EX-99.3 4 q42024trendreport-wordrepo.htm EX-99.3 Document
Exhibit 99.3
reportsa29.jpg



Financial Trends
Fourth Quarter 2024
January 23, 2025



Please direct inquiries to:
Jennifer Childe
Senior Vice President, Director of Investor Relations
(312) 444-3290 or jennifer.childe@ntrs.com
Trace Stegeman
Senior Financial Analyst, Investor Relations
(312) 630-1428 or trace.stegeman@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 Fourth Quarter 2024 earnings press release 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
202020212022202320241st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
Profitability:
$1,209.3 $1,545.3 $1,336.0 $1,107.3 $2,031.1 Net Income$334.6 $331.8 $327.8 $113.1 $214.7 $896.1 $464.9 $455.4 
1,141.0 1,490.6 1,282.4 1,053.9 1,972.4 Earnings Allocated to Common and Potential315.2 323.7 308.5 106.5 196.1 884.3 445.0 447.0 
  Common Shares
$5.48 $7.16 $6.16 $5.09 $9.80 Basic Earnings Per Share$1.51 $1.56 $1.49 $0.52 $0.96 $4.35 $2.23 $2.27 
5.46 7.14 6.14 5.08 9.77 Diluted Earnings Per Share1.51 1.56 1.49 0.52 0.96 4.34 2.22 2.26 
(18 %)31 %(14 %)(17 %)92 %Diluted EPS Growth over Previous Year(15 %)(16 %)(17 %)(27 %)(37 %)179%49 %N/M
11.2 %13.9 %12.7 %10.0 %17.4 %Return on Average Common Equity12.4 %12.4 %11.6 %4.0 %7.3 %31.2 %15.4 %15.3 %
0.88 %0.99 %0.88 %0.78 %1.39 %Return on Average Assets0.92 %0.91 %0.93 %0.33 %0.60 %2.44 %1.26 %1.24 %
27.1 %31.5 %26.6 %22.3 %32.3 %
Profit Margin (pre-tax) (FTE)(1)
26.0 %25.6 %25.7 %10.5 %18.0 %43.4 %30.8 %30.7 %
19.7 %23.8 %19.6 %16.2 %24.4 %
Profit Margin (after-tax) (FTE)(1)
19.0 %18.7 %18.8 %7.2 %13.0 %32.9 %23.5 %23.1 %
75.9 %78.2 %71.6 %70.1 %73.5 %
Noninterest Income to Total Revenue (FTE)(1)
69.0 %70.4 %73.0 %67.9 %67.6 %80.5 %71.2 %70.8 %
65.1 %67.1 %65.1 %63.9 %56.8 %
Trust Fees to Total Revenue (FTE)(1)
60.5 %61.9 %63.9 %69.7 %69.1 %42.8 %60.6 %62.0 %
25.7 %23.1 %24.4 %24.4 %23.6 %Effective Tax Rate (US GAAP)24.6 %24.7 %24.5 %22.4 %26.1 %23.6 %22.7 %23.4 %
27.2 %24.5 %26.3 %27.3 %24.5 %
Effective Tax Rate (FTE)(1)
26.8 %26.9 %26.8 %30.9 %27.9 %24.1 %23.5 %24.7 %
Capital Ratios:(2)
Standardized Approach
12.8 %11.9 %10.8 %11.4 %12.4 %Common Equity Tier 1 Capital11.3 %11.3 %11.4 %11.4 %11.4 %12.6 %12.6 %12.4 %
13.9 %12.9 %11.8 %12.3 %13.3 %Tier 1 Capital12.3 %12.3 %12.4 %12.3 %12.4 %13.6 %13.6 %13.3 %
15.6 %14.1 %13.9 %14.2 %15.1 %Total Capital14.4 %14.4 %14.5 %14.2 %14.2 %15.5 %15.6 %15.1 %
7.6 %6.9 %7.1 %8.1 %8.1 %Tier 1 Leverage7.3 %7.4 %7.9 %8.1 %7.8 %8.0 %8.1 %8.1 %
Advanced Approach
13.4 %13.2 %11.5 %13.4 %14.5 %Common Equity Tier 1 Capital11.7 %13.0 %13.2 %13.4 %13.5 %13.9 %14.0 %14.5 %
14.5 %14.3 %12.5 %14.5 %15.6 %Tier 1 Capital12.7 %14.1 %14.3 %14.5 %14.6 %15.0 %15.1 %15.6 %
15.9 %15.3 %14.5 %16.5 %17.4 %Total Capital14.7 %16.3 %16.5 %16.5 %16.5 %16.9 %17.0 %17.4 %
7.6 %6.9 %7.1 %8.1 %8.1 %Tier 1 Leverage7.3 %7.4 %7.9 %8.1 %7.8 %8.0 %8.1 %8.1 %
8.6 %8.2 %7.9 %8.6 %8.9 %
Supplementary Leverage (3)
8.3 %8.3 %8.4 %8.6 %8.8 %9.1 %9.2 %8.9 %
Per Share Information / Ratios:
$2.80 $2.80 $2.90 $3.00 $3.00 Cash Dividends Declared Per Common Share$0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75 
51 %39 %47 %59 %31 %Dividend Payout Ratio50 %48 %50 %144 %78 %17 %34 %33 %
$93.14 $119.61 $88.49 $84.38 $102.50 Market Value Per Share (End of Period)$88.13 $74.14 $69.48 $84.38 $88.92 $83.98 $90.03 $102.50 
17.1 16.8 14.4 16.6 10.5 Stock Price Multiple of Earnings15.0 13.3 13.2 16.6 19.6 11.5 11.2 10.5 
(based on trailing 4 quarters of diluted EPS)
$51.87 $53.58 $49.78 $53.69 $60.74 Book Value Per Common Share (End of Period)$51.37 $51.94 $52.95 $53.69 $54.83 $58.38 $59.85 $60.74 
(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-K 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)
TWELVE MONTHS
CHANGE (2)
FOURTH QUARTER
CHANGE (2)
20242023$%20242023$%
$2,632.8 $2,461.9 $170.9 7 %Asset Servicing Trust, Investment and Other Servicing Fees$675.5 $611.7 $63.8 10 %
2,095.0 1,899.9 195.1 10 %WM Trust, Investment and Other Servicing Fees 546.7 478.3 68.4 14 %
4,727.8 4,361.8 366.0 8 %     Total Fees1,222.2 1,090.0 132.2 12 %
231.2 203.9 27.3 13 %Foreign Exchange Trading Income61.7 49.0 12.7 26 %
35.7 31.6 4.1 13 %Treasury Management Fees9.2 7.8 1.4 20 %
150.5 135.0 15.5 11 %Security Commissions and Trading Income42.8 33.3 9.5 28 %
1,157.4 228.7 928.7 N/MOther Operating Income59.9 58.5 1.4 2 %
