ntrs-20250723
0000073124false00000731242025-07-232025-07-230000073124us-gaap:CommonStockMember2025-07-232025-07-230000073124ntrs:DepositarySharesMember2025-07-232025-07-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 
FORM
8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 23, 2025

NORTHERN TRUST CORPORATION

(Exact name of registrant as specified in its charter)
Delaware001-36609 36-2723087
(State or other jurisdiction of incorporation)(Commission File Number) (IRS 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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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 Stock
NTRSOThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐


Item 2.02.    Results of Operations and Financial Condition

The information contained in the registrant’s July 23, 2025 press release, reporting on the registrant’s earnings for the three and six months ended June 30, 2025, a copy of which is attached as Exhibit 99.1 hereto, is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure

On July 23, 2025, Northern Trust Corporation (the “Corporation”) will hold a live conference call and webcast to discuss financial results for the three and six months ended June 30, 2025 and other matters relating to the Corporation. In connection therewith, the Corporation has also made available on its website presentation materials containing certain information relating to the Corporation (the “Presentation Materials”) and materials that contain additional information about the Corporation’s financial results for the three and six months ended June 30, 2025 (the “Financial Trends”), copies of which are attached as Exhibits 99.2 and 99.3 hereto, and are incorporated herein by reference.

Item 9.01.    Financial Statements and Exhibits

The information provided in this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.    

(d) Exhibits:
Exhibit NumberDescription
104The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
NORTHERN TRUST CORPORATION
(Registrant)
Dated:July 23, 2025By:/s/ David W. Fox, Jr.
David W. Fox, Jr.
Executive Vice President and Chief Financial Officer

Exhibit 99.1
NEWS RELEASE
ntrs_logoxwhite.jpg
www.northerntrust.com
INVESTOR CONTACT: Jennifer Childe | 312-444-3290 | [email protected] MEDIA CONTACT: John O'Connell | 312-444-2388  | John.O'[email protected]



NORTHERN TRUST CORPORATION REPORTS SECOND QUARTER
NET INCOME OF $421.3 MILLION, EARNINGS PER DILUTED COMMON SHARE OF $2.13
CHICAGO, JULY 23, 2025 — Northern Trust Corporation today reported second quarter net income per diluted common share of $2.13, compared to $1.90 in the first quarter of 2025 and $4.34 in the second quarter of 2024. Net income was $421.3 million, compared to $392.0 million in the prior quarter and $896.1 million in the prior year quarter.

MICHAEL O’GRADY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER:
“Northern Trust reported another quarter of strengthening results, featuring mid-single digit trust fee growth, record net interest income, and meaningful expansion in our pretax margin, all of which drove a 20% increase in our earnings per share, excluding notables in the prior period. The second quarter marks our fourth consecutive quarter of generating year-over-year improvement in our expense-to-trust fee ratio and delivering both positive trust fee operating leverage and overall operating leverage, all excluding notables. During this period, we have also returned over 100% of our earnings, including record share repurchases this quarter. Yesterday, our Board of Directors approved a $0.05 or 7% increase to our quarterly dividend.

We enter the second half of the year with good momentum, squarely focused on delivering exceptional value to our clients, driving sustainable and profitable growth, and creating long-term value for our shareholders.”
FINANCIAL SUMMARY & KEY METRICS
% Change Q2 2025 vs.
($ In Millions except per share data)Q2 2025Q1 2025Q2 2024Q1 2025Q2 2024
Trust, Investment and Other Servicing Fees$1,231.1 $1,213.8 $1,166.1 1 %6 %
Other Noninterest Income (1)
156.3 158.1 1,026.5 (1)(85)
Net Interest Income (FTE*)615.2 573.7 529.8 7 16 
Total Revenue (FTE*)$2,002.6 $1,945.6 $2,722.4 3 %(26)%
Noninterest Expense (2)
$1,416.6 $1,417.6 $1,533.9 — %(8)%
Provision for Credit Losses16.5 1.0 8.0 N/MN/M
Provision for Income Taxes143.5 129.4 277.5 11(48)
FTE Adjustment*4.7 5.6 6.9 (14)(31)
Net Income$421.3 $392.0 $896.1 7 %(53)%
Earnings Allocated to Common and Potential Common Shares$412.8 $372.2 $884.3 11 %(53)%
Diluted Earnings per Common Share$2.13 $1.90 $4.34 12 (51)
Return on Average Common Equity14.2 %13.0 %31.2 %
Average Assets$157,719.2 $150,262.1 $148,001.2 5 %7 %
(1)    Other Noninterest Income for Q2 2024 included the following notable items: $878.4 million net gain related to Northern Trust’s participation in the Visa Exchange Offer, partially offset by a $7.6 million impairment charge taken on certain investments and a $6.5 million loss recognized as a result of a securities repositioning related to the supplemental pension plan.
(2)    Noninterest Expense for Q2 2024 included the following notable items: $182.2 million of restructuring charges and other notable items, including severance-related charges of $85.2 million, a $70.0 million charitable contribution to the Northern Trust Foundation, $16.4 million of software amortization acceleration and dispositions, and a $10.6 million legal settlement.
(*)     Net interest income and total revenue presented on a fully taxable equivalent (FTE) basis are non-generally accepted accounting principles (non-GAAP) financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
N/M - Not meaningful



NORTHERN TRUST CORPORATION SECOND QUARTER 2025 RESULTS
CLIENT ASSETS
Assets under custody/administration (AUC/A) and assets under management are a driver of the Corporation’s trust, investment and other servicing fees, the largest component of noninterest income.
As of
% Change June 30, 2025 vs.
($ In Billions)June 30, 2025*March 31, 2025June 30, 2024March 31, 2025June 30, 2024
Assets Under Custody/Administration
Asset Servicing$16,864.9 $15,804.7 $15,470.8 7 %9 %
   Wealth Management1,203.4 1,119.3 1,096.6 8 10 
     Total Assets Under Custody/Administration$18,068.3 $16,924.0 $16,567.4 7 %9 %
Assets Under Custody(1)
Asset Servicing$13,056.5 $12,163.6 $11,955.5 7 %9 %
   Wealth Management1,187.2 1,105.9 1,085.9 7 9 
     Total Assets Under Custody$14,243.7 $13,269.5 $13,041.4 7 %9 %
Assets Under Management
Asset Servicing$1,229.2 $1,160.9 $1,107.3 6 %11 %
  Wealth Management468.5 446.9 419.4 5 12 
     Total Assets Under Management$1,697.7 $1,607.8 $1,526.7 6 %11 %
(1) Assets Under Custody are a component of Assets Under Custody/Administration.
(*) Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.
Total assets under custody/administration and assets under custody increased from the prior quarter and the prior year quarter primarily driven by favorable markets and favorable currency translation.
Total assets under management increased compared to the prior quarter primarily reflecting favorable markets. Total assets under management increased compared to the prior year quarter primarily reflecting favorable markets and net new business.
TRUST, INVESTMENT AND OTHER SERVICING FEES
% Change Q2 2025 vs.
($ In Millions)Q2 2025Q1 2025Q2 2024Q1 2025Q2 2024
Asset Servicing
Custody and Fund Administration$469.2$453.3$445.94 %5 %
Investment Management157.3152.5145.73 8 
Securities Lending20.217.916.513 22 
Other45.148.242.5(7)6 
Total Asset Servicing Trust, Investment and Other Servicing Fees$691.8$671.9$650.63 %6 %
Wealth Management
Central$189.2$189.1$180.7— %5 %
East139.3141.0132.7(1)5 
West106.3108.0103.3(2)3 
Global Family Office (GFO)104.5103.898.81 6 
Total Wealth Management Trust, Investment and Other Servicing Fees$539.3$541.9$515.5— %5 %
Total Consolidated Trust, Investment and Other Servicing Fees$1,231.1$1,213.8$1,166.11 %6 %
Asset Servicing and Wealth Management Trust, Investment and Other Servicing Fees are impacted by both one-month and one-quarter lagged asset values.
Total Asset Servicing Trust, Investment and Other Servicing Fees increased both sequentially and from the prior-year quarter.
▪Custody and Fund Administration fees increased from the prior year quarter primarily due to favorable markets, favorable currency movements, and net new business.
▪Investment management fees increased from the prior year quarter primarily due to favorable markets and net new business.
Total Wealth Management Trust, Investment and Other Servicing Fees was relatively unchanged sequentially and increased from the prior-year quarter.
▪Fees in the regions increased from the prior year quarter primarily due to favorable markets.
▪Fees in GFO increased from the prior year quarter primarily due to asset inflows and favorable markets.
2
NORTHERN TRUST CORPORATION SECOND QUARTER 2025 RESULTS
REPORTING SEGMENT RESULTS
% Change Q2 2025 vs.
($ In Millions)Q2 2025Q1 2025Q2 2024Q1 2025Q2 2024
Income (Loss) before Income Taxes (FTE*)(1)
Asset Servicing$271.1 $235.4 $135.6 15 %100 %
Wealth Management309.6 304.3 262.7 2 18 
Other(11.2)(12.7)782.2 N/MN/M
Total Income before Income Taxes (FTE*)$569.5 $527.0 $1,180.5 8 %(52)%
Profit Margin (pre-tax) (FTE*)(1)
Asset Servicing23.2 %20.9 %12.9 %2.3 pts10.3 pts
Wealth Management37.2 37.1 33.4 0.1 3.8 
Total Profit Margin (pre-tax) (FTE*)28.4 27.1 43.4 1.3 (15.0)
Average Loans
Asset Servicing$5,812.8 $5,749.3 $6,472.3 1 %(10)%
Wealth Management35,345.2 35,327.2 34,562.3 — 2 
Total Average Loans$41,158.0 $41,076.5 $41,034.6 — %— %
Average Deposits
Asset Servicing$95,506.7 $89,296.5 $86,223.0 7 %11 %
Wealth Management25,291.0 25,289.6 26,236.4 — (4)
Other1,580.1 1,333.0 882.2 19 79 
Total Average Deposits$122,377.8 $115,919.1 $113,341.6 6 %8 %
(1)    Please see detail of Q2 2024 notable items included within the Financial Summary & Key Metrics section on page 1. Certain notable items are allocated to the Reporting Segments based on the nature of the item.
(*) Income (Loss) before Income Taxes and Profit Margin (pre-tax) presented on a fully taxable equivalent (FTE) basis are non-generally accepted accounting principles (non-GAAP) financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail
Note: Reporting segment results are subject to reclassification when organizational changes are made. The results are also subject to refinements in revenue and expense allocation methodologies, which are typically reflected on a retrospective basis unless it is impractical to do so.
OTHER NONINTEREST INCOME
% Change Q2 2025 vs.
($ In Millions)Q2 2025Q1 2025Q2 2024Q1 2025Q2 2024
Other Noninterest Income
     Foreign Exchange Trading Income$50.6 $58.7 $58.4 (14)%(13)%
     Treasury Management Fees9.7 9.6 9.0 — 7 
     Security Commissions and Trading Income39.6 39.1 34.3 1 16 
     Other Operating Income56.4 50.7 924.7 11(94)
     Investment Security Gains (Losses), net— — 0.1 N/MN/M
Total Other Noninterest Income$156.3 $158.1 $1,026.5 (1)%(85)%
N/M - Not meaningful
Foreign Exchange Trading Income decreased compared to the prior quarter and prior-year quarter primarily due to an unfavorable impact from foreign exchange swap activity executed by our Treasury department, partially offset by higher client volumes.
Other Operating Income decreased compared to the prior year quarter primarily due to the $878.4 million net gain related to Northern Trust’s participation in the Visa Exchange Offer, partially offset by a $7.6 million charge for investment impairments and a $6.5 million loss recognized as a result of a securities repositioning related to the supplemental pension plan, all recorded in the prior year.

