Company Quick10K Filing
Northern Trust
Price93.14 EPS5
Shares217 P/E18
MCap20,199 P/FCF21
Net Debt-5,038 EBIT2,134
TEV15,161 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-04-27
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-10-28
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-04-29
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-10-29
10-Q 2018-06-30 Filed 2018-07-30
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-10-28
10-Q 2015-06-30 Filed 2015-07-29
10-Q 2015-03-31 Filed 2015-04-28
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-07-28
10-Q 2014-03-31 Filed 2014-04-28
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-10-25
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-04-30
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-10-26
10-Q 2012-06-30 Filed 2012-07-27
10-Q 2012-03-31 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-10-28
10-Q 2011-06-30 Filed 2011-07-29
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-05-01
8-K 2020-04-21
8-K 2020-04-21
8-K 2020-04-21
8-K 2020-01-22
8-K 2019-11-01
8-K 2019-10-29
8-K 2019-10-23
8-K 2019-09-18
8-K 2019-09-09
8-K 2019-07-24
8-K 2019-05-03
8-K 2019-04-23
8-K 2019-04-23
8-K 2019-04-23
8-K 2019-04-22
8-K 2019-02-19
8-K 2019-01-23
8-K 2019-01-22
8-K 2018-11-13
8-K 2018-10-17
8-K 2018-09-12
8-K 2018-07-31
8-K 2018-07-18
8-K 2018-07-10
8-K 2018-04-17
8-K 2018-04-17
8-K 2018-04-17
8-K 2018-01-24

NTRS 10Q Quarterly Report

Part I - Financial Information
Item 1. Consolidated Financial Statements (Unaudited)
Note 1 - Basis of Presentation
Note 2 - Recent Accounting Pronouncements
Note 3 - Fair Value Measurements
Note 4 - Securities
Note 5 - Securities Sold Under Agreements To Repurchase
Note 6 - Loans and Leases
Note 7 - Allowance for Credit Losses
Note 8 - Pledged Assets
Note 9 - Goodwill and Other Intangibles
Note 10 - Reporting Segments
Note 11 - Stockholders' Equity
Note 12 - Accumulated Other Comprehensive Income (Loss)
Note 13 - Net Income per Common Share Computations
Note 14 - Revenue From Contracts with Clients
Note 15 - Net Interest Income
Note 16 - Income Taxes
Note 17 - Pension and Postretirement Health Care
Note 18 - Share - Based Compensation Plans
Note 19 - Variable Interest Entities
Note 20 - Contingent Liabilities
Note 21 - Derivative Financial Instruments
Note 22 - Offsetting of Assets and Liabilities
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 q12020ex101.htm
EX-10.2 q12020ex102.htm
EX-31.1 q12020ex311.htm
EX-31.2 q12020ex312.htm
EX-32 q12020ex32.htm

Northern Trust Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
14011284562802012201420172020
Assets, Equity
1.00.80.60.40.20.02018201820192020
Rev, G Profit, Net Income
1593-3-9-152012201420172020
Ops, Inv, Fin

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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, 2020
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)
Delaware
36-2723087
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
50 South LaSalle Street
60603
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 class
Trading Symbol
Name of each exchange on which registered
Common Stock, $1.66 2/3 Par Value
NTRS
The NASDAQ Stock Market LLC
Depositary Shares, each representing 1/1,000th interest in a share of Series E Non-Cumulative Perpetual Preferred Stock
NTRSO
The 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 filer
x
Accelerated 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, 2020, 208,052,036 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, 2020
TABLE OF CONTENTS
 
 
 
Page
 
 
 
 
 
 
 
 

i

CONSOLIDATED FINANCIAL HIGHLIGHTS
(UNAUDITED)

 
THREE MONTHS ENDED MARCH 31,
 
CONDENSED INCOME STATEMENTS (In Millions)
2020

2019

% CHANGE(1)

Noninterest Income
$
1,179.6

$
1,058.9

11
 %
Net Interest Income
408.1

422.0

(3
)
Provision for Credit Losses
61.0


N/M

Noninterest Expense
1,065.6

1,028.7

4

Income before Income Taxes
461.1

452.2

2

Provision for Income Taxes
100.5

105.1

(4
)
Net Income
$
360.6

$
347.1

4
 %
PER COMMON SHARE
 
 
 
Net Income — Basic
$
1.56

$
1.49

5
 %
— Diluted
1.55

1.48

5

Cash Dividends Declared Per Common Share
0.70

0.60

17

Book Value — End of Period (EOP)
48.04

44.72

7

Market Price — EOP
75.46

90.41

(17
)
SELECTED BALANCE SHEET DATA (In Millions)
MARCH 31, 2020

DECEMBER 31, 2019

% CHANGE(1)

End of Period:
 
