EX-99.3 4 q32024trendreport-wordrepo.htm EX-99.3

エキシビット99.3

金融トレンド

2024年第3四半期

2024年10月23日

お問い合わせはこちらへお願いします:

ジェニファー・チャイルド
シニアバイスプレジデント、投資家関係ディレクター
(312) 444-3290またはjennifer.childe@ntrs.com
グレース・ヒギンズ
セカンドバイスプレジデント、投資家関係
(847) 946-9113またはgrace.higgins@ntrs.com

この報告書に反映されている歴史的な財務結果やトレンドは、ノーザントラスト株式会社の将来の財務結果やトレンドを示すものではありません。この報告書は、同社の2024年第三四半期の収益発表、2023年株主報告書、および証券取引委員会への定期報告と併せて読むべきです。これらには、将来の財務結果やトレンドに影響を与える可能性がある要因に関する追加情報が含まれています。企業は、この報告書を更新する義務を負いません。

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目次
			1						7
			財務概要						バランスシートの資産ミックスのトレンド
			2						8
			損益計算書						金利のトレンド
			3						9
			当期純利益のトレンド						資産の品質
			4						10
			手数料の詳細						信託資産
			5						11
			貸借対照表（期末）						FTEへの調整
			6						12
			貸借対照表の動向						FTEへの調整（比率）

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ノーザントラスト
財務概要
（1株当たり情報を除く、百万ドル単位）
																																																2023																								2024
						2019						2020						2021						2022						2023																		第1四半期						第2四半期						第3四半期						第4四半期						第1四半期						第2四半期						第3四半期						第4四半期
																																				収益性：
						$	1,492.2					$	1,209.3					$	1,545.3					$	1,336.0					$	1,107.3					当期純利益												$	334.6					$	331.8					$	327.8					$	113.1					$	214.7					$	896.1					$	464.9
						1,428.9						1,141.0						1,490.6						1,282.4						1,053.9						普通株主および潜在株主に割り当てられた利益												315.2						323.7						308.5						106.5						196.1						884.3						445.0
																																							普通株式
						$	6.66					$	5.48					$	7.16					$	6.16					$	5.09					基本株式当たり利益												$	1.51					$	1.56					$	1.49					$	0.52					$	0.96					$	4.35					$	2.23
						6.63						5.46						7.14						6.14						5.08						希薄化後株式当たり利益												1.51						1.56						1.49						0.52						0.96						4.34						2.22
						—		%				(18		%)				31		%				(14		%)				(17		%)				前年比の希薄化後eps成長												(15		%)				(16		%)				(17		%)				(27		%)				(37		%)				179%						49		%
						14.9		%				11.2		%				13.9		%				12.7		%				10.0		%				平均普通株主資本利益率												12.4		%				12.4		%				11.6		%				4.0		%				7.3		%				31.2		%				15.4		%
						1.27		%				0.88		%				0.99		%				0.88		%				0.78		%				平均資産利益率												0.92		%				0.91		%				0.93		%				0.33		%				0.60		%				2.44		%				1.26		%
						32.4		%				27.1		%				31.5		%				26.6		%				22.3		%				純利益率（税引前）（FTE）(1)												26.0		%				25.6		%				25.7		%				10.5		%				18.0		%				43.4		%				30.8		%
						24.4		%				19.7		%				23.8		%				19.6		%				16.2		%				純利益率（税引後）（FTE）(1)												19.0		%				18.7		%				18.8		%				7.2		%				13.0		%				32.9		%				23.5		%
						72.0		%				75.9		%				78.2		%				71.6		%				70.1		%				非利息収入/売上高比率（FTE）(1)												69.0		%				70.4		%				73.0		%				67.9		%				67.6		%				80.5		%				71.2		%
						63.1		%				65.1		%				67.1		%				65.1		%				63.9		%				信託手数料/売上高比率（FTE）(1)												60.5		%				61.9		%				63.9		%				69.7		%				69.1		%				42.8		%				60.6		%
						23.2		%				25.7		%				23.1		%				24.4		%				24.4		%				実効税率（米国一般会計原則）												24.6		%				24.7		%				24.5		%				22.4		%				26.1		%				23.6		%				22.7		%
						24.5		%				27.2		%				24.5		%				26.3		%				27.3		%				実効税率（FTE）(1)												26.8		%				26.9		%				26.8		%				30.9		%				27.9		%				24.1		%				23.5		%
																																				資産比率:(2)
																																							標準化されたアプローチ
						12.7		%				12.8		%				11.9		%				10.8		%				11.4		%										普通株式Tier 1資本						11.3		%				11.3		%				11.4		%				11.4		%				11.4		%				12.6		%				12.6		%
						14.5		%				13.9		%				12.9		%				11.8		%				12.3		%										Tier1資本						12.3		%				12.3		%				12.4		%				12.3		%				12.4		%				13.6		%				13.6		%
						16.3		%				15.6		%				14.1		%				13.9		%				14.2		%										総資本						14.4		%				14.4		%				14.5		%				14.2		%				14.2		%				15.5		%				15.6		%
						8.7		%				7.6		%				6.9		%				7.1		%				8.1		%										ティア1レバレッジ						7.3		%				7.4		%				7.9		%				8.1		%				7.8		%				8.0		%				8.1		%
																																							advancedアプローチ
						13.2		%				13.4		%				13.2		%				11.5		%				13.4		%										普通株式Tier 1資本						11.7		%				13.0		%				13.2		%				13.4		%				13.5		%				13.9		%				14.0		%
						15.0		%				14.5		%				14.3		%				12.5		%				14.5		%										Tier1資本						12.7		%				14.1		%				14.3		%				14.5		%				14.6		%				15.0		%				15.1		%
						16.8		%				15.9		%				15.3		%				14.5		%				16.5		%										総資本						14.7		%				16.3		%				16.5		%				16.5		%				16.5		%				16.9		%				17.0		%
						8.7		%				7.6		%				6.9		%				7.1		%				8.1		%										ティア1レバレッジ						7.3		%				7.4		%				7.9		%				8.1		%				7.8		%				8.0		%				8.1		%
						7.6		%				8.6		%				8.2		%				7.9		%				8.6		%										補完的なレバレッジ (3)						8.3		%				8.3		%				8.4		%				8.6		%				8.8		%				9.1		%				9.2		%
																																				1株当たり情報 / 比率:
						$	2.60					$	2.80					$	2.80					$	2.90					$	3.00					普通株1株当たりに宣言された現金配当												$	0.75					$	0.75					$	0.75					$	0.75					$	0.75					$	0.75					$	0.75
						39		%				51		%				39		%				47		%				59		%				配当支払比率												50		%				48		%				50		%				144		%				78		%				17		%				34		%
						$	106.24					$	93.14					$	119.61					$	88.49					$	84.38					期末の1株当たりの時価												$	88.13					$	74.14					$	69.48					$	84.38					$	88.92					$	83.98					$	90.03
						16.0						17.1						16.8						14.4						16.6						株価収益倍率												15.0						13.3						13.2						16.6						19.6						11.5						11.2
																																				（希薄化後epsの過去4四半期に基づく）
						$	46.82					$	51.87					$	53.58					$	49.78					$	53.69					期末の1株当たりの帳簿価額												$	51.37					$	51.94					$	52.95					$	53.69					$	54.83					$	58.38					$	59.85
			(1)			完全課税対象等価額（FTE）。FTEベースの提示は一般的な会計原則には含まれていない財務指標です。詳細については、ページ12の「完全課税対象等価額への調整」を参照してください。
			(2)			現在の四半期の資本比率は、証券取引委員会への提出が行われるまで暫定的と見なされます。
			(3)			2020年4月1日から2021年4月1日まで、連邦準備制度が一時的な追加レバレッジ比率（SLR）の緩和を発表し、ノーザントラストに対してSLRから米国財務省残高を除外することを要求しました。詳細については、ノーザントラスト株式会社のピラー3開示を参照してください。

