Morgan Stanley 2015 Annual Report Download - page 262

FINANCIAL DATA SUPPLEMENT (Unaudited)—(Continued)
Deposits.
Average Deposits(1)
2015 2014 2013
Average
Amount(1)
Average
Rate
Average
Amount(1)
Average
Rate
Average
Amount(1)
Average
Rate
(dollars in millions)
Deposits(2):
Savings deposits ........................... $ 139,169 0.1% $ 118,086 0.1% $ 90,447 0.1%
Time deposits ............................. 2,333 0.6% 1,733 0.7% 1,526 3.9%
Total ................................. $ 141,502 0.6% $ 119,819 0.1% $ 91,973 0.2%
(1) In 2015, the Company calculated its average balances based on daily amounts. In 2014 and 2013, the Company calculated its average balances based upon
weekly amounts, except where weekly balances were unavailable, month-end balances were used.
(2) The Company’s deposits were primarily held in U.S. offices.
Ratios.
2015 2014 2013
Net income to average assets ........................................................ 0.7% 0.4% 0.4%
Return on average common equity(1) .................................................. 8.5% 4.8% 4.3%
Return on total equity(2) ............................................................ 8.3% 4.9% 4.6%
Dividend payout ratio(3) ............................................................ 5.2% 21.9% 14.7%
Total average common equity to average assets .......................................... 8.0% 7.9% 7.5%
Total average equity to average assets ................................................. 8.9% 8.5% 7.7%
(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.
2015 2014 2013
(dollars in millions)
Securities sold under repurchase agreements:
Period-end balance .................................................... $ 36,692 $ 69,949 $ 145,676
Average balance(1)(2) ................................................. 61,338 103,640 136,151
Maximum balance at any month-end ...................................... 81,346 129,265 145,676
Weighted average interest rate during the period(3) ........................... 0.9% 0.8% 0.7%
Weighted average interest rate on period-end balance(4) ....................... 0.8% 0.7% 0.4%
Securities loaned:
Period-end balance .................................................... $ 19,358 $ 25,219 $ 32,799
Average balance(1)(2) ................................................. 24,083 33,266 39,442
Maximum balance at any month-end ...................................... 29,674 35,700 44,182
Weighted average interest rate during the period(3) ........................... 2.1% 1.3% 1.2%
Weighted average interest rate on period-end balance(4) ....................... 2.4% 1.6% 1.2%
(1) In 2015, the Company calculated its average balances based upon daily amounts. In 2014 and 2013, the Company calculated its average balances based upon
weekly amounts, except where weekly balances were unavailable, month-end balances were used.
(2) Securities sold under agreements to repurchase and Securities loaned period-end balances at December 31, 2015 were lower than the annual average balances
during 2015. The balances moved in line with client financing and with general movements in firm inventory.
(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 in the consolidated statements of financial condition and (b) average balances that
were reported on a net basis where certain criteria were met in accordance with applicable offsetting guidance. In addition, securities-for-securities transactions
in which the Company was the borrower were not included in the average balances since they were not reported in the consolidated statements of financial
condition.
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