(189.3)(169.5)(19.8)12 %Investment Security Gains (Losses), net— (176.4)176.4 N/M
6,113.3 4,791.5 1,321.8 28 %     Total Noninterest Income1,395.8 1,062.2 333.6 31 %
9,794.1 7,382.5 2,411.6 33 %
Interest Income (FTE)(1)
2,290.5 2,217.6 72.9 3 %
7,585.2 5,343.0 2,242.2 42 %Interest Expense1,716.2 1,716.5 (0.3)— %
2,208.9 2,039.5 169.4 8 %
Net Interest Income (FTE)(1)
574.3 501.1 73.2 15 %
8,322.2 6,831.0 1,491.2 22 %
     Total Revenue (FTE)(1)
1,970.1 1,563.3 406.8 26 %
(3.0)24.5 (27.5)N/MProvision for Credit Losses(10.5)11.0 (21.5)N/M
2,471.1 2,321.8 149.3 6 %Compensation595.2 564.0 31.2 6 %
417.8 405.2 12.6 3 %Employee Benefits107.3 102.0 5.3 5 %
998.0 906.5 91.5 10 %Outside Services 251.5 235.2 16.3 7 %
1,075.0 945.5 129.5 14 %Equipment and Software274.4 252.0 22.4 9 %
216.8 232.3 (15.5)(7)%Occupancy54.1 58.5 (4.4)(8)%
455.2 472.9 (17.7)(4)%Other Operating Expense93.4 176.8 (83.4)(47)%
5,633.9 5,284.2 349.7 7 %     Total Noninterest Expense1,375.9 1,388.5 (12.6)(1)%
2,691.3 1,522.3 1,169.0 77 %
     Income before Income Taxes (FTE)(1)
604.7 163.8 440.9 N/M
628.4 357.5 270.9 76 %Provision for Income Taxes138.8 32.7 106.1 N/M
31.8 57.5 (25.7)(45)%Taxable Equivalent Adjustment10.5 18.0 (7.5)(41)%
660.2 415.0 245.2 59 %
     Total Taxes (FTE)(1)
149.3 50.7 98.6 194 %
$2,031.1 $1,107.3 $923.8 83 %     Net Income$455.4 $113.1 $342.3 N/M
$41.8 $41.8 $— — %Dividends on Preferred Stock$4.7 $4.7 $— — %
16.9 11.6 5.3 45 %Earnings Allocated to Participating Securities3.7 1.9 1.8 91 %
1,972.4 1,053.9 918.5 87 %Earnings Allocated to Common and Potential Common Shares447.0 106.5 340.5 N/M
$9.80 $5.09 $4.71 93 %Earnings Per Share - Basic$2.27 $0.52 $1.75 N/M
$9.77 $5.08 $4.69 92 %Earnings Per Share - Diluted$2.26 $0.52 $1.74 N/M
201,264 207,248 (5,984)(3)%Average Basic Shares (000s)197,241 206,170 (8,929)(4)%
201,870 207,564 (5,694)(3)%Average Diluted Shares (000s)198,114 206,484 (8,370)(4)%
195,970 205,126 (9,156)(4)%End of Period Shares Outstanding (000s)195,970 205,126 (9,156)(4)%
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 table above.
2

Northern Trust Corporation
NET INCOME TRENDS
($ in Millions except per share information)
20232024
202020212022202320241st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$2,321.6 $2,487.3 $2,496.3 $2,461.9 $2,632.8 Asset Servicing Trust, Investment and Other Servicing Fees$603.0 $621.2 $626.0 $611.7 $639.6 $650.6 $667.1 $675.5 
1,673.4 1,873.8 1,936.3 1,899.9 2,095.0 WM Trust, Investment and Other Servicing Fees460.6 475.1 485.9 478.3 503.3 515.5 529.5 546.7 
3,995.0 4,361.1 4,432.6 4,361.8 4,727.8      Total Fees1,063.6 1,096.3 1,111.9 1,090.0 1,142.9 1,166.1 1,196.6 1,222.2 
290.4 292.6 288.6 203.9 231.2 Foreign Exchange Trading Income53.0 50.1 51.8 49.0 57.0 58.4 54.1 61.7 
45.4 44.3 39.3 31.6 35.7 Treasury Management Fees8.4 7.9 7.5 7.8 9.3 9.0 8.2 9.2 
133.2 140.2 136.2 135.0 150.5 Security Commissions and Trading Income34.7 36.1 30.9 33.3 37.9 34.3 35.5 42.8 
194.0 243.9 191.3 228.7 1,157.4 Other Operating Income46.8 55.2 68.2 58.5 61.0 924.7 111.8 59.9 
(0.4)(0.3)(214.0)(169.5)(189.3)Investment Security Gains (Losses), net6.9 — — (176.4)(189.4)0.1 — — 
4,657.6 5,081.8 4,874.0 4,791.5 6,113.3      Total Noninterest Income1,213.4 1,245.6 1,270.3 1,062.2 1,118.7 2,192.6 1,406.2 1,395.8 
1,477.6 1,418.3 1,932.8 2,039.5 2,208.9 
Net Interest Income (FTE)(1)
544.4 524.6 469.4 501.1 535.4 529.8 569.4 574.3 
6,135.2 6,500.1 6,806.8 6,831.0 8,322.2 
     Total Revenue (FTE)(1)
1,757.8 1,770.2 1,739.7 1,563.3 1,654.1 2,722.4 1,975.6 1,970.1 
125.0 (81.5)12.0 24.5 (3.0)Provision for (Release of) Credit Losses15.0 (15.5)14.0 11.0 (8.5)8.0 8.0 (10.5)
1,947.1 2,011.0 2,248.0 2,321.8 2,471.1 Compensation595.2 604.5 558.1 564.0 627.1 665.2 583.6 595.2 
387.7 431.4 437.4 405.2 417.8 Employee Benefits101.0 101.4 100.8 102.0 101.1 100.2 109.2 107.3 
763.1 849.4 880.3 906.5 998.0 Outside Services210.8 230.9 229.6 235.2 229.3 260.9 256.3 251.5 
673.5 736.3 838.8 945.5 1,075.0 Equipment and Software231.7 229.3 232.5 252.0 252.7 277.5 270.4 274.4 
230.1 208.7 219.1 232.3 216.8 Occupancy61.3 53.8 58.7 58.5 54.1 54.8 53.8 54.1 
346.7 299.1 359.3 472.9 455.2 Other Operating Expense85.6 112.0 98.5 176.8 100.4 175.3 86.1 93.4 
4,348.2 4,535.9 4,982.9 5,284.2 5,633.9      Total Noninterest Expense1,285.6 1,331.9 1,278.2 1,388.5 1,364.7 1,533.9 1,359.4 1,375.9 
