EX-99.3 4 q32024trendreport-wordrepo.htm EX-99.3 Document
附件99.3
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金融趨勢
2024年第三季度
2024年10月23日



請將諮詢內容直接發送至：
Jennifer Childe
高級副總裁，投資者關係董事
電話：(312) 444-3290或jennifer.childe@ntrs.com
Grace Higgins
第二副總裁，投資者關係
電話：(847) 946-9113或grace.higgins@ntrs.com



本報告反映的歷史財務業績和趨勢並不代表北方信託公司未來的財務業績和趨勢。應結合公司2024年第三季度收益新聞發佈、2023年股東年報以及向證券交易委員會提交的定期報告一併閱讀本報告，這些報告中包含了可能影響公司未來財務業績和趨勢的其他信息。公司不承擔更新本報告的義務。



目錄
17
財務總結資產負債表結構趨勢
28
損益表利率趨勢
39
淨利潤趨勢資產質量
410
費用明細Trust的資產
511
資產負債表（期末）全職員工揭示表
612
資產負債表趨勢全職員工揭示表（比率）


北方信託公司
財務摘要
（以百萬美元計，除每股信息外）
20232024
20192020202120222023第一季度第二季度第三季度第四季度第一季度第二季度第三季度第四季度
盈利能力：
$1,492.2 $1,209.3 $1,545.3 $1,336.0 $1,107.3 淨利潤$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 Earnings Allocated to Common and Potential315.2 323.7 308.5 106.5 196.1 884.3 445.0 
普通股股本
$6.66 $5.48 $7.16 $6.16 $5.09 基本每股收益$1.51 $1.56 $1.49 $0.52 $0.96 $4.35 $2.23 
6.63 5.46 7.14 6.14 5.08 攤薄每股收益1.51 1.56 1.49 0.52 0.96 4.34 2.22 
— %(18 %)31 %(14 %)(17 %)上年度攤薄後每股收益增長(15 %)(16 %)(17 %)(27 %)(37 %)179%49 %
14.9 %11.2 %13.9 %12.7 %10.0 %普通股平均回報率12.4 %12.4 %11.6 %4.0 %7.3 %31.2 %15.4 %
1.27 %0.88 %0.99 %0.88 %0.78 %平均資產回報率0.92 %0.91 %0.93 %0.33 %0.60 %2.44 %1.26 %
32.4 %27.1 %31.5 %26.6 %22.3 %
利潤率（稅前）（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 %
利潤率（稅後）（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 %
非利息收入佔營業總收入比例（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 %
信託服務費佔營業總收入比例（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 %有效稅率（美國通用會計準則）24.6 %24.7 %24.5 %22.4 %26.1 %23.6 %22.7 %
24.5 %27.2 %24.5 %26.3 %27.3 %
有效稅率（全稅收等效稅率）(1)
26.8 %26.9 %26.8 %30.9 %27.9 %24.1 %23.5 %
資本充足率：(2)
標準化方法
12.7 %12.8 %11.9 %10.8 %11.4 %公共資本一級核心資本11.3 %11.3 %11.4 %11.4 %11.4 %12.6 %12.6 %
14.5 %13.9 %12.9 %11.8 %12.3 %一級資本12.3 %12.3 %12.4 %12.3 %12.4 %13.6 %13.6 %
16.3 %15.6 %14.1 %13.9 %14.2 %總資本14.4 %14.4 %14.5 %14.2 %14.2 %15.5 %15.6 %
8.7 %7.6 %6.9 %7.1 %8.1 %一級槓桿比率7.3 %7.4 %7.9 %8.1 %7.8 %8.0 %8.1 %
愛文思控股方法
13.2 %13.4 %13.2 %11.5 %13.4 %公共資本一級核心資本11.7 %13.0 %13.2 %13.4 %13.5 %13.9 %14.0 %
15.0 %14.5 %14.3 %12.5 %14.5 %一級資本12.7 %14.1 %14.3 %14.5 %14.6 %15.0 %15.1 %
16.8 %15.9 %15.3 %14.5 %16.5 %總資本14.7 %16.3 %16.5 %16.5 %16.5 %16.9 %17.0 %
8.7 %7.6 %6.9 %7.1 %8.1 %一級槓桿比率7.3 %7.4 %7.9 %8.1 %7.8 %8.0 %8.1 %
7.6 %8.6 %8.2 %7.9 %8.6 %
補充槓桿 (3)
8.3 %8.3 %8.4 %8.6 %8.8 %9.1 %9.2 %
每股信息 / 比率：
$2.60 $2.80 $2.80 $2.90 $3.00 每股普通股宣佈現金分紅$0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75 
39 %51 %39 %47 %59 %股息支付比率50 %48 %50 %144 %78 %17 %34 %
$106.24 $93.14 $119.61 $88.49 $84.38 期末每股市值$88.13 $74.14 $69.48 $84.38 $88.92 $83.98 $90.03 
16.0 17.1 16.8 14.4 16.6 股價收益倍數15.0 13.3 13.2 16.6 19.6 11.5 11.2 
(基於過去4個季度的攤薄後每股收益)
$46.82 $51.87 $53.58 $49.78 $53.69 每股普通股賬面價值（期末）$51.37 $51.94 $52.95 $53.69 $54.83 $58.38 $59.85 
(1)
全稅當量（FTE）。按稅前等效比例呈現是一項非通用會計原則財務指標。有關更多詳細信息，請參閱第12頁上的全稅當量調整比率。
(2)
本季度的資本比率在提交給證券交易委員會的10-Q表格之前均爲初步數據。
(3)
從2020年4月1日至2021年4月1日，聯儲局發佈了臨時的補充槓桿比率（SLR）豁免，要求北方信託將美國國庫存款排除在SLR之外。有關更多SLR討論，請參閱北方信託公司支柱3披露。
1

