EX-99.1 2 q32024earningsreleaseex991.htm EX-99.1 Document
第99.1展示文本
資訊發佈
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北方信託公司報告第三季度
淨利潤46490萬美元，每股稀釋普通股收益爲2.22美元
芝加哥, 2024年10月23日 北方信託公司今天報告，2024年第三季度每股稀釋普通股淨利潤爲$2.22，較2024年第二季度的$4.34和2023年第三季度的$1.49有所下降。淨利潤爲$46490萬，較上一季度的$89610萬和去年同期的$32780萬有所下降。
2024年第三季度的業績包括涉及股權投資出售的稅前盈利6810萬美元（稅後5140萬美元），記錄在其他營業收入中。
MICHAEL O'GRADY，主席和首席執行官：
北方信託第三季度業務表現持續增長。信託費用增長了8%，淨利息收入增長了21%，均與去年同期相比。排除非經常性項目後，每股收益增長了32%，我們向股東返還了超過45000萬美元。重要的是，我們在繼續大幅投資於我們的業務和製造行業的同時，實現了正的信託費用和總體運營槓桿的增長。

在第三季度，我們自豪地慶祝了公司成立135週年。北方信託的服務、專業知識和誠信等核心原則仍然指引着我們。展望未來，我們正在採取行動，使公司更好地實現持續增長和更大的運營效率，包括上個月宣佈的領導層變動。我們將在第四季度以強勁的新業務管道進入市場，全力關注爲客戶不斷變化的需求。
財務摘要和關鍵指標
Q3 2024與上年同期變化百分比
（除每股數據外，單位：百萬美元）Q3 2024Q2 2024Q3 2023Q2 2024Q3 2023
信託、投資和其他服務費$1,196.6 $1,166.1 $1,111.9 3 %8 %
其他非利息收入（虧損）209.6 1,026.5 158.4 (80)32
淨利息收入（折算全球稅後）569.4 529.8 469.4 7 21 
總營業收入（折算全球稅後）$1,975.6 $2,722.4 $1,739.7 (27)%14 %
非利息費用$1,359.4 $1,533.9 $1,278.2 (11)%6 %
信用損失準備金8.0 8.0 14.0 —(43)
所得稅規定136.2 277.5 106.5 (51)28 
全職員工調整*7.1 6.9 13.2 3 (47)
淨利潤$464.9 $896.1 $327.8 (48)%42 %
分配給普通股和潛在普通股的收益$445.0 $884.3 $308.5 (50)%44 %
每股普通股攤薄收益$2.22 $4.34 $1.49 (49)49 
普通股平均回報率15.4 %31.2 %11.6 %
平均資產回報率1.26 %2.44 %0.93 %
平均資產$146,842.9 $148,001.2 $140,201.6 (1)%5 %
淨利息收入和總收入是以完全應納稅當量（FTE）基礎呈現的，屬於非普遍acceptedaccountingprinciples（非GAAP）財務指標。有關更多詳情，請參閱完全應納稅當量調節部分。



北方信託公司2024年第三季度業績
客戶資產
託管/管理資產（AUC/A）和資產管理是公司信託、投資和其他服務費用的驅動因素，是非利息收入的最大組成部分。
截至
2024年9月30日變動百分比
（以十億美元計）2024年9月30日*2024年6月30日2023年9月30日2024年6月30日2023年9月30日
資產託管/管理
資產服務$16,278.0 $15,470.8 $13,206.2 5 %23 %
   财富管理1,145.0 1,096.6 958.5 4 19 
     資產託管/管理總資產$17,423.0 $16,567.4 $14,164.7 5 %23 %
資產託管(1)
資產服務$12,662.1 $11,955.5 $10,064.4 6 %26 %
财富管理1,132.7 1,085.9 951.0 4 19 
託管資產總額$13,794.8 $13,041.4 $11,015.4 6 %25 %
資產管理規模
資產服務$1,177.9 $1,107.3 $963.4 6 %22 %
财富管理443.9 419.4 369.9 6 20 
管理資產總額$1,621.8 $1,526.7 $1,333.3 6 %22 %
(1) 資產託管是資產託管/管理的一個組成部分。
(*) 本季度客戶資產在提交給證券交易委員會的10-Q表格之前都屬於初步數據。

trust、投資和其他服務費
Q3 2024年變化率%
（以百萬美元爲單位）Q3 2024Q2 2024Q3 2023Q2 2024Q3 2023
資產託管信託、投資和其他服務費
託管和基金管理$453.1 $445.9 $428.1 2 %6 %
投資管理152.6 145.7 137.1 5 11 
證券借貸17.5 16.5 20.4 6 (14)
其他43.9 42.5 40.4 3 8 
總資產服務$667.1 $650.6 $626.0 3 %7 %
财富管理信託，投資和其他服務費
中環$186.6 $180.7 $172.3 3 %8 %
東方136.4 132.7 126.1 3 8 
西部105.7 103.3 95.8 2 10 
全球家族辦公室 (GFO)100.8 98.8 91.7 2 10 
總财富管理$529.5 $515.5 $485.9 3 %9 %
總合並信託，投資和其他服務費$1,196.6 $1,166.1 $1,111.9 3 %8 %
