0000073124false00000731242024-07-172024-07-170000073124us-gaap:CommonStockMember2024-07-172024-07-170000073124ntrs:DepositarySharesMember2024-07-172024-07-17

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 
FORM
8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 17, 2024

NORTHERN TRUST CORPORATION

(Exact name of registrant as specified in its charter)
Delaware001-36609 36-2723087
(State or other jurisdiction of incorporation)(Commission File Number) (IRS Employer Identification No.)
50 South LaSalle Street 60603
Chicago,Illinois(Zip Code)
(Address of principal executive offices) 
Registrant’s telephone number, including area code (312) 630-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $1.66 2/3 Par ValueNTRSThe NASDAQ Stock Market LLC
Depositary Shares, each representing 1/1,000th interest in a share of Series E Non-Cumulative Perpetual Preferred Stock
NTRSOThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.    Results of Operations and Financial Condition

The information contained in the registrant’s July 17, 2024 press release, reporting on the registrant’s earnings for the three and six months ended June 30, 2024, a copy of which is attached as Exhibit 99.1 hereto, is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure

On July 17, 2024, the Corporation will hold a live conference call and webcast to discuss financial results for the three and six months ended June 30, 2024 and other matters relating to the Corporation. In connection therewith, the Corporation has also made available on its website presentation materials containing certain information relating to the Corporation (the “Presentation Materials”) and materials that contain additional information about the Corporation’s financial results for the three and six months ended June 30, 2024 (the “Financial Trends”), copies of which are attached as Exhibits 99.2 and 99.3 hereto, and are incorporated herein by reference.

Item 9.01.    Financial Statements and Exhibits

The information provided in this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.    

(d) Exhibits:
Exhibit NumberDescription
104The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
NORTHERN TRUST CORPORATION
(Registrant)
Dated:July 17, 2024By:/s/ Jason J. Tyler
Jason J. Tyler
Executive Vice President and Chief Financial Officer

Exhibit 99.1
NEWS RELEASE
ntrs_logoxwhitea.jpg
www.northerntrust.com
INVESTOR CONTACT: Jennifer Childe | 312-444-3290 | Jennifer.Childe@ntrs.com MEDIA CONTACT: Doug Holt | 312-662-8315 | Doug.Holt@ntrs.com



NORTHERN TRUST CORPORATION REPORTS SECOND QUARTER
NET INCOME OF $896.1 MILLION, EARNINGS PER DILUTED COMMON SHARE OF $4.34
CHICAGO, JULY 17, 2024 — Northern Trust Corporation today reported second quarter net income per diluted common share of $4.34, compared to $0.96 in the first quarter of 2024 and $1.56 in the second quarter of 2023. Net income was $896.1 million, compared to $214.7 million in the prior quarter and $331.8 million in the prior-year quarter.
Second Quarter 2024 results included the following:
•$878.4 million net gain related to the Visa transaction.
•$196.3 million of restructuring charges and other notable items, including severance-related charges of $85.2 million and a $70.0 million charitable commitment to the Northern Trust Foundation.
MICHAEL O’GRADY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER:
“Northern Trust executed well against our strategic priorities in the second quarter. Trust fees grew 6% over the prior year, deposit levels proved resilient, and core expenses were well-managed. Reported results included approximately $200 million in restructuring charges and other notable items, reflecting, in part, continued steps we are taking to optimize our cost base and drive efficiencies. In the quarter, we participated in Visa’s Class B common stock exchange offer, leading to a nearly $900 million gain and helping to drive our CET1 ratio to 12.6%. With the proceeds, we are contributing $70 million to our foundation and making important investments in our client franchise and enterprise resiliency, all while returning $405 million to shareholders. We enter the second half of the year on solid footing, focused on accelerating growth and improving our productivity.”
FINANCIAL SUMMARY & KEY METRICS
% Change Q2 2024 vs.
($ In Millions except per share data)Q2 2024Q1 2024Q2 2023Q1 2024Q2 2023
Trust, Investment and Other Servicing Fees$1,166.1 $1,142.9 $1,096.3 2 %6 %
Other Noninterest Income (Loss)1,026.5 (24.2)149.3 N/MN/M
Net Interest Income (FTE*)529.8 535.4 524.6 (1)1 
Total Revenue (FTE*)$2,722.4 $1,654.1 $1,770.2 65 %54 %
Noninterest Expense$1,533.9 $1,364.7 $1,331.9 12 %15 %
Provision for Credit Losses8.0 (8.5)(15.5)N/MN/M
Provision for Income Taxes277.5 75.9 108.9 N/M155 
FTE Adjustment*6.9 7.3 13.1 (6)(47)
Net Income$896.1 $214.7 $331.8 N/M170 %
Earnings Allocated to Common and Potential Common Shares$884.3 $196.1 $323.7 N/M173 
Diluted Earnings per Common Share$4.34 $0.96 $1.56 N/M179 %
Return on Average Common Equity31.2 %7.3 %12.4 %
Return on Average Assets2.44 %0.60 %0.91 %
Average Assets$148,001.2 $145,118.3 $145,899.6 2 %1 %
N/M - Not meaningful
(*)     Net interest income and total revenue presented on a fully taxable equivalent (FTE) basis are non-generally accepted accounting principles (non-GAAP) financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.




NORTHERN TRUST CORPORATION SECOND QUARTER 2024 RESULTS


Q2 2024 NOTABLES (PRE-TAX)
($ In Millions)Q2 2024
Other Operating Income
Visa-Related Net Gain$878.4 
Supplemental Pension Plan - Securities Repositioning$(6.5)
Investment Impairments$(7.6)
Compensation
Severance$81.8 
Outside Services
Severance$3.4 
Equipment and Software
Software Accelerations and Dispositions$16.4 
Other Operating Expense
Northern Trust Foundation Charitable Contribution$70.0 
Legal Settlement$10.6 
CLIENT ASSETS
Assets under custody/administration (AUC/A) and assets under management are a driver of the Corporation’s trust, investment and other servicing fees, the largest component of noninterest income.
As of
% Change June 30, 2024 vs.
($ In Billions)June 30, 2024*March 31, 2024June 30, 2023March 31, 2024June 30, 2023
Assets Under Custody/Administration
Asset Servicing$15,470.8 $15,385.4 $13,483.5 1 %15 %
   Wealth Management1,096.6 1,087.1 995.4 1 10 
     Total Assets Under Custody/Administration$16,567.4 $16,472.5 $14,478.9 1 %14 %
Assets Under Custody(1)
Asset Servicing$11,955.5 $11,723.1 $10,295.7 2 %16 %
   Wealth Management1,085.9 1,081.0 989.1 — 10 
     Total Assets Under Custody$13,041.4 $12,804.1 $11,284.8 2 %16 %
Assets Under Management
Asset Servicing$1,107.7 $1,080.1 $989.8 3 %12 %
   Wealth Management419.4 420.6 376.0 — 12 
     Total Assets Under Management$1,527.1 $1,500.7 $1,365.8 2 %12 %
(1) Assets Under Custody are a component of Assets Under Custody/Administration.
(*) Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.
TRUST, INVESTMENT AND OTHER SERVICING FEES
% Change Q2 2024 vs.
($ In Millions)Q2 2024Q1 2024Q2 2023Q1 2024Q2 2023
Asset Servicing Trust, Investment and Other Servicing Fees
Custody and Fund Administration$445.9 $436.7 $427.4 2 %4 %
Investment Management145.7 140.0 134.1 4 9 
Securities Lending16.5 17.9 21.5 (8)(24)
Other42.5 45.0 38.2 (6)11 
Total Asset Servicing$650.6 $639.6 $621.2 2 %5 %
Wealth Management Trust, Investment and Other Servicing Fees
Central$180.7 $178.3 $166.0 1 %9 %
East132.7 129.9 124.1 2 7 
West103.3 99.9 93.7 3 10 
Global Family Office (GFO)98.8 95.2 91.3 4 8 
Total Wealth Management$515.5 $503.3 $475.1 2 %8 %
Total Consolidated Trust, Investment and Other Servicing Fees$1,166.1 $1,142.9 $1,096.3 2 %6 %
2
NORTHERN TRUST CORPORATION SECOND QUARTER 2024 RESULTS
Asset Servicing and Wealth Management trust, investment and other servicing fees are impacted by both one-month and one-quarter lagged asset values.
Total Asset Servicing trust, investment and other servicing fees increased sequentially and increased from the prior-year quarter.
▪Custody and fund administration fees increased sequentially primarily due to favorable markets and higher transaction volumes. Custody and fund administration fees increased from the prior-year quarter primarily due to favorable markets and new business, partially offset by lower transaction volumes.
▪Investment management fees increased sequentially and from the prior-year quarter primarily due to favorable markets.
▪Securities Lending decreased from the prior-year quarter primarily due to lower spreads and lower volumes.
Total Wealth Management trust, investment and other servicing fees increased sequentially and increased from the prior-year quarter.
•Fees in the regions increased sequentially and from the prior-year quarter primarily due to favorable markets.
•Fees in GFO increased from the prior-year quarter primarily due to favorable markets and asset inflows.
OTHER NONINTEREST INCOME
% Change Q2 2024 vs.
($ In Millions)Q2 2024Q1 2024Q2 2023Q1 2024Q2 2023
Other Noninterest Income
     Foreign Exchange Trading Income$58.4 $57.0 $50.1 2 %17 %
     Treasury Management Fees9.0 9.3 7.9 (3)12 
     Security Commissions and Trading Income34.3 37.9 36.1 (10)(5)
     Other Operating Income924.7 61.0 55.2 N/MN/M
     Investment Security Gains (Losses), net0.1 (189.4)— (100)N/M
Total Other Noninterest Income (Loss)$1,026.5 $(24.2)$149.3 N/MN/M
N/M - Not meaningful

Foreign exchange trading income increased from the prior-year quarter primarily driven by higher client volumes.
Other operating income increased sequentially and compared to the prior-year quarter primarily driven by the $878.4 million gain related to the net impact from the Visa transaction in the current quarter; partially offset by a loss recognized as a result of a securities repositioning related to the supplemental pension plan, and impairment charges taken on certain investments.
Investment Security Gains (Losses), net reflects the loss on the sale of available-for-sale debt securities in the prior quarter arising from a repositioning of the portfolio. There were no additional sales of available-for-sale debt securities completed in the current quarter.

NET INTEREST INCOME
% Change Q2 2024 vs.
($ In Millions)Q2 2024Q1 2024Q2 2023Q1 2024Q2 2023
Net Interest Income
     Interest Income (FTE*)$2,513.4 $2,452.9 $1,748.1 2 %44 %
     Interest Expense1,983.6 1,917.5 1,223.5 3 62 
Net Interest Income (FTE*)$529.8 $535.4 $524.6 (1)%1 %
Average Earning Assets$135,401 $133,817 $134,116 1 %1 %
Net Interest Margin (FTE*)1.57 %1.61 %1.57 %(4)bps— bps
(*) Interest income, net interest income and net interest margin presented on an FTE basis are non-GAAP financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
bps - basis points
Net interest income on an FTE basis decreased sequentially primarily due to higher funding costs; partially offset by higher yields on earning assets. Net interest income on an FTE basis increased compared to the prior-year quarter primarily due to higher client deposits, partially offset by higher funding costs.
The net interest margin on an FTE basis decreased sequentially primarily due to an unfavorable deposit mix.
Average earning assets increased sequentially primarily due to higher client deposits and the proceeds from the sale of Visa shares. Average earning assets increased compared to the prior-year quarter primarily due to deposit growth and the proceeds from the sale of Visa shares, partially offset by lower borrowing activity.
3
NORTHERN TRUST CORPORATION SECOND QUARTER 2024 RESULTS
PROVISION FOR CREDIT LOSSES
As of and for the three-months ended,
% Change June 30, 2024 vs.
($ In Millions)June 30, 2024March 31, 2024June 30, 2023March 31, 2024June 30, 2023
Allowance for Credit Losses
Beginning Allowance for Credit Losses$201.5 $220.4 $213.0 (9)%(5)%
Provision for Credit Losses8.0 (8.5)(15.5)N/MN/M
Net Recoveries (Charge-Offs) 0.1 (10.4)— (101)N/M
Ending Allowance for Credit Losses$209.6 $201.5 $197.5 4 %6 %
Allowance assigned to:
Loans$167.7 $162.4 $152.5 3 %10 %
Undrawn Loan Commitments and
Standby Letters of Credit		29.5 25.2 26.0 17 13 
Debt Securities and Other Financial Assets12.4 13.9 19.0 (11)(35)
Ending Allowance for Credit Losses$209.6 $201.5 $197.5 4 %6 %
N/M - Not meaningful
Q2 2024
The provision in the current quarter resulted from an increase in collective reserves. The increase in collective reserves was primarily in the Commercial and Institutional (C&I) portfolio, driven by modest deterioration in credit quality, and, the Commercial Real Estate (CRE) portfolio, driven by expectations for weaker CRE prices. The reserve evaluated on a collective basis relates to pooled financial assets sharing similar risk characteristics.