1,662.0 2,045.7 1,811.9 1,522.3 2,691.3 
     Income before Income Taxes (FTE)(1)
457.2 453.8 447.5 163.8 297.9 1,180.5 608.2 604.7 
418.3 464.8 430.3 357.5 628.4 Provision for Income Taxes109.4 108.9 106.5 32.7 75.9 277.5 136.2 138.8 
34.4 35.6 45.6 57.5 31.8 Taxable Equivalent Adjustment13.2 13.1 13.2 18.0 7.3 6.9 7.1 10.5 
452.7 500.4 475.9 415.0 660.2 
     Total Taxes (FTE)(1)
122.6 122.0 119.7 50.7 83.2 284.4 143.3 149.3 
$1,209.3 $1,545.3 $1,336.0 $1,107.3 $2,031.1      Net Income$334.6 $331.8 $327.8 $113.1 $214.7 $896.1 $464.9 $455.4 
$5.48 $7.16 $6.16 $5.09 $9.80 Earnings Per Share - Basic$1.51 $1.56 $1.49 $0.52 $0.96 $4.35 $2.23 $2.27 
5.46 7.14 6.14 5.08 9.77 Earnings Per Share - Diluted1.51 1.56 1.49 0.52 0.96 4.34 2.22 2.26 
209,008 208,899 208,867 207,564 201,870 Average Diluted Shares (000s)208,730 207,816 207,253 206,484 205,135 203,739 200,549 198,114 
$56.2 $41.8 $41.8 $41.8 $41.8 
Preferred Dividends(2)
$16.2 $4.7 $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
20202021202220232024Asset Servicing1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,586.1 $1,818.8 $1,700.1 $1,689.5 $1,792.6 Custody & Fund Administration$413.6 $427.4 $428.1 $420.4 $436.7 $445.9 $453.1 $456.9 
511.1 443.5 555.1 528.1 595.2 Investment Management126.2 134.1 137.1 130.7 140.0 145.7 152.6 156.9 
88.0 76.7 81.4 83.0 72.3 Securities Lending19.1 21.5 20.4 22.0 17.9 16.5 17.5 20.4 
136.4 148.3 159.7 161.3 172.7 Other44.1 38.2 40.4 38.6 45.0 42.5 43.9 41.3 
$2,321.6 $2,487.3 $2,496.3 $2,461.9 $2,632.8 Total Asset Servicing Trust, Investment and Other Servicing Fees$603.0 $621.2 $626.0 $611.7 $639.6 $650.6 $667.1 $675.5 
Wealth Management
$607.3 $698.7 $692.6 $673.8 $740.9 Central$163.6 $166.0 $172.3 $171.9 $178.3 $180.7 $186.6 $195.3 
442.1 509.3 504.0 491.5 539.7 East119.8 124.1 126.1 121.5 129.9 132.7 136.4 140.7 
337.7 380.2 382.1 378.0 418.9 West91.2 93.7 95.8 97.3 99.9 103.3 105.7 110.0 
286.3 285.6 357.6 356.6 395.5 Global Family Office86.0 91.3 91.7 87.6 95.2 98.8 100.8 100.7 
$1,673.4 $1,873.8 $1,936.3 $1,899.9 $2,095.0 Total WM Trust, Investment and Other Servicing Fees$460.6 $475.1 $485.9 $478.3 $503.3 $515.5 $529.5 $546.7 

4

Northern Trust Corporation
BALANCE SHEET
END OF PERIOD
($ in Millions)
CHANGE (5)
Assets12/31/202412/31/2023$%
Federal Reserve and Other Central Bank Deposits$38,774.9 $34,281.0 $4,493.9 13 %
Interest-Bearing Due from and Deposits with Banks(1)
5,563.7 5,241.4 322.3 6 %
Federal Funds Sold25.0 — 25.0 N/M
Securities Purchased under Agreements to Resell426.0 784.7 (358.7)(46)%
Debt Securities:
Available For Sale29,001.5 23,089.8 5,911.7 26 %
Held To Maturity22,296.7 26,221.7 (3,925.0)(15)%
Trading Account— — — — %
   Total Debt Securities51,298.2 49,311.5 1,986.7 4 %
Loans43,390.6 47,617.0 (4,226.4)(9)%
Other Interest-Earning Assets(2)
2,749.6 3,134.0 (384.4)(12)%
Total Earning Assets142,228.0 140,369.6 1,858.4 1 %
Allowance for Credit Losses(175.5)(192.3)16.8 (9)%
Cash and Due From Banks and Other Central Bank Deposits(3)
1,058.7 1,534.3 (475.6)(31)%
Buildings and Equipment490.3 502.2 (11.9)(2)%
Client Security Settlement Receivables41.1 212.6 (171.5)(81)%
Goodwill694.9 702.3 (7.4)(1)%
Other Assets11,170.9 7,654.4 3,516.5 46 %
Total Assets$155,508.4 $150,783.1 $4,725.3 3 %
Liabilities and Stockholders' Equity
Savings, Money Market and Other$26,122.6 $25,252.1 $870.5 3 %
Savings Certificates and Other Time5,731.7 4,109.7 1,622.0 39 %
Non-U.S. Offices - Interest-Bearing66,274.9 63,971.1 2,303.8 4 %
Total Interest-Bearing Deposits98,129.2 93,332.9 4,796.3 5 %
Federal Funds Purchased2,159.5 3,045.4 (885.9)(29)%
Securities Sold under Agreements to Repurchase462.0 784.7 (322.7)(41)%
Other Borrowings(4)
6,521.0 6,567.8 (46.8)(1)%
Senior Notes2,769.7 2,773.2 (3.5)— %
Long-Term Debt4,081.3 4,065.0 16.3 — %
Total Interest-Bearing Liabilities114,122.7 110,569.0 3,553.7 3 %
Demand and Other Noninterest-Bearing Deposits24,353.5 22,831.1 1,522.4 7 %
Other Liabilities4,243.8 5,485.1 (1,241.3)(23)%
Total Liabilities142,720.0 138,885.2 3,834.8 3 %
Common Equity11,903.5 11,013.0 890.5 8 %
Preferred Equity884.9 884.9 — — %
Total Stockholders' Equity12,788.4 11,897.9 890.5 7 %
Total Liabilities and Stockholders' Equity$155,508.4 $150,783.1 $4,725.3 3 %
(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 table above.
