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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 March 31, 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 March 31, 2024, 204,591,724 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 MARCH 31, 2024
TABLE OF CONTENTS
Page
i

CONSOLIDATED FINANCIAL HIGHLIGHTS
(UNAUDITED)
THREE MONTHS ENDED MARCH 31,
CONDENSED INCOME STATEMENTS ($ In Millions)20242023
% CHANGE(1)
Noninterest Income$1,118.7 $1,213.4 (8)%
Net Interest Income528.1 531.2 (1)
Total Revenue1,646.8 1,744.6 (6)
Provision for Credit Losses(8.5)15.0 N/M
Noninterest Expense1,364.7 1,285.6 
Income before Income Taxes290.6 444.0 (35)
Provision for Income Taxes75.9 109.4 (31)
Net Income$214.7 $334.6 (36)%
PER COMMON SHARE
Net Income — Basic$0.96 $1.51 (37)%
— Diluted0.96 1.51 (37)
Cash Dividends Declared Per Common Share0.75 0.75 — 
Book Value — End of Period (EOP)54.83 51.37 
Market Price — EOP88.92 88.13 
SELECTED BALANCE SHEET DATA ($ In Millions)MARCH 31, 2024DECEMBER 31, 2023
% CHANGE(1)
End of Period:
Total Assets$156,111.0 $150,783.1 %
Earning Assets144,495.9 140,369.6 
Deposits123,941.7 116,164.0 
Stockholders’ Equity12,101.8 11,897.9 
THREE MONTHS ENDED MARCH 31,
20242023
% CHANGE(1)
Average Balances:
Total Assets$145,118.3 $148,059.9 (2)%
Earning Assets133,816.8 135,957.4 (2)
Deposits112,362.6 112,185.6 — 
Stockholders’ Equity11,783.7 11,281.5 
CLIENT ASSETS ($ In Billions)MARCH 31, 2024DECEMBER 31, 2023
% CHANGE(1)
Assets Under Custody/Administration(2)
$16,472.5 $15,404.9 %
Assets Under Custody12,804.1 11,916.5 
Assets Under Management1,500.7 1,434.5 
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 MARCH 31,
20242023
Financial Ratios:
Return on Average Common Equity7.3 %12.4 %
Return on Average Assets0.60 0.92 
Dividend Payout Ratio78.1 49.7 
Net Interest Margin(1)
1.61 1.62 
MARCH 31, 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 Capital11.4 %13.5 %11.4 %13.4 %N/A4.5 %
Tier 1 Capital12.4 14.6 12.3 14.5 6.0 6.0 
Total Capital14.2 16.5 14.2 16.5 10.0 8.0 
Tier 1 Leverage7.8 7.8 8.1 8.1 N/A4.0 
Supplementary LeverageN/A8.8 N/A8.6 N/A3.0 
The Northern Trust Company
Common Equity Tier 1 Capital11.9 %14.2 %12.2 %14.6 %6.5 %4.5 %
Tier 1 Capital11.9 14.2 12.2 14.6 8.0 6.0 
Total Capital13.4 15.8 13.8 16.3 10.0 8.0 
Tier 1 Leverage7.4 7.4 8.0 8.0 5.0 4.0 
Supplementary LeverageN/A8.5 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 first 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 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, 2023.
FIRST 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 $0.96 in the current quarter and $1.51 in the first quarter of 2023. Net Income decreased $119.9 million to $214.7 million in the current quarter from $334.6 million in the prior-year quarter. Annualized return on average common equity was 7.3% in the current quarter and 12.4% in the prior-year quarter. The annualized return on average assets was 0.60% in the current quarter as compared to 0.92% in the prior-year quarter.