Q1 2024
The reserve release in the prior quarter resulted from decreases in both individual and collective reserves. The decrease in individual reserves was driven by one C&I loan that was subsequently charged-off. The decrease in collective reserve was primarily in the C&I portfolio, driven by improvement in the quality of the portfolio, and in the CRE portfolio, driven by improved macroeconomic factors.
Q2 2023
The reserve release in the prior-year quarter was primarily due to a decrease in the reserve evaluated on a collective basis, primarily driven by improved credit quality in certain C&I and certain CRE loans, partially offset by expectations for higher economic stress in the CRE market, particularly Office CRE.
4
NORTHERN TRUST CORPORATION SECOND QUARTER 2024 RESULTS
NONINTEREST EXPENSE
% Change Q2 2024 vs.
($ In Millions)Q2 2024Q1 2024Q2 2023Q1 2024Q2 2023
Noninterest Expense
Compensation$665.2 $627.1 $604.5 6 %10 %
Employee Benefits100.2 101.1 101.4 (1)(1)
Outside Services260.9 229.3 230.9 14 13 
Equipment and Software277.5 252.7 229.3 10 21 
Occupancy54.8 54.1 53.8 1 2 
Other Operating Expense175.3 100.4 112.0 74 57 
Total Noninterest Expense$1,533.9 $1,364.7 $1,331.9 12 %15 %
End of Period Full-Time Equivalent Employees23,000 23,000 23,500 — %(2)%

Compensation expense increased sequentially primarily due to an $81.8 million severance-related charge, partially offset by a decrease in equity incentives. Compensation expense increased compared to the prior-year quarter primarily due to the current quarter severance-related charge, compared to a $36.7 million severance-related charge in the prior-year quarter, and higher base pay adjustments.
Outside services expense increased both sequentially and compared to the prior-year quarter primarily due to an increase in consulting, technical, and legal services.
Equipment and software expense increased both sequentially and compared to the prior-year quarter primarily due to software disposition charges in the current quarter, higher software amortization, and higher software support expense.
Other operating expense increased both sequentially and compared to the prior-year quarter primarily due to a $70.0 million charitable commitment and a legal settlement in the current quarter.

PROVISION FOR INCOME TAXES
% Change Q2 2024 vs.
($ In Millions)Q2 2024Q1 2024Q2 2023Q1 2024Q2 2023
Net Income
Income before Income Taxes$1,173.6 $290.6 $440.7 N/M166 %
Provision for Income Taxes277.5 75.9 108.9 N/M155 
Net Income$896.1 $214.7 $331.8 N/M170 %
Effective Tax Rate23.6 %26.1 %24.7 %(250)bps(110)bps
bps - basis points
The effective tax rate decreased both sequentially and compared to the prior-year quarter primarily due a lower state effective tax rate as a result of tax legislation enacted in the quarter and the resolution of state income tax audits.








5
NORTHERN TRUST CORPORATION SECOND QUARTER 2024 RESULTS
CAPITAL ACTIONS
The Corporation returned approximately $405.1 million to common shareholders in the current quarter through dividends and the repurchase of shares. During the current quarter, the Corporation declared cash dividends totaling $154.3 million to common stockholders. The Corporation repurchased 3,001,216 shares of common stock, including 9,394 withheld to satisfy tax withholding obligations related to share-based compensation, at a total cost of $250.8 million ($83.57 average price per share).
The Corporation also declared cash dividends totaling $4.7 million to preferred stockholders during the current quarter.
CAPITAL RATIOS
The capital ratios of Northern Trust Corporation and its principal subsidiary, The Northern Trust Company, remained strong at June 30, 2024, exceeding the minimum requirements for classification as “well-capitalized” under applicable U.S. regulatory requirements.
The table below provides capital ratios, as well as the required minimum capital ratios, for Northern Trust Corporation and The Northern Trust Company determined by Basel III phased-in requirements.

June 30, 2024*March 31, 2024June 30, 2023
Capital Ratios -
Northern Trust Corporation		Standardized ApproachAdvanced ApproachStandardized ApproachAdvanced ApproachStandardized ApproachAdvanced ApproachWell-Capitalized RatiosMinimum Capital Ratios
Common Equity Tier 1 Capital12.6 %13.9 %11.4 %13.5 %11.3 %13.0 %N/A4.5 %
Tier 1 Capital13.6 15.0 12.4 14.6 12.3 14.1 6.06.0 
Total Capital15.5 16.9 14.2 16.5 14.4 16.3 10.08.0 
Tier 1 Leverage8.0 8.0 7.8 7.8 7.4 7.4 N/A4.0 
Supplementary LeverageN/A9.0 N/A8.8 N/A8.3 N/A3.0 
June 30, 2024*March 31, 2024June 30, 2023
Capital Ratios -
The Northern Trust Company		Standardized ApproachAdvanced ApproachStandardized ApproachAdvanced ApproachStandardized ApproachAdvanced ApproachWell-Capitalized RatiosMinimum Capital Ratios
Common Equity Tier 1 Capital12.9 %14.6 %11.9 %14.2 %12.1 %14.3 %6.5 %4.5 %
Tier 1 Capital12.9 14.6 11.9 14.2 12.1 14.3 8.0 6.0 
Total Capital14.6 16.1 13.4 15.8 13.9 16.2 10.0 8.0 
Tier 1 Leverage7.5 7.5 7.4 7.4 7.4 7.4 5.0 4.0 
Supplementary LeverageN/A8.5 N/A8.5 N/A8.2 3.0 3.0 
(*) Capital ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.
6
NORTHERN TRUST CORPORATION SECOND QUARTER 2024 RESULTS
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
The following table presents a reconciliation of interest income, net interest income, net interest margin, and total revenue prepared in accordance with GAAP to such measures on an FTE non-GAAP basis. Management believes this presentation facilitates the analysis of asset yields and provides a clearer indication of these financial measures for comparative purposes. When adjusted to an FTE basis, yields on taxable, nontaxable and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income.
QUARTERS
20242023
($ in Millions)SECONDFIRSTFOURTHTHIRDSECOND
Net Interest Income
Interest Income - GAAP$2,506.5 $2,445.6 $2,199.6 $1,935.0 $1,735.0 
Add: FTE Adjustment6.9 7.3 18.0 13.2 13.1 
Interest Income (FTE) - Non-GAAP$2,513.4 $2,452.9 $2,217.6 $1,948.2 $1,748.1 
Net Interest Income - GAAP$522.9 $528.1 $483.1 $456.2 $511.5 
Add: FTE Adjustment6.9 7.3 18.0 13.2 13.1 
Net Interest Income (FTE) - Non-GAAP$529.8 $535.4 $501.1 $469.4 $524.6 
Net Interest Margin - GAAP(1)
1.55 %1.59 %1.53 %1.41 %1.53 %
Net Interest Margin (FTE) - Non-GAAP(1)
1.57 %1.61 %1.59 %1.45 %1.57 %
Total Revenue
Total Revenue - GAAP$2,715.5 $1,646.8 $1,545.3 $1,726.5 $1,757.1 
Add: FTE Adjustment6.9 7.3 18.0 13.2 13.1 
Total Revenue (FTE) - Non-GAAP$2,722.4 $1,654.1 $1,563.3 $1,739.7 $1,770.2 
(1)Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.











7
NORTHERN TRUST CORPORATION SECOND QUARTER 2024 RESULTS
FORWARD LOOKING STATEMENTS
This release may include statements which constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified typically by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “likely,” “plan,” “goal,” “target,” “strategy,” and similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements include statements, other than those related to historical facts, that relate to Northern Trust’s financial results and outlook, capital adequacy, dividend policy and share repurchase program, accounting estimates and assumptions, credit quality including allowance levels, future pension plan contributions, effective tax rate, anticipated expense levels, contingent liabilities, acquisitions, strategies, market and industry trends, and expectations regarding the impact of accounting pronouncements and legislation. These statements are based on Northern Trust’s current beliefs and expectations of future events or future results, and involve risks and uncertainties that are difficult to predict and subject to change. These statements are also based on assumptions about many important factors, including the factors discussed in Northern Trust’s most recent annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission, all of which are available on Northern Trust’s website. We caution you not to place undue reliance on any forward-looking statement as actual results may differ materially from those expressed or implied by forward-looking statements. Northern Trust assumes no obligation to update its forward-looking statements.
WEBCAST OF SECOND QUARTER EARNINGS CONFERENCE CALL
Northern Trust’s second quarter earnings conference call will be webcast on July 17, 2024.
The live call will be conducted at 8:30 a.m. CT and is accessible on Northern Trust’s website at:
https://www.northerntrust.com/about-us/investor-relations
A recording of the live call will be available on Northern Trust’s website following the live event, for approximately four weeks. Participants will need Windows Media or Adobe Flash software. This earnings release can also be accessed at Northern Trust’s website.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2024, Northern Trust had assets under custody/administration of US$16.6 trillion, and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on X (formerly Twitter) @NorthernTrust or Northern Trust Corporation on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