資產託管和财富管理信託、投資和其他服務費受一月和一季度滯後資產價值的影響。
總資產託管信託、投資和其他服務費 按季度和上年同期均有增長。
▪託管和基金管理費用按季度增加，主要是由於有利的市場和有利的貨幣轉換，部分抵消了先前披露的業務損失。託管和基金管理費用從去年同期增加，主要是由於有利的市場和有利的貨幣轉換。
▪投資管理費用按季度順序增加，主要是由於有利的市場情況。投資管理費用與前一年同期相比主要是由於有利的市場情況和新業務增加。
财富管理信託、投資和其他服務費 逐季度和比去年同期增加。
•該地區的費用按順序增加，與去年同期相比主要是因爲市場情況較爲有利。
•由於有利的市場和資產流入，GFO的費用較去年同期有所增加。
2
北方信託公司2024年第三季度業績
其他非利息收入
Q3 2024年變化率%
（以百萬美元爲單位）Q3 2024Q2 2024Q3 2023Q2 2024Q3 2023
其他非利息收入
匯率期貨交易收入$54.1 $58.4 $51.8 (7)%4 %
資金管理費8.2 9.0 7.5 (9)9 
安防-半導體佣金和交易收入35.5 34.3 30.9 4 15 
其他營業收入111.8 924.7 68.2 (88)64 
投資安防-半導體收益（損失），淨— 0.1 — N/MN/M
總其他非利息收入（虧損）$209.6 $1,026.5 $158.4 (80)%32%
N/m-無意義
其他經營收入 由於上季度記錄的已披露的重大事項以及與現有Visa Class b掉期協議相關的更高費用，主要導致按順序下降，包括當前季度1280萬美元與訴訟按金融資相關的費用，部分抵消了當前季度出售股權投資而獲得的6810萬美元收益。其他營業收入相比於去年同期主要由於本季度出售股權投資獲得6810萬美元收益而增加，部分抵消了與現有Visa Class b掉期協議相關的更高費用，包括當前季度1280萬美元與訴訟按金融資相關的費用，以及銀行業務和與信貸有關的服務費的下降。


NET INTEREST INCOME
% Change Q3 2024 vs.
($ In Millions)Q3 2024Q2 2024Q3 2023Q2 2024Q3 2023
Net Interest Income
     Interest Income (FTE*)$2,537.3 $2,513.4 $1,948.2 1 %30 %
     Interest Expense1,967.9 1,983.6 1,478.8 (1)33 
Net Interest Income (FTE*)$569.4 $529.8 $469.4 7 %21 %
Average Earning Assets$134,767.8 $135,401.1 $128,254.4 — %5 %
Net Interest Margin (FTE*)1.68 %1.57 %1.45 %11 bps23 bps
(*) Interest income, net interest income and net interest margin presented on an FTE basis are non-GAAP financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
bps - basis points
Net interest income on an FTE basis increased sequentially primarily driven by lower funding costs and a higher than average impact of other items, partially offset by a decrease in the loan portfolio. Net interest income on an FTE basis increased compared to the prior-year quarter primarily driven by higher deposits, securities repositioning, and a higher than average impact of other items, partially offset by a decrease in the loan portfolio.
The net interest margin on an FTE basis increased sequentially primarily due to more favorable deposit costs and a higher than average impact of other items. The net interest margin on an FTE basis increased compared to the prior-year quarter primarily due to more favorable deposit costs, lower funding costs, and a higher than average impact of other items.
Average earning assets increased compared to the prior-year quarter primarily driven by an increase in deposits, partially offset by a decrease in borrowing activity.