 
 
Assets
$
161,709.2

$
136,828.4

18
 %
Earning Assets
145,322.7

125,236.6

16

Deposits
131,491.2

109,120.6

21

Stockholders’ Equity
10,879.7

11,091.0

(2
)
 
THREE MONTHS ENDED MARCH 31,
 
 
2020
2019
% CHANGE(1)
Average Balances:
 
 
 
Assets
$
124,170.5

$
119,416.7

4
 %
Earning Assets
110,611.3

110,672.2


Deposits
95,085.8

91,369.8

4

Stockholders’ Equity
10,787.0

10,428.8

3

CLIENT ASSETS (In Billions)
MARCH 31, 2020

DECEMBER 31, 2019

% CHANGE(1)

Assets Under Custody/Administration(2)
$
10,876.6

$
12,050.4

(10
)%
Assets Under Custody
8,254.7

9,233.5

(11
)
Assets Under Management
1,119.3

1,231.3

(9
)
(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.






1

SELECTED RATIOS AND METRICS

 
THREE MONTHS ENDED MARCH 31,
 
2020
2019
Financial Ratios:
 
 
Return on Average Common Equity
13.4
%
14.0
%
Return on Average Assets
1.17

1.18

Dividend Payout Ratio
45.2

40.5

Net Interest Margin(1)
1.51

1.58

 
MARCH 31, 2020
DECEMBER 31, 2019
 
 
 
STANDARDIZED
APPROACH
ADVANCED
APPROACH
STANDARDIZED
APPROACH
ADVANCED
APPROACH
WELL-CAPITALIZED RATIOS
MINIMUM CAPITAL RATIOS
Capital Ratios:
 
 
 
 
 
 
Northern Trust Corporation
 
 
 
 
 
 
Common Equity Tier 1 Capital
11.7
%
12.9
%
12.7
%
13.2
%
N/A

4.5
%
Tier 1 Capital
12.8

14.1

14.5

15.0

6.0

6.0

Total Capital
14.5

15.7

16.3

16.8

10.0

8.0

Tier 1 Leverage
8.1

8.1

8.7

8.7

N/A

4.0

Supplementary Leverage
N/A

7.2

N/A

7.6

N/A

3.0

 
 
 
 
 
 
 
The Northern Trust Company
 
 
 
 
 
 
Common Equity Tier 1 Capital
12.0
%
13.5
%
12.3
%
13.0
%
6.5
%
4.5
%
Tier 1 Capital
12.0

13.5

12.3

13.0

8.0

6.0

Total Capital
13.6

14.9

14.0

14.6

10.0

8.0

Tier 1 Leverage
7.6

7.6

7.3

7.3

5.0

4.0

Supplementary Leverage
N/A

6.8

N/A

6.4

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 28.

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
FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS
General
Northern Trust Corporation (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.
The following should be read in conjunction with the consolidated financial statements and related footnotes included in this report. Investors also should read the section entitled “Forward-Looking Statements.”
Overview
During the first quarter of 2020, the COVID-19 global pandemic presented health and economic challenges on an unprecedented scale. During this time, Northern Trust continued to look after the health and safety of its employees, serve its clients, and support its communities. The global business resiliency plan was implemented, with the vast majority of staff working remotely and continuing to maintain Northern Trust’s high level of service and execution. The impacts of recent conditions are not fully reflected in the current quarter due to the quarter-lag and month-lag nature of Northern Trust’s trust, investment and other servicing fees and the timing of recent declines in short-term interest rates. Accordingly, revenue in future periods is expected to be impacted further by recent market events. In addition, our provision for credit losses in the future could be impacted to the extent that actual market and economic conditions deteriorate faster or greater than our forecasts. Key income statement drivers for the first quarter are highlighted below.
Net income per diluted common share increased in the current quarter to $1.55 from $1.48 in the first quarter of 2019. Net income increased to $360.6 million in the current quarter as compared to $347.1 million in the prior-year quarter. Annualized return on average common equity was 13.4% in the current quarter and 14.0% in the prior-year quarter. The annualized return on average assets was 1.17% in the current quarter as compared to 1.18% in the prior-year quarter.

Revenue increased $106.8 million, or 7%, from $1.48 billion in the prior-year quarter to $1.59 billion in the current quarter.

Noninterest income increased $120.7 million, or 11%, from $1.06 billion in the prior-year quarter to $1.18 billion in the current quarter, primarily reflecting higher trust, investment and other servicing fees, foreign exchange trading income, security commissions and trading income and other operating income.

Net interest income decreased $13.9 million, or 3%, to $408.1 million in the current quarter as compared to $422.0 million in the prior-year quarter, primarily due to a lower net interest margin.

