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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File No. 001-36609
NORTHERN TRUST CORPORATION
(Exact name of registrant as specified in its charter)
Delaware36-2723087
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
50 South LaSalle Street60603
Chicago,Illinois(Zip Code)
(Address of principal executive offices)
Registrant’s telephone number, including area code: (312) 630-6000
____________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $1.66 2/3 Par ValueNTRSThe NASDAQ Stock Market LLC
Depositary Shares, each representing 1/1,000th interest in a share of Series E Non-Cumulative Perpetual Preferred StockNTRSOThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer¨
Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  x
At June 30, 2022, 208,386,524 shares of common stock, $1.66 2/3 par value, were outstanding.



NORTHERN TRUST CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022
TABLE OF CONTENTS
i

CONSOLIDATED FINANCIAL HIGHLIGHTS
(UNAUDITED)
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
CONDENSED INCOME STATEMENTS ($ In Millions)20222021
% CHANGE(1)
20222021
% CHANGE(1)
Noninterest Income$1,310.0 $1,244.7 %$2,647.7 $2,488.0 %
Net Interest Income458.7 335.6 37 839.7 675.7 24 
Total Revenue1,768.7 1,580.3 12 3,487.4 3,163.7 10 
Provision for Credit Losses4.5 (27.0)N/M6.5 (57.0)N/M
Noninterest Expense1,223.6 1,120.8 2,429.5 2,238.3 
Income before Income Taxes540.6 486.5 11 1,051.4 982.4 
Provision for Income Taxes144.4 118.4 22 265.9 239.2 11 
Net Income$396.2 $368.1 %$785.5 $743.2 %
PER COMMON SHARE
Net Income — Basic$1.86 $1.73 %$3.64 $3.44 %
— Diluted1.86 1.72 3.63 3.42 
Cash Dividends Declared Per Common Share0.70 0.70 — 1.40 1.40 — 
Book Value — End of Period (EOP)48.87 52.49 (7)48.87 52.49 (7)
Market Price — EOP96.48 115.62 (17)96.48 115.62 (17)
SELECTED BALANCE SHEET DATA ($ In Millions)JUNE 30, 2022DECEMBER 31, 2021
% CHANGE(1)
End of Period:
Total Assets$157,786.3 $183,889.8 (14)%
Earning Assets142,184.7 172,276.0 (17)
Deposits133,674.6 159,928.4 (16)
Stockholders’ Equity11,069.7 12,016.8 (8)
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
20222021
% CHANGE(1)
20222021
% CHANGE(1)
Average Balances:
Total Assets$154,084.1 $154,300.1 — %$158,091.3 $153,780.8 %
Earning Assets139,901.5 142,024.4 (1)144,807.8 141,310.4 
Deposits129,393.8 127,997.5 133,921.8 127,211.2 
Stockholders’ Equity10,907.0 11,551.0 (6)11,207.5 11,544.2 (3)
CLIENT ASSETS ($ In Billions)JUNE 30, 2022DECEMBER 31, 2021
% CHANGE(1)
Assets Under Custody/Administration(2)
$13,733.7 $16,248.8 (15)%
Assets Under Custody10,684.2 12,612.3 (15)
Assets Under Management1,302.8 1,607.1 (19)
N/M - Not meaningful
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the Consolidated Financial Highlights.
(2)    For the purposes of disclosing Assets Under Custody/Administration, to the extent that both custody and administration services are provided, the value of the assets is included only once in this amount.



1

SELECTED RATIOS AND METRICS
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2022202120222021
Financial Ratios:
Return on Average Common Equity15.7 %13.7 %14.9 %13.7 %
Return on Average Assets1.03 0.96 1.00 0.97 
Dividend Payout Ratio37.6 40.7 38.6 40.9 
Net Interest Margin(1)
1.35 0.97 1.19 0.99 
JUNE 30, 2022DECEMBER 31, 2021
STANDARDIZED
APPROACH
ADVANCED
APPROACH
STANDARDIZED
APPROACH
ADVANCED
APPROACH
WELL-CAPITALIZED RATIOSMINIMUM CAPITAL RATIOS
Capital Ratios:
Northern Trust Corporation
Common Equity Tier 1 Capital10.5 %11.6 %11.9 %13.2 %N/A4.5 %
Tier 1 Capital11.5 12.7 12.9 14.3 6.0 6.0 
Total Capital12.6 13.7 14.1 15.3 10.0 8.0 
Tier 1 Leverage6.7 6.7 6.9 6.9 N/A4.0 
Supplementary LeverageN/A7.6 N/A8.2 N/A3.0 
The Northern Trust Company
Common Equity Tier 1 Capital11.0 %12.3 %12.0 %13.5 %6.5 %4.5 %
Tier 1 Capital11.0 12.3 12.0 13.5 8.0 6.0 
Total Capital11.9 13.1 13.0 14.4 10.0 8.0 
Tier 1 Leverage6.3 6.3 6.4 6.4 5.0 4.0 
Supplementary LeverageN/A7.2 N/A7.6 3.0 3.0 
(1)    Net interest margin is presented on a fully taxable equivalent (FTE) basis, a non-generally accepted accounting principle (GAAP) financial measure that facilitates the analysis of asset yields. The net interest margin on a GAAP basis and a reconciliation of net interest income on a GAAP basis to net interest income on an FTE basis are presented in “Reconciliation to Fully Taxable Equivalent” within the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section.
