Total revenue less interest expense. Better measure of revenue trends, since it reduces swings in revenues caused by changing interest rates on highly leveraged balance sheets.
Adjusted Expense
Total expense less interest expense.
Net Income
Pretax income less taxes but before payment of preferred dividends.
Noninterest Pretax Income
Pretax profit less net interest income.
Adjusted Assets
Total assets less reverse repurchase agreements. Reverse repos are backed out of some leverage calculations in recognition of their extremely low risk characteristics and lack of funding requirements.
Total Equity
Common equity plus preferred equity.
Pretax Return on Average Equity
Pretax income divided by a two-point average of total equity.
After-Tax Return on Average Equity
Net income divided by average total equity.
Pretax Return on Average Assets
Pretax income divided by average assets.
After-Tax Return on Average Assets
Net income divided by average total equity.
Less Liquid Assets
Standard & Poor's defines less liquid assets as including property, intangible assets, merchant banking assets, junk bonds, unsecured loans, and commodities.
Term Debt
Debt with original maturities greater than one year.
Short-Term Borrowing
Debt issued with less than one year that in public financial reports is usually unsecured.