5

Northern Trust Corporation
BALANCE SHEET TRENDS
  PERIOD AVERAGES(1)
($ in Millions)
20232024
20202021202220232024Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$27,904.2 $39,028.2 $36,248.8 $31,205.4 $35,179.9 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 $36,067.3 $32,847.0 
5,400.8 5,779.7 4,192.5 4,333.9 4,800.8 
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 4,828.1 4,955.3 
2.3 0.1 5.5 6.1 0.4 Federal Funds Sold19.7 2.9 1.2 1.0 0.5 0.3 0.2 0.4 
1,253.1 1,067.4 1,071.2 950.9 727.5 Securities Purchased under Agreements to Resell1,046.1 1,238.6 950.8 573.1 517.9 731.9 977.2 680.9 
Debt Securities:
40,642.7 38,986.9 32,060.2 24,356.6 26,871.9 Available For Sale25,030.4 24,511.8 24,430.7 23,469.9 24,049.6 26,591.4 27,462.6 29,350.4 
14,353.3 20,617.0 22,970.0 25,511.9 23,230.7 Held To Maturity25,382.2 25,053.3 25,919.2 25,685.2 24,498.9 23,373.8 22,834.0 22,231.6 
1.1 0.6 12.1 0.5 — Trading Account1.3 0.2 0.4 0.2 — — — — 
54,997.1 59,604.5 55,042.3 49,869.0 50,102.6    Total Debt Securities50,413.9 49,565.3 50,350.3 49,155.3 48,548.5 49,965.2 50,296.6 51,582.0 
33,498.8 37,207.5 41,030.6 42,177.0 40,916.7 Loans and Leases41,959.4 42,365.4 42,210.4 42,170.0 41,586.9 41,034.6 39,884.0 41,169.9 
1,076.6 1,185.6 1,248.1 2,259.0 2,688.4 
Other Interest-Earning Assets(3)
1,677.8 1,990.4 2,439.5 2,912.8 2,847.7 2,745.3 2,714.4 2,448.5 
124,132.9 143,873.0 138,839.0 130,801.3 134,416.3 Total Earning Assets135,957.4 134,116.4 128,254.4 125,025.1 133,816.8 135,401.1 134,767.8 133,684.0 
(178.0)(173.0)(154.1)(172.8)(185.2)Allowance for Credit Losses(161.5)(176.6)(170.4)(182.5)(191.8)(175.8)(180.5)(192.9)
2,603.0 2,285.9 2,069.5 1,771.6 1,698.8 
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 1,742.3 1,453.4 
509.3 502.7 488.7 484.8 488.0 Buildings and Equipment497.3 481.8 474.1 486.4 498.2 485.8 482.2 485.8 
1,357.5 1,530.1 1,722.3 558.8 294.3 Client Security Settlement Receivables1,098.5 592.7 350.3 205.9 238.6 321.4 335.0 281.9 
695.4 707.3 692.2 696.2 699.8 Goodwill692.3 697.0 698.9 696.4 699.4 697.1 702.9 699.7 
7,691.0 7,637.2 8,894.3 8,509.3 9,221.5 Other Assets8,180.0 8,345.8 8,899.7 8,602.8 8,257.6 9,469.6 8,993.2 10,158.3 
$136,811.1 $156,363.2 $152,551.9 $142,649.2 $146,633.5 Total Assets$148,059.9 $145,899.6 $140,201.6 $136,588.7 $145,118.3 $148,001.2 $146,842.9 $146,570.2 
Liabilities and Stockholders' Equity
$23,396.4 $28,339.0 $30,205.0 $24,172.4 $26,236.3 Savings, Money Market and Other$27,268.8 $22,961.2 $22,624.9 $23,888.7 $27,349.0 $27,554.9 $25,233.0 $24,834.8 
1,266.4 887.2 1,059.7 3,341.2 5,856.9 Savings Certificates and Other Time2,360.1 3,036.1 3,665.2 4,279.0 4,554.3 6,027.4 6,639.6 6,193.9 
60,486.3 69,713.4 65,031.3 60,008.6 63,854.7 Non-U.S. Offices - Interest-Bearing62,411.1 62,046.3 58,680.5 56,970.9 63,752.8 63,216.3 64,347.2 64,094.5 
85,149.1 98,939.6 96,296.0 87,522.2 95,947.9 Total Interest-Bearing Deposits92,040.0 88,043.6 84,970.6 85,138.6 95,656.1 96,798.6 96,219.8 95,123.2 
980.9 190.6 1,407.8 5,144.3 2,616.4 Federal Funds Purchased3,653.9 7,070.0 5,935.9 3,906.0 2,650.1 3,010.7 2,320.9 2,488.8 
218.3 232.0 433.6 401.5 518.5 Securities Sold under Agreements to Repurchase347.1 467.8 426.0 364.5 490.1 574.6 504.3 505.4 
6,401.1 5,049.8 5,463.5 10,339.5 6,980.3 
Other Borrowings(5)
11,324.0 12,132.6 10,981.7 6,960.8 6,852.1 7,053.5 7,085.9 6,928.9 
3,233.8 2,856.4 2,756.0 2,734.0 2,764.0 Senior Notes2,748.1 2,761.1 2,713.2 2,714.2 2,748.7 2,728.7 2,795.6 2,782.4 
1,189.2 1,166.1 1,258.9 2,586.0 4,073.2 Long-Term Debt2,066.3 2,069.7 2,126.9 4,064.1 4,067.0 4,071.1 4,075.1 4,079.4 
277.7 218.4 — — — Floating Rate Capital Debt— — — — — — — — 
97,450.1 108,652.9 107,615.8 108,727.5 112,900.3 Total Interest-Bearing Liabilities112,179.4 112,544.8 107,154.3 103,148.2 112,464.1 114,237.2 113,001.6 111,908.1 
23,362.0 31,143.5 29,296.4 17,723.3 16,752.4 Demand and Other Noninterest-Bearing Deposits20,145.6 17,555.1 16,792.5 16,450.4 16,706.5 16,543.0 16,340.9 17,416.6 
4,806.4 4,869.8 4,558.3 4,701.6 4,681.0 Other Liabilities4,453.4 4,351.0 4,718.2 5,274.6 4,164.0 4,862.2 5,026.3 4,668.0 
125,618.0 144,666.2 141,471.0 131,152.4 134,333.7 Total Liabilities136,778.4 134,450.9 128,665.0 124,873.2 133,334.6 135,642.4 134,368.8 133,992.7 