北方信託公司
損益表
(以百萬美元計，除每股信息外)
九個月
變化 (2)
第三季度
變化 (2)
20242023$%20242023$%
$1,957.3 $1,850.2 $107.1 6 %資產託管信託、投資和其他服務費$667.1 $626.0 $41.1 7 %
1,548.3 1,421.6 126.7 9 %Wm trust, 投資和其他服務費 529.5 485.9 43.6 9 %
3,505.6 3,271.8 233.8 7 %總費用1,196.6 1,111.9 84.7 8 %
169.5 154.9 14.6 9 %匯率期貨交易收入54.1 51.8 2.3 4 %
26.5 23.8 2.7 11 %資金管理費8.2 7.5 0.7 9 %
107.7 101.7 6.0 6 %安防-半導體佣金和交易收入35.5 30.9 4.6 15 %
1,097.5 170.2 927.3 N/M其他營業收入111.8 68.2 43.6 64 %
(189.3)6.9 (196.2)N/M投資安全收益（損失），淨額— — — N/M
4,717.5 3,729.3 988.2 26 %總非利息收入1,406.2 1,270.3 135.9 11 %
7,503.6 5,164.9 2,338.7 45 %
利息收入（全職員工）(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 %
淨利息收益(FTE)(1)
569.4 469.4 100.0 21 %
6,352.1 5,267.7 1,084.4 21 %
總營業收入（全職員工）(1)
1,975.6 1,739.7 235.9 14 %
7.5 13.5 (6.0)(44)%信用損失準備金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 %員工福利109.2 100.8 8.4 8 %
746.5 671.3 75.2 11 %外部服務 256.3 229.6 26.7 12 %
800.6 693.5 107.1 15 %設備和軟件270.4 232.5 37.9 16 %
162.7 173.8 (11.1)(6)%佔用率53.8 58.7 (4.9)(8)%
361.8 296.1 65.7 22 %其他營業費用86.1 98.5 (12.4)(13)%
4,258.0 3,895.7 362.3 9 % 總非利息支出1,359.4 1,278.2 81.2 6 %
2,086.6 1,358.5 728.1 54 %
稅前收入（全職員工）(1)
608.2 447.5 160.7 36 %
489.6 324.8 164.8 51 %所得稅規定136.2 106.5 29.7 28 %
21.3 39.5 (18.2)(46)%應稅等效調整7.1 13.2 (6.1)(47)%
510.9 364.3 146.6 40 %
總稅收（FTE）(1)
143.3 119.7 23.6 20 %
$1,575.7 $994.2 $581.5 59 %淨利潤$464.9 $327.8 $137.1 42 %
$37.1 $37.1 $— — %優先股股息$16.2 $16.2 $— — %
13.2 9.7 3.5 36 %分配給優先證券的收益3.7 3.1 0.6 20 %
1,525.4 947.4 578.0 61 %分配給普通股和潛在普通股的收益445.0 308.5 136.5 44 %
$7.53 $4.56 $2.97 65 %每股收益-基本$2.23 $1.49 $0.74 49 %
$7.51 $4.56 $2.95 65 %每股收益-攤薄$2.22 $1.49 $0.73 49 %
202,614 207,611 (4,997)(2)%平均基本股份（000s）199,938 207,022 (7,084)(3)%
203,131 207,928 (4,797)(2)%平均稀釋股份數（000s）200,549 207,253 (6,704)(3)%
198,218 207,036 (8,818)(4)%期末流通股份（000s）198,218 207,036 (8,818)(4)%
N/m-無意義
(1) 完全應稅當量（FTE）。按FTE方式呈現的財務指標是一種非普遍接受的會計原則。有關詳細信息，請參閱第11頁的完全應稅當量對賬。
(2) 百分比計算基於實際餘額而不是上表中呈現的四捨五入金額。
2

