Morgan Stanley 2014 Annual Report Download - page 310

FINANCIAL DATA SUPPLEMENT (Unaudited)—(Continued)
Deposits.
Average Deposits(1)
2014 2013 2012
Average
Amount(1)
Average
Rate
Average
Amount(1)
Average
Rate
Average
Amount(1)
Average
Rate
(dollars in millions)
Deposits(2):
Savings deposits ...................... $118,086 0.1% $90,447 0.1% $66,073 0.1%
Time deposits ........................ 1,733 0.7% 1,526 3.9% 3,357 2.6%
Total ........................... $119,819 0.1% $91,973 0.2% $69,430 0.3%
(1) The Company calculates its average balances based upon weekly amounts, except where weekly balances are unavailable, month-end
balances are used.
(2) Deposits are primarily located in U.S. offices.
Ratios.
2014 2013 2012
Net income to average assets ............................................... 0.4% 0.4% N/M
Return on average common equity(1) ......................................... 4.8% 4.3% N/M
Return on total equity(2) ................................................... 4.9% 4.6% 0.1%
Dividend payout ratio(3) ................................................... 21.9% 14.7% N/M
Total average common equity to average assets ................................. 7.9% 7.5% 7.8%
Total average equity to average assets ........................................ 8.5% 7.7% 8.0%
N/M—Not meaningful.
(1) Percentage is based on net income applicable to Morgan Stanley less preferred dividends as a percentage of average common equity.
(2) Percentage is based on net income as a percentage of average total equity.
(3) Percentage is based on dividends declared per common share as a percentage of net income per diluted share.
Short-term Borrowings.
2014 2013 2012
(dollars in millions)
Securities sold under repurchase agreements:
Period-end balance ........................................... $ 69,949 $145,676 $122,674
Average balance(1)(2) ........................................ 103,640 136,151 125,465
Maximum balance at any month-end ............................. 129,265 145,676 139,962
Weighted average interest rate during the period(3) ................. 0.8% 0.7% 0.9%
Weighted average interest rate on period-end balance(4) ............. 0.7% 0.4% 0.8%
Securities loaned:
Period-end balance ........................................... $ 25,219 $ 32,799 $ 36,849
Average balance(1)(2) ........................................ 33,266 39,442 35,677
Maximum balance at any month-end ............................. 35,700 44,182 39,881
Weighted average interest rate during the period(3) ................. 1.3% 1.2% 1.9%
Weighted average interest rate on period-end balance(4) ............. 1.6% 1.2% 1.5%
(1) The Company calculates its average balances based upon weekly amounts, except where weekly balances are unavailable, month-end
balances are used.
(2) In 2014, period-end balance was lower than the annual average balance primarily due to a decrease in the Company’s assets.
(3) The approximated weighted average interest rate was calculated using (a) interest expense incurred on all securities sold under
repurchase agreements and securities loaned transactions, whether or not such transactions were reported on the Company’s consolidated
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