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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, 2021
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 September 30, 2021, 207,661,247 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, 2021
TABLE OF CONTENTS
i

CONSOLIDATED FINANCIAL HIGHLIGHTS
(UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
CONDENSED INCOME STATEMENTS ($ In Millions)20212020
% CHANGE(1)
20212020
% CHANGE(1)
Noninterest Income$1,287.4 $1,156.5 11 %$3,775.4 $3,470.1 %
Net Interest Income346.4 328.6 1,022.1 1,108.8 (8)
Total Revenue1,633.8 1,485.1 10 4,797.5 4,578.9 
Provision for Credit Losses(13.0)0.5 N/M(70.0)127.5 N/M
Noninterest Expense1,128.7 1,094.7 3,367.0 3,197.2 
Income before Income Taxes518.1 389.9 33 1,500.5 1,254.2 20 
Provision for Income Taxes122.4 95.4 28 361.6 285.8 27 
Net Income$395.7 $294.5 34 %$1,138.9 $968.4 18 %
PER COMMON SHARE
Net Income — Basic$1.81 $1.32 37 %$5.24 $4.35 21 %
— Diluted1.80 1.32 37 5.22 4.34 20 
Cash Dividends Declared Per Common Share0.70 0.70 — 2.10 2.10 — 
Book Value — End of Period (EOP)53.04 51.38 53.04 51.38 
Market Price — EOP107.81 77.97 38 107.81 77.97 38 
SELECTED BALANCE SHEET DATA ($ In Millions)SEPTEMBER 30, 2021DECEMBER 31, 2020
% CHANGE(1)
End of Period:
Total Assets$169,085.7 $170,003.9 (1)%
Earning Assets155,897.4 158,531.6 (2)
Deposits141,924.6 143,878.0 (1)
Stockholders’ Equity11,898.8 11,688.3 
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
20212020
% CHANGE(1)
20212020
% CHANGE(1)
Average Balances:
Total Assets$156,452.8 $140,925.4 11 %$154,681.3 $134,645.2 15 %
Earning Assets143,953.4 129,368.0 11 142,201.1 121,748.2 17 
Deposits129,795.4 112,844.7 15 128,082.2 106,290.9 21 
Stockholders’ Equity11,852.9 11,402.9 11,648.2 11,078.3 
CLIENT ASSETS ($ In Billions)SEPTEMBER 30, 2021DECEMBER 31, 2020
% CHANGE(1)
Assets Under Custody/Administration(2)
$15,776.2 $14,532.5 %
Assets Under Custody12,246.5 11,262.8 
Assets Under Management1,532.4 1,405.3 
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 SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
2021202020212020
Financial Ratios:
Return on Average Common Equity13.7 %10.5 %13.7 %12.0 %
Return on Average Assets1.00 0.83 0.98 0.96 
Dividend Payout Ratio38.9 53.0 40.2 48.4 
Net Interest Margin(1)
0.98 1.03 0.99 1.24 
SEPTEMBER 30, 2021DECEMBER 31, 2020
STANDARDIZED
APPROACH
ADVANCED
APPROACH
STANDARDIZED
APPROACH
ADVANCED
APPROACH
WELL-CAPITALIZED RATIOSMINIMUM CAPITAL RATIOS
Capital Ratios:
Northern Trust Corporation
Common Equity Tier 1 Capital11.9 %13.0 %12.8 %13.4 %N/A4.5 %
Tier 1 Capital12.9 14.1 13.9 14.5 6.0 6.0 
Total Capital14.3 15.4 15.6 15.9 10.0 8.0 
Tier 1 Leverage7.1 7.1 7.6 7.6 N/A4.0 
Supplementary LeverageN/A8.4 N/A8.6 N/A3.0 
The Northern Trust Company
Common Equity Tier 1 Capital12.5 %13.8 %13.0 %13.8 %6.5 %4.5 %
Tier 1 Capital12.5 13.8 13.0 13.8 8.0 6.0 
Total Capital13.7 14.9 14.5 15.0 10.0 8.0 
Tier 1 Leverage6.8 6.8 7.0 7.0 5.0 4.0 
Supplementary LeverageN/A8.1 N/A7.7 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 on page 32.
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 2021. 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, 2020. Investors also should read the section entitled “Forward-Looking Statements.”
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: Corporate & Institutional Services (C&IS) and Wealth Management. Asset management and related services are provided to C&IS 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.
COVID-19 Pandemic
During the COVID-19 pandemic, Northern Trust has remained focused on the health and well-being of its workforce, meeting its clients’ needs and supporting its communities. The majority of Northern Trust’s workforce continues to work remotely and the Corporation continues to adjust its response to the pandemic as needed. The timing of any return to the office (RTO) will be driven by the operational, business, and client needs of each location, and will be guided by health and safety guidelines. Given the recent trend of the virus, a broader RTO that had been planned for the third quarter of 2021 has been delayed indefinitely.
During the pandemic, Northern Trust offered assistance to affected clients by lending under a government lending program and providing payment deferrals. In addition, there have been two forms of relief provided to lenders exempting certain loan modifications which would otherwise be classified as troubled debt restructuring from such classification. Northern Trust elected to apply each of these forms of relief, when applicable, in providing borrowers with qualifying loan modifications, including payment deferrals, in response to the COVID-19 pandemic. Both of these assistance measures have declined since the start of the pandemic. For further information, please refer to Note 6 — Loans and Leases to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited).
Overview of Financial Results
Net Income per diluted common share increased in the current quarter to $1.80 from $1.32 in the third quarter of 2020. Net Income increased $101.2 million, or 34%, to $395.7 million in the current quarter from $294.5 million in the prior-year quarter. Annualized return on average common equity was 13.7% in the current quarter and 10.5% in the prior-year quarter. The annualized return on average assets was 1.00% in the current quarter as compared to 0.83% in the prior-year quarter.
Revenue increased $148.7 million, or 10%, to $1.63 billion in the current quarter from $1.49 billion in the prior-year quarter.
Trust, Investment and Other Servicing Fees increased $107.2 million, or 11%, from $1.00 billion in the prior-year quarter to $1.11 billion in the current quarter, primarily due to favorable markets, new business, and favorable currency translation, partially offset by higher money market mutual fund fee waivers.
Other Noninterest Income increased $23.7 million, or 16%, from $152.7 million in the prior-year quarter to $176.4 million in the current quarter, primarily reflecting higher Security Commissions and Trading Income and Other Operating Income.
Net Interest Income increased $17.8 million, or 5%, to $346.4 million in the current quarter as compared to $328.6 million in the prior-year quarter, primarily due to higher average earning assets, partially offset by a lower net interest margin.
There was a $13.0 million release of credit reserves in the current quarter, as compared to a provision of $0.5 million in the prior-year quarter. The current quarter release of credit reserves was primarily due to a decrease in the reserve evaluated on a collective basis, which relates to pooled financial assets sharing similar risk characteristics. The decrease in the collective basis reserve was driven by continued improvements in projected economic conditions and portfolio credit quality, partially offset by portfolio growth. Decreases in the collective basis reserve were primarily in the commercial and institutional and commercial real estate portfolios.
Noninterest Expense increased $34.0 million, or 3%, from $1.09 billion in the prior-year quarter to $1.13 billion in the current quarter, primarily attributable to higher Compensation, Outside Services, Equipment and Software expense, and Employee Benefits, offset by lower Other Operating Expense.
3