3
NORTHERN TRUST CORPORATION THIRD QUARTER 2024 RESULTS
PROVISION FOR CREDIT LOSSES
As of and for the three-months ended,
% Change September 30, 2024 vs.
($ In Millions)September 30, 2024June 30, 2024September 30, 2023June 30, 2024September 30, 2023
Allowance for Credit Losses
Beginning Allowance for Credit Losses$209.6 $201.5 $197.5 4 %6 %
Provision for Credit Losses8.0 8.0 14.0 —(43)
Net Recoveries (Charge-Offs) 2.4 0.1 0.3 N/MN/M
Ending Allowance for Credit Losses$220.0 $209.6 $211.8 5 %4 %
Allowance assigned to:
Loans$184.8 $167.7 $166.8 10 %11 %
Undrawn Loan Commitments and
Standby Letters of Credit		26.5 29.5 28.3 (10)(6)
Debt Securities and Other Financial Assets8.7 12.4 16.7 (30)(48)
Ending Allowance for Credit Losses$220.0 $209.6 $211.8 5 %4 %
N/M - Not meaningful
Q3 2024
The provision in the current quarter resulted from an increase in both the collective and individual reserves. The increase in collective reserves was primarily driven by a small number of downgrades and extensions in the Commercial and Institutional (C&I) portfolio. The reserve evaluated on a collective basis relates to pooled financial assets sharing similar risk characteristics. The increase in individual reserves was driven by the default of one C&I loan.

Q2 2024
The provision in the prior quarter resulted from an increase in collective reserves. The increase in collective reserves was primarily in the C&I portfolio, driven by modest deterioration in credit quality, and the Commercial Real Estate (CRE) portfolio, driven by expectations for weaker CRE prices.
Q3 2023
The provision in the prior-year quarter was primarily due to an increase in the reserve evaluated on a collective basis, driven by a small number of large new loans and renewals and credit quality deterioration of certain CRE and C&I loans, partially offset by a net improvement in the overall macroeconomic outlook.
4
NORTHERN TRUST CORPORATION THIRD QUARTER 2024 RESULTS
NONINTEREST EXPENSE
% Change Q3 2024 vs.
($ In Millions)Q3 2024Q2 2024Q3 2023Q2 2024Q3 2023
Noninterest Expense
Compensation$583.6 $665.2 $558.1 (12)%5 %
Employee Benefits109.2 100.2 100.8 9 8 
Outside Services256.3 260.9 229.6 (2)12 
Equipment and Software270.4 277.5 232.5 (3)16 
Occupancy53.8 54.8 58.7 (2)(8)
Other Operating Expense86.1 175.3 98.5 (51)(13)
Total Noninterest Expense$1,359.4 $1,533.9 $1,278.2 (11)%6 %
End of Period Full-Time Equivalent Employees23,300 23,000 23,300 1 %— %

Compensation expense decreased sequentially primarily due to the prior quarter severance-related charge. Compensation expense increased compared to the prior-year quarter primarily due to higher base pay adjustments.
Employee benefits expense increased both sequentially and compared to the prior-year quarter primarily driven by higher medical costs.
Outside services expense increased compared to the prior-year quarter primarily due to an increase in consulting services.
Equipment and software expense decreased sequentially primarily due to the software disposition charges recorded in the prior quarter. Equipment and software expense increased compared to the prior-year quarter primarily due to higher software amortization and higher software support and rental expense.
Other operating expense decreased sequentially primarily due to the previously disclosed notable items recorded in the prior quarter. Other operating expense decreased compared to the prior-year quarter primarily due to a decrease in account servicing activities and the impact of reclassifying the amortization of certain investments from other operating expense to the provision for income taxes, in accordance with a new accounting standard that took effect in 2024.

PROVISION FOR INCOME TAXES
% Change Q3 2024 vs.
($ In Millions)Q3 2024Q2 2024Q3 2023Q2 2024Q3 2023
Net Income
Income before Income Taxes$601.1 $1,173.6 $434.3 (49)%38 %
Provision for Income Taxes136.2 277.5 106.5 (51)28 
Net Income$464.9 $896.1 $327.8 (48)%42 %
Effective Tax Rate22.7 %23.6 %24.5 %(90)bps(180)bps
bps - basis points
The effective tax rate decreased both sequentially and compared to the prior-year quarter primarily due to higher current year benefits.








