The Bank of New York Mellon Corporation (BK) 8-K Bny Mellon Reports Fourth Quarter 2021 Earnings of

The Bank of New York Mellon Corporation

Financial Supplement

Fourth Quarter 2021

Table of Contents
Consolidated Results		Page
Consolidated Financial Highlights		3
Condensed Consolidated Income Statement		4
Condensed Consolidated Balance Sheet		5
Fee and Other Revenue		6
Average Balances and Interest Rates		7
Capital and Liquidity		8
Business Segment Results
Securities Services Business Segment		9
Market and Wealth Services Business Segment		11
Investment and Wealth Management Business Segment		13
AUM by Product Type, Changes in AUM and Wealth Management Client Assets		14
Other Segment		15
Other
Securities Portfolio		16
Allowance for Credit Losses and Nonperforming Assets		17
Supplemental Information
Explanation of GAAP and Non-GAAP Financial Measures		18

THE BANK OF NEW YORK MELLON CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)																4Q21 vs.										FY21 vs.
	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		FY21			FY20			FY20
Selected income statement data
Fee and other revenue	$	3,338		$	3,394		$	3,315		$	3,266		$	3,163		(2)	%	6	%	$	13,313		$	12,831		4	%
Net interest revenue	677			641			645			655			680			6		—		2,618			2,977			(12)
Total revenue	4,015			4,035			3,960			3,921			3,843			—		4		15,931			15,808			1
Provision for credit losses	(17)			(45)			(86)			(83)			15			N/M		N/M		(231)			336			N/M
Noninterest expense	2,967			2,918			2,778			2,851			2,925			2		1		11,514			11,004			5
Income before income taxes	1,065			1,162			1,268			1,153			903			(8)		18		4,648			4,468			4
Provision for income taxes	196			219			241			221			148			(11)		32		877			842			4
Net income	$	869		$	943		$	1,027		$	932		$	755		(8)	%	15	%	$	3,771		$	3,626		4	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	822		$	881		$	991		$	858		$	702		(7)	%	17	%	$	3,552		$	3,423		4	%
Diluted earnings per common share	$	1.01		$	1.04		$	1.13		$	0.97		$	0.79		(3)	%	28	%	$	4.14		$	3.83		8	%
Average common shares and equivalents outstanding – diluted (in thousands)	817,345			849,028			873,475			885,655			891,846			(4)	%	(8)	%	856,359			892,514			(4)	%
Financial ratios(Quarterly returns are annualized)
Pre-tax operating margin	27		%	29		%	32		%	29		%	24		%					29		%	28		%
Return on common equity	8.6		%	8.8		%	9.8		%	8.5		%	6.9		%					8.9		%	8.7		%
Return on tangible common equity – Non-GAAP (a)	17.2		%	16.8		%	18.6		%	16.1		%	13.0		%					17.1		%	17.0		%
Non-U.S. revenue as a percentage of total revenue	38		%	38		%	38		%	37		%	38		%					38		%	37		%
Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)	$	46.7		$	45.3		$	45.0		$	41.7		$	41.1		3	%	14	%
Assets under management (“AUM”) (in trillions)	$	2.43		$	2.31		$	2.32		$	2.21		$	2.21		5	%	10	%
Full-time employees	49,100			48,900			48,800			48,000			48,500			—	%	1	%
Book value per common share	$	47.50		$	47.30		$	47.20		$	46.16		$	46.53
Tangible book value per common share – Non-GAAP (a)	$	24.31		$	24.88		$	25.64		$	24.88		$	25.44
Cash dividends per common share	$	0.34		$	0.34		$	0.31		$	0.31		$	0.31
Common dividend payout ratio (c)	34		%	34		%	28		%	32		%	40		%
Closing stock price per common share	$	58.08		$	51.84		$	51.23		$	47.29		$	42.44
Market capitalization	$	46,705		$	42,811		$	44,220		$	41,401		$	37,634
Common shares outstanding (in thousands)	804,145			825,821			863,174			875,481			886,764
Capital ratios at period end(d)
Common Equity Tier 1 ("CET1") ratio	11.1		%	11.7		%	12.6		%	12.6		%	13.1		%
Tier 1 capital ratio	13.9		%	14.4		%	15.2		%	15.2		%	15.8		%
Total capital ratio	14.8		%	15.2		%	16.0		%	16.1		%	16.7		%
Tier 1 leverage ratio	5.5		%	5.7		%	6.0		%	5.8		%	6.3		%
Supplementary leverage ratio ("SLR")	6.6		%	7.0		%	7.5		%	8.1		%	8.6		%
(a) Non-GAAP information, for all periods presented, excludes goodwill and intangible assets, net of deferred tax liabilities. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of Non-GAAP measures.
(b) Includes the AUC/A of CIBC Mellon Global Securities Services Company ("CIBC Mellon"), a joint venture with the Canadian Imperial Bank of Commerce, of $1.7 trillion at Dec. 31, 2021, Sept. 30, 2021 and June 30, 2021, $1.6 trillion at March 31, 2021 and $1.5 trillion at Dec. 31, 2020.
(c) Beginning in 4Q21, common dividend payout ratio is determined by dividing dividends paid by net income applicable to common shareholders. Prior periods have been revised.
(d) Regulatory capital ratios for Dec. 31, 2021 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for Dec. 31, 2021 was the Standardized Approach, for Sept. 30, 2021, June 30, 2021 and March 31, 2021 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for Dec. 31, 2020 was the Advanced Approaches.
N/M – Not meaningful.