2


PART I – FINANCIAL INFORMATION
Items 2. and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures about Market Risk
The following is management’s discussion and analysis of the financial condition and results of operations (MD&A) of Northern Trust Corporation (Corporation) for the second quarter of 2022. The following should be read in conjunction with the consolidated financial statements and related footnotes included in this report as well as the Annual Report on Form 10-K for the year ended December 31, 2021. Investors also should read the section entitled “Forward-Looking Statements.”
Certain terms used in this report are defined in the Glossary included in our Annual Report on Form 10-K for the year ended December 31, 2021.
SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS
General
The Corporation is a leading provider of wealth management, asset servicing, asset management and banking solutions to corporations, institutions, families and individuals. The Corporation focuses on managing and servicing client assets through its two client-focused reporting segments: Asset Servicing and Wealth Management. During the first quarter of 2022, the Corporation changed the name of its Corporate & Institutional Services (C&IS) segment to “Asset Servicing.” Accordingly, the disclosures herein and all future disclosures regarding the Corporation’s reporting segments filed with, or furnished to, the SEC will refer to this segment as Asset Servicing. Asset management and related services are provided to Asset Servicing and Wealth Management clients primarily by the Asset Management business. Except where the context requires otherwise, the terms “Northern Trust,” “we,” “us,” “our,” “its,” or similar terms mean the Corporation and its subsidiaries on a consolidated basis.
Overview of Financial Results
Net Income per diluted common share increased in the current quarter to $1.86 from $1.72 in the second quarter of 2021. Net Income increased $28.1 million, or 8%, to $396.2 million in the current quarter from $368.1 million in the prior-year quarter. Annualized return on average common equity was 15.7% in the current quarter and 13.7% in the prior-year quarter. The annualized return on average assets was 1.03% in the current quarter as compared to 0.96% in the prior-year quarter.
Revenue increased $188.4 million, or 12%, to $1.77 billion in the current quarter from $1.58 billion in the prior-year quarter.
Beginning in the first quarter of 2022, Trust, Investment and Other Servicing fees were impacted by the change in classification of certain fees that were previously recorded in Other Operating Income or as a reduction of Other Operating Expense. This change resulted in no impact to Net Income. The accounting reclassification increased Trust, Investment and Other Servicing fees in the current quarter by $17.3 million, with a $6.9 million decrease in Other Operating Income and a $10.4 million increase in Other Operating Expense. The classification changes are considered by the Corporation’s management to be a better representation of the underlying nature of the business as they are directly tied to client asset levels and the related services are more akin to our core service offerings. Prior-year amounts have not been reclassified.
Trust, Investment and Other Servicing Fees increased $68.0 million, or 6%, from $1.08 billion in the prior-year quarter to $1.14 billion in the current quarter, primarily due to lower money market fund fee waivers, the accounting reclassification previously discussed, and new business, partially offset by unfavorable currency translation.
Net Interest Income increased $123.1 million, or 37%, to $458.7 million in the current quarter as compared to $335.6 million in the prior-year quarter, primarily due to a higher net interest margin, a favorable balance sheet mix shift and nonrecurring interest received from certain nonaccrual loans.
There was a $4.5 million provision in the current quarter, as compared to a $27.0 million release of credit reserves in the prior-year quarter. The current quarter provision was primarily due to an increase in the reserve evaluated on a collective basis, partially offset by recoveries in the current quarter. The reserve evaluated on a collective basis relates to pooled financial assets sharing similar risk characteristics. The increase in the collective basis reserve was primarily driven by recent market conditions and a higher risk of recession as compared to the previous period, partially offset by improvements in credit quality mainly within the commercial real estate and commercial and institutional portfolios.