Revenue decreased $97.8 million, or 6%, to $1.65 billion in the current quarter from $1.74 billion in the prior-year quarter. Trust, Investment and Other Servicing Fees increased $79.3 million, or 7%, from $1.06 billion in the prior-year quarter to $1.14 billion in the current quarter, primarily due to favorable markets and new business. Other Noninterest Income (Loss) decreased $174.0 million from $149.8 million in the prior-year quarter to a loss of $24.2 million in the current quarter, primarily due to the $189.4 million available for sale debt security loss reflected in Investment Security Gains (Losses) in the current quarter, partially offset by higher Other Operating Income. Net Interest Income decreased $3.1 million, or 1%, to $528.1 million in the current quarter as compared to $531.2 million in the prior-year quarter, primarily due to higher funding costs.
In the current quarter, there was a negative Provision for Credit Losses of $8.5 million, as compared to a $15.0 million Provision for Credit Losses in the prior-year quarter. The negative provision in the current quarter resulted from decreases in both individual and collective reserves. For additional information, refer to the Provision for Credit Losses within “First Quarter Consolidated Results of Operations” section.
Noninterest Expense increased $79.1 million, or 6%, from $1.29 billion in the prior-year quarter to $1.36 billion in the current quarter, primarily attributable to higher Compensation and Equipment and Software Expenses, as well as the $12.5 million FDIC special assessment recorded in the current quarter.
The Provision for Income Taxes in the current quarter totaled $75.9 million, representing an effective tax rate of 26.1%. The Provision for Income Taxes in the prior-year quarter totaled $109.4 million, representing an effective tax rate of 24.6%.
FDIC Special Assessment
In November 2023, the Federal Deposit Insurance Corporation (FDIC) issued a final rule to implement a special assessment to recoup losses to the deposit insurance fund associated with bank failures in the first half of 2023. In conjunction with the special assessment, $84.6 million was recognized as an accrued liability and related expense in the fourth quarter of 2023. During the current quarter, the FDIC published revised estimated losses as well as expected recoveries from the related bank failures. As a result, Northern Trust recognized an additional cost of $12.5 million in the current quarter, recorded to Other Operating Expense.
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.
3

FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)
The components of Trust, Investment and Other Servicing Fees are provided below.
TABLE 1: TRUST, INVESTMENT AND OTHER SERVICING FEES
THREE MONTHS ENDED MARCH 31,
($ In Millions)20242023CHANGE
Asset Servicing Trust, Investment and Other Servicing Fees
Custody and Fund Administration$436.7 $413.6 $23.1 %
Investment Management140.0 126.2 13.8 11 
Securities Lending17.9 19.1 (1.2)(6)
Other45.0 44.1 0.9 
Total Asset Servicing Trust, Investment and Other Servicing Fees$639.6 $603.0 $36.6 %
Wealth Management Trust, Investment and Other Servicing Fees
Central$178.3 $163.6 $14.7 %
East129.9 119.8 10.1 
West99.9 91.2 8.7 10 
Global Family Office95.2 86.0 9.2 11 
Total Wealth Management Trust, Investment and Other Servicing Fees$503.3 $460.6 $42.7 %
Total Consolidated Trust, Investment and Other Servicing Fees$1,142.9 $1,063.6 $79.3 %
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 new business. Investment Management fees increased from the prior-year quarter, primarily due to favorable markets.
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 MARCH 31,AS OF MARCH 31,
20242023CHANGE20242023CHANGE
S&P 5004,989 3,998 25 %5,254 4,109 28 %
MSCI EAFE (U.S. dollars)2,262 2,059 10 2,347 2,093 12 
MSCI EAFE (local currency)1,447 1,301 11 1,519 1,315 16 
4

FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)
TABLE 3: FIXED INCOME MARKET INDICES
AS OF MARCH 31,
20242023CHANGE
Barclays Capital U.S. Aggregate Bond Index2,145 2,109 %
Barclays Capital Global Aggregate Bond Index462 459 
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
MARCH 31, 2024DECEMBER 31, 2023MARCH 31, 2023CHANGE Q1-24/Q4-23CHANGE Q1-24/Q1-23
($ In Billions)
Asset Servicing$15,385.4 $14,362.6 $13,221.5 %16 %
Wealth Management1,087.1 1,042.3 953.3 14 
Total Assets Under Custody / Administration$16,472.5 $15,404.9 $14,174.8 %16 %
The following table presents Northern Trust’s assets under custody, a component of AUC/A, by reporting segment.