3

THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENT
(dollars in millions, except per share amounts; common shares in thousands)											4Q21 vs.								FY21 vs.
	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21		4Q20		FY21		FY20		FY20
Revenue
Investment services fees	$	2,061	$	2,091	$	2,076	$	2,056	$	1,969	(1)	%	5	%	$	8,284	$	8,047	3	%
Investment management and performance fees	896		913		889		890		884		(2)		1		3,588		3,367		7
Foreign exchange revenue	199		185		184		231		187		8		6		799		774		3
Financing-related fees	47		48		48		51		46		(2)		2		194		212		(8)
Distribution and servicing fees	28		28		27		29		28		—		—		112		115		(3)
Total fee revenue	3,231		3,265		3,224		3,257		3,114		(1)		4		12,977		12,515		4
Investment and other revenue	107		129		91		9		49		N/M		N/M		336		316		N/M
Total fee and other revenue	3,338		3,394		3,315		3,266		3,163		(2)		6		13,313		12,831		4
Net interest revenue	677		641		645		655		680		6		—		2,618		2,977		(12)
Total revenue	4,015		4,035		3,960		3,921		3,843		—		4		15,931		15,808		1
Provision for credit losses	(17)		(45)		(86)		(83)		15		N/M		N/M		(231)		336		N/M
Noninterest expense
Staff	1,633		1,584		1,518		1,602		1,554		3		5		6,337		5,966		6
Software and equipment	379		372		365		362		359		2		6		1,478		1,370		8
Professional, legal and other purchased services	390		363		363		343		381		7		2		1,459		1,403		4
Sub-custodian and clearing	120		129		132		124		116		(7)		3		505		460		10
Net occupancy	133		120		122		123		173		11		(23)		498		581		(14)
Distribution and servicing	75		76		73		74		75		(1)		—		298		336		(11)
Bank assessment charges	30		34		35		34		24		(12)		25		133		124		7
Business development	44		22		22		19		26		100		69		107		105		2
Amortization of intangible assets	19		19		20		24		26		—		(27)		82		104		(21)
Other	144		199		128		146		191		(28)		(25)		617		555		11
Total noninterest expense	2,967		2,918		2,778		2,851		2,925		2		1		11,514		11,004		5
Income before income taxes	1,065		1,162		1,268		1,153		903		(8)		18		4,648		4,468		4
Provision for income taxes	196		219		241		221		148		(11)		32		877		842		4
Net income	869		943		1,027		932		755		(8)		15		3,771		3,626		4
Net (income) loss attributable to noncontrolling interests	(6)		4		(5)		(5)		(5)		N/M		N/M		(12)		(9)		N/M
Preferred stock dividends	(41)		(66)		(31)		(69)		(48)		N/M		N/M		(207)		(194)		N/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	822	$	881	$	991	$	858	$	702	(7)	%	17	%	$	3,552	$	3,423	4	%
Average common shares and equivalents outstanding: Basic	811,463		844,088		869,460		882,558		889,928		(4)	%	(9)	%	851,905		890,839		(4)	%
Diluted	817,345		849,028		873,475		885,655		891,846		(4)	%	(8)	%	856,359		892,514		(4)	%
Earnings per common share: Basic	$	1.01	$	1.04	$	1.14	$	0.97	$	0.79	(3)	%	28	%	$	4.17	$	3.84	9	%
Diluted	$	1.01	$	1.04	$	1.13	$	0.97	$	0.79	(3)	%	28	%	$	4.14	$	3.83	8	%
N/M – Not meaningful.

4

THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
	2021								2020
(in millions)	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
Assets
Cash and due from banks	$	6,061	$	6,752	$	5,154	$	5,991	$	6,252
Interest-bearing deposits with the Federal Reserve and other central banks	102,467		126,959		126,355		125,524		141,775
Interest-bearing deposits with banks	16,630		20,057		21,270		23,763		17,300
Federal funds sold and securities purchased under resale agreements	29,607		28,497		29,762		28,263		30,907
Securities	158,705		157,274		155,906		155,844		156,441
Trading assets	16,577		17,854		15,520		16,884		15,272
Loans	67,787		64,328		63,547		60,732		56,469
Allowance for loan losses	(196)		(233)		(269)		(327)		(358)
Net loans	67,591		64,095		63,278		60,405		56,111
Premises and equipment	3,431		3,422		3,442		3,521		3,602
Accrued interest receivable	457		464		492		485		510
Goodwill	17,512		17,420		17,487		17,469		17,496
Intangible assets	2,991		2,941		2,964		2,983		3,012
Other assets	22,409		24,798		25,333		23,852		20,955
Total assets	$	444,438	$	470,533	$	466,963	$	464,984	$	469,633
Liabilities
Deposits	$	319,694	$	343,139	$	338,670	$	336,768	$	341,545
Federal funds purchased and securities sold under repurchase agreements	11,566		11,973		12,425		15,150		11,305
Trading liabilities	5,469		5,152		6,451		4,566		6,031
Payables to customers and broker-dealers	25,150		26,002		23,704		23,827		25,085
Commercial paper	—		—		—		—		—
Other borrowed funds	749		767		451		348		350
Accrued taxes and other expenses	5,767		5,609		5,213		4,916		5,696
Other liabilities	6,721		8,796		8,626		8,656		7,517
Long-term debt	25,931		25,043		25,629		25,350		25,984
Total liabilities	401,047		426,481		421,169		419,581		423,513
Temporary equity
Redeemable noncontrolling interests	161		178		169		187		176
Permanent equity
Preferred stock	4,838		4,541		4,541		4,541		4,541
Common stock	14		14		14		14		14
Additional paid-in capital	28,128		28,075		28,006		27,928		27,823
Retained earnings	36,667		36,125		35,540		34,822		34,241
Accumulated other comprehensive loss, net of tax	(2,213)		(2,003)		(1,670)		(1,819)		(985)
Less: Treasury stock, at cost	(24,400)		(23,151)		(21,150)		(20,532)		(19,833)
Total The Bank of New York Mellon Corporation shareholders’ equity	43,034		43,601		45,281		44,954		45,801
Nonredeemable noncontrolling interests of consolidated investment management funds	196		273		344		262		143
Total permanent equity	43,230		43,874		45,625		45,216		45,944
Total liabilities, temporary equity and permanent equity	$	444,438	$	470,533	$	466,963	$	464,984	$	469,633