Noninterest Expense increased $102.8 million, or 9%, from $1.12 billion in the prior-year quarter to $1.22 billion in the current quarter, primarily attributable to higher Compensation, Equipment and Software expense, and Other Operating Expense, partially offset by lower Outside Services.
The Provision for Income Taxes in the current quarter totaled $144.4 million, representing an effective tax rate of 26.7%. The Provision for Income Taxes in the prior-year quarter totaled $118.4 million, representing an effective tax rate of 24.3%. The
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SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Overview of Financial Results (continued)
effective tax rate increased compared to the prior-year quarter primarily due to a higher net tax impact from international operations, which includes a change in the earnings mix in tax jurisdictions in which the Corporation operates, limitations on the U.S. foreign tax credit, and reserves for uncertain tax positions, partially offset by the deferred tax impact of the UK statutory tax rate increase enacted in the prior-year quarter.
Trust, Investment and Other Servicing Fees
Trust, Investment and Other Servicing Fees are based primarily on the market value of assets held in custody, managed or serviced; the volume of transactions; securities lending volume and spreads; and fees for other services rendered. Certain market value calculations on which fees are based are performed on a monthly or quarterly basis in arrears.
Northern Trust voluntarily waived $8.6 million of money market fund fees for the three months ended June 30, 2022 and $79.8 million of money market fund fees for the three months ended June 30, 2021.
Beginning in the first quarter of 2022, Trust, Investment and Other Servicing Fees were impacted by the change in classification of certain fees that were previously recorded in Other Operating Income or as a reduction of Other Operating Expense. The accounting reclassification increased Trust, Investment and Other Servicing Fees in the current quarter by $17.3 million, with a $6.9 million decrease in Other Operating Income and a $10.4 million increase in Other Operating Expense. Prior-year amounts have not been reclassified.
The components of Trust, Investment and Other Servicing Fees are provided below.
TABLE 1: TRUST, INVESTMENT AND OTHER SERVICING FEES
THREE MONTHS ENDED JUNE 30,
($ In Millions)20222021CHANGE
Asset Servicing Trust, Investment and Other Servicing Fees
Custody and Fund Administration$433.8 $454.9 $(21.1)(5)%
Investment Management148.4 100.7 47.7 47 
Securities Lending21.6 19.5 2.1 11 
Other38.9 36.4 2.5 
Total Asset Servicing Trust, Investment and Other Servicing Fees$642.7 $611.5 $31.2 %
Wealth Management Trust, Investment and Other Servicing Fees
Central$177.4 $174.3 $3.1 %
East128.1 127.2 0.9 
West98.7 93.8 4.9 
Global Family Office96.5 68.6 27.9 41 
Total Wealth Management Trust, Investment and Other Servicing Fees$500.7 $463.9 $36.8 %
Total Consolidated Trust, Investment and Other Servicing Fees$1,143.4 $1,075.4 $68.0 %
Asset Servicing
Custody and Fund Administration fees, the largest component of Asset Servicing fees, are driven primarily by values of client assets under custody/administration (AUC/A), transaction volumes and the number of accounts. The asset values used to calculate these fees vary depending on the individual fee arrangements negotiated with each client. Custody fees related to asset values are client-specific and are priced based on month-end market values, quarter-end market values, or the average of month-end market values for the quarter. The fund administration fees that are asset-value-related are priced using month-end, quarter-end, or average daily balances. Investment Management fees are based generally on market values of client assets under management throughout the period. Typically, the asset values used to calculate fee revenue are based on a one-month or one-quarter lag. Securities Lending revenue is affected by market values; the demand for securities to be lent, which drives volumes; and the interest rate spread earned on the investment of cash deposited by investment firms as collateral for securities they have borrowed. The Other fee category in Asset Servicing includes such products as investment risk and analytical services, benefit payments, and other services. Revenue from these products is based generally on the volume of services provided or a fixed fee.
Custody and Fund Administration fees decreased from the prior-year quarter, primarily due to unfavorable currency translation, partially offset by new business.
Investment Management fees increased from the prior-year quarter, primarily due to lower money market fund fee waivers and the accounting reclassification previously discussed, partially offset by client outflows.