Northern Trust Corporation
NET INCOME TRENDS
($ in Millions except per share information)
20232024
201920202021202220231st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$2,211.5 $2,321.6 $2,487.3 $2,496.3 $2,461.9 Asset Servicing Trust, Investment and Other Servicing Fees$603.0 $621.2 $626.0 $611.7 $639.6 $650.6 $667.1 
1,640.6 1,673.4 1,873.8 1,936.3 1,899.9 WM Trust, Investment and Other Servicing Fees460.6 475.1 485.9 478.3 503.3 515.5 529.5 
3,852.1 3,995.0 4,361.1 4,432.6 4,361.8      Total Fees1,063.6 1,096.3 1,111.9 1,090.0 1,142.9 1,166.1 1,196.6 
250.9 290.4 292.6 288.6 203.9 Foreign Exchange Trading Income53.0 50.1 51.8 49.0 57.0 58.4 54.1 
44.5 45.4 44.3 39.3 31.6 Treasury Management Fees8.4 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 Income34.7 36.1 30.9 33.3 37.9 34.3 35.5 
145.5 194.0 243.9 191.3 228.7 Other Operating Income46.8 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), net6.9 — — (176.4)(189.4)0.1 — 
4,395.2 4,657.6 5,081.8 4,874.0 4,791.5      Total Noninterest Income1,213.4 1,245.6 1,270.3 1,062.2 1,118.7 2,192.6 1,406.2 
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 Losses15.0 (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 Compensation595.2 604.5 558.1 564.0 627.1 665.2 583.6 
355.2 387.7 431.4 437.4 405.2 Employee Benefits101.0 101.4 100.8 102.0 101.1 100.2 109.2 
774.5 763.1 849.4 880.3 906.5 Outside Services210.8 230.9 229.6 235.2 229.3 260.9 256.3 
612.1 673.5 736.3 838.8 945.5 Equipment and Software231.7 229.3 232.5 252.0 252.7 277.5 270.4 
212.9 230.1 208.7 219.1 232.3 Occupancy61.3 53.8 58.7 58.5 54.1 54.8 53.8 
329.8 346.7 299.1 359.3 472.9 Other Operating Expense85.6 112.0 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 Expense1,285.6 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 Taxes109.4 108.9 106.5 32.7 75.9 277.5 136.2 
32.8 34.4 35.6 45.6 57.5 Taxable Equivalent Adjustment13.2 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 - Diluted1.51 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