3
NORTHERN TRUST CORPORATION SECOND QUARTER 2025 RESULTS
NET INTEREST INCOME
% Change Q2 2025 vs.
($ In Millions)Q2 2025Q1 2025Q2 2024Q1 2025Q2 2024
Net Interest Income
     Interest Income (FTE*)$2,217.5 $2,146.5 $2,513.4 3 %(12)%
     Interest Expense1,602.3 1,572.8 1,983.6 2 (19)
Net Interest Income (FTE*)$615.2 $573.7 $529.8 7 %16 %
Average Earning Assets$145,822.0 $138,007.9 $135,401.1 6 %8 %
Net Interest Margin (FTE*)1.69 %1.69 %1.57 %— bps12 bps
(*) Interest income, net interest income and net interest margin presented on an FTE basis are non-GAAP financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
bps - basis points
Net Interest Income on an FTE basis increased sequentially primarily driven by the favorable impact of higher deposits and foreign exchange swap activity executed by our Treasury Department. Net Interest Income on an FTE basis increased compared to the prior year quarter primarily driven by the favorable impact of higher deposits, lower funding costs, and foreign exchange swap activity executed by our Treasury Department.
The Net Interest Margin on an FTE basis increased compared to the prior year quarter primarily driven by lower funding costs, partially offset by lower yields on earning assets.
Average Earning Assets increased sequentially and compared to the prior year quarter primarily driven by an increase in placements with the Federal Reserve and other central banks driven by higher deposits.
PROVISION FOR CREDIT LOSSES
As of and for the three-months ended,
% Change June 30, 2025 vs.
($ In Millions)June 30, 2025March 31, 2025June 30, 2024March 31, 2025June 30, 2024
Allowance for Credit Losses
Beginning Allowance for Credit Losses$207.3 $206.1 $201.5 1 %3 %
Provision for Credit Losses16.5 1.0 8.0 N/MN/M
Net Recoveries0.3 0.2 0.1 N/MN/M
Ending Allowance for Credit Losses$224.1 $207.3 $209.6 8 %7 %
Allowance assigned to:
Loans$180.5 $167.1 $167.7 8 %8 %
Undrawn Loan Commitments and Standby Letters of Credit34.7 32.8 29.5 6 18 
Debt Securities and Other Financial Assets8.9 7.4 12.4 20 (29)
Ending Allowance for Credit Losses$224.1 $207.3 $209.6 8 %7 %
N/M - Not meaningful
Q2 2025
The provision in the current quarter resulted from an increase in specific reserves related to a small number of non-performing loans and an increase in the collective reserve resulting primarily from a worsening macroeconomic outlook, partially offset by sector and portfolio-specific improvements within the Commercial Real Estate (CRE) portfolio.
Q1 2025
The provision in the prior quarter resulted from an increase in the collective reserve, primarily driven by increased projected macroeconomic uncertainty, partially offset by sector and portfolio-specific improvements within the CRE portfolio.
Q2 2024
The provision in the prior year quarter resulted from an increase in the collective reserve, driven by modest deterioration in credit quality in the commercial and institutional (C&I) portfolio and expectations for weaker CRE prices.
4
NORTHERN TRUST CORPORATION SECOND QUARTER 2025 RESULTS
NONINTEREST EXPENSE
% Change Q2 2025 vs.
($ In Millions)Q2 2025Q1 2025Q2 2024Q1 2025Q2 2024
Noninterest Expense
Compensation$614.8 $644.4 $665.2 (5)%(8)%
Employee Benefits117.7 109.7 100.2 7 17 
Outside Services247.0 245.2 260.9 1 (5)
Equipment and Software293.7 280.9 277.5 5 6 
Occupancy52.5 53.4 54.8 (2)(4)
Other Operating Expense90.9 84.0 175.3 8 (48)
Total Noninterest Expense$1,416.6 $1,417.6 $1,533.9 — %(8)%
End of Period Full-Time Equivalent Employees23,400 23,400 23,000 — %2 %
Compensation expense decreased sequentially primarily due to seasonal equity incentive awards granted to retirement-eligible employees in the prior quarter, partially offset by base pay increases and unfavorable currency movements. Compensation expense decreased compared to the prior year quarter primarily due to a severance related charge of $81.8 million in the prior year quarter, partially offset by an increase in headcount, higher base pay adjustments and unfavorable currency movements in the current quarter.
Employee Benefits expense increased compared to the prior year quarter primarily driven by higher medical costs and higher payroll taxes.
Outside Services expense decreased compared to the prior year quarter primarily due to a decrease in consulting services.
Equipment and Software expense increased sequentially primarily due to higher software support and rental expense and higher software amortization. Equipment and Software expense increased compared to the prior year quarter primarily due to higher software amortization and higher software support and rental expense, partially offset by $16.4 million of software acceleration and disposition charges recorded in the prior year.
Other Operating Expense decreased compared to the prior year quarter primarily due to a $70 million charitable contribution and a $10.6 million legal settlement recorded in the prior year.

PROVISION FOR INCOME TAXES
% Change Q2 2025 vs.
($ In Millions)Q2 2025Q1 2025Q2 2024Q1 2025Q2 2024
Net Income
Income before Income Taxes$564.8 $521.4 $1,173.6 8%(52)%
Provision for Income Taxes143.5 129.4 277.5 11(48)
Net Income$421.3 $392.0 $896.1 7%(53)%
Effective Tax Rate25.4 %24.8 %23.6 %60 bps180 bps
N/M - Not meaningful
bps - basis points
The effective tax rate increased sequentially primarily due to lower tax benefits associated with share-based compensation. The effective tax rate increased compared to the prior year quarter primarily due to favorable discrete tax benefits recognized in the prior year in connection with state tax legislation and the resolution of state income tax audits.
CAPITAL ACTIONS
The Corporation returned $485.6 million to common shareholders in the current quarter through dividends and the repurchase of shares. During the current quarter, the Corporation declared cash dividends totaling $146.2 million to common stockholders and maintained its quarterly cash dividend of $0.75 per share on common stock from the previous quarter. The Corporation repurchased 3,374,980 shares of common stock, including 10,622 withheld to satisfy tax withholding obligations related to share-based compensation, at a total cost of $339.4 million ($100.57 average price per share).
The Corporation also declared cash dividends totaling $4.7 million to preferred stockholders during the current quarter.
5
NORTHERN TRUST CORPORATION SECOND QUARTER 2025 RESULTS
REGULATORY CAPITAL
The capital ratios of Northern Trust Corporation and its principal subsidiary, The Northern Trust Company, remained strong at June 30, 2025, exceeding the minimum requirements for classification as “well-capitalized” under applicable U.S. regulatory requirements.
($ In Millions)Standardized ApproachAdvanced Approach
Northern Trust CorporationJune 30, 2025*March 31, 2025June 30, 2024June 30, 2025*March 31, 2025June 30, 2024Well-Capitalized RatiosMinimum Capital Ratios
Regulatory Capital
Common Equity Tier 1 Capital$11,108.2$11,140.9$10,931.6$11,108.2$11,140.9$10,931.6
Tier 1 Capital11,938.511,973.011,768.911,938.511,973.011,768.9
Total Capital13,508.913,527.313,473.113,285.613,320.113,264.2
Assets
Risk-Weighted Assets$91,385.4$86,141.8$86,750.6$74,176.8$72,722.8$78,399.7
Average Adjusted Total Assets156,854.5149,331.9146,998.5156,854.5149,331.9146,998.5
Supplementary Leverage ExposureN/AN/AN/A131,379.4130,890.7129,540.1
Capital Ratios
Common Equity Tier 1 Capital12.2 %12.9 %12.6 %15.0 %15.3 %13.9 %N/A4.5 %
Tier 1 Capital13.1 13.9 13.6 16.1 16.5 15.0 6.06.0 
Total Capital14.8 15.7 15.5 17.9 18.3 16.9 10.08.0 
Tier 1 Leverage7.6 8.0 8.0 7.6 8.0 8.0 N/A4.0 
Supplementary LeverageN/A N/AN/A9.1 9.1 9.1 N/A3.0 

($ In Millions)Standardized ApproachAdvanced Approach

The Northern Trust Company		June 30, 2025*March 31, 2025June 30, 2024June 30, 2025*March 31, 2025June 30, 2024Well-Capitalized RatiosMinimum Capital Ratios
Regulatory Capital
Common Equity Tier 1 Capital$10,278.6$10,185.4$11,097.6$10,278.6$10,185.4$11,097.6
Tier 1 Capital10,278.610,185.411,097.610,278.610,185.411,097.6
Total Capital11,501.811,392.712,508.511,278.611,185.412,299.6
Assets
Risk-Weighted Assets$90,205.6$84,975.0$85,757.1$72,017.5$70,567.2$76,172.9
Average Adjusted Total Assets156,405.8148,888.6146,578.0156,405.8148,888.6146,578.0
Supplementary Leverage ExposureN/AN/AN/A130,930.4130,447.1129,016.4
Capital Ratios
Common Equity Tier 1 Capital11.4 %12.0 %12.9 %14.3 %14.4 %14.6 %6.5 %4.5 %
Tier 1 Capital11.4 12.0 12.9 14.3 14.4 14.6 8.0 6.0 
Total Capital12.8 13.4 14.6 15.7 15.9 16.1 10.0 8.0 
Tier 1 Leverage6.6 6.8 7.6 6.6 6.8 7.6 5.0 4.0 
Supplementary LeverageN/A N/AN/A7.9 7.8 8.6 3.0 3.0 
(*) Regulatory Capital and resulting ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.
6
NORTHERN TRUST CORPORATION SECOND QUARTER 2025 RESULTS
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
The following table presents a reconciliation of interest income, net interest income, net interest margin, total revenue, income before taxes, and profit margin (pre-tax) prepared in accordance with GAAP to such measures on an FTE non-GAAP basis. Management believes this presentation facilitates the analysis of asset yields and provides a clearer indication of these financial measures for comparative purposes. When adjusted to an FTE basis, yields on taxable, nontaxable and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income.
QUARTERS
20252024
($ in Millions)SECONDFIRSTFOURTHTHIRDSECOND
Net Interest Income
Interest Income - GAAP$2,212.8 $2,140.9 $2,280.0 $2,530.2 $2,506.5 
Add: FTE Adjustment4.7 5.6 10.5 7.1 6.9 
Interest Income (FTE) - Non-GAAP$2,217.5 $2,146.5 $2,290.5 $2,537.3 $2,513.4 
Net Interest Income - GAAP$610.5 $568.1 $563.8 $562.3 $522.9 
Add: FTE Adjustment4.7 5.6 10.5 7.1 6.9 
Net Interest Income (FTE) - Non-GAAP$615.2 $573.7 $574.3 $569.4 $529.8 
Net Interest Margin - GAAP(1)
1.68 %1.67 %1.68 %1.66 %1.55 %
Net Interest Margin (FTE) - Non-GAAP(1)
1.69 %1.69 %1.71 %1.68 %1.57 %
Total Revenue
Total Revenue - GAAP$1,997.9 $1,940.0 $1,959.6 $1,968.5 $2,715.5 
Add: FTE Adjustment4.7 5.6 10.5 7.1 6.9 
Total Revenue (FTE) - Non-GAAP$2,002.6 $1,945.6 $1,970.1 $1,975.6 $2,722.4 
Income before Income Taxes
Income before Income Taxes - GAAP$564.8 $521.4 $594.2 $601.1 $1,173.6 
Add: FTE Adjustment$4.7 $5.6 $10.5 $7.1 $6.9 
Income before Income Taxes (FTE) - Non-GAAP$569.5 $527.0 $604.7 $608.2 $1,180.5 
Profit Margin (pre-tax) - GAAP(2)
28.3 %26.9 %30.3 %30.5 %43.2 %
Profit Margin (pre-tax) (FTE) - Non-GAAP(2)
28.4 %27.1 %30.7 %30.8 %43.4 %
(1) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.
(2) Profit margin (pre-tax) is calculated by dividing income before income taxes by total revenue.










7
NORTHERN TRUST CORPORATION SECOND QUARTER 2025 RESULTS
FORWARD LOOKING STATEMENTS
This release may include statements which constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified typically by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “likely,” “plan,” “goal,” “target,” “strategy,” and similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements include statements, other than those related to historical facts, that relate to Northern Trust’s financial results and outlook, capital adequacy, dividend policy and share repurchase program, accounting estimates and assumptions, credit quality including allowance levels, future pension plan contributions, effective tax rate, anticipated expense levels, contingent liabilities, acquisitions, strategies, market and industry trends, and expectations regarding the impact of accounting pronouncements and legislation. These statements are based on Northern Trust’s current beliefs and expectations of future events or future results, and involve risks and uncertainties that are difficult to predict and subject to change. These statements are also based on assumptions about many important factors, including the factors discussed in Northern Trust’s most recent annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission, all of which are available on Northern Trust’s website. We caution you not to place undue reliance on any forward-looking statement as actual results may differ materially from those expressed or implied by forward-looking statements. Northern Trust assumes no obligation to update its forward-looking statements.
WEBCAST OF SECOND QUARTER EARNINGS CONFERENCE CALL
Northern Trust’s second quarter earnings conference call will be webcast on July 23, 2025.
The live call will be conducted at 8:00 a.m. CT and is accessible on Northern Trust’s website at:
https://www.northerntrust.com/about-us/investor-relations
A recording of the live call will be available on Northern Trust’s website following the live event, for approximately four weeks. Participants will need Windows Media or Adobe Flash software. This earnings release can also be accessed at Northern Trust’s website.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2025, Northern Trust had assets under custody/administration of US$18.1 trillion, and assets under management of US$1.7 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

