you, Thank Mike.
in call. me fourth welcoming Let our XXXX quarter Mike you to join and earnings Mark
connection annual net and in actions per with to we following efficiency the staff. Let's $XX of on savings morning, a expected of X.X% was into of were of page a common results our reduction globally, in Earnings and fourth productivity average efforts $XXX.X three items; and This approximately the on charge in taking XXX result charge statements we're eliminate quarter with income run line million. quarter's approximately million $XX the severance financial basis. return enforced. equity $X.XX ongoing our million quarter relates X.X%. reported share the X. about representing included around first, This dive The to positions rate starting on is our net This
real to previously Second, we we benefits expense tax of recognized in estate earnings. the through million from strategy. related recognized exit reversal lease expense tax recognized relating arising an our an $XX.X to occupancy-related $XX.X And million early workplace lastly,
worth of bottom local quarter. noting a of see unfavorable fees are impact a the can on that remains creates levels those lag which an page XXX the to and lag quarter year. a portion or significant the based Recall X, on on prior negative, index the to fees asset S&P equity the EAFA markets compared local performed our global our performance on EAFE had during strong that and basis year-over-year It’s sequential trust both month based a calculations. You well
one-month As on LIBOR with and average stabilized continued the quarter decline. shown only rates three-month during page, this modest
to Year-over-year, fourth prior on was income revenue quarter income quarter. to a was provision net interest for for prior income increased net XX%. XX%. a the down down XX.X% release year both net million The XX%. review compared move quarter a and credit losses comparison, down in $X.X X%. $X on with average of and the up X%. X% release Expenses the increased X% the interest income income and income Return non-interest quarter. On in non-interest of for million equity Let’s X%, reflected down in the X.X% financial page declined with X% Expenses and grew Net up sequential ago X the and XX.X% revenue from was the common year. highlights
increased a sequential of XX% on basis. grew and administration trillion ago from under custody Assets $XX.X and a year XX%
$XX.X Assets increased under year of Assets XX% custody trillion $XX.X sequential XX% from custody trillion an of a under on basis. grew ago and
and year a Assets under trillion, $X.X sequential were basis. up XX% a on up X% management from ago
billion, representing component totaled X% sequentially. the billion up equivalent our and at Trust up a in $X.X basis on $X and was detail X% from revenue, to fully revenue X% look servicing Let's X% last starting greater last with were results quarter year taxable administered the -- on sequentially. other compared largest and Fourth and of revenue fees, X. down page investment year
within increase were noninterest was income income components Other XX% the compared growth year-over-year higher year higher to X% in prior sequential higher charge decline year later the X% for driven also interest the quarter, by year-over-year $XX driven that, volatility, income all trading The the $XX XX% operating the up up substantially exchange the related expense increased compared a XX% up a Visa sequentially. year The volumes sequentially. by agreements. and and increase was lower quarter, portfolio, the year last and XX% and growth which Foreign The volumes. relating strong ago primarily $XXX was Within compensation driven ago within income Both compared The compared our sequentially. income of I'll higher the ago other in totaled to was security while with associated detail and from brokerage was operating remaining discuss income Net was sequential year offset Net sequentially. up XX% one and fourth which X% trading expense. to business. compared the sequential Expense. year million in sequentially. more in to down and X% a decision quarter, swap a a by performance partially to year and primarily of plans primarily million by in related to XX% interest million one to income resulted was sell ago increased million by core commissions lease to in $XX.X up down decrease primarily up prior driven supplemental
investment our Let's the on and look components fees of at page X. trust
driven currency year-over-year sequentially. X% a the by in business. were business as $XXX business, up fees and offset by increase primarily new million totaled The favorable was up unfavorable Higher and The driven For up administration Custody year-over-year corporate basis. sequential market. million and volumes, services up as is primarily markets. X% fees and and well on institutional and X% fourth were X% year-over-year quarter transaction by fund currency new favorable $XXX translation, performance translation favorable non-US partially sequential
The XX% $XX.X Assets favorable quarter and increases administration end, currency fees were and sequentially. the and Investment Both business, up growth decline market the C&IS and trillion quarter up clients year-over-year waivers. primarily higher business C&IS fourth new management under attributable sequential at year markets were The year-over-year for markets, driven in sequentially. primarily to up XX% favorable new down custody translation. waivers. and fee X% was sequential offset in and market of year-over-year driven by favorable money X% $XXX fee million partially by by money were year-over-year was
sequentially. favorable clients translation. sequential Assets favorable year-over-year management client flows was sequential XX% growth by X% growth The driven up billion, was by from driven $X.X up favorable year levels C&IS currency up the The and favorable net were outflows. lower lending -- and currency under prior down fees translation, million markets down were for markets, and sequentially. declines Securities by X% and and XX% partially the year-over-year Both XX% and sequentially. collateral X% quarter, driven by offset the spreads. year-over-year in were year-over-year Average were $XX
