State Street (STT) 10-Q2016 Q1 Quarterly report

Filed: 6 May 16, 12:00am

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New words: ABS, acronym, AFS, allegedly, ASU, AUCA, Austria, back, Beacon, bearing, began, billing, bond, censure, classification, complaint, constantly, Contract, credible, criminal, customary, dedesignation, effort, eliminating, energy, felt, fluctuate, fraud, FRBB, fundamental, GE, hike, HTM, inclusion, incorrectly, indicted, instrument, invoiced, invoicing, jointly, Justice, LLC, merger, OTTI, page, parallel, PCA, pool, proxy, rationalization, reimburse, reimbursement, replace, satisfaction, Secretary, Simplifying, strictly, substandard, Subtopic, syndicated, Task, Thomson, tied, Topic, track, unchanged, unethical, upward, violate, virtue, Volker, windfall, withholding

Removed: absence, accountability, acted, added, adequate, advantage, amendment, analyze, anticipation, approached, assumed, attribute, authorized, brought, California, challenging, cloud, Code, collateralizing, commencement, comparative, competition, compose, compression, computational, computing, concept, Consistency, construct, Consumer, contra, contrast, Conversely, corrective, coverage, cumulative, customer, degree, deteriorate, detrimental, discretion, domestic, effectively, enacted, enterprise, erosion, expectation, extraordinary, false, favorable, forecasted, FRB, free, governed, gradually, improve, improved, inconsistent, infrequent, integrity, investing, leader, long, maker, modeled, modeling, modest, moving, natural, NSFR, object, original, partly, phase, planned, priced, prolonged, proposal, publicly, purpose, qualified, ramp, receivable, recently, reclassification, Reform, regularly, released, relevance, removal, remove, residential, resilience, responded, responding, RWA, scheduled, selection, side, slope, sound, sourcing, spread, SPY, stability, stressful, successful, suit, tenor, test, threshold, tightening, tradability, traded, transparency, transparent, unissued, unusual, verify, Wall, wrap

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EXHIBIT 12

STATE STREET CORPORATION

Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends



		Three Months Ended March 31,			Years Ended December 31,
(Dollars in millions)		2016			2015			2014			2013		2012			2011
EXCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	430		$	2,298		$	2,437		$	2,666	$	2,747		$	2,518
Share of pre-tax income (loss) of unconsolidated entities		(147		)	(700		)	(10		)	1		(15		)	37
Fixed charges		76			321			318			365		370			462
Adjusted earnings	(A)	$	359		$	1,919		$	2,745		$	3,032	$	3,102		$	3,017
Interest on short-term borrowings		$	—		$	7		$	6		$	60	$	73		$	96
Interest on long-term debt, including amortization of debt issuance costs		55			219			206			184		176			241
Portion of long-term leases representative of the interest factor⁽¹⁾		21			95			106			121		121			125
Preferred stock dividends and related adjustments⁽²⁾		42			112			61			33		39			27
Fixed charges and preferred stock dividends	(B)	$	118		$	433		$	379		$	398	$	409		$	489
Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits	(A)/(B)	3.05 x			4.43x			7.24x			7.62x		7.58x			6.17x
INCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	430		$	2,298		$	2,437		$	2,666	$	2,747		$	2,518
Share of pre-tax income (loss) of unconsolidated entities		(147		)	(700		)	(10		)	1		(15		)	37
Fixed charges		114			418			416			458		536			682
Adjusted earnings	(C)	$	397		$	2,016		$	2,843		$	3,125	$	3,268		$	3,237
Interest on short-term borrowings and deposits		$	38		$	104		$	104		$	153	$	239		$	316
Interest on long-term debt, including amortization of debt issuance costs		55			219			206			184		176			241
Portion of long-term leases representative of the interest factor⁽¹⁾		21			95			106			121		121			125
Preferred stock dividends and related adjustments⁽²⁾		42			112			61			33		39			27
Fixed charges and preferred stock dividends	(D)	$	156		$	530		$	477		$	491	$	575		$	709
Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits	(C)/(D)	2.55 x			3.80x			5.96x			6.36x		5.68x			4.57x

___________________________

⁽¹⁾The interest factor on long-term operating leases represented a reasonable approximation of the appropriate portion of operating lease expense considered to be representative of interest. The interest factor on long-term capital leases represented the amount recorded as interest expense in our consolidated statement of income.

⁽²⁾Preferred dividends and related adjustments, including accretion, were adjusted to represent pre-tax earnings that would be required to cover dividend and accretion requirements.

STATE STREET CORPORATION

Ratios of Earnings to Fixed Charges



		Three Months Ended March 31,			Years Ended December 31,
(Dollars in millions)		2016			2015			2014			2013		2012			2011
EXCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	430		$	2,298		$	2,437		$	2,666	$	2,747		$	2,518
Share of pre-tax income (loss) of unconsolidated entities		(147		)	(700		)	(10		)	1		(15		)	37
Fixed charges		76			321			318			365		370			462
Adjusted earnings	(A)	$	359		$	1,919		$	2,745		$	3,032	$	3,102		$	3,017
Interest on short-term borrowings		$	—		$	7		$	6		$	60	$	73		$	96
Interest on long-term debt, including amortization of debt issuance costs		55			219			206			184		176			241
Portion of long-term leases representative of the interest factor⁽¹⁾		21			95			106			121		121			125
Fixed charges	(B)	$	76		$	321		$	318		$	365	$	370		$	462
Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits	(A)/(B)	4.72 x			5.98x			8.63x			8.31x		8.38x			6.53x
INCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	430		$	2,298		$	2,437		$	2,666	$	2,747		$	2,518
Share of pre-tax income (loss) of unconsolidated entities		(147		)	(700		)	(10		)	1		(15		)	37
Fixed charges		114			418			416			458		536			682
Adjusted earnings	(C)	$	397		$	2,016		$	2,843		$	3,125	$	3,268		$	3,237
Interest on short-term borrowings and deposits		$	38		$	104		$	104		$	153	$	239		$	316
Interest on long-term debt, including amortization of debt issuance costs		55			219			206			184		176			241
Portion of long-term leases representative of the interest factor⁽¹⁾		21			95			106			121		121			125
Fixed charges	(D)	$	114		$	418		$	416		$	458	$	536		$	682
Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits	(C)/(D)	3.48 x			4.82x			6.83x			6.82x		6.10x			4.75x

___________________________

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