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SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)

Wealth Management
Wealth Management fee income is calculated primarily based on market values and is impacted by both one-month and one-quarter lagged asset values. Fee income in the regions (Central, East and West) increased from the prior-year quarter, primarily due to lower money market fund fee waivers and new business. Global Family Office fee income increased from the prior-year quarter, primarily due to lower money market fund fee waivers, new business and favorable markets.
Market Indices
The following tables present selected market indices and the percentage changes year-over-year to provide context regarding equity and fixed income market impacts on the Corporation’s results.
TABLE 2: EQUITY MARKET INDICES
DAILY AVERAGESPERIOD-END
THREE MONTHS ENDED JUNE 30,AS OF JUNE 30,
20222021CHANGE20222021CHANGE
S&P 5004,112 4,180 (2)%3,785 4,298 (12)%
MSCI EAFE (U.S. dollars)2,001 2,306 (13)1,846 2,305 (20)
MSCI EAFE (local currency)1,253 1,286 (3)1,188 1,305 (9)
TABLE 3: FIXED INCOME MARKET INDICES
AS OF JUNE 30,
20222021CHANGE
Barclays Capital U.S. Aggregate Bond Index2,111 2,354 (10)%
Barclays Capital Global Aggregate Bond Index458 541 (15)
Client Assets
As noted above, AUC/A and assets under management are two of the primary drivers of our Trust, Investment and Other Servicing Fees. For the purposes of disclosing AUC/A, to the extent that both custody and administration services are provided, the value of the assets is included only once in this amount. The following table presents AUC/A by reporting segment.
TABLE 4: ASSETS UNDER CUSTODY / ADMINISTRATION BY REPORTING SEGMENT
JUNE 30, 2022MARCH 31, 2022JUNE 30, 2021CHANGE Q2-22/Q1-22CHANGE Q2-22/Q2-21
($ In Billions)
Asset Servicing$12,812.2 $14,513.0 $14,754.1 (12)%(13)%
Wealth Management921.5 1,031.1 973.0 (11)(5)
Total Assets Under Custody / Administration$13,733.7 $15,544.1 $15,727.1 (12)%(13)%
The following table presents Northern Trust’s assets under custody, a component of AUC/A, by reporting segment.
TABLE 5: ASSETS UNDER CUSTODY BY REPORTING SEGMENT
JUNE 30, 2022MARCH 31, 2022JUNE 30, 2021CHANGE Q2-22/Q1-22CHANGE Q2-22/Q2-21
($ In Billions)
Asset Servicing$9,771.2 $10,987.5 $11,260.8 (11)%(13)%
Wealth Management913.0 1,022.9 967.8 (11)(6)
Total Assets Under Custody$10,684.2 $12,010.4 $12,228.6 (11)%(13)%
Consolidated assets under custody decreased from the prior quarter, primarily reflecting the impact of unfavorable markets and unfavorable currency translation. Consolidated assets under custody decreased compared to the prior-year quarter, primarily reflecting the impact of unfavorable markets, unfavorable currency translation and net outflows.
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SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)

The following table presents the allocation of Northern Trust’s custodied assets by reporting segment.
TABLE 6: ALLOCATION OF ASSETS UNDER CUSTODY
JUNE 30, 2022MARCH 31, 2022JUNE 30, 2021
ASSET SERVICINGWMTOTALASSET SERVICINGWMTOTALASSET SERVICINGWMTOTAL
Equities44 %56 %45 %46 %60 %47 %47 %64 %48 %
Fixed Income Securities35 15 33 34 14 33 35 14 33 
Cash and Other Assets19 29 20 18 26 19 16 22 17 
Securities Lending Collateral2  2 — — 
The following table presents Northern Trust’s assets under custody by investment type.
TABLE 7: ASSETS UNDER CUSTODY BY INVESTMENT TYPE
($ In Billions)JUNE 30, 2022MARCH 31, 2022JUNE 30, 2021CHANGE Q2-22/Q1-22CHANGE Q2-22/Q2-21
Equities$4,785.5 $5,677.7 $5,951.0 (16)%(20)%
Fixed Income Securities3,513.8 3,909.4 4,029.6 (10)(13)
Cash and Other Assets2,215.6 2,246.1 2,048.7 (1)
Securities Lending Collateral169.3 177.2 199.3 (4)(15)
Total Assets Under Custody$10,684.2 $12,010.4 $12,228.6 (11)%(13)%
The following table presents Northern Trust’s assets under management by reporting segment.
