and the related income. |
| (b) | Presented as of period end, except for customer-related statistics which are averages and residential mortgage loan statistics and net charge-offs which are for the three months ended. |
| (c) | Servicing fees net of impact of decrease in MSR value due to passage of time, including the impact from both regularly scheduled loan prepayments and loans that were paid down or paid off during the period. |
| (d) | Mortgages with borrowers as part of residential real estate purchase transactions. |
| (e) | Percentage of total consumer and business banking deposit transactions processed at an ATM or through our mobile banking application. |
| (f) | Represents consumer checking relationships that process the majority of their transactions through non-teller channels. |
| (g) | Excludes stand-alone mortgage offices and satellite offices (e.g., drive-ups, electronic branches and retirement centers) that provide limited products and/or services. |
| (h) | Included in total branches, represents branches operating under our Universal model. |
| (i) | Includes cash and money market balances. |
| THE PNC FINANCIAL SERVICES GROUP, INC. | Page 5 |
Corporate & Institutional Banking (Unaudited) (a)
| Three months ended | ||||||||||||||||
| December 31 | September 30 | June 30 | March 31 | |||||||||||||
| Dollars in millions, except as noted |
2016 | 2016 | 2016 | 2016 | ||||||||||||
| Income Statement |
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| Net interest income |
$ | 864 | $ | 826 | $ | 805 | $ | 817 | ||||||||
| Noninterest income |
529 | 526 | 539 | 441 | ||||||||||||
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| Total revenue |
1,393 | 1,352 | 1,344 | 1,258 | ||||||||||||
| Provision for credit losses (benefit) |
(3 | ) | 8 | 70 | 102 | |||||||||||
| Noninterest expense |
567 | 565 | 557 | 533 | ||||||||||||
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| Pretax earnings |
829 | 779 | 717 | 623 | ||||||||||||
| Income taxes |
284 | 270 | 260 | 225 | ||||||||||||
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| Earnings |
$ | 545 | $ | 509 | $ | 457 | $ | 398 | ||||||||
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| Average Balance Sheet |
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| Loans held for sale |
$ | 965 | $ | 994 | $ | 801 | $ | 708 | ||||||||
| Loans |
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| Commercial |
$ | 90,816 | $ | 89,146 | $ | 88,426 | $ | 87,324 | ||||||||
| Commercial real estate |
27,124 | 26,990 | 26,630 | 25,959 | ||||||||||||
| Equipment lease financing |
7,398 | 7,463 | 7,570 | 7,420 | ||||||||||||
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| Total commercial lending |
125,338 | 123,599 | 122,626 | 120,703 | ||||||||||||
| Consumer |
352 | 399 | 445 | 503 | ||||||||||||
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| Total loans |
$ | 125,690 | $ | 123,998 | $ | 123,071 | $ | 121,206 | ||||||||
| Total assets |
$ | 142,325 | $ | 141,550 | $ | 140,056 | $ | 137,270 | ||||||||
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| Deposits |
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| Noninterest-bearing demand |
$ | 49,772 | $ | 47,801 | $ | 45,984 | $ | 48,715 | ||||||||
| Money market |
22,569 | 23,068 | 22,230 | 22,298 | ||||||||||||
| Other |
16,190 | 15,116 | 13,036 | 11,391 | ||||||||||||
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| Total deposits |
$ | 88,531 | $ | 85,985 | $ | 81,250 | $ | 82,404 | ||||||||
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| Performance Ratios |
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| Return on average assets |
1.52 | % | 1.43 | % | 1.31 | % | 1.18 | % | ||||||||
| Noninterest income to total revenue |
38 | % | 39 | % | 40 | % | 35 | % | ||||||||
| Efficiency |
41 | % | 42 | % | 41 | % | 42 | % | ||||||||
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| Other Information |
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| Commercial loan servicing portfolio (in billions) (b) (c) |
$ | 487 | $ | 461 | $ | 459 | $ | 453 | ||||||||
| Consolidated revenue from: (d) |
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| Treasury Management (e) |
$ | 358 | $ | 347 | $ | 328 | $ | 315 | ||||||||
| Capital Markets (e) |
$ | 208 | $ | 213 | $ | 235 | $ | 152 | ||||||||
| Commercial mortgage banking activities |
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| Commercial mortgage loans held for sale (f) |
$ | 50 | $ | 27 | $ | 24 | $ | 26 | ||||||||
| Commercial mortgage loan servicing income (g) |
62 | 62 | 62 | 62 | ||||||||||||
| Commercial mortgage servicing rights valuation, net of economic hedge (h) |
22 | 1 | 20 | 1 | ||||||||||||
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| Total |
$ | 134 | $ | 90 | $ | 106 | $ | 89 | ||||||||
| Average Loans (by C&IB business) |
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| Corporate Banking |
$ | 52,920 | $ | 51,904 | $ | 51,189 | $ | 49,533 | ||||||||
| Real Estate |
37,262 | 36,721 | 36,193 | 35,784 | ||||||||||||
| Business Credit |
14,741 | 14,772 | 14,865 | 14,672 | ||||||||||||
| Equipment Finance |
12,096 | 11,771 | 11,784 | 11,652 | ||||||||||||
| Commercial Banking |
6,914 | 7,074 | 7,269 | 7,384 | ||||||||||||
| Other |
1,757 | 1,756 | 1,771 | 2,181 | ||||||||||||
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| Total average loans |
$ | 125,690 | $ | 123,998 | $ | 123,071 | $ | 121,206 | ||||||||
| Net carrying amount of commercial mortgage servicing rights (c) |
$ | 576 | $ | 473 | $ | 448 | $ | 460 | ||||||||
| Credit-related statistics: |