Northern Trust Corporation
TRUST, INVESTMENT AND OTHER SERVICING FEES DETAIL
($ in Millions)
20232024
20192020202120222023Asset Servicing1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,549.3 $1,586.1 $1,818.8 $1,700.1 $1,689.5 Custody & Fund Administration$413.6 $427.4 $428.1 $420.4 $436.7 $445.9 $453.1 
445.7 511.1 443.5 555.1 528.1 Investment Management126.2 134.1 137.1 130.7 140.0 145.7 152.6 
87.2 88.0 76.7 81.4 83.0 Securities Lending19.1 21.5 20.4 22.0 17.9 16.5 17.5 
129.3 136.4 148.3 159.7 161.3 Other44.1 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 East119.8 124.1 126.1 121.5 129.9 132.7 136.4 
330.9 337.7 380.2 382.1 378.0 West91.2 93.7 95.8 97.3 99.9 103.3 105.7 
268.2 286.3 285.6 357.6 356.6 Global Family Office86.0 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

Northern Trust Corporation
BALANCE SHEET
END OF PERIOD
($ in Millions)
CHANGE (5)
Assets9/30/20249/30/2023$%
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 Resell981.6 384.3 597.3 155 %
Debt Securities:
Available For Sale28,311.9 24,342.1 3,969.8 16 %
Held To Maturity22,708.6 24,920.4 (2,211.8)(9)%
Trading Account— 0.1 (0.1)(76)%
   Total Debt Securities51,020.5 49,262.6 1,757.9 4 %
Loans41,950.3 43,577.0 (1,626.7)(4)%
Other Interest-Earning Assets(2)
2,465.7 3,349.3 (883.6)(26)%
Total Earning Assets142,731.1 134,055.9 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 Equipment480.3 465.0 15.3 3 %
Client Security Settlement Receivables354.2 147.6 206.6 140 %
Goodwill707.8 692.8 15.0 2 %
Other Assets8,659.4 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 Time6,255.2 4,038.6 2,216.6 55 %
Non-U.S. Offices - Interest-Bearing69,684.3 60,826.9 8,857.4 15 %
Total Interest-Bearing Deposits99,008.5 89,228.1 9,780.4 11 %
Federal Funds Purchased2,761.9 5,539.3 (2,777.4)(50)%
Securities Sold under Agreements to Repurchase170.8 545.9 (375.1)(69)%
Other Borrowings(4)
6,903.2 6,870.9 32.3 — %
Senior Notes2,820.9 2,688.9 132.0 5 %
Long-Term Debt4,077.2 4,060.7 16.5 — %
Total Interest-Bearing Liabilities115,742.5 108,933.8 6,808.7 6 %
Demand and Other Noninterest-Bearing Deposits22,174.8 20,937.8 1,237.0 6 %
Other Liabilities5,087.5 4,611.8 475.7 10 %
Total Liabilities143,004.8 134,483.4 8,521.4 6 %
Common Equity11,864.1 10,962.3 901.8 8 %
Preferred Equity884.9 884.9 — — %
Total Stockholders' Equity12,749.0 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