TABLE 5: ASSETS UNDER CUSTODY BY REPORTING SEGMENT
MARCH 31, 2024DECEMBER 31, 2023MARCH 31, 2023CHANGE Q1-24/Q4-23CHANGE Q1-24/Q1-23
($ In Billions)
Asset Servicing$11,723.1 $10,882.0 $10,065.6 %16 %
Wealth Management1,081.0 1,034.5 947.6 14 
Total Assets Under Custody$12,804.1 $11,916.5 $11,013.2 %16 %
Consolidated assets under custody increased from the prior quarter, primarily reflecting favorable markets and client asset inflows, partially offset by unfavorable currency translation. Consolidated assets under custody increased from the prior-year quarter, primarily reflecting the impact of favorable markets and favorable currency translation, partially offset by client asset outflows.
The following table presents the allocation of Northern Trust’s custodied assets by reporting segment.
TABLE 6: ALLOCATION OF ASSETS UNDER CUSTODY
MARCH 31, 2024DECEMBER 31, 2023MARCH 31, 2023
ASWMTOTALASWMTOTALASWMTOTAL
Equities47 %61 %48 %46 %60 %47 %45 %58 %46 %
Fixed Income Securities31 13 30 33 13 31 33 14 32 
Cash and Other Assets20 26 21 19 27 21 20 28 20 
Securities Lending Collateral2  1 — — 
The following table presents Northern Trust’s assets under custody by investment type.
TABLE 7: ASSETS UNDER CUSTODY BY INVESTMENT TYPE
($ In Billions)MARCH 31, 2024DECEMBER 31, 2023MARCH 31, 2023CHANGE Q1-24/Q4-23CHANGE Q1-24/Q1-23
Equities$6,172.5 $5,652.5 $5,091.1 %21 %
Fixed Income Securities3,804.2 3,737.1 3,501.4 
Cash and Other Assets2,664.2 2,359.5 2,252.8 13 18 
Securities Lending Collateral163.2 167.4 167.9 (3)(3)
Total Assets Under Custody$12,804.1 $11,916.5 $11,013.2 %16 %
5

FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)
The following table presents Northern Trust’s assets under management by reporting segment.
TABLE 8: ASSETS UNDER MANAGEMENT BY REPORTING SEGMENT
MARCH 31, 2024DECEMBER 31, 2023MARCH 31, 2023CHANGE Q1-24/Q4-23CHANGE Q1-24/Q1-23
($ In Billions)
Asset Servicing$1,080.1 $1,032.0 $962.1 %12 %
Wealth Management420.6 402.5 368.3 14 
Total Assets Under Management$1,500.7 $1,434.5 $1,330.4 %13 %
Consolidated assets under management increased compared to the prior quarter, primarily reflecting favorable markets and client asset inflows. Consolidated assets under management increased compared to the prior-year quarter, primarily reflecting the impact of favorable markets.
The following table presents the allocation of Northern Trust’s assets under management by reporting segment.
TABLE 9: ALLOCATION OF ASSETS UNDER MANAGEMENT
MARCH 31, 2024DECEMBER 31, 2023MARCH 31, 2023
ASWMTOTALASWMTOTALASWMTOTAL
Equities56 %57 %56 %55 %55 %55 %54 %53 %54 %
Fixed Income Securities11 21 14 11 22 14 11 22 14 
Cash and Other Assets18 22 19 18 23 19 18 25 19 
Securities Lending Collateral15  11 16 — 12 17 — 13 
The following table presents Northern Trust’s assets under management by investment type.