1

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ノーザントラスト trust 法人
損益計算書。
（百万ドル、1株当たり情報を除く）
						９ヶ月												変化 (2)																		第三四半期												変化 (2)
						2024						2023						$						%												2024						2023						$						%
						$	1,957.3					$	1,850.2					$	107.1					6		%							資産サービス信託、投資及びその他のサービス料金			$	667.1					$	626.0					$	41.1					7		%
						1,548.3						1,421.6						126.7						9		%							ウェルスマネジメント信託、投資及びその他のサービス料金			529.5						485.9						43.6						9		%
						3,505.6						3,271.8						233.8						7		%							総料金			1,196.6						1,111.9						84.7						8		%
						169.5						154.9						14.6						9		%							外国為替取引収入			54.1						51.8						2.3						4		%
						26.5						23.8						2.7						11		%							資金管理手数料			8.2						7.5						0.7						9		%
						107.7						101.7						6.0						6		%							セキュリティ手数料および取引収入			35.5						30.9						4.6						15		%
						1,097.5						170.2						927.3						N/M									その他の営業外収益			111.8						68.2						43.6						64		%
						(189.3)						6.9						(196.2)						N/M									投資セキュリティ収益（損失）、純			—						—						—						N/M
						4,717.5						3,729.3						988.2						26		%							総非利子収益			1,406.2						1,270.3						135.9						11		%
						7,503.6						5,164.9						2,338.7						45		%							利息収入（税引き後）(1)			2,537.3						1,948.2						589.1						30		%
						5,869.0						3,626.5						2,242.5						62		%							利息費用			1,967.9						1,478.8						489.1						33		%
						1,634.6						1,538.4						96.2						6		%							純金利収入（税引き後）(1)			569.4						469.4						100.0						21		%
						6,352.1						5,267.7						1,084.4						21		%							総売上高（税引き後）(1)			1,975.6						1,739.7						235.9						14		%
						7.5						13.5						(6.0)						(44)		%							信用損失引当金			8.0						14.0						(6.0)						(43)		%
						1,875.9						1,757.8						118.1						7		%							補償			583.6						558.1						25.5						5		%
						310.5						303.2						7.3						2		%							従業員の福利厚生			109.2						100.8						8.4						8		%
						746.5						671.3						75.2						11		%							外部サービス			256.3						229.6						26.7						12		%
						800.6						693.5						107.1						15		%							設備とソフトウェア			270.4						232.5						37.9						16		%
						162.7						173.8						(11.1)						(6)		%							占有費用			53.8						58.7						(4.9)						(8)		%
						361.8						296.1						65.7						22		%							その他運営費用			86.1						98.5						(12.4)						(13)		%
						4,258.0						3,895.7						362.3						9		%							合計非金利費用			1,359.4						1,278.2						81.2						6		%
						2,086.6						1,358.5						728.1						54		%							法人税（税引前純利益）(1)			608.2						447.5						160.7						36		%
						489.6						324.8						164.8						51		%							所得税費用			136.2						106.5						29.7						28		%
						21.3						39.5						(18.2)						(46)		%							課税対等調整			7.1						13.2						(6.1)						(47)		%
						510.9						364.3						146.6						40		%							総税額（FTE）(1)			143.3						119.7						23.6						20		%
						$	1,575.7					$	994.2					$	581.5					59		%							当期純利益			$	464.9					$	327.8					$	137.1					42		%
						$	37.1					$	37.1					$	—					—		%							優先股の配当			$	16.2					$	16.2					$	—					—		%
						13.2						9.7						3.5						36		%							普通株式に割り当てられた利益			3.7						3.1						0.6						20		%
						1,525.4						947.4						578.0						61		%							一般株式および潜在的一般株式に割り当てられた利益			445.0						308.5						136.5						44		%
						$	7.53					$	4.56					$	2.97					65		%							Common Stock			$	2.23					$	1.49					$	0.74					49		%
						$	7.51					$	4.56					$	2.95					65		%							一株当たり利益 - 希薄化後			$	2.22					$	1.49					$	0.73					49		%
						202,614						207,611						(4,997)						(2)		%							平均普通株数（000s）			199,938						207,022						(7,084)						(3)		%
						203,131						207,928						(4,797)						(2)		%							平均希薄化後株数（000s）			200,549						207,253						(6,704)						(3)		%
						198,218						207,036						(8,818)						(4)		%							期末発行済株式数（000s）			198,218						207,036						(8,818)						(4)		%
						N/m - 意味がありません
						(1) 完全課税換算額（FTE）。FTEベースでの表示は一般的な会計原則の財務指標ではありません。詳細については、ページ11の完全課税換算への調整を参照してください。
						(2) パーセンテージの計算は、表の上に提示されている丸められた金額ではなく、実際の残高に基づいています。