Northern Trust Corporation
BALANCE SHEET TRENDS
  PERIOD AVERAGES(1)
($ in Millions)
20232024
20192020202120222023Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$18,511.0 $27,904.2 $39,028.2 $36,248.8 $31,205.4 Federal Reserve and Other Central Bank Deposits$36,641.8 $34,380.4 $28,000.8 $25,951.3 $35,897.3 $35,924.1 $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 Sold19.7 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 Resell1,046.1 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 Sale25,030.4 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 Maturity25,382.2 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 Account1.3 0.2 0.4 0.2 — — — 
49,667.4 54,997.1 59,604.5 55,042.3 49,869.0    Total Debt Securities50,413.9 49,565.3 50,350.3 49,155.3 48,548.5 49,965.2 50,296.6 
31,052.8 33,498.8 37,207.5 41,030.6 42,177.0 Loans and Leases41,959.4 42,365.4 42,210.4 42,170.0 41,586.9 41,034.6 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 Assets135,957.4 134,116.4 128,254.4 125,025.1 133,816.8 135,401.1 134,767.8 
(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 Equipment497.3 481.8 474.1 486.4 498.2 485.8 482.2 
1,070.4 1,357.5 1,530.1 1,722.3 558.8 Client Security Settlement Receivables1,098.5 592.7 350.3 205.9 238.6 321.4 335.0 
682.5 695.4 707.3 692.2 696.2 Goodwill692.3 697.0 698.9 696.4 699.4 697.1 702.9 
5,981.3 7,691.0 7,637.2 8,894.3 8,509.3 Other Assets8,180.0 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 Time2,360.1 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-Bearing62,411.1 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 Deposits92,040.0 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 Purchased3,653.9 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 Repurchase347.1 467.8 426.0 364.5 490.1 574.6 504.3 
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 Notes2,748.1 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 Debt2,066.3 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 Liabilities112,179.4 112,544.8 107,154.3 103,148.2 112,464.1 114,237.2 113,001.6 
17,455.5 23,362.0 31,143.5 29,296.4 17,723.3 Demand and Other Noninterest-Bearing Deposits20,145.6 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 Liabilities4,453.4 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 Liabilities136,778.4 134,450.9 128,665.0 124,873.2 133,334.6 135,642.4 134,368.8 
9,705.2 10,306.7 10,812.1 10,196.5 10,611.9 Common Equity10,396.6 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 Equity884.9 884.9 884.9 884.9 884.9 884.9 884.9 
10,648.0 11,193.0 11,697.0 11,081.4 11,496.8 Total Stockholders' Equity11,281.5 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

Northern Trust Corporation
BALANCE SHEET MIX TRENDS
PERIOD AVERAGES(1)
20232024
20192020202120222023Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
15.7 %20.4 %25.0 %23.8 %21.9 %Federal Reserve and Other Central Bank Deposits24.7 %23.6 %20.0 %19.0 %24.7 %24.3 %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 Resell0.7 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 Sale16.9 16.8 17.4 17.2 16.6 18.0 18.7 
9.9 10.5 13.2 15.1 17.9 Held To Maturity17.1 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 Securities34.0 34.0 35.9 36.0 33.5 33.8 34.3 
26.4 24.5 23.8 26.9 29.6 Loans and Leases28.3 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 Assets91.8 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 Equipment0.3 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 Receivables0.7 0.4 0.2 0.2 0.2 0.2 0.2 
0.6 0.5 0.5 0.5 0.5 Goodwill0.5 0.5 0.5 0.5 0.5 0.5 0.5 
5.1 5.6 4.9 5.8 6.0 Other Assets5.5 5.7 6.3 6.3 5.7 6.4 6.1 
100.0 %100.0 %100.0 %100.0 %100.0 %Total Assets100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
Liabilities and Stockholders' Equity
14.1 %17.1 %18.1 %19.8 %16.9 %Savings, Money Market and Other18.4 %15.7 %16.1 %17.5 %18.8 %18.6 %17.2 %
0.7 0.9 0.6 0.7 2.3 Savings Certificates and Other Time1.6 2.1 2.6 3.1 3.1 4.1 4.5 
46.7 44.2 44.6 42.6 42.1 Non-U.S. Offices - Interest-Bearing42.2 42.5 41.9 41.7 43.9 42.7 43.8 
61.5 62.2 63.3 63.1 61.4 Total Interest-Bearing Deposits62.2 60.3 60.6 62.3 65.9 65.4 65.5 
1.1 0.7 0.1 0.9 3.6 Federal Funds Purchased2.5 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 Repurchase0.2 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 Notes1.9 1.9 1.9 2.0 1.9 1.8 1.9 
1.0 0.9 0.7 0.8 1.8 Long-Term Debt1.4 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 Liabilities75.8 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 Deposits13.6 12.0 12.0 12.0 11.5 11.2 11.1 
3.4 3.5 3.1 3.0 3.3 Other Liabilities3.0 3.0 3.4 3.9 2.9 3.3 3.4 
90.9 91.8 92.5 92.7 91.9 Total Liabilities92.4 92.2 91.8 91.4 91.9 91.6 91.5 
8.3 7.5 6.9 6.7 7.4 Common Equity7.0 7.2 7.6 7.9 7.5 7.8 7.9 
0.8 0.6 0.6 0.6 0.6 Preferred Equity0.6 0.6 0.6 0.6 0.6 0.6 0.6 
9.1 8.2 7.5 7.3 8.1 Total Stockholders' Equity7.6 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' Equity100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
(1)
Summations may not equal due to rounding.
(2)
Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)
Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)
Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.