5
NORTHERN TRUST CORPORATION THIRD QUARTER 2024 RESULTS
CAPITAL ACTIONS
The Corporation returned approximately $453.0 million to common shareholders in the current quarter through dividends and the repurchase of shares. During the current quarter, the Corporation declared cash dividends totaling $151.6 million to common stockholders. The Corporation repurchased 3,463,546 shares of common stock, including 15,629 withheld to satisfy tax withholding obligations related to share-based compensation, at a total cost of $301.4 million ($87.01 average price per share).
The Corporation also declared cash dividends totaling $16.2 million to preferred stockholders during the current quarter.
CAPITAL RATIOS
The capital ratios of Northern Trust Corporation and its principal subsidiary, The Northern Trust Company, remained strong at September 30, 2024, exceeding the minimum requirements for classification as “well-capitalized” under applicable U.S. regulatory requirements.
The table below provides capital ratios, as well as the required minimum capital ratios, for Northern Trust Corporation and The Northern Trust Company determined by Basel III phased-in requirements.

September 30, 2024*June 30, 2024September 30, 2023
Capital Ratios -
Northern Trust Corporation		Standardized ApproachAdvanced ApproachStandardized ApproachAdvanced ApproachStandardized ApproachAdvanced ApproachWell-Capitalized RatiosMinimum Capital Ratios
Common Equity Tier 1 Capital12.6 %14.0 %12.6 %13.9 %11.4 %13.2 %N/A4.5 %
Tier 1 Capital13.6 15.1 13.6 15.0 12.4 14.3 6.06.0 
Total Capital15.6 17.0 15.5 16.9 14.5 16.5 10.08.0 
Tier 1 Leverage8.1 8.1 8.0 8.0 7.9 7.9 N/A4.0 
Supplementary LeverageN/A9.2 N/A9.1 N/A8.4 N/A3.0 
September 30, 2024*June 30, 2024September 30, 2023
Capital Ratios -
The Northern Trust Company		Standardized ApproachAdvanced ApproachStandardized ApproachAdvanced ApproachStandardized ApproachAdvanced ApproachWell-Capitalized RatiosMinimum Capital Ratios
Common Equity Tier 1 Capital12.3 %13.9 %12.9 %14.6 %12.3 %14.5 %6.5 %4.5 %
Tier 1 Capital12.3 13.9 12.9 14.6 12.3 14.5 8.0 6.0 
Total Capital14.0 15.5 14.6 16.1 14.2 16.4 10.0 8.0 
Tier 1 Leverage7.3 7.3 7.6 7.6 7.8 7.8 5.0 4.0 
Supplementary LeverageN/A8.2 N/A8.6 N/A8.3 3.0 3.0 
(*) Capital ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.
6
NORTHERN TRUST CORPORATION THIRD QUARTER 2024 RESULTS
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
The following table presents a reconciliation of interest income, net interest income, net interest margin, and total revenue prepared in accordance with GAAP to such measures on an FTE non-GAAP basis. Management believes this presentation facilitates the analysis of asset yields and provides a clearer indication of these financial measures for comparative purposes. When adjusted to an FTE basis, yields on taxable, nontaxable and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income.
QUARTERS
20242023
($ in Millions)THIRDSECONDFIRSTFOURTHTHIRD
Net Interest Income
Interest Income - GAAP$2,530.2 $2,506.5 $2,445.6 $2,199.6 $1,935.0 
Add: FTE Adjustment7.1 6.9 7.3 18.0 13.2 
Interest Income (FTE) - Non-GAAP$2,537.3 $2,513.4 $2,452.9 $2,217.6 $1,948.2 
Net Interest Income - GAAP$562.3 $522.9 $528.1 $483.1 $456.2 
Add: FTE Adjustment7.1 6.9 7.3 18.0 13.2 
Net Interest Income (FTE) - Non-GAAP$569.4 $529.8 $535.4 $501.1 $469.4 
Net Interest Margin - GAAP(1)
1.66 %1.55 %1.59 %1.53 %1.41 %
Net Interest Margin (FTE) - Non-GAAP(1)
1.68 %1.57 %1.61 %1.59 %1.45 %
Total Revenue
Total Revenue - GAAP$1,968.5 $2,715.5 $1,646.8 $1,545.3 $1,726.5 
Add: FTE Adjustment7.1 6.9 7.3 18.0 13.2 
Total Revenue (FTE) - Non-GAAP$1,975.6 $2,722.4 $1,654.1 $1,563.3 $1,739.7 
(1)Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.











