State Street Corp. (STT, Financial) filed Quarterly Report for the period ended 2010-03-31.
State Street Corp. has a market cap of $20.93 billion; its shares were traded at around $42.12 with a P/E ratio of 11 and P/S ratio of 2.2. The dividend yield of State Street Corp. stocks is 0.1%. State Street Corp. had an annual average earning growth of 3.4% over the past 10 years.STT is in the portfolios of Ronald Muhlenkamp of Muhlenkamp Fund, Bill Nygren of Oak Mark Fund, Richard Pzena of Pzena Investment Management LLC, Lee Ainslie of Maverick Capital, RS Investment Management, John Paulson of Paulson & Co., Jim Simons of Renaissance Technologies LLC, Westport Asset Management, Paul Tudor Jones of The Tudor Group, Tom Gayner of Markel Gayner Asset Management Corp, Dodge & Cox, Steven Cohen of SAC Capital Advisors, Murray Stahl of Horizon Asset Management, John Buckingham of Al Frank Asset Management, Inc., Jeremy Grantham of GMO LLC, David Dreman of Dreman Value Management, Diamond Hill Capital of Diamond Hill Capital Management Inc, George Soros of Soros Fund Management LLC, Manning & Napier Advisors, Inc, Chuck Royce of Royce& Associates.
For the first quarter of 2010, we recorded net income of $495 million, or $0.99 per diluted common share, compared to $445 million, or $1.02 per diluted common share, for the first quarter of 2009. Return on average common equity was 13.4% for the first quarter of 2010 compared to 15.7% for the same period in 2009.
Net interest revenue increased 17% for the first quarter of 2010 compared to the prior-year first quarter, or 16% on a fully taxable-equivalent basis ($693 million compared to $596 million, each reflecting increases from tax-equivalent adjustments of $32 million). These increases were the result of $212 million of discount accretion recorded in the first quarter of 2010, generated by the assets added to our balance sheet in connection with the May 2009 conduit consolidation. See Total RevenueNet Interest Revenue in this Managements Discussion and Analysis for additional information. This increase in net interest revenue was partially offset by the continuing impact of lower interest-rate spreads.
Net interest margin, computed on fully taxable-equivalent net interest revenue, increased 33 basis points, from 2.01% in the first quarter of 2009 to 2.34% in the first quarter of 2010. The above-mentioned $212 million of discount accretion accounted for 72 basis points of net interest margin for the first quarter of 2010, compared to none for the first quarter of 2009. Excluding the effect of the accretion, fully taxable-equivalent net interest revenue for the first quarter of 2010 would have been $481 million compared to the above-mentioned $693 million, a decrease of 19% from $596 million for the first quarter of 2009, and net interest margin for the first quarter of 2010 would have been 1.62% compared to the reported margin of 2.34%.
We realized net gains of $192 million from sales of available-for-sale securities during the first quarter of 2010, compared to net gains of $29 million during the first quarter of 2009. We also recorded other-than-temporary impairment related to credit of $97 million during the first quarter of 2010, compared to $13 million during the 2009 quarter. The aggregate of the net gains and impairment losses resulted in net gains related to investment securities of $95 million for the first quarter of 2010, compared to net gains of $16 million for the 2009 quarter.
