Bank of New York Mellon Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Bank of New York Mellon Corp has filed its Q1 2024 10-Q report.</b>

AI Summary

Bank of New York Mellon Corp (BK-PK) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Bank of New York Mellon Corp filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's Central Index Key is 0001390777. The filing was made on May 3, 2024. The company's fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking Bank of New York Mellon Corp, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational details for BNY Mellon for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks moving forward.

Risk Assessment

Risk Level: low — Bank of New York Mellon Corp shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks beyond those typically associated with a large financial institution.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand BNY Mellon's performance in Q1 2024.

Key Numbers

• 2024-03-31 — Period of Report (10-Q filing)
• 2024-05-03 — Filed As Of Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (10-Q filing)
• 2023-01-01 — Prior Year Quarter Start Date (10-Q filing)

Key Players & Entities

• Bank of New York Mellon Corp (company) — Filer
• 2024-03-31 (date) — Period of report
• 2024-05-03 (date) — Filed as of date
• 0001390777 (company) — Central Index Key
• DE (jurisdiction) — State of incorporation
• 10286 (location) — Business address zip code
• 212-495-1784 (phone_number) — Business phone

FAQ

Industry Context

Bank of New York Mellon Corporation operates as a global investments company. It provides a wide range of financial services for institutions and individuals.

Regulatory Implications

As a publicly traded company, Bank of New York Mellon Corporation is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review management's discussion and analysis (MD&A) for insights into performance drivers and outlook.
3. Check for any new disclosures or risk factors mentioned in the filing.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q
• 2024-05-03: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report (10-K).

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value BK New York Stock Exchange 6
• $1.7 — Canadian Imperial Bank of Commerce, of $1.7 trillion at March 31, 2024 and Dec. 31,
• $1.5 — at March 31, 2024 and Dec. 31, 2023 and $1.5 trillion at March 31, 2023. (e) Exclud
• $48.8 — more. As of March 31, 2024, we oversee $48.8 trillion in assets under custody and/or
• $2.0 — under custody and/or administration and $2.0 trillion in assets under management.
• $953 m — e applicable to common shareholders was $953 million, or $1.25 per diluted common shar
• $1.25 — ommon shareholders was $953 million, or $1.25 per diluted common share, in the first
• $982 million — e applicable to common shareholders was $982 million (Non-GAAP), or $1.29 (Non-GAAP) per dil
• $1.29 — holders was $982 million (Non-GAAP), or $1.29 (Non-GAAP) per diluted common share, in
• $911 m — e applicable to common shareholders was $911 million, or $1.13 per diluted common shar
• $1.13 — ommon shareholders was $911 million, or $1.13 per diluted common share, in the first
• $915 million — e applicable to common shareholders was $915 million (Non-GAAP), or $1.13 (Non-GAAP) per dil
• $27 m — e 9 .) Provision for credit losses was $27 million, primarily driven by reserve incr
• $1.3 billion — ital" beginning on page 33 .) Returned $1.3 billion to common shareholders, including $988
• $988 million — llion to common shareholders, including $988 million of common share repurchases. BNY Mell

Filing Documents

• bk-20240331.htm (10-Q) — 6374KB
• form10-q_ex101x1q24.htm (EX-10.1) — 83KB
• form10-q_ex311x1q24.htm (EX-31.1) — 9KB
• form10-q_ex312x1q24.htm (EX-31.2) — 9KB
• form10-q_ex321x1q24.htm (EX-32.1) — 4KB
• form10-q_ex322x1q24.htm (EX-32.2) — 4KB
• 0001390777-24-000075.txt (&nbsp;) — 28111KB
• bk-20240331.xsd (EX-101.SCH) — 117KB
• bk-20240331_cal.xml (EX-101.CAL) — 230KB
• bk-20240331_def.xml (EX-101.DEF) — 695KB
• bk-20240331_lab.xml (EX-101.LAB) — 1377KB
• bk-20240331_pre.xml (EX-101.PRE) — 1019KB
• bk-20240331_htm.xml (XML) — 6795KB

– Financial Information

Part I – Financial Information Items 2. and 3. Management's Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market Risk: General 4 Overview 4 Highlights of first quarter 2024 results 4 Fee and other revenue 6 Net interest income 9 Noninterest expense 11 Income taxes 11 Review of business segments 11 Critical accounting estimates 20 Consolidated balance sheet review 20 Liquidity and dividends 29 Capital 33 Trading activities and risk management 37 Asset/liability management 39 Supplemental information – Explanation of GAAP and Non-GAAP financial measures 41 Recent accounting and regulatory developments 45 Website information 46

Financial Statements

Item 1. Financial Statements: Consolidated Income Statement (unaudited) 47 Consolidated Comprehensive Income Statement (unaudited) 49 Consolidated Balance Sheet (unaudited) 50 Consolidated Statement of Cash Flows (unaudited) 51 Consolidated Statement of Changes in Equity (unaudited) 52 Page