10,306.7 10,812.1 10,196.5 10,611.9 11,414.9 Common Equity10,396.6 10,563.8 10,651.7 10,830.6 10,898.8 11,473.9 11,589.2 11,692.6 
885.9 884.9 884.9 884.9 884.9 Preferred Equity884.9 884.9 884.9 884.9 884.9 884.9 884.9 884.9 
11,193.0 11,697.0 11,081.4 11,496.8 12,299.8 Total Stockholders' Equity11,281.5 11,448.7 11,536.6 11,715.5 11,783.7 12,358.8 12,474.1 12,577.5 
$136,811.0 $156,363.2 $152,551.9 $142,649.2 $146,633.5 Total Liabilities and Stockholders' Equity$148,059.9 $145,899.6 $140,201.6 $136,588.7 $145,118.3 $148,001.2 $146,842.9 $146,570.2 
(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
20202021202220232024Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
20.4 %25.0 %23.8 %21.9 %24.0 %Federal Reserve and Other Central Bank Deposits24.7 %23.6 %20.0 %19.0 %24.7 %24.3 %24.6 %22.4 %
3.9 3.7 2.7 3.0 3.3 
Interest-Bearing Due from and Deposits with Banks(2)
2.8 3.1 3.1 3.1 3.0 3.4 3.3 3.4 
0.9 0.7 0.7 0.7 0.5 Securities Purchased under Agreements to Resell0.7 0.8 0.7 0.4 0.4 0.5 0.7 0.5 
Debt Securities:
29.7 24.9 21.0 17.1 18.3 Available For Sale16.9 16.8 17.4 17.2 16.6 18.0 18.7 20.0 
10.5 13.2 15.1 17.9 15.8 Held To Maturity17.1 17.2 18.5 18.8 16.9 15.8 15.5 15.2 
40.2 38.1 36.1 35.0 34.2    Total Debt Securities34.0 34.0 35.9 36.0 33.5 33.8 34.3 35.2 
24.5 23.8 26.9 29.6 27.9 Loans and Leases28.3 29.0 30.1 30.9 28.7 27.7 27.2 28.1 
0.8 0.8 0.8 1.6 1.8 
Other Interest-Earning Assets(3)
1.1 1.4 1.7 2.1 2.0 1.9 1.8 1.7 
90.7 92.0 91.0 91.7 91.7 Total Earning Assets91.8 91.9 91.5 91.5 92.2 91.5 91.8 91.2 
(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)(0.1)(0.1)
1.9 1.5 1.4 1.2 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 1.2 1.0 
0.4 0.3 0.3 0.3 0.3 Buildings and Equipment0.3 0.3 0.3 0.4 0.3 0.3 0.3 0.3 
1.0 1.0 1.1 0.4 0.2 Client Security Settlement Receivables0.7 0.4 0.2 0.2 0.2 0.2 0.2 0.2 
0.5 0.5 0.5 0.5 0.5 Goodwill0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 
5.6 4.9 5.8 6.0 6.3 Other Assets5.5 5.7 6.3 6.3 5.7 6.4 6.1 6.9 
100.0 %100.0 %100.0 %100.0 %100.0 %Total Assets100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
Liabilities and Stockholders' Equity
17.1 %18.1 %19.8 %16.9 %17.9 %Savings, Money Market and Other18.4 %15.7 %16.1 %17.5 %18.8 %18.6 %17.2 %16.9 %
0.9 0.6 0.7 2.3 4.0 Savings Certificates and Other Time1.6 2.1 2.6 3.1 3.1 4.1 4.5 4.2 
44.2 44.6 42.6 42.1 43.5 Non-U.S. Offices - Interest-Bearing42.2 42.5 41.9 41.7 43.9 42.7 43.8 43.7 
62.2 63.3 63.1 61.4 65.4 Total Interest-Bearing Deposits62.2 60.3 60.6 62.3 65.9 65.4 65.5 64.9 
0.7 0.1 0.9 3.6 1.8 Federal Funds Purchased2.5 4.8 4.2 2.9 1.8 2.0 1.6 1.7 
0.2 0.1 0.3 0.3 0.4 Securities Sold under Agreements to Repurchase0.2 0.3 0.3 0.3 0.3 0.4 0.3 0.3 
4.7 3.2 3.6 7.2 4.8 
Other Borrowings(5)
7.6 8.3 7.8 5.1 4.7 4.8 4.8 4.7 
2.4 1.8 1.8 1.9 1.9 Senior Notes1.9 1.9 1.9 2.0 1.9 1.8 1.9 1.9 
0.9 0.7 0.8 1.8 2.8 Long-Term Debt1.4 1.4 1.5 3.0 2.8 2.8 2.8 2.8 
0.2 0.1 — — — Floating Rate Capital Debt— — — — — — — — 
71.2 69.5 70.5 76.2 77.0 Total Interest-Bearing Liabilities75.8 77.1 76.4 75.5 77.5 77.2 77.0 76.4 
17.1 19.9 19.2 12.4 11.4 Demand and Other Noninterest-Bearing Deposits13.6 12.0 12.0 12.0 11.5 11.2 11.1 11.9 
3.5 3.1 3.0 3.3 3.2 Other Liabilities3.0 3.0 3.4 3.9 2.9 3.3 3.4 3.2 
91.8 92.5 92.7 91.9 91.6 Total Liabilities92.4 92.2 91.8 91.4 91.9 91.6 91.5 91.4 
7.5 6.9 6.7 7.4 7.8 Common Equity7.0 7.2 7.6 7.9 7.5 7.8 7.9 8.0 
0.6 0.6 0.6 0.6 0.6 Preferred Equity0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 
8.2 7.5 7.3 8.1 8.4 Total Stockholders' Equity7.6 7.8 8.2 8.6 8.1 8.4 8.5 8.6 
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 %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
20202021202220232024Earnings Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
0.10 %0.03 %1.30 %4.69 %4.93 %Federal Reserve and Other Central Bank Deposits4.17 %4.65 %4.99 %5.11 %5.15 %5.12 %4.98 %4.44 %
0.41 0.16 1.11 3.00 2.55 
Interest-Bearing Due from and Deposits with Banks(2)
2.72 2.82 3.22 3.25 3.15 2.53 2.35 2.26 
1.37 0.41 3.22 4.92 5.40 Federal Funds Sold4.79 5.25 5.62 5.63 5.64 5.64 5.64 4.74 
0.31 0.33 9.68 166.71 459.13 
Securities Purchased under Agreements to Resell(3)
48.80 92.09 193.58 492.23 639.92 474.48 362.66 445.24 
Debt Securities:
1.77 1.28 1.91 4.35 5.37 Available for Sale3.80 4.17 4.51 4.94 5.41 5.52 5.50 5.09 