THIRD QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Overview of Financial Results (continued)
The Provision for Income Taxes in the current quarter totaled $122.4 million, representing an effective tax rate of 23.6%. The Provision for Income Taxes in the prior-year quarter totaled $95.4 million, representing an effective tax rate of 24.5%. The effective tax rate decreased compared to the prior-year quarter primarily due to an increase in allocated tax credits related to community development projects and a lower net tax impact from international operations.
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. Low-interest-rate environments have historically had a negative impact on fees earned on certain products. Beginning in the second quarter of 2020, the Corporation began to waive a portion of certain fees associated with money market mutual funds due to the low-interest-rate environment. Northern Trust voluntarily waived $76.7 million and $5.4 million of money market mutual fund fees for the three months ended September 30, 2021 and 2020, respectively. These fee waivers, which are impacted by the level of yields earned and account balances in certain funds, are expected to continue in the current low-interest-rate environment as the yields in these funds remain insufficient to pay the stated fees associated with such funds. This is expected to adversely impact Trust, Investment and Other Servicing Fees within the C&IS and Wealth Management reporting segments.
The components of Trust, Investment and Other Servicing Fees are provided below.
TABLE 1: TRUST, INVESTMENT AND OTHER SERVICING FEES
THREE MONTHS ENDED SEPTEMBER 30,
($ In Millions)20212020CHANGE
C&IS Trust, Investment and Other Servicing Fees
Custody and Fund Administration$460.2 $395.0 $65.2 17 %
Investment Management113.6 136.8 (23.2)(17)
Securities Lending20.2 19.7 0.5 
Other36.2 33.4 2.8 
Total C&IS Trust, Investment and Other Servicing Fees$630.2 $584.9 $45.3 %
Wealth Management Trust, Investment and Other Servicing Fees
Central$178.8 $151.1 $27.7 18 %
East130.2 110.9 19.3 17 
West97.0 84.7 12.3 15 
Global Family Office74.8 72.2 2.6 
Total Wealth Management Trust, Investment and Other Servicing Fees$480.8 $418.9 $61.9 15 %
Total Consolidated Trust, Investment and Other Servicing Fees$1,111.0 $1,003.8 $107.2 11 %
Corporate & Institutional Services
Custody and Fund Administration fees, the largest component of C&IS 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.
Custody and Fund Administration fees increased from the prior-year quarter, primarily due to favorable markets and new business. Investment Management fees decreased from the prior-year quarter, primarily due to higher money market mutual fund fee waivers, partially offset by 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 (Central, East and West) increased from the prior-year quarter, primarily due to favorable markets and new business, partially offset by higher money market mutual fund fee waivers. Global Family Office fee income increased from the prior-year quarter, primarily due to favorable markets and new business, partially offset by higher money market mutual fund fee waivers.
4