8
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
STATEMENT OF INCOME DATA 
% Change(1)
($ In Millions Except Per Share Data)
 Q2 2025 vs.
Q2 2025Q1 2025Q2 2024Q1 2025Q2 2024
Noninterest Income
     Trust, Investment and Other Servicing Fees$1,231.1 $1,213.8 $1,166.1 1 %6 %
     Foreign Exchange Trading Income50.6 58.7 58.4 (14)(13)
     Treasury Management Fees9.7 9.6 9.0 — 7 
     Security Commissions and Trading Income39.6 39.1 34.3 1 16 
     Other Operating Income56.4 50.7 924.7 11 (94)
     Investment Security Gains (Losses), net— — 0.1 N/MN/M
Total Noninterest Income1,387.4 1,371.9 2,192.6 1 (37)
Net Interest Income
      Interest Income2,212.8 2,140.9 2,506.5 3 (12)
      Interest Expense1,602.3 1,572.8 1,983.6 2 (19)
Net Interest Income610.5 568.1 522.9 7 17 
Total Revenue1,997.9 1,940.0 2,715.5 3 (26)
Provision for Credit Losses16.5 1.0 8.0 N/MN/M
Noninterest Expense
     Compensation614.8 644.4 665.2 (5)(8)
     Employee Benefits117.7 109.7 100.2 7 17 
     Outside Services247.0 245.2 260.9 1 (5)
     Equipment and Software293.7 280.9 277.5 5 6 
     Occupancy52.5 53.4 54.8 (2)(4)
     Other Operating Expense90.9 84.0 175.3 8 (48)
Total Noninterest Expense1,416.6 1,417.6 1,533.9 — (8)
Income before Income Taxes564.8 521.4 1,173.6 8 (52)
Provision for Income Taxes143.5 129.4 277.5 11 (48)
NET INCOME$421.3 $392.0 $896.1 7 %(53)%
Preferred Stock Dividends4.7 16.2 4.7 (71)— 
NET INCOME APPLICABLE TO COMMON STOCK$416.6 $375.8 $891.4 11 %(53)%
Earnings Allocated to Participating Securities3.8 3.6 7.1 7 (46)
Earnings Allocated to Common and Potential Common Shares$412.8 $372.2 $884.3 11 %(53)%
Per Common Share
Net Income
     Basic$2.14 $1.91 $4.35 12 %(51)%
     Diluted2.13 1.90 4.34 12 (51)
Average Common Equity$11,727.2 $11,719.1 $11,473.9 — %2 %
Return on Average Common Equity14.2 %13.0 %31.2 %
Cash Dividends Declared per Common Share$0.75 $0.75 $0.75 — %— %
Average Common Shares Outstanding (000s)
     Basic192,752 195,193203,306(1)%(5)%
     Diluted193,375 196,125203,739(1)(5)
Common Shares Outstanding (EOP) (000s)191,233 194,539201,638(2)(5)
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
N/M - Not meaningful
EOP - End of period
9
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
STATEMENT OF INCOME DATA
($ In Millions Except Per Share Data)SIX MONTHS
20252024
% Change(1)
Noninterest Income
     Trust, Investment and Other Servicing Fees$2,444.9 $2,309.0 6 %
     Foreign Exchange Trading Income109.3 115.4 (5)
     Treasury Management Fees19.3 18.3 5 
     Security Commissions and Trading Income78.7 72.2 9 
     Other Operating Income107.1 985.7 (89)
     Investment Security Gains (Losses), net— (189.3)N/M
Total Noninterest Income2,759.3 3,311.3 (17)
Net Interest Income
       Interest Income4,353.7 4,952.1 (12)
       Interest Expense3,175.1 3,901.1 (19)
Net Interest Income1,178.6 1,051.0 12 
Total Revenue3,937.9 4,362.3 (10)
Provision for Credit Losses17.5 (0.5)N/M
Noninterest Expense
     Compensation1,259.2 1,292.3 (3)
     Employee Benefits227.4 201.3 13 
     Outside Services492.2 490.2 — 
     Equipment and Software574.6 530.2 8 
     Occupancy105.9 108.9 (3)
     Other Operating Expense174.9 275.7 (37)
Total Noninterest Expense2,834.2 2,898.6 (2)
Income before Income Taxes1,086.2 1,464.2 (26)
Provision for Income Taxes272.9 353.4 (23)
NET INCOME$813.3 $1,110.8 (27)%
Preferred Stock Dividends
20.9 20.9 — 
NET INCOME APPLICABLE TO COMMON STOCK$792.4 $1,089.9 (27)%
Earnings Allocated to Participating Securities7.4 9.5 (22)
Earnings Allocated to Common and Potential Common Shares$785.0 $1,080.4 (27)%
Per Common Share
Net Income
     Basic$4.05 $5.30 (24)%
     Diluted4.03 5.28 (24)
Average Common Equity$11,723.2 $11,186.4 5 %
Return on Average Common Equity13.6 %19.6 %
Cash Dividends Declared per Common Share$1.50 $1.50 — %
Average Common Shares Outstanding (000s)
     Basic193,966 203,968 (5)%
     Diluted194,742 204,437 (5)
Common Shares Outstanding (EOP) (000s)191,233 201,638 (5)
(1)Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
N/M - Not meaningful
EOP - End of period
10
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
BALANCE SHEET
($ In Millions) 
% Change(1)
June 30, 2025 vs.
June 30, 2025March 31, 2025June 30, 2024March 31, 2025June 30, 2024
Assets
Federal Reserve and Other Central Bank Deposits$52,265.5 $52,794.5 $43,206.1 (1)%21 %
Interest-Bearing Due from and Deposits with Banks(2)
6,800.9 5,277.1 5,558.9 29 22 
Federal Funds Sold and Securities Purchased under Agreements to Resell921.9 124.4 859.6 N/M7 
Debt Securities
Available for Sale32,250.4 30,464.3 26,861.7 6 20 
Held to Maturity21,400.8 20,874.3 22,798.6 3 (6)
Total Debt Securities53,651.2 51,338.6 49,660.3 5 8 
Loans43,323.4 40,833.3 42,135.2 6 3 
Other Interest-Earning Assets(3)
2,522.6 2,834.1 3,025.2 (11)(17)
Total Earning Assets159,485.5 153,202.0 144,445.3 4 10 
Allowance for Credit Losses(188.5)(174.5)(179.5)8 5 
Cash and Due from Banks and Other Central Bank Deposits(4)
2,035.1 737.4 2,390.1 176 (15)
Buildings and Equipment467.7 477.4 481.0 (2)(3)
Goodwill714.6 700.5 697.4 2 2 
Other Assets9,369.2 10,128.4 8,962.8 (7)5 
Total Assets$171,883.6 $165,071.2 $156,797.1 4 %10 %
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
       Savings, Money Market and Other$27,965.1 $28,489.1 $28,074.0 (2)%— %
       Savings Certificates and Other Time6,742.5 6,680.2 6,378.4 1 6 
       Non-U.S. Offices - Interest-Bearing77,206.9 73,951.0 67,612.3 4 14 
Total Interest-Bearing Deposits111,914.5 109,120.3 102,064.7 3 10 
Federal Funds Purchased2,388.5 2,377.6 2,406.4 — (1)
Securities Sold under Agreements to Repurchase841.4 335.7 629.2 151 34 
Other Borrowings(5)
6,532.9 6,534.5 6,823.7 — (4)
Senior Notes2,835.2 2,809.3 2,744.0 1 3 
Long-Term Debt4,089.8 4,085.6 4,073.0 — — 
Total Interest-Bearing Liabilities128,602.3 125,263.0 118,741.0 3 8 
Demand and Other Noninterest-Bearing Deposits25,139.2 21,905.3 20,926.2 15 20 
Other Liabilities5,275.6 5,024.4 4,474.1 5 18 
Total Liabilities159,017.1 152,192.7 144,141.3 4 10 
Common Equity
Common Equity, excluding Accumulated Other Comprehensive Income12,680.8 12,733.0 12,635.9 — — 
Accumulated Other Comprehensive Income (Loss)(699.2)(739.4)(865.0)(5)(19)
Total Common Equity11,981.6 11,993.6 11,770.9 — 2 
Preferred Equity884.9 884.9 884.9 — — 
Total Equity12,866.5 12,878.5 12,655.8 — 2 
Total Liabilities and Stockholders’ Equity$171,883.6 $165,071.2 $156,797.1 4 %10 %
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
(2)    Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)    Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)    Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)    Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
11
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
AVERAGE BALANCE SHEET
($ In Millions)
% Change(1)
 Q2 2025 vs.
Q2 2025Q1 2025Q2 2024Q1 2025Q2 2024
Assets
Federal Reserve and Other Central Bank Deposits$43,655.3 $37,161.0 $35,924.1 17 %22 %
Interest-Bearing Due from and Deposits with Banks(2)
5,321.5 4,877.6 4,999.7 9 6 
Federal Funds Sold and Securities Purchased under Agreements to Resell713.2 394.5 732.2 81 (3)
Debt Securities
       Available for Sale31,415.0 30,168.3 26,591.4 4 18 
Held to Maturity20,895.9 21,821.9 23,373.8 (4)(11)
Total Debt Securities52,310.9 51,990.2 49,965.2 1 5 
Loans41,158.0 41,076.5 41,034.6 — — 
Other Interest-Earning Assets(3)
2,663.1 2,508.1 2,745.3 6 (3)
Total Earning Assets145,822.0 138,007.9 135,401.1 6 8 
Allowance for Credit Losses(174.9)(175.6)(175.8)— (1)
Cash and Due from Banks and Other Central Bank Deposits(4)
1,069.8 1,041.2 1,802.0 3 (41)
Buildings and Equipment479.3 484.8 485.8 (1)(1)
Goodwill709.1 696.4 697.1 2 2 
Other Assets9,813.9 10,207.4 9,791.0 (4)— 
Total Assets$157,719.2 $150,262.1 $148,001.2 5 %7 %
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
       Savings, Money Market and Other$28,797.4 $27,720.5 $27,554.9 4 %5 %
       Savings Certificates and Other Time6,652.0 6,874.0 6,027.4 (3)10 
       Non-U.S. Offices - Interest-Bearing70,158.0 64,454.3 63,216.3 9 11 
Total Interest-Bearing Deposits105,607.4 99,048.8 96,798.6 7 9 
Federal Funds Purchased2,469.0 2,393.6 3,010.7 3 (18)
Securities Sold under Agreements to Repurchase584.6 442.4 574.6 32 2 
Other Borrowings(5)
7,008.2 7,024.4 7,053.5 — (1)
Senior Notes2,818.2 2,781.6 2,728.7 1 3 
Long-Term Debt4,087.8 4,083.5 4,071.1 — — 
Total Interest-Bearing Liabilities122,575.2 115,774.3 114,237.2 6 7 
Demand and Other Noninterest-Bearing Deposits16,770.4 16,870.3 16,543.0 (1)1 
Other Liabilities5,761.5 5,013.5 4,862.2 15 18 
Total Liabilities145,107.1 137,658.1 135,642.4 5 7 
Common Equity
Common Equity, excluding Accumulated Other Comprehensive Income12,500.4 12,527.2 12,375.7 — 1 
Accumulated Other Comprehensive Income (Loss)(773.2)(808.1)(901.8)(4)(14)
Total Common Equity11,727.2 11,719.1 11,473.9 — 2 
Preferred Equity884.9 884.9 884.9 — — 
Total Equity12,612.1 12,604.0 12,358.8 — 2 
Total Liabilities and Stockholders’ Equity$157,719.2 $150,262.1 $148,001.2 5 %7 %
(1)    Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
(2)    Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)    Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)    Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)    Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
12
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
QUARTERLY TREND DATA QUARTERS
($ In Millions Except Per Share Data)20252024
SECONDFIRSTFOURTHTHIRDSECOND
Net Income Summary
   Trust, Investment and Other Servicing Fees $1,231.1 $1,213.8 $1,222.2 $1,196.6 $1,166.1 
   Other Noninterest Income156.3 158.1 173.6 209.6 1,026.5 
   Net Interest Income 610.5 568.1 563.8 562.3 522.9 
     Total Revenue 1,997.9 1,940.0 1,959.6 1,968.5 2,715.5 
   Provision for Credit Losses 16.5 1.0 (10.5)8.0 8.0 
   Noninterest Expense1,416.6 1,417.6 1,375.9 1,359.4 1,533.9 
     Income before Income Taxes564.8 521.4 594.2 601.1 1,173.6 
   Provision for Income Taxes143.5 129.4 138.8 136.2 277.5 
     Net Income $421.3 $392.0 $455.4 $464.9 $896.1 
Per Common Share
   Net Income - Basic$2.14 $1.91 $2.27 $2.23 $4.35 
                      - Diluted2.13 1.90 2.26 2.22 4.34 
   Cash Dividends Declared per Common Share0.75 0.75 0.75 0.75 0.75 
   Book Value (EOP)62.65 61.65 60.74 59.85 58.38 
   Market Value (EOP)126.79 98.65 102.50 90.03 83.98 
Financial Ratios
   Return on Average Common Equity14.2 %13.0 %15.3 %15.4 %31.2 %
   Net Interest Margin (GAAP)1.68 1.67 1.68 1.66 1.55 
   Net Interest Margin (FTE*)1.69 1.69 1.71 1.68 1.57 
Assets Under Custody / Administration ($ in Billions) - End Of Period
Asset Servicing$16,864.9 $15,804.7 $15,640.1 $16,278.0 $15,470.8 
   Wealth Management1,203.4 1,119.3 1,147.9 1,145.0 1,096.6 
     Total Assets Under Custody / Administration$18,068.3 $16,924.0 $16,788.0 $17,423.0 $16,567.4 
Assets Under Custody ($ In Billions) - End Of Period
Asset Servicing$13,056.5 $12,163.6 $12,214.0 $12,662.1 $11,955.5 
   Wealth Management1,187.2 1,105.9 1,135.2 1,132.7 1,085.9 
     Total Assets Under Custody$14,243.7 $13,269.5 $13,349.2 $13,794.8 $13,041.4 
Assets Under Management ($ In Billions) - End Of Period
Asset Servicing$1,229.2 $1,160.9 $1,159.7 $1,177.9 $1,107.3 
   Wealth Management468.5 446.9 450.7 443.9 419.4 
     Total Assets Under Management$1,697.7 $1,607.8 $1,610.4 $1,621.8 $1,526.7 
Asset Quality ($ In Millions) - End Of Period
   Nonaccrual Loans/Assets(1)
$92.8 $73.1 $56.0 $39.3 $38.5 
   Nonaccrual Assets / Loans(1)
0.21 %0.18 %0.13 %0.09 %0.09 %
   Gross Charge-offs$(0.1)$(0.3)$(4.1)$— $(0.3)
Gross Recoveries 0.4 0.5 0.7 2.4 0.4 
     Net Recoveries (Charge-offs)$0.3 $0.2 $(3.4)$2.4 $0.1 
   Annualized Net Recoveries (Charge-offs) to Avg Loans— %— %(0.03)%0.02 %— %
   Allowance for Credit Losses Assigned to:
     Loans$180.5 $167.1 $168.0 $184.8 $167.7 
Undrawn Loan Commitments and Standby Letters of Credit34.7 32.8 30.4 26.5 29.5 
Debt Securities and Other Financial Assets8.9 7.4 7.7 8.7 12.4 
   Loans Allowance / Nonaccrual Loans1.9 x2.3 x3.0 x4.7 x4.4 x
(*)    Net interest margin presented on an FTE basis is a non-GAAP financial measure. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.
(1)    There was no Other Real Estate Owned (OREO) for any of the periods presented.
13
northerntrust.com / © 2025 Northern Trust NORTHERN TRUST CORPORATION Strategy Update & Second Quarter 2025 Earnings Review

 
northerntrust.com / © 2025 Northern Trust Delivering One Northern Trust for Clients $1.7 Trillion AUM1 ASSET MANAGEMENT ASSET SERVICING $16.9 Trillion AUC/A1 WEALTH MANAGEMENT $1.2 Trillion AUC/A1 INTEGRATED GLOBAL OPERATING PLATFORM Individuals Families Family Offices Foundations Pensions Asset Managers Sovereign Entities Endowments ¹ As of June 30, 2025. Client assets for the current quarter are considered preliminary until the Form 10-Q is fi led with the Securities and Exchange Commission. 2

 
northerntrust.com / © 2025 Northern Trust Executing on One Northern Trust Strategy PILLARS Dr i ve Organic Growth Ma na ging Enterprise Risk Ac hi eve Operational Excellence OPTIMIZE GROWTH DRIVE PRODUCTIVITY STRENGTHEN RESILIENCY & MANAGE RISK • Improving organic growth • Advancing growth initiatives • Enhancing control environment • Modernizing capabilities • Bending the cost curve • Deploying AI and increasing automation 3

 
northerntrust.com / © 2025 Northern Trust • Fundraising exceeding targets • Pipeline up 3x vs. historical levels • Assets under advisement up 66% • Large custom mandates awarded • Continued market leadership • Supporting 6 LTAFs and 5 ELTIFs ALTERNATIVES SOLUTIONS 1H 2025 PROGRESS Proprietary fund-of-funds investing across private equity, private credit, venture and hedge funds Third Party Managers Externally managed alternative investments for Wealth Management clients Alternatives Advisory Consulting, managing and constructing customized alternatives portfolios Fund Services Custody, fund administration and banking for alternative managers Alternatives Solutions Driving Growth • Record fundraising • Closed largest secondary fund 4