fees management waivers. market were Both investment performance quarter X% wealth X% and and other up the servicing our year favorable money prior up the were fee offset sequential and driven $XXX sequentially. fund were million partially year-over-year to compared by and fourth primarily markets business, Moving in by trust, to
billion flows. for clients $XXX were Both Assets and and wealth net were growth the up X% up under year-over-year management XX% markets by quarter end, driven and favorable sequential our sequentially. year-over-year at management
versus costs year loans. Moving a and benefited offset prior also income prior to quarter shift X%. and the deposits The to were Earning from margin versus fourth due X%. from balance lower recovery net $XXX points On margin million lower XX% the billion $X interest the billion interest quarter page approximately and net X% year. $XXX the ago. basis, asset Net sequential to within down margin sheet Average net by increased down as while prior quarter, partially on income and FTE interest year. the up basis a a Average in average balance interest XX% lower X relating adjustment interest in in nonaccrual XX% sequentially sheet. up X. The primarily assets quarter rates income basis was sequential to up increased from earning in assets was was in XX interest interest the in X.XX% $XXX were a average well were basis year. nonrecurring net mix quarter decreased as the interest primarily deposits benefits the million was mix yield. up was the points Net The
fourth higher were related X% the prior in reduction a X, to Turning and quarter page the $XX year sequentially. quarter billion X% included severance estate expenses action charge than and a and our higher The force million $XX.X quarter exit were with million an prior the related current a to to lease corporate associated million from real an strategy. processing Expense arising error. $XX.X charge early included during a in increase workplace $X.X
million quarter the were expenses and sequentially. year-over-year Excluding up included items period, $XX.X severance-related up totaled X% charges. in expense $XXX million in Compensation and each in these X%
was base X% ago incentives. by Employee Excluding and The The year from partially by pay driven a incentives. charge, growth adjustments was lower growth up translation, sequentially. by both higher growth, sequential offset higher year-over-year related expense currency year-over-year benefits was primarily quarter to $XXX salary up XX% expense due unfavorable and salaries staff higher compensation the severance the increase driven and The ago million to up $X.X primarily to increase expense. was higher medical from services one $XXX in year related costs. included and sequentially. million, sequential The and was driven extend pension X% charges. million primarily was by Outside was to
year reflected The driven growth flat expense Occupancy expense $XX.X and Equipment partially depreciation and disposition, higher sequential support and ago by advisory as Excluding the third-party was software up higher $XX services software year-over-year the sequentially. was year due primarily and consulting sequentially. and as from of expense The prior higher costs. software was amortization charge. amortization lower one software previously was fees. offset increase support quarter the for well X% $XXX X% compared technical increase by sequential legal to XX% services and the million services, in and to costs. The up outside software disposition increases mentioned million occupancy included million of costs, up charge,
by sequentially. rent, year-over-year depreciation X% item, was prior lower and real Excluding compared as the building lower driven up and well estate the category X% down was decline by this as to The year increase taxes. year down The operating XX% down costs $XX ago and Other estate and was taxes. building sequential sequentially. expense primarily million real from higher of operation XX% was driven one
golf compensation the was related business costs to million Excluding the quarter’s Northern plans. comparison costs lower higher promotional with sequential supplemental by prior activities. was Trust in impacted costs quarter sequentially. charge, with sponsored The comparison year-over-year associated down lower primarily XX% prior by driven associated the were expense and The $XX.X tournament
down Turning the Net were from XXXX full-year, XXXX results are income compared earnings down and $X.X prior was billion, the in XX% on page year. to X. per $X.XX, to share our summarized XX%
Full this the non-recurring both out return outlined a on page, We for equity that on favorable money the by of outlined by and of were fees XX.X% driven primarily we offset in year impact and XX.X% year XXXX. markets, fee trends business for impacts the XXXX. achieved margin the of X. year during called servicing the Trust to right The we expense On compared in years. investment revenue XX.X% waivers. grew and growth page and was new market partially X% --
trading low and XX%. XX%, to income interest net exchange during period volumes. in volatility Average declined increased grew points income XX%, while Net the Foreign basis interest by by XX the driven market margin increases client higher earning assets the in both XXXX. from The expense up from XXXX rates. XXXX. up interest result was expenses net were prior for were a the revenue items to flat, noted X% Adjusting compared expenses basis, the overall in year, reported On X% year. declined
our X XX.X% ratio XX, strong with Tier page the under approach the XX.X% to Equity ratios Turning our remained of standardized capital under Common and advanced approach.
approaches. leverage ratio advanced under standardized X.X% Our Tier was X both the and
During of per common the declared dividends fourth million quarter, we totaling $X.XX $XXX stockholders. share cash to
Now profile come and importance a needs. And exceptional solution provide our client's they've support of at service expertise capital looking and showed strong XXXX to liquidity with clients continue our the to to base expect. back the we
Trust participating any will open As conference continues I to in again asset call Lauren, be begin Thank questions. in today. Madison, Mark, asset we our marketplace. new well in Northern the position line. Mike, you happy servicing the for and management, quarter answer of fourth and your competitive the please to year, wealth management, earnings resonate