7

Northern Trust Corporation
INTEREST RATE TRENDS (FTE(1) Basis)
PERIOD AVERAGES
Net Interest Income (FTE Adjusted), a non-GAAP financial measure, includes adjustments to a fully taxable equivalent basis for loans and securities. A reconciliation of net interest income, net interest margin, and net interest spread on a GAAP basis to net interest income, net interest margin, and net interest spread on an FTE basis, respectively, (each of which is a non-GAAP financial measure) is provided on pages 11 and 12. Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets. Net interest spread is calculated as the difference between the interest rate earned (annualized interest income divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds).
20232024
20192020202120222023Earnings Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
0.98 %0.10 %0.03 %1.30 %4.69 %Federal Reserve and Other Central Bank Deposits4.17 %4.65 %4.99 %5.11 %5.15 %5.12 %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 Sold4.79 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 Sale3.80 4.17 4.51 4.94 5.41 5.52 5.50 
0.94 0.59 0.80 1.26 1.87 Held to Maturity1.64 1.80 1.93 2.13 2.02 1.95 1.88 
3.29 3.27 1.59 3.84 13.50 Trading Account7.63 42.53 21.15 5.19 — — — 
2.14 1.46 1.11 1.64 3.08    Total Debt Securities2.72 2.97 3.18 3.46 3.70 3.85 3.86 
3.74 2.32 1.92 3.28 6.06 Loans and Leases5.60 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 Assets4.38 %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 Other2.35 %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 Time3.70 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-Bearing2.50 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 Deposits2.49 2.89 3.35 3.59 3.71 3.73 3.61 
2.05 0.22 (0.19)2.43 4.99 Federal Funds Purchased4.45 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 Notes5.79 6.14 6.44 6.50 6.45 6.50 6.30 
3.36 2.24 1.81 3.49 5.69 Long-Term Debt5.73 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 Liabilities3.34 %4.36 %5.48 %6.60 %6.86 %6.98 %6.93 %
1.40 %1.14 %0.98 %1.19 %0.73 %Net Interest Spread1.04 %0.87 %0.55 %0.44 %0.51 %0.49 %0.56 %
1.60 %1.19 %0.99 %1.39 %1.56 %Net Interest Margin1.62 %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

Northern Trust Corporation
ASSET QUALITY
END OF PERIOD
($ in Millions)
20232024
201920202021202220231st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$138.2 $124.4 $259.9 $184.7 $200.9 Beginning Allowance for Credit Losses$200.9 $213.0 $197.5 $211.8 $220.4 $201.5 $209.6 
— 13.7 — — — 
Cumulative Effect Adjustment(1)
— — — — — — — 
(14.5)125.0 (81.5)12.0 24.5 Provision for (Release of) Credit Losses15.0 (15.5)14.0 11.0 (8.5)8.0 8.0 
(Charge-offs) Recoveries
(6.5)(9.7)(0.7)(6.0)(8.7)Charge-offs(4.0)(0.8)(0.8)(3.1)(11.1)(0.3)— 
7.2 6.5 7.0 10.2 3.7 Recoveries1.1 0.8 1.1 0.7 0.7 0.4 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 Credit34.3 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 Assets18.8 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 Loans0.38 %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 OREO0.12 %0.11 %0.16 %0.14 %0.08 %0.09 %0.09 %
Loans and Leases Allowance to Nonaccrual
1.3x1.4x1.1x3.1x2.8xLoans and Leases3.3x3.2x2.4x2.8x4.4x4.4x4.7x
(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