 
2025 PRIORITIES 1H 2025 PROGRESS • Deliver complete set of family office services to upper tier wealth clients • Strong organic growth in Global Family Office • International market acceleration – revenue up 20%+, comprising ~15% of total GFO revenue • Launched Family Office Solutions for ultra-high- net-worth clients • >75% win rate; strong pipeline 5northerntrust.com / © 2025 Northern Trust MARKET POSITION $468.5B Assets under Management1 $1.2T Assets under Custody / Administration1 Serve 30% of the Forbes 400 Best Private Bank in the U.S. 13 out of 16 years2 in N.A. for Ultra- High Net Worth Clients2 Best Digital Innovator of the Year in the U.S.3 ¹ As of June 30, 2025. Client assets for the current quarter are considered preliminary until the Form 10-Q is fi led with the Securities and Exchange Commission. Sources: 2 Financial Times Group, 2024. 3 Wealth Tech Awards, Financial Times and PWM, 2024. • Deepen penetration of priority markets • Expand alternative investments suite • Completed four new funds • Expect to launch eight more funds in 2H 2025 • Refreshed regional leadership • Investing in additional key talent to drive organic growth Wealth Management Update

 
Asset Management Update • Fundraising up 60% vs. FY 2024 • Strong demand from Wealth Management, Global Family Office and other institutional investors MARKET POSITION $1.7T Assets under Management1 Top 20 Global Asset Manager $17B Alternatives Solutions Platform $327B Liquidity AUM (11th largest, U.S.) Top 3 Largest Direct Index Manager2 Top 5 Largest U.S. Bond & Equities Index Manager2 Top 10 Manager of Retirement Solutions across DB & DC3 6northerntrust.com / © 2025 Northern Trust • Boost growth within 50 S. Capital and suite of alternative investment product offerings • Expand in key growth areas, particularly custom SMAs • Enhance ETF platform • $2B in net flows into Tax-Advantaged Equity strategies • Liquidity flows of $19B • On track to launch 11 new ETFs in 2H 2025 2025 PRIORITIES 1H 2025 PROGRESS ¹ As of June 30, 2025. Client assets for the current quarter are considered preliminary until the Form 10-Q is fi led with the Securities and Exchange Commission. Sources: 2 Pensions & Investments. 3 Pensions & Investments Rankings, as of June 2024

 
2025 PRIORITIES 1H 2025 PROGRESS • Continued new business momentum • Alternatives assets under administration approaching $1T 7northerntrust.com / © 2025 Northern Trust MARKET POSITION $16.9T Assets under Custody / Administration1 $1.2T Assets under Management1 52% of Top 100 US Corporate Pensions Plans 80% of Top 10 Sovereign Wealth Funds in APAC Custodian of the Year European Pensions2 Best Outsourced Service Provider For Outsourced Trading3 • Grow with alternative investment managers globally • Accelerate expansion of banking & capital markets solutions business • Grow upmarket asset owner market share • Capital markets revenue increased by 15% • 30% growth in outsourced trading and currency management • Multiple new upmarket asset owner client wins • Asset Owners comprise 50% of segment-level revenue Asset Servicing Update ¹ As of June 30, 2025. Client assets for the current quarter are considered preliminary until the Form 10-Q is fi led with the Securities and Exchange Commission. Sources: 2 European Pensions Awards 2025. 3 Institutional Asset Manager Service Provider Awards, November 2024.

 
northerntrust.com / © 2025 Northern Trust Annual Expense Growth1 2021-24A H1 2025A1 Productivity Drivers ¹ Excluding notable items 6.5% 4.8% 2025 Target: <5% Growth Drivers Revenue Generating Talent Product Expertise Technology Client Centric Capability Operating Model Operational Scale and Standards Unified Technology Global Resiliency Third Party Vendors Suppliers Utilization Management Process Automation AI Business Process Re-Engineering Digitization Workforce Management Optimization Spans & Layers Contractor Inversion Footprint Bending the Cost Curve 8

 
northerntrust.com / © 2025 Northern Trust 9 Expenses to Trust Fees 105-110% Pre-Tax Margin >30% Return on Equity 13-15% MEDIUM-TERM Total Payout Ratio >100% Positive Operating Leverage 2025 Total Expense Growth1 <5% ¹ Excluding notable items Financial Targets

 
northerntrust.com / © 2025 Northern Trust 10 135-year trusted steward of multi-generational wealth Unwavering fiduciary commitment Ingrained culture of integrity Northern Trust… Long-term perspective

 
northerntrust.com / © 2023 Northern Trust 115 11 FINANCIAL HIGHLIGHTS

 
Notable Items*: 2Q24 Pre-tax Revenue Impacts: • $878.4 mil l ion net gain resulting in our participation in the Visa Exchange Offer • $7.6 mil lion investment impairment charges • $6.5 mil lion securi ties loss related to repositioning of the Supplemental Pension Plan Expense Impacts: • $85.2 mil l ion severance-related charge • $70.0 mil l ion Northern Trust Foundation chari table contribution • $16.4 mil l ion software acceleration and dispositions charge • $10.6 mil l ion legal settlement charge ¹ Revenue and profit margin (pre-tax) stated on a fully taxable equivalent (FTE) basis are non-GAAP financial measures. A reconciliation to reported revenue and reported profit margin (pre-tax) prepared in accordance with U.S. generally accepted accounting principles (GAAP) is included in the Appendix on page 19. ² Actual numbers for all periods, not % change. ³ Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. N/M - Not meaningful *Refer to page 16 for additional detail on notable items recognized in Noninterest expense. Financial Highlights & Key Metrics 12northerntrust.com / © 2025 Northern Trust RESULTS INCLUDE IMPACT OF NOTABLE ITEMS* $ in mill ions (except EPS and as noted) % CHANGE V S. 2Q 2025 1Q 2025 2Q 2024 Revenue (FTE¹) $ 2,002.6 3 % (26)% Noninterest Expense $ 1,416.6 — % (8)% Provision for Credit Losses 16.5 N/M N/M Net Income $ 421.3 7 % (53)% Diluted Earnings per Share $ 2.13 12 % (51)% Return on Average Common Equity² 14.2 % 13.0 % 31.2 % Profit Margin (Pre-tax)¹,² 28.4 % 27.1 % 43.4 % Expense to Trust Fee Ratio² 115 % 117 % 132 % Assets under Custody / Administration³ (AUC/A) ( i n billions) $ 18,068.3 7 % 9 % Assets under Custody³ (AUC) ( i n b illions ) $ 14,243.7 7 % 9 % Assets under Management³ (AUM) ( i n b illions) $ 1,697.7 6 % 11 %

 
northerntrust.com / © 2025 Northern Trust +3% Asset Servicing Highlights 13Categories may not sum due to rounding.1 2Q24 pre-tax margin included $75.3 million in notable items. 2 Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. % CHANGE V S. Key Indicators (in billions): 2Q 2025 1Q 2025 2Q 2024 Assets under Custody / Administration (AUC/A)2 $ 16,864.9 7 % 9 % Assets under Custody (AUC)2 $ 13,056.5 7 % 9 % Assets under Management (AUM)2 $ 1,229.2 6 % 11 % Securities Lending Collateral $ 205.4 8 % 28 % Average Deposits $ 95.5 7 % 11 % Average Loans $ 5.8 1 % (10)% Asset Servicing Trust, Investment and Other Servicing Fees ($ in millions) +6% $691.8 $671.9$675.5$667.1$650.6

 
northerntrust.com / © 2025 Northern Trust Wealth Management Highlights 14Categories may not sum due to rounding.1 2Q24 pre-tax margin included $32.9 million in notable items. 2 Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. % CHANGE V S. Key Indicators (in billions): 2Q 2025 1Q 2025 2Q 2024 Assets under Custody / Administration (AUC/A)2 $ 1,203.4 8 % 10 % Assets under Custody (AUC)2 $ 1,187.2 7 % 9 % Assets under Management (AUM)2 $ 468.5 5 % 12 % Average Deposits $ 25.3 — % (4)% Average Loans $ 35.3 — % 2 % Wealth Management Trust, Investment and Other Servicing Fees ($ in millions) +5% —% $539.3$546.7 $529.5$515.5 $541.9

 
northerntrust.com / © 2025 Northern Trust Net Interest Income and Balance Sheet Trends 15 Categories may not sum due to rounding. 1 Net interest income and net interest margin stated on an FTE basis are non-GAAP financial measures. A reconciliation of these measures to reported results prepared in accordance with U.S. GAAP is included in the Appendix on page 19. ² Other Earning Assets includes Interest-Bearing Due from and Deposits with Banks, Federal Funds Sold and Securities Purchased under Agreements to Resell, and Other Interest-Earning Assets. Average Earning Assets ($ in billions) Net Interest Income (FTE¹) ($ in millions) +8% +6% +16% +7% $133.7 $138.0$134.8$135.4 $145.8

 
Noninterest Expense 16northerntrust.com / © 2025 Northern TrustCategories may not sum due to rounding. Total Noninterest Expense ($ in millions) (8)% —% Expense Highlights Noninterest expense included the fol lowing notable i tems: 2Q24 Pre-tax • $85.2 mill ion severance-related charge • $70.0 mill ion Northern Trust Foundation charitable contribution • $16.4 mill ion software acceleration and dispositions charge • $10.6 mill ion legal settlement charge

 
Capital Update 17 Standardized Tier 1 Leverage northerntrust.com / © 2025 Northern Trust Capital Highlights • Robust capital and liquidity • $12.0 bi l l ion in Tier 1 capi tal • 66% of average deposi ts covered by highly l iquid assets including 32% by cash and central bank deposi ts • Declared $146.2 million in common stock dividends and $4.7 million in preferred stock dividends in 2Q25 • Repurchased $339.4 million of common stock in 2Q25 • Net unrealized after-tax losses on available-for-sale securities of $481.2 million as of June 30, 2025 Northern Trust Corporation Capital Ratios 2Q 2025 CAPITAL RATIOS STANDARDIZED APPROACH ADVANCED APPROACH Common Equity Tier 1 Capital 12.2% 15.0% Tier 1 Capital 13.1% 16.1% Total Capital 14.8% 17.9% Tier 1 Leverage 7.6% 7.6% Supplementary Leverage N/A 9.1% Standardized Common Equity Tier 1 Capital ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.

 
Appendix northerntrust.com / © 2025 Northern Trust

 
northerntrust.com / © 2025 Northern Trust Reconciliation of Non-GAAP Financial Measures 19 The following table presents a reconciliation of interest income, net interest income, net interest margin, total revenue, pre-tax income, and profit margin (pre-tax) prepared in accordance with GAAP to such measures on a fully taxable equivalent (FTE) basis, which are non-GAAP financial measures. Management believes this presentation provides a clearer indication of these financial measures for comparative purposes. The adjustment to an FTE basis has no impact on net income. QUARTERS 2025 2024 ($ in Millions) SECOND FIRST FOURTH THIRD SECOND Net Interest Income Interest Income - GAAP $ 2,212.8 $ 2,140.9 $ 2,280.0 $ 2,530.2 $ 2,506.5 Add: FTE Adjustment 4.7 5.6 10.5 7.1 6.9 Interest Income (FTE) - Non-GAAP $ 2,217.5 $ 2,146.5 $ 2,290.5 $ 2,537.3 $ 2,513.4 Net Interest Income - GAAP $ 610.5 $ 568.1 $ 563.8 $ 562.3 $ 522.9 Add: FTE Adjustment 4.7 5.6 10.5 7.1 6.9 Net Interest Income (FTE) - Non-GAAP $ 615.2 $ 573.7 $ 574.3 $ 569.4 $ 529.8 Net Interest Margin - GAAP 1.68 % 1.67 % 1.68 % 1.66 % 1.55 % Net Interest Margin (FTE) - Non-GAAP 1.69 % 1.69 % 1.71 % 1.68 % 1.57 % Total Rev enue Total Revenue - GAAP $ 1,997.9 $ 1,940.0 $ 1,959.6 $ 1,968.5 $ 2,715.5 Add: FTE Adjustment 4.7 5.6 10.5 7.1 6.9 Total Revenue (FTE) - Non-GAAP $ 2,002.6 $ 1,945.6 $ 1,970.1 $ 1,975.6 $ 2,722.4 Pre-Tax Income Pre-Tax Income - GAAP $ 564.8 $ 521.4 $ 594.2 $ 601.1 $ 1,173.6 Add: FTE Adjustment 4.7 5.6 10.5 7.1 6.9 Pre-Tax Income (FTE) - Non-GAAP $ 569.5 $ 527.0 $ 604.7 $ 608.2 $ 1,180.5 Profit Margin (Pre-Tax) Profit Margin (Pre-Tax) - GAAP 28.3 % 26.9 % 30.3 % 30.5 % 43.2 % Profit Margin (Pre-Tax) (FTE) - Non-GAAP 28.4 % 27.1 % 30.7 % 30.8 % 43.4 %

 
northerntrust.com / © 2025 Northern Trust Forward-looking Statements 20 This presentation may include statements which constitute “forward-looking statements” within the meaning of the safe harbor provis ions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified typically by words or phrases such as “believe,” “expect,” “antic ipate,” “intend,” “estimate,” “project,” “likely,” “plan,” “goal,” “target,” “strategy,” and similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements include statements, other than those related to historical facts, that relate to Northern Trust’s financial results and outlook, capital adequacy, dividend policy and share repurchase program, accounting estimates and assumptions, credit quality including allowance levels, future pension plan contributions, effective tax rate, antic ipated expense levels, contingent liabilities, acquis itions, strategies, market and industry trends, and expectations regarding the impact of accounting pronouncements and legis lation. These statements are based on Northern Trust’s current beliefs and expectations of future events or future results, and involve risks and uncertainties that are difficult to predict and subject to change. These statements are also based on assumptions about many important factors, including the factors discussed in Northern Trust’s most recent annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission, all of which are available on Northern Trust’s website. We caution you not to place undue reliance on any forward-looking statement as actual results may differ materially from those expressed or implied by forward-looking statements. Northern Trust assumes no obligation to update its forward-looking statements. This presentation should be reviewed together with Northern Trust Corporation’s Second Quarter 2025 earnings press release.

