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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 September 30, 2024
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 (§232.405 of this chapter) 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 September 30, 2024, 198,218,483 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 SEPTEMBER 30, 2024
TABLE OF CONTENTS
Page
i
CONSOLIDATED FINANCIAL HIGHLIGHTS
(UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
CONDENSED INCOME STATEMENTS ($ In Millions)20242023
% CHANGE(1)
20242023
% CHANGE(1)
Noninterest Income$1,406.2 $1,270.3 11 %$4,717.5 $3,729.3 26 %
Net Interest Income562.3 456.2 23 1,613.3 1,498.9 8 
Total Revenue1,968.5 1,726.5 14 6,330.8 5,228.2 21 
Provision for Credit Losses8.0 14.0 (43)7.5 13.5 (44)
Noninterest Expense1,359.4 1,278.2 6 4,258.0 3,895.7 9 
Income before Income Taxes601.1 434.3 38 2,065.3 1,319.0 57 
Provision for Income Taxes136.2 106.5 28 489.6 324.8 51 
Net Income$464.9 $327.8 42 %$1,575.7 $994.2 59 %
PER COMMON SHARE
Net Income — Basic$2.23 $1.49 49 %$7.53 $4.56 65 %
— Diluted2.22 1.49 49 7.51 4.56 65 
Cash Dividends Declared Per Common Share0.75 0.75 — 2.25 2.25 — 
Book Value — End of Period (EOP)59.85 52.95 13 59.85 52.95 13 
Market Price — EOP90.03 69.48 30 90.03 69.48 30 
SELECTED BALANCE SHEET DATA ($ In Millions)SEPTEMBER 30, 2024DECEMBER 31, 2023
% CHANGE(1)
End of Period:
Total Assets$155,753.8 $150,783.1 3 %
Earning Assets142,731.1 140,369.6 2 
Deposits121,183.3 116,164.0 4 
Stockholders’ Equity12,749.0 11,897.9 7 
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
20242023
% CHANGE(1)
20242023
% CHANGE(1)
Average Balances:
Total Assets$146,842.9 $140,201.6 5 %$146,654.8 $144,691.6 1 %
Earning Assets134,767.8 128,254.4 5 134,662.2 132,747.8 1 
Deposits112,560.7 101,763.1 11 112,754.2 106,477.7 6 
Stockholders’ Equity12,474.1 11,536.6 8 12,206.5 11,423.2 7 
CLIENT ASSETS ($ In Billions)SEPTEMBER 30, 2024DECEMBER 31, 2023
% CHANGE(1)
Assets Under Custody/Administration(2)
$17,423.0 $15,404.9 13 %
Assets Under Custody13,794.8 11,916.5 16 
Assets Under Management1,621.8 1,434.5 13 
N/M - Not meaningful
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
(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 SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
2024202320242023
Financial Ratios:
Return on Average Common Equity15.4 %11.6 %18.2 %12.1 %
Return on Average Assets1.26 0.93 1.44 0.92 
Dividend Payout Ratio33.8 50.3 30.0 49.4 
Net Interest Margin(1)
1.68 1.45 1.62 1.55 
SEPTEMBER 30, 2024DECEMBER 31, 2023
STANDARDIZED
APPROACH		ADVANCED
APPROACH		STANDARDIZED
APPROACH		ADVANCED
APPROACH		WELL-CAPITALIZED RATIOSMINIMUM CAPITAL RATIOS
Capital Ratios:
Northern Trust Corporation
Common Equity Tier 1 Capital12.6 %14.0 %11.4 %13.4 %N/A4.5 %
Tier 1 Capital13.6 15.1 12.3 14.5 6.0 6.0 
Total Capital15.6 17.0 14.2 16.5 10.0 8.0 
Tier 1 Leverage8.1 8.1 8.1 8.1 N/A4.0 
Supplementary LeverageN/A9.2 N/A8.6 N/A3.0 
The Northern Trust Company
Common Equity Tier 1 Capital12.3 %13.9 %12.2 %14.6 %6.5 %4.5 %
Tier 1 Capital12.3 13.9 12.2 14.6 8.0 6.0 
Total Capital14.0 15.5 13.8 16.3 10.0 8.0 
Tier 1 Leverage7.3 7.3 8.0 8.0 5.0 4.0 
Supplementary LeverageN/A8.2 N/A8.5 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 third quarter of 2024. 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, 2023. Investors also should read the section titled “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, 2023.