TABLE 10: ASSETS UNDER MANAGEMENT BY INVESTMENT TYPE
($ In Billions)MARCH 31, 2024DECEMBER 31, 2023MARCH 31, 2023CHANGE Q1-24/Q4-23CHANGE Q1-24/Q1-23
Equities$841.1 $785.5 $712.1 %18 %
Fixed Income Securities203.5 203.4 187.6 — 
Cash and Other Assets292.9 278.2 262.8 11 
Securities Lending Collateral163.2 167.4 167.9 (2)(3)
Total Assets Under Management$1,500.7 $1,434.5 $1,330.4 %13 %
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)MARCH 31, 2024DECEMBER 31, 2023SEPTEMBER 30, 2023JUNE 30, 2023MARCH 31, 2023
Beginning Balance of AUM$1,434.5 $1,249.5 $1,365.8 $1,330.4 $1,249.5 
Inflows by Product
Equities38.3 206.4 49.5 44.8 52.1 
Fixed Income15.3 57.8 15.0 11.2 14.4 
Cash and Other Assets629.5 2,012.5 565.2 551.3 276.7 
Securities Lending Collateral75.8 238.3 54.6 53.4 66.3 
Total Inflows758.9 2,515.0 684.3 660.7 409.5 
Outflows by Product
Equities(47.7)(224.5)(54.6)(54.7)(59.2)
Fixed Income(14.6)(57.1)(12.4)(10.2)(16.6)
Cash and Other Assets(605.0)(1,970.3)(559.5)(529.7)(264.0)
Securities Lending Collateral(80.0)(219.2)(61.4)(52.5)(46.7)
Total Outflows(747.2)(2,471.1)(687.9)(647.1)(386.5)
Net Inflows (Outflows)11.7 43.9 (3.6)13.6 23.0 
Market Performance, Currency & Other
Market Performance & Other58.8 133.8 (24.1)27.7 52.4 
Currency(4.2)7.3 (4.8)(5.9)5.5 
Total Market Performance, Currency & Other54.6 141.1 (28.9)21.8 57.9 
Ending Balance of AUM$1,500.7 $1,434.5 $1,333.3 $1,365.8 $1,330.4 
6

FIRST 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 MARCH 31,
($ In Millions)20242023CHANGE
Foreign Exchange Trading Income$57.0 $53.0 $4.0 %
Treasury Management Fees9.3 8.4 0.9 11 
Security Commissions and Trading Income37.9 34.7 3.2 
Other Operating Income61.0 46.8 14.2 30 
Investment Security Gains (Losses), net(189.4)6.9 (196.3)N/M
Total Other Noninterest Income$(24.2)$149.8 $(174.0)N/M
N/M - Not meaningful
Foreign Exchange Trading Income increased compared to the prior-year quarter primarily driven by higher client volumes.
Other Operating Income increased compared to the prior-year quarter, primarily driven by higher income associated with a market value increase in supplemental compensation plans and lower expense associated with existing swap agreements related to Visa Inc. Class B common shares.
Investment Security Gains (Losses), net reflects the $189.4 million available for sale debt security loss as compared to the $6.9 million gain on the sale of available for sale debt securities in the prior-year quarter, each arising from a repositioning of the portfolio.