5

THE BANK OF NEW YORK MELLON CORPORATION
FEE AND OTHER REVENUE
											4Q21 vs.								FY21 vs.
(dollars in millions)	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21		4Q20		FY21		FY20		FY20
Investment services fees	$	2,061	$	2,091	$	2,076	$	2,056	$	1,969	(1)	%	5	%	$	8,284	$	8,047	3	%
Investment management and performance fees:
Investment management fees (a)	864		892		875		850		839		(3)		3		3,481		3,260		7
Performance fees	32		21		14		40		45		N/M		N/M		107		107		—
Total investment management and performance fees(b)	896		913		889		890		884		(2)		1		3,588		3,367		7
Foreign exchange revenue	199		185		184		231		187		8		6		799		774		3
Financing-related fees	47		48		48		51		46		(2)		2		194		212		(8)
Distribution and servicing fees	28		28		27		29		28		—		—		112		115		(3)
Total fee revenue	3,231		3,265		3,224		3,257		3,114		(1)		4		12,977		12,515		4
Investment and other revenue:
Income (loss) from consolidated investment management funds	9		(7)		13		17		41		N/M		N/M		32		84		N/M
Seed capital gains (c)	12		7		18		3		22		N/M		N/M		40		23		N/M
Other trading (loss) revenue	(6)		20		(1)		(7)		(31)		N/M		N/M		6		13		N/M
Renewable energy investment (losses)	(37)		(42)		(41)		(81)		(27)		N/M		N/M		(201)		(129)		N/M
Corporate/bank-owned life insurance	45		33		29		33		43		N/M		N/M		140		148		N/M
Other investments gains (d)	55		70		23		11		18		N/M		N/M		159		35		N/M
Disposal gains (losses)	—		7		6		—		(61)		N/M		N/M		13		(61)		N/M
Expense reimbursements from joint venture	23		25		25		23		22		N/M		N/M		96		85		N/M
Other income	5		14		17		10		16		N/M		N/M		46		85		N/M
Net securities gains	1		2		2		—		6		N/M		N/M		5		33		N/M
Total investment and other revenue	107		129		91		9		49		N/M		N/M		336		316		N/M
Total fee and other revenue	$	3,338	$	3,394	$	3,315	$	3,266	$	3,163	(2)	%	6	%	$	13,313	$	12,831	4	%
(a) Excludes seed capital gains (losses) related to consolidated investment management funds.
(b) On a constant currency basis (Non-GAAP), investment management and performance fees increased 1% compared with 4Q20. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(c) Includes gains (losses) on investments in BNY Mellon funds which hedge deferred incentive awards.
(d) Includes strategic equity, private equity and other investments.
N/M – Not meaningful.

6

THE BANK OF NEW YORK MELLON CORPORATION
AVERAGE BALANCES AND INTEREST RATES
	4Q21				3Q21				2Q21				1Q21				4Q20
	Average balance		Average rate		Average balance		Average rate		Average balance		Average rate		Average balance		Average rate		Average balance		Average rate
(dollars in millions; average rates are annualized)
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks	$	105,065	(0.06)	%	$	108,110	(0.07)	%	$	114,564	(0.09)	%	$	125,930	(0.05)	%	$	112,274	(0.04)	%
Interest-bearing deposits with banks (primarily foreign banks)	18,818		0.23		20,465		0.22		22,465		0.20		21,313		0.27		19,281		0.32
Federal funds sold and securities purchased under resale agreements (a)	27,780		0.45		29,304		0.44		27,857		0.36		29,186		0.44		28,389		0.55
Loans	64,650		1.55		61,206		1.55		60,520		1.57		56,789		1.63		54,728		1.73
Securities:
U.S. government obligations	39,169		0.73		36,255		0.73		33,212		0.71		28,759		0.90		27,783		0.91
U.S. government agency obligations	69,691		1.35		70,199		1.34		72,809		1.34		77,623		1.40		79,712		1.46
State and political subdivisions (b)	2,569		2.11		2,628		2.07		2,768		1.94		2,526		1.92		2,104		2.01
Other securities (b)	47,493		0.97		47,334		0.94		47,451		0.95		47,030		0.99		46,280		0.98
Total investment securities (b)	158,922		1.10		156,416		1.09		156,240		1.10		155,938		1.19		155,879		1.23
Trading securities (b)	6,447		0.93		5,564		0.53		6,639		0.72		8,141		0.95		8,123		0.95
Total securities (b)	165,369		1.09		161,980		1.07		162,879		1.08		164,079		1.18		164,002		1.22
Total interest-earning assets (b)	$	381,682	0.76	%	$	381,065	0.73	%	$	388,285	0.71	%	$	397,297	0.75	%	$	378,674	0.82	%
Noninterest-earning assets	67,956				65,696				64,044				63,082				58,814
Total assets	$	449,638			$	446,761			$	452,329			$	460,379			$	437,488
Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits	$	231,086	(0.08)	%	$	233,363	(0.08)	%	$	239,466	(0.08)	%	$	245,115	(0.06)	%	$	231,318	(0.06)	%
Federal funds purchased and securities sold under repurchase agreements (a)	12,421		0.07		13,415		0.08		13,773		(0.17)		15,288		(0.07)		14,452		0.01
Trading liabilities	3,019		0.28		2,821		0.11		2,282		0.38		2,227		0.53		2,408		0.72
Other borrowed funds	517		1.80		383		2.53		298		2.21		331		2.01		338		1.71
Commercial paper	—		—		11		0.07		—		—		—		—		275		0.10
Payables to customers and broker-dealers	16,414		(0.01)		16,648		(0.01)		16,811		(0.01)		17,691		(0.01)		17,521		(0.01)
Long-term debt	25,932		1.36		25,751		1.39		25,275		1.43		26,199		1.81		25,704		1.88
Total interest-bearing liabilities	$	289,389	0.07	%	$	292,392	0.07	%	$	297,905	0.05	%	$	306,851	0.11	%	$	292,016	0.13	%
Total noninterest-bearing deposits	91,535				85,581				85,802				83,429				75,840
Other noninterest-bearing liabilities	25,481				24,164				23,317				24,556				23,783
Total The Bank of New York Mellon Corporation shareholders’ equity	42,968				44,296				44,934				45,261				45,539
Noncontrolling interests	265				328				371				282				310
Total liabilities and equity	$	449,638			$	446,761			$	452,329			$	460,379			$	437,488
Net interest margin			0.71	%			0.67	%			0.67	%			0.66	%			0.72	%
Net interest margin (FTE) – Non-GAAP (c)			0.71	%			0.68	%			0.67	%			0.67	%			0.72	%
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $54 billion for 4Q21, $47 billion for 3Q21, $41 billion for 2Q21, $37 billion for 1Q21 and $41 billion for 4Q20. 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 0.15% for 4Q21, 0.17% for 3Q21, 0.15% for 2Q21, 0.19% for 1Q21 and 0.23% for 4Q20. 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 0.01% for 4Q21, 0.02% for 3Q21, (0.04)% for 2Q21, (0.02)% for 1Q21 and 0.00% for 4Q20. We believe providing the 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 "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.