7
NORTHERN TRUST CORPORATION THIRD QUARTER 2024 RESULTS
FORWARD LOOKING STATEMENTS
This release may include statements which constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified typically by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “likely,” “plan,” “goal,” “target,” “strategy,” and similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements include statements, other than those related to historical facts, that relate to Northern Trust’s financial results and outlook, capital adequacy, dividend policy and share repurchase program, accounting estimates and assumptions, credit quality including allowance levels, future pension plan contributions, effective tax rate, anticipated expense levels, contingent liabilities, acquisitions, strategies, market and industry trends, and expectations regarding the impact of accounting pronouncements and legislation. These statements are based on Northern Trust’s current beliefs and expectations of future events or future results, and involve risks and uncertainties that are difficult to predict and subject to change. These statements are also based on assumptions about many important factors, including the factors discussed in Northern Trust’s most recent annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission, all of which are available on Northern Trust’s website. We caution you not to place undue reliance on any forward-looking statement as actual results may differ materially from those expressed or implied by forward-looking statements. Northern Trust assumes no obligation to update its forward-looking statements.
WEBCAST OF THIRD QUARTER EARNINGS CONFERENCE CALL
Northern Trust’s third quarter earnings conference call will be webcast on October 23, 2024.
The live call will be conducted at 8:30 a.m. CT and is accessible on Northern Trust’s website at:
https://www.northerntrust.com/about-us/investor-relations
A recording of the live call will be available on Northern Trust’s website following the live event, for approximately four weeks. Participants will need Windows Media or Adobe Flash software. This earnings release can also be accessed at Northern Trust’s website.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2024, Northern Trust had assets under custody/administration of US$17.4 trillion, and assets under management of US$1.6 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on X (formerly Twitter) @NorthernTrust or Northern Trust Corporation on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

8
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
STATEMENT OF INCOME DATA 
% Change(1)
($ In Millions Except Per Share Data)
 Q3 2024 vs.
Q3 2024Q2 2024Q3 2023Q2 2024Q3 2023
Noninterest Income
     Trust, Investment and Other Servicing Fees$1,196.6 $1,166.1 $1,111.9 3 %8 %
     Foreign Exchange Trading Income54.1 58.4 51.8 (7)4 
     Treasury Management Fees8.2 9.0 7.5 (9)9 
     Security Commissions and Trading Income35.5 34.3 30.9 4 15 
     Other Operating Income111.8 924.7 68.2 (88)64 
     Investment Security Gains (Losses), net— 0.1 — N/MN/M
Total Noninterest Income1,406.2 2,192.6 1,270.3 (36)11 
Net Interest Income
      Interest Income2,530.2 2,506.5 1,935.0 1 31 
      Interest Expense1,967.9 1,983.6 1,478.8 (1)33 
Net Interest Income562.3 522.9 456.2 8 23 
Total Revenue1,968.5 2,715.5 1,726.5 (28)14 
Provision for Credit Losses8.0 8.0 14.0 —(43)
Noninterest Expense
     Compensation583.6 665.2 558.1 (12)5 
     Employee Benefits109.2 100.2 100.8 9 8 
     Outside Services256.3 260.9 229.6 (2)12 
     Equipment and Software270.4 277.5 232.5 (3)16 
     Occupancy53.8 54.8 58.7 (2)(8)
     Other Operating Expense86.1 175.3 98.5 (51)(13)