At March 31, 2010, we had aggregate assets under custody and administration of $19.04 trillion, which increased $246 billion, or 1%, from $18.79 trillion at December 31, 2009, and increased $4.01 trillion, or 27%, from $15.03 trillion at March 31, 2009. At March 31, 2010, we had aggregate assets under management of $1.93 trillion, which increased $18 billion, or 1%, from $1.91 trillion at December 31, 2009, and increased $534 billion, or 38%, from $1.40 trillion at March 31, 2009. The increases in servicing assets from March 31, 2009 to March 31, 2010 and from December 31, 2009 to March 31, 2010 resulted from increases in asset valuations associated with the improvement in the global financial markets and new business. The increase in assets under management from March 31, 2009 to
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State Street Corp. has a market cap of $20.93 billion; its shares were traded at around $42.12 with a P/E ratio of 11 and P/S ratio of 2.2. The dividend yield of State Street Corp. stocks is 0.1%. State Street Corp. had an annual average earning growth of 3.4% over the past 10 years.STT is in the portfolios of Ronald Muhlenkamp of Muhlenkamp Fund, Bill Nygren of Oak Mark Fund, Richard Pzena of Pzena Investment Management LLC, Lee Ainslie of Maverick Capital, RS Investment Management, John Paulson of Paulson & Co., Jim Simons of Renaissance Technologies LLC, Westport Asset Management, Paul Tudor Jones of The Tudor Group, Tom Gayner of Markel Gayner Asset Management Corp, Dodge & Cox, Steven Cohen of SAC Capital Advisors, Murray Stahl of Horizon Asset Management, John Buckingham of Al Frank Asset Management, Inc., Jeremy Grantham of GMO LLC, David Dreman of Dreman Value Management, Diamond Hill Capital of Diamond Hill Capital Management Inc, George Soros of Soros Fund Management LLC, Manning & Napier Advisors, Inc, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
State Street Corporation is a financial holding company headquartered in Boston, Massachusetts. Through its subsidiaries, including its principal banking subsidiary, State Street Bank and Trust Company, which we refer to as State Street Bank, State Street Corporation provides a full range of products and services to meet the needs of institutional investors worldwide. Unless otherwise indicated or unless the context requires otherwise, all references in this Managements Discussion and Analysis to State Street, we, us, our or similar terms mean State Street Corporation and its subsidiaries on a consolidated basis. All references in this Form 10-Q to the parent company are to State Street Corporation. At March 31, 2010, we had consolidated total assets of $153.97 billion, consolidated total deposits of $90.34 billion, consolidated total shareholders equity of $15.41 billion and employed 27,700.For the first quarter of 2010, we recorded net income of $495 million, or $0.99 per diluted common share, compared to $445 million, or $1.02 per diluted common share, for the first quarter of 2009. Return on average common equity was 13.4% for the first quarter of 2010 compared to 15.7% for the same period in 2009.
Net interest revenue increased 17% for the first quarter of 2010 compared to the prior-year first quarter, or 16% on a fully taxable-equivalent basis ($693 million compared to $596 million, each reflecting increases from tax-equivalent adjustments of $32 million). These increases were the result of $212 million of discount accretion recorded in the first quarter of 2010, generated by the assets added to our balance sheet in connection with the May 2009 conduit consolidation. See Total RevenueNet Interest Revenue in this Managements Discussion and Analysis for additional information. This increase in net interest revenue was partially offset by the continuing impact of lower interest-rate spreads.
Net interest margin, computed on fully taxable-equivalent net interest revenue, increased 33 basis points, from 2.01% in the first quarter of 2009 to 2.34% in the first quarter of 2010. The above-mentioned $212 million of discount accretion accounted for 72 basis points of net interest margin for the first quarter of 2010, compared to none for the first quarter of 2009. Excluding the effect of the accretion, fully taxable-equivalent net interest revenue for the first quarter of 2010 would have been $481 million compared to the above-mentioned $693 million, a decrease of 19% from $596 million for the first quarter of 2009, and net interest margin for the first quarter of 2010 would have been 1.62% compared to the reported margin of 2.34%.
We realized net gains of $192 million from sales of available-for-sale securities during the first quarter of 2010, compared to net gains of $29 million during the first quarter of 2009. We also recorded other-than-temporary impairment related to credit of $97 million during the first quarter of 2010, compared to $13 million during the 2009 quarter. The aggregate of the net gains and impairment losses resulted in net gains related to investment securities of $95 million for the first quarter of 2010, compared to net gains of $16 million for the 2009 quarter.
At March 31, 2010, we had aggregate assets under custody and administration of $19.04 trillion, which increased $246 billion, or 1%, from $18.79 trillion at December 31, 2009, and increased $4.01 trillion, or 27%, from $15.03 trillion at March 31, 2009. At March 31, 2010, we had aggregate assets under management of $1.93 trillion, which increased $18 billion, or 1%, from $1.91 trillion at December 31, 2009, and increased $534 billion, or 38%, from $1.40 trillion at March 31, 2009. The increases in servicing assets from March 31, 2009 to March 31, 2010 and from December 31, 2009 to March 31, 2010 resulted from increases in asset valuations associated with the improvement in the global financial markets and new business. The increase in assets under management from March 31, 2009 to
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