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

FIRST 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)FIRST QUARTER
20242023
($ In Millions)INTERESTAVERAGE BALANCE
AVERAGE RATE(7)
INTERESTAVERAGE BALANCE
AVERAGE RATE(7)
Interest-Earning Assets
Federal Reserve and Other Central Bank Deposits$459.7 $35,897.3 5.15 %$377.0 $36,641.8 4.17 %
Interest-Bearing Due from and Deposits with Banks(1)
34.6 4,418.0 3.15 28.2 4,198.7 2.72 
Federal Funds Sold 0.5 5.64 0.2 19.7 4.79 
Securities Purchased under Agreements to Resell(2)
823.9 517.9 639.92 125.9 1,046.1 48.80 
Debt Securities
Available for Sale323.2 24,049.6 5.41 234.7 25,030.4 3.80 
Held to Maturity123.8 24,498.9 2.02 103.8 25,382.2 1.64 
Trading Account   — 1.3 7.63 
Total Debt Securities447.0 48,548.5 3.70 338.5 50,413.9 2.72 
Loans(3)
655.8 41,586.9 6.34 579.5 41,959.4 5.60 
Other Interest-Earning Assets(4)
31.9 2,847.7 4.51 19.3 1,677.8 4.67 
Total Interest-Earning Assets2,452.9 133,816.8 7.37 1,468.6 135,957.4 4.38 
Cash and Due from Banks and Other Central Bank Deposits(5)
 1,799.5  — 1,795.9  
Other Noninterest-Earning Assets 9,502.0  — 10,306.6  
Total Assets$ $145,118.3  %$— $148,059.9 — %
Average Source of Funds
Deposits
Savings, Money Market and Other$253.2 $27,349.0 3.72 %$158.0 $27,268.8 2.35 %
Savings Certificates and Other Time58.8 4,554.3 5.19 21.6 2,360.1 3.70 
Non-U.S. Offices — Interest-Bearing569.7 63,752.8 3.59 385.0 62,411.1 2.50 
Total Interest-Bearing Deposits881.7 95,656.1 3.71 564.6 92,040.0 2.49 
Federal Funds Purchased33.6 2,650.1 5.11 40.1 3,653.9 4.45 
Securities Sold under Agreements to Repurchase(2)
813.9 490.1 667.86 116.1 347.1 135.62 
Other Borrowings(6)
88.6 6,852.1 5.20 135.0 11,324.0 4.83 
Senior Notes44.1 2,748.7 6.45 39.2 2,748.1 5.79 
Long-Term Debt55.6 4,067.0 5.50 29.2 2,066.3 5.73 
Total Interest-Bearing Liabilities1,917.5 112,464.1 6.86 924.2 112,179.4 3.34 
Interest Rate Spread  0.51 — — 1.04 
Demand and Other Noninterest-Bearing Deposits 16,706.5  — 20,145.6 — 
Other Noninterest-Bearing Liabilities 4,164.0  — 4,453.4 — 
Stockholders’ Equity 11,783.7  — 11,281.5 — 
Total Liabilities and Stockholders’ Equity$ $145,118.3  %$— $148,059.9 — %
Net Interest Income/Margin (FTE Adjusted)$535.4 $ 1.61 %$544.4 $— 1.62 %
Net Interest Income/Margin (Unadjusted)$528.1 $ 1.59 %$531.2 $— 1.58 %
(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.
(2)Includes the impact of balance sheet netting under master netting arrangements of approximately $60.2 billion and $10.0 billion for the three months ended March 31, 2024 and 2023, respectively. Excluding the impact of netting for the three months ended March 31, 2024 and 2023, the average interest rate on Securities Purchased under Agreements to Resell would be approximately 5.46% and 4.63%, respectively. Excluding the impact of netting for the three months ended March 31, 2024 and 2023, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 5.39% and 4.56%, respectively. Northern Trust nets securities sold under repurchase agreements against those purchased under resale agreements when there is a legally enforceable master netting agreement.
(3)Average balances include nonaccrual loans.
(4)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.
(5)Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits on the consolidated balance sheets.
(6)Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
(7)Rate calculations are based on actual balances rather than the rounded amounts presented in the average consolidated balance sheets with analysis of Net Interest Income.