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| Nonperforming assets (c) |
$ | 691 | $ | 712 | $ | 802 | $ | 760 | ||||||||
| Net charge-offs |
$ | 17 | $ | 65 | $ | 60 | $ | 38 | ||||||||
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| (a) | See note (a) on page 2. |
| (b) | Represents loans serviced for PNC and others. |
| (c) | Presented as of period end. |
| (d) | Represents consolidated PNC amounts. |
| (e) | Includes amounts reported in net interest income, corporate service fees and other noninterest income. |
| (f) | Includes other noninterest income for valuations on commercial mortgage loans held for sale and related commitments, derivative valuations, origination fees, and gains on sale of loans held for sale and net interest income on loans held for sale. |
| (g) | Includes net interest income and noninterest income, primarily in corporate services fees, from loan servicing and ancillary services, net of changes in fair value on commercial mortgage servicing rights due to time and payoffs. Commercial mortgage servicing rights valuation, net of economic hedge is shown separately. |
| (h) | Includes amounts reported in corporate service fees. |
| THE PNC FINANCIAL SERVICES GROUP, INC. | Page 6 |
Asset Management Group (Unaudited) (a)
| Three months ended | ||||||||||||||||
| December 31 | September 30 | June 30 | March 31 | |||||||||||||
| Dollars in millions, except as noted |
2016 | 2016 | 2016 | 2016 | ||||||||||||
| Income Statement |
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| Net interest income |
$ | 73 | $ | 74 | $ | 76 | $ | 77 | ||||||||
| Noninterest income |
215 | 220 | 213 | 203 | ||||||||||||
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| Total revenue |
288 | 294 | 289 | 280 | ||||||||||||
| Provision for credit losses (benefit) |
(6 | ) | (3 | ) | 6 | (3 | ) | |||||||||
| Noninterest expense |
207 | 206 | 206 | 206 | ||||||||||||
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| Pretax earnings |
87 | 91 | 77 | 77 | ||||||||||||
| Income taxes |
32 | 33 | 29 | 28 | ||||||||||||
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| Earnings |
$ | 55 | $ | 58 | $ | 48 | $ | 49 | ||||||||
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| Average Balance Sheet |
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| Loans |
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| Consumer |
$ | 5,266 | $ | 5,350 | $ | 5,501 | $ | 5,630 | ||||||||
| Commercial and commercial real estate |
738 | 721 | 769 | 788 | ||||||||||||
| Residential mortgage |
1,137 | 1,069 | 1,023 | 1,003 | ||||||||||||
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| Total loans |
$ | 7,141 | $ | 7,140 | $ | 7,293 | $ | 7,421 | ||||||||
| Total assets |
$ | 7,597 | $ | 7,588 | $ | 7,756 | $ | 7,887 | ||||||||
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| Deposits |
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| Noninterest-bearing demand |
$ | 1,497 | $ | 1,426 | $ | 1,393 | $ | 1,407 | ||||||||
| Interest-bearing demand |
3,844 | 3,845 | 4,085 | 4,280 | ||||||||||||
| Money market |
3,682 | 3,850 | 4,229 | 4,758 | ||||||||||||
| Savings |
3,113 | 2,524 | 2,002 | 1,563 | ||||||||||||
| Other |
272 | 275 | 279 | 275 | ||||||||||||
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| Total deposits |
$ | 12,408 | $ | 11,920 | $ | 11,988 | $ | 12,283 | ||||||||
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| Performance Ratios |
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| Return on average assets |
2.87 | % | 3.03 | % | 2.48 | % | 2.52 | % | ||||||||
| Noninterest income to total revenue |
75 | % | 75 | % | 74 | % | 73 | % | ||||||||
| Efficiency |
72 | % | 70 | % | 71 | % | 74 | % | ||||||||
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| Other Information |
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| Nonperforming assets (b) |
$ | 53 | $ | 51 | $ | 48 | $ | 54 | ||||||||
| Net charge-offs |
$ | 2 | $ | 1 | $ | 2 | $ | 4 | ||||||||
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| Client Assets Under Administration (in billions) (b) (c) (d) |
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| Discretionary client assets under management |
$ | 137 | $ | 138 | $ | 135 | $ | 135 | ||||||||
| Nondiscretionary client assets under administration |
129 | 128 | 126 | 125 | ||||||||||||
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| Total |
$ | 266 | $ | 266 | $ | 261 | $ | 260 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Discretionary client assets under management |
||||||||||||||||
| Personal |
$ | 85 | $ | 85 | $ | 84 | $ | 84 | ||||||||
| Institutional |
52 | 53 | 51 | 51 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 137 | $ | 138 | $ | 135 | $ | 135 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Equity |
$ | 73 | $ | 73 | $ | 72 | $ | 72 | ||||||||
| Fixed income |
39 | 40 | 40 | 40 | ||||||||||||
| Liquidity/Other |
25 | 25 | 23 | 23 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 137 | $ | 138 | $ | 135 | $ | 135 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | See note (a) on page 2. |
| (b) | As of period end. |
| (c) | Excludes brokerage account client assets. |
| (d) | As a result of certain investment advisory services performed by one of our registered investment advisors, certain assets are reported as both discretionary client assets under management and nondiscretionary client assets under administration. The amount of such assets was approximately $9 billion, $9 billion, $9 billion, and $7 billion as of December 31, 2016, September 30, 2016, June 30, 2016 and March 31, 2016, respectively. |