Northern Trust Corporation
ASSETS UNDER MANAGEMENT AND CUSTODY
END OF PERIOD
($ in Billions)
20232024
20192020202120222023Assets Under Management1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$917.5 $1,057.5 $1,191.0 $898.1 $1,032.0 Asset Servicing$962.1 $989.8 $963.4 $1,032.0 $1,080.1 $1,107.3 $1,177.9 
Asset allocation:
483.8 551.7 626.6 485.0 563.9 Equities515.1 535.4 508.7 563.9 602.5 613.7 650.0 
114.6 120.1 132.6 107.1 116.2 Fixed Income Securities107.3 108.8 109.7 116.2 116.3 125.8 131.0 
156.1 198.8 236.2 157.7 184.5 Cash and Other Assets171.8 176.8 183.0 184.5 198.2 207.2 220.9 
163.0 186.9 195.6 148.3 167.4 Securities Lending Collateral167.9 168.8 162.0 167.4 163.1 160.6 176.0 
$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 Equities197.0 205.1 197.8 221.6 238.6 243.2 258.8 
79.2 84.7 83.5 79.4 87.2 Fixed Income Securities80.3 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 Assets91.0 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 Securities187.6 188.7 190.2 203.4 203.5 211.6 219.7 
223.6 279.9 338.9 243.4 278.2 Cash and Other Assets262.8 267.8 274.6 278.2 292.9 297.5 317.2 
163.1 186.9 195.6 148.3 167.4 Securities Lending Collateral167.9 168.8 162.0 167.4 163.2 160.7 176.1 
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 Management953.3 995.4 958.5 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 Equities4,546.1 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 Securities3,366.8 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 Assets1,984.8 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 Collateral167.9 168.8 162.0 167.4 163.1 160.6 176.0 
$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 Equities545.0 589.4 550.7 623.6 661.1 669.3 701.4 
134.3 128.3 142.1 134.0 136.7 Fixed Income Securities134.6 130.5 128.3 136.7 138.4 139.2 144.4 
169.3 203.9 270.6 260.4 274.2 Cash and Other Assets268.0 269.2 272.0 274.2 281.4 277.3 286.8 
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 Securities3,501.4 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 Assets2,252.8 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 Collateral167.9 168.8 162.0 167.4 163.2 160.7 176.1 
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 AUC660.0 694.0 663.5 728.0 762.1 768.1 798.0 
10

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

Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income, consistent with industry practice. The adjustments are based on the federal income tax rate, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. When adjusted to an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income. Below is a reconciliation of the financial measures presented on an FTE basis.
20232024
201920202021202220231st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$2,499.9 $1,643.5 $1,406.5 $2,877.7 $7,325.0 Interest Income - GAAP$1,455.4 $1,735.0 $1,935.0 $2,199.6 $2,445.6 $2,506.5 $2,530.2 
32.8 34.4 35.6 45.6 57.5 Add: FTE Adjustment13.2 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-GAAP1,468.6 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 - GAAP531.2 511.5 456.2 483.1 528.1 522.9 562.3
32.8 34.4 35.6 45.6 57.5 Add: FTE Adjustment13.2 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-GAAP544.4 524.6 469.4 501.1 535.4 529.8 569.4
6,073.1 6,100.8 6,464.5 6,761.2 6,773.5 Total Revenue - GAAP1,744.6 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 Adjustment13.2 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-GAAP1,757.8 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 - GAAP444.0 440.7 434.3 145.8 290.6 1,173.6 601.1
32.8 34.4 35.6 45.6 57.5 Add: FTE Adjustment13.2 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-GAAP457.2 453.8 447.5 163.8 297.9 1,180.5 608.2
451.9 418.3 464.8 430.3 357.5 Provision for Income Taxes - GAAP109.4 108.9 106.5 32.7 75.9 277.5 136.2
32.8 34.4 35.6 45.6 57.5 Add: FTE Adjustment13.2 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-GAAP122.6 122.0 119.7 50.7 83.2 284.4 143.3
11

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

Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income, consistent with industry practice. The adjustments are based on the federal income tax rate, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. When adjusted to an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income. Below is a reconciliation of the financial ratios presented on an FTE basis.
20232024
201920202021202220231st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
32.0 %26.7 %31.1 %26.1 %21.6 %
Profit Margin (pre-tax) - GAAP (1)
25.4 %25.1 %25.2 %9.4 %17.6 %43.2 %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