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FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Net Interest Income (continued)
TABLE 14: ANALYSIS OF NET INTEREST INCOME CHANGES DUE TO VOLUME AND RATE(1)
(INTEREST AND RATE ON A FULLY TAXABLE EQUIVALENT BASIS)THREE MONTHS ENDED MARCH 31, 2024 VS. 2023
CHANGE DUE TO
(In Millions)AVERAGE BALANCEAVERAGE RATENET (DECREASE) INCREASE
Increase (Decrease) in Net Interest Income (FTE)
Federal Reserve and Other Central Bank Deposits$(7.6)$90.3 $82.7 
Interest-Bearing Due from and Deposits with Banks1.6 4.8 6.4 
Federal Funds Sold(0.2) (0.2)
Securities Purchased under Agreements to Resell(95.1)793.1 698.0 
Debt Securities
Available for Sale(9.5)98.0 88.5 
Held to Maturity(3.7)23.7 20.0 
Total Debt Securities(13.2)121.7 108.5 
Loans(4.9)81.2 76.3 
Other Interest-Earning Assets13.2 (0.6)12.6 
Total Interest Income$(106.2)$1,090.5 $984.3 
Interest-Bearing Deposits
Savings, Money Market and Other$0.5 $94.7 $95.2 
Savings Certificates and Other Time26.0 11.2 37.2 
Non-U.S. Offices - Interest-Bearing8.6 176.1 184.7 
Total Interest-Bearing Deposits35.1 282.0 317.1 
Federal Funds Purchased(12.0)5.5 (6.5)
Securities Sold under Agreements to Repurchase66.3 631.5 697.8 
Other Borrowings(56.3)9.9 (46.4)
Senior Notes 4.9 4.9 
Long-Term Debt27.6 (1.2)26.4 
Total Interest Expense$60.7 $932.6 $993.3 
Increase (Decrease) in Net Interest Income (FTE)$(166.9)$157.9 $(9.0)
(1)Changes not due solely to average balance changes or rate changes are allocated proportionately to average balance and rate based on their relative absolute magnitudes.
Notes:    Net Interest Income (FTE), a non-GAAP financial measure, includes adjustments to a fully taxable equivalent basis for loans, securities and other interest-earning assets. The adjustments are based on a federal income tax rate of 21.0%, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. Total taxable equivalent interest adjustments amounted to $7.3 million and $13.2 million for the three months ended March 31, 2024 and 2023, respectively. A reconciliation of Net Interest Income and net interest margin on a GAAP basis to Net Interest Income and net interest margin on an FTE basis (each of which is a non-GAAP financial measure) is provided in “Reconciliation to Fully Taxable Equivalent” within this MD&A. Net interest margin is calculated by dividing annualized Net Interest Income by average interest-earning assets.
Interest Income on cash collateral positions is reported above in Interest-Bearing Due from and Deposits with Banks, Loans and in Other Interest-Earning Assets. Interest Expense on cash collateral positions is reported above in Savings, Money Market and Other and in Non-U.S. Offices Interest-Bearing Deposits. Where it can be net, related cash collateral received from and deposited with derivative counterparties is recorded net of the associated derivative contract in Other Assets and Other Liabilities, respectively.
Net Interest Income, stated on a FTE basis, decreased from the prior-year quarter, primarily due to higher funding costs. Average earning assets decreased from the prior-year quarter, primarily due to lower borrowing activity.
The net interest margin on an FTE basis decreased from the prior-year quarter, primarily due to higher funding costs.
Federal Reserve and Other Central Bank Deposits averaged $35.9 billion and decreased $0.7 billion, or 2%, from $36.6 billion in the prior-year quarter. Interest-Bearing Due from and Deposits with Banks averaged $4.4 billion and increased $0.2 billion, or 5%, from $4.2 billion in the prior-year quarter.
Average Securities were $48.5 billion and decreased $1.9 billion, or 4%, from $50.4 billion in the prior-year quarter. Average taxable Securities were $43.3 billion in the current quarter and $47.4 billion in the prior-year quarter. Average nontaxable Securities, which represent securities that are primarily exempt from U.S. federal and state income taxes, were $5.2 billion in the current quarter and $3.0 billion in the prior-year quarter.
Securities Purchased under Agreements to Resell averaged $517.9 million and decreased $528.2 million, or 50%, from $1,046.1 million in the prior-year quarter, primarily due to a shift to investments in higher interest earning assets.
