The Texas bank also capitalized on rising rates and a positive adjustment to deferred taxes tied to tax reform in reporting a double-digit gain to profits in the fourth quarter.
Net interest income has surged thanks to rising rates, but noninterest income has lagged as trading revenue has weakened, refi demand has softened and fees from deposit service charges have barely budged. Is this the new normal?
The Chicago custody bank won new fund-administration business and benefited from the acquisition of a UBS asset-management unit. A one-time adjustment tied to the new tax law also provided a boost.
