BNY Mellon Files Q3 2024 10-Q Report

TL;DR

BK's Q3 2024 10-Q is in. Financials look solid.

AI Summary

Bank of New York Mellon Corp (BK) filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024 and provides financial details for the company. Key financial data and disclosures relevant to investors and stakeholders are included in this report.

Why It Matters

This 10-Q filing provides crucial financial insights into BNY Mellon's performance and position as of Q3 2024, impacting investor decisions and market analysis.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 2024 Q3 — Reporting Period (Covers the third quarter of 2024.)
• 2024-09-30 — As of Date (Financial position as of the end of the third quarter.)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Financial performance for the first nine months of 2024.)

Key Players & Entities

• Bank of New York Mellon Corp (company) — Filer
• 20240930 (date) — Period of Report
• 20241101 (date) — Filed as of Date
• 0001390777 (company) — Central Index Key

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value BK New York Stock Exchange 6
• $1.9 — Canadian Imperial Bank of Commerce, of $1.9 trillion at Sept. 30, 2024, $1.7 trilli
• $1.7 — ce, of $1.9 trillion at Sept. 30, 2024, $1.7 trillion at June 30, 2024 and $1.5 tril
• $1.5 — 024, $1.7 trillion at June 30, 2024 and $1.5 trillion at Sept. 30, 2023. (e) Repres
• $52.1 — ore. As of Sept. 30, 2024, BNY oversees $52.1 trillion in assets under custody and/or
• $2.1 — under custody and/or administration and $2.1 trillion in assets under management.
• $0.42 — cash dividend on our common stock, from $0.42 to $0.47 per share. The increased quart
• $0.47 — dend on our common stock, from $0.42 to $0.47 per share. The increased quarterly cash
• $1.11 b — e applicable to common shareholders was $1.11 billion, or $1.50 per diluted common shar
• $1.50 — mmon shareholders was $1.11 billion, or $1.50 per diluted common share, in the third
• $1.13 billion — e applicable to common shareholders was $1.13 billion (Non-GAAP), or $1.52 (Non-GAAP) per dil
• $1.52 — olders was $1.13 billion (Non-GAAP), or $1.52 (Non-GAAP) per diluted common share, in
• $958 m — e applicable to common shareholders was $958 million, or $1.23 per diluted common shar
• $1.23 — ommon shareholders was $958 million, or $1.23 per diluted common share, in the third
• $994 million — e applicable to common shareholders was $994 million (Non-GAAP), or $1.27 (Non-GAAP) per dil

Filing Documents

• bk-20240930.htm (10-Q) — 7483KB
• form10-q_ex311x3q24.htm (EX-31.1) — 9KB
• form10-q_ex312x3q24.htm (EX-31.2) — 9KB
• form10-q_ex321x3q24.htm (EX-32.1) — 4KB
• form10-q_ex322x3q24.htm (EX-32.2) — 4KB
• 0001390777-24-000133.txt ( ) — 30901KB
• bk-20240930.xsd (EX-101.SCH) — 115KB
• bk-20240930_cal.xml (EX-101.CAL) — 230KB
• bk-20240930_def.xml (EX-101.DEF) — 688KB
• bk-20240930_lab.xml (EX-101.LAB) — 1387KB
• bk-20240930_pre.xml (EX-101.PRE) — 1020KB
• bk-20240930_htm.xml (XML) — 7714KB

– 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 Key third quarter 2024 and subsequent events 4 Highlights of third quarter 2024 results 5 Fee and other revenue 6 Net interest income 9 Noninterest expense 12 Income taxes 12 Review of business segments 12 Critical accounting estimates 22 Consolidated balance sheet review 23 Liquidity and dividends 31 Capital 35 Trading activities and risk management 39 Asset/liability management 41 Supplemental information – Explanation of GAAP and Non-GAAP financial measures 43 Recent accounting and regulatory developments 47 Website information 48

Financial Statements

Item 1. Financial Statements: Consolidated Income Statement (unaudited) 49 Consolidated Comprehensive Income Statement (unaudited) 51 Consolidated Balance Sheet (unaudited) 52 Consolidated Statement of Cash Flows (unaudited) 53 Consolidated Statement of Changes in Equity (unaudited) 54 Page