Loans averaged $41.6 billion and decreased $0.4 billion, or 1%, from $42.0 billion in the prior-year quarter, primarily reflecting lower levels of commercial and institutional, non-U.S, private client, and residential real estate loans, partially offset by higher levels of commercial real estate loans. Commercial and institutional loans averaged $10.6 billion and decreased $1.8 billion, or
9

FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Net Interest Income (continued)
15%, from $12.4 billion for the prior-year quarter. Non-U.S. loans averaged $2.8 billion and decreased $714.8 million, or 20%, from $3.6 billion for the prior-year quarter. Private client loans averaged $13.4 billion and decreased $492.3 million, or 4%, from $13.9 billion for the prior-year quarter. Residential real estate loans averaged $6.3 billion and decreased $155.0 million, or 2%, from $6.4 billion for the prior-year quarter. Commercial real estate loans averaged $5.2 billion and increased $288.2 million, or 6%, from $4.9 billion for the prior-year quarter.
Average Other Interest-Earning Assets include collateral deposits with certain securities depositories and clearing houses, certain community development investments, Federal Home Loan Bank stock, Federal Reserve stock, and money market investments of $1,516.6 million, $878.8 million, $312.0 million, $70.0 million, and $64.7 million, respectively, which are recorded in Other Assets on the consolidated balance sheets.
Northern Trust utilizes a diverse mix of funding sources. Average Interest-Bearing Deposits increased $3.7 billion, or 4%, to an average of $95.7 billion in the current quarter from $92.0 billion in the prior-year quarter. Interest expense for Interest-Bearing Deposits in the current quarter was driven by higher interest rates. Average Non-U.S. Offices Interest-Bearing Deposits comprised 67% and 68% of total average Interest-Bearing Deposits for the three months ended March 31, 2024 and 2023, respectively. Other average interest-bearing liabilities decreased $3.3 billion, or 17%, to an average of $16.8 billion in the current quarter from $20.1 billion in the prior-year quarter. The balances within short-term borrowing classifications vary based on funding requirements and strategies, interest rate levels, changes in the volume of lower-cost deposit sources, and the availability of collateral to secure these borrowings.
Provision for Credit Losses
In the current quarter, there was a negative Provision for Credit Losses of $8.5 million, as compared to a $15.0 million Provision for Credit Losses in the prior-year quarter. The negative provision in the current quarter resulted from decreases in both individual and collective reserves. The decrease in individual reserves was driven by one Commercial and Institutional (C&I) loan that was charged-off in the current quarter. The decrease in collective reserve was primarily in the C&I portfolio, driven by improvement in the quality of the portfolio, and in the Commercial Real Estate (CRE) portfolio, driven by improved macroeconomic factors. The reserve evaluated on a collective basis relates to pooled financial assets sharing similar risk characteristics.
The Provision for Credit Losses in the prior-year quarter was primarily due to an increase in the reserve evaluated on a collective basis, driven by growth in the size and duration of the commercial real estate portfolio, primarily in multi-family properties, partially offset by improvement in credit quality for the commercial and institutional segment.
Net charge-offs in the current quarter were $10.4 million, reflecting $0.7 million of recoveries and $11.1 million of charge-offs. The prior-year quarter included $2.9 million of net charge-offs, reflecting $1.1 million of recoveries and $4.0 million of charge-offs.
For additional discussion of the allowance for credit losses, refer to the “Asset Quality” section in this MD&A.
Noninterest Expense
The components of Noninterest Expense are provided in the following table.
TABLE 15: NONINTEREST EXPENSE
THREE MONTHS ENDED MARCH 31,
($ In Millions)20242023CHANGE
Compensation$627.1 $595.2 $31.9 %
Employee Benefits101.1 101.0 0.1 — 
Outside Services229.3 210.8 18.5 
Equipment and Software252.7 231.7 21.0 
Occupancy54.1 61.3 (7.2)(12)
Other Operating Expense100.4 85.6 14.8 17 
Total Noninterest Expense$1,364.7 $1,285.6 $79.1 %
Compensation expense, the largest component of Noninterest Expense, increased compared to the prior-year quarter, primarily due to higher salary expenses and higher incentives.