THIRD 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. 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 was $2.22 in the current quarter and $1.49 in the third quarter of 2023. Net Income increased $137.1 million to $464.9 million in the current quarter from $327.8 million in the prior-year quarter. Annualized return on average common equity was 15.4% in the current quarter and 11.6% in the prior-year quarter. The annualized return on average assets was 1.26% in the current quarter as compared to 0.93% in the prior-year quarter.
Revenue for the three months ended September 30, 2024 increased $242.0 million, or 14%, to $1.97 billion in the current quarter from $1.73 billion in the prior-year quarter. The current-quarter results include a $68.1 million pre-tax gain related to the sale of an equity investment (after-tax $51.4 million), partially offset by mark-to-market activity on existing Visa Class B swap agreements, including a $12.8 million expense related to litigation escrow funding, both recorded in Other Operating income. For further detail on the Visa transactions, refer to Note 20—Commitments and Contingent Liabilities.
Trust, Investment and Other Servicing Fees increased $84.7 million, or 8%, from $1.11 billion in the prior-year quarter to $1.20 billion in the current quarter, primarily due to favorable markets.
Other Noninterest Income increased $51.2 million, or 32%, from $158.4 million in the prior-year quarter to $209.6 million in the current quarter. The increase in Other Noninterest Income in the current quarter was primarily driven by the current quarter gain on the sale of an equity investment, partially offset by mark-to-market activity on existing Visa Class B swap agreements and a decrease in banking and credit-related service fees.
Net Interest Income increased $106.1 million, or 23%, to $562.3 million in the current quarter as compared to $456.2 million in 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.
In the current quarter, there was a Provision for Credit Losses of $8.0 million, as compared to a Provision for Credit Losses of $14.0 million in the prior-year quarter. For additional information, refer to the Provision for Credit Losses within the “Third Quarter Consolidated Results of Operations” section.
Noninterest Expense increased $81.2 million, or 6%, from $1.28 billion in the prior-year quarter to $1.36 billion in the current quarter, primarily due to higher Compensation expense, higher software amortization and software support expense, higher Outside Services expense, and higher Employee Benefits expense, partially offset by a decrease in Other Operating Expense.
The Provision for Income Taxes in the current quarter totaled $136.2 million, representing an effective tax rate of 22.7%. The Provision for Income Taxes in the prior-year quarter totaled $106.5 million, representing an effective tax rate of 24.5%.
Trust, Investment and Other Servicing Fees
Trust, Investment and Other Servicing Fees are based primarily on the market value of assets held in custody, managed or serviced; the volume of transactions; securities lending volume and spreads; and fees for other services rendered. Certain market value calculations on which fees are based are performed on a monthly or quarterly basis in arrears.
The components of Trust, Investment and Other Servicing Fees are provided below.
3
THIRD QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)
TABLE 1: TRUST, INVESTMENT AND OTHER SERVICING FEES
THREE MONTHS ENDED SEPTEMBER 30,
($ In Millions)20242023CHANGE
Asset Servicing Trust, Investment and Other Servicing Fees
Custody and Fund Administration$453.1 $428.1 $25.0 6 %
Investment Management152.6 137.1 15.5 11 
Securities Lending17.5 20.4 (2.9)(14)
Other43.9 40.4 3.5 8 
Total Asset Servicing Trust, Investment and Other Servicing Fees$667.1 $626.0 $41.1 7 %
Wealth Management Trust, Investment and Other Servicing Fees
Central$186.6 $172.3 $14.3 8 %
East136.4 126.1 10.3 8 
West105.7 95.8 9.9 10 
Global Family Office100.8 91.7 9.1 10 
Total Wealth Management Trust, Investment and Other Servicing Fees$529.5 $485.9 $43.6 9 %
Total Consolidated Trust, Investment and Other Servicing Fees$1,196.6 $1,111.9 $84.7 8 %
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 AUM 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 increased from the prior-year quarter, primarily due to favorable markets and favorable currency translation. Investment Management fees increased from the prior-year quarter, primarily due to favorable markets and new business.