The Corporation adopted Accounting Standards Update (ASU) No. 2016-13, “Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments” (ASU 2016-13) on January 1, 2020, which significantly changes the way impairment of financial instruments is recognized by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of financial instruments. Upon adoption of ASU 2016-13, the Corporation recorded a $13.7 million increase in the allowance for credit losses with a corresponding cumulative effect adjustment to decrease retained earnings $10.1 million, net of income taxes. For more information on the adoption of ASU 2016-13, please refer to Note 2 — Recent Accounting Pronouncements to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited). The provision for credit losses was a provision of $61.0 million in the current quarter, as compared to no provision in the prior-year quarter. The current quarter provision was primarily due to an increase in the reserve evaluated on a collective basis driven by current and projected economic conditions resulting from the ongoing COVID-19 pandemic and related market and economic impacts, with the largest increase in the commercial and institutional and commercial real estate portfolios.


3

FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Overview (continued)


Noninterest expense increased $36.9 million, or 4%, to $1.07 billion in the current quarter from $1.03 billion in the prior-year quarter, primarily attributable to higher compensation, equipment and software expense, employee benefits expense, and outside services, partially offset by lower other operating expense.

The provision for income taxes in the current quarter totaled $100.5 million, representing an effective tax rate of 21.8%. The provision for income taxes in the prior-year quarter totaled $105.1 million, representing an effective tax rate of 23.2%.

4

FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Noninterest Income

The components of noninterest income are provided below.
TABLE 1: NONINTEREST INCOME
 
THREE MONTHS ENDED MARCH 31,
 
 
 
($ In Millions)
2020

2019

CHANGE
Trust, Investment and Other Servicing Fees
$
1,003.6

$
928.9

$
74.7

8
 %
Foreign Exchange Trading Income
88.9

66.2

22.7

34

Treasury Management Fees
11.0

11.7

(0.7
)
(6
)
Security Commissions and Trading Income
41.7

23.3

18.4

79

Other Operating Income
34.4

29.0

5.4

18

Investment Security (Losses) Gains, net

(0.2
)
0.2

N/M

Total Noninterest Income
$
1,179.6

$
1,058.9

$
120.7

11
 %
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. Accordingly, the impacts of lower equity markets were not fully reflected in the current quarter. Trust, investment and other servicing fees in future periods will be impacted further by recent market decreases. For a further discussion of trust, investment and other servicing fees and how they are derived, refer to the “Reporting Segments” section.

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 AVERAGES
PERIOD-END
 
THREE MONTHS ENDED MARCH 31,
AS OF MARCH 31,
 
2020

2019

CHANGE

2020

2019

CHANGE

S&P 500
3,059

2,718

13
%
2,585

2,834

(9
)%
MSCI EAFE (U.S. dollars)
1,862

1,833

2

1,560

1,875

(17
)
MSCI EAFE (local currency)
1,107

1,074

3

938

1,105

(15
)
TABLE 3: FIXED INCOME MARKET INDICES
 
AS OF MARCH 31,
 
2020

2019

CHANGE

Barclays Capital U.S. Aggregate Bond Index
2,295

2,107

9
%
Barclays Capital Global Aggregate Bond Index
510

489

4


Assets under custody/administration (AUC/A) and assets under management form 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. The following table presents AUC/A by reporting segment.
TABLE 4: ASSETS UNDER CUSTODY / ADMINISTRATION BY REPORTING SEGMENT
 
MARCH 31, 2020

DECEMBER 31, 2019

MARCH 31, 2019

CHANGE Q1-20/Q4-19

CHANGE Q1-20/Q1-19

($ In Billions)
Corporate & Institutional
$
10,236.5

$
11,311.6

$
10,238.9

(10
)%
 %
Wealth Management
640.1

738.8

688.5

(13
)
(7
)
Total Assets Under Custody / Administration
$
10,876.6

$
12,050.4

$
10,927.4

(10
)%
 %

5

FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Noninterest Income (continued)


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, 2020

DECEMBER 31, 2019

MARCH 31, 2019

CHANGE Q1-20/Q4-19

CHANGE Q1-20/Q1-19

($ In Billions)
Corporate & Institutional
$
7,620.8

$
8,497.8

$
7,529.1

(10
)%
1
 %
Wealth Management
633.9

735.7

670.6

(14
)
(5
)
Total Assets Under Custody
$
8,254.7

$
9,233.5

$
8,199.7

(11
)%
1
 %
Consolidated assets under custody increased compared to the prior-year quarter, primarily reflecting net inflows, partially offset by the impact of unfavorable markets and unfavorable currency translation. Consolidated assets under custody decreased from the prior quarter primarily reflecting the impact of unfavorable markets and unfavorable currency translation, partially offset by net inflows.
The following table presents the allocation of Northern Trust’s custodied assets by reporting segment.<