 

 
Exhibit 99.3
reportsa29.jpg



Financial Trends
Second Quarter 2025
July 23, 2025



Please direct inquiries to:
Jennifer Childe
Senior Vice President, Director of Investor Relations
(312) 444-3290 or [email protected]
Trace Stegeman
Senior Financial Analyst, Investor Relations
(312) 630-1428 or [email protected]



The historical financial results and trends reflected in this report are not indicative of future financial results and trends for Northern Trust Corporation. This report should be read in conjunction with the Corporation's Second Quarter 2025 earnings press release, 2024 Annual Report to Shareholders and periodic reports to the Securities and Exchange Commission, all of which contain additional information about factors that could affect the Corporation's future financial results and trends. The Corporation assumes no obligation to update this report.



TABLE OF CONTENTS
17
Financial SummaryBalance Sheet Mix Trends
28
Income StatementInterest Rate Trends
39
Net Income TrendsAsset Quality
410
Reporting Segment ResultsTrust Assets
511
Balance Sheet (EOP)Reconciliation to FTE
612
Balance Sheet TrendsReconciliation to FTE (Ratios)


Northern Trust Corporation
FINANCIAL SUMMARY
($ in Millions except per share information)
20242025
202020212022202320241st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
Profitability:
$1,209.3 $1,545.3 $1,336.0 $1,107.3 $2,031.1 Net Income$214.7 $896.1 $464.9 $455.4 $392.0 $421.3 
Earnings Allocated to Common and Potential
1,141.0 1,490.6 1,282.4 1,053.9 1,972.4   Common Shares196.1 884.3 445.0 447.0 372.2 412.8 
$5.48 $7.16 $6.16 $5.09 $9.80 Basic Earnings Per Share$0.96 $4.35 $2.23 $2.27 $1.91 $2.14 
5.46 7.14 6.14 5.08 9.77 Diluted Earnings Per Share0.96 4.34 2.22 2.26 1.90 2.13 
(18 %)31 %(14 %)(17 %)92 %Diluted EPS Growth over Previous Year(37 %)179 %49 %N/M99 %(51 %)
11.2 %13.9 %12.7 %10.0 %17.4 %Return on Average Common Equity7.3 %31.2 %15.4 %15.3 %13.0 %14.2 %
27.1 %31.5 %26.6 %22.3 %32.3 %
Profit Margin (pre-tax) (FTE)(1)
18.0 %43.4 %30.8 %30.7 %27.1 %28.4 %
19.7 %23.8 %19.6 %16.2 %24.4 %
Profit Margin (after-tax) (FTE)(1)
13.0 %32.9 %23.5 %23.1 %20.1 %21.0 %
75.9 %78.2 %71.6 %70.1 %73.5 %
Noninterest Income to Total Revenue (FTE)(1)
67.6 %80.5 %71.2 %70.8 %70.5 %69.3 %
65.1 %67.1 %65.1 %63.9 %56.8 %
Trust Fees to Total Revenue (FTE)(1)
69.1 %42.8 %60.6 %62.0 %62.4 %61.5 %
25.7 %23.1 %24.4 %24.4 %23.6 %Effective Tax Rate (US GAAP)26.1 %23.6 %22.7 %23.4 %24.8 %25.4 %
27.2 %24.5 %26.3 %27.3 %24.5 %
Effective Tax Rate (FTE)(1)
27.9 %24.1 %23.5 %24.7 %25.6 %26.0 %
Capital Ratios:(2)
Standardized Approach
12.8 %11.9 %10.8 %11.4 %12.4 %Common Equity Tier 1 Capital11.4 %12.6 %12.6 %12.4 %12.9 %12.2 %
13.9 %12.9 %11.8 %12.3 %13.3 %Tier 1 Capital12.4 %13.6 %13.6 %13.3 %13.9 %13.1 %
15.6 %14.1 %13.9 %14.2 %15.1 %Total Capital14.2 %15.5 %15.6 %15.1 %15.7 %14.8 %
7.6 %6.9 %7.1 %8.1 %8.1 %Tier 1 Leverage7.8 %8.0 %8.1 %8.1 %8.0 %7.6 %
Advanced Approach
13.4 %13.2 %11.5 %13.4 %14.5 %Common Equity Tier 1 Capital13.5 %13.9 %14.0 %14.5 %15.3 %15.0 %
14.5 %14.3 %12.5 %14.5 %15.6 %Tier 1 Capital14.6 %15.0 %15.1 %15.6 %16.5 %16.1 %
15.9 %15.3 %14.5 %16.5 %17.4 %Total Capital16.5 %16.9 %17.0 %17.4 %18.3 %17.9 %
7.6 %6.9 %7.1 %8.1 %8.1 %Tier 1 Leverage7.8 %8.0 %8.1 %8.1 %8.0 %7.6 %
8.6 %8.2 %7.9 %8.6 %8.9 %
Supplementary Leverage (3)
8.8 %9.1 %9.2 %8.9 %9.1 %9.1 %
Per Share Information / Ratios:
$2.80 $2.80 $2.90 $3.00 $3.00 Cash Dividends Declared Per Common Share$0.75 $0.75 $0.75 $0.75 $0.75 $0.75 
51 %39 %47 %59 %31 %Dividend Payout Ratio78 %17 %34 %33 %39 %35 %
$93.14 $119.61 $88.49 $84.38 $102.50 Market Value Per Share (End of Period)$88.92 $83.98 $90.03 $102.50 $98.65 $126.79 
17.1 16.8 14.4 16.6 10.5 Stock Price Multiple of Earnings19.6 11.5 11.2 10.5 9.2 14.9 
(based on trailing 4 quarters of diluted EPS)
$51.87 $53.58 $49.78 $53.69 $60.74 Book Value Per Common Share (End of Period)$54.83 $58.38 $59.85 $60.74 $61.65 $62.65 
(1)
Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent - Ratios on page 12 for further detail.
(2)
Regulatory Capital and resulting ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.
(3)
From April 1, 2020, through April 1, 2021, the Federal Reserve issued temporary Supplementary Leverage Ratio (SLR) relief that required Northern Trust to exclude U.S. Treasury balances from the SLR. Please see the Northern Trust Corporation Pillar 3 disclosures for further SLR discussion.
1

Northern Trust Corporation
INCOME STATEMENT
($ in Millions except per share information)
SIX MONTHS
CHANGE (2)
SECOND QUARTER
CHANGE (2)
20252024$%20252024$%
$1,363.7 $1,290.2 $73.5 6 %Asset Servicing Trust, Investment and Other Servicing Fees$691.8 $650.6 $41.2 6 %
1,081.2 1,018.8 62.4 6 %WM Trust, Investment and Other Servicing Fees 539.3 515.5 23.8 5 %
2,444.9 2,309.0 135.9 6 %     Total Fees1,231.1 1,166.1 65.0 6 %
109.3 115.4 (6.1)(5)%Foreign Exchange Trading Income50.6 58.4 (7.8)(13)%
19.3 18.3 1.0 5 %Treasury Management Fees9.7 9.0 0.7 7 %
78.7 72.2 6.5 9 %Security Commissions and Trading Income39.6 34.3 5.3 16 %
107.1 985.7 (878.6)(89)%Other Operating Income56.4 924.7 (868.3)(94)%
— (189.3)189.3 N/MInvestment Security Gains (Losses), net— 0.1 (0.1)N/M
2,759.3 3,311.3 (552.0)(17)%     Total Noninterest Income1,387.4 2,192.6 (805.2)(37)%
4,364.0 4,966.3 (602.3)(12)%
Interest Income (FTE)(1)
2,217.5 2,513.4 (295.9)(12)%
3,175.1 3,901.1 (726.0)(19)%Interest Expense1,602.3 1,983.6 (381.3)(19)%
1,188.9 1,065.2 123.7 12 %
     Net Interest Income (FTE)(1)
615.2 529.8 85.4 16 %
3,948.2 4,376.5 (428.3)(10)%
     Total Revenue (FTE)(1)
2,002.6 2,722.4 (719.8)(26)%
17.5 (0.5)18.0 N/MProvision for Credit Losses16.5 8.0 8.5 N/M
1,259.2 1,292.3 (33.1)(3)%Compensation614.8 665.2 (50.4)(8)%
227.4 201.3 26.1 13 %Employee Benefits117.7 100.2 17.5 17 %
492.2 490.2 2.0 — %Outside Services 247.0 260.9 (13.9)(5)%
574.6 530.2 44.4 8 %Equipment and Software293.7 277.5 16.2 6 %
105.9 108.9 (3.0)(3)%Occupancy52.5 54.8 (2.3)(4)%
174.9 275.7 (100.8)(37)%Other Operating Expense90.9 175.3 (84.4)(48)%
2,834.2 2,898.6 (64.4)(2)%     Total Noninterest Expense1,416.6 1,533.9 (117.3)(8)%
1,096.5 1,478.4 (381.9)(26)%
     Income before Income Taxes (FTE)(1)
569.5 1,180.5 (611.0)(52)%
272.9 353.4 (80.5)(23)%Provision for Income Taxes143.5 277.5 (134.0)(48)%
10.3 14.2 (3.9)(27)%Taxable Equivalent Adjustment4.7 6.9 (2.2)(31)%
283.2 367.6 (84.4)(23)%
     Total Taxes (FTE)(1)
148.2 284.4 (136.2)(48)%
$813.3 $1,110.8 $(297.5)(27)%     Net Income$421.3 $896.1 $(474.8)(53)%
$20.9 $20.9 $— — %Dividends on Preferred Stock$4.7 $4.7 $— — %
7.4 9.5 (2.1)(22)%Earnings Allocated to Participating Securities3.8 7.1 (3.3)(46)%
785.0 1,080.4 (295.4)(27)%Earnings Allocated to Common and Potential Common Shares412.8 884.3 (471.5)(53)%
$4.05 $5.30 $(1.25)(24)%Earnings Per Share - Basic$2.14 $4.35 $(2.21)(51)%
$4.03 $5.28 $(1.25)(24)%Earnings Per Share - Diluted$2.13 $4.34 $(2.21)(51)%
193,966 203,968 (10,002)(5)%Average Basic Shares (000s)192,752 203,306 (10,554)(5)%
194,742 204,437 (9,695)(5)%Average Diluted Shares (000s)193,375 203,739 (10,364)(5)%
191,233 201,638 (10,405)(5)%End of Period Shares Outstanding (000s)191,233 201,638 (10,405)(5)%
N/M - Not meaningful
(1) Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent on page 11 for further detail.
(2) Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
2

Northern Trust Corporation
NET INCOME TRENDS
($ in Millions except per share information)
20242025
202020212022202320241st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$2,321.6 $2,487.3 $2,496.3 $2,461.9 $2,632.8 Asset Servicing Trust, Investment and Other Servicing Fees$639.6 $650.6 $667.1 $675.5 $671.9 $691.8 
1,673.4 1,873.8 1,936.3 1,899.9 2,095.0 WM Trust, Investment and Other Servicing Fees503.3 515.5 529.5 546.7 541.9 539.3 
3,995.0 4,361.1 4,432.6 4,361.8 4,727.8      Total Fees1,142.9 1,166.1 1,196.6 1,222.2 1,213.8 1,231.1 
290.4 292.6 288.6 203.9 231.2 Foreign Exchange Trading Income57.0 58.4 54.1 61.7 58.7 50.6 
45.4 44.3 39.3 31.6 35.7 Treasury Management Fees9.3 9.0 8.2 9.2 9.6 9.7 
133.2 140.2 136.2 135.0 150.5 Security Commissions and Trading Income37.9 34.3 35.5 42.8 39.1 39.6 
194.0 243.9 191.3 228.7 1,157.4 Other Operating Income61.0 924.7 111.8 59.9 50.7 56.4 
(0.4)(0.3)(214.0)(169.5)(189.3)Investment Security Gains (Losses), net(189.4)0.1 — — — — 
4,657.6 5,081.8 4,874.0 4,791.5 6,113.3      Total Noninterest Income1,118.7 2,192.6 1,406.2 1,395.8 1,371.9 1,387.4 
1,477.6 1,418.3 1,932.8 2,039.5 2,208.9 
Net Interest Income (FTE)(1)
535.4 529.8 569.4 574.3 573.7 615.2 
6,135.2 6,500.1 6,806.8 6,831.0 8,322.2 
     Total Revenue (FTE)(1)
1,654.1 2,722.4 1,975.6 1,970.1 1,945.6 2,002.6 
125.0 (81.5)12.0 24.5 (3.0)Provision for (Release of) Credit Losses(8.5)8.0 8.0 (10.5)1.0 16.5 
1,947.1 2,011.0 2,248.0 2,321.8 2,471.1 Compensation627.1 665.2 583.6 595.2 644.4 614.8 
387.7 431.4 437.4 405.2 417.8 Employee Benefits101.1 100.2 109.2 107.3 109.7 117.7 
763.1 849.4 880.3 906.5 998.0 Outside Services229.3 260.9 256.3 251.5 245.2 247.0 
673.5 736.3 838.8 945.5 1,075.0 Equipment and Software252.7 277.5 270.4 274.4 280.9 293.7 
230.1 208.7 219.1 232.3 216.8 Occupancy54.1 54.8 53.8 54.1 53.4 52.5 
346.7 299.1 359.3 472.9 455.2 Other Operating Expense100.4 175.3 86.1 93.4 84.0 90.9 
4,348.2 4,535.9 4,982.9 5,284.2 5,633.9      Total Noninterest Expense1,364.7 1,533.9 1,359.4 1,375.9 1,417.6 1,416.6 
1,662.0 2,045.7 1,811.9 1,522.3 2,691.3 
     Income before Income Taxes (FTE)(1)
297.9 1,180.5 608.2 604.7 527.0 569.5 
418.3 464.8 430.3 357.5 628.4 Provision for Income Taxes75.9 277.5 136.2 138.8 129.4 143.5 
34.4 35.6 45.6 57.5 31.8 Taxable Equivalent Adjustment7.3 6.9 7.1 10.5 5.6 4.7 
452.7 500.4 475.9 415.0 660.2 
     Total Taxes (FTE)(1)
83.2 284.4 143.3 149.3 135.0 148.2 
$1,209.3 $1,545.3 $1,336.0 $1,107.3 $2,031.1      Net Income$214.7 $896.1 $464.9 $455.4 $392.0 $421.3 
$5.48 $7.16 $6.16 $5.09 $9.80 Earnings Per Share - Basic$0.96 $4.35 $2.23 $2.27 $1.91 $2.14 
5.46 7.14 6.14 5.08 9.77 Earnings Per Share - Diluted0.96 4.34 2.22 2.26 1.90 2.13 
209,008 208,899 208,867 207,564 201,870 Average Diluted Shares (000s)205,135 203,739 200,549 198,114 196,125 193,375 
$56.2 $41.8 $41.8 $41.8 $41.8 
Preferred Dividends(2)
$16.2 $4.7 $16.2 $4.7 $16.2 $4.7 
(1) Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent on page 11 for further detail.
(2) Dividends on Preferred Stock in 2020 includes $11.5 million related to the difference between the redemption amount of the Corporation's Series C Non-Cumulative Perpetual Preferred Stock, which was redeemed in the first quarter of 2020, and its carrying value.
3