2

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Northern Trust Corporation
NET INCOME TRENDS
($ in Millions except per share information)
																																													2023																								2024
						2019						2020						2021						2022						2023															1st Qtr						2nd Qtr						3rd Qtr						4th Qtr						1st Qtr						2nd Qtr						3rd Qtr						4th 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					$	667.1
						1,640.6						1,673.4						1,873.8						1,936.3						1,899.9						WM Trust, Investment and Other Servicing Fees									460.6						475.1						485.9						478.3						503.3						515.5						529.5
						3,852.1						3,995.0						4,361.1						4,432.6						4,361.8									Total Fees						1,063.6						1,096.3						1,111.9						1,090.0						1,142.9						1,166.1						1,196.6
						250.9						290.4						292.6						288.6						203.9						Foreign Exchange Trading Income									53.0						50.1						51.8						49.0						57.0						58.4						54.1
						44.5						45.4						44.3						39.3						31.6						Treasury Management Fees									8.4						7.9						7.5						7.8						9.3						9.0						8.2
						103.6						133.2						140.2						136.2						135.0						Security Commissions and Trading Income									34.7						36.1						30.9						33.3						37.9						34.3						35.5
						145.5						194.0						243.9						191.3						228.7						Other Operating Income									46.8						55.2						68.2						58.5						61.0						924.7						111.8
						(1.4)						(0.4)						(0.3)						(214.0)						(169.5)						Investment Security Gains (Losses), net									6.9						—						—						(176.4)						(189.4)						0.1						—
						4,395.2						4,657.6						5,081.8						4,874.0						4,791.5									Total Noninterest Income						1,213.4						1,245.6						1,270.3						1,062.2						1,118.7						2,192.6						1,406.2
						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						569.4
						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						1,975.6
						(14.5)						125.0						(81.5)						12.0						24.5						Provision for (Release of) Credit Losses									15.0						(15.5)						14.0						11.0						(8.5)						8.0						8.0
						1,859.0						1,947.1						2,011.0						2,248.0						2,321.8						Compensation									595.2						604.5						558.1						564.0						627.1						665.2						583.6
						355.2						387.7						431.4						437.4						405.2						Employee Benefits									101.0						101.4						100.8						102.0						101.1						100.2						109.2
						774.5						763.1						849.4						880.3						906.5						Outside Services									210.8						230.9						229.6						235.2						229.3						260.9						256.3
						612.1						673.5						736.3						838.8						945.5						Equipment and Software									231.7						229.3						232.5						252.0						252.7						277.5						270.4
						212.9						230.1						208.7						219.1						232.3						Occupancy									61.3						53.8						58.7						58.5						54.1						54.8						53.8
						329.8						346.7						299.1						359.3						472.9						Other Operating Expense									85.6						112.0						98.5						176.8						100.4						175.3						86.1
						4,143.5						4,348.2						4,535.9						4,982.9						5,284.2									Total Noninterest Expense						1,285.6						1,331.9						1,278.2						1,388.5						1,364.7						1,533.9						1,359.4
						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						608.2
						451.9						418.3						464.8						430.3						357.5						Provision for Income Taxes									109.4						108.9						106.5						32.7						75.9						277.5						136.2
						32.8						34.4						35.6						45.6						57.5						Taxable Equivalent Adjustment									13.2						13.1						13.2						18.0						7.3						6.9						7.1
						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						143.3
						$	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					$	464.9
						$	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					$	2.23
						6.63						5.46						7.14						6.14						5.08						Earnings Per Share - Diluted									1.51						1.56						1.49						0.52						0.96						4.34						2.22
						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						200,549
						$	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					$	16.2
						(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

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Northern Trust Corporation
TRUST, INVESTMENT AND OTHER SERVICING FEES DETAIL
($ in Millions)
																																										2023																								2024
						2019						2020						2021						2022						2023						Asset Servicing						1st Qtr						2nd Qtr						3rd Qtr						4th Qtr						1st Qtr						2nd Qtr						3rd Qtr						4th 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					$	453.1
						445.7						511.1						443.5						555.1						528.1						Investment Management						126.2						134.1						137.1						130.7						140.0						145.7						152.6
						87.2						88.0						76.7						81.4						83.0						Securities Lending						19.1						21.5						20.4						22.0						17.9						16.5						17.5
						129.3						136.4						148.3						159.7						161.3						Other						44.1						38.2						40.4						38.6						45.0						42.5						43.9
						$	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					$	667.1
																																				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					$	186.6
						422.2						442.1						509.3						504.0						491.5						East						119.8						124.1						126.1						121.5						129.9						132.7						136.4
						330.9						337.7						380.2						382.1						378.0						West						91.2						93.7						95.8						97.3						99.9						103.3						105.7
						268.2						286.3						285.6						357.6						356.6						Global Family Office						86.0						91.3						91.7						87.6						95.2						98.8						100.8
						$	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					$	529.5