0.59 0.80 1.26 1.87 1.94 Held to Maturity1.64 1.80 1.93 2.13 2.02 1.95 1.88 1.89 
3.27 1.59 3.84 13.50 — Trading Account7.63 42.53 21.15 5.19 — — — — 
1.46 1.11 1.64 3.08 3.78    Total Debt Securities2.72 2.97 3.18 3.46 3.70 3.85 3.86 3.71 
2.32 1.92 3.28 6.06 6.28 Loans and Leases5.60 6.06 6.26 6.32 6.34 6.38 6.45 5.97 
3.63 3.43 4.03 4.87 4.85 
Other Interest-Earning Assets(4)
4.67 5.04 4.65 5.05 4.51 4.68 4.71 5.57 
1.35 %1.00 %2.11 %5.64 %7.29 %Total Earning Assets4.38 %5.23 %6.03 %7.04 %7.37 %7.47 %7.49 %6.82 %
Interest-Bearing Funds
0.20 %0.05 %0.74 %2.85 %3.66 %Savings, Money Market and Other2.35 %2.67 %3.05 %3.40 %3.72 %3.75 %3.76 %3.39 %
1.30 0.55 1.68 4.54 5.11 Savings Certificates and Other Time3.70 4.23 4.69 5.10 5.19 5.23 5.19 4.84 
(0.03)(0.11)0.56 3.07 3.38 Non-U.S. Offices - Interest-Bearing2.50 2.90 3.38 3.56 3.59 3.58 3.39 2.95 
0.06 (0.06)0.63 3.07 3.56 Total Interest-Bearing Deposits2.49 2.89 3.35 3.59 3.71 3.73 3.61 3.19 
0.22 (0.19)2.43 4.99 4.94 Federal Funds Purchased4.45 4.97 5.18 5.25 5.11 5.16 5.07 4.38 
0.47 0.07 20.94 383.84 632.65 
Securities Sold under Agreements to Repurchase(3)
135.62 234.39 422.85 759.25 667.86 596.00 686.17 586.70 
0.71 0.28 2.31 5.25 5.20 
Other Borrowings(5)
4.83 5.17 5.59 5.49 5.20 5.43 5.32 4.82 
2.24 1.69 3.36 6.22 6.28 Senior Notes5.79 6.14 6.44 6.50 6.45 6.50 6.30 5.88 
2.24 1.81 3.49 5.69 5.49 Long-Term Debt5.73 5.89 5.94 5.45 5.50 5.50 5.47 5.47 
1.52 0.78 — — — Floating Rate Capital Debt— — — — — — — — 
0.21 %0.02 %0.92 %4.91 %6.72 %Total Interest-Bearing Liabilities3.34 %4.36 %5.48 %6.60 %6.86 %6.98 %6.93 %6.10 %
1.14 %0.98 %1.19 %0.73 %0.57 %Net Interest Spread1.04 %0.87 %0.55 %0.44 %0.51 %0.49 %0.56 %0.72 %
1.19 %0.99 %1.39 %1.56 %1.64 %Net Interest Margin1.62 %1.57 %1.45 %1.59 %1.61 %1.57 %1.68 %1.71 %
(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)
Includes the impact of balance sheet netting under master netting arrangements of approximately $62.3 billion for the three months ended December 31, 2024. Excluding the impact of netting, the average interest rate on Securities Purchased under Agreements to Resell would be approximately 4.81% for the three months ended December 31, 2024. Excluding the impact of netting, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 4.72% for the three months ended December 31, 2024. See previous filings for impact of netting on prior periods.
(4)
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.
(5)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
8

Northern Trust Corporation
ASSET QUALITY
END OF PERIOD
($ in Millions)
20232024
202020212022202320241st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$124.4 $259.9 $184.7 $200.9 $220.4 Beginning Allowance for Credit Losses$200.9 $213.0 $197.5 $211.8 $220.4 $201.5 $209.6 $220.0 
13.7 — — — — 
Cumulative Effect Adjustment(1)
— — — — — — — — 
125.0 (81.5)12.0 24.5 (3.0)Provision for (Release of) Credit Losses15.0 (15.5)14.0 11.0 (8.5)8.0 8.0 (10.5)
(Charge-offs) Recoveries
(9.7)(0.7)(6.0)(8.7)(15.5)Charge-offs(4.0)(0.8)(0.8)(3.1)(11.1)(0.3)— (4.1)
6.5 7.0 10.2 3.7 4.2 Recoveries1.1 0.8 1.1 0.7 0.7 0.4 2.4 0.7 
(3.2)6.3 4.2 (5.0)(11.3)Net (Charge-offs) Recoveries(2.9)— 0.3 (2.4)(10.4)0.1 2.4 (3.4)
$259.9 $184.7 $200.9 $220.4 $206.1 Ending Allowance for Credit Losses$213.0 $197.5 $211.8 $220.4 $201.5 $209.6 $220.0 $206.1 
Allowance for Credit Losses Assigned to:
$190.7 $138.4 $144.3 $178.7 $168.0 Loans and Leases$159.9 $152.5 $166.8 $178.7 $162.4 $167.7 $184.8 $168.0 
61.1 34.1 38.5 26.9 30.4 Undrawn Loan Commitments and Standby Letters of Credit34.3 26.0 28.3 26.9 25.2 29.5 26.5 30.4 
8.1 12.2 18.1 14.8 7.7 Debt Securities and Other Financial Assets18.8 19.0 16.7 14.8 13.9 12.4 8.7 7.7 
$259.9 $184.7 $200.9 $220.4 $206.1 Total Allowance for Credit Losses$213.0 $197.5 $211.8 $220.4 $201.5 $209.6 $220.0 $206.1 
$33,499 $37,208 $41,031 $42,177 $40,917 Average Loans and Leases Outstanding$41,959 $42,365 $42,210 $42,170 $41,587 $41,035 $39,884 $41,170 
(0.01)%0.02 %0.01 %(0.01)%(0.03)%Annualized Loan-Related Net (Charge-offs) Recoveries to (0.03)%— %— %(0.02)%(0.10)%— %0.02 %(0.03)%
Average Loans and Leases
$33,760 $40,481 $42,893 $47,617 $43,391 End of Period Loans and Leases Outstanding$42,370 $43,547 $43,577 $47,617 $47,343 $42,135 $41,950 $43,391 