TABLE 8: ASSETS UNDER MANAGEMENT BY REPORTING SEGMENT
JUNE 30, 2022MARCH 31, 2022JUNE 30, 2021CHANGE Q2-22/Q1-22CHANGE Q2-22/Q2-21
($ In Billions)
Asset Servicing$950.0 $1,091.6 $1,168.3 (13)%(19)%
Wealth Management352.8 396.2 371.1 (11)(5)
Total Assets Under Management$1,302.8 $1,487.8 $1,539.4 (12)%(15)%
Consolidated assets under management decreased compared to the prior quarter, primarily reflecting unfavorable markets, net outflows and unfavorable currency translation. Consolidated assets under management decreased compared to the prior-year quarter, primarily reflecting unfavorable markets, net outflows and unfavorable currency translation.
The following table presents the allocation of Northern Trust’s assets under management by reporting segment.
TABLE 9: ALLOCATION OF ASSETS UNDER MANAGEMENT
JUNE 30, 2022MARCH 31, 2022JUNE 30, 2021
ASSET SERVICINGWMTOTALASSET SERVICINGWMTOTALASSET SERVICINGWMTOTAL
Equities50 %52 %51 %54 %55 %54 %53 %57 %54 %
Fixed Income Securities12 23 15 11 21 14 11 22 14 
Cash and Other Assets20 25 21 19 24 20 19 21 19 
Securities Lending Collateral18  13 16 — 12 17 — 13 
The following table presents Northern Trust’s assets under management by investment type.
TABLE 10: ASSETS UNDER MANAGEMENT BY INVESTMENT TYPE
($ In Billions)JUNE 30, 2022MARCH 31, 2022JUNE 30, 2021CHANGE Q2-22/Q1-22CHANGE Q2-22/Q2-21
Equities$664.1 $800.9 $827.8 (17)%(20)%
Fixed Income Securities194.9 204.4 214.9 (5)(9)
Cash and Other Assets274.5 305.3 297.4 (10)(8)
Securities Lending Collateral169.3 177.2 199.3 (4)(15)
Total Assets Under Management$1,302.8 $1,487.8 $1,539.4 (12)%(15)%
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SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)

The following table presents activity in consolidated assets under management by product.
TABLE 11: ACTIVITY IN CONSOLIDATED ASSETS UNDER MANAGEMENT BY PRODUCT
THREE MONTHS ENDED
($ In Billions)JUNE 30, 2022MARCH 31, 2022DECEMBER 31, 2021SEPTEMBER 30, 2021JUNE 30, 2021
Beginning Balance of AUM$1,487.8 $1,607.1 $1,532.4 $1,539.4 $1,449.1 
Inflows by Product
Equities51.4 59.1 54.7 82.0 72.0 
Fixed Income11.8 13.0 18.6 16.7 13.1 
Cash and Other Assets186.5 205.9 263.9 183.5 197.2 
Securities Lending Collateral61.6 70.2 61.3 71.2 64.0 
Total Inflows311.3 348.2 398.5 353.4 346.3 
Outflows by Product
Equities(60.6)(72.0)(57.6)(102.1)(72.9)
Fixed Income(14.8)(15.6)(15.2)(15.6)(10.6)
Cash and Other Assets(220.3)(242.2)(226.1)(170.5)(184.9)
Securities Lending Collateral(69.5)(88.6)(73.9)(62.4)(65.8)
Total Outflows(365.2)(418.4)(372.8)(350.6)(334.2)
Net Inflows (Outflows)(53.9)(70.2)25.7 2.8 12.1 
Market Performance, Currency & Other
Market Performance & Other(118.5)(45.3)51.8 (5.9)76.7 
Currency(12.6)(3.8)(2.8)(3.9)1.5 
Total Market Performance, Currency & Other(131.1)(49.1)49.0 (9.8)78.2 
Ending Balance of AUM$1,302.8 $1,487.8 $1,607.1 $1,532.4 $1,539.4 
Other Noninterest Income
The components of noninterest income are provided below.
TABLE 12: OTHER NONINTEREST INCOME
THREE MONTHS ENDED JUNE 30,
($ In Millions)20222021CHANGE
Foreign Exchange Trading Income$77.6 $70.6 $7.0 10 %
Treasury Management Fees10.6 11.3 (0.7)(6)
Security Commissions and Trading Income32.8 33.0 (0.2)(1)
Other Operating Income45.6 54.4 (8.8)(16)
Investment Security Gains (Losses), net — — N/M
Total Other Noninterest Income$166.6 $169.3 $(2.7)(2)%
N/M - Not meaningful
Beginning in the first quarter of 2022, Other Operating Income was impacted by the change in classification of certain fees to Trust, Investment and Other Servicing Fees. The impact to Other Operating Income in the current quarter was $6.9 million relating to amounts now recorded in Trust, Investment and Other Servicing Fees. Prior-year amounts have not been reclassified.