4

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Northern Trust Corporation
BALANCE SHEET
END OF PERIOD
($ in Millions)
																																	CHANGE (5)
						Assets															9/30/2024						9/30/2023						$						%
									Federal Reserve and Other Central Bank Deposits												$	40,848.3					$	32,266.3					$	8,582.0					27		%
									Interest-Bearing Due from and Deposits with Banks(1)												5,464.7						5,216.4						248.3						5		%
									Securities Purchased under Agreements to Resell												981.6						384.3						597.3						155		%
									Debt Securities:
												Available For Sale									28,311.9						24,342.1						3,969.8						16		%
												Held To Maturity									22,708.6						24,920.4						(2,211.8)						(9)		%
												Trading Account									—						0.1						(0.1)						(76)		%
												Total Debt Securities									51,020.5						49,262.6						1,757.9						4		%
									Loans												41,950.3						43,577.0						(1,626.7)						(4)		%
									Other Interest-Earning Assets(2)												2,465.7						3,349.3						(883.6)						(26)		%
												Total Earning Assets									142,731.1						134,055.9						8,675.2						6		%
									Allowance for Credit Losses												(193.3)						(182.7)						(10.6)						6		%
									Cash and Due From Banks and Other Central Bank Deposits(3)												3,014.3						1,912.4						1,101.9						58		%
									Buildings and Equipment												480.3						465.0						15.3						3		%
									Client Security Settlement Receivables												354.2						147.6						206.6						140		%
									Goodwill												707.8						692.8						15.0						2		%
									Other Assets												8,659.4						9,239.6						(580.2)						(6)		%
												Total Assets									$	155,753.8					$	146,330.6					$	9,423.2					6		%
						Liabilities and Stockholders' Equity
									Savings, Money Market and Other												$	23,069.0					$	24,362.6					$	(1,293.6)					(5)		%
									Savings Certificates and Other Time												6,255.2						4,038.6						2,216.6						55		%
									Non-U.S. Offices - Interest-Bearing												69,684.3						60,826.9						8,857.4						15		%
												Total Interest-Bearing Deposits									99,008.5						89,228.1						9,780.4						11		%
									Federal Funds Purchased												2,761.9						5,539.3						(2,777.4)						(50)		%
									Securities Sold under Agreements to Repurchase												170.8						545.9						(375.1)						(69)		%
									Other Borrowings(4)												6,903.2						6,870.9						32.3						—		%
									Senior Notes												2,820.9						2,688.9						132.0						5		%
									Long-Term Debt												4,077.2						4,060.7						16.5						—		%
												Total Interest-Bearing Liabilities									115,742.5						108,933.8						6,808.7						6		%
									Demand and Other Noninterest-Bearing Deposits												22,174.8						20,937.8						1,237.0						6		%
									Other Liabilities												5,087.5						4,611.8						475.7						10		%
												Total Liabilities									143,004.8						134,483.4						8,521.4						6		%
									Common Equity												11,864.1						10,962.3						901.8						8		%
									Preferred Equity												884.9						884.9						—						—		%
												Total Stockholders' Equity									12,749.0						11,847.2						901.8						8		%
												Total Liabilities and Stockholders' Equity									$	155,753.8					$	146,330.6					$	9,423.2					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 table above.