Total Noninterest Expense1,359.4 1,533.9 1,278.2 (11)6 
Income before Income Taxes601.1 1,173.6 434.3 (49)38 
Provision for Income Taxes136.2 277.5 106.5 (51)28 
NET INCOME$464.9 $896.1 $327.8 (48)%42 %
Preferred Stock Dividends16.2 4.7 16.2 N/M— 
NET INCOME APPLICABLE TO COMMON STOCK$448.7 $891.4 $311.6 (50)%44 %
Earnings Allocated to Participating Securities3.7 7.1 3.1 (48)20 
Earnings Allocated to Common and Potential Common Shares$445.0 $884.3 $308.5 (50)%44 %
Per Common Share
Net Income
     Basic$2.23 $4.35 $1.49 (49)%49 %
     Diluted2.22 4.34 1.49 (49)49 
Average Common Equity$11,589.2 $11,473.9 $10,651.7 1 %9 %
Return on Average Common Equity15.4 %31.2 %11.6 %
Return on Average Assets1.26 %2.44 %0.93 %
Cash Dividends Declared per Common Share$0.75 $0.75 $0.75 — %— %
Average Common Shares Outstanding (000s)
     Basic199,938 203,306207,022(2)%(3)%
     Diluted200,549 203,739207,253(2)(3)
Common Shares Outstanding (EOP) (000s)198,218 201,638207,036(2)(4)
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
N/M - Not meaningful
EOP - End of period
9
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
STATEMENT OF INCOME DATA
($ In Millions Except Per Share Data)NINE MONTHS
20242023
% Change(1)
Noninterest Income
     Trust, Investment and Other Servicing Fees$3,505.6 $3,271.8 7 %
     Foreign Exchange Trading Income169.5 154.9 9 
     Treasury Management Fees26.5 23.8 11 
     Security Commissions and Trading Income107.7 101.7 6 
     Other Operating Income1,097.5 170.2 N/M
     Investment Security Gains (Losses), net(189.3)6.9 N/M
Total Noninterest Income4,717.5 3,729.3 26 
Net Interest Income
       Interest Income7,482.3 5,125.4 46 
       Interest Expense5,869.0 3,626.5 62 
Net Interest Income1,613.3 1,498.9 8 
Total Revenue6,330.8 5,228.2 21 
Provision for Credit Losses7.5 13.5 (44)
Noninterest Expense
     Compensation1,875.9 1,757.8 7 
     Employee Benefits310.5 303.2 2 
     Outside Services746.5 671.3 11 
     Equipment and Software800.6 693.5 15 
     Occupancy162.7 173.8 (6)
     Other Operating Expense361.8 296.1 22 
Total Noninterest Expense4,258.0 3,895.7 9 
Income before Income Taxes2,065.3 1,319.0 57 
Provision for Income Taxes489.6 324.8 51 
NET INCOME$1,575.7 $994.2 59 %
Preferred Stock Dividends
37.1 37.1 — 
NET INCOME APPLICABLE TO COMMON STOCK$1,538.6 $957.1 61 %
Earnings Allocated to Participating Securities13.2 9.7 36 
Earnings Allocated to Common and Potential Common Shares$1,525.4 $947.4 61 %
Per Common Share
Net Income
     Basic$7.53 $4.56 65 %
     Diluted7.51 4.56 65 
Average Common Equity$11,321.7 $10,538.3 7 %
Return on Average Common Equity18.2 %12.1 %
Return on Average Assets1.44 %0.92 %
Cash Dividends Declared per Common Share$2.25 $2.25 — %
Average Common Shares Outstanding (000s)
     Basic202,614 207,611 (2)%
     Diluted203,131 207,928 (2)
Common Shares Outstanding (EOP) (000s)198,218 207,036 (4)
(1)Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
N/M - Not meaningful
EOP - End of period
10
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
BALANCE SHEET
($ In Millions) 
% Change(1)
September 30, 2024 vs.
September 30, 2024June 30, 2024September 30, 2023June 30, 2024September 30, 2023
Assets
Federal Reserve and Other Central Bank Deposits$40,848.3 $43,206.1 $32,266.3 (5)%27 %
Interest-Bearing Due from and Deposits with Banks(2)
5,464.7 5,558.9 5,216.4 (2)5 
Securities Purchased under Agreements to Resell981.6 859.6 384.3 14 155 
Debt Securities
Available for Sale28,311.9 26,861.7 24,342.1 5 16 
Held to Maturity22,708.6 22,798.6 24,920.4 — (9)
Trading Account— — 0.1 N/M(76)
Total Debt Securities51,020.5 49,660.3 49,262.6 3 4 
Loans41,950.3 42,135.2 43,577.0 — (4)
Other Interest-Earning Assets(3)