7

THE BANK OF NEW YORK MELLON CORPORATION
CAPITAL AND LIQUIDITY
	2021													2020
(dollars in millions)	Dec. 31			Sept. 30			June 30			March 31				Dec. 31
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital	$	18,735		$	19,844		$	21,456		$	21,090			$	21,875
Tier 1 capital	23,474			24,292			25,896			25,534				26,310
Total capital	24,961			25,816			27,464			27,190				28,038
Risk-weighted assets	168,657			169,216			169,885			167,510				163,848
CET1 ratio	11.1		%	11.7		%	12.6		%	12.6		%		13.4		%
Tier 1 capital ratio	13.9			14.4			15.2			15.2				16.1
Total capital ratio	14.8			15.3			16.2			16.2				17.1
Advanced Approaches:
CET1 capital	$	18,735		$	19,844		$	21,456		$	21,090			$	21,875
Tier 1 capital	23,474			24,292			25,896			25,534				26,310
Total capital	24,711			25,534			27,183			26,908				27,795
Risk-weighted assets	165,393			167,607			169,380			167,035				166,426
CET1 ratio	11.3		%	11.8		%	12.7		%	12.6		%		13.1		%
Tier 1 capital ratio	14.2			14.5			15.3			15.3				15.8
Total capital ratio	14.9			15.2			16.0			16.1				16.7
Tier 1 leverage ratio:
Average assets for Tier 1 leverage ratio	$	430,128		$	427,461		$	432,954		$	440,968			$	417,982
Tier 1 leverage ratio	5.5		%	5.7		%	6.0		%	5.8		%		6.3		%
SLR:
Leverage exposure	$	354,572		$	347,856		$	346,455		$	314,334		(b)	$	304,823		(b)
SLR	6.6		%	7.0		%	7.5		%	8.1		%	(b)	8.6		%	(b)
Average liquidity coverage ratio	109		%	111		%	110		%	110		%		110		%
(a) Regulatory capital ratios for Dec. 31, 2021 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for Dec. 31, 2021 was the Standardized Approach, for Sept. 30, 2021, June 30, 2021 and March 31, 2021 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for Dec. 31, 2020, was the Advanced Approaches.
(b) Reflects the temporary exclusion of U.S. Treasury securities from the leverage exposure used in the SLR calculation which increased our consolidated SLR by 68 basis points at March 31, 2021 and 72 basis points at Dec. 31, 2020. The temporary exclusion ceased to apply beginning April 1, 2021.

8

THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT
																4Q21 vs.										FY21 vs.
(dollars in millions)	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		FY21			FY20			FY20
Income statement:
Revenue:
Investment services fees:
Asset Servicing	$	984		$	979		$	960		$	953		$	896		1	%	10	%	$	3,876		$	3,635		7	%
Issuer Services	253			281			281			246			260			(10)		(3)		1,061			1,100			(4)
Total investment services fees	1,237			1,260			1,241			1,199			1,156			(2)		7		4,937			4,735			4
Foreign exchange revenue	148			125			129			172			139			18		6		574			602			(5)
Other fees (a)	28			30			25			30			39			(7)		(28)		113			182			(38)
Total fee revenue	1,413			1,415			1,395			1,401			1,334			—		6		5,624			5,519			2
Investment and other revenue	53			73			38			30			30			N/M		N/M		194			159			N/M
Total fee and other revenue	1,466			1,488			1,433			1,431			1,364			(1)		7		5,818			5,678			2
Net interest revenue	367			349			354			356			378			5		(3)		1,426			1,697			(16)
Total revenue	1,833			1,837			1,787			1,787			1,742			—		5		7,244			7,375			(2)
Provision for credit losses	(7)			(19)			(58)			(50)			23			N/M		N/M		(134)			215			N/M
Noninterest expense (ex. amortization of intangible assets)	1,481			1,535			1,393			1,411			1,496			(4)		(1)		5,820			5,522			5
Amortization of intangible assets	9			8			7			8			8			13		13		32			34			(6)
Total noninterest expense	1,490			1,543			1,400			1,419			1,504			(3)		(1)		5,852			5,556			5
Income before taxes	$	350		$	313		$	445		$	418		$	215		12	%	63	%	$	1,526		$	1,604		(5)	%
Total revenue by line of business:
Asset Servicing	$	1,456		$	1,437		$	1,382		$	1,424		$	1,357		1	%	7	%	$	5,699		$	5,705		—	%
Issuer Services	377			400			405			363			385			(6)		(2)		1,545			1,670			(7)
Total revenue by line of business	$	1,833		$	1,837		$	1,787		$	1,787		$	1,742		—	%	5	%	$	7,244		$	7,375		(2)	%
Financial ratios:
Pre-tax operating margin	19		%	17		%	25		%	23		%	12		%					21		%	22		%
Memo: Securities lending revenue (b)	$	45		$	45		$	42		$	41		$	36		—	%	25	%	$	173		$	170		2	%
(a) Other fees primarily include financing-related fees.
(b) Included in investment services fees in the Asset Servicing business.
N/M – Not meaningful.