5

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Northern Trust Corporation
BALANCE SHEET TRENDS
PERIOD AVERAGES(1)
($ in Millions)
																																													2023																								2024
						2019						2020						2021						2022						2023			Assets												1st Qtr						2nd Qtr						3rd Qtr						4th Qtr						1st Qtr						2nd Qtr						3rd Qtr						4th 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					$	36,067.3
						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						4,828.1
						12.8						2.3						0.1						5.5						6.1						Federal Funds Sold									19.7						2.9						1.2						1.0						0.5						0.3						0.2
						835.0						1,253.1						1,067.4						1,071.2						950.9						Securities Purchased under Agreements to Resell									1,046.1						1,238.6						950.8						573.1						517.9						731.9						977.2
																																				Debt Securities:
						38,016.2						40,642.7						38,986.9						32,060.2						24,356.6									Available For Sale						25,030.4						24,511.8						24,430.7						23,469.9						24,049.6						26,591.4						27,462.6
						11,650.0						14,353.3						20,617.0						22,970.0						25,511.9									Held To Maturity						25,382.2						25,053.3						25,919.2						25,685.2						24,498.9						23,373.8						22,834.0
						1.2						1.1						0.6						12.1						0.5									Trading Account						1.3						0.2						0.4						0.2						—						—						—
						49,667.4						54,997.1						59,604.5						55,042.3						49,869.0									Total Debt Securities						50,413.9						49,565.3						50,350.3						49,155.3						48,548.5						49,965.2						50,296.6
						31,052.8						33,498.8						37,207.5						41,030.6						42,177.0						Loans and Leases									41,959.4						42,365.4						42,210.4						42,170.0						41,586.9						41,034.6						39,884.0
						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						2,714.4
						107,109.4						124,132.9						143,873.0						138,839.0						130,801.3									Total Earning Assets						135,957.4						134,116.4						128,254.4						125,025.1						133,816.8						135,401.1						134,767.8
						(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)						(180.5)
						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						1,742.3
						425.6						509.3						502.7						488.7						484.8						Buildings and Equipment									497.3						481.8						474.1						486.4						498.2						485.8						482.2
						1,070.4						1,357.5						1,530.1						1,722.3						558.8						Client Security Settlement Receivables									1,098.5						592.7						350.3						205.9						238.6						321.4						335.0
						682.5						695.4						707.3						692.2						696.2						Goodwill									692.3						697.0						698.9						696.4						699.4						697.1						702.9
						5,981.3						7,691.0						7,637.2						8,894.3						8,509.3						Other Assets									8,180.0						8,345.8						8,899.7						8,602.8						8,257.6						9,469.6						8,993.2
						$	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					$	146,842.9
																																	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					$	25,233.0
						867.5						1,266.4						887.2						1,059.7						3,341.2						Savings Certificates and Other Time									2,360.1						3,036.1						3,665.2						4,279.0						4,554.3						6,027.4						6,639.6
						54,885.2						60,486.3						69,713.4						65,031.3						60,008.6						Non-U.S. Offices - Interest-Bearing									62,411.1						62,046.3						58,680.5						56,970.9						63,752.8						63,216.3						64,347.2
						72,330.5						85,149.1						98,939.6						96,296.0						87,522.2									Total Interest-Bearing Deposits						92,040.0						88,043.6						84,970.6						85,138.6						95,656.1						96,798.6						96,219.8
						1,267.0						980.9						190.6						1,407.8						5,144.3						Federal Funds Purchased									3,653.9						7,070.0						5,935.9						3,906.0						2,650.1						3,010.7						2,320.9
						339.0						218.3						232.0						433.6						401.5						Securities Sold under Agreements to Repurchase									347.1						467.8						426.0						364.5						490.1						574.6						504.3
						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						7,085.9
						2,389.1						3,233.8						2,856.4						2,756.0						2,734.0						Senior Notes									2,748.1						2,761.1						2,713.2						2,714.2						2,748.7						2,728.7						2,795.6
						1,139.0						1,189.2						1,166.1						1,258.9						2,586.0						Long-Term Debt									2,066.3						2,069.7						2,126.9						4,064.1						4,067.0						4,071.1						4,075.1
						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 Liabilities						112,179.4						112,544.8						107,154.3						103,148.2						112,464.1						114,237.2						113,001.6
						17,455.5						23,362.0						31,143.5						29,296.4						17,723.3						Demand and Other Noninterest-Bearing Deposits									20,145.6						17,555.1						16,792.5						16,450.4						16,706.5						16,543.0						16,340.9
						3,952.4						4,806.4						4,869.8						4,558.3						4,701.6						Other Liabilities									4,453.4						4,351.0						4,718.2						5,274.6						4,164.0						4,862.2						5,026.3
						106,903.0						125,618.0						144,666.2						141,471.0						131,152.4									Total Liabilities						136,778.4						134,450.9						128,665.0						124,873.2						133,334.6						135,642.4						134,368.8
						9,705.2						10,306.7						10,812.1						10,196.5						10,611.9						Common Equity									10,396.6						10,563.8						10,651.7						10,830.6						10,898.8						11,473.9						11,589.2
						943.1						885.9						884.9						884.9						884.9						Preferred Equity									884.9						884.9						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' Equity						11,281.5						11,448.7						11,536.6						11,715.5						11,783.7						12,358.8						12,474.1
						$	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					$	146,842.9
(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