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements: Note 1—Basis of presentation 55 Note 2—New accounting guidance 55 Note 3—Acquisitions and dispositions 56 Note 4—Securities 57 Note 5—Loans and asset quality 61 Note 6—Goodwill and intangible assets 67 Note 7—Other assets 69 Note 8—Contract revenue 70 Note 9—Net interest income 73 Note 10—Employee benefit plans 73 Note 11—Income taxes 73 Note 12—Variable interest entities 74 Note 13—Preferred stock 75 Note 14—Other comprehensive income (loss) 76 Note 15—Fair value measurement 76 Note 16—Fair value option 81 Note 17—Derivative instruments 81 Note 18—Commitments and contingent liabilities 88 Note 19—Business segments 93 Note 20—Supplemental information to the Consolidated Statement of Cash Flows 96

Controls and Procedures

Item 4. Controls and Procedures 97

Forward-looking Statements

Forward-looking Statements 98

– Other Information

Part II – Other Information

Legal Proceedings

Item 1. Legal Proceedings. 101

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 101

Other Information

Item 5. Other Information. 101

Exhibits

Item 6. Exhibits. 101 Index to Exhibits 102 Signature 104 The Bank of New York Mellon Corporation (and its subsidiaries) Consolidated Financial Highlights (unaudited) Quarter ended (dollars in millions, except per share amounts and unless otherwise noted) March 31, 2024 Dec. 31, 2023 March 31, 2023 Results applicable to common shareholders of The Bank of New York Mellon Corporation: Net income (a) $ 953 $ 162 $ 911 Basic earnings per share (a) $ 1.26 $ 0.21 $ 1.13 Diluted earnings per share (a) $ 1.25 $ 0.21 $ 1.13 Fee and other revenue (a) $ 3,487 $ 3,257 $ 3,287 Net interest income 1,040 1,101 1,128 Total revenue (a) $ 4,527 $ 4,358 $ 4,415 Return on common equity (annualized) (a) 10.7 % 1.8 % 10.4 % Return on tangible common equity (annualized) – Non-GAAP (a)(b) 20.7 % 3.6 % 20.5 % Fee revenue as a percentage of total revenue (a) 73 % 74 % 71 % Non-U.S. revenue as a percentage of total revenue (a) 34 % 36 % 34 % Pre-tax operating margin (a) 29 % 6 % 29 % Net interest margin 1.19 % 1.26 % 1.29 % Net interest margin on a fully taxable equivalent ("FTE") basis – Non-GAAP (c) 1.19 % 1.26 % 1.29 % Assets under custody and/or administration ("AUC/A") at period end (in trillions) (d) $ 48.8 $ 47.8 $ 46.6 Assets under management ("AUM") at period end (in trillions) (e) $ 2.02 $ 1.97 $ 1.91 Average common shares and equivalents outstanding (in thousands) : Basic 756,937 767,146 803,340 Diluted 762,268 772,102 807,718 Selected average balances: Interest-earning assets $ 346,133 $ 344,174 $ 348,378 Total assets (a) $ 403,985 $ 401,605 $ 407,278 Interest-bearing deposits $ 228,897 $ 220,408 $ 204,114 Noninterest-bearing deposits $ 49,949 $ 52,667 $ 69,886 Long-term debt $ 31,087 $ 30,702 $ 30,246 Preferred stock $ 4,343 $ 4,773 $ 4,838 Total The Bank of New York Mellon Corporation common shareholders' equity (a) $ 35,905 $ 36,050 $ 35,483 Other information at period end: Cash dividends per common share $ 0

– Financial Information

Part I – Financial Information Items 2. and 3. Management's Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market Risk General In this Quarterly Report on Form 10-Q, references to "our," "we," "us," "BNY Mellon," the "Company" and similar terms refer to The Bank of New York Mellon Corporation and its consolidated subsidiaries. The term "Parent" refers to The Bank of New York Mellon Corporation but not its subsidiaries. Certain business terms used in this report are defined in the Glossary included in our Annual Report on Form 10-K for the year ended Dec. 31, 2023 (the "2023 Annual Report"). The following should be read in conjunction with the Consolidated Financial Statements included in this report. Investors should also read the section titled "Forward-looking Statements." Overview BNY Mellon is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For 240 years we have partnered alongside our clients, putting our expertise and platforms to work to help them achieve their ambitions. Today we help over 90% of Fortune 100 companies and nearly all the top 100 banks globally access the money they need. We support governments in funding local projects and work with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of March 31, 2024, we oversee $48.8 trillion in assets under custody and/or administration and $2.0 trillion in assets under management. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). We are headquartered in New York City, employ over 50,000 people globally and have been named among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators. BNY Mellon has three business segments, Securities Services, Market and Wealth Services and Investment and Wealth Management, w

View Full Filing

View this 10-Q filing on SEC EDGAR