9

THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT
											4Q21 vs.								FY21 vs.
(dollars in millions, unless otherwise noted)	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21		4Q20		FY21		FY20		FY20
Selected balance sheet data:
Average loans	$	9,764	$	8,389	$	8,485	$	8,374	$	8,498	16	%	15	%	$	8,756	$	9,225	(5)	%
Average assets (a)	$	229,511	$	226,930	$	231,152	$	228,071	$	215,051	1	%	7	%	$	228,915	$	202,761	13	%
Average deposits	$	200,272	$	198,680	$	203,147	$	199,845	$	188,151	1	%	6	%	$	200,482	$	177,853	13	%
Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	34.6	$	33.8	$	33.7	$	31.5	$	30.6	2	%	13	%	$	34.6	$	30.6	13	%
Market value of securities on loan at period end (in billions) (d)	$	447	$	443	$	456	$	445	$	435	1	%	3	%	$	447	$	435	3	%
(a) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
(b) Dec. 31, 2021 information is preliminary.
(c) Consists of AUC/A primarily from the Asset Servicing business and, to a lesser extent, the Issuer Services business. Includes the AUC/A of CIBC Mellon of $1.7 trillion at Dec. 31, 2021, Sept. 30, 2021 and June 30, 2021, $1.6 trillion at March 31, 2021 and $1.5 trillion at Dec. 31, 2020.
(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $71 billion at Dec. 31, 2021, $68 billion at Sept. 30, 2021, $63 billion at June 30, 2021, $64 billion at March 31, 2021 and $68 billion at Dec. 31, 2020.

10

THE BANK OF NEW YORK MELLON CORPORATION
MARKET AND WEALTH SERVICES BUSINESS SEGMENT
																4Q21 vs.										FY21 vs.
(dollars in millions)	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		FY21			FY20			FY20
Income statement:
Revenue:
Investment services fees:
Pershing	$	412		$	427		$	439		$	459		$	422		(4)	%	(2)	%	$	1,737		$	1,734		—	%
Treasury Services	170			168			160			164			163			1		4		662			641			3
Clearance and Collateral Management	236			228			228			226			220			4		7		918			896			2
Total investment services fees	818			823			827			849			805			(1)		2		3,317			3,271			1
Foreign exchange revenue	21			23			23			21			24			(9)		(13)		88			79			11
Other fees (a)	31			31			32			37			33			—		(6)		131			166			(21)
Total fee revenue	870			877			882			907			862			(1)		1		3,536			3,516			1
Investment and other revenue	6			13			21			7			9			N/M		N/M		47			62			N/M
Total fee and other revenue	876			890			903			914			871			(2)		1		3,583			3,578			—
Net interest revenue	297			283			289			289			292			5		2		1,158			1,228			(6)
Total revenue	1,173			1,173			1,192			1,203			1,163			—		1		4,741			4,806			(1)
Provision for credit losses	(3)			(16)			(19)			(29)			8			N/M		N/M		(67)			100			N/M
Noninterest expense (ex. amortization of intangible assets)	670			665			647			673			661			1		1		2,655			2,577			3
Amortization of intangible assets	4			3			5			9			9			33		(56)		21			37			(43)
Total noninterest expense	674			668			652			682			670			1		1		2,676			2,614			2
Income before taxes	$	502		$	521		$	559		$	550		$	485		(4)	%	4	%	$	2,132		$	2,092		2	%
Total revenue by line of business:
Pershing	$	553		$	566		$	590		$	605		$	563		(2)	%	(2)	%	$	2,314		$	2,332		(1)	%
Treasury Services	331			326			319			317			325			2		2		1,293			1,327			(3)
Clearance and Collateral Management	289			281			283			281			275			3		5		1,134			1,147			(1)
Total revenue by line of business	$	1,173		$	1,173		$	1,192		$	1,203		$	1,163		—	%	1	%	$	4,741		$	4,806		(1)	%
Financial ratios:
Pre-tax operating margin	43		%	44		%	47		%	46		%	42		%					45		%	44		%
(a) Other fees primarily include financing-related fees.
N/M – Not meaningful.

11

THE BANK OF NEW YORK MELLON CORPORATION
MARKET AND WEALTH SERVICES BUSINESS SEGMENT
											4Q21 vs.								FY21 vs.
(dollars in millions, unless otherwise noted)	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21		4Q20		FY21		FY20		FY20
Selected balance sheet data:
Average loans	$	40,812	$	39,041	$	38,360	$	35,094	$	32,939	5	%	24	%	$	38,344	$	32,432	18	%
Average assets (a)	$	143,816	$	143,630	$	144,297	$	148,820	$	137,410	—	%	5	%	$	145,123	$	123,554	17	%
Average deposits	$	100,653	$	101,253	$	102,896	$	107,079	$	98,670	(1)	%	2	%	$	102,948	$	83,442	23	%
Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	11.8	$	11.2	$	11.1	$	9.9	$	10.2	5	%	16	%	$	11.8	$	10.2	16	%
Pershing
AUC/A at period end (in trillions) (b)	$	2.6	$	2.6	$	2.8	$	2.6	$	2.5	—	%	4	%	$	2.6	$	2.5	4	%
Net new assets (U.S. platform) (in billions)(d)	$	69	$	13	$	47	$	32	$	45	N/M		N/M		$	161	$	116	N/M
Average active clearing accounts (in thousands)	7,334		7,259		7,290		7,143		7,007		1	%	5	%	7,257		6,883		5	%
Treasury Services
Average daily U.S. dollar payment volumes	245,634		232,144		230,346		235,975		234,362		6	%	5	%	235,971		221,755		6	%
Clearance and Collateral Management
Average tri-party collateral management balances (in billions)	$	4,972	$	4,516	$	3,898	$	3,638	$	3,555	10	%	40	%	$	4,260	$	3,566	19	%
(a) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
(b) Dec. 31, 2021 information is preliminary.
(c) Consists of AUC/A from the Clearance and Collateral Management and Pershing businesses.
(d) Net new assets represent net flows of assets (e.g., net cash deposits and net securities transfers, including dividends and interest) in customer accounts in Pershing LLC, a U.S. broker-dealer.
N/M – Not meaningful.