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Northern Trust Corporation
BALANCE SHEET MIX TRENDS
PERIOD AVERAGES(1)
																																																2023																								2024
						2019						2020						2021						2022						2023			Assets															1st Qtr						2nd Qtr						3rd Qtr						4th Qtr						1st Qtr						2nd Qtr						3rd Qtr						4th Qtr
						15.7		%				20.4		%				25.0		%				23.8		%				21.9		%				Federal Reserve and Other Central Bank Deposits												24.7		%				23.6		%				20.0		%				19.0		%				24.7		%				24.3		%				24.6		%
						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						3.3
						—						—						—						—						—						Federal Funds Sold												—						—						—						—						—						—						—
						0.7						0.9						0.7						0.7						0.7						Securities Purchased under Agreements to Resell												0.7						0.8						0.7						0.4						0.4						0.5						0.7
																																				Debt Securities:
						32.3						29.7						24.9						21.0						17.1									Available For Sale									16.9						16.8						17.4						17.2						16.6						18.0						18.7
						9.9						10.5						13.2						15.1						17.9									Held To Maturity									17.1						17.2						18.5						18.8						16.9						15.8						15.5
						—						—						—						—						—									Trading Account									—						—						—						—						—						—						—
						42.3						40.2						38.1						36.1						35.0									Total Debt Securities									34.0						34.0						35.9						36.0						33.5						33.8						34.3
						26.4						24.5						23.8						26.9						29.6						Loans and Leases												28.3						29.0						30.1						30.9						28.7						27.7						27.2
						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						1.8
						91.1						90.7						92.0						91.0						91.7									Total Earning Assets									91.8						91.9						91.5						91.5						92.2						91.5						91.8
						(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)
						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						1.2
						0.4						0.4						0.3						0.3						0.3						Buildings and Equipment												0.3						0.3						0.3						0.4						0.3						0.3						0.3
						0.9						1.0						1.0						1.1						0.4						Client Security Settlement Receivables												0.7						0.4						0.2						0.2						0.2						0.2						0.2
						0.6						0.5						0.5						0.5						0.5						Goodwill												0.5						0.5						0.5						0.5						0.5						0.5						0.5
						5.1						5.6						4.9						5.8						6.0						Other Assets												5.5						5.7						6.3						6.3						5.7						6.4						6.1
						100.0		%				100.0		%				100.0		%				100.0		%				100.0		%							Total Assets									100.0		%				100.0		%				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 Other												18.4		%				15.7		%				16.1		%				17.5		%				18.8		%				18.6		%				17.2		%
						0.7						0.9						0.6						0.7						2.3						Savings Certificates and Other Time												1.6						2.1						2.6						3.1						3.1						4.1						4.5
						46.7						44.2						44.6						42.6						42.1						Non-U.S. Offices - Interest-Bearing												42.2						42.5						41.9						41.7						43.9						42.7						43.8
						61.5						62.2						63.3						63.1						61.4									Total Interest-Bearing Deposits									62.2						60.3						60.6						62.3						65.9						65.4						65.5
						1.1						0.7						0.1						0.9						3.6						Federal Funds Purchased												2.5						4.8						4.2						2.9						1.8						2.0						1.6
						0.3						0.2						0.1						0.3						0.3						Securities Sold under Agreements to Repurchase												0.2						0.3						0.3						0.3						0.3						0.4						0.3
						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						4.8
						2.0						2.4						1.8						1.8						1.9						Senior Notes												1.9						1.9						1.9						2.0						1.9						1.8						1.9
						1.0						0.9						0.7						0.8						1.8						Long-Term Debt												1.4						1.4						1.5						3.0						2.8						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 Liabilities									75.8						77.1						76.4						75.5						77.5						77.2						77.0
						14.8						17.1						19.9						19.2						12.4						Demand and Other Noninterest-Bearing Deposits												13.6						12.0						12.0						12.0						11.5						11.2						11.1
						3.4						3.5						3.1						3.0						3.3						Other Liabilities												3.0						3.0						3.4						3.9						2.9						3.3						3.4
						90.9						91.8						92.5						92.7						91.9									Total Liabilities									92.4						92.2						91.8						91.4						91.9						91.6						91.5
						8.3						7.5						6.9						6.7						7.4						Common Equity												7.0						7.2						7.6						7.9						7.5						7.8						7.9
						0.8						0.6						0.6						0.6						0.6						Preferred Equity												0.6						0.6						0.6						0.6						0.6						0.6						0.6
						9.1						8.2						7.5						7.3						8.1									Total Stockholders' Equity									7.6						7.8						8.2						8.6						8.1						8.4						8.5
						100.0		%				100.0		%				100.0		%				100.0		%				100.0		%							Total Liabilities and Stockholders' Equity									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

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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).
																																																2023																								2024
						2019						2020						2021						2022						2023						Earnings Assets												1st Qtr						2nd Qtr						3rd Qtr						4th Qtr						1st Qtr						2nd Qtr						3rd Qtr						4th Qtr
						0.98		%				0.10		%				0.03		%				1.30		%				4.69		%							Federal Reserve and Other Central Bank Deposits									4.17		%				4.65		%				4.99		%				5.11		%				5.15		%				5.12		%				4.98		%
						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						2.35
						2.73						1.37						0.41						3.22						4.92									Federal Funds Sold									4.79						5.25						5.62						5.63						5.64						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						362.66
																																							Debt Securities:
						2.51						1.77						1.28						1.91						4.35												Available for Sale						3.80						4.17						4.51						4.94						5.41						5.52						5.50
						0.94						0.59						0.80						1.26						1.87												Held to Maturity						1.64						1.80						1.93						2.13						2.02						1.95						1.88
						3.29						3.27						1.59						3.84						13.50												Trading Account						7.63						42.53						21.15						5.19						—						—						—
						2.14						1.46						1.11						1.64						3.08												Total Debt Securities						2.72						2.97						3.18						3.46						3.70						3.85						3.86
						3.74						2.32						1.92						3.28						6.06									Loans and Leases									5.60						6.06						6.26						6.32						6.34						6.38						6.45
						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						4.71
						2.36		%				1.35		%				1.00		%				2.11		%				5.64		%										Total Earning Assets						4.38		%				5.23		%				6.03		%				7.04		%				7.37		%				7.47		%				7.49		%
																																				Interest-Bearing Funds
						0.97		%				0.20		%				0.05		%				0.74		%				2.85		%							Savings, Money Market and Other									2.35		%				2.67		%				3.05		%				3.40		%				3.72		%				3.75		%				3.76		%
						1.86						1.30						0.55						1.68						4.54									Savings Certificates and Other Time									3.70						4.23						4.69						5.10						5.19						5.23						5.19
						0.57						(0.03)						(0.11)						0.56						3.07									Non-U.S. Offices - Interest-Bearing									2.50						2.90						3.38						3.56						3.59						3.58						3.39
						0.68						0.06						(0.06)						0.63						3.07												Total Interest-Bearing Deposits						2.49						2.89						3.35						3.59						3.71						3.73						3.61
						2.05						0.22						(0.19)						2.43						4.99									Federal Funds Purchased									4.45						4.97						5.18						5.25						5.11						5.16						5.07
						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						686.17
						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						5.32
						3.04						2.24						1.69						3.36						6.22									Senior Notes									5.79						6.14						6.44						6.50						6.45						6.50						6.30
						3.36						2.24						1.81						3.49						5.69									Long-Term Debt									5.73						5.89						5.94						5.45						5.50						5.50						5.47
						2.98						1.52						0.78						—						—									Floating Rate Capital Debt									—						—						—						—						—						—						—
						0.96		%				0.21		%				0.02		%				0.92		%				4.91		%										Total Interest-Bearing Liabilities						3.34		%				4.36		%				5.48		%				6.60		%				6.86		%				6.98		%				6.93		%
						1.40		%				1.14		%				0.98		%				1.19		%				0.73		%							Net Interest Spread									1.04		%				0.87		%				0.55		%				0.44		%				0.51		%				0.49		%				0.56		%
						1.60		%				1.19		%				0.99		%				1.39		%				1.56		%							Net Interest Margin									1.62		%				1.57		%				1.45		%				1.59		%				1.61		%				1.57		%				1.68		%
			(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 $64.3 billion for the three months ended September 30, 2024. Excluding the impact of netting, the average interest rate on Securities Purchased under Agreements to Resell would be approximately 5.43% for the three months ended September 30, 2024. Excluding the impact of netting, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 5.34% for the three months ended September 30, 2024. See previous filings for impact of netting on prior periods.