0.56 %0.34 %0.34 %0.38 %0.39 %Allowance for Credit Losses Assigned to Loans0.38 %0.35 %0.38 %0.38 %0.34 %0.40 %0.44 %0.39 %
and Leases to Total Loans and Leases
Nonaccrual Assets
$131.7 $122.3 $45.9 $63.6 $56.0 Nonaccrual Loans and Leases$48.9 $47.1 $68.8 $63.6 $37.0 $38.5 $39.3 $56.0 
0.7 3.0 — 1.5 — Other Real Estate Owned (OREO)— 0.3 0.3 1.5 — — — — 
$132.4 $125.3 $45.9 $65.1 $56.0 Total Nonaccrual Assets$48.9 $47.4 $69.1 $65.1 $37.0 $38.5 $39.3 $56.0 
0.39 %0.31 %0.11 %0.14 %0.13 %Nonaccrual Assets to Loans and Leases and OREO0.12 %0.11 %0.16 %0.14 %0.08 %0.09 %0.09 %0.13 %
Loans and Leases Allowance to Nonaccrual
1.4x1.1x3.1x2.8x3.0xLoans and Leases3.3x3.2x2.4x2.8x4.4x4.4x4.7x3.0x
(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
20202021202220232024Assets Under Management1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,057.5 $1,191.0 $898.1 $1,032.0 $1,159.7 Asset Servicing$962.1 $989.8 $963.4 $1,032.0 $1,080.1 $1,107.3 $1,177.9 $1,159.7 
Asset allocation:
551.7 626.6 485.0 563.9 644.6 Equities515.1 535.4 508.7 563.9 602.5 613.7 650.0 644.6 
120.1 132.6 107.1 116.2 127.2 Fixed Income Securities107.3 108.8 109.7 116.2 116.3 125.8 131.0 127.2 
198.8 236.2 157.7 184.5 211.7 Cash and Other Assets171.8 176.8 183.0 184.5 198.2 207.2 220.9 211.7 
186.9 195.6 148.3 167.4 176.2 Securities Lending Collateral167.9 168.8 162.0 167.4 163.1 160.6 176.0 176.2 
$347.8 $416.1 $351.4 $402.5 $450.7 Wealth Management$368.3 $376.0 $369.9 $402.5 $420.6 $419.4 $443.9 $450.7 
Asset allocation:
182.0 229.9 186.3 221.6 258.5 Equities197.0 205.1 197.8 221.6 238.6 243.2 258.8 258.5 
84.7 83.5 79.4 87.2 90.3 Fixed Income Securities80.3 79.9 80.5 87.2 87.2 85.8 88.7 90.3 
81.1 102.7 85.7 93.7 101.6 Cash and Other Assets91.0 91.0 91.6 93.7 94.7 90.3 96.3 101.6 
— — — — 0.3 Securities Lending Collateral— — — — 0.1 0.1 0.1 0.3 
$1,405.3 $1,607.1 $1,249.5 $1,434.5 $1,610.4 Total Assets Under Management$1,330.4 $1,365.8 $1,333.3 $1,434.5 $1,500.7 $1,526.7 $1,621.8 $1,610.4 
Asset allocation:
$733.7 $856.5 $671.3 $785.5 $903.1 Equities$712.1 $740.5 $706.5 $785.5 841.1 856.9 908.8 $903.1 
204.8 216.1 186.5 203.4 217.5 Fixed Income Securities187.6 188.7 190.2 203.4 203.5 211.6 219.7 217.5 
279.9 338.9 243.4 278.2 313.3 Cash and Other Assets262.8 267.8 274.6 278.2 292.9 297.5 317.2 313.3 
186.9 195.6 148.3 167.4 176.5 Securities Lending Collateral167.9 168.8 162.0 167.4 163.2 160.7 176.1 176.5 
Assets Under Custody / Administration
$13,653.1 $15,183.2 $12,705.5 $14,362.6 $15,640.1 Asset Servicing$13,221.5 $13,483.5 $13,206.2 $14,362.6 $15,385.4 $15,470.8 $16,278.0 $15,640.1 
879.4 1,065.6 898.5 1,042.3 1,147.9 Wealth Management953.3 995.4 958.5 1,042.3 1,087.1 1,096.6 1,145.0 1,147.9 
$14,532.5 $16,248.8 $13,604.0 $15,404.9 $16,788.0 Total Assets Under Custody / Administration$14,174.8 $14,478.9 $14,164.7 $15,404.9 $16,472.5 $16,567.4 $17,423.0 $16,788.0 
Assets Under Custody
$10,387.7 $11,554.8 $9,712.3 $10,882.0 $12,214.0 Asset Servicing$10,065.6 $10,295.7 $10,064.4 $10,882.0 $11,723.1 $11,955.5 $12,662.1 $12,214.0 
Asset allocation:
4,751.0 5,404.3 4,312.8 5,028.9 5,938.6 Equities4,546.1 4,739.3 4,590.7 5,028.9 5,511.4 5,711.7 6,098.1 5,938.6 
3,742.6 3,997.5 3,252.1 3,600.4 3,742.1 Fixed Income Securities3,366.8 3,394.2 3,316.7 3,600.4 3,665.8 3,662.0 3,887.3 3,742.1 
1,707.2 1,957.4 1,999.1 2,085.3 2,357.1 Cash and Other Assets1,984.8 1,993.4 1,995.0 2,085.3 2,382.8 2,421.2 2,500.7 2,357.1 
186.9 195.6 148.3 167.4 176.2 Securities Lending Collateral167.9 168.8 162.0 167.4 163.1 160.6 176.0 176.2 
$875.1 $1,057.5 $892.3 $1,034.5 $1,135.2 Wealth Management$947.6 $989.1 $951.0 $1,034.5 $1,081.0 $1,085.9 $1,132.7 $1,135.2 
Asset allocation:
542.9 644.8 497.9 623.6 700.4 Equities545.0 589.4 550.7 623.6 661.1 669.3 701.4 700.4 
128.3 142.1 134.0 136.7 142.8 Fixed Income Securities134.6 130.5 128.3 136.7 138.4 139.2 144.4 142.8 
203.9 270.6 260.4 274.2 291.7 Cash and Other Assets268.0 269.2 272.0 274.2 281.4 277.3 286.8 291.7 
— — — — 0.3 Securities Lending Collateral— — — — 0.1 0.1 0.1 0.3 
$11,262.8 $12,612.3 $10,604.6 $11,916.5 $13,349.2 Total Assets Under Custody$11,013.2 $11,284.8 $11,015.4 $11,916.5 $12,804.1 $13,041.4 $13,794.8 $13,349.2 
Asset allocation:
$5,293.9 $6,049.1 $4,810.7 $5,652.5 $6,639.0 Equities$5,091.1 $5,328.7 $5,141.4 $5,652.5 $6,172.5 $6,381.0 $6,799.5 $6,639.0 