12

THE BANK OF NEW YORK MELLON CORPORATION
INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT
																4Q21 vs.										FY21 vs.
(dollars in millions)	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		FY21			FY20			FY20
Income statement:
Revenue:
Investment management fees	$	864		$	893		$	876		$	850		$	839		(3)	%	3	%	$	3,483		$	3,261		7	%
Performance fees	32			21			14			40			45			N/M		(29)		107			107			—
Investment management and performance fees (a)	896			914			890			890			884			(2)		1		3,590			3,368			7
Distribution and servicing fees	28			28			28			28			29			—		(3)		112			137			(18)
Other fees (b)	22			20			16			22			(6)			N/M		N/M		80			(58)			N/M
Total fee revenue	946			962			934			940			907			(2)		4		3,782			3,447			10
Investment and other revenue (c)	23			23			18			3			33			N/M		N/M		67			48			N/M
Total fee and other revenue (c)	969			985			952			943			940			(2)		3		3,849			3,495			10
Net interest revenue	51			47			47			48			50			9		2		193			197			(2)
Total revenue	1,020			1,032			999			991			990			(1)		3		4,042			3,692			9
Provision for credit losses	(6)			(7)			(4)			4			(8)			N/M		N/M		(13)			20			N/M
Noninterest expense (ex. amortization of intangible assets)	741			684			669			702			678			8		9		2,796			2,668			5
Amortization of intangible assets	7			7			8			7			9			—		(22)		29			33			(12)
Total noninterest expense	748			691			677			709			687			8		9		2,825			2,701			5
Income before taxes	$	278		$	348		$	326		$	278		$	311		(20)	%	(11)	%	$	1,230		$	971		27	%
Total revenue by line of business:
Investment Management	$	709		$	727		$	700		$	698		$	714		(2)	%	(1)	%	$	2,834		$	2,596		9	%
Wealth Management	311			305			299			293			276			2		13		1,208			1,096			10
Total revenue by line of business	$	1,020		$	1,032		$	999		$	991		$	990		(1)	%	3	%	$	4,042		$	3,692		9	%
Financial ratios:
Pre-tax operating margin	27		%	34		%	33		%	28		%	32		%					30		%	26		%
Adjusted pre-tax operating margin – Non-GAAP (d)	29		%	36		%	35		%	30		%	34		%					33		%	29		%
Selected balance sheet data:
Average loans	$	12,737		$	12,248		$	11,871		$	11,610		$	11,497		4	%	11	%	$	12,120		$	11,728		3	%
Average assets (e)	$	31,306		$	30,195		$	30,370		$	32,066		$	30,804		4	%	2	%	$	30,980		$	30,459		2	%
Average deposits	$	18,374		$	17,270		$	17,466		$	19,177		$	18,144		6	%	1	%	$	18,068		$	17,340		4	%
(a) On a constant currency basis (Non-GAAP), investment management and performance fees increased 1% compared with 4Q20. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(b) Other fees primarily include investment services fees.
(c) Investment and other revenue and total fee and other revenue are net of income attributable to noncontrolling interests related to consolidated investment management funds.
(d) Net of distribution and servicing expense. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(e) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
N/M – Not meaningful.

13

THE BANK OF NEW YORK MELLON CORPORATION
AUM BY PRODUCT TYPE, CHANGES IN AUM AND WEALTH MANAGEMENT CLIENT ASSETS
											4Q21 vs.								FY21 vs.
(dollars in billions)	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21		4Q20		FY21		FY20		FY20
AUM by product type (a)(b):
Equity	$	187	$	180	$	187	$	173	$	170	4	%	10	%
Fixed income	267		269		272		261		259		(1)		3
Index	467		436		440		419		393		7		19
Liability-driven investments	890		843		841		802		855		6		4
Multi-asset and alternative investments	228		218		222		214		209		5		9
Cash	395		364		358		345		325		9		22
Total AUM	$	2,434	$	2,310	$	2,320	$	2,214	$	2,211	5	%	10	%
Changes in AUM (a)(b):
Beginning balance of AUM	$	2,310	$	2,320	$	2,214	$	2,211	$	2,041					$	2,211	$	1,910
Net inflows (outflows):
Long-term strategies:
Equity	(4)		(5)		(3)		—		(2)						(12)		(10)
Fixed income	—		1		8		8		5						17		10
Liability-driven investments	1		16		11		8		15						36		22
Multi-asset and alternative investments	1		(2)		1		(2)		—						(2)		(4)
Total long-term active strategies inflows	(2)		10		17		14		18						39		18
Index	(2)		(3)		(5)		3		(3)						(7)		6
Total long-term strategies (outflows) inflows	(4)		7		12		17		15						32		24
Short-term strategies:
Cash	31		7		13		19		5						70		49
Total net inflows	27		14		25		36		20						102		73
Net market impact	96		4		79		(36)		93						143		186
Net currency impact	1		(28)		2		3		57						(22)		42
Ending balance of AUM	$	2,434	$	2,310	$	2,320	$	2,214	$	2,211	5	%	10	%	$	2,434	$	2,211	10	%
Wealth Management client assets (a)(c)	$	321	$	307	$	305	$	292	$	286	5	%	12	%
(a) Dec. 31, 2021 information is preliminary.
(b) Excludes assets managed outside of the Investment and Wealth Management business segment.
(c) Includes AUM and AUC/A in the Wealth Management business.