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements: Note 1—Basis of presentation 57 Note 2—New accounting guidance 57 Note 3—Acquisitions and dispositions 58 Note 4—Securities 59 Note 5—Loans and asset quality 63 Note 6—Goodwill and intangible assets 70 Note 7—Other assets 72 Note 8—Contract revenue 73 Note 9—Net interest income 76 Note 10—Employee benefit plans 77 Note 11—Income taxes 77 Note 12—Variable interest entities 78 Note 13—Preferred stock 79 Note 14—Other comprehensive income (loss) 80 Note 15—Fair value measurement 81 Note 16—Fair value option 86 Note 17—Derivative instruments 86 Note 18—Commitments and contingent liabilities 93 Note 19—Business segments 98 Note 20—Supplemental information to the Consolidated Statement of Cash Flows 101

Controls and Procedures

Item 4. Controls and Procedures 102

Forward-looking Statements

Forward-looking Statements 103

– Other Information

Part II – Other Information

Legal Proceedings

Item 1. Legal Proceedings. 106

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 106

Other Information

Item 5. Other Information. 106

Exhibits

Item 6. Exhibits. 106 Index to Exhibits 107 Signature 109 The Bank of New York Mellon Corporation (and its subsidiaries) Consolidated Financial Highlights (unaudited) Quarter ended Year-to-date (dollars in millions, except per share amounts and unless otherwise noted) Sept. 30, 2024 June 30, 2024 Sept. 30, 2023 Sept. 30, 2024 Sept. 30, 2023 Results applicable to common shareholders of The Bank of New York Mellon Corporation: Net income (a) $ 1,110 $ 1,143 $ 958 $ 3,206 $ 2,905 Basic earnings per share (a) $ 1.51 $ 1.53 $ 1.23 $ 4.29 $ 3.68 Diluted earnings per share (a) $ 1.50 $ 1.52 $ 1.23 $ 4.26 $ 3.66 Fee and other revenue (a) $ 3,600 $ 3,567 $ 3,404 $ 10,654 $ 10,095 Net interest income 1,048 1,030 1,016 3,118 3,244 Total revenue (a) $ 4,648 $ 4,597 $ 4,420 $ 13,772 $ 13,339 Return on common equity (annualized) (a) 12.0 % 12.7 % 10.6 % 11.8 % 10.9 % Return on tangible common equity (annualized) – Non-GAAP (a)(b) 22.8 % 24.6 % 20.6 % 22.7 % 21.3 % Fee revenue as a percentage of total revenue (a) 73 % 74 % 73 % 73 % 72 % Non-U.S. revenue as a percentage of total revenue (a) 35 % 36 % 36 % 35 % 35 % Pre-tax operating margin (a) 33 % 33 % 30 % 32 % 30 % Net interest margin 1.16 % 1.15 % 1.18 % 1.16 % 1.23 % Net interest margin on a fully taxable equivalent ("FTE") basis – Non-GAAP (c) 1.16 % 1.15 % 1.18 % 1.16 % 1.23 % Assets under custody and/or administration ("AUC/A") at period end (in trillions) (d) $ 52.1 $ 49.5 $ 45.7 $ 52.1 $ 45.7 Assets under management ("AUM") at period end (in trillions) (e) $ 2.14 $ 2.05 $ 1.82 $ 2.14 $ 1.82 Average common shares and equivalents outstanding (in thousands) : Basic 736,547 746,904 777,813 747,766 789,609 Diluted 742,080 751,596 781,781 752,555 793,364 Selected average balances: Interest-earning assets $ 356,934 $ 353,633 $ 339,044 $ 352,250 $ 349,789 Total assets (a) $ 416,397 $ 412,499 $ 397,291 $ 410,980 $ 408,473 Interest-bearing deposits $ 236,724 $ 235,878 $

– 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," 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 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 BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally to access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of Sept. 30, 2024, BNY oversees $52.1 trillion in assets under custody and/or administration and $2.1 trillion in assets under management. BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY employs over 50,000 people globally and has been named among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators. Additional information is available on www.bny.com. Follow on LinkedIn or visit the BNY Newsroom for the latest company news. BNY has three busin

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View this 10-Q filing on SEC EDGAR