THIRD QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)

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,
20212020CHANGE20212020CHANGE
S&P 5004,420 3,316 33 %4,308 3,363 28 %
MSCI EAFE (U.S. dollars)2,337 1,871 25 2,281 1,855 23 
MSCI EAFE (local currency)1,326 1,068 24 1,315 1,057 24 
TABLE 3: FIXED INCOME MARKET INDICES
AS OF SEPTEMBER 30,
20212020CHANGE
Barclays Capital U.S. Aggregate Bond Index2,355 2,376 (1)%
Barclays Capital Global Aggregate Bond Index536 541 (1)
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
SEPTEMBER 30, 2021JUNE 30, 2021SEPTEMBER 30, 2020CHANGE Q3-21/Q2-21CHANGE Q3-21/Q3-20
($ In Billions)
Corporate & Institutional Services$14,800.2 $14,754.1 $12,263.2 — %21 %
Wealth Management976.0 973.0 814.4 — 20 
Total Assets Under Custody / Administration$15,776.2 $15,727.1 $13,077.6 — %21 %
The following table presents Northern Trust’s assets under custody, a component of AUC/A, by reporting segment.
TABLE 5: ASSETS UNDER CUSTODY BY REPORTING SEGMENT
SEPTEMBER 30, 2021JUNE 30, 2021SEPTEMBER 30, 2020CHANGE Q3-21/Q2-21CHANGE Q3-21/Q3-20
($ In Billions)
Corporate & Institutional Services$11,283.6 $11,260.8 $9,312.2 — %21 %
Wealth Management962.9 967.8 810.4 — 19 
Total Assets Under Custody$12,246.5 $12,228.6 $10,122.6 — %21 %
Consolidated assets under custody increased from the prior quarter, primarily reflecting the impact of net inflows and favorable markets, partially offset by unfavorable currency translation. Consolidated assets under custody increased compared to the prior-year quarter, primarily reflecting the impact of favorable markets, net 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, 2021JUNE 30, 2021SEPTEMBER 30, 2020
C&ISWMTOTALC&ISWMTOTALC&ISWMTOTAL
Equities47 %62 %48 %47 %64 %48 %44 %60 %44 %
Fixed Income Securities35 14 33 35 14 33 37 16 36 
Cash and Other Assets16 24 17 16 22 17 17 24 18 
Securities Lending Collateral2  2 — — 
The following table presents Northern Trust’s assets under custody by investment type.
5

THIRD QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)