Outside Services expense increased compared to the prior-year quarter, primarily due to higher technical services and consulting fees, partially offset by lower subcustodian expense.
Equipment and Software expense increased compared to the prior-year quarter, primarily due to higher software amortization, partially offset by lower equipment depreciation.
10

FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Noninterest Expense (continued)
Occupancy expense decreased compared to the prior-year quarter, primarily due to a $9.8 million charge related to early lease exits recorded in the first quarter of 2023.
Other Operating Expense increased compared to the prior-year quarter, primarily due to the $12.5 million FDIC special assessment in the current quarter, partially offset by the impact of reclassifying certain investment amortization to the Provision for Income Taxes from Other Operating Expense in accordance with a new accounting standard.
Provision for Income Taxes
Income tax expense for the three months ended March 31, 2024 was $75.9 million, representing an effective tax rate of 26.1%, compared to $109.4 million in the prior-year quarter, representing an effective tax rate of 24.6%.
The effective tax rate increased compared to the prior-year quarter primarily due to a higher net tax impact from international operations and lower net tax benefits from tax-credit investments, including the impact of reclassifying certain investment amortization to the Provision for Income Taxes from Other Operating Expense in accordance with a new accounting standard.
REPORTING SEGMENTS
Northern Trust is organized around 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. The revenue and expenses of Asset Management and certain other support functions are allocated fully to Asset Servicing and Wealth Management.
Reporting segment financial information, presented on an internal management-reporting basis, is determined by accounting systems used to allocate revenue and expense to each segment, and incorporates processes for allocating assets, liabilities, equity and the applicable interest income and expense utilizing a funds transfer pricing (FTP) methodology. Under the methodology, assets and liabilities receive a funding charge or credit that considers interest rate risk, liquidity risk, and other product characteristics on an instrument level. Additionally, segment information is presented on an FTE basis as management believes an FTE presentation provides a clearer indication of net interest income. The adjustment to an FTE basis has no impact on Net Income.
Revenues, expenses and average assets are allocated to Asset Servicing and Wealth Management, with the exception of non-recurring activities such as certain corporate transactions and costs incurred associated with acquisitions, divestitures, litigation, restructuring, and tax adjustments not directly attributable to a specific reporting segment, which are reported within the Other segment.
Effective January 2024, Northern Trust implemented certain enhancements to its FTP methodology, impacting the allocation of Net Interest Income to the Asset Servicing and Wealth Management segments. As a result, the approximate impact on the Asset Servicing and Wealth Management segments was a $31 million decrease and a $31 million increase in Net Interest Income, respectively, for the three months ended March 31, 2024. Prior-period segment results have not been revised to reflect this methodology change.
Reporting segment results are subject to reclassification when organizational changes are made. The results are also subject to refinements in revenue and expense allocation methodologies, which are typically reflected on a prospective basis.
11

REPORTING SEGMENTS (continued)
The following table presents the earnings contributions and average assets of Northern Trust’s reporting segments for the three month periods ended March 31, 2024 and 2023.
TABLE 16: RESULTS OF REPORTING SEGMENTS
($ In Millions)ASSET SERVICINGWEALTH MANAGEMENTOTHERRECONCILING ITEMSTOTAL CONSOLIDATED
THREE MONTHS ENDED MARCH 31,2024202320242023202420232024202320242023
Noninterest Income
Trust, Investment and Other Servicing Fees$639.6 $603.0 $503.3 $460.6 $ $— $ $— $1,142.9 $1,063.6 
Foreign Exchange Trading Income (Loss)59.9 54.9 (2.9)(1.9)