Foreign Exchange Trading Income increased compared to the prior-year quarter primarily due to higher client volumes.
Other Operating Income decreased compared to the prior-year quarter, primarily driven by lower miscellaneous income and the accounting reclassification previously discussed, partially offset by other nonrecurring items. The lower miscellaneous income was primarily associated with a market value decrease in the supplemental compensation plans, which also resulted in a related decrease in supplemental compensation plan expense reported in Other Operating Expense. Please refer to Note 17 — Other Operating Income to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited) for further detail.
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SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Net Interest Income
Net Interest Income is defined as the total of Interest Income and amortized fees on earning assets, less Interest Expense on deposits and borrowed funds, adjusted for the impact of interest-related hedging activity. Earning assets—including Federal Funds Sold, Securities Purchased under Agreements to Resell, Interest-Bearing Due From Banks, Federal Reserve and Other Central Bank Deposits and Other, Securities, and Loans and Leases—are financed by a large base of interest-bearing funds that include client deposits, short-term borrowings, Senior Notes and Long-Term Debt. Short-term borrowings include Federal Funds Purchased, Securities Sold Under Agreements to Repurchase, and Other Borrowings. Earning assets are also funded by noninterest-related funds, which include demand deposits and stockholders’ equity. Net Interest Income is subject to variations in the level and mix of earning assets and interest-bearing funds and their relative sensitivity to interest rates. In addition, the levels of nonaccruing assets and client compensating deposit balances used to pay for services impact Net Interest Income.
Net interest margin is the difference between what we earn on our assets and what we pay for deposits and other sources of funding. The direction and level of interest rates are important factors in our earnings. Net interest margin is calculated by dividing annualized Net Interest Income by average interest-earning assets.
Net Interest Income stated on a fully taxable equivalent (FTE) basis is a non-generally accepted accounting principle (GAAP) financial measure that facilitates the analysis of asset yields. Management believes an FTE presentation provides a clearer indication of net interest margins 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. A reconciliation of Net Interest Income on a GAAP basis to Net Interest Income on an FTE basis is provided in “Reconciliation to Fully Taxable Equivalent” within this MD&A.

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SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Net Interest Income (continued)
The following tables present an analysis of average daily balances and interest rates affecting Net Interest Income and an analysis of Net Interest Income changes.
TABLE 13: AVERAGE CONSOLIDATED BALANCE SHEETS WITH ANALYSIS OF NET INTEREST INCOME
(INTEREST AND RATE ON A FULLY TAXABLE EQUIVALENT BASIS)SECOND QUARTER
20222021
($ In Millions)INTERESTAVERAGE BALANCE
AVERAGE RATE(6)
INTERESTAVERAGE BALANCE
AVERAGE RATE(6)
Interest-Earning Assets
Federal Reserve and Other Central Bank Deposits and Other(1)
$59.2 $36,708.4 0.65 %$1.2 $37,424.5 0.01 %
Interest-Bearing Due from and Deposits with Banks(2)
6.5 4,227.6 0.62 2.7 6,736.7 0.16 
Federal Funds Sold 2.2 0.75 — 0.1 0.41 
Securities Purchased under Agreements to Resell(7)
7.0 1,149.3 2.47 0.9 1,011.5 0.34 
Securities
U.S. Government11.5 2,648.1 1.74 6.9 2,676.0 1.03 
Obligations of States and Political Subdivisions20.1 3,486.6 2.31 16.8 3,373.0 1.99 
Government Sponsored Agency84.6 22,468.3 1.51 73.4 24,520.5 1.20 
Other(3)
89.9 28,464.0 1.27 76.8 30,000.0 1.03 
Total Securities206.1 57,067.0 1.45 173.9 60,569.5 1.15 
Loans and Leases(4)
257.1 40,747.0 2.53 172.7 36,282.1 1.91 
Total Interest-Earning Assets535.9 139,901.5 1.54 351.4 142,024.4 0.99 
Cash and Due from Banks and Other Central Bank Deposits(5)
 2,559.1  — 2,402.5  
Other Noninterest-Earning Assets 11,623.5  — 9,873.2  
Total Assets$ $154,084.1