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 increased from the prior-year quarter, primarily due to favorable markets. Global Family Office fee income increased from the prior-year quarter, primarily due to favorable markets and asset inflows.
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 SEPTEMBER 30,AS OF SEPTEMBER 30,
20242023CHANGE20242023CHANGE
S&P 5005,542 4,458 24 %5,762 4,288 34 %
MSCI EAFE (U.S. dollars)2,378 2,113 13 2,469 2,031 22 
MSCI EAFE (local currency)1,507 1,346 12 1,524 1,331 14 
TABLE 3: FIXED INCOME MARKET INDICES
AS OF SEPTEMBER 30,
20242023CHANGE
Barclays Capital U.S. Aggregate Bond Index2,258 2,024 12 %
Barclays Capital Global Aggregate Bond Index488 436 12 
4
THIRD QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)
Client Assets
As noted above, AUC/A and assets under management (AUM) 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
SEPTEMBER 30, 2024JUNE 30, 2024SEPTEMBER 30, 2023CHANGE Q3-24/Q2-24CHANGE Q3-24/Q3-23
($ In Billions)
Asset Servicing$16,278.0 $15,470.8 $13,206.2 5 %23 %
Wealth Management1,145.0 1,096.6 958.5 4 19 
Total Assets Under Custody / Administration$17,423.0 $16,567.4 $14,164.7 5 %23 %
The following table presents Northern Trust’s assets under custody, a component of AUC/A, by reporting segment.
TABLE 5: ASSETS UNDER CUSTODY BY REPORTING SEGMENT
SEPTEMBER 30, 2024JUNE 30, 2024SEPTEMBER 30, 2023CHANGE Q3-24/Q2-24CHANGE Q3-24/Q3-23
($ In Billions)
Asset Servicing$12,662.1 $11,955.5 $10,064.4 6 %26 %
Wealth Management1,132.7 1,085.9 951.0 4 19 
Total Assets Under Custody$13,794.8 $13,041.4 $11,015.4 6 %25 %
Consolidated assets under custody increased from the prior quarter, primarily reflecting favorable markets and favorable currency translation, partially offset by client asset outflows. Consolidated assets under custody increased from the prior-year quarter, primarily reflecting the impact of favorable markets, client asset inflows, and favorable currency translation.
The following table presents the allocation of Northern Trust’s custodied assets by reporting segment.
TABLE 6: ALLOCATION OF ASSETS UNDER CUSTODY
SEPTEMBER 30, 2024JUNE 30, 2024SEPTEMBER 30, 2023
ASWMTOTALASWMTOTALASWMTOTAL
Equities48 %62 %50 %48 %62 %49 %46 %58 %47 %
Fixed Income Securities31 13 29 31 13 29 33 13 31 
Cash and Other Assets20 25 20 20 25 21 19 29 21 
Securities Lending Collateral1 — 1 1 — 1 2 — 1 
The following table presents Northern Trust’s assets under custody by investment type.
TABLE 7: ASSETS UNDER CUSTODY BY INVESTMENT TYPE
($ In Billions)SEPTEMBER 30, 2024JUNE 30, 2024SEPTEMBER 30, 2023CHANGE Q3-24/Q2-24CHANGE Q3-24/Q3-23
Equities$6,799.5 $6,381.0 $5,141.4 7 %32 %
Fixed Income Securities4,031.7 3,801.2 3,445.0 6 17 
Cash and Other Assets2,787.5 2,698.5 2,267.0 3 23 
Securities Lending Collateral176.1 160.7 162.0 10 9 
Total Assets Under Custody$13,794.8 $13,041.4 $11,015.4 6 %25 %
The following table presents Northern Trust’s assets under management by reporting segment.