8
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
STATEMENT OF INCOME DATA 
% Change(1)
($ In Millions Except Per Share Data)
 Q2 2024 vs.
Q2 2024Q1 2024Q2 2023Q1 2024Q2 2023
Noninterest Income
     Trust, Investment and Other Servicing Fees$1,166.1 $1,142.9 $1,096.3 2 %6 %
     Foreign Exchange Trading Income58.4 57.0 50.1 2 17 
     Treasury Management Fees9.0 9.3 7.9 (3)12 
     Security Commissions and Trading Income34.3 37.9 36.1 (10)(5)
     Other Operating Income924.7 61.0 55.2 N/MN/M
     Investment Security Gains (Losses), net0.1 (189.4)— (100)N/M
Total Noninterest Income2,192.6 1,118.7 1,245.6 96 76 
Net Interest Income
      Interest Income2,506.5 2,445.6 1,735.0 2 44 
      Interest Expense1,983.6 1,917.5 1,223.5 3 62 
Net Interest Income522.9 528.1 511.5 (1)2 
Total Revenue2,715.5 1,646.8 1,757.1 65 55 
Provision for Credit Losses8.0 (8.5)(15.5)N/MN/M
Noninterest Expense
     Compensation665.2 627.1 604.5 6 10 
     Employee Benefits100.2 101.1 101.4 (1)(1)
     Outside Services260.9 229.3 230.9 14 13 
     Equipment and Software277.5 252.7 229.3 10 21 
     Occupancy54.8 54.1 53.8 1 2 
     Other Operating Expense175.3 100.4 112.0 74 57 
Total Noninterest Expense1,533.9 1,364.7 1,331.9 12 15 
Income before Income Taxes1,173.6 290.6 440.7 N/M166 
Provision for Income Taxes277.5 75.9 108.9 N/M155 
NET INCOME$896.1 $214.7 $331.8 N/M170 %
Preferred Stock Dividends4.7 16.2 4.7 (71)— 
NET INCOME APPLICABLE TO COMMON STOCK$891.4 $198.5 $327.1 N/M173 %
Earnings Allocated to Participating Securities7.1 2.4 3.4 196 108 
Earnings Allocated to Common and Potential Common Shares$884.3 $196.1 $323.7 N/M173 %
Per Common Share
Net Income
     Basic$4.35 $0.96 $1.56 N/M179 %
     Diluted4.34 0.96 1.56 N/M179 
Average Common Equity$11,473.9 $10,898.8 $10,563.8 5 %9 %
Return on Average Common Equity31.2 %7.3 %12.4 %
Return on Average Assets2.44 %0.60 %0.91 %
Cash Dividends Declared per Common Share$0.75 $0.75 $0.75 — %— %
Average Common Shares Outstanding (000s)
     Basic203,306 204,629207,639(1)%(2)%
     Diluted203,739 205,135207,816(1)(2)
Common Shares Outstanding (EOP) (000s)201,638 204,592207,004(1)(3)
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.
N/M - Not meaningful
EOP - End of period
9
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
STATEMENT OF INCOME DATA
($ In Millions Except Per Share Data)SIX MONTHS
20242023
% Change(1)
Noninterest Income
     Trust, Investment and Other Servicing Fees$2,309.0 $2,159.9 7 %
     Foreign Exchange Trading Income115.4 103.1 12 
     Treasury Management Fees18.3 16.3 12 
     Security Commissions and Trading Income72.2 70.8 2 
     Other Operating Income985.7 102.0 N/M
     Investment Security Gains (Losses), net(189.3)6.9 N/M
Total Noninterest Income3,311.3 2,459.0 35 
Net Interest Income
       Interest Income4,952.1 3,190.4 55 
       Interest Expense3,901.1 2,147.7 82 
Net Interest Income1,051.0 1,042.7 1 
Total Revenue4,362.3 3,501.7 25 
Provision for Credit Losses(0.5)(0.5)N/M
Noninterest Expense
     Compensation1,292.3 1,199.7 8 
     Employee Benefits201.3 202.4 (1)
     Outside Services490.2 441.7 11 
     Equipment and Software530.2 461.0 15 
     Occupancy108.9 115.1 (5)
     Other Operating Expense275.7 197.6 40 
Total Noninterest Expense2,898.6 2,617.5 11 
Income before Income Taxes1,464.2 884.7 66 
Provision for Income Taxes353.4 218.3 62 
NET INCOME$1,110.8 $666.4 67 %
Preferred Stock Dividends
20.9 20.9 — 
NET INCOME APPLICABLE TO COMMON STOCK$1,089.9 $645.5 69 %
Earnings Allocated to Participating Securities9.5 6.6 43 
Earnings Allocated to Common and Potential Common Shares$1,080.4 $638.9 69 %
Per Common Share
Net Income
     Basic$5.30 $3.07 72 %
     Diluted5.28 3.07 72 
Average Common Equity$11,186.4 $10,480.6 7 %
Return on Average Common Equity19.6 %12.4 %
Return on Average Assets1.52 %0.91 %
Cash Dividends Declared per Common Share$1.50 $1.50 — %
Average Common Shares Outstanding (000s)
     Basic203,968 207,911 (2)%
     Diluted204,437 208,271 (2)
Common Shares Outstanding (EOP) (000s)201,638 207,004 (3)
(1)Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.
N/M - Not meaningful
EOP - End of period
10
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
BALANCE SHEET
($ In Millions) 
% Change(1)
June 30, 2024 vs.
June 30, 2024March 31, 2024June 30, 2023March 31, 2024June 30, 2023
Assets
Federal Reserve and Other Central Bank Deposits$43,206.1 $40,269.5 $42,675.1 7 %1 %
Interest-Bearing Due from and Deposits with Banks(2)
5,558.9 4,646.1 4,625.8 20 20 
Federal Funds Sold— — — — — 
Securities Purchased under Agreements to Resell859.6 500.1 1,228.9 72 (30)
Debt Securities
Available for Sale26,861.7 25,638.9 24,264.4 5 11 
Held to Maturity22,798.6 23,497.9 26,006.3 (3)(12)
Trading Account— — 0.1 N/M(93)
Total Debt Securities49,660.3 49,136.8 50,270.8 1 (1)
Loans42,135.2 47,342.6 43,546.7 (11)(3)
Other Interest-Earning Assets(3)
3,025.2 2,600.8 2,694.8 16 12 
Total Earning Assets144,445.3 144,495.9 145,042.1 — — 
Allowance for Credit Losses(179.5)(175.8)(170.2)2 5 
Cash and Due from Banks and Other Central Bank Deposits(4)
2,390.1 2,035.1 1,803.7 17 33 
Buildings and Equipment481.0 488.0 473.6 (1)2 
Client Security Settlement Receivables193.4 116.4 431.3 66 (55)
Goodwill697.4 697.5 698.8 — — 
Other Assets8,769.4 8,453.9 8,473.2 4 3 
Total Assets$156,797.1 $156,111.0 $156,752.5 — %— %
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
       Savings, Money Market and Other$28,074.0 $25,893.5 $23,535.5 8 %19 %
       Savings Certificates and Other Time6,378.4 5,636.6 3,327.0 13 92 
       Non-U.S. Offices - Interest-Bearing67,612.3 67,084.7 65,014.7 1 4 
Total Interest-Bearing Deposits102,064.7 98,614.8 91,877.2 3 11 
Federal Funds Purchased2,406.4 2,600.5 9,344.5 (7)(74)
Securities Sold under Agreements to Repurchase629.2 511.4 988.1 23 (36)
Other Borrowings(5)
6,823.7 6,526.2 12,382.0 5 (45)
Senior Notes2,744.0 2,743.5 2,729.5 — 1 
Long-Term Debt4,073.0 4,069.0 2,061.5 — 98 
Total Interest-Bearing Liabilities118,741.0 115,065.4 119,382.8 3 (1)
Demand and Other Noninterest-Bearing Deposits20,926.2 25,326.9 21,326.4 (17)(2)
Other Liabilities4,474.1 3,616.9 4,407.6 24 2 
Total Liabilities144,141.3 144,009.2 145,116.8 — (1)
Common Equity11,770.9 11,216.9 10,750.8 5 9 
Preferred Equity884.9 884.9 884.9 — — 
Total Equity12,655.8 12,101.8 11,635.7 5 9 
Total Liabilities and Stockholders’ Equity$156,797.1 $156,111.0 $156,752.5 — %— %
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.
(2)    Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)    Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)    Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)    Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
11
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
AVERAGE BALANCE SHEET
($ In Millions)
% Change(1)
 Q2 2024 vs.
Q2 2024Q1 2024Q2 2023Q1 2024Q2 2023
Assets
Federal Reserve and Other Central Bank Deposits$35,924.1 $35,897.3 $34,380.4 — %4 %
Interest-Bearing Due from and Deposits with Banks(2)
4,999.7 4,418.0 4,573.4 13 9 
Federal Funds Sold0.3 0.5 2.9 (34)(88)
Securities Purchased under Agreements to Resell731.9 517.9 1,238.6 41 (41)
Debt Securities
       Available for Sale26,591.4 24,049.6 24,511.8 11 8 
Held to Maturity23,373.8 24,498.9 25,053.3 (5)(7)
       Trading Account— — 0.2 — (99)
Total Debt Securities49,965.2 48,548.5 49,565.3 3 1 
Loans41,034.6 41,586.9 42,365.4 (1)(3)
Other Interest-Earning Assets(3)
2,745.3 2,847.7 1,990.4 (4)38 
Total Earning Assets135,401.1 133,816.8 134,116.4 1 1 
Allowance for Credit Losses(175.8)(191.8)(176.6)(8)— 
Cash and Due from Banks and Other Central Bank Deposits(4)
1,802.0 1,799.5 1,842.5 — (2)
Buildings and Equipment485.8 498.2 481.8 (2)1 
Client Security Settlement Receivables321.4 238.6 592.7 35 (46)
Goodwill697.1 699.4 697.0 — — 
Other Assets9,469.6 8,257.6 8,345.8 15 13 
Total Assets$148,001.2 $145,118.3 $145,899.6 2 %1 %
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
       Savings, Money Market and Other$27,554.9 $27,349.0 $22,961.2 1 %20 %
       Savings Certificates and Other Time6,027.4 4,554.3 3,036.1 32 99 
       Non-U.S. Offices - Interest-Bearing63,216.3 63,752.8 62,046.3 (1)2 
Total Interest-Bearing Deposits96,798.6 95,656.1 88,043.6 1 10 
Federal Funds Purchased3,010.7 2,650.1 7,070.0 14 (57)
Securities Sold under Agreements to Repurchase574.6 490.1 467.8 17 23 
Other Borrowings(5)
7,053.5 6,852.1 12,132.6 3 (42)
Senior Notes2,728.7 2,748.7 2,761.1 (1)(1)
Long-Term Debt4,071.1 4,067.0 2,069.7 — 97 
Total Interest-Bearing Liabilities114,237.2 112,464.1 112,544.8 2 2 
Demand and Other Noninterest-Bearing Deposits16,543.0 16,706.5 17,555.1 (1)(6)
Other Liabilities4,862.2 4,164.0 4,351.0 17 12 
Total Liabilities135,642.4 133,334.6 134,450.9 2 1 
Common Equity11,473.9 10,898.8 10,563.8 5 9 
Preferred Equity884.9 884.9 884.9 — — 
Total Equity12,358.8 11,783.7 11,448.7 5 8 
Total Liabilities and Stockholders’ Equity$148,001.2 $145,118.3 $145,899.6 2 %1 %
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.
(2)    Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)    Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)    Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)    Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
12
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
QUARTERLY TREND DATA QUARTERS
($ In Millions Except Per Share Data)20242023
SECONDFIRSTFOURTHTHIRDSECOND
Net Income Summary
   Trust, Investment and Other Servicing Fees $1,166.1 $1,142.9 $1,090.0 $1,111.9 $1,096.3 
   Other Noninterest Income1,026.5 (24.2)(27.8)158.4 149.3 
   Net Interest Income 522.9 528.1 483.1 456.2 511.5 
     Total Revenue 2,715.5 1,646.8 1,545.3 1,726.5 1,757.1 
   Provision for Credit Losses 8.0 (8.5)11.0 14.0 (15.5)
   Noninterest Expense1,533.9 1,364.7 1,388.5 1,278.2 1,331.9 
     Income before Income Taxes1,173.6 290.6 145.8 434.3 440.7 
   Provision for Income Taxes277.5 75.9 32.7 106.5 108.9 
     Net Income $896.1 $214.7 $113.1 $327.8 $331.8 
Per Common Share
   Net Income - Basic$4.35 $0.96 $0.52 $1.49 $1.56 
                      - Diluted4.34 0.96 0.52 1.49 1.56 
   Cash Dividends Declared per Common Share0.75 0.75 0.75 0.75 0.75 
   Book Value (EOP)58.38 54.83 53.69 52.95 51.94 
   Market Value (EOP)83.98 88.92 84.38 69.48 74.14 
Financial Ratios
   Return on Average Common Equity31.2 %7.3 %4.0 %11.6 %12.4 %
   Return on Average Assets2.44 0.60 0.33 0.93 0.91 
   Net Interest Margin (GAAP)1.55 1.59 1.53 1.41 1.53 
   Net Interest Margin (FTE*)1.57 1.61 1.59 1.45 1.57 
Assets Under Custody / Administration ($ in Billions) - End Of Period
Asset Servicing$15,470.8 $15,385.4 $14,362.6 $13,206.2 $13,483.5 
   Wealth Management1,096.6 1,087.1 1,042.3 958.5 995.4 
     Total Assets Under Custody / Administration$16,567.4 $16,472.5 $15,404.9 $14,164.7 $14,478.9 
Assets Under Custody ($ In Billions) - End Of Period
Asset Servicing$11,955.5 $11,723.1 $10,882.0 $10,064.4 $10,295.7 
   Wealth Management1,085.9 1,081.0 1,034.5 951.0 989.1 
     Total Assets Under Custody$13,041.4 $12,804.1 $11,916.5 $11,015.4 $11,284.8 
Assets Under Management ($ In Billions) - End Of Period
Asset Servicing$1,107.7 $1,080.1 $1,032.0 $963.4 $989.8 
   Wealth Management419.4 420.6 402.5 369.9 376.0 
     Total Assets Under Management$1,527.1 $1,500.7 $1,434.5 $1,333.3 $1,365.8 
Asset Quality ($ In Millions) - End Of Period
   Nonaccrual Loans$38.5 $37.0 $63.6 $68.8 $47.1 
   Other Real Estate Owned (OREO)— — 1.5 0.3 0.3 
     Total Nonaccrual Assets$38.5 $37.0 $65.1 $69.1 $47.4 
   Nonaccrual Assets / Loans and OREO0.09 %0.08 %0.14 %0.16 %0.11 %
   Gross Charge-offs$(0.3)$(11.1)$(3.1)$(0.8)$(0.8)
Gross Recoveries 0.4 0.7 0.7 1.1 0.8 
     Net Recoveries (Charge-offs)$0.1 $(10.4)$(2.4)$0.3 $— 
   Annualized Net Recoveries (Charge-offs) to Avg Loans— %(0.10)%(0.02)%— %— %
   Allowance for Credit Losses Assigned to:
     Loans$167.7 $162.4 $178.7 $166.8 $152.5 
Undrawn Loan Commitments and Standby Letters of Credit29.5 25.2 26.9 28.3 26.0 
Debt Securities and Other Financial Assets12.4 13.9 14.8 16.7 19.0 
   Loans Allowance / Nonaccrual Loans4.4 x4.4 x2.8 x2.4 x3.2 x
(*)    Net interest margin presented on an FTE basis is a non-GAAP financial measure. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
13
northerntrust.com / © 2024 Northern Trust NORTHERN TRUST CORPORATION Second Quarter 2024 Quarterly Earnings Review

 
northerntrust.com / © 2024 Northern Trust 2 130+ years of strength, stability & stewardship Disciplined, client-centric strategy Product leadership & innovation Highest standards of client service Solutions-focused technology & integrated operating platform