2,465.7 3,025.2 3,349.3 (18)(26)
Total Earning Assets142,731.1 144,445.3 134,055.9 (1)6 
Allowance for Credit Losses(193.3)(179.5)(182.7)8 6 
Cash and Due from Banks and Other Central Bank Deposits(4)
3,014.3 2,390.1 1,912.4 26 58 
Buildings and Equipment480.3 481.0 465.0 — 3 
Client Security Settlement Receivables354.2 193.4 147.6 83 140 
Goodwill707.8 697.4 692.8 1 2 
Other Assets8,659.4 8,769.4 9,239.6 (1)(6)
Total Assets$155,753.8 $156,797.1 $146,330.6 (1)%6 %
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
       Savings, Money Market and Other$23,069.0 $28,074.0 $24,362.6 (18)%(5)%
       Savings Certificates and Other Time6,255.2 6,378.4 4,038.6 (2)55 
       Non-U.S. Offices - Interest-Bearing69,684.3 67,612.3 60,826.9 3 15 
Total Interest-Bearing Deposits99,008.5 102,064.7 89,228.1 (3)11 
Federal Funds Purchased2,761.9 2,406.4 5,539.3 15 (50)
Securities Sold under Agreements to Repurchase170.8 629.2 545.9 (73)(69)
Other Borrowings(5)
6,903.2 6,823.7 6,870.9 1 — 
Senior Notes2,820.9 2,744.0 2,688.9 3 5 
Long-Term Debt4,077.2 4,073.0 4,060.7 — — 
Total Interest-Bearing Liabilities115,742.5 118,741.0 108,933.8 (3)6 
Demand and Other Noninterest-Bearing Deposits22,174.8 20,926.2 20,937.8 6 6 
Other Liabilities5,087.5 4,474.1 4,611.8 14 10 
Total Liabilities143,004.8 144,141.3 134,483.4 (1)6 
Common Equity11,864.1 11,770.9 10,962.3 1 8 
Preferred Equity884.9 884.9 884.9 — — 
Total Equity12,749.0 12,655.8 11,847.2 1 8 
Total Liabilities and Stockholders’ Equity$155,753.8 $156,797.1 $146,330.6 (1)%6 %
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
(2)    Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)    Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)    Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)    Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
11
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
AVERAGE BALANCE SHEET
($ In Millions)
% Change(1)
 Q3 2024 vs.
Q3 2024Q2 2024Q3 2023Q2 2024Q3 2023
Assets
Federal Reserve and Other Central Bank Deposits$36,067.3 $35,924.1 $28,000.8 — %29 %
Interest-Bearing Due from and Deposits with Banks(2)
4,828.1 4,999.7 4,301.4 (3)12 
Federal Funds Sold0.2 0.3 1.2 (31)(81)
Securities Purchased under Agreements to Resell977.2 731.9 950.8 34 3 
Debt Securities
       Available for Sale27,462.6 26,591.4 24,430.7 3 12 
Held to Maturity22,834.0 23,373.8 25,919.2 (2)(12)
       Trading Account— — 0.4 — (100)
Total Debt Securities50,296.6 49,965.2 50,350.3 1 — 
Loans39,884.0 41,034.6 42,210.4 (3)(6)
Other Interest-Earning Assets(3)
2,714.4 2,745.3 2,439.5 (1)11 
Total Earning Assets134,767.8 135,401.1 128,254.4 — 5 
Allowance for Credit Losses(180.5)(175.8)(170.4)3 6 
Cash and Due from Banks and Other Central Bank Deposits(4)
1,742.3 1,802.0 1,694.6 (3)3 
Buildings and Equipment482.2 485.8 474.1 (1)2 
Client Security Settlement Receivables335.0 321.4 350.3 4 (4)
Goodwill702.9 697.1 698.9 1 1 
Other Assets8,993.2 9,469.6 8,899.7 (5)1 
Total Assets$146,842.9 $148,001.2 $140,201.6 (1)%5 %
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
       Savings, Money Market and Other$25,233.0 $27,554.9 $22,624.9 (8)%12 %
       Savings Certificates and Other Time6,639.6 6,027.4 3,665.2 10 81 
       Non-U.S. Offices - Interest-Bearing64,347.2 63,216.3 58,680.5 2 10 
Total Interest-Bearing Deposits96,219.8 96,798.6 84,970.6 (1)13 
Federal Funds Purchased2,320.9 3,010.7 5,935.9 (23)(61)
Securities Sold under Agreements to Repurchase504.3 574.6 426.0 (12)18 
Other Borrowings(5)
7,085.9 7,053.5 10,981.7 — (35)
Senior Notes2,795.6 2,728.7 2,713.2 2 3 
Long-Term Debt4,075.1 4,071.1 2,126.9 — 92 
Total Interest-Bearing Liabilities113,001.6 114,237.2 107,154.3 (1)5 