14

THE BANK OF NEW YORK MELLON CORPORATION
OTHER SEGMENT
(in millions)	4Q21		3Q21		2Q21		1Q21		4Q20		FY21		FY20
Income statement:
Fee revenue	$	2	$	12	$	13	$	9	$	11	$	36	$	34
Investment and other revenue	19		23		9		(36)		(28)		15		37
Total fee and other revenue	21		35		22		(27)		(17)		51		71
Net interest (expense)	(38)		(38)		(45)		(38)		(40)		(159)		(145)
Total revenue	(17)		(3)		(23)		(65)		(57)		(108)		(74)
Provision for credit losses	(1)		(3)		(5)		(8)		(8)		(17)		1
Noninterest expense	55		16		49		41		64		161		133
(Loss) before taxes	$	(71)	$	(16)	$	(67)	$	(98)	$	(113)	$	(252)	$	(208)
Selected balance sheet data:
Average loans and leases	$	1,337	$	1,528	$	1,804	$	1,711	$	1,794	$	1,594	$	1,843
Average assets	$	45,005	$	46,006	$	46,510	$	51,422	$	54,223	$	47,214	$	56,544

15

THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES PORTFOLIO
(dollars in millions)	Sept. 30, 2021			4Q21 change in unrealized gain (loss)		Dec. 31, 2021					Fair value as a % of amortized cost (a)		Unrealized gain (loss)			% Floating rate (b)		Ratings (c)
						Amortized cost		Fair value										AAA/ AA-		A+/ A-		BBB+/ BBB-		BB+ and lower		Not rated
	Fair value
Agency RMBS	$	52,913		$	(455)	$	50,500	$	50,735		100	%	$	235		12	%	100	%	—	%	—	%	—	%	—	%
U.S. Treasury	36,044			(125)		40,583		40,582			100		(1)			46		100		—		—		—		—
Sovereign debt/sovereign guaranteed	14,045			(54)		14,289		14,312			100		23			13		80		4		15		1		—
Agency commercial MBS	12,549			(119)		12,170		12,291			101		121			23		100		—		—		—		—
Supranational	8,004			(26)		7,653		7,646			100		(7)			53		100		—		—		—		—
Foreign covered bonds	6,946			(27)		6,236		6,238			100		2			38		100		—		—		—		—
U.S. government agencies	5,426			(48)		5,462		5,420			99		(42)			24		100		—		—		—		—
CLOs	5,204			(5)		5,424		5,421			100		(3)			100		99		—		—		1		—
Non-agency commercial MBS	3,167			(28)		3,083		3,114			101		31			25		100		—		—		—		—
Foreign government agencies	2,679			(17)		2,694		2,686			100		(8)			17		92		8		—		—		—
State and political subdivisions	2,659			(22)		2,557		2,529			99		(28)			5		89		10		—		—		1
Non-agency RMBS (d)	2,647			(23)		2,684		2,793			104		109			43		80		3		—		8		9
Other asset-backed securities	2,312			(20)		2,205		2,190			99		(15)			12		100		—		—		—		—
Corporate bonds	2,377			(15)		2,099		2,066			98		(33)			16		16		67		17		—		—
Other	1			—		1		1			100		—			—		—		—		—		—		100
Total securities	$	156,973	(e)	$	(984)	$	157,640	$	158,024	(e)(f)	100	%	$	384	(e)(g)	29	%	96	%	2	%	2	%	—	%	—	%
(a) Amortized cost reflects historical impairments, and is net of allowance for credit losses.
(b) Includes the impact of hedges.
(c) Represents ratings by S&P, or the equivalent.
(d) Includes RMBS that were included in the former Grantor Trust of $387 million at Sept. 30, 2021 and $360 million at Dec. 31, 2021.
(e) Includes net unrealized losses on derivatives hedging securities available-for-sale (including terminated hedges) of $742 million at Sept. 30, 2021 and $590 million at Dec. 31, 2021.
(f) The fair value of available-for-sale securities totaled $101,249 million at Dec. 31, 2021, net of hedges, or 64% of the fair value of the securities portfolio, net of hedges. The fair value of the held-to-maturity securities totaled $56,775 million at Dec. 31, 2021, or 36% of the fair value of the securities portfolio, net of hedges.
(g) At Dec. 31, 2021, unrealized gains of $475 million related to available-for-sale securities, net of hedges, and unrealized losses of $91 million related to held-to-maturity securities.
Note: The amortizable purchase premium (net of discount) relating to securities was $1,863 million at Dec. 31, 2021 and the amortization of that net purchase premium was $147 million in 4Q21.

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THE BANK OF NEW YORK MELLON CORPORATION
ALLOWANCE FOR CREDIT LOSSES AND NONPERFORMING ASSETS
	2021												2020
(dollars in millions)	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
Allowance for credit losses – beginning of period:
Allowance for loan losses	$	233		$	269		$	327		$	358		$	325
Allowance for lending-related commitments	40			50			73			121			135
Allowance for other financial instruments (a)	18			16			19			22			26
Allowance for credit losses – beginning of period	$	291		$	335		$	419		$	501		$	486
Net (charge-offs) recoveries:
Charge-offs	(16)			—			(1)			(1)			(1)
Recoveries	2			1			3			2			1
Total net (charge-offs) recoveries	(14)			1			2			1			—
Provision for credit losses(b)	(17)			(45)			(86)			(83)			15
Allowance for credit losses – end of period	$	260		$	291		$	335		$	419		$	501
Allowance for credit losses – end of period:
Allowance for loan losses	$	196		$	233		$	269		$	327		$	358
Allowance for lending-related commitments	45			40			50			73			121
Allowance for other financial instruments (a)	19			18			16			19			22
Allowance for credit losses – end of period	$	260		$	291		$	335		$	419		$	501
Allowance for loan losses as a percentage of total loans	0.29		%	0.36		%	0.42		%	0.54		%	0.63		%
Nonperforming assets	$	78		$	108		$	90		$	112		$	89
(a) Includes allowance for credit losses on federal funds sold and securities purchased under resale agreements, available-for-sale securities, accounts receivable, cash and due from banks and interest-bearing deposits with banks.
(b) Includes all other instruments within the scope of ASU 2016-13,Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments.