Northern Trust Corporation
Reporting Segment Results(1)
($ in Millions)
20242025
20202021202220232024Asset Servicing1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,586.1 $1,818.8 $1,700.1 $1,689.5 $1,792.6 Custody & Fund Administration$436.7 $445.9 $453.1 $456.9 $453.3 $469.2 
511.1 443.5 555.1 528.1 595.2 Investment Management140.0 145.7 152.6 156.9 152.5 157.3 
88.0 76.7 81.4 83.0 72.3 Securities Lending17.9 16.5 17.5 20.4 17.9 20.2 
136.4 148.3 159.7 161.3 172.7 Other45.0 42.5 43.9 41.3 48.2 45.1 
$2,321.6 $2,487.3 $2,496.3 $2,461.9 $2,632.8 Total Asset Servicing Trust, Investment and Other Servicing Fees$639.6 $650.6 $667.1 $675.5 $671.9 $691.8 
$740.2 $905.1 $1,083.2 $871.0 $877.4 
Income before Income Taxes (FTE)(2)
$219.3 $135.6 $258.4 $264.1 $235.4 $271.1 
21.5 %25.0 %26.7 %21.1 %20.1 %
Profit Margin (pre-tax) (FTE)(2)
20.6 %12.9 %23.2 %23.4 %20.9 %23.2 %
$6,018.2 $5,663.4 $7,208.0 $7,372.6 $6,315.5 Average Loans$6,909.5 $6,472.3 $5,615.8 $6,272.6 $5,749.3 $5,812.8 
84,691.0 101,588.5 96,085.5 81,742.1 86,691.3 Average Deposits86,688.6 86,223.0 86,635.7 87,212.9 89,296.5 95,506.7 
Wealth Management
$607.3 $698.7 $692.6 $673.8 $740.9 Central$178.3 $180.7 $186.6 $195.3 $189.1 $189.2 
442.1 509.3 504.0 491.5 539.7 East129.9 132.7 136.4 140.7 141.0 139.3 
337.7 380.2 382.1 378.0 418.9 West99.9 103.3 105.7 110.0 108.0 106.3 
286.3 285.6 357.6 356.6 395.5 Global Family Office95.2 98.8 100.8 100.7 103.8 104.5 
$1,673.4 $1,873.8 $1,936.3 $1,899.9 $2,095.0 Total Wealth Management Trust, Investment and Other Servicing Fees$503.3 $515.5 $529.5 $546.7 $541.9 $539.3 
$1,022.9 $1,271.3 $1,153.8 $983.5 $1,213.1 
Income before Income Taxes (FTE)(2)
$292.3 $262.7 $307.1 $351.0 $304.3 $309.6 
39.2 %45.5 %39.7 %34.1 %37.8 %
Profit Margin (pre-tax) (FTE)(2)
37.5 %33.4 %38.0 %41.9 %37.1 %37.2 %
$27,480.6 $31,544.1 $33,822.6 $34,804.4 $34,601.2 Average Loans$34,677.4 $34,562.3 $34,268.2 $34,897.3 $35,327.2 $35,345.2 
23,410.3 28,387.9 29,426.3 23,432.9 25,558.2 Average Deposits25,568.0 26,236.4 25,179.3 25,256.6 25,289.6 25,291.0 
Other
$(101.1)$(130.7)$(425.1)$(332.2)$600.8 
Income before Income Taxes (FTE)(2)
$(213.7)$782.2 $42.7 $(10.4)$(12.7)$(11.2)
409.8 106.7 80.6 70.5 450.8 Average Deposits106.0 882.2 745.7 70.3 1,333.0 1,580.1 
(1)
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 retrospective basis unless it is impractical to do so.
(2)
Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent section on pages 11 and 12 for further detail.

4

Northern Trust Corporation
BALANCE SHEET
END OF PERIOD
($ in Millions)
CHANGE (5)
Assets6/30/20256/30/2024$%
Federal Reserve and Other Central Bank Deposits$52,265.5 $43,206.1 $9,059.4 21 %
Interest-Bearing Due from and Deposits with Banks(1)
6,800.9 5,558.9 1,242.0 22 %
Federal Funds Sold and Securities Purchased under Agreements to Resell921.9 859.6 62.3 7 %
Debt Securities:
Available For Sale32,250.4 26,861.7 5,388.7 20 %
Held To Maturity21,400.8 22,798.6 (1,397.8)(6)%
Total Debt Securities53,651.2 49,660.3 3,990.9 8 %
Loans43,323.4 42,135.2 1,188.2 3 %
Other Interest-Earning Assets(2)
2,522.6 3,025.2 (502.6)(17)%
Total Earning Assets159,485.5 144,445.3 15,040.2 10 %
Allowance for Credit Losses(188.5)(179.5)(9.0)5 %
Cash and Due From Banks and Other Central Bank Deposits(3)
2,035.1 2,390.1 (355.0)(15)%
Buildings and Equipment467.7 481.0 (13.3)(3)%
Goodwill714.6 697.4 17.2 2 %
Other Assets9,369.2 8,962.8 406.4 5 %
Total Assets$171,883.6 $156,797.1 $15,086.5 10 %
Liabilities and Stockholders' Equity
Savings, Money Market and Other$27,965.1 $28,074.0 $(108.9)— %
Savings Certificates and Other Time6,742.5 6,378.4 364.1 6 %
Non-U.S. Offices - Interest-Bearing77,206.9 67,612.3 9,594.6 14 %
Total Interest-Bearing Deposits111,914.5 102,064.7 9,849.8 10 %
Federal Funds Purchased2,388.5 2,406.4 (17.9)(1)%
Securities Sold under Agreements to Repurchase841.4 629.2 212.2 34 %
Other Borrowings(4)
6,532.9 6,823.7 (290.8)(4)%
Senior Notes2,835.2 2,744.0 91.2 3 %
Long-Term Debt4,089.8 4,073.0 16.8 — %
Total Interest-Bearing Liabilities128,602.3 118,741.0 9,861.3 8 %
Demand and Other Noninterest-Bearing Deposits25,139.2 20,926.2 4,213.0 20 %
Other Liabilities5,275.6 4,474.1 801.5 18 %
Total Liabilities159,017.1 144,141.3 14,875.8 10 %
Common Equity, excluding Accumulated Other Comprehensive Income12,680.8 12,635.9 44.9 — %
Accumulated Other Comprehensive Income (Loss)(699.2)(865.0)165.8 (19)%
Preferred Equity884.9 884.9 — — %
Total Stockholders' Equity12,866.5 12,655.8 210.7 2 %
Total Liabilities and Stockholders' Equity$171,883.6 $156,797.1 $15,086.5 10 %
(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 in our periodic filings with the SEC.
(2)
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 in our periodic filings with the SEC.
(3)
Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(4)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
(5)Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
5

Northern Trust Corporation
BALANCE SHEET TRENDS
  PERIOD AVERAGES(1)
($ in Millions)
20242025
20202021202220232024Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$27,904.2 $39,028.2 $36,248.8 $31,205.4 $35,179.9 Federal Reserve and Other Central Bank Deposits$35,897.3 $35,924.1 $36,067.3 $32,847.0 $37,161.0 $43,655.3 
5,400.8 5,779.7 4,192.5 4,333.9 4,800.8 
Interest-Bearing Due from and Deposits with Banks(2)
4,418.0 4,999.7 4,828.1 4,955.3 4,877.6 5,321.5 
1,255.4 1,067.5 1,076.7 957.0 727.9 Federal Funds Sold and Securities Purchased under Agreements to Resell518.4 732.2 977.4 681.3 394.5 713.2 
Debt Securities:
40,642.7 38,986.9 32,060.2 24,356.6 26,871.9 Available For Sale24,049.6 26,591.4 27,462.6 29,350.4 30,168.3 31,415.0 
14,353.3 20,617.0 22,970.0 25,511.9 23,230.7 Held To Maturity24,498.9 23,373.8 22,834.0 22,231.6 21,821.9 20,895.9 
1.1 0.6 12.1 0.5 — Trading Account— — — — — — 
54,997.1 59,604.5 55,042.3 49,869.0 50,102.6    Total Debt Securities48,548.5 49,965.2 50,296.6 51,582.0 51,990.2 52,310.9 
33,498.8 37,207.5 41,030.6 42,177.0 40,916.7 Loans and Leases41,586.9 41,034.6 39,884.0 41,169.9 41,076.5 41,158.0 
1,076.6 1,185.6 1,248.1 2,259.0 2,688.4 
Other Interest-Earning Assets(3)
2,847.7 2,745.3 2,714.4 2,448.5 2,508.1 2,663.1 
124,132.9 143,873.0 138,839.0 130,801.3 134,416.3 Total Earning Assets133,816.8 135,401.1 134,767.8 133,684.0 138,007.9 145,822.0 
(178.0)(173.0)(154.1)(172.8)(185.2)Allowance for Credit Losses(191.8)(175.8)(180.5)(192.9)(175.6)(174.9)
2,603.0 2,285.9 2,069.5 1,771.6 1,698.8 
Cash and Due From Banks and Other Central Bank Deposits(4)
1,799.5 1,802.0 1,742.3 1,453.4 1,041.2 1,069.8 
509.3 502.7 488.7 484.8 488.0 Buildings and Equipment498.2 485.8 482.2 485.8 484.8 479.3 
695.4 707.3 692.2 696.2 699.8 Goodwill699.4 697.1 702.9 699.7 696.4 709.1 
9,048.5 9,167.3 10,616.6 9,068.1 9,515.8 Other Assets8,496.2 9,791.0 9,328.2 10,440.2 10,207.4 9,813.9 
$136,811.1 $156,363.2 $152,551.9 $142,649.2 $146,633.5 Total Assets$145,118.3 $148,001.2 $146,842.9 $146,570.2 $150,262.1 $157,719.2 
Liabilities and Stockholders' Equity
$23,396.4 $28,339.0 $30,205.0 $24,172.4 $26,236.3 Savings, Money Market and Other$27,349.0 $27,554.9 $25,233.0 $24,834.8 $27,720.5 $28,797.4 
1,266.4 887.2 1,059.7 3,341.2 5,856.9 Savings Certificates and Other Time4,554.3 6,027.4 6,639.6 6,193.9 6,874.0 6,652.0 
60,486.3 69,713.4 65,031.3 60,008.6 63,854.7 Non-U.S. Offices - Interest-Bearing63,752.8 63,216.3 64,347.2 64,094.5 64,454.3 70,158.0 
85,149.1 98,939.6 96,296.0 87,522.2 95,947.9 Total Interest-Bearing Deposits95,656.1 96,798.6 96,219.8 95,123.2 99,048.8 105,607.4 
980.9 190.6 1,407.8 5,144.3 2,616.4 Federal Funds Purchased2,650.1 3,010.7 2,320.9 2,488.8 2,393.6 2,469.0 
218.3 232.0 433.6 401.5 518.5 Securities Sold under Agreements to Repurchase490.1 574.6 504.3 505.4 442.4 584.6 
6,401.1 5,049.8 5,463.5 10,339.5 6,980.3 
Other Borrowings(5)
6,852.1 7,053.5 7,085.9 6,928.9 7,024.4 7,008.2 
3,233.8 2,856.4 2,756.0 2,734.0 2,764.0 Senior Notes2,748.7 2,728.7 2,795.6 2,782.4 2,781.6 2,818.2 
1,189.2 1,166.1 1,258.9 2,586.0 4,073.2 Long-Term Debt4,067.0 4,071.1 4,075.1 4,079.4 4,083.5 4,087.8 
277.7 218.4 — — — Floating Rate Capital Debt— — — — — — 
97,450.1 108,652.9 107,615.8 108,727.5 112,900.3 Total Interest-Bearing Liabilities112,464.1 114,237.2 113,001.6 111,908.1 115,774.3 122,575.2 
23,362.0 31,143.5 29,296.4 17,723.3 16,752.4 Demand and Other Noninterest-Bearing Deposits16,706.5 16,543.0 16,340.9 17,416.6 16,870.3 16,770.4 
4,806.4 4,869.8 4,558.3 4,701.6 4,681.0 Other Liabilities4,164.0 4,862.2 5,026.3 4,668.0 5,013.5 5,761.5 
125,618.0 144,666.2 141,471.0 131,152.4 134,333.7 Total Liabilities133,334.6 135,642.4 134,368.8 133,992.7 137,658.1 145,107.1 
10,058.2 10,629.6 11,512.3 11,964.6 12,287.4 Common Equity, excluding Accumulated Other Comprehensive Income11,873.4 12,375.7 12,421.8 12,475.2 12,527.2 12,500.4 
248.5 182.5 (1,315.8)(1,352.7)(872.5)Accumulated Other Comprehensive Income (Loss)(974.6)(901.8)(832.6)(782.6)(808.1)(773.2)
885.9 884.9 884.9 884.9 884.9 Preferred Equity884.9 884.9 884.9 884.9 884.9 884.9 
11,193.0 11,697.0 11,081.4 11,496.8 12,299.8 Total Stockholders' Equity11,783.7 12,358.8 12,474.1 12,577.5 12,604.0 12,612.1 
$136,811.0 $156,363.2 $152,551.9 $142,649.2 $146,633.5 Total Liabilities and Stockholders' Equity$145,118.3 $148,001.2 $146,842.9 $146,570.2 $150,262.1 $157,719.2 
(1)
Summations may not equal due to rounding.
(2)
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 in our periodic filings with the SEC.
(3)
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 in our periodic filings with the SEC.
(4)
Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
6