Demand and Other Noninterest-Bearing Deposits16,340.9 16,543.0 16,792.5 (1)(3)
Other Liabilities5,026.3 4,862.2 4,718.2 3 7 
Total Liabilities134,368.8 135,642.4 128,665.0 (1)4 
Common Equity11,589.2 11,473.9 10,651.7 1 9 
Preferred Equity884.9 884.9 884.9 — — 
Total Equity12,474.1 12,358.8 11,536.6 1 8 
Total Liabilities and Stockholders’ Equity$146,842.9 $148,001.2 $140,201.6 (1)%5 %
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
(2)    Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)    Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)    Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)    Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
12
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
QUARTERLY TREND DATA QUARTERS
($ In Millions Except Per Share Data)20242023
THIRDSECONDFIRSTFOURTHTHIRD
Net Income Summary
   Trust, Investment and Other Servicing Fees $1,196.6 $1,166.1 $1,142.9 $1,090.0 $1,111.9 
   Other Noninterest Income209.6 1,026.5 (24.2)(27.8)158.4 
   Net Interest Income 562.3 522.9 528.1 483.1 456.2 
     Total Revenue 1,968.5 2,715.5 1,646.8 1,545.3 1,726.5 
   Provision for Credit Losses 8.0 8.0 (8.5)11.0 14.0 
   Noninterest Expense1,359.4 1,533.9 1,364.7 1,388.5 1,278.2 
     Income before Income Taxes601.1 1,173.6 290.6 145.8 434.3 
   Provision for Income Taxes136.2 277.5 75.9 32.7 106.5 
     Net Income $464.9 $896.1 $214.7 $113.1 $327.8 
Per Common Share
   Net Income - Basic$2.23 $4.35 $0.96 $0.52 $1.49 
                      - Diluted2.22 4.34 0.96 0.52 1.49 
   Cash Dividends Declared per Common Share0.75 0.75 0.75 0.75 0.75 
   Book Value (EOP)59.85 58.38 54.83 53.69 52.95 
   Market Value (EOP)90.03 83.98 88.92 84.38 69.48 
Financial Ratios
   Return on Average Common Equity15.4 %31.2 %7.3 %4.0 %11.6 %
   Return on Average Assets1.26 2.44 0.60 0.33 0.93 
   Net Interest Margin (GAAP)1.66 1.55 1.59 1.53 1.41 
   Net Interest Margin (FTE*)1.68 1.57 1.61 1.59 1.45 
Assets Under Custody / Administration ($ in Billions) - End Of Period
Asset Servicing$16,278.0 $15,470.8 $15,385.4 $14,362.6 $13,206.2 
   Wealth Management1,145.0 1,096.6 1,087.1 1,042.3 958.5 
     Total Assets Under Custody / Administration$17,423.0 $16,567.4 $16,472.5 $15,404.9 $14,164.7 
Assets Under Custody ($ In Billions) - End Of Period
Asset Servicing$12,662.1 $11,955.5 $11,723.1 $10,882.0 $10,064.4 
   Wealth Management1,132.7 1,085.9 1,081.0 1,034.5 951.0 
     Total Assets Under Custody$13,794.8 $13,041.4 $12,804.1 $11,916.5 $11,015.4 
Assets Under Management ($ In Billions) - End Of Period
Asset Servicing$1,177.9 $1,107.3 $1,080.1 $1,032.0 $963.4 
   Wealth Management443.9 419.4 420.6 402.5 369.9 
     Total Assets Under Management$1,621.8 $1,526.7 $1,500.7 $1,434.5 $1,333.3 
Asset Quality ($ In Millions) - End Of Period
   Nonaccrual Loans$39.3 $38.5 $37.0 $63.6 $68.8 
   Other Real Estate Owned (OREO)— — — 1.5 0.3 
     Total Nonaccrual Assets$39.3 $38.5 $37.0 $65.1 $69.1 
   Nonaccrual Assets / Loans and OREO0.09 %0.09 %0.08 %0.14 %0.16 %
   Gross Charge-offs$— $(0.3)$(11.1)$(3.1)$(0.8)
Gross Recoveries 2.4 0.4 0.7 0.7 1.1 
     Net Recoveries (Charge-offs)$2.4 $0.1 $(10.4)$(2.4)$0.3 
   Annualized Net Recoveries (Charge-offs) to Avg Loans0.02 %— %(0.10)%(0.02)%— %
   Allowance for Credit Losses Assigned to:
     Loans$184.8 $167.7 $162.4 $178.7 $166.8 
Undrawn Loan Commitments and Standby Letters of Credit26.5 29.5 25.2 26.9 28.3 
Debt Securities and Other Financial Assets8.7 12.4 13.9 14.8 16.7 
   Loans Allowance / Nonaccrual Loans4.7 x4.4 x4.4 x2.8 x2.4 x
(*)    Net interest margin presented on an FTE basis is a non-GAAP financial measure. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
13