TABLE 7: ASSETS UNDER CUSTODY BY INVESTMENT TYPE
($ In Billions)SEPTEMBER 30, 2021JUNE 30, 2021SEPTEMBER 30, 2020CHANGE Q3-21/Q2-21CHANGE Q3-21/Q3-20
Equities$5,899.5 $5,951.0 $4,532.2 (1)%30 %
Fixed Income Securities4,046.5 4,029.6 3,614.6 — 12 
Cash and Other Assets2,092.4 2,048.7 1,802.9 16 
Securities Lending Collateral208.1 199.3 172.9 20 
Total Assets Under Custody$12,246.5 $12,228.6 $10,122.6 — %21 %
The following table presents Northern Trust’s assets under management by reporting segment.
TABLE 8: ASSETS UNDER MANAGEMENT BY REPORTING SEGMENT
SEPTEMBER 30, 2021JUNE 30, 2021SEPTEMBER 30, 2020CHANGE Q3-21/Q2-21CHANGE Q3-21/Q3-20
($ In Billions)
Corporate & Institutional Services$1,159.5 $1,168.3 $993.2 (1)%17 %
Wealth Management372.9 371.1 318.5 — 17 
Total Assets Under Management$1,532.4 $1,539.4 $1,311.7 — %17 %
Consolidated assets under management decreased compared to the prior quarter, primarily reflecting unfavorable markets and currency translation, partially offset by net inflows. Consolidated assets under management increased compared to the prior-year quarter, primarily reflecting favorable markets and net inflows.
The following table presents the allocation of Northern Trust’s assets under management by reporting segment.
TABLE 9: ALLOCATION OF ASSETS UNDER MANAGEMENT
SEPTEMBER 30, 2021JUNE 30, 2021SEPTEMBER 30, 2020
C&ISWMTOTALC&ISWMTOTALC&ISWMTOTAL
Equities51 %57 %53 %53 %57 %54 %50 %49 %50 %
Fixed Income Securities11 22 14 11 22 14 12 26 15 
Cash and Other Assets20 21 19 19 21 19 21 25 22 
Securities Lending Collateral18  14 17 — 13 17 — 13 
The following table presents Northern Trust’s assets under management by investment type.
TABLE 10: ASSETS UNDER MANAGEMENT BY INVESTMENT TYPE
($ In Billions)SEPTEMBER 30, 2021JUNE 30, 2021SEPTEMBER 30, 2020CHANGE Q3-21/Q2-21CHANGE Q3-21/Q3-20
Equities$806.4 $827.8 $648.8 (3)%24 %
Fixed Income Securities210.6 214.9 201.6 (2)
Cash and Other Assets307.3 297.4 288.4 
Securities Lending Collateral208.1 199.3 172.9 20 
Total Assets Under Management$1,532.4 $1,539.4 $1,311.7 — %17 %
6

THIRD 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)SEPTEMBER 30, 2021JUNE 30, 2021MARCH 31, 2021DECEMBER 31, 2020SEPTEMBER 30, 2020
Beginning Balance of AUM$1,539.4 $1,449.1 $1,405.3 $1,311.7 $1,257.8 
Inflows by Product
Equities82.0 72.0 84.2 52.0 42.6 
Fixed Income16.7 13.1 15.3 18.7 16.4 
Cash and Other Assets183.5 197.2 165.6 188.5 189.9 
Securities Lending Collateral71.2 64.0 74.1 64.2 57.2 
Total Inflows353.4 346.3 339.2 323.4 306.1 
Outflows by Product
Equities(102.1)(72.9)(88.4)(58.1)(48.3)
Fixed Income(15.6)(10.6)(14.8)(17.5)(13.9)
Cash and Other Assets(170.5)(184.9)(163.9)(203.0)(195.3)
Securities Lending Collateral(62.4)(65.8)(59.8)(50.2)(50.0)
Total Outflows(350.6)(334.2)(326.9)(328.8)(307.5)
Net Inflows (Outflows)2.8 12.1 12.3 (5.4)(1.4)
Market Performance, Currency & Other
Market Performance & Other(5.9)76.7 37.2 91.0 51.4 
Currency(3.9)1.5 (5.7)8.0 3.9 
Total Market Performance, Currency & Other(9.8)78.2 31.5 99.0 55.3 
Ending Balance of AUM$1,532.4 $1,539.4 $1,449.1 $1,405.3 $1,311.7 
Other Noninterest Income
The components of noninterest income are provided below.
TABLE 12: OTHER NONINTEREST INCOME
THREE MONTHS ENDED SEPTEMBER 30,