TABLE 8: ASSETS UNDER MANAGEMENT BY REPORTING SEGMENT
SEPTEMBER 30, 2024JUNE 30, 2024SEPTEMBER 30, 2023CHANGE Q3-24/Q2-24CHANGE Q3-24/Q3-23
($ In Billions)
Asset Servicing$1,177.9 $1,107.3 $963.4 6 %22 %
Wealth Management443.9 419.4 369.9 6 20 
Total Assets Under Management$1,621.8 $1,526.7 $1,333.3 6 %22 %
Consolidated assets under management increased compared to the prior quarter, primarily reflecting favorable markets and client asset inflows. Consolidated assets under management increased compared to the prior-year quarter, primarily reflecting the impact of favorable markets.
5
THIRD QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)
The following table presents the allocation of Northern Trust’s assets under management by reporting segment.
TABLE 9: ALLOCATION OF ASSETS UNDER MANAGEMENT
SEPTEMBER 30, 2024JUNE 30, 2024SEPTEMBER 30, 2023
ASWMTOTALASWMTOTALASWMTOTAL
Equities55 %58 %56 %55 %58 %56 %53 %53 %53 %
Fixed Income Securities11 20 13 11 20 14 11 22 14 
Cash and Other Assets19 22 20 19 22 19 19 25 21 
Securities Lending Collateral15 — 11 15 — 11 17 — 12 
The following table presents Northern Trust’s assets under management by investment type.
TABLE 10: ASSETS UNDER MANAGEMENT BY INVESTMENT TYPE
($ In Billions)SEPTEMBER 30, 2024JUNE 30, 2024SEPTEMBER 30, 2023CHANGE Q3-24/Q2-24CHANGE Q3-24/Q3-23
Equities$908.8 $856.9 $706.5 6 %29 %
Fixed Income Securities219.7 211.6 190.2 4 15 
Cash and Other Assets317.2 297.5 274.6 7 16 
Securities Lending Collateral176.1 160.7 162.0 10 9 
Total Assets Under Management$1,621.8 $1,526.7 $1,333.3 6 %22 %
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)SEPTEMBER 30, 2024JUNE 30, 2024MARCH 31, 2024DECEMBER 31, 2023SEPTEMBER 30, 2023
Beginning Balance of AUM$1,526.7 $1,500.7 $1,434.5 $1,333.3 $1,365.8 
Inflows by Product
Equities42.8 49.6 38.3 59.9 49.5 
Fixed Income16.3 21.8 15.3 17.3 15.0 
Cash and Other Assets672.9 655.8 629.5 619.3 565.2 
Securities Lending Collateral68.6 57.2 75.8 64.0 54.6 
Total Inflows800.6 784.4 758.9 760.5 684.3 
Outflows by Product
Equities(43.9)(53.5)(47.7)(56.0)(54.6)
Fixed Income(15.3)(18.2)(14.6)(17.9)(12.4)
Cash and Other Assets(649.8)(648.5)(605.0)(617.1)(559.5)
Securities Lending Collateral(53.2)(59.8)(80.0)(58.6)(61.4)
Total Outflows(762.2)(780.0)(747.2)(749.6)(687.9)
Net Inflows (Outflows)38.4 4.4 11.7 10.9 (3.6)
Market Performance, Currency & Other
Market Performance & Other56.7 22.3 58.8 12.6 (24.1)
Currency— (0.7)(4.2)77.7 (4.8)
Total Market Performance, Currency & Other56.7 21.6 54.6 90.3 (28.9)
Ending Balance of AUM$1,621.8 $1,526.7 $1,500.7 $1,434.5 $1,333.3 
6
THIRD QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Other Noninterest Income
The components of Other Noninterest Income are provided below.