8

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Northern Trust Corporation
ASSET QUALITY
END OF PERIOD
($ in Millions)
																																																			2023																								2024
						2019						2020						2021						2022						2023																					1st Qtr						2nd Qtr						3rd Qtr						4th Qtr						1st Qtr						2nd Qtr						3rd Qtr						4th 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					$	209.6
						—						13.7						—						—						—						Cumulative Effect Adjustment(1)															—						—						—						—						—						—						—
						(14.5)						125.0						(81.5)						12.0						24.5						Provision for (Release of) Credit Losses															15.0						(15.5)						14.0						11.0						(8.5)						8.0						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									Recoveries												1.1						0.8						1.1						0.7						0.7						0.4						2.4
						0.7						(3.2)						6.3						4.2						(5.0)												Net (Charge-offs) Recoveries									(2.9)						—						0.3						(2.4)						(10.4)						0.1						2.4
						$	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					$	220.0
																																				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					$	184.8
						19.9						61.1						34.1						38.5						26.9									Undrawn Loan Commitments and Standby Letters of Credit												34.3						26.0						28.3						26.9						25.2						29.5						26.5
						—						8.1						12.2						18.1						14.8									Debt Securities and Other Financial Assets												18.8						19.0						16.7						14.8						13.9						12.4						8.7
						$	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					$	220.0
						$	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					$	39,884
						—		%				(0.01)		%				0.02		%				0.01		%				(0.01)		%				Annualized Loan-Related Net (Charge-offs) Recoveries to															(0.03)		%				—		%				—		%				(0.02)		%				(0.10)		%				—		%				0.02		%
																																							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					$	41,950
						0.33		%				0.56		%				0.34		%				0.34		%				0.38		%				Allowance for Credit Losses Assigned to Loans															0.38		%				0.35		%				0.38		%				0.38		%				0.34		%				0.40		%				0.44		%
																																							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					$	39.3
						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					$	39.3
						0.28		%				0.39		%				0.31		%				0.11		%				0.14		%				Nonaccrual Assets to Loans and Leases and OREO															0.12		%				0.11		%				0.16		%				0.14		%				0.08		%				0.09		%				0.09		%
																																				Loans and Leases Allowance to Nonaccrual
						1.3x						1.4x						1.1x						3.1x						2.8x									Loans and Leases												3.3x						3.2x						2.4x						2.8x						4.4x						4.4x						4.7x
			(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

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Northern Trust Corporation
ASSETS UNDER MANAGEMENT AND CUSTODY
END OF PERIOD
($ in Billions)
																																																2023																								2024
						2019						2020						2021						2022						2023						Assets Under Management												1st Qtr						2nd Qtr						3rd Qtr						4th Qtr						1st Qtr						2nd Qtr						3rd Qtr						4th 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					$	1,107.3					$	1,177.9
																																							Asset allocation:
						483.8						551.7						626.6						485.0						563.9												Equities						515.1						535.4						508.7						563.9						602.5						613.7						650.0
						114.6						120.1						132.6						107.1						116.2												Fixed Income Securities						107.3						108.8						109.7						116.2						116.3						125.8						131.0
						156.1						198.8						236.2						157.7						184.5												Cash and Other Assets						171.8						176.8						183.0						184.5						198.2						207.2						220.9
						163.0						186.9						195.6						148.3						167.4												Securities Lending Collateral						167.9						168.8						162.0						167.4						163.1						160.6						176.0
						$	313.8					$	347.8					$	416.1					$	351.4					$	402.5					Wealth Management												$	368.3					$	376.0					$	369.9					$	402.5					$	420.6					$	419.4					$	443.9
																																							Asset allocation:
						167.0						182.0						229.9						186.3						221.6												Equities						197.0						205.1						197.8						221.6						238.6						243.2						258.8
						79.2						84.7						83.5						79.4						87.2												Fixed Income Securities						80.3						79.9						80.5						87.2						87.2						85.8						88.7
						67.5						81.1						102.7						85.7						93.7												Cash and Other Assets						91.0						91.0						91.6						93.7						94.7						90.3						96.3
						0.1						—						—						—						—												Securities Lending Collateral						—						—						—						—						0.1						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					$	1,526.7					$	1,621.8
																																							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						908.8
						193.8						204.8						216.1						186.5						203.4												Fixed Income Securities						187.6						188.7						190.2						203.4						203.5						211.6						219.7
						223.6						279.9						338.9						243.4						278.2												Cash and Other Assets						262.8						267.8						274.6						278.2						292.9						297.5						317.2
						163.1						186.9						195.6						148.3						167.4												Securities Lending Collateral						167.9						168.8						162.0						167.4						163.2						160.7						176.1
																																				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					$	16,278.0
						738.8						879.4						1,065.6						898.5						1,042.3									Wealth Management									953.3						995.4						958.5						1,042.3						1,087.1						1,096.6						1,145.0
						$	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					$	17,423.0
																																				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					$	12,662.1
																																							Asset allocation:
						3,866.6						4,751.0						5,404.3						4,312.8						5,028.9												Equities						4,546.1						4,739.3						4,590.7						5,028.9						5,511.4						5,711.7						6,098.1
						3,102.3						3,742.6						3,997.5						3,252.1						3,600.4												Fixed Income Securities						3,366.8						3,394.2						3,316.7						3,600.4						3,665.8						3,662.0						3,887.3
						1,365.9						1,707.2						1,957.4						1,999.1						2,085.3												Cash and Other Assets						1,984.8						1,993.4						1,995.0						2,085.3						2,382.8						2,421.2						2,500.7
						163.0						186.9						195.6						148.3						167.4												Securities Lending Collateral						167.9						168.8						162.0						167.4						163.1						160.6						176.0
						$	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					$	1,132.7
																																							Asset allocation:
						432.0						542.9						644.8						497.9						623.6												Equities						545.0						589.4						550.7						623.6						661.1						669.3						701.4
						134.3						128.3						142.1						134.0						136.7												Fixed Income Securities						134.6						130.5						128.3						136.7						138.4						139.2						144.4
						169.3						203.9						270.6						260.4						274.2												Cash and Other Assets						268.0						269.2						272.0						274.2						281.4						277.3						286.8
						0.1						—						—						—						—												Securities Lending Collateral						—						—						—						—						0.1						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					$	13,794.8
																																							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					$	6,799.5
						3,236.6						3,870.9						4,139.6						3,386.1						3,737.1												Fixed Income Securities						3,501.4						3,524.7						3,445.0						3,737.1						3,804.2						3,801.2						4,031.7
						1,535.2						1,911.1						2,228.0						2,259.5						2,359.5												Cash and Other Assets						2,252.8						2,262.6						2,267.0						2,359.5						2,664.2						2,698.5						2,787.5
						163.1						186.9						195.6						148.3						167.4												Securities Lending Collateral						167.9						168.8						162.0						167.4						163.2						160.7						176.1
																																				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					$	161.8
						474.1						600.7						742.6						614.9						728.0									WM Global Family Office AUC									660.0						694.0						663.5						728.0						762.1						768.1						798.0