3,870.9 4,139.6 3,386.1 3,737.1 3,884.9 Fixed Income Securities3,501.4 3,524.7 3,445.0 3,737.1 3,804.2 3,801.2 4,031.7 3,884.9 
1,911.1 2,228.0 2,259.5 2,359.5 2,648.8 Cash and Other Assets2,252.8 2,262.6 2,267.0 2,359.5 2,664.2 2,698.5 2,787.5 2,648.8 
186.9 195.6 148.3 167.4 176.5 Securities Lending Collateral167.9 168.8 162.0 167.4 163.2 160.7 176.1 176.5 
Memo
$114.0 $144.9 $119.9 $144.3 $170.2 WM Global Family Office AUM$126.2 $128.5 $128.9 $144.3 $152.4 $152.7 $161.8 $170.2 
600.7 742.6 614.9 728.0 802.4 WM Global Family Office AUC660.0 694.0 663.5 728.0 762.1 768.1 798.0 802.4 
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
202020212022202320241st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,643.5 $1,406.5 $2,877.7 $7,325.0 $9,762.3 Interest Income - GAAP$1,455.4 $1,735.0 $1,935.0 $2,199.6 $2,445.6 $2,506.5 $2,530.2 $2,280.0 
34.4 35.6 45.6 57.5 31.8 Add: FTE Adjustment13.2 13.1 13.2 18.0 7.3 6.9 7.110.5
1,677.9 1,442.1 2,923.3 7,382.5 9,794.1 Interest Income (FTE) - Non-GAAP1,468.6 1,748.1 1,948.2 2,217.6 2,452.9 2,513.4 2,537.3 2,290.5 
1,443.2 1,382.7 1,887.2 1,982.0 2,177.1 Net Interest Income - GAAP531.2 511.5 456.2 483.1 528.1 522.9 562.3563.8
34.4 35.6 45.6 57.5 31.8 Add: FTE Adjustment13.2 13.1 13.2 18.0 7.3 6.9 7.110.5
1,477.6 1,418.3 1,932.8 2,039.5 2,208.9 Net Interest Income (FTE) - Non-GAAP544.4 524.6 469.4 501.1 535.4 529.8 569.4574.3
6,100.8 6,464.5 6,761.2 6,773.5 8,290.4 Total Revenue - GAAP1,744.6 1,757.1 1,726.5 1,545.3 1,646.8 2,715.5 1,968.5 1,959.6 
34.4 35.6 45.6 57.5 31.8 Add: FTE Adjustment13.2 13.1 13.2 18.0 7.3 6.9 7.110.5
6,135.2 6,500.1 6,806.8 6,831.0 8,322.2 Total Revenue (FTE) - Non-GAAP1,757.8 1,770.2 1,739.7 1,563.3 1,654.1 2,722.4 1,975.6 1,970.1 
1,627.6 2,010.1 1,766.3 1,464.8 2,659.5 Income before Income Taxes - GAAP444.0 440.7 434.3 145.8 290.6 1,173.6 601.1594.2
34.4 35.6 45.6 57.5 31.8 Add: FTE Adjustment13.2 13.1 13.2 18.0 7.3 6.9 7.110.5
1,662.0 2,045.7 1,811.9 1,522.3 2,691.3 Income before Income Taxes (FTE) - Non-GAAP457.2 453.8 447.5 163.8 297.9 1,180.5 608.2604.7
418.3 464.8 430.3 357.5 628.4 Provision for Income Taxes - GAAP109.4 108.9 106.5 32.7 75.9 277.5 136.2138.8
34.4 35.6 45.6 57.5 31.8 Add: FTE Adjustment13.2 13.1 13.2 18.0 7.3 6.9 7.110.5
452.7 500.4 475.9 415.0 660.2 Provision for Income Taxes (FTE) - Non-GAAP122.6 122.0 119.7 50.7 83.2 284.4 143.3149.3
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
202020212022202320241st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
26.7 %31.1 %26.1 %21.6 %32.1 %
Profit Margin (pre-tax) - GAAP (1)
25.4 %25.1 %25.2 %9.4 %17.6 %43.2 %30.5 %30.3 %
27.1 %31.5 %26.6 %22.3 %32.3 %
Profit Margin (pre-tax) (FTE) - Non-GAAP (1)
26.0 %25.6 %25.7 %10.5 %18.0 %43.4 %30.8 %30.7 %
19.8 %23.9 %19.8 %16.3 %24.5 %
Profit Margin (after-tax) - GAAP (2)
19.2 %18.9 %19.0 %7.3 %13.0 %33.0 %23.6 %23.2 %
19.7 %23.8 %19.6 %16.2 %24.4 %
Profit Margin (after-tax) (FTE) - Non-GAAP (2)
19.0 %18.7 %18.8 %7.2 %13.0 %32.9 %23.5 %23.1 %
25.7 %23.1 %24.4 %24.4 %23.6 %
Effective Tax Rate - GAAP (3)
24.6 %24.7 %24.5 %22.4 %26.1 %23.6 %22.7 %23.4 %
27.2 %24.5 %26.3 %27.3 %24.5 %
Effective Tax Rate (FTE) - Non-GAAP (3)
26.8 %26.9 %26.8 %30.9 %27.9 %24.1 %23.5 %24.7 %
76.3 %78.6 %72.1 %70.7 %73.7 %
Noninterest Income to Total Revenue - GAAP (4)
69.5 %70.9 %73.6 %68.7 %67.9 %80.7 %71.4 %71.2 %
75.9 %78.2 %71.6 %70.1 %73.5 %
Noninterest Income to Total Revenue (FTE) - Non-GAAP (4)
69.0 %70.4 %73.0 %67.9 %67.6 %80.5 %71.2 %70.8 %
65.5 %67.5 %65.6 %64.4 %57.0 %
Trust Fees to Total Revenue - GAAP (5)
61.0 %62.4 %64.4 %70.5 %69.4 %42.9 %60.8 %62.4 %
65.1 %67.1 %65.1 %63.9 %56.8 %
Trust Fees to Total Revenue (FTE) - Non-GAAP (5)
60.5 %61.9 %63.9 %69.7 %69.1 %42.8 %60.6 %62.0 %
1.11 %0.96 %1.15 %0.69 %0.54 %
Net Interest Spread - GAAP (6)
1.00 %0.83 %0.51 %0.38 %0.49 %0.47 %0.54 %0.69 %
1.14 %0.98 %1.19 %0.73 %0.57 %
Net Interest Spread (FTE) - Non-GAAP (6)
1.04 %0.87 %0.55 %0.44 %0.51 %0.49 %0.56 %0.72 %
1.16 %0.96 %1.36 %1.52 %1.62 %
Net Interest Margin - GAAP (7)
1.58 %1.53 %1.41 %1.53 %1.59 %1.55 %1.66 %1.68 %
1.19 %0.99 %1.39 %1.56 %1.64 %
Net Interest Margin (FTE) - Non-GAAP (7)
1.62 %1.57 %1.45 %1.59 %1.61 %1.57 %1.68 %1.71 %
(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