17

THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
BNY Mellon has included in this Financial Supplement certain Non-GAAP financial measures on a tangible basis as a supplement to GAAP information, which exclude goodwill and intangible assets, net of deferred tax liabilities. We believe that the return on tangible common equity – Non-GAAP is additional useful information for investors because it presents a measure of those assets that can generate income, and the tangible book value per common share – Non-GAAP is additional useful information because it presents the level of tangible assets in relation to shares of common stock outstanding.
Net interest revenue, on a fully taxable equivalent ("FTE") basis – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income which allows for the comparison 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.
BNY Mellon has also included the adjusted pre-tax operating margin – Non-GAAP, which is the pre-tax operating margin for the Investment and Wealth Management business segment, net of distribution and servicing expense that was passed to third parties who distribute or service our managed funds. We believe that this measure is useful when evaluating the performance of the Investment and Wealth Management business segment relative to industry competitors.
The presentation of the growth rates of investment management and performance fees on a constant currency basis permits investors to assess the significance of changes in foreign currency exchange rates. Growth rates on a constant currency basis were determined by applying the current period foreign currency exchange rates to the prior period revenue. We believe that this presentation, as a supplement to GAAP information, gives investors a clearer picture of the related revenue results without the variability caused by fluctuations in foreign currency exchange rates.
Notes:
Certain immaterial reclassifications/revisions have been made to prior periods to place them on a basis comparable with the current period's presentation.
Return on common and tangible common equity ratios are annualized.
In 4Q21, we disaggregated our former Investment Services business segment into two new business segments, Securities Services and Market and Wealth Services. See the Current Report on Form 8-K dated Dec. 8, 2021 for additional information.
Return on common equity and tangible common equity reconciliation
(dollars in millions)	4Q21			3Q21			2Q21			1Q21			4Q20			FY21			FY20
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	822		$	881		$	991		$	858		$	702		$	3,552		$	3,423
Add: Amortization of intangible assets	19			19			20			24			26			82			104
Less: Tax impact of amortization of intangible assets	5			4			5			6			6			20			25
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	836		$	896		$	1,006		$	876		$	722		$	3,614		$	3,502
Average common shareholders’ equity	$	37,941		$	39,755		$	40,393		$	40,720		$	40,712		$	39,695		$	39,200
Less: Average goodwill	17,481			17,474			17,517			17,494			17,411			17,492			17,331
Average intangible assets	2,988			2,953			2,975			3,000			3,019			2,979			3,051
Add: Deferred tax liability – tax deductible goodwill	1,178			1,173			1,163			1,153			1,144			1,178			1,144
Deferred tax liability – intangible assets	676			673			675			665			667			676			667
Average tangible common shareholders’ equity – Non-GAAP	$	19,326		$	21,174		$	21,739		$	22,044		$	22,093		$	21,078		$	20,629
Return on common equity – GAAP	8.6		%	8.8		%	9.8		%	8.5		%	6.9		%	8.9		%	8.7		%
Return on tangible common equity – Non-GAAP	17.2		%	16.8		%	18.6		%	16.1		%	13.0		%	17.1		%	17.0		%

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THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Book value and tangible book value per common share reconciliation	2021												2020
(dollars in millions, except common shares and unless otherwise noted)	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
BNY Mellon shareholders’ equity at period end – GAAP	$	43,034		$	43,601		$	45,281		$	44,954		$	45,801
Less: Preferred stock	4,838			4,541			4,541			4,541			4,541
BNY Mellon common shareholders’ equity at period end – GAAP	38,196			39,060			40,740			40,413			41,260
Less: Goodwill	17,512			17,420			17,487			17,469			17,496
Intangible assets	2,991			2,941			2,964			2,983			3,012
Add: Deferred tax liability – tax deductible goodwill	1,178			1,173			1,163			1,153			1,144
Deferred tax liability – intangible assets	676			673			675			665			667
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP	$	19,547		$	20,545		$	22,127		$	21,779		$	22,563
Period-end common shares outstanding (in thousands)	804,145			825,821			863,174			875,481			886,764
Book value per common share – GAAP	$	47.50		$	47.30		$	47.20		$	46.16		$	46.53
Tangible book value per common share – Non-GAAP	$	24.31		$	24.88		$	25.64		$	24.88		$	25.44
Net interest margin reconciliation
(dollars in millions)	4Q21			3Q21			2Q21			1Q21			4Q20
Net interest revenue – GAAP	$	677		$	641		$	645		$	655		$	680
Add: Tax equivalent adjustment	4			3			3			3			3
Net interest revenue (FTE) – Non-GAAP	$	681		$	644		$	648		$	658		$	683
Average interest-earning assets	$	381,682		$	381,065		$	388,285		$	397,297		$	378,674
Net interest margin – GAAP (a)	0.71		%	0.67		%	0.67		%	0.66		%	0.72		%
Net interest margin (FTE) – Non-GAAP (a)	0.71		%	0.68		%	0.67		%	0.67		%	0.72		%
(a) Net interest margin is annualized.

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THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Pre-tax operating margin reconciliation - Investment and Wealth Management business segment
(dollars in millions)	4Q21			3Q21			2Q21			1Q21			4Q20			FY21			FY20
Income before income taxes – GAAP	$	278		$	348		$	326		$	278		$	311		$	1,230		$	971
Total revenue – GAAP	$	1,020		$	1,032		$	999		$	991		$	990		$	4,042		$	3,692
Less: Distribution and servicing expense	75			76			74			75			76			300			338
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP	$	945		$	956		$	925		$	916		$	914		$	3,742		$	3,354
Pre-tax operating margin – GAAP (a)	27		%	34		%	33		%	28		%	32		%	30		%	26		%
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)	29		%	36		%	35		%	30		%	34		%	33		%	29		%
(a) Income before income taxes divided by total revenue.
Constant currency reconciliations							4Q21 vs.
(dollars in millions)	4Q21			4Q20			4Q20
Consolidated:
Investment management and performance fees – GAAP	$	896		$	884		1		%
Impact of changes in foreign currency exchange rates	—			1
Adjusted investment management and performance fees – Non-GAAP	$	896		$	885		1		%
Investment and Wealth Management business segment:
Investment management and performance fees – GAAP	$	896		$	884		1		%
Impact of changes in foreign currency exchange rates	—			1
Adjusted investment management and performance fees – Non-GAAP	$	896		$	885		1		%

20