10

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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.
																																																						2023																								2024
			2019						2020						2021						2022						2023																											1st Qtr						2nd Qtr						3rd Qtr						4th Qtr						1st Qtr						2nd Qtr						3rd Qtr						4th 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					$	2,530.2
			32.8						34.4						35.6						45.6						57.5																		Add: FTE Adjustment									13.2						13.1						13.2						18.0						7.3						6.9						7.1
			2,532.7						1,677.9						1,442.1						2,923.3						7,382.5																					Interest Income (FTE) - Non-GAAP						1,468.6						1,748.1						1,948.2						2,217.6						2,452.9						2,513.4						2,537.3
			1,677.9						1,443.2						1,382.7						1,887.2						1,982.0																		Net Interest Income - GAAP									531.2						511.5						456.2						483.1						528.1						522.9						562.3
			32.8						34.4						35.6						45.6						57.5																		Add: FTE Adjustment									13.2						13.1						13.2						18.0						7.3						6.9						7.1
			1,710.7						1,477.6						1,418.3						1,932.8						2,039.5																					Net Interest Income (FTE) - Non-GAAP						544.4						524.6						469.4						501.1						535.4						529.8						569.4
			6,073.1						6,100.8						6,464.5						6,761.2						6,773.5																		Total Revenue - GAAP									1,744.6						1,757.1						1,726.5						1,545.3						1,646.8						2,715.5						1,968.5
			32.8						34.4						35.6						45.6						57.5																		Add: FTE Adjustment									13.2						13.1						13.2						18.0						7.3						6.9						7.1
			6,105.9						6,135.2						6,500.1						6,806.8						6,831.0																					Total Revenue (FTE) - Non-GAAP						1,757.8						1,770.2						1,739.7						1,563.3						1,654.1						2,722.4						1,975.6
			1,944.1						1,627.6						2,010.1						1,766.3						1,464.8																		Income before Income Taxes - GAAP									444.0						440.7						434.3						145.8						290.6						1,173.6						601.1
			32.8						34.4						35.6						45.6						57.5																		Add: FTE Adjustment									13.2						13.1						13.2						18.0						7.3						6.9						7.1
			1,976.9						1,662.0						2,045.7						1,811.9						1,522.3																					Income before Income Taxes (FTE) - Non-GAAP						457.2						453.8						447.5						163.8						297.9						1,180.5						608.2
			451.9						418.3						464.8						430.3						357.5																		Provision for Income Taxes - GAAP									109.4						108.9						106.5						32.7						75.9						277.5						136.2
			32.8						34.4						35.6						45.6						57.5																		Add: FTE Adjustment									13.2						13.1						13.2						18.0						7.3						6.9						7.1
			484.7						452.7						500.4						475.9						415.0																					Provision for Income Taxes (FTE) - Non-GAAP						122.6						122.0						119.7						50.7						83.2						284.4						143.3

11

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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.
																																										2023																								2024
						2019						2020						2021						2022						2023												1st Qtr						2nd Qtr						3rd Qtr						4th Qtr						1st Qtr						2nd Qtr						3rd Qtr						4th 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		%				30.5		%
						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		%				30.8		%
						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		%				23.6		%
						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		%				23.5		%
						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		%				22.7		%
						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		%				23.5		%
						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		%				71.4		%
						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		%				71.2		%
						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		%				60.8		%
						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		%				60.6		%
						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		%				0.54		%
						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		%				0.56		%
						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		%				1.66		%
						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		%				1.68		%
			(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