Northern Trust Corporation
BALANCE SHEET MIX TRENDS
PERIOD AVERAGES(1)
20242025
20202021202220232024Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
20.4 %25.0 %23.8 %21.9 %24.0 %Federal Reserve and Other Central Bank Deposits24.7 %24.3 %24.6 %22.4 %24.7 %27.7 %
3.9 3.7 2.7 3.0 3.3 
Interest-Bearing Due from and Deposits with Banks(2)
3.0 3.4 3.3 3.4 3.2 3.4 
0.9 0.7 0.7 0.7 0.5 Federal Funds Sold and Securities Purchased under Agreements to Resell0.4 0.5 0.7 0.5 0.3 0.5 
Debt Securities:
29.7 24.9 21.0 17.1 18.3 Available For Sale16.6 18.0 18.7 20.0 20.1 19.9 
10.5 13.2 15.1 17.9 15.8 Held To Maturity16.9 15.8 15.5 15.2 14.5 13.2 
40.2 38.1 36.1 35.0 34.2    Total Debt Securities33.5 33.8 34.3 35.2 34.6 33.2 
24.5 23.8 26.9 29.6 27.9 Loans and Leases28.7 27.7 27.2 28.1 27.3 26.1 
0.8 0.8 0.8 1.6 1.8 
Other Interest-Earning Assets(3)
2.0 1.9 1.8 1.7 1.7 1.7 
90.7 92.0 91.0 91.7 91.7 Total Earning Assets92.2 91.5 91.8 91.2 91.8 92.5 
(0.1)(0.1)(0.1)(0.1)(0.1)Allowance for Credit Losses(0.1)(0.1)(0.1)(0.1)(0.1)(0.1)
1.9 1.5 1.4 1.2 1.2 
Cash and Due From Banks and Other Central Bank Deposits(4)
1.2 1.2 1.2 1.0 0.7 0.7 
0.4 0.3 0.3 0.3 0.3 Buildings and Equipment0.3 0.3 0.3 0.3 0.3 0.3 
0.5 0.5 0.5 0.5 0.5 Goodwill0.5 0.5 0.5 0.5 0.5 0.4 
6.6 5.9 7.0 6.4 6.5 Other Assets5.9 6.6 6.4 7.1 6.8 6.2 
100.0 %100.0 %100.0 %100.0 %100.0 %Total Assets100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
Liabilities and Stockholders' Equity
17.1 %18.1 %19.8 %16.9 %17.9 %Savings, Money Market and Other18.8 %18.6 %17.2 %16.9 %18.4 %18.3 %
0.9 0.6 0.7 2.3 4.0 Savings Certificates and Other Time3.1 4.1 4.5 4.2 4.6 4.2 
44.2 44.6 42.6 42.1 43.5 Non-U.S. Offices - Interest-Bearing43.9 42.7 43.8 43.7 42.9 44.5 
62.2 63.3 63.1 61.4 65.4 Total Interest-Bearing Deposits65.9 65.4 65.5 64.9 65.9 67.0 
0.7 0.1 0.9 3.6 1.8 Federal Funds Purchased1.8 2.0 1.6 1.7 1.6 1.6 
0.2 0.1 0.3 0.3 0.4 Securities Sold under Agreements to Repurchase0.3 0.4 0.3 0.3 0.3 0.4 
4.7 3.2 3.6 7.2 4.8 
Other Borrowings(5)
4.7 4.8 4.8 4.7 4.7 4.4 
2.4 1.8 1.8 1.9 1.9 Senior Notes1.9 1.8 1.9 1.9 1.9 1.8 
0.9 0.7 0.8 1.8 2.8 Long-Term Debt2.8 2.8 2.8 2.8 2.7 2.6 
0.2 0.1 — — — Floating Rate Capital Debt— — — — — — 
71.2 69.5 70.5 76.2 77.0 Total Interest-Bearing Liabilities77.5 77.2 77.0 76.4 77.0 77.7 
17.1 19.9 19.2 12.4 11.4 Demand and Other Noninterest-Bearing Deposits11.5 11.2 11.1 11.9 11.2 10.6 
3.5 3.1 3.0 3.3 3.2 Other Liabilities2.9 3.3 3.4 3.2 3.3 3.7 
91.8 92.5 92.7 91.9 91.6 Total Liabilities91.9 91.6 91.5 91.4 91.6 92.0 
7.4 6.8 7.5 8.4 8.4 Common Equity, excluding Accumulated Other Comprehensive Income8.2 8.4 8.5 8.5 8.3 7.9 
0.1 0.1 (0.8)(0.9)(0.6)Accumulated Other Comprehensive Income (Loss)(0.7)(0.6)(0.6)(0.5)(0.5)(0.5)
0.6 0.6 0.6 0.6 0.6 Preferred Equity0.6 0.6 0.6 0.6 0.6 0.6 
8.2 7.5 7.3 8.1 8.4 Total Stockholders' Equity8.1 8.4 8.5 8.6 8.4 8.0 
100.0 %100.0 %100.0 %100.0 %100.0 %Total Liabilities and Stockholders' Equity100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
(1)
Summations may not equal due to rounding.
(2)
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 in our periodic filings with the SEC.
(3)
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 in our periodic filings with the SEC.
(4)
Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.

7

Northern Trust Corporation
INTEREST RATE TRENDS (FTE(1) Basis)
PERIOD AVERAGES
Net Interest Income (FTE Adjusted), a non-GAAP financial measure, includes adjustments to a fully taxable equivalent basis for loans and securities. A reconciliation of net interest income, net interest margin, and net interest spread on a GAAP basis to net interest income, net interest margin, and net interest spread on an FTE basis, respectively, (each of which is a non-GAAP financial measure) is provided on pages 11 and 12. Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets. Net interest spread is calculated as the difference between the interest rate earned (annualized interest income divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds).
20242025
20202021202220232024Earnings Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
0.10 %0.03 %1.30 %4.69 %4.93 %Federal Reserve and Other Central Bank Deposits5.15 %5.12 %4.98 %4.44 %4.15 %4.01 %
0.41 0.16 1.11 3.00 2.55 
Interest-Bearing Due from and Deposits with Banks(2)
3.15 2.53 2.35 2.26 1.95 1.64 
0.32 0.33 9.65 165.68 458.90 
Federal Funds Sold and Securities Purchased under Agreements to Resell(3)
639.29 474.27 362.57 444.99 705.95 389.92 
Debt Securities:
1.77 1.28 1.91 4.35 5.37 Available for Sale5.41 5.52 5.50 5.09 4.73 4.69 
0.59 0.80 1.26 1.87 1.94 Held to Maturity2.02 1.95 1.88 1.89 1.94 1.85 
3.27 1.59 3.84 13.50 — Trading Account— — — — — — 
1.46 1.11 1.64 3.08 3.78    Total Debt Securities3.70 3.85 3.86 3.71 3.56 3.56 
2.32 1.92 3.28 6.06 6.28 Loans and Leases6.34 6.38 6.45 5.97 5.68 5.62 
3.63 3.43 4.03 4.87 4.85 
Other Interest-Earning Assets(4)
4.51 4.68 4.71 5.57 3.88 3.81 
1.35 %1.00 %2.11 %5.64 %7.29 %Total Earning Assets7.37 %7.47 %7.49 %6.82 %6.31 %6.10 %
Interest-Bearing Funds
0.20 %0.05 %0.74 %2.85 %3.66 %Savings, Money Market and Other3.72 %3.75 %3.76 %3.39 %3.11 %3.10 %
1.30 0.55 1.68 4.54 5.11 Savings Certificates and Other Time5.19 5.23 5.19 4.84 4.48 4.31 
(0.03)(0.11)0.56 3.07 3.38 Non-U.S. Offices - Interest-Bearing3.59 3.58 3.39 2.95 2.60 2.45 
0.06 (0.06)0.63 3.07 3.56 Total Interest-Bearing Deposits3.71 3.73 3.61 3.19 2.87 2.74 
0.22 (0.19)2.43 4.99 4.94 Federal Funds Purchased5.11 5.16 5.07 4.38 4.00 3.97 
0.47 0.07 20.94 383.84 632.65 
Securities Sold under Agreements to Repurchase(3)
667.86 596.00 686.17 586.70 617.15 467.05 
0.71 0.28 2.31 5.25 5.20 
Other Borrowings(5)
5.20 5.43 5.32 4.82 4.60 4.60 
2.24 1.69 3.36 6.22 6.28 Senior Notes6.45 6.50 6.30 5.88 5.65 5.55 
2.24 1.81 3.49 5.69 5.49 Long-Term Debt5.50 5.50 5.47 5.47 5.52 5.48 
1.52 0.78 — — — Floating Rate Capital Debt— — — — — — 
0.21 %0.02 %0.92 %4.91 %6.72 %Total Interest-Bearing Liabilities6.86 %6.98 %6.93 %6.10 %5.51 %5.24 %
1.14 %0.98 %1.19 %0.73 %0.57 %Net Interest Spread0.51 %0.49 %0.56 %0.72 %0.80 %0.86 %
1.19 %0.99 %1.39 %1.56 %1.64 %Net Interest Margin1.61 %1.57 %1.68 %1.71 %1.69 %1.69 %
(1)
Fully taxable equivalent. FTE adjustments are based on a federal income tax rate of 21%, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit.
(2)
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 in our periodic filings with the SEC.
(3)
Includes the impact of balance sheet netting under master netting arrangements of approximately $62.0 billion for the three months ended June 30, 2025. Excluding the impact of netting, the average interest rate on Federal Funds Sold and Securities Purchased under Agreements to Resell would be approximately 4.43% for the three months ended June 30, 2025. Excluding the impact of netting, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 4.36% for the three months ended June 30, 2025. See previous filings for impact of netting on prior periods.
(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 in our periodic filings with the SEC.
(5)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
8

Northern Trust Corporation
ASSET QUALITY
END OF PERIOD
($ in Millions)
20242025
202020212022202320241st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$124.4 $259.9 $184.7 $200.9 $220.4 Beginning Allowance for Credit Losses$220.4 $201.5 $209.6 $220.0 $206.1 $207.3 
13.7 — — — — 
Cumulative Effect Adjustment(1)
— — — — — — 
125.0 (81.5)12.0 24.5 (3.0)Provision for (Release of) Credit Losses(8.5)8.0 8.0 (10.5)1.0 16.5 
(Charge-offs) Recoveries
(9.7)(0.7)(6.0)(8.7)(15.5)Charge-offs(11.1)(0.3)— (4.1)(0.3)(0.1)
6.5 7.0 10.2 3.7 4.2 Recoveries0.7 0.4 2.4 0.7 0.5 0.4 
(3.2)6.3 4.2 (5.0)(11.3)Net (Charge-offs) Recoveries(10.4)0.1 2.4 (3.4)0.2 0.3 
$259.9 $184.7 $200.9 $220.4 $206.1 Ending Allowance for Credit Losses$201.5 $209.6 $220.0 $206.1 $207.3 $224.1 
Allowance for Credit Losses Assigned to:
$190.7 $138.4 $144.3 $178.7 $168.0 Loans and Leases$162.4 $167.7 $184.8 $168.0 $167.1 $180.5 
61.1 34.1 38.5 26.9 30.4 Undrawn Loan Commitments and Standby Letters of Credit25.2 29.5 26.5 30.4 32.8 34.7 
8.1 12.2 18.1 14.8 7.7 Debt Securities and Other Financial Assets13.9 12.4 8.7 7.7 7.4 8.9 
$259.9 $184.7 $200.9 $220.4 $206.1 Total Allowance for Credit Losses$201.5 $209.6 $220.0 $206.1 $207.3 $224.1 
$33,499 $37,208 $41,031 $42,177 $40,917 Average Loans and Leases Outstanding$41,587 $41,035 $39,884 $41,170 $41,077 $41,158 
Annualized Loan-Related Net (Charge-offs) Recoveries to
(0.01)%0.02 %0.01 %(0.01)%(0.03)%Average Loans and Leases(0.10)%— %0.02 %(0.03)%— %— %
$33,760 $40,481 $42,893 $47,617 $43,391 End of Period Loans and Leases Outstanding$47,343 $42,135 $41,950 $43,391 $40,833 $43,323 
Allowance for Credit Losses Assigned to Loans
0.56 %0.34 %0.34 %0.38 %0.39 %and Leases to Total Loans and Leases0.34 %0.40 %0.44 %0.39 %0.41 %0.42 %
Nonaccrual Assets
$131.7 $122.3 $45.9 $63.6 $56.0 Nonaccrual Loans and Leases$37.0 $38.5 $39.3 $56.0 $73.1 $92.8 
0.7 3.0 — 1.5 — Other Real Estate Owned (OREO)— — — — — — 
$132.4 $125.3 $45.9 $65.1 $56.0 Total Nonaccrual Assets$37.0 $38.5 $39.3 $56.0 $73.1 $92.8 
0.39 %0.31 %0.11 %0.14 %0.13 %Nonaccrual Assets to Loans and Leases and OREO0.08 %0.09 %0.09 %0.13 %0.18 %0.21 %
Loans and Leases Allowance to Nonaccrual
1.4x1.1x3.1x2.8x3.0xLoans and Leases4.4x4.4x4.7x3.0x2.3x1.9x
(1)
Upon the January 1, 2020 adoption of ASU 2016-13, Northern Trust increased the allowance for credit losses by $13.7 million, with a corresponding cumulative effect adjustment to decrease retained earnings $10.1 million, net of tax.
9