TABLE 12: OTHER NONINTEREST INCOME
THREE MONTHS ENDED SEPTEMBER 30,
($ In Millions)20242023CHANGE
Foreign Exchange Trading Income$54.1 $51.8 $2.3 4 %
Treasury Management Fees8.2 7.5 0.7 9 
Security Commissions and Trading Income35.5 30.9 4.6 15 
Other Operating Income111.8 68.2 43.6 64
Total Other Noninterest Income$209.6 $158.4 $51.2 32%
N/M - Not meaningful
Other Operating Income increased compared to the prior-year quarter, primarily driven by a $68.1 million gain on the sale of an equity investment in the current quarter, partially offset by higher expenses related to existing Visa Class B swap agreements, including $12.8 million related to litigation escrow funding in the current quarter, and a decrease in banking and credit-related service fees.
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 and Deposits with Banks, Federal Reserve and Other Central Bank Deposits, Securities, Loans, and Other Interest-Earning Assets—are financed by a large base of interest-bearing liabilities 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-bearing 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.

7
THIRD 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)THIRD QUARTER
20242023
($ In Millions)INTERESTAVERAGE BALANCE
AVERAGE RATE(7)
INTERESTAVERAGE BALANCE
AVERAGE RATE(7)
Interest-Earning Assets
Federal Reserve and Other Central Bank Deposits$451.7 $36,067.3 4.98 %$352.1 $28,000.8 4.99 %
Interest-Bearing Due from and Deposits with Banks(1)
28.5 4,828.1 2.35 34.9 4,301.4 3.22 
Federal Funds Sold— 0.2 5.64 — 1.2 5.62 
Securities Purchased under Agreements to Resell(2)
890.8 977.2 362.66 463.9 950.8 193.58 
Debt Securities
Available for Sale379.8 27,462.6 5.50 277.9 24,430.7 4.51 
Held to Maturity107.8 22,834.0 1.88 125.2 25,919.2 1.93 
Trading Account— — — 0.1 0.4 21.15 
Total Debt Securities487.6 50,296.6 3.86 403.2 50,350.3 3.18 
Loans(3)
646.5 39,884.0 6.45 665.5 42,210.4 6.26 
Other Interest-Earning Assets(4)
32.2 2,714.4 4.71 28.6 2,439.5 4.65 
Total Interest-Earning Assets2,537.3 134,767.8 7.49 1,948.2 128,254.4 6.03 
Cash and Due from Banks and Other Central Bank Deposits(5)
— 1,742.3 — — 1,694.6 — 
Other Noninterest-Earning Assets— 10,332.8 — — 10,252.6 — 
Total Assets$— $146,842.9 — %$— $140,201.6 — %
Average Source of Funds
Deposits
Savings, Money Market and Other$238.6 $25,233.0 3.76 %$173.9 $22,624.9 3.05 %
Savings Certificates and Other Time86.7 6,639.6 5.19 43.3 3,665.2 4.69 
Non-U.S. Offices — Interest-Bearing548.2 64,347.2 3.39 499.4 58,680.5 3.38 
Total Interest-Bearing Deposits873.5 96,219.8 3.61 716.6 84,970.6 3.35 
Federal Funds Purchased29.6 2,320.9 5.07 77.5 5,935.9 5.18 
Securities Sold under Agreements to Repurchase(2)
869.7 504.3 686.17 454.0 426.0 422.85 
Other Borrowings(6)
94.8 7,085.9 5.32 154.8 10,981.7 5.59 
Senior Notes44.2 2,795.6 6.30 44.1 2,713.2 6.44 
Long-Term Debt56.1 4,075.1 5.47 31.8 2,126.9 5.94 
Total Interest-Bearing Liabilities1,967.9 113,001.6 6.93 1,478.8 107,154.3 5.48 
Interest Rate Spread— — 0.56 — — 0.55 
Demand and Other Noninterest-Bearing Deposits— 16,340.9 — — 16,792.5 — 
Other Noninterest-Bearing Liabilities— 5,026.3 — — 4,718.2 — 
Stockholders’ Equity— 12,474.1 — — 11,536.6 — 
Total Liabilities and Stockholders’ Equity$— $146,842.9 — %$— $140,201.6 — %
Net Interest Income/Margin (FTE Adjusted)$569.4