 
northerntrust.com / © 2023 Northern Trust 34 3

 
¹ Revenue and profit margin (pre-tax) stated on a fully taxable equivalent (FTE) basis are non-GAAP financial measures. A reconciliation to reported revenue and reported profit margin (pre-tax) prepared in accordance with U.S. generally accepted accounting principles (GAAP) is included in the Appendix on page 11. ² Actual numbers for all periods, not % change. ³ Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. N/M - Not meaningful *Refer to page 8 for additional detail on notable items recognized in Noninterest expense. Financial Highlights & Key Metrics 4northerntrust.com / © 2024 Northern Trust Notable Items*: 2Q24 Pre-tax • $864.3 million in Other Operating Income, comprised of an $878.4 million net gain resulting from the Visa transaction, $6.5 million securities loss related to repositioning of the Supplemental Pension Plan and $7.6 million investment impairment charges • $182.2 million in Noninterest Expense due to severance-related charges, a charitable commitment, software amortization acceleration & dispositions, and a legal settlement 1Q24 Pre-tax • $189.4 million investment securities loss in Other Operating Income • $12.5 million in Noninterest Expense related to the FDIC special assessment 2Q23 Pre-tax • $64.3 million in Noninterest Expense due to severance-related charges and a write-off of an investment in a client capability RESULTS INCLUDE IMPACT OF NOTABLE ITEMS* $ in millions (except EPS and as noted) % CHANGE VS. 2Q 2024 1Q 2024 2Q 2023 Revenue (FTE¹) $ 2,722.4 65 % 54 % Noninterest Expense $ 1,533.9 12 % 15 % Provision for Credit Losses 8.0 N/M N/M Net Income $ 896.1 N/M 170 % Diluted Earnings per Share $ 4.34 N/M 179 % Return on Average Common Equity² 31.2 % 7.3 % 12.4 % Profit Margin (Pre-tax)¹ ,² 43.4 % 18.0 % 25.6 % Expense to Trust Fee Ratio² 132 % 119 % 122 % Assets under Custody / Administration³ (AUC/A) (in billions) $ 16,567.4 1 % 14 % Assets under Custody³ (AUC) (in billions) $ 13,041.4 2 % 16 % Assets under Management³ (AUM) (in billions) $ 1,527.1 2 % 12 %

 
northerntrust.com / © 2024 Northern Trust $621.2 $626.0 $611.7 $639.6 $650.6 $427.4 $428.1 $420.4 $436.7 $445.9 $134.1 $137.1 $130.7 $140.0 $145.7 $21.5 $20.4 $22.0 $17.9 $16.5$38.2 $40.4 $38.6 $45.0 $42.5 Other Securities Lending Investment Management Custody and Fund Administration 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 +2% Asset Servicing Highlights 5 Categories may not sum due to rounding. ¹ Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. % CHANGE VS. Asset Servicing Client Assets¹ (in billions): 2Q 2024 1Q 2024 2Q 2023 Assets under Custody / Administration (AUC/A) $ 15,470.8 1 % 15 % Assets under Custody (AUC) $ 11,955.5 2 % 16 % Assets under Management (AUM) $ 1,107.7 3 % 12 % Securities Lending Collateral $ 160.7 (2) % (5) % Asset Servicing Revenues ($ in millions) +5%

 
northerntrust.com / © 2024 Northern Trust Wealth Management Highlights 6 Categories may not sum due to rounding. ¹ Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. % CHANGE VS. Wealth Management Client Assets¹ (in billions): 2Q 2024 1Q 2024 2Q 2023 Assets under Custody / Administration (AUC/A) $ 1,096.6 1 % 10 % Assets under Custody (AUC) $ 1,085.9 — % 10 % Assets under Management (AUM) $ 419.4 — % 12 % Wealth Management Revenues ($ in millions) $475.1 $485.9 $478.3 $503.3 $515.5 $166.0 $172.3 $171.9 $178.3 $180.7 $124.1 $126.1 $121.5 $129.9 $132.7 $93.7 $95.8 $97.3 $99.9 $103.3 $91.3 $91.7 $87.6 $95.2 $98.8 Global Family Office (GFO) West East Central 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 +8% +2%

 
northerntrust.com / © 2024 Northern Trust $524.6 $469.4 $501.1 $535.4 $529.8 Net Interest Income (FTE¹) 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 $134.1 $128.3 $125.0 $133.8 $135.4 $34.4 $28.0 $26.0 $35.9 $35.9 $49.6 $50.4 $49.2 $48.5 $50.0 $42.4 $42.2 $42.2 $41.6 $41.0 $7.8 $7.7 $7.7 $7.8 $8.5 Other Earning Assets² Loans Debt Securities Federal Reserve and Other Central Bank Deposits 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Net Interest Income and Balance Sheet Trends 7 Categories may not sum due to rounding. 1 Net interest income and net interest margin stated on an FTE basis are non-GAAP financial measures. A reconciliation of these measures to reported results prepared in accordance with U.S. GAAP is included in the Appendix on page 11. ² Other Earning Assets includes Interest-Bearing Due from and Deposits with Banks, Federal Funds Sold, Securities Purchased under Agreements to Resell, and Other Interest-Earning Assets. Average Earning Assets ($ in billions) Net Interest Income (FTE¹) ($ in millions) +1% 1.57% 1.45% 1.59% 1.61% 1.57% Net Interest Margin (FTE¹) +1% +1% (1)%

 
$1,331.9 $1,278.2 $1,388.5 $1,364.7 $1,533.9 $705.9 $658.9 $666.0 $728.2 $765.4 $230.9 $229.6 $235.2 $229.3 $260.9 $229.3 $232.5 $252.0 $252.7 $277.5$53.8 $58.7 $58.5 $54.1 $54.8 $112.0 $98.5 $176.8 $100.4 $175.3 Other Operating Expense Occupancy Equipment and Software Outside Services Compensation and Employee Benefits 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Noninterest Expense 8northerntrust.com / © 2024 Northern Trust Expense Highlights • Expenses included the following: • Severance-related charge of $85.2 million in 2Q24 ($81.8 million in Compensation expense and $3.4 million in Outside Services expense) and $38.7 million in 2Q23 ($36.7 million in Compensation expense and $2.0 million in Outside Services expense) • Equipment and Software accelerations and dispositions charge of $16.4 million in 2Q24 and credit of $4.1 million in 3Q23 • Northern Trust Foundation charitable contribution in Other Operating Expense of $70.0 million in 2Q24 • Legal settlement charge in Other Operating Expense of $10.6 million in 2Q24 • FDIC special assessment in Other Operating Expense of $12.5 million in 1Q24 and $84.6 million in 4Q23 • Occupancy charge of $3.0 million in 3Q23 • Write-off of an investment in a client capability in Other Operating Expense of $25.6 million in 2Q23 Categories may not sum due to rounding. Total Noninterest Expense ($ in millions) +15% +12%

 
7.4% 7.9% 8.1% 7.8% 8.0% 2Q23 3Q23 4Q23 1Q24 2Q24 11.3% 11.4% 11.4% 11.4% 12.6% 2Q23 3Q23 4Q23 1Q24 2Q24 Capital Update 9 Standardized Tier 1 Leverage northerntrust.com / © 2024 Northern Trust Capital Highlights • Robust capital and liquidity • $11.8 billion in Tier 1 capital • 61% of deposits covered by highly liquid assets including 32% by cash and central bank deposits • Declared $154.3 million in common stock dividends and $4.7 million in preferred stock dividends in 2Q24 • Repurchased $250.8 million of common stock in 2Q24 • Unrealized MTM loss on available- for-sale securities of $667.1 million as of June 30, 2024 • Realized $606 million in proceeds from partial sale of Visa shares Northern Trust Corporation Capital Ratios 2Q 2024 CAPITAL RATIOS STANDARDIZED APPROACH ADVANCED APPROACH Common Equity Tier 1 Capital 12.6% 13.9% Tier 1 Capital 13.6% 15.0% Total Capital 15.5% 16.9% Tier 1 Leverage 8.0% 8.0% Supplementary Leverage N/A 9.0% Standardized Common Equity Tier 1 Capital ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.

 
Appendix northerntrust.com / © 2024 Northern Trust

 
northerntrust.com / © 2024 Northern Trust Reconciliation of Non-GAAP Financial Measures 11 The following table presents a reconciliation of interest income, net interest income, net interest margin, total revenue, pre-tax income, and profit margin (pre-tax) prepared in accordance with GAAP to such measures on a fully taxable equivalent (FTE) basis, which are non-GAAP financial measures. Management believes this presentation provides a clearer indication of these financial measures for comparative purposes. The adjustment to an FTE basis has no impact on net income. QUARTERS 2024 2023 ($ in Millions) SECOND FIRST FOURTH THIRD SECOND Net Interest Income Interest Income - GAAP $ 2,506.5 $ 2,445.6 $ 2,199.6 $ 1,935.0 $ 1,735.0 Add: FTE Adjustment 6.9 7.3 18.0 13.2 13.1 Interest Income (FTE) - Non-GAAP $ 2,513.4 $ 2,452.9 $ 2,217.6 $ 1,948.2 $ 1,748.1 Net Interest Income - GAAP $ 522.9 $ 528.1 $ 483.1 $ 456.2 $ 511.5 Add: FTE Adjustment 6.9 7.3 18.0 13.2 13.1 Net Interest Income (FTE) - Non-GAAP $ 529.8 $ 535.4 $ 501.1 $ 469.4 $ 524.6 Net Interest Margin - GAAP 1.55 % 1.59 % 1.53 % 1.41 % 1.53 % Net Interest Margin (FTE) - Non-GAAP 1.57 % 1.61 % 1.59 % 1.45 % 1.57 % Total Revenue Total Revenue - GAAP $ 2,715.5 $ 1,646.8 $ 1,545.3 $ 1,726.5 $ 1,757.1 Add: FTE Adjustment 6.9 7.3 18.0 13.2 13.1 Total Revenue (FTE) - Non-GAAP $ 2,722.4 $ 1,654.1 $ 1,563.3 $ 1,739.7 $ 1,770.2 Pre-Tax Income Pre-Tax Income - GAAP $ 1,173.6 $ 290.6 $ 145.8 $ 434.3 $ 440.7 Add: FTE Adjustment 6.9 7.3 18.0 13.2 13.1 Pre-Tax Income (FTE) - Non-GAAP $ 1,180.5 $ 297.9 $ 163.8 $ 447.5 $ 453.8 Profit Margin (Pre-Tax) Profit Margin (Pre-Tax) - GAAP 43.2 % 17.6 % 9.4 % 25.2 % 25.1 % Profit Margin (Pre-Tax) (FTE) - Non-GAAP 43.4 % 18.0 % 10.5 % 25.7 % 25.6 %

 
northerntrust.com / © 2024 Northern Trust Forward-looking Statements 12 This presentation may include statements which constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified typically by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “likely,” “plan,” “goal,” “target,” “strategy,” and similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements include statements, other than those related to historical facts, that relate to Northern Trust’s financial results and outlook, capital adequacy, dividend policy and share repurchase program, accounting estimates and assumptions, credit quality including allowance levels, future pension plan contributions, effective tax rate, anticipated expense levels, contingent liabilities, acquisitions, strategies, market and industry trends, and expectations regarding the impact of accounting pronouncements and legislation. These statements are based on Northern Trust’s current beliefs and expectations of future events or future results, and involve risks and uncertainties that are difficult to predict and subject to change. These statements are also based on assumptions about many important factors, including the factors discussed in Northern Trust’s most recent annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission, all of which are available on Northern Trust’s website. We caution you not to place undue reliance on any forward-looking statement as actual results may differ materially from those expressed or implied by forward-looking statements. Northern Trust assumes no obligation to update its forward-looking statements. This presentation should be reviewed together with Northern Trust Corporation’s Second Quarter 2024 earnings press release.

 

 
Exhibit 99.3
reportsa29.jpg



Financial Trends
Second Quarter 2024
July 17, 2024



Please direct inquiries to:
Jennifer Childe
Senior Vice President, Director of Investor Relations
(312) 444-3290 or jennifer.childe@ntrs.com
Grace Higgins
Second Vice President, Investor Relations
(847) 946-9113 or grace.higgins@ntrs.com



The historical financial results and trends reflected in this report are not indicative of future financial results and trends for Northern Trust Corporation. This report should be read in conjunction with the Corporation's Second Quarter 2024 earnings press release, 2023 Annual Report to Shareholders, and periodic reports to the Securities and Exchange Commission, all of which contain additional information about factors that could affect the Corporation's future financial results and trends. The Corporation assumes no obligation to update this report.



TABLE OF CONTENTS
17
Financial SummaryBalance Sheet Mix Trends
28
Income StatementInterest Rate Trends
39
Net Income TrendsAsset Quality
410
Fee DetailTrust Assets
511
Balance Sheet (EOP)Reconciliation to FTE
612
Balance Sheet TrendsReconciliation to FTE (Ratios)


Northern Trust Corporation
FINANCIAL SUMMARY
($ in Millions except per share information)
20232024
201920202021202220231st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
Profitability:
$1,492.2 $1,209.3 $1,545.3 $1,336.0 $1,107.3 Net Income$334.6 $331.8 $327.8 $113.1 $214.7 $896.1 
1,428.9 1,141.0 1,490.6 1,282.4 1,053.9 Earnings Allocated to Common and Potential315.2 323.7 308.5 106.5 196.1 884.3 
  Common Shares
$6.66 $5.48 $7.16 $6.16 $5.09 Basic Earnings Per Share$1.51 $1.56 $1.49 $0.52 $0.96 $4.35 
6.63 5.46 7.14 6.14 5.08 Diluted Earnings Per Share1.51 1.56 1.49 0.52 0.96 4.34 
— %(18 %)31 %(14 %)(17 %)Diluted EPS Growth over Previous Year(15 %)(16 %)(17 %)(27 %)(37 %)179%
14.9 %11.2 %13.9 %12.7 %10.0 %Return on Average Common Equity12.4 %12.4 %11.6 %4.0 %7.3 %31.2 %
1.27 %0.88 %0.99 %0.88 %0.78 %Return on Average Assets0.92 %0.91 %0.93 %0.33 %0.60 %2.44 %
32.4 %27.1 %31.5 %26.6 %22.3 %
Profit Margin (pre-tax) (FTE)(1)
26.0 %25.6 %25.7 %10.5 %18.0 %43.4 %
24.4 %19.7 %23.8 %19.6 %16.2 %
Profit Margin (after-tax) (FTE)(1)
19.0 %18.7 %18.8 %7.2 %13.0 %32.9 %
72.0 %75.9 %78.2 %71.6 %70.1 %
Noninterest Income to Total Revenue (FTE)(1)
69.0 %70.4 %73.0 %67.9 %67.6 %80.5 %
63.1 %65.1 %67.1 %65.1 %63.9 %
Trust Fees to Total Revenue (FTE)(1)
60.5 %61.9 %63.9 %69.7 %69.1 %42.8 %
23.2 %25.7 %23.1 %24.4 %24.4 %Effective Tax Rate (US GAAP)24.6 %24.7 %24.5 %22.4 %26.1 %23.6 %
24.5 %27.2 %24.5 %26.3 %27.3 %
Effective Tax Rate (FTE)(1)
26.8 %26.9 %26.8 %30.9 %27.9 %24.1 %
Capital Ratios:(2)
Standardized Approach
12.7 %12.8 %11.9 %10.8 %11.4 %Common Equity Tier 1 Capital11.3 %11.3 %11.4 %11.4 %11.4 %12.6 %
14.5 %13.9 %12.9 %11.8 %12.3 %Tier 1 Capital12.3 %12.3 %12.4 %12.3 %12.4 %13.6 %
16.3 %15.6 %14.1 %13.9 %14.2 %Total Capital14.4 %14.4 %14.5 %14.2 %14.2 %15.5 %
8.7 %7.6 %6.9 %7.1 %8.1 %Tier 1 Leverage7.3 %7.4 %7.9 %8.1 %7.8 %8.0 %
Advanced Approach
13.2 %13.4 %13.2 %11.5 %13.4 %Common Equity Tier 1 Capital11.7 %13.0 %13.2 %13.4 %13.5 %13.9 %
15.0 %14.5 %14.3 %12.5 %14.5 %Tier 1 Capital12.7 %14.1 %14.3 %14.5 %14.6 %15.0 %
16.8 %15.9 %15.3 %14.5 %16.5 %Total Capital14.7 %16.3 %16.5 %16.5 %16.5 %16.9 %
8.7 %7.6 %6.9 %7.1 %8.1 %Tier 1 Leverage7.3 %7.4 %7.9 %8.1 %7.8 %8.0 %
7.6 %8.6 %8.2 %7.9 %8.6 %
Supplementary Leverage (3)
8.3 %8.3 %8.4 %8.6 %8.8 %9.0 %
Per Share Information / Ratios:
$2.60 $2.80 $2.80 $2.90 $3.00 Cash Dividends Declared Per Common Share$0.75 $0.75 $0.75 $0.75 $0.75 $0.75 
39 %51 %39 %47 %59 %Dividend Payout Ratio50 %48 %50 %144 %78 %17 %
$106.24 $93.14 $119.61 $88.49 $84.38 Market Value Per Share (End of Period)$88.13 $74.14 $69.48 $84.38 $88.92 $83.98 
16.0 17.1 16.8 14.4 16.6 Stock Price Multiple of Earnings15.0 13.3 13.2 16.6 19.6 11.5 
(based on trailing 4 quarters of diluted EPS)
$46.82 $51.87 $53.58 $49.78 $53.69 Book Value Per Common Share (End of Period)$51.37 $51.94 $52.95 $53.69 $54.83 $58.38 
(1)
Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent - Ratios on page 12 for further detail.
(2)
Capital ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.
(3)
From April 1, 2020, through April 1, 2021, the Federal Reserve issued temporary Supplementary Leverage Ratio (SLR) relief that required Northern Trust to exclude U.S. Treasury balances from the SLR. Please see the Northern Trust Corporation Pillar 3 disclosures for further SLR discussion.
1

Northern Trust Corporation
INCOME STATEMENT
($ in Millions except per share information)
SIX MONTHS
CHANGE (2)
SECOND QUARTER
CHANGE (2)
20242023$%20242023$%
$1,290.2 $1,224.2 $66.0 5 %Asset Servicing Trust, Investment and Other Servicing Fees$650.6 $621.2 $29.4 5 %
1,018.8 935.7 83.1 9 %WM Trust, Investment and Other Servicing Fees 515.5 475.1 40.4 8 %
2,309.0 2,159.9 149.1 7 %     Total Fees1,166.1 1,096.3 69.8 6 %
115.4 103.1 12.3 12 %Foreign Exchange Trading Income58.4 50.1 8.3 17 %
18.3 16.3 2.0 12 %Treasury Management Fees9.0 7.9 1.1 12 %
72.2 70.8 1.4 2 %Security Commissions and Trading Income34.3 36.1 (1.8)(5)%
985.7 102.0 883.7 N/MOther Operating Income924.7 55.2 869.5 N/M
(189.3)6.9 (196.2)N/MInvestment Security Gains (Losses), net0.1 — 0.1 N/M
3,311.3 2,459.0 852.3 35 %     Total Noninterest Income2,192.6 1,245.6 947.0 76 %
4,966.3 3,216.7 1,749.6 54 %
Interest Income (FTE)(1)
2,513.4 1,748.1 765.3 44 %
3,901.1 2,147.7 1,753.4 82 %Interest Expense1,983.6 1,223.5 760.1 62 %
1,065.2 1,069.0 (3.8)— %
Net Interest Income (FTE)(1)
529.8 524.6 5.2 1 %
4,376.5 3,528.0 848.5 24 %
     Total Revenue (FTE)(1)
2,722.4 1,770.2 952.2 54 %
(0.5)(0.5)— N/MProvision for Credit Losses8.0 (15.5)23.5 N/M
1,292.3 1,199.7 92.6 8 %Compensation665.2 604.5 60.7 10 %
201.3 202.4 (1.1)(1)%Employee Benefits100.2 101.4 (1.2)(1)%
490.2 441.7 48.5 11 %Outside Services 260.9 230.9 30.0 13 %
530.2 461.0 69.2 15 %Equipment and Software277.5 229.3 48.2 21 %
108.9 115.1 (6.2)(5)%Occupancy54.8 53.8 1.0 2 %
275.7 197.6 78.1 40 %Other Operating Expense175.3 112.0 63.3 57 %
2,898.6 2,617.5 281.1 11 %     Total Noninterest Expense1,533.9 1,331.9 202.0 15 %
1,478.4 911.0 567.4 62 %
     Income before Income Taxes (FTE)(1)
1,180.5 453.8 726.7 160 %
353.4 218.3 135.1 62 %Provision for Income Taxes277.5 108.9 168.6 155 %
14.2 26.3 (12.1)(46)%Taxable Equivalent Adjustment6.9 13.1 (6.2)(47)%
367.6 244.6 123.0 50 %
     Total Taxes (FTE)(1)
284.4 122.0 162.4 133 %
$1,110.8 $666.4 $444.4 67 %     Net Income$896.1 $331.8 $564.3 170 %
$20.9 $20.9 $— — %Dividends on Preferred Stock$4.7 $4.7 $— — %
9.5 6.6 2.9 43 %Earnings Allocated to Participating Securities7.1 3.4 3.7 108 %
1,080.4 638.9 441.5 69 %Earnings Allocated to Common and Potential Common Shares884.3 323.7 560.6 173 %
$5.30 $3.07 $2.23 72 %Earnings Per Share - Basic$4.35 $1.56 $2.79 179 %
$5.28 $3.07 $2.21 72 %Earnings Per Share - Diluted$4.34 $1.56 $2.78 179 %
203,968 207,911 (3,943)(2)%Average Basic Shares (000s)203,306 207,639 (4,333)(2)%
204,437 208,271 (3,834)(2)%Average Diluted Shares (000s)203,739 207,816 (4,077)(2)%
201,638 207,004 (5,366)(3)%End of Period Shares Outstanding (000s)201,638 207,004 (5,366)(3)%
N/M - Not meaningful
(1) Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent on page 11 for further detail.
(2) Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.
2

Northern Trust Corporation
NET INCOME TRENDS
($ in Millions except per share information)
20232024
201920202021202220231st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$2,211.5 $2,321.6 $2,487.3 $2,496.3 $2,461.9 Asset Servicing Trust, Investment and Other Servicing Fees$603.0 $621.2 $626.0 $611.7 $639.6 $650.6 
1,640.6 1,673.4 1,873.8 1,936.3 1,899.9 WM Trust, Investment and Other Servicing Fees460.6 475.1 485.9 478.3 503.3 515.5 
3,852.1 3,995.0 4,361.1 4,432.6 4,361.8      Total Fees1,063.6 1,096.3 1,111.9 1,090.0 1,142.9 1,166.1 
250.9 290.4 292.6 288.6 203.9 Foreign Exchange Trading Income53.0 50.1 51.8 49.0 57.0 58.4 
44.5 45.4 44.3 39.3 31.6 Treasury Management Fees8.4 7.9 7.5 7.8 9.3 9.0 
103.6 133.2 140.2 136.2 135.0 Security Commissions and Trading Income34.7 36.1 30.9 33.3 37.9 34.3 
145.5 194.0 243.9 191.3 228.7 Other Operating Income46.8 55.2 68.2 58.5 61.0 924.7 
(1.4)(0.4)(0.3)(214.0)(169.5)Investment Security Gains (Losses), net6.9 — — (176.4)(189.4)0.1 
4,395.2 4,657.6 5,081.8 4,874.0 4,791.5      Total Noninterest Income1,213.4 1,245.6 1,270.3 1,062.2 1,118.7 2,192.6 
1,710.7 1,477.6 1,418.3 1,932.8 2,039.5 
Net Interest Income (FTE)(1)
544.4 524.6 469.4 501.1 535.4 529.8 
6,105.9 6,135.2 6,500.1 6,806.8 6,831.0 
     Total Revenue (FTE)(1)
1,757.8 1,770.2 1,739.7 1,563.3 1,654.1 2,722.4 
(14.5)125.0 (81.5)12.0 24.5 Provision for (Release of) Credit Losses15.0 (15.5)14.0 11.0 (8.5)8.0 
1,859.0 1,947.1 2,011.0 2,248.0 2,321.8 Compensation595.2 604.5 558.1 564.0 627.1 665.2 
355.2 387.7 431.4 437.4 405.2 Employee Benefits101.0 101.4 100.8 102.0 101.1 100.2 
774.5 763.1 849.4 880.3 906.5 Outside Services210.8 230.9 229.6 235.2 229.3 260.9 
612.1 673.5 736.3 838.8 945.5 Equipment and Software231.7 229.3 232.5 252.0 252.7 277.5 
212.9 230.1 208.7 219.1 232.3 Occupancy61.3 53.8 58.7 58.5 54.1 54.8 
329.8 346.7 299.1 359.3 472.9 Other Operating Expense85.6 112.0 98.5 176.8 100.4 175.3 
4,143.5 4,348.2 4,535.9 4,982.9 5,284.2      Total Noninterest Expense1,285.6 1,331.9 1,278.2 1,388.5 1,364.7 1,533.9 
1,976.9 1,662.0 2,045.7 1,811.9 1,522.3 
     Income before Income Taxes (FTE)(1)
457.2 453.8 447.5 163.8 297.9 1,180.5 
451.9 418.3 464.8 430.3 357.5 Provision for Income Taxes109.4 108.9 106.5 32.7 75.9 277.5 
32.8 34.4 35.6 45.6 57.5 Taxable Equivalent Adjustment13.2 13.1 13.2 18.0 7.3 6.9 
484.7 452.7 500.4 475.9 415.0 
     Total Taxes (FTE)(1)
122.6 122.0 119.7 50.7 83.2 284.4 
$1,492.2 $1,209.3 $1,545.3 $1,336.0 $1,107.3      Net Income$334.6 $331.8 $327.8 $113.1 $214.7 $896.1 
$6.66 $5.48 $7.16 $6.16 $5.09 Earnings Per Share - Basic$1.51 $1.56 $1.49 $0.52 $0.96 $4.35 
6.63 5.46 7.14 6.14 5.08 Earnings Per Share - Diluted1.51 1.56 1.49 0.52 0.96 4.34 
215,601 209,008 208,899 208,867 207,564 Average Diluted Shares (000s)208,730 207,816 207,253 206,484 205,135 203,739 
$46.4 $56.2 $41.8 $41.8 $41.8 
Preferred Dividends(2)
$16.2 $4.7 $16.2 $4.7 $16.2 $4.7 
(1) Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent on page 11 for further detail.
(2) Dividends on Preferred Stock in 2020 includes $11.5 million related to the difference between the redemption amount of the Corporation's Series C Non-Cumulative Perpetual Preferred Stock, which was redeemed in the first quarter of 2020, and its carrying value.
3

Northern Trust Corporation
TRUST, INVESTMENT AND OTHER SERVICING FEES DETAIL
($ in Millions)
20232024
20192020202120222023Asset Servicing1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,549.3 $1,586.1 $1,818.8 $1,700.1 $1,689.5 Custody & Fund Administration$413.6 $427.4 $428.1 $420.4 $436.7 $445.9 
445.7 511.1 443.5 555.1 528.1 Investment Management126.2 134.1 137.1 130.7 140.0 145.7 
87.2 88.0 76.7 81.4 83.0 Securities Lending19.1 21.5 20.4 22.0 17.9 16.5 
129.3 136.4 148.3 159.7 161.3 Other44.1 38.2 40.4 38.6 45.0 42.5 
$2,211.5 $2,321.6 $2,487.3 $2,496.3 $2,461.9 Total Asset Servicing Trust, Investment and Other Servicing Fees$603.0 $621.2 $626.0 $611.7 $639.6 $650.6 
Wealth Management
$619.3 $607.3 $698.7 $692.6 $673.8 Central$163.6 $166.0 $172.3 $171.9 $178.3 $180.7 
422.2 442.1 509.3 504.0 491.5 East119.8 124.1 126.1 121.5 129.9 132.7 
330.9 337.7 380.2 382.1 378.0 West91.2 93.7 95.8 97.3 99.9 103.3 
268.2 286.3 285.6 357.6 356.6 Global Family Office86.0 91.3 91.7 87.6 95.2 98.8 
$1,640.6 $1,673.4 $1,873.8 $1,936.3 $1,899.9 Total WM Trust, Investment and Other Servicing Fees$460.6 $475.1 $485.9 $478.3 $503.3 $515.5 

4

Northern Trust Corporation
BALANCE SHEET
END OF PERIOD
($ in Millions)
CHANGE (5)
Assets6/30/20246/30/2023$%
Federal Reserve and Other Central Bank Deposits$43,206.1 $42,675.1 $531.0 1 %
Interest-Bearing Due from and Deposits with Banks(1)
5,558.9 4,625.8 933.1 20 %
Federal Funds Sold— — — — %
Securities Purchased under Agreements to Resell859.6 1,228.9 (369.3)(30)%
Debt Securities:
Available For Sale26,861.7 24,264.4 2,597.3 11 %
Held To Maturity22,798.6 26,006.3 (3,207.7)(12)%
Trading Account— 0.1 (0.1)(93)%
   Total Debt Securities49,660.3 50,270.8 (610.5)(1)%
Loans42,135.2 43,546.7 (1,411.5)(3)%
Other Interest-Earning Assets(2)
3,025.2 2,694.8 330.4 12 %
Total Earning Assets144,445.3 145,042.1 (596.8)— %
Allowance for Credit Losses(179.5)(170.2)(9.3)5 %
Cash and Due From Banks and Other Central Bank Deposits(3)
2,390.1 1,803.7 586.4 33 %
Buildings and Equipment481.0 473.6 7.4 2 %
Client Security Settlement Receivables193.4 431.3 (237.9)(55)%
Goodwill697.4 698.8 (1.4)— %
Other Assets8,769.4 8,473.2 296.2 3 %
Total Assets$156,797.1 $156,752.5 $44.6 — %
Liabilities and Stockholders' Equity
Savings, Money Market and Other$28,074.0 $23,535.5 $4,538.5 19 %
Savings Certificates and Other Time6,378.4 3,327.0 3,051.4 92 %
Non- U.S. Offices - Interest-Bearing67,612.3 65,014.7 2,597.6 4 %
Total Interest-Bearing Deposits102,064.7 91,877.2 10,187.5 11 %
Federal Funds Purchased2,406.4 9,344.5 (6,938.1)(74)%
Securities Sold under Agreements to Repurchase629.2 988.1 (358.9)(36)%
Other Borrowings(4)
6,823.7 12,382.0 (5,558.3)(45)%
Senior Notes2,744.0 2,729.5 14.5 1 %
Long-Term Debt4,073.0 2,061.5 2,011.5 98 %
Total Interest-Bearing Liabilities118,741.0 119,382.8 (641.8)(1)%
Demand and Other Noninterest-Bearing Deposits20,926.2 21,326.4 (400.2)(2)%
Other Liabilities4,474.1 4,407.6 66.5 2 %
Total Liabilities144,141.3 145,116.8 (975.5)(1)%
Common Equity11,770.9 10,750.8 1,020.1 9 %
Preferred Equity884.9 884.9 — — %
Total Stockholders' Equity12,655.8 11,635.7 1,020.1 9 %
Total Liabilities and Stockholders' Equity$156,797.1 $156,752.5 $44.6 — %
(1)
Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(2)
Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(3)
Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(4)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
(5)Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.
5

Northern Trust Corporation
BALANCE SHEET TRENDS
  PERIOD AVERAGES(1)
($ in Millions)
20232024
20192020202120222023Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$18,511.0 $27,904.2 $39,028.2 $36,248.8 $31,205.4 Federal Reserve and Other Central Bank Deposits$36,641.8 $34,380.4 $28,000.8 $25,951.3 $35,897.3 $35,924.1 
5,996.7 5,400.8 5,779.7 4,192.5 4,333.9 
Interest-Bearing Due from and Deposits with Banks(2)
4,198.7 4,573.4 4,301.4 4,261.6 4,418.0 4,999.7 
12.8 2.3 0.1 5.5 6.1 Federal Funds Sold19.7 2.9 1.2 1.0 0.5 0.3 
835.0 1,253.1 1,067.4 1,071.2 950.9 Securities Purchased under Agreements to Resell1,046.1 1,238.6 950.8 573.1 517.9 731.9 
Debt Securities:
38,016.2 40,642.7 38,986.9 32,060.2 24,356.6 Available For Sale25,030.4 24,511.8 24,430.7 23,469.9 24,049.6 26,591.4 
11,650.0 14,353.3 20,617.0 22,970.0 25,511.9 Held To Maturity25,382.2 25,053.3 25,919.2 25,685.2 24,498.9 23,373.8 
1.2 1.1 0.6 12.1 0.5 Trading Account1.3 0.2 0.4 0.2 — — 
49,667.4 54,997.1 59,604.5 55,042.3 49,869.0    Total Debt Securities50,413.9 49,565.3 50,350.3 49,155.3 48,548.5 49,965.2 
31,052.8 33,498.8 37,207.5 41,030.6 42,177.0 Loans and Leases41,959.4 42,365.4 42,210.4 42,170.0 41,586.9 41,034.6 
1,033.7 1,076.6 1,185.6 1,248.1 2,259.0 
Other Interest-Earning Assets(3)
1,677.8 1,990.4 2,439.5 2,912.8 2,847.7 2,745.3 
107,109.4 124,132.9 143,873.0 138,839.0 130,801.3 Total Earning Assets135,957.4 134,116.4 128,254.4 125,025.1 133,816.8 135,401.1 
(111.4)(178.0)(173.0)(154.1)(172.8)Allowance for Credit Losses(161.5)(176.6)(170.4)(182.5)(191.8)(175.8)
2,393.6 2,603.0 2,285.9 2,069.5 1,771.6 
Cash and Due From Banks and Other Central Bank Deposits(4)
1,795.9 1,842.5 1,694.6 1,754.6 1,799.5 1,802.0 
425.6 509.3 502.7 488.7 484.8 Buildings and Equipment497.3 481.8 474.1 486.4 498.2 485.8 
1,070.4 1,357.5 1,530.1 1,722.3 558.8 Client Security Settlement Receivables1,098.5 592.7 350.3 205.9 238.6 321.4 
682.5 695.4 707.3 692.2 696.2 Goodwill692.3 697.0 698.9 696.4 699.4 697.1 
5,981.3 7,691.0 7,637.2 8,894.3 8,509.3 Other Assets8,180.0 8,345.8 8,899.7 8,602.8 8,257.6 9,469.6 
$117,551.4 $136,811.1 $156,363.2 $152,551.9 $142,649.2 Total Assets$148,059.9 $145,899.6 $140,201.6 $136,588.7 $145,118.3 $148,001.2 
Liabilities and Stockholders' Equity
$16,577.8 $23,396.4 $28,339.0 $30,205.0 $24,172.4 Savings, Money Market and Other$27,268.8 $22,961.2 $22,624.9 $23,888.7 $27,349.0 $27,554.9 
867.5 1,266.4 887.2 1,059.7 3,341.2 Savings Certificates and Other Time2,360.1 3,036.1 3,665.2 4,279.0 4,554.3 6,027.4 
54,885.2 60,486.3 69,713.4 65,031.3 60,008.6 Non- U.S. Offices - Interest-Bearing62,411.1 62,046.3 58,680.5 56,970.9 63,752.8 63,216.3 
72,330.5 85,149.1 98,939.6 96,296.0 87,522.2 Total Interest-Bearing Deposits92,040.0 88,043.6 84,970.6 85,138.6 95,656.1 96,798.6 
1,267.0 980.9 190.6 1,407.8 5,144.3 Federal Funds Purchased3,653.9 7,070.0 5,935.9 3,906.0 2,650.1 3,010.7 
339.0 218.3 232.0 433.6 401.5 Securities Sold under Agreements to Repurchase347.1 467.8 426.0 364.5 490.1 574.6 
7,753.0 6,401.1 5,049.8 5,463.5 10,339.5 
Other Borrowings(5)
11,324.0 12,132.6 10,981.7 6,960.8 6,852.1 7,053.5 
2,389.1 3,233.8 2,856.4 2,756.0 2,734.0 Senior Notes2,748.1 2,761.1 2,713.2 2,714.2 2,748.7 2,728.7 
1,139.0 1,189.2 1,166.1 1,258.9 2,586.0 Long-Term Debt2,066.3 2,069.7 2,126.9 4,064.1 4,067.0 4,071.1 
277.6 277.7 218.4 — — Floating Rate Capital Debt— — — — — — 
85,495.1 97,450.1 108,652.9 107,615.8 108,727.5 Total Interest-Bearing Liabilities112,179.4 112,544.8 107,154.3 103,148.2 112,464.1 114,237.2 
17,455.5 23,362.0 31,143.5 29,296.4 17,723.3 Demand and Other Noninterest-Bearing Deposits20,145.6 17,555.1 16,792.5 16,450.4 16,706.5 16,543.0 
3,952.4 4,806.4 4,869.8 4,558.3 4,701.6 Other Liabilities4,453.4 4,351.0 4,718.2 5,274.6 4,164.0 4,862.2 
106,903.0 125,618.0 144,666.2 141,471.0 131,152.4 Total Liabilities136,778.4 134,450.9 128,665.0 124,873.2 133,334.6 135,642.4 
9,705.2 10,306.7 10,812.1 10,196.5 10,611.9 Common Equity10,396.6 10,563.8 10,651.7 10,830.6 10,898.8 11,473.9 
943.1 885.9 884.9 884.9 884.9 Preferred Equity884.9 884.9 884.9 884.9 884.9 884.9 
10,648.0 11,193.0 11,697.0 11,081.4 11,496.8 Total Stockholders' Equity11,281.5 11,448.7 11,536.6 11,715.5 11,783.7 12,358.8 
$117,551.0 $136,811.0 $156,363.2 $152,551.9 $142,649.2 Total Liabilities and Stockholders' Equity$148,059.9 $145,899.6 $140,201.6 $136,588.7 $145,118.3 $148,001.2 
(1)
Summations may not equal due to rounding.
(2)
Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)
Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)
Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
6

Northern Trust Corporation
BALANCE SHEET MIX TRENDS
PERIOD AVERAGES(1)
20232024
20192020202120222023Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
15.7 %20.4 %25.0 %23.8 %21.9 %Federal Reserve and Other Central Bank Deposits24.7 %23.6 %20.0 %19.0 %24.7 %24.3 %
5.1 3.9 3.7 2.7 3.0 
Interest-Bearing Due from and Deposits with Banks(2)
2.8 3.1 3.1 3.1 3.0 3.4 
— — — — — Federal Funds Sold— — — — — — 
0.7 0.9 0.7 0.7 0.7 Securities Purchased under Agreements to Resell0.7 0.8 0.7 0.4 0.4 0.5 
Debt Securities:
32.3 29.7 24.9 21.0 17.1 Available For Sale16.9 16.8 17.4 17.2 16.6 18.0 
9.9 10.5 13.2 15.1 17.9 Held To Maturity17.1 17.2 18.5 18.8 16.9 15.8 
— — — — — Trading Account— — — — — — 
42.3 40.2 38.1 36.1 35.0    Total Debt Securities34.0 34.0 35.9 36.0 33.5 33.8 
26.4 24.5 23.8 26.9 29.6 Loans and Leases28.3 29.0 30.1 30.9 28.7 27.7 
0.9 0.8 0.8 0.8 1.6 
Other Interest-Earning Assets(3)
1.1 1.4 1.7 2.1 2.0 1.9 
91.1 90.7 92.0 91.0 91.7 Total Earning Assets91.8 91.9 91.5 91.5 92.2 91.5 
(0.1)(0.1)(0.1)(0.1)(0.1)Allowance for Credit Losses(0.1)(0.1)(0.1)(0.1)(0.1)(0.1)
2.0 1.9 1.5 1.4 1.2 
Cash and Due From Banks and Other Central Bank Deposits(4)
1.2 1.3 1.2 1.3 1.2 1.2 
0.4 0.4 0.3 0.3 0.3 Buildings and Equipment0.3 0.3 0.3 0.4 0.3 0.3 
0.9 1.0 1.0 1.1 0.4 Client Security Settlement Receivables0.7 0.4 0.2 0.2 0.2 0.2 
0.6 0.5 0.5 0.5 0.5 Goodwill0.5 0.5 0.5 0.5 0.5 0.5 
5.1 5.6 4.9 5.8 6.0 Other Assets5.5 5.7 6.3 6.3 5.7 6.4 
100.0 %100.0 %100.0 %100.0 %100.0 %Total Assets100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
Liabilities and Stockholders' Equity
14.1 %17.1 %18.1 %19.8 %16.9 %Savings, Money Market and Other18.4 %15.7 %16.1 %17.5 %18.8 %18.6 %
0.7 0.9 0.6 0.7 2.3 Savings Certificates and Other Time1.6 2.1 2.6 3.1 3.1 4.1 
46.7 44.2 44.6 42.6 42.1 Non- U.S. Offices - Interest-Bearing42.2 42.5 41.9 41.7 43.9 42.7 
61.5 62.2 63.3 63.1 61.4 Total Interest-Bearing Deposits62.2 60.3 60.6 62.3 65.9 65.4 
1.1 0.7 0.1 0.9 3.6 Federal Funds Purchased2.5 4.8 4.2 2.9 1.8 2.0 
0.3 0.2 0.1 0.3 0.3 Securities Sold under Agreements to Repurchase0.2 0.3 0.3 0.3 0.3 0.4 
6.6 4.7 3.2 3.6 7.2 
Other Borrowings(5)
7.6 8.3 7.8 5.1 4.7 4.8 
2.0 2.4 1.8 1.8 1.9 Senior Notes1.9 1.9 1.9 2.0 1.9 1.8 
1.0 0.9 0.7 0.8 1.8 Long-Term Debt1.4 1.4 1.5 3.0 2.8 2.8 
0.2 0.2 0.1 — — Floating Rate Capital Debt— — — — — — 
72.7 71.2 69.5 70.5 76.2 Total Interest-Bearing Liabilities75.8 77.1 76.4 75.5 77.5 77.2 
14.8 17.1 19.9 19.2 12.4 Demand and Other Noninterest-Bearing Deposits13.6 12.0 12.0 12.0 11.5 11.2 
3.4 3.5 3.1 3.0 3.3 Other Liabilities3.0 3.0 3.4 3.9 2.9 3.3 
90.9 91.8 92.5 92.7 91.9 Total Liabilities92.4 92.2 91.8 91.4 91.9 91.6 
8.3 7.5 6.9 6.7 7.4 Common Equity7.0 7.2 7.6 7.9 7.5 7.8 
0.8 0.6 0.6 0.6 0.6 Preferred Equity0.6 0.6 0.6 0.6 0.6 0.6 
9.1 8.2 7.5 7.3 8.1 Total Stockholders' Equity7.6 7.8 8.2 8.6 8.1 8.4 
100.0 %100.0 %100.0 %100.0 %100.0 %Total Liabilities and Stockholders' Equity100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
(1)
Summations may not equal due to rounding.
(2)
Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)
Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)
Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.

7

Northern Trust Corporation
INTEREST RATE TRENDS (FTE(1) Basis)
PERIOD AVERAGES
Net Interest Income (FTE Adjusted), a non-GAAP financial measure, includes adjustments to a fully taxable equivalent basis for loans and securities. A reconciliation of net interest income, net interest margin, and net interest spread on a GAAP basis to net interest income, net interest margin, and net interest spread on an FTE basis, respectively, (each of which is a non-GAAP financial measure) is provided on pages 11 and 12. Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets. Net interest spread is calculated as the difference between the interest rate earned (annualized interest income divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds).
20232024
20192020202120222023Earnings Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
0.98 %0.10 %0.03 %1.30 %4.69 %Federal Reserve and Other Central Bank Deposits4.17 %4.65 %4.99 %5.11 %5.15 %5.12 %
1.21 0.41 0.16 1.11 3.00 
Interest-Bearing Due from and Deposits with Banks(2)
2.72 2.82 3.22 3.25 3.15 2.53 
2.73 1.37 0.41 3.22 4.92 Federal Funds Sold4.79 5.25 5.62 5.63 5.64 5.64 
2.10 0.31 0.33 9.68 166.71 
Securities Purchased under Agreements to Resell(5)
48.80 92.09 193.58 492.23 639.92 474.48 
Debt Securities:
2.51 1.77 1.28 1.91 4.35 Available for Sale3.80 4.17 4.51 4.94 5.41 5.52 
0.94 0.59 0.80 1.26 1.87 Held to Maturity1.64 1.80 1.93 2.13 2.02 1.95 
3.29 3.27 1.59 3.84 13.50 Trading Account7.63 42.53 21.15 5.19 — — 
2.14 1.46 1.11 1.64 3.08    Total Debt Securities2.72 2.97 3.18 3.46 3.70 3.85 
3.74 2.32 1.92 3.28 6.06 Loans and Leases5.60 6.06 6.26 6.32 6.34 6.38 
3.56 3.63 3.43 4.03 4.87 
Other Interest-Earning Assets(3)
4.67 5.04 4.65 5.05 4.51 4.68 
2.36 %1.35 %1.00 %2.11 %5.64 %Total Earning Assets4.38 %5.23 %6.03 %7.04 %7.37 %7.47 %
Interest-Bearing Funds
0.97 %0.20 %0.05 %0.74 %2.85 %Savings, Money Market and Other2.35 %2.67 %3.05 %3.40 %3.72 %3.75 %
1.86 1.30 0.55 1.68 4.54 Savings Certificates and Other Time3.70 4.23 4.69 5.10 5.19 5.23 
0.57 (0.03)(0.11)0.56 3.07 Non- U.S. Offices - Interest-Bearing2.50 2.90 3.38 3.56 3.59 3.58 
0.68 0.06 (0.06)0.63 3.07 Total Interest-Bearing Deposits2.49 2.89 3.35 3.59 3.71 3.73 
2.05 0.22 (0.19)2.43 4.99 Federal Funds Purchased4.45 4.97 5.18 5.25 5.11 5.16 
1.89 0.47 0.07 20.94 383.84 
Securities Sold under Agreements to Repurchase(5)
135.62 234.39 422.85 759.25 667.86 596.00 
2.34 0.71 0.28 2.31 5.25 
Other Borrowings(4)
4.83 5.17 5.59 5.49 5.20 5.43 
3.04 2.24 1.69 3.36 6.22 Senior Notes5.79 6.14 6.44 6.50 6.45 6.50 
3.36 2.24 1.81 3.49 5.69 Long-Term Debt5.73 5.89 5.94 5.45 5.50 5.50 
2.98 1.52 0.78 — — Floating Rate Capital Debt— — — — — — 
0.96 %0.21 %0.02 %0.92 %4.91 %Total Interest-Bearing Liabilities3.34 %4.36 %5.48 %6.60 %6.86 %6.98 %
1.40 %1.14 %0.98 %1.19 %0.73 %Net Interest Spread1.04 %0.87 %0.55 %0.44 %0.51 %0.49 %
1.60 %1.19 %0.99 %1.39 %1.56 %Net Interest Margin1.62 %1.57 %1.45 %1.59 %1.61 %1.57 %
(1)
Fully taxable equivalent. FTE adjustments are based on a federal income tax rate of 21%, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit.
(2)
Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)
Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
(5)
Includes the impact of balance sheet netting under master netting arrangements of approximately $62.9 billion for the three months ended June 30, 2024. Excluding the impact of netting, the average interest rate on Securities Purchased under Agreements to Resell would be approximately 5.46% for the three months ended June 30, 2024. Excluding the impact of netting, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 5.39% for the three months ended June 30, 2024. See previous filings for impact of netting on prior periods.
8

Northern Trust Corporation
ASSET QUALITY
END OF PERIOD
($ in Millions)
20232024
201920202021202220231st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$138.2 $124.4 $259.9 $184.7 $200.9 Beginning Allowance for Credit Losses$200.9 $213.0 $197.5 $211.8 $220.4 $201.5 
— 13.7 — — — 
Cumulative Effect Adjustment(1)
— — — — — — 
(14.5)125.0 (81.5)12.0 24.5 Provision for (Release of) Credit Losses15.0 (15.5)14.0 11.0 (8.5)8.0 
(Charge-offs) Recoveries
(6.5)(9.7)(0.7)(6.0)(8.7)Charge-offs(4.0)(0.8)(0.8)(3.1)(11.1)(0.3)
7.2 6.5 7.0 10.2 3.7 Recoveries1.1 0.8 1.1 0.7 0.7 0.4 
0.7 (3.2)6.3 4.2 (5.0)Net (Charge-offs) Recoveries(2.9)— 0.3 (2.4)(10.4)0.1 
$124.4 $259.9 $184.7 $200.9 $220.4 Ending Allowance for Credit Losses$213.0 $197.5 $211.8 $220.4 $201.5 $209.6 
Allowance for Credit Losses Assigned to:
$104.5 $190.7 $138.4 $144.3 $178.7 Loans and Leases$159.9 $152.5 $166.8 $178.7 $162.4 $167.7 
19.9 61.1 34.1 38.5 26.9 Undrawn Loan Commitments and Standby Letters of Credit34.3 26.0 28.3 26.9 25.2 29.5 
— 8.1 12.2 18.1 14.8 Debt Securities and Other Financial Assets18.8 19.0 16.7 14.8 13.9 12.4 
$124.4 $259.9 $184.7 $200.9 $220.4 Total Allowance for Credit Losses$213.0 $197.5 $211.8 $220.4 $201.5 $209.6 
$31,053 $33,499 $37,208 $41,031 $42,177 Average Loans and Leases Outstanding$41,959 $42,365 $42,210 $42,170 $41,587 $41,035 
— %(0.01)%0.02 %0.01 %(0.01)%Annualized Loan-Related Net (Charge-offs) Recoveries to (0.03)%— %— %(0.02)%(0.10)%— %
Average Loans and Leases
$31,410 $33,760 $40,481 $42,893 $47,617 End of Period Loans and Leases Outstanding$42,370 $43,547 $43,577 $47,617 $47,343 $42,135 
0.33 %0.56 %0.34 %0.34 %0.38 %Allowance for Credit Losses Assigned to Loans0.38 %0.35 %0.38 %0.38 %0.34 %0.40 %
and Leases to Total Loans and Leases
Nonaccrual Assets
$83.6 $131.7 $122.3 $45.9 $63.6 Nonaccrual Loans and Leases$48.9 $47.1 $68.8 $63.6 $37.0 $38.5 
3.2 0.7 3.0 — 1.5 Other Real Estate Owned (OREO)— 0.3 0.3 1.5 — — 
$86.8 $132.4 $125.3 $45.9 $65.1 Total Nonaccrual Assets$48.9 $47.4 $69.1 $65.1 $37.0 $38.5 
0.28 %0.39 %0.31 %0.11 %0.14 %Nonaccrual Assets to Loans and Leases and OREO0.12 %0.11 %0.16 %0.14 %0.08 %0.09 %
Loans and Leases Allowance to Nonaccrual
1.3x1.4x1.1x3.1x2.8xLoans and Leases3.3x3.2x2.4x2.8x4.4x4.4x
(1)
Upon the January 1, 2020 adoption of ASU 2016-13, Northern Trust increased the allowance for credit losses by $13.7 million, with a corresponding cumulative effect adjustment to decrease retained earnings $10.1 million, net of tax.
9

Northern Trust Corporation
ASSETS UNDER MANAGEMENT AND CUSTODY
END OF PERIOD
($ in Billions)
20232024
20192020202120222023Assets Under Management1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$917.5 $1,057.5 $1,191.0 $898.1 $1,032.0 Asset Servicing$962.1 $989.8 $963.4 $1,032.0 $1,080.1 $1,107.7 
Asset allocation:
483.8 551.7 626.6 485.0 563.9 Equities515.1 535.4 508.7 563.9 602.5 613.7 
114.6 120.1 132.6 107.1 116.2 Fixed Income Securities107.3 108.8 109.7 116.2 116.3 125.8 
156.1 198.8 236.2 157.7 184.5 Cash and Other Assets171.8 176.8 183.0 184.5 198.2 207.6 
163.0 186.9 195.6 148.3 167.4 Securities Lending Collateral167.9 168.8 162.0 167.4 163.1 160.6 
$313.8 $347.8 $416.1 $351.4 $402.5 Wealth Management$368.3 $376.0 $369.9 $402.5 $420.6 $419.4 
Asset allocation:
167.0 182.0 229.9 186.3 221.6 Equities197.0 205.1 197.8 221.6 238.6 243.2 
79.2 84.7 83.5 79.4 87.2 Fixed Income Securities80.3 79.9 80.5 87.2 87.2 85.8 
67.5 81.1 102.7 85.7 93.7 Cash and Other Assets91.0 91.0 91.6 93.7 94.7 90.3 
0.1 — — — — Securities Lending Collateral— — — — 0.1 0.1 
$1,231.3 $1,405.3 $1,607.1 $1,249.5 $1,434.5 Total Assets Under Management$1,330.4 $1,365.8 $1,333.3 $1,434.5 $1,500.7 $1,527.1 
Asset allocation:
$650.8 $733.7 $856.5 $671.3 $785.5 Equities$712.1 $740.5 $706.5 $785.5 841.1 $856.9 
193.8 204.8 216.1 186.5 203.4 Fixed Income Securities187.6 188.7 190.2 203.4 203.5 211.6 
223.6 279.9 338.9 243.4 278.2 Cash and Other Assets262.8 267.8 274.6 278.2 292.9 297.9 
163.1 186.9 195.6 148.3 167.4 Securities Lending Collateral167.9 168.8 162.0 167.4 163.2 160.7 
Assets Under Custody / Administration
$11,311.6 $13,653.1 $15,183.2 $12,705.5 $14,362.6 Asset Servicing$13,221.5 $13,483.5 $13,206.2 $14,362.6 $15,385.4 $15,470.8 
738.8 879.4 1,065.6 898.5 1,042.3 Wealth Management953.3 995.4 958.5 1,042.3 1,087.1 1,096.6 
$12,050.4 $14,532.5 $16,248.8 $13,604.0 $15,404.9 Total Assets Under Custody / Administration$14,174.8 $14,478.9 $14,164.7 $15,404.9 $16,472.5 $16,567.4 
Assets Under Custody
$8,497.8 $10,387.7 $11,554.8 $9,712.3 $10,882.0 Asset Servicing$10,065.6 $10,295.7 $10,064.4 $10,882.0 $11,723.1 $11,955.5 
Asset allocation:
3,866.6 4,751.0 5,404.3 4,312.8 5,028.9 Equities4,546.1 4,739.3 4,590.7 5,028.9 5,511.4 5,711.7 
3,102.3 3,742.6 3,997.5 3,252.1 3,600.4 Fixed Income Securities3,366.8 3,394.2 3,316.7 3,600.4 3,665.8 3,662.0 
1,365.9 1,707.2 1,957.4 1,999.1 2,085.3 Cash and Other Assets1,984.8 1,993.4 1,995.0 2,085.3 2,382.8 2,421.2 
163.0 186.9 195.6 148.3 167.4 Securities Lending Collateral167.9 168.8 162.0 167.4 163.1 160.6 
$735.7 $875.1 $1,057.5 $892.3 $1,034.5 Wealth Management$947.6 $989.1 $951.0 $1,034.5 $1,081.0 $1,085.9 
Asset allocation:
432.0 542.9 644.8 497.9 623.6 Equities545.0 589.4 550.7 623.6 661.1 669.3 
134.3 128.3 142.1 134.0 136.7 Fixed Income Securities134.6 130.5 128.3 136.7 138.4 139.2 
169.3 203.9 270.6 260.4 274.2 Cash and Other Assets268.0 269.2 272.0 274.2 281.4 277.3 
0.1 — — — — Securities Lending Collateral— — — — 0.1 0.1 
$9,233.5 $11,262.8 $12,612.3 $10,604.6 $11,916.5 Total Assets Under Custody$11,013.2 $11,284.8 $11,015.4 $11,916.5 $12,804.1 $13,041.4 
Asset allocation:
$4,298.6 $5,293.9 $6,049.1 $4,810.7 $5,652.5 Equities$5,091.1 $5,328.7 $5,141.4 $5,652.5 $6,172.5 $6,381.0 
3,236.6 3,870.9 4,139.6 3,386.1 3,737.1 Fixed Income Securities3,501.4 3,524.7 3,445.0 3,737.1 3,804.2 3,801.2 
1,535.2 1,911.1 2,228.0 2,259.5 2,359.5 Cash and Other Assets2,252.8 2,262.6 2,267.0 2,359.5 2,664.2 2,698.5 
163.1 186.9 195.6 148.3 167.4 Securities Lending Collateral167.9 168.8 162.0 167.4 163.2 160.7 
Memo
$94.2 $114.0 $144.9 $119.9 $144.3 WM Global Family Office AUM$126.2 $128.5 $128.9 $144.3 $152.4 $152.7 
474.1 600.7 742.6 614.9 728.0 WM Global Family Office AUC660.0 694.0 663.5 728.0 762.1 768.1 
10

Northern Trust Corporation
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
($ in Millions)
Northern Trust presents certain financial measures on a fully taxable equivalent (FTE) basis, which is a non-generally accepted accounting principle (GAAP). Management believes an FTE presentation provides a clearer indication of these financial measures for comparative purposes.

Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income, consistent with industry practice. The adjustments are based on the federal income tax rate, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. When adjusted to an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income. Below is a reconciliation of the financial measures presented on an FTE basis.
20232024
201920202021202220231st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$2,499.9 $1,643.5 $1,406.5 $2,877.7 $7,325.0 Interest Income - GAAP$1,455.4 $1,735.0 $1,935.0 $2,199.6 $2,445.6 $2,506.5 
32.8 34.4 35.6 45.6 57.5 Add: FTE Adjustment13.2 13.1 13.2 18.0 7.3 6.9 
2,532.7 1,677.9 1,442.1 2,923.3 7,382.5 Interest Income (FTE) - Non-GAAP1,468.6 1,748.1 1,948.2 2,217.6 2,452.9 2,513.4 
1,677.9 1,443.2 1,382.7 1,887.2 1,982.0 Net Interest Income - GAAP531.2 511.5 456.2 483.1 528.1 522.9 
32.8 34.4 35.6 45.6 57.5 Add: FTE Adjustment13.2 13.1 13.2 18.0 7.3 6.9 
1,710.7 1,477.6 1,418.3 1,932.8 2,039.5 Net Interest Income (FTE) - Non-GAAP544.4 524.6 469.4 501.1 535.4 529.8 
6,073.1 6,100.8 6,464.5 6,761.2 6,773.5 Total Revenue - GAAP1,744.6 1,757.1 1,726.5 1,545.3 1,646.8 2,715.5 
32.8 34.4 35.6 45.6 57.5 Add: FTE Adjustment13.2 13.1 13.2 18.0 7.3 6.9 
6,105.9 6,135.2 6,500.1 6,806.8 6,831.0 Total Revenue (FTE) - Non-GAAP1,757.8 1,770.2 1,739.7 1,563.3 1,654.1 2,722.4 
1,944.1 1,627.6 2,010.1 1,766.3 1,464.8 Income before Income Taxes - GAAP444.0 440.7 434.3 145.8 290.6 1,173.6 
32.8 34.4 35.6 45.6 57.5 Add: FTE Adjustment13.2 13.1 13.2 18.0 7.3 6.9 
1,976.9 1,662.0 2,045.7 1,811.9 1,522.3 Income before Income Taxes (FTE) - Non-GAAP457.2 453.8 447.5 163.8 297.9 1,180.5 
451.9 418.3 464.8 430.3 357.5 Provision for Income Taxes - GAAP109.4 108.9 106.5 32.7 75.9 277.5 
32.8 34.4 35.6 45.6 57.5 Add: FTE Adjustment13.2 13.1 13.2 18.0 7.3 6.9 
484.7 452.7 500.4 475.9 415.0 Provision for Income Taxes (FTE) - Non-GAAP122.6 122.0 119.7 50.7 83.2 284.4 
11

Northern Trust Corporation
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
RATIOS
Northern Trust presents certain financial measures on a fully taxable equivalent (FTE) basis, which is a non-generally accepted accounting principle (GAAP). Management believes an FTE presentation provides a clearer indication of these financial measures for comparative purposes.

Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income, consistent with industry practice. The adjustments are based on the federal income tax rate, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. When adjusted to an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income. Below is a reconciliation of the financial ratios presented on an FTE basis.
20232024
201920202021202220231st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
32.0 %26.7 %31.1 %26.1 %21.6 %
Profit Margin (pre-tax) - GAAP (1)
25.4 %25.1 %25.2 %9.4 %17.6 %43.2 %
32.4 %27.1 %31.5 %26.6 %22.3 %
Profit Margin (pre-tax) (FTE) - Non-GAAP (1)
26.0 %25.6 %25.7 %10.5 %18.0 %43.4 %
24.6 %19.8 %23.9 %19.8 %16.3 %
Profit Margin (after-tax) - GAAP (2)
19.2 %18.9 %19.0 %7.3 %13.0 %33.0 %
24.4 %19.7 %23.8 %19.6 %16.2 %
Profit Margin (after-tax) (FTE) - Non-GAAP (2)
19.0 %18.7 %18.8 %7.2 %13.0 %32.9 %
23.2 %25.7 %23.1 %24.4 %24.4 %
Effective Tax Rate - GAAP (3)
24.6 %24.7 %24.5 %22.4 %26.1 %23.6 %
24.5 %27.2 %24.5 %26.3 %27.3 %
Effective Tax Rate (FTE) - Non-GAAP (3)
26.8 %26.9 %26.8 %30.9 %27.9 %24.1 %
72.4 %76.3 %78.6 %72.1 %70.7 %
Noninterest Income to Total Revenue - GAAP (4)
69.5 %70.9 %73.6 %68.7 %67.9 %80.7 %
72.0 %75.9 %78.2 %71.6 %70.1 %
Noninterest Income to Total Revenue (FTE) - Non-GAAP (4)
69.0 %70.4 %73.0 %67.9 %67.6 %80.5 %
63.4 %65.5 %67.5 %65.6 %64.4 %
Trust Fees to Total Revenue - GAAP (5)
61.0 %62.4 %64.4 %70.5 %69.4 %42.9 %
63.1 %65.1 %67.1 %65.1 %63.9 %
Trust Fees to Total Revenue (FTE) - Non-GAAP (5)
60.5 %61.9 %63.9 %69.7 %69.1 %42.8 %
1.37 %1.11 %0.96 %1.15 %0.69 %
Net Interest Spread - GAAP (6)
1.00 %0.83 %0.51 %0.38 %0.49 %0.47 %
1.40 %1.14 %0.98 %1.19 %0.73 %
Net Interest Spread (FTE) - Non-GAAP (6)
1.04 %0.87 %0.55 %0.44 %0.51 %0.49 %
1.57 %1.16 %0.96 %1.36 %1.52 %
Net Interest Margin - GAAP (7)
1.58 %1.53 %1.41 %1.53 %1.59 %1.55 %
1.60 %1.19 %0.99 %1.39 %1.56 %
Net Interest Margin (FTE) - Non-GAAP (7)
1.62 %1.57 %1.45 %1.59 %1.61 %1.57 %
(1)
Profit margin (pre-tax) is calculated by dividing income before income taxes by total revenue. Profit margin (pre-tax) on an FTE basis is calculated by dividing income before income taxes on an FTE basis by total revenue on an FTE basis.
(2)
Profit margin (after-tax) is calculated by dividing net income by total revenue. Profit margin (after-tax) on an FTE basis is calculated by dividing net income by total revenue on an FTE basis.
(3)
Effective tax rate is calculated by dividing the provision for income taxes by income before income taxes. Effective tax rate on an FTE basis is calculated by dividing the provision for income taxes on an FTE basis by income before income taxes on an FTE basis.
(4)
Noninterest income to total revenue is calculated by dividing noninterest income by total revenue. Noninterest income to total revenue on an FTE basis is calculated by dividing noninterest income by total revenue on an FTE basis.
(5)
Trust fees to total revenue is calculated by dividing total trust, investment and other servicing fees by total revenue. Trust fees to total revenue on an FTE basis is calculated by dividing total trust, investment and other servicing fees by total revenue on an FTE basis.
(6)
Net interest spread is calculated as the difference between the interest rate earned (annualized interest income divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds). Net interest spread on an FTE basis is calculated as the difference between the interest rate earned (annualized interest income on an FTE basis divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds).
(7)
Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets. Net interest margin on an FTE basis is calculated by dividing annualized net interest income on an FTE basis by average interest-earning assets.
12
v3.24.2
Cover Page Cover Page
Jul. 17, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jul. 17, 2024
Entity Registrant Name NORTHERN TRUST CORP
Entity Incorporation, State or Country Code DE
Entity File Number 001-36609
Entity Tax Identification Number 36-2723087
Entity Address, Address Line One 50 South LaSalle Street
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60603
City Area Code 312
Local Phone Number 630-6000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000073124
Amendment Flag false
Entity Address, City or Town Chicago,
Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, $1.66 2/3 Par Value
Trading Symbol NTRS
Security Exchange Name NASDAQ
Depositary Shares  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing 1/1,000th interest in a share of Series E Non-Cumulative Perpetual Preferred Stock
Trading Symbol NTRSO
Security Exchange Name NASDAQ
Northern (NASDAQ:NTRSO)
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