Northern Trust Corporation
ASSETS UNDER MANAGEMENT AND CUSTODY
END OF PERIOD
($ in Billions)
20242025
20202021202220232024Assets Under Management1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,057.5 $1,191.0 $898.1 $1,032.0 $1,159.7 Asset Servicing$1,080.1 $1,107.3 $1,177.9 $1,159.7 $1,160.9 $1,229.2 
Asset allocation:
551.7 626.6 485.0 563.9 644.6 Equities602.5 613.7 650.0 644.6 625.8 666.7 
120.1 132.6 107.1 116.2 127.2 Fixed Income Securities116.3 125.8 131.0 127.2 130.2 131.9 
198.8 236.2 157.7 184.5 211.7 Cash and Other Assets198.2 207.2 220.9 211.7 214.2 225.2 
186.9 195.6 148.3 167.4 176.2 Securities Lending Collateral163.1 160.6 176.0 176.2 190.7 205.4 
$347.8 $416.1 $351.4 $402.5 $450.7 Wealth Management$420.6 $419.4 $443.9 $450.7 $446.9 $468.5 
Asset allocation:
182.0 229.9 186.3 221.6 258.5 Equities238.6 243.2 258.8 258.5 254.2 276.9 
84.7 83.5 79.4 87.2 90.3 Fixed Income Securities87.2 85.8 88.7 90.3 91.2 91.6 
81.1 102.7 85.7 93.7 101.6 Cash and Other Assets94.7 90.3 96.3 101.6 101.1 99.4 
— — — — 0.3 Securities Lending Collateral0.1 0.1 0.1 0.3 0.4 0.6 
$1,405.3 $1,607.1 $1,249.5 $1,434.5 $1,610.4 Total Assets Under Management$1,500.7 $1,526.7 $1,621.8 $1,610.4 $1,607.8 $1,697.7 
Asset allocation:
$733.7 $856.5 $671.3 $785.5 $903.1 Equities$841.1 $856.9 $908.8 $903.1 $880.0 $943.6 
204.8 216.1 186.5 203.4 217.5 Fixed Income Securities203.5 211.6 219.7 217.5 221.4 223.5 
279.9 338.9 243.4 278.2 313.3 Cash and Other Assets292.9 297.5 317.2 313.3 315.3 324.6 
186.9 195.6 148.3 167.4 176.5 Securities Lending Collateral163.2 160.7 176.1 176.5 191.1 206.0 
Assets Under Custody / Administration
$13,653.1 $15,183.2 $12,705.5 $14,362.6 $15,640.1 Asset Servicing$15,385.4 $15,470.8 $16,278.0 $15,640.1 $15,804.7 $16,864.9 
879.4 1,065.6 898.5 1,042.3 1,147.9 Wealth Management1,087.1 1,096.6 1,145.0 1,147.9 1,119.3 1,203.4 
$14,532.5 $16,248.8 $13,604.0 $15,404.9 $16,788.0 Total Assets Under Custody / Administration$16,472.5 $16,567.4 $17,423.0 $16,788.0 $16,924.0 $18,068.3 
Assets Under Custody
$10,387.7 $11,554.8 $9,712.3 $10,882.0 $12,214.0 Asset Servicing$11,723.1 $11,955.5 $12,662.1 $12,214.0 $12,163.6 $13,056.5 
Asset allocation:
4,751.0 5,404.3 4,312.8 5,028.9 5,938.6 Equities5,511.4 5,711.7 6,098.1 5,938.6 5,832.8 6,420.1 
3,742.6 3,997.5 3,252.1 3,600.4 3,742.1 Fixed Income Securities3,665.8 3,662.0 3,887.3 3,742.1 3,868.6 4,053.4 
1,707.2 1,957.4 1,999.1 2,085.3 2,357.1 Cash and Other Assets2,382.8 2,421.2 2,500.7 2,357.1 2,271.5 2,377.6 
186.9 195.6 148.3 167.4 176.2 Securities Lending Collateral163.1 160.6 176.0 176.2 190.7 205.4 
$875.1 $1,057.5 $892.3 $1,034.5 $1,135.2 Wealth Management$1,081.0 $1,085.9 $1,132.7 $1,135.2 $1,105.9 $1,187.2 
Asset allocation:
542.9 644.8 497.9 623.6 700.4 Equities661.1 669.3 701.4 700.4 669.0 736.7 
128.3 142.1 134.0 136.7 142.8 Fixed Income Securities138.4 139.2 144.4 142.8 147.1 149.6 
203.9 270.6 260.4 274.2 291.7 Cash and Other Assets281.4 277.3 286.8 291.7 289.4 300.3 
— — — — 0.3 Securities Lending Collateral0.1 0.1 0.1 0.3 0.4 0.6 
$11,262.8 $12,612.3 $10,604.6 $11,916.5 $13,349.2 Total Assets Under Custody$12,804.1 $13,041.4 $13,794.8 $13,349.2 $13,269.5 $14,243.7 
Asset allocation:
$5,293.9 $6,049.1 $4,810.7 $5,652.5 $6,639.0 Equities$6,172.5 $6,381.0 $6,799.5 $6,639.0 $6,501.8 $7,156.8 
3,870.9 4,139.6 3,386.1 3,737.1 3,884.9 Fixed Income Securities3,804.2 3,801.2 4,031.7 3,884.9 4,015.7 4,203.0 
1,911.1 2,228.0 2,259.5 2,359.5 2,648.8 Cash and Other Assets2,664.2 2,698.5 2,787.5 2,648.8 2,560.9 2,677.9 
186.9 195.6 148.3 167.4 176.5 Securities Lending Collateral163.2 160.7 176.1 176.5 191.1 206.0 
Memo
$114.0 $144.9 $119.9 $144.3 $170.2 WM Global Family Office AUM$152.4 $152.7 $161.8 $170.2 $169.7 $176.1 
600.7 742.6 614.9 728.0 802.4 WM Global Family Office AUC762.1 768.1 798.0 802.4 779.2 836.7 
10

Northern Trust Corporation
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
($ in Millions)
Northern Trust presents certain financial measures on a fully taxable equivalent (FTE) basis, which is a non-generally accepted accounting principle (GAAP). Management believes an FTE presentation provides a clearer indication of these financial measures for comparative purposes.

Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income, consistent with industry practice. The adjustments are based on the federal income tax rate, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. 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. Below is a reconciliation of the financial measures presented on an FTE basis.
20242025
202020212022202320241st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,643.5 $1,406.5 $2,877.7 $7,325.0 $9,762.3 Interest Income - GAAP$2,445.6 $2,506.5 $2,530.2 $2,280.0 $2,140.9 $2,212.8 
34.4 35.6 45.6 57.5 31.8 Add: FTE Adjustment7.3 6.9 7.1 10.5 5.64.7
1,677.9 1,442.1 2,923.3 7,382.5 9,794.1 Interest Income (FTE) - Non-GAAP2,452.9 2,513.4 2,537.3 2,290.5 2,146.5 2,217.5 
1,443.2 1,382.7 1,887.2 1,982.0 2,177.1 Net Interest Income - GAAP528.1 522.9 562.3 563.8 568.1610.5
34.4 35.6 45.6 57.5 31.8 Add: FTE Adjustment7.3 6.9 7.1 10.5 5.64.7
1,477.6 1,418.3 1,932.8 2,039.5 2,208.9 Net Interest Income (FTE) - Non-GAAP535.4 529.8 569.4 574.3 573.7615.2
6,100.8 6,464.5 6,761.2 6,773.5 8,290.4 Total Revenue - GAAP1,646.8 2,715.5 1,968.5 1,959.6 1,940.0 1,997.9 
34.4 35.6 45.6 57.5 31.8 Add: FTE Adjustment7.3 6.9 7.1 10.5 5.64.7
6,135.2 6,500.1 6,806.8 6,831.0 8,322.2 Total Revenue (FTE) - Non-GAAP1,654.1 2,722.4 1,975.6 1,970.1 1,945.6 2,002.6 
1,627.6 2,010.1 1,766.3 1,464.8 2,659.5 Income before Income Taxes - GAAP290.6 1,173.6 601.1 594.2 521.4564.8
34.4 35.6 45.6 57.5 31.8 Add: FTE Adjustment7.3 6.9 7.1 10.5 5.64.7
1,662.0 2,045.7 1,811.9 1,522.3 2,691.3 Income before Income Taxes (FTE) - Non-GAAP297.9 1,180.5 608.2 604.7 527.0569.5
418.3 464.8 430.3 357.5 628.4 Provision for Income Taxes - GAAP75.9 277.5 136.2 138.8 129.4143.5
34.4 35.6 45.6 57.5 31.8 Add: FTE Adjustment7.3 6.9 7.1 10.5 5.64.7
452.7 500.4 475.9 415.0 660.2 Provision for Income Taxes (FTE) - Non-GAAP83.2 284.4 143.3 149.3 135.0148.2
11

Northern Trust Corporation
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
RATIOS
Northern Trust presents certain financial measures on a fully taxable equivalent (FTE) basis, which is a non-generally accepted accounting principle (GAAP). Management believes an FTE presentation provides a clearer indication of these financial measures for comparative purposes.

Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income, consistent with industry practice. The adjustments are based on the federal income tax rate, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. 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. Below is a reconciliation of the financial ratios presented on an FTE basis.
20242025
202020212022202320241st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
26.7 %31.1 %26.1 %21.6 %32.1 %
Profit Margin (pre-tax) - GAAP (1)
17.6 %43.2 %30.5 %30.3 %26.9 %28.3 %
27.1 %31.5 %26.6 %22.3 %32.3 %
Profit Margin (pre-tax) (FTE) - Non-GAAP (1)
18.0 %43.4 %30.8 %30.7 %27.1 %28.4 %
19.8 %23.9 %19.8 %16.3 %24.5 %
Profit Margin (after-tax) - GAAP (2)
13.0 %33.0 %23.6 %23.2 %20.2 %21.1 %
19.7 %23.8 %19.6 %16.2 %24.4 %
Profit Margin (after-tax) (FTE) - Non-GAAP (2)
13.0 %32.9 %23.5 %23.1 %20.1 %21.0 %
25.7 %23.1 %24.4 %24.4 %23.6 %
Effective Tax Rate - GAAP (3)
26.1 %23.6 %22.7 %23.4 %24.8 %25.4 %
27.2 %24.5 %26.3 %27.3 %24.5 %
Effective Tax Rate (FTE) - Non-GAAP (3)
27.9 %24.1 %23.5 %24.7 %25.6 %26.0 %
76.3 %78.6 %72.1 %70.7 %73.7 %
Noninterest Income to Total Revenue - GAAP (4)
67.9 %80.7 %71.4 %71.2 %70.7 %69.4 %
75.9 %78.2 %71.6 %70.1 %73.5 %
Noninterest Income to Total Revenue (FTE) - Non-GAAP (4)
67.6 %80.5 %71.2 %70.8 %70.5 %69.3 %
65.5 %67.5 %65.6 %64.4 %57.0 %
Trust Fees to Total Revenue - GAAP (5)
69.4 %42.9 %60.8 %62.4 %62.6 %61.6 %
65.1 %67.1 %65.1 %63.9 %56.8 %
Trust Fees to Total Revenue (FTE) - Non-GAAP (5)
69.1 %42.8 %60.6 %62.0 %62.4 %61.5 %
1.11 %0.96 %1.15 %0.69 %0.54 %
Net Interest Spread - GAAP (6)
0.49 %0.47 %0.54 %0.69 %0.78 %0.85 %
1.14 %0.98 %1.19 %0.73 %0.57 %
Net Interest Spread (FTE) - Non-GAAP (6)
0.51 %0.49 %0.56 %0.72 %0.80 %0.86 %
1.16 %0.96 %1.36 %1.52 %1.62 %
Net Interest Margin - GAAP (7)
1.59 %1.55 %1.66 %1.68 %1.67 %1.68 %
1.19 %0.99 %1.39 %1.56 %1.64 %
Net Interest Margin (FTE) - Non-GAAP (7)
1.61 %1.57 %1.68 %1.71 %1.69 %1.69 %
(1)
Profit margin (pre-tax) is calculated by dividing income before income taxes by total revenue. Profit margin (pre-tax) on an FTE basis is calculated by dividing income before income taxes on an FTE basis by total revenue on an FTE basis.
(2)
Profit margin (after-tax) is calculated by dividing net income by total revenue. Profit margin (after-tax) on an FTE basis is calculated by dividing net income by total revenue on an FTE basis.
(3)
Effective tax rate is calculated by dividing the provision for income taxes by income before income taxes. Effective tax rate on an FTE basis is calculated by dividing the provision for income taxes on an FTE basis by income before income taxes on an FTE basis.
(4)
Noninterest income to total revenue is calculated by dividing noninterest income by total revenue. Noninterest income to total revenue on an FTE basis is calculated by dividing noninterest income by total revenue on an FTE basis.
(5)
Trust fees to total revenue is calculated by dividing total trust, investment and other servicing fees by total revenue. Trust fees to total revenue on an FTE basis is calculated by dividing total trust, investment and other servicing fees by total revenue on an FTE basis.
(6)
Net interest spread is calculated as the difference between the interest rate earned (annualized interest income divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds). Net interest spread on an FTE basis is calculated as the difference between the interest rate earned (annualized interest income on an FTE basis divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds).
(7)
Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets. Net interest margin on an FTE basis is calculated by dividing annualized net interest income on an